This week I was fortunate to spend a day with Eddie Lumpkin, one of the most successful entrepreneurs that I have ever had the privilege of learning from. Here are a few of my takeaways:
1) He is always present. His office is at their main location so he can be with his team members and customers. He will never have his office in some tower because he wants to be able to walk around and tell his people that they are doing a great job.
2) He says that any business he is in a monkey can do. This means that he keeps things simple. If it takes more than 5 minutes to explain he is not interested.
3) He pays up for good people, equipment and tools. He says, "I've got no time for problems, so I pay up for good people, equipment and tools." One example is that he will pay up for plywood that has no "knots". Although this may seem minor, it's more about creating a culture of careful attention to detail.
4) Eddie has a niche, and he improves on that niche every day. Each time he builds something, it is better and more cost effective than the time before.
5) He is an empire builder. Whereas some people buy and sell things over the course of their life, Eddie is able to see the long game. He plays to grow, because if you grow, you win.
6) He uses the law of compounding returns. He has owned many of his assets for 20+ years. If you can hang in there long enough, compounding returns will become your best friend. As he says, he takes care of the golden goose.
I am so thankful to have mentors that are willing to make themselves available and I will certainly follow Eddie's example in the future.