393: From Fired to Fortune, John St. Pierre's $100M Journey
This week’s Misfit Entrepreneur is John St. Pierre. John is a 25+ year entrepreneur veteran who scaled 2 companies to over $50M in global revenues. John started while still in college as a franchisee for College Pro Painters and went on to co-found Legacy Global Sports, BrandPoint Services, and Rhombus Group.
Legacy Global Sports rapidly reached $50M+ in global revenues and BrandPoint Services is now a $100M+ enterprise, His role as the majority owner and chairperson of Rhombus Group, a holding company comprising several small businesses, has allowed him to inspire other entrepreneurs and help them achieve their goals. He is the author of "The $100M Journey," where he shares the 7 key principles for entrepreneurial success.
But it wasn’t all sunshine and lollipops as most entrepreneur journeys aren’t. In fact, John was fired from a company he spent over 15 years building. And then had to start from square one. He learned a lot of lessons along the way which partly inspired his book and it’s those lessons learned over his 25+ year career that I am excited for him to share with you today.
John started his entrepreneurial journey 25 years ago as a franchisee for College Pro painters while studying accounting in college. He went from franchisee to general manager and in 2003, he founded two companies: a project management construction company and a sports business. The recession in 2008 prompted him to focus on growing the sports business, envisioning it to be the largest youth sports company globally. Despite significant growth to over $50 million in revenue, he made some fatal mistakes that led to his termination from the company he had built over 15 years.
What was it like to get fired from a company that you spent well over a decade building?
There is an emotional toll of being terminated from a company that defines your identity and was such a big part of life.
Reflecting on the aftermath, he talks about how important the need for self-reflection and having identity and purpose is to entrepreneurs.
He learned a lot of lessons, many of which he shares in his book.
Did you see it coming? Or was it a shock to you? Did it just like, was it something that you saw coming or was it like out of the blue?
John admits that he didn't see it until it was too late, likening the realization to being hit by a metaphorical "Mack truck."
It happened very fast especially after raising $20 million in capital shortly before his departure.
What was the mistake that you made that led to this happening?
Violating the principles of protecting and growing equity was a fundamental error, leading to his loss of control over the business.
John stresses the importance of building one's capital and understanding the company's self-financeable growth rate to avoid overextending and diluting equity.
What are the 7 principles of entrepreneurial success?
Principle 1: Protect and Grow Your Equity
Never give away equity loosely.
Consider alternatives like Phantom Equity to reward value without giving real equity.
Scrutinize decisions to bring on investors or partners.
Principle 2: Build Your Own Capital for Growth
Understand net operating cash flow (cash in vs. cash out).
Know your self-financeable growth rate and develop a capital strategy.
Avoid the need to rely on external financing.
Principle 3: Reinvest Smartly
Double down on winning products/services before expanding horizontally.
Focus on sales and marketing in your niche to increase cash flow.
Avoid investments that reduce net operating cash flow.
Principle 4: Build a Culture of Intrapreneurship
Hire based on core values and cultural fit.
Shift from expecting returns from employees to providing returns for them.
Implement situational leadership and mentorship to foster an entrepreneurial mindset.
Principle 5: Protect the House
Surround yourself with advisors for critical decision-making.
Perform vulnerability assessments to identify and address potential risks.
Maintain proper legal and financial controls to protect the business.
Principle 6: Access Owners Liquidity
Utilize tax-efficient methods like 401k profit-sharing programs for owners.
Consider captive insurance programs for additional protection and tax benefits.
Access liquidity without selling equity, especially for businesses with substantial net operating cash flow.
Principle 7: Moving from CEO to Chairperson
Recognize when someone else may be better suited to run the business.
Decide whether you want to be a business operator or owner.
Transition to a leadership role that aligns with the company's needs and your strengths.
What are some actionable steps for entrepreneurs to achieve success in their journey from startup to high performance?
Building an asset that can scale indefinitely without the founder's direct involvement should be the ultimate goal.
Having a clear vision and strategic business plan aligned with personal goals is crucial for success.
Patience, ambition, and confidence are key attributes for entrepreneurs to navigate the journey effectively.
Training the subconscious mind through visualization and affirmation can significantly impact one's mindset and actions.
Patience, ambition, and confidence are key attributes for entrepreneurs to navigate the journey effectively
Serial entrepreneur, Ironman qualifier, and host of 460+ conversations with the world's top founders. Pulling out the real story every week.
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