From the archive: This episode was originally recorded and published in 2020. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Keith Leimbach had a 28 year corporate career, 2 IPO’s, an 11-figure exit to Oracle, was advisor to POTUS, 2 CEO gigs, but was totally unfulfilled. For the last 3 years he has created 4 new businesses, 10-figure revenue streams, and he is happy as a clam.
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Resource
Keith’s website – Get valuable insights on franchises from Keith – FREE!
3 Value Bombs
1) Don’t be afraid. Start something. Pursue something.
2) However people envision what they’re going to do 3 years down the road – know that it’s going to look different.
3) Don’t feel like the first thing you think of is what you’re going to end up doing.
Sponsors
HubSpot: Join us in Boston from September 5 – 8, 2023 for an event like no other! INBOUND brings together leaders across the business space including sales, marketing, customer success, and operations teams. Visit Inbound.com to get your ticket today!
BELAY: Learn how to make the most of your time and maximize your results with BELAY’s free offer! Download Your Personal Guide to a Productive Work Week, today! Just text FIRE to 55123!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: A Masterclass in Diversifying Your Income Streams
[1:04] – Keith shares something interesting about himself that most people do not know.
- He’s an avid and certified free diver.
[3:43] – Why did Keith leave his corporate career to become an entrepreneur?
- He wrote a note to himself on his 30th birthday that he’d have his own business at that age.
- It’s fulfilling from an ego-perspective to be a CEO.
- He wanted to have the freedom to do what he want, which lead him to be an entrepreneur.
[7:18] – What is diversified income?
- No matter what your job is, that income stream is going to come to an end.
- Out of the SNP 500, there’s only 1 company that has remained since 1950.
- Diversified income is having multiple streams of income.
[11:08] – Keith talks about knowing your timeline to income.
- You have to be honest in identifying your timeline to income.
[14:13] – A timeout to thank our sponsors!
- HubSpot: Join us in Boston from September 5 – 8, 2023 for an event like no other! INBOUND brings together leaders across the business space including sales, marketing, customer success, and operations teams. Visit Inbound.com to get your ticket today!
- BELAY: Learn how to make the most of your time and maximize your results with BELAY’s free offer! Download Your Personal Guide to a Productive Work Week, today! Just text FIRE to 55123!
[15:23] – At some point, we have to choose something to focus on. How do we narrow down our options?
- You have to make sure that you’re real about when you’re able to produce a specific amount of income.
- Commercialize an idea.
[16:57] – Keith shares his own experiences in franchising.
- One of his favorite franchises is Smash My Trash. This generates revenues of $500,000 with about 40% EBITDA.
- Another franchise is an indoor family entertainment center. It’s a $2 million investment with $2.5 million in revenue and 20% EBITDA.
[20:30] – What is Keith’s least favorite franchise?
- Christian Brothers is a great franchise. They want owner/operators, but Keith just wants to be an owner
- If someone is going to take 7% or 8% off the top – or its equivalent at the bottom – they better have a tremendous product or brand.
- Be honest with yourself about how much value a franchise is providing to you.
- As they say, the juice wasn’t worth the squeeze.
[22:56] – For those who feel unfulfilled and want to get more out of life, here’s Keith’s advise to you.
- Give yourself a chance.
- However people envision what they’re going to do 3 years down the road, know that it’s going to look different.
- Start to get honest with yourself about where you think you can get energy from.
- Don’t feel like the first thing you think of is what you’re going to end up doing.
[25:35] – Keith’s takeaway and call to action for Fire Nation.
- Don’t be afraid. Start something. Pursue something.
- Keith’s website – Get valuable insights on franchises from Keith – FREE!
[30:23] – Thank you to our Sponsors!
- HubSpot: Join us in Boston from September 5 – 8, 2023 for an event like no other! INBOUND brings together leaders across the business space including sales, marketing, customer success, and operations teams. Visit Inbound.com to get your ticket today!
- BELAY: Learn how to make the most of your time and maximize your results with BELAY’s free offer! Download Your Personal Guide to a Productive Work Week, today! Just text FIRE to 55123!
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!
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