Ayo Phillips's guest appearances

Ayo Phillips

Beyond 8 Figures

Think Like an Owner

Walker Deibel

Mike Boyd

Cameron Mitchell

Mike McDerment

Kara Goldin

Chalene Johnson

Moses Kagan

Naveen Jain

Chris Guerriero

David Hauser

Jeff Epstein

Chip Conley

Russ Perry

John Warrillow

Ryan Callaghan

OwlTail

Peter Lohmann

My guests on this episode are Ayo Phillips and Peter Lohmann. Both operate businesses and property services and management and also run Traction EOS in their companies. EOS rightfully gets a lot of attention in the small business world for providing a structure to grow and being what Peter calls it as a culture in a box system. But every operator uses EOS in slightly different ways, and I wanted to hear from two operators using it to hear how they've customized the model for their businesses. This episode is a breakdown of why they decided to implement EOS, choosing between self-implementing versus hiring an implementer, benefits they've realized from using EOS, how EOS impacts company culture, and their advice for other operators considering us for their businesses. Also, Ayo’s previous episode, episode 56 on Think Like An Owner, was a very popular episode for good reason. Ayo has quite the story to share, and I highly recommend book-ending that episode with this one for a great story and more background. And now enjoy our all-things EOS conversation.Listen weekly and follow the show on Apple Podcasts, Spotify, Google Podcasts, Stitcher, Breaker, and TuneIn.Links:Peter Lohmann on LinkedInAyo Phillips on LinkedInTraction by Gino WickmanTLAO #56 w/ Ayo PhillipsPerfect Surface IncRL Property ManagementVision Traction OrganizerWho by Geoff SmartTopics:(5:08) - Ayo Phillips’ &amp; Peter Lohmann’s backgrounds(7:17) - What prompted you to implement traction?(11:20) - What were some of the lightbulb moments from Traction?(18:17) - The decision to self-implement EOS(25:32) - When did you notice that the implementation was working and a culture was being developed?(30:11) - How much movement had to happen within your teams to successfully implement EOS?(35:49) - Building the base layer of EOS(38:59) - How do you think through picking “Rocks” and setting goals? Did you ever have to refine any of them?(44:31) - How have each of you personalized EOS to best fit your respective companies?(52:28) - What advice would you give to operators considering or struggling with EOS?

My guests on this episode are Ayo Phillips and Peter Lohmann. Both operate businesses and property services and management and also run Traction EOS in their companies. EOS rightfully gets a lot of attention in the small business world for providing a structure to grow and being what Peter calls it as a culture in a box system. But every operator uses EOS in slightly different ways, and I wanted to hear from two operators using it to hear how they've customized the model for their businesses. This episode is a breakdown of why they decided to implement EOS, choosing between self-implementing versus hiring an implementer, benefits they've realized from using EOS, how EOS impacts company culture, and their advice for other operators considering us for their businesses. Also, Ayo’s previous episode, episode 56 on Think Like An Owner, was a very popular episode for good reason. Ayo has quite the story to share, and I highly recommend book-ending that episode with this one for a great story and more background. And now enjoy our all-things EOS conversation.Listen weekly and follow the show on <a href="https://podcasts.apple.com/us/podcast/think-like-an-owner/id1445929750" rel="nofollow" target="_blank">Apple Podcasts</a>, <a href="https://open.spotify.com/show/3Fbv9d4HpDwuO4MOPvgdvO?si=bfa67fb76c654755" rel="nofollow" target="_blank">Spotify</a>, <a href="https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5yZWRjaXJjbGUuY29tLzI1ODM4YjdlLTdlZTgtNGZjMC05ZjU0LTViNjJkZDNmZTBjNg" rel="nofollow" target="_blank">Google Podcasts</a>, <a href="https://www.stitcher.com/show/think-like-an-owner" rel="nofollow" target="_blank">Stitcher</a>, <a href="https://www.breaker.audio/think-like-an-owner" rel="nofollow" target="_blank">Breaker</a>, and <a href="https://tunein.com/podcasts/Business--Economics-Podcasts/Think-Like-An-Owner-p1180625/" rel="nofollow" target="_blank">TuneIn</a>. Links:<a href="https://www.linkedin.com/in/pslohmann/" rel="nofollow" target="_blank">Peter Lohmann on LinkedIn</a><a href="https://www.linkedin.com/in/realrookieceo/" rel="nofollow" target="_blank">Ayo Phillips on LinkedIn</a><a href="https://www.amazon.com/Traction-Get-Grip-Your-Business/dp/1936661837" rel="nofollow" target="_blank">Traction by Gino Wickman</a><a href="https://www.alexbridgeman.com/podcasts/ayo-phillips-small-company-firefighting-ep-56/" rel="nofollow" target="_blank">TLAO #56 w/ Ayo Phillips</a><a href="https://perfectsurfaceinc.com/" rel="nofollow" target="_blank">Perfect Surface Inc</a><a href="https://rlpmg.com/" rel="nofollow" target="_blank">RL Property Management</a><a href="https://www.eosworldwide.com/vto" rel="nofollow" target="_blank">Vision Traction Organizer</a><a href="https://www.amazon.com/Who-Method-Hiring-Geoff-Smart-ebook/dp/B001EL6RWY" rel="nofollow" target="_blank">Who by Geoff Smart</a> Topics:(5:08) - Ayo Phillips’ &amp; Peter Lohmann’s backgrounds(7:17) - What prompted you to implement traction?(11:20) - What were some of the lightbulb moments from Traction?(18:17) - The decision to self-implement EOS(25:32) - When did you notice that the implementation was working and a culture was being developed?(30:11) - How much movement had to happen within your teams to successfully implement EOS?(35:49) - Building the base layer of EOS(38:59) - How do you think through picking “Rocks” and setting goals? Did you ever have to refine any of them?(44:31) - How have each of you personalized EOS to best fit your respective companies?(52:28) - What advice would you give to operators considering or struggling with EOS?

Ayo Phillips & Peter Lohmann - All Things EOS - Ep.115

In this episode, we speak to Ayo Phillips about his journey acquiring a company with a sponsor. We discuss how to expand the business you acquire, the best way to search for a business to buy, and what you should carefully consider before you acquire a business. Tune in to learn how to find the most lucrative opportunities when buying a small company.  About our Guest: Ayo Phillips is the CEO of Perfect Surface and host of the podcast Rookie CEO. He acquired Perfect Surface in 2017 after reaching out to 15,000 different companies. Perfect Surface is a company that provides maintenance services to property managers and owners. His goal is to turn it into a technology-enabled operation.On today’s episode:  How buying a company can be less risky than starting your own  -01:55 His experience working at a great place, but feeling like he was a bad fit- 04:34  The different pathways of acquisition entrepreneurship- 07:24 How he acquired his business in a space he had no experience -10:04 How a second child can become a catalyst for many entrepreneurs - 12:06 Should you do due diligence yourself when you buy a company (and a story about a strip club)- 14:40  When buying a business think about if you will be able to afford to maintain customer relationships - 17:20 Why you should build your business in public (and how it can help you overcome loneliness)- 19:29 The goal for his company: bringing technology into an analog game- 22:47  The relationship he has with his business sponsor family- 25:20  If you are looking to buy a company, narrow your search using this method- 27:45  Is Ayo Phillips going to transform his company into a tech company? - 31:11 Legacy: 2 things that are important to him (it’s ok to be bad at things) - 32:53 Lessons learned #1: Acquisition entrepreneurship is a risk mitigating choice- 38:07 Lesson learned #2: Building in public (keeping things in perspective) - 38:27 Lesson #3: Near stream niching down -39:04 Key Takeaways:  The difference between acquisition entrepreneurship and startup entrepreneurship is that you are buying something that already exists, so you should be reducing your risk profile. In fact, only 1 in 10 venture-backed companies succeed.  The work you do at a job can be both intellectually stimulating yet unfulfilling at the same time. Pathways of acquisition entrepreneurship: traditional self-fund pathway; sponsored search (partnering with someone/a family).  It is easy to look at a business from a customer concentration perspective, it is more important to look at a small business from a relationship concentration perspective. This means that even if a certain customer is only 2% of your revenue, you want to understand how relationships are maintained in the long term and it should be sustainable.  You have to hang out where your clients hang out, so when you buy a business make sure that you can afford to do that before buying that particular business.  There is a large opportunity in bringing technology to old school businesses.  A good way to find lucrative companies to buy is to look for industries that are off the beaten path that has not yet been optimized by technology and find a way to glean efficiencies and capitalize on that gap.  The best way to find a business to buy is this:“So if I were to say, for anyone who is listening to this, who is thinking man, what areas can we go into and how can we add value - I would find businesses that are off the beaten path, industries that are off the beaten path, who haven’t yet gone on this technology optimization path and find a way inject some of that into those business’ processes and glean efficiencies from those things” - Ayo Phillips (29:35)What is your advice for people who want to acquire a business? Tell us in the comments and don’t forget to say hello if you would like to share your entrepreneurship story on our podcast. Connect with Ayo Phillips: LinkedIn: Ayo Phillips  Twitter: @RealRookieCEO  Rookie CEO website: https://rookieceo.co/  Perfect Surface Website: https://perfectsurfaceinc.com/  Also mentioned this episode: Search Funder (a great community for people thinking of acquisition entrepreneurship): WebsiteConnect with A.J.Lawrence: Website: ajlawrence.com  Email: aj@b8fpodcast.com  Instagram: @ajlawrence  LinkedIn: A.J. Lawrence  Twitter: @ajlawrence  Medium: @a.j.lawrence  Follow Beyond 8 Figures: Website: Beyond8Figures.com  Twitter: @beyond8figures   Facebook: Beyond 8 Figures  Instagram:@b8fpodcast  Email: team@b8fpodcast.com  

In this episode, we speak to Ayo Phillips about his journey acquiring a company with a sponsor. We discuss how to expand the business you acquire, the best way to search for a business to buy, and what you should carefully consider before you acquire a business.  Tune in to learn how to find the most lucrative opportunities when buying a small company.  About our Guest: Ayo Phillips is the CEO of Perfect Surface and host of the podcast Rookie CEO. He acquired Perfect Surface in 2017 after reaching out to 15,000 different companies. Perfect Surface is a company that provides maintenance services to property managers and owners. His goal is to turn it into a technology-enabled operation. On today’s episode: <ul> <li>How buying a company can be less risky than starting your own  -01:55</li> <li>His experience working at a great place, but feeling like he was a bad fit- 04:34 </li> <li>The different pathways of acquisition entrepreneurship- 07:24</li> <li>How he acquired his business in a space he had no experience -10:04</li> <li>How a second child can become a catalyst for many entrepreneurs - 12:06</li> <li>Should you do due diligence yourself when you buy a company (and a story about a strip club)- 14:40 </li> <li>When buying a business think about if you will be able to afford to maintain customer relationships - 17:20</li> <li>Why you should build your business in public (and how it can help you overcome loneliness)- 19:29</li> <li>The goal for his company: bringing technology into an analog game- 22:47 </li> <li>The relationship he has with his business sponsor family- 25:20 </li> <li>If you are looking to buy a company, narrow your search using this method- 27:45 </li> <li>Is Ayo Phillips going to transform his company into a tech company? - 31:11</li> <li>Legacy: 2 things that are important to him (it’s ok to be bad at things) - 32:53</li> <li>Lessons learned #1: Acquisition entrepreneurship is a risk mitigating choice- 38:07</li> <li>Lesson learned #2: Building in public (keeping things in perspective) - 38:27</li> <li>Lesson #3: Near stream niching down -39:04</li> </ul> Key Takeaways: <ul> <li>The difference between acquisition entrepreneurship and startup entrepreneurship is that you are buying something that already exists, so you should be reducing your risk profile. In fact, only 1 in 10 venture-backed companies succeed. </li> <li>The work you do at a job can be both intellectually stimulating yet unfulfilling at the same time.</li> <li>Pathways of acquisition entrepreneurship: traditional self-fund pathway; sponsored search (partnering with someone/a family). </li> <li>It is easy to look at a business from a customer concentration perspective, it is more important to look at a small business from a relationship concentration perspective. This means that even if a certain customer is only 2% of your revenue, you want to understand how relationships are maintained in the long term and it should be sustainable. </li> <li>You have to hang out where your clients hang out, so when you buy a business make sure that you can afford to do that before buying that particular business. </li> <li>There is a large opportunity in bringing technology to old school businesses. </li> <li>A good way to find lucrative companies to buy is to look for industries that are off the beaten path that has not yet been optimized by technology and find a way to glean efficiencies and capitalize on that gap. </li> </ul> The best way to find a business to buy is this:“So if I were to say, for anyone who is listening to this, who is thinking man, what areas can we go into and how can we add value - I would find businesses that are off the beaten path, industries that are off the beaten path, who haven’t yet gone on this technology optimization path and find a way inject some of that into those business’ processes and glean efficiencies from those things” - Ayo Phillips (29:35) What is your advice for people who want to acquire a business? Tell us in the comments and don’t forget to say <a href="https://beyond8figures.com/be-a-guest/" rel="nofollow" target="_blank">hello </a>if you would like to share your entrepreneurship story on our podcast. Connect with Ayo Phillips:<ul> <li>LinkedIn: <a href="https://www.linkedin.com/in/realrookieceo/" rel="nofollow" target="_blank">Ayo Phillips</a> </li> <li>Twitter: <a href="https://twitter.com/realrookieceo?lang=en" rel="nofollow" target="_blank">@RealRookieCEO</a> </li> <li>Rookie CEO website: <a href="https://rookieceo.co/" rel="nofollow" target="_blank">https://rookieceo.co/</a> </li> <li>Perfect Surface Website: <a href="https://perfectsurfaceinc.com/" rel="nofollow" target="_blank">https://perfectsurfaceinc.com/</a> </li> </ul> Also mentioned this episode: Search Funder (a great community for people thinking of acquisition entrepreneurship): <a href="https://www.searchfunder.com/" rel="nofollow" target="_blank">Website</a> Connect with A.J.Lawrence:<ul> <li>Website: <a href="http://ajlawrence.com/" rel="nofollow" target="_blank">ajlawrence.com</a> </li> <li>Email: <a href="mailto:aj@b8fpodcast.com">aj@b8fpodcast.com</a> </li> <li>Instagram: <a href="https://www.instagram.com/Ajlawrence/" rel="nofollow" target="_blank">@ajlawrence</a> </li> <li>LinkedIn: <a href="https://www.linkedin.com/in/ajlawrence3/" rel="nofollow" target="_blank">A.J. Lawrence</a> </li> <li>Twitter: <a href="https://twitter.com/ajlawrence" rel="nofollow" target="_blank">@ajlawrence</a> </li> <li>Medium: <a href="https://medium.com/@a.j.lawrence" rel="nofollow" target="_blank">@a.j.lawrence</a> </li> </ul> Follow Beyond 8 Figures:<ul> <li>Website: <a href="http://beyond8figures.com/" rel="nofollow" target="_blank">Beyond8Figures.com</a> </li> <li>Twitter: <a href="https://twitter.com/beyond8figures" rel="nofollow" target="_blank">@beyond8figures </a> </li> <li>Facebook: <a href="https://www.facebook.com/Beyond8Figures" rel="nofollow" target="_blank">Beyond 8 Figures</a> </li> <li>Instagram:<a href="https://www.instagram.com/b8fpodcast/" rel="nofollow" target="_blank">@b8fpodcast</a> </li> <li>Email: <a href="mailto:team@b8fpodcast.com">team@b8fpodcast.com</a> </li> </ul>

Finding Lucrative Opportunities When Acquiring a Business with Ayo Phillips

Ayo Phillips has the wildest story I’ve ever heard on the podcast. He’s from Nigeria, immigrated to the U.S. when he was young, worked in engineering before getting his MBA at Kellogg, acquired countertop and bathtub refinishing company called Perfect Surface in Houston while his wife had their second child in Chicago, and went on to discover major structural problems in the business including the use of strippers and suspicious financial activity. Oh, and he recently became a U.S. citizen. He has an incredible story we can all learn a lot from. In this episode we discuss his experience acquiring Perfect Surface, warning signs to look out for when buying a company, how he looks at hiring and growing his team, and so much more. For the full episode transcript and more, visit alexbridgeman.com/podcast. I’m also the founder of The Operator’s Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at theoperatorshandbook.com.

Ayo Phillips has the wildest story I’ve ever heard on the podcast. He’s from Nigeria, immigrated to the U.S. when he was young, worked in engineering before getting his MBA at Kellogg, acquired countertop and bathtub refinishing company called Perfect Surface in Houston while his wife had their second child in Chicago, and went on to discover major structural problems in the business including the use of strippers and suspicious financial activity. Oh, and he recently became a U.S. citizen. He has an incredible story we can all learn a lot from. In this episode we discuss his experience acquiring Perfect Surface, warning signs to look out for when buying a company, how he looks at hiring and growing his team, and so much more. For the full episode transcript and more, visit <a href="https://alexbridgeman.com/podcast/" rel="nofollow" target="_blank">alexbridgeman.com/podcast</a>. I’m also the founder of The Operator’s Handbook, a print publication where small company operators share their insights and ideas for building more effective and profitable companies. Articles focus on process improvement, sales, hiring and training, managing culture, and all responsibilities within operating a small company. If you run a small business and are looking for new ways to grow and improve, subscribe today and join your peers in the endless pursuit of better at <a href="http://theoperatorshandbook.com" rel="nofollow" target="_blank">theoperatorshandbook.com</a>.

Ayo Phillips - Small Company Firefighting - Ep. 56