How to Create a Company

Meet the $500M man...
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In this episode, Ryan welcomes Tommy Mello, a prominent figure in the home service space and an influential entrepreneur with a net worth exceeding half a billion dollars. Tommy shares insights from his 20-year experience in the garage door business and his success in building and selling companies. His approach centers on providing customers with options rather than ultimatums, emphasizing the importance of confidence, choice of words, and body language in sales.

The discussion delves into the entrepreneurial mindset, with Tommy highlighting the significance of asking for a sale, being resilient in the face of rejection, and understanding that success follows a formula. Both Tommy and Ryan stress the importance of treating business as a mathematical and scaling problem, with percentages often being more impactful than absolute dollars.

The conversation touches on generosity, personal growth, and the common misconception that entrepreneurship immediately grants freedom. Tommy and Ryan discuss the challenges entrepreneurs face, often neglecting family, health, and spirituality in the pursuit of business success. Tommy introduces the concept that "the hustler must die" as entrepreneurs evolve from hustling to scaling.

Tommy expresses his love for marketing, emphasizing its importance over sales and the crucial role of branding. The Home Service Expert, Tommy's podcast, serves as a platform for opportunities and sharing entrepreneurial expertise. Drawing from his experiences and mistakes, Tommy provides valuable advice, and both hosts stress the significance of learning from failures.

Tommy's book, "Elevate: Build a Business Where Everyone Wins," explores the mentality shift required for ambitious goal-setting and the importance of patience in achieving success.

Tommy and Ryan discuss the complexities of learning different industries, buying businesses, and the importance of focusing on what can be controlled. Tommy advocates enjoying the entrepreneurial journey, emphasizing that money alone won't bring happiness. Both hosts encourage investing in people, fostering personal growth, and concentrating efforts on the most lucrative opportunities.

As Tommy provides advice to aspiring entrepreneurs, he urges them to stop working side hustles, focus on one basket, and invest in real estate for long-term financial growth.