Do you have the “golden handcuffs” and locked up in your own business prison? The resounding answers for most business owners is a resounding “yes.”
The host of the Deep Wealth Podcast and post-exit entrepreneur Jeffrey Feldberg speaks with fellow entrepreneur and business coach Richard Walsh. From a rugged start to becoming a business mastermind, Richard Walsh is a seasoned entrepreneur with over 30 years of experience, a best-selling author, business coach, and founder of Sharpen the Spear Coaching. His story is one of resilience, discipline, and creativity, packed with valuable insights for business owners and entrepreneurs looking to scale their ventures and regain control.
Richard Walsh’s story begins in an unexpected place. After leaving the Marine Corps in 1987, he found himself working for five bucks an hour, swinging a pickaxe to dig trenches. It was hard labor but opened the door to a pivotal moment. “Someone asked me to do a side job … 35 tons of granite … I can do that,” Richard recalled. The job paid him a thousand dollars, a stark contrast to his regular paycheck. This experience planted the seed of entrepreneurship in him.
Running a business demands more than just hard work. It requires vision and the smarts to avoid common pitfalls. “If you don’t open the door, things don’t get done,” Richard warns. He talks about the hamster wheel many entrepreneurs find themselves on—a cycle where they repeat the first two years over and over again. The key, he says, is breaking free. Focus on strategic vision rather than getting caught in daily tasks that rob your time.
Building the Dream and Facing Setbacks
Richard dived into the world of landscaping and custom water features, eventually becoming a renowned steel sculptor. For 20 years, his business thrived until the economic collapse in 2008 hit him hard. “I lost a half million dollars in a day … I think I’m done,” he reflected. With six young children, Richard faced a turning point.
His realization? Success doesn’t mean working nonstop. “My epiphany … they don’t care what I drive,” he said, referring to his children. They cared about one thing: his presence.
Rebuilding and Redefining Success
This epiphany led Richard to shut down his business and reboot his career. He moved from being trapped by his business to training at Anytime Fitness, eventually opening his own gym and scaling it. This time, he focused on building a system where the business didn’t solely rely on him.
Richard’s venture into coaching began when people sought his advice on recovering from business challenges. His book, “Escape the Owner Prison,” became a blueprint for entrepreneurs seeking freedom from the traps of business ownership.
Breaking the Cycle
Entrepreneurs often start with high energy but may find themselves repeating the same patterns without progress. Richard emphasized the importance of strategic execution and systematization: “You’ve been going really hard … 10 years goes by and you’ve repeated the first two, five times.”
Richard introduced the concept of the “owner prison” in his best-selling book, “Escape the Owner Prison.” He explains, “We all start a business with excitement… two years in, you’ve been going really hard… ten years go by and you’ve repeated the first two, five times.” It’s the trap many entrepreneurs fall into. Working hard, wearing all hats—only to find themselves stuck in a cycle.
Richard shared, “We want to automate, delegate, and eliminate.” To truly escape the owner prison, entrepreneurs must systematize and build a business that runs without constant owner involvement. This shift from a reactive to a proactive mindset is crucial for long-term success.
The key is to automate, delegate, and eliminate. Business owners need clarity in delegation—defining what needs doing, how, and providing training for it. “They want success … if I can bring someone in,” Richard shared, explaining the importance of proper delegation and training.
One crucial area Richard focuses on is establishing an exit strategy. He advises starting with this in mind. “Two times to do your exit strategy … the best time is before you launch your business,” he notes. Knowing your endpoint helps in planning the journey.
Profit and Purpose
Richard stresses examining profits closely and setting systems to track and optimize them. “Revenue feeds the ego, profit feeds the family,” he highlights. Building a business culture and strategic vision is also vital. “What does success look like today?” is a question every business owner should ask.
His approach ties back to creating a vision-driven company, where everyone knows the journey and their role in it.
Exiting a business can be complex, which Richard advises planning for from the start. Know your end game. Is it 5 years, 10 million dollars? Reverse engineer your path to get there. Own your journey by focusing on profit, not just revenue. “Gross revenue feeds the ego, but profit feeds the family,” Richard wisely points out.
As a business leader, one of the most important aspects is sharing the company’s vision with your team, and even your family. Richard emphasizes, “People want purpose, recognition, and quality pay, in that order.” By focusing on strategic vision instead of just a mission statement, businesses can inspire their teams and ensure everyone knows they are integral to the company’s journey.
Richard reveals, “Build a strategic vision for your personal life too… share them both with your family. They will be your biggest cheerleaders because there’s no mystery anymore.” This holistic approach ensures everyone is on board with where the business and personal life are headed.
For Richard, faith plays a foundational role. “Faith is number one for a very specific reason. I don’t have anything without that,” he says. With faith as his anchor, Richard finds peace and purpose each day. His story reminds us of the power of belief—not just in our business’s potential but in something greater.
Richard’s approach is tactical and strategic, embodying years of trial, error, and growth. He suggests focusing on profit by understanding your business’s financial health. “Many business owners focus just on revenue. Without looking at the P&L, you don’t see the profit,” he explains.
Moreover, Richard urges entrepreneurs to work on eliminating their involvement in day-to-day operations to truly elevate their business. “We want it running itself, where you focus on the 5%.” This 5% is the strategic element that only the owner can steer—like the growth vision.
Words of Wisdom
As Richard shared his journey, he left us with some compelling advice: “Get help.” Asking for help is not a sign of weakness; it’s a path to success. It’s about learning from those who have been where you want to go.
For entrepreneurs and business leaders, Richard’s story is a powerful reminder that success is not just about wealth accumulation. It’s about building a life where you harness your potential, be present with your family, and create a legacy that truly matters.
The key takeaway? Don’t just survive your business—build it to serve your life. Remember, strategic thinking, defined visions, and systems can turn around any venture. And as Richard Walsh’s story shows, even after the hardest setbacks, it’s possible to succeed and thrive.
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