Daniel Sachs - The Million Dollar Greeting

Hey friend, I know how this feels. Waking up exhausted after multiple trips to the bathroom and feeling embarrassed by sudden leaks. I used to be constantly on edge, searching for a restroom whenever I was out. Then I discovered better woman. I was skeptical at first, but two months in, everything changed. I experienced improved bladder control. No more heart-stopping moments when I laugh or sneeze. Less urged to go, deeper and more restful sleep. I finally felt like myself again, confident and in control. Better Woman is natural, effective, clinically tested, and trusted by women for over 25 years. Ready to take back your control? Head over to Bebetternow.com to order your supply today. That's Bebetternow.com. These statements have not been evaluated by the FDA. This product is not intended to diagnose, treat, cure, or prevent any disease. Uses directed individual results may vary. Hi everyone, it's Bill Black, the exit coach from the Exit Coach Radio show. You know, one of the biggest questions I get on the show is what exactly goes into a business exit plan and when should I start creating mine? Well, I always tell people that the best time to start was 5 years ago, but the next best time is now because you never know when you might need it. So we put together a free report that describes what an exit plan is and what you should know. You can get it free by texting exit plan with no spaces to 44222. That's exit plan to 44222. Again, text exit plan to 44222. Welcome to the Exit Coach Radio show, the show for baby boomer business owners who are looking for cutting edge information as they plan their 3 to 10 year business succession and exit. Every week we interview top professional advisors for their best tips, strategies, and precautions so you can be well planned. And don't miss our one minute exit coach tip of the day on Exitcoachradio.com and. Here's your host, the exit coach, Bill Black. Hey everyone, thanks so much for joining me today. I really appreciate it. We have a great lineup of guests today, and we're going to jump right into it with our first guest. He is Daniel Sacks from Meerkat Restaurant Advisory in Chicago, and as a what Dan does, he's a hospitality consultant, but he's also a professor and entrepreneur in residence at DePaul University. And he's written a new book called The Million Dollar Greeting, and we're going to find out all about what that's all about. But first, let's get him on the line and get to know him a little bit. Daniel, thank you for joining me today. Welcome to the show. Thanks for having me. Looking forward to talking to you. Well, same here. I've been looking over your, your overview sheet here and it looks like an interesting book that you've written, but you know, I'm really curious, and I'm sure our listeners are too, about who you are and what, what you do as an entrepreneur and resident at DePaul University. I love that title. Tell us a little bit about you and your background. Sure, yeah, I started out very young when my mom went back to work. I started out working cooking and so a lot of my career was in the restaurant business. I started in the back of the house in the kitchen and ultimately made my way to the front of the house and owned restaurants in Chicago for many, many years. Until I got old and tired and decided that the better path was to become a teacher rather than an operator, so I made my exit and got out, and that worked out really well for me and I have since sort of unexpectedly but really with a lot of enjoyment started teaching. Entrepreneurship at DePaul and as luck would have it, and as the way things turn out, I'm now, yeah, the entrepreneur in residence there at the Coleman Entrepreneurship Center, which is an incubator for students and graduates of DePaul and their business ideas. So it's, it's part mentorship and part connecting. Um, budding entrepreneurs with potential funding other mentors, local businesses in Chicago, it's a pretty vibrant community here, so a lot of exciting stuff going on. That sounds really exciting. Um, I, I love to hear that entrepreneurship is alive and well in in universities and that that young people have experienced people they can learn from. And if you survive the restaurant industry, then you are truly a survivor. Right, well, I say that's one of the toughest businesses. And that's great. So, so, uh, and now, uh out of, it sounds like out of your experience, you've, uh, you've written a new book called The Million Dollar Greeting. Um, why write a book and, and who are the leaders profile? Tell us a little bit about this book. Yeah, that's it's great. I appreciate you bringing it up, um. You know, I think both through my own work and I worked as a consultant in hospitality as well and teaching at DePaul, one of the things that came up consistently because the students I teach are in the business school and they're not necessarily hospitality students. Is this understanding of how the term hospitality and how our how we relate to our customers and our employees and strategize around that it sometimes gets lost in the, in the muckety muck of day to day business um and so. So I really felt like one way to talk about that was to both try to articulate a vision for that and also profile CEOs at various sized companies, everything from Hyatt Hotels, which has got over 100,000 employees to this Nick's Pizza and Pub here in the suburbs of Chicago that's got 3 pizza joints. Um and and look at how they successfully are able to integrate what I would say are traditional hospitality practices into their business model in a way that really is is a tool that can be used by anybody in any business. And in fact, we even profile, I profile other companies that have nothing to do with hospitality as a way of showing how they may, they may use different terms, but they use the same tools. And um there's a company up in Canada of all places called FreshBooks, which many of your listeners may be familiar with. They're the largest um accounting software company for entrepreneurs and independent businesses and freelancers, and they integrate similar, similar um programs in, in their own business and and the guy who founded that guy Mike McDermott, um, really thoughtful leader in that respect. What a fascinating, uh, experience that must have been. How long did it take you to compile all this information and, and do all the interviews and get it all together? Yeah, it was, it's funny you say it was a fascinating experience. It took, you know, a good 6 to 8 months to get a hold of everybody, convince them that this was legitimate. That sharing the secrets was worthwhile. And the book really wrote itself and from a from a practical standpoint, but what was really exciting from my perspective was being able to talk to these folks and hear their stories and sort of what their inspiration was and the themes ultimately in these very 9 very disparate businesses were common, and that was what fueled the fire of writing the book is that These ideas around authenticity and, and community and culture and their company and and then establishing a vision um and the way that they were consistent about implementing that, that those themes um recurred with each story, manifested in different ways because the businesses were different, but, but at the end of the day, the, the themes were very, very similar. Well, I've got a question for you, Dan, that that maybe puts you on the spot a little bit, but pretend I'm the CEO of Hyatt Hotels, and you've just called me. What did you say to get them to to agree? What what was your, your vision statement that got them to go, I see where you're heading with this, and I'm on board. I think our listeners would like to know that. Yeah, I think, I think the key in those situations is doing your homework in advance. So I knew that um at Hyatt, for example, the CEO Mark Kamazian, um, had a, we had a common appreciation and understanding. For what the role and the term, the actual term hospitality meant and how it related to building great culture and in his case he really believes that um sort of his, his philosophy around um empathy actually, and empathy for your customer and your employee was a differentiator in the hotel business. And so I was able to talk to him in a context and, and, and, in a With detail that that resonated and I think that that makes a big difference. There's there's, I definitely didn't, I didn't hit bat 1000%. I got, I was, I was maybe a, you know, a middling 250 to 300 hitter when it came to, you know, this is the home of the Cubs here in Chicago, so they'll make you a lot of money in the big leagues, yeah. Um, but I definitely found that to the extent that I could do the research and, and it did foster really positive connections. And it helps you know a few people in the business too, you know. Yeah, and it doesn't hurt to say that you're the professor and entrepreneur and resident at a major university too. That's that's awesome. So when you're doing all this, I'm sure things rose to the top as common traits. What are the five key qualities that great leaders share that you're that you've uncovered in your book? Yeah, I think, you know, there are lots of different ways to start and certainly understanding a corporate culture is critical and being able to articulate your culture is important. People talk about that a lot. I think one of the, one of the hardest parts. To, to really think about in your daily business is understanding what accountability really means. Um, because there's, it's one thing to pay lip service to um your vision or your um your, your, your business plan, but to be present in the moment and be able to be accountable to yourself, to your employees, and to your customers a week, 2 weeks, a month, 3 months, 6 months after you put a strategy in place. A that that's really a tough nut to crack, I think, for a lot of people because as entrepreneurs, and I know this from my own experience, you know, you're putting out the fire that's right in front of you and sometimes that that's a good excuse not to be accountable in the way that you might theoretically want to be accountable. And one of the things I noticed that these leaders that I spoke to is that they put being accountable to themselves and their employees and their customers at the top of the food chain, so to speak. Uh, when it came to to building their business and, and in, in conjunction with accountability came being authentic, right, being true to yourself, um, and, and that was equally important, um along with building the kind of community um both within your company and as your company is within the universe of its business. Um, that, that, that sits again being consistent, being accountable, being authentic, and then ultimately really establishing a vision for your business that you can live with. A lot of times I see companies and clients that I have and and I see this across the board where there's a vision that's developed, it's framed nicely, stuck on a wall. and then forgotten about, and I think one of the things that came up in this book was that The leaders that I talked to really um were drinking their own Kool-Aid when it came to following through on their vision on a daily basis. And so all these ideas really ultimately interwoven were interwoven, um, whether they were vision or culture or community or accountability, authenticity, those 5, those 5 values really um work in conjunction with each other, not um not as individual ideals. So I heard accountability and being authentic and having a vision. Did, did I miss the other two? I I might have the other two are community and culture. So a great, a great organization to think about in that context is Brooklyn Brewery, which is another uh company that's profiled, and, and Steve Hindy, who's the, the founder and CEO there. So Brooklyn Brewery started, you know, almost 30 years ago now, out of Brooklyn, New York, and in the beginning it was one of the first, if not the first, microbreweries, craft breweries in the country. And what Steve identified was that staying true to the culture, the culture of Brooklyn and the culture of the craft beer movement. was critical to the to the brand's long term success. So even though now Brooklyn Brewery is the largest independent brewery around the world, actually they exported all over the world, they are still true to that value, and Steve is still engaged with his employees. He tells the story of his brewmasters coming up with a new beer and him having them all the brewmasters for the for the brewery over to his house for a picnic. A to try the new beer and this that and the other, and then he says, you know, and the crazy thing is is that then the word got out that I had a picnic for the brewmaster. So the next thing you know I got the accounting department over at my house for a picnic and I got, you know, and and he's really living that culture, that sense of community, even though he doesn't need to do that anymore, you know, he could just sit back and sip on some good beer and And, and rest on his laurels, but he's still engaged in building that kind of culture in a way that um I think his employees feel um like he's engaged in, in true hospitality. And as a result, in that field. ultimately manifests itself in the way that they work with their customers, right? We're all part of the service economy these days and so understanding the, the interdependence, um, really has benefited a company like Brooklyn Brewery, for example, over the long haul. I love that because I think we're all sick and tired of the companies that are they're they're connected until they aren't, you know, until they grow to a certain size, and then, and I've been through that myself where I worked for a company that was very familial, big company, but all of a sudden they went public and there was another master to serve and the whole culture and feel of the company changed and they lost that connection with a with a lot of people even though they said they still they they. We're still willing to have it. It just didn't feel the same, so that's refreshing to hear that companies would focus on. So I heard accounting, accountability, excuse me, the, the authenticity, having that vision that you can, you can really rely on and count on, and that's really, that really fits you community and culture. Those are 5 really big attributes. So I think you're really on to something. Um, and let's talk about the title, The Million Dollar greeting. Um, that's intriguing. What, what is the million dollar reading? I I think the snappy title, um, I think that he um. The idea is really to drive home the point that, um, these kinds of what, what might be termed as soft values, um, they're not really immediately translatable to the bottom line, do in fact have um bottom line um financial benefits because whether it's through, um, you know, employee retainment. Um, whether it's through citizenship behaviors by your employees or recruitment and certainly those kinds of things are really valuable with with the millennial generation and the workforce these days and, and the transience that we see across the board. So you know, it's not an obvious we're saving a nickel on this widget kind of benefits, but certainly incorporating these values does have long term financial success and these companies. are examples of organizations that have been able to demonstrate that over time, and I think that's the key is, is it's not just a drop in the bucket today, but it's something that is worth investing in and will reap benefits over the long haul. Makes makes a lot of sense what you're saying, and I, I, I hear a lot of content about millennials in the workforce these days and exactly what you, what you're saying, the culture, the community having that vision that, that, um, you can fits that everybody gets it, uh, and remaining accountability to that accountable to that rather it it makes a lot of sense what you're saying. It sounds like an awesome book. Who do you want to read this book and why? Everybody who's got 2495 and access to Amazon. Uh-huh. No, I think, I think in the end, you know, the book does have value for a lot of people in business, um, whether you're, uh, a senior leader at a company or just starting out, because It, it tries to through these real world examples paint a picture of how good companies behave and what leaders do in these, in these good companies um to be successful. So whether you are looking to find a company that has the kind of values that you share, or if you are an existing leader who is looking for a way to differentiate your business. By by adding some of these values into your um into your daily practices, I think there's a, there's a lot of real meat there um for those kinds of folks, um, you know, I make my students buy it too, but I was gonna say you've got a built in audience, don't you? That's probably the core audience. Well, no, it, well, next, next question, if you're, if you're getting, uh, young folks to buy it, how many pages is it? Oh, it's not too bad. It's very, it's it's just, just over 200, so it's doable. It's very doable. Yeah, not, not another heavy. My son who's 14 read it, you know, I mean, he, I don't know willingly, but he read it, so you. That that's that's a good size. It's it's, it's not daunting, but it, it sounds like it's an enjoyable read, and I would imagine it's available. I know it's on Amazon. I would imagine it's available is through Kindle as well and and all on all their media styles wherever, wherever fine books are sold my publisher tells me OK. I am going out of town and I'm going to pick it up but electronically and read it and I look forward to it. It sounds like you have a fantastic and fascinating background and I, I really applaud what you're doing with the young people at DePaul University and uh and with all of that, taking the initiative to bat 250 and go after all of these uh these entrepreneurs out there and uh. Uh, that, that's, that's got to be one step out of your comfort zone to get out there and do that, but I'm sure once you started, uh, getting some wins there, it was very, uh, um, energizing for you and, and the name of the book again is The Million Dollar Greeting. And it's on Amazon and it's by Daniel Sacks. Daniel, thank you so much for joining me today. It's really been a fascinating interview, and I look forward to following up with you at some point and see how things are going and and hear about the next book. I'm sure there'll be another one after this one. That's great. Yep, thanks a ton. It was, it was a fun talk. I'm glad we connected. Thank you so much. I really appreciate you coming on and, and again, as I say, let's keep in touch and uh uh continued success to you, my friend. Absolutely, you too. Thanks so much. All right. Thank you for listening to Exit Coach Radio. Hey friend, I know how this feels. Waking up exhausted after multiple trips to the bathroom and feeling embarrassed by sudden leaks. I used to be constantly on edge, searching for a restroom whenever I was out. Then I discovered better woman. I was skeptical at first, but two months in, everything changed. I experienced improved bladder control. No more heart-stopping moments when I laugh or sneeze. Less urged to go, deeper and more restful sleep. I finally felt like myself again, confident and in control. Better Woman is natural, effective, clinically tested, and trusted by women for over 25 years. Ready to take back your control? Head over to Bebetternow.com to order your supply today. That's Bebetternow.com. These statements have not been evaluated by the FDA. This product is not intended to diagnose, treat, cure, or prevent any disease. Users directed individual results may vary.