Mentored By a Shark with Kevin Harrington from TV's Shark Tank, Ep # 156

You may be wondering why I have invited Shark Tank star, Kevin Harrington on the show today. I often talk about how becoming a mentor in retirement is an amazing way to continue to get fulfillment while still enjoying the benefits of retirement. When I discovered that Kevin has a new book out called Mentor to Millions, I knew that my listeners could learn a lot from this interview. Kevin has mentored many business owners and can help you learn what it takes to become a powerful mentor.  Outline of This Episode [1:02] A mentor changed Kevin Harrington's business [5:52] How can you become an amazing mentor [11:10] How to decide on compensation? [13:20] What kind of calculations does he use to make deals on Shark Tank? [19:08] Is there any mentee he is particularly proud of? A retired mentor changed Kevin's business Kevin was already a successful business owner, but he couldn't figure out how to get banks to loan his business any money. He was struggling to stay on top of inventory since the profits he was making had to go directly back into the business to buy more inventory. He went to every bank he could think of to try to get a business loan, but none would loan him the money he needed for his business.  That is when he decided to seek the help of a mentor. A retired finance expert took him under his wing and showed him how to make bank presentations. This help changed the course of his business.  How can you become an amazing mentor? The mentor-mentee relationship is a symbiotic one. As a mentor, you need to ensure that you find a mentee that fits. Make sure that your skill set matches what the student is looking for.  It's also important to clearly understand and define expectations. Ask yourself and your student these questions. What are the terms of this relationship? How often will you communicate? What are the terms of service? What are the deliverables?  What will you get out of becoming a mentor? There are many ways of being a mentor. You could provide your services pro bono, you could charge a fee, or even use some combination of the two. If you do decide to charge for your services make sure that the terms of the service are crystal clear.  There are more than just financial benefits of becoming a mentor. In addition to the fulfillment that you get from helping someone out and passing on your expertise, you could create additional contacts and build key relationships. You never know where the role of mentor could take you. Check out Kevin's new book Kevin's new book is called Mentor to Millions and is coming out soon and it is now available for preorder. If you order his book through his website KevinMentor.com you can receive 30 days of free mentoring! His book will teach you how to develop a strong mentor-mentee relationship and you'll even learn about Kevin's role as a mentor.  Connect with Kevin Harrington KevinMentor.com - buy the book directly from his website and get 30 days of free mentoring! KevinHarrington.tv Connect with Benjamin Brandt Get the Retire-Ready Toolkit:http://retirementstartstodayradio.com/ Follow Ben on Twitter:https://twitter.com/retiremeasap Subscribe to Retirement Starts Today on Apple Podcasts,Stitcher,TuneIn,Podbean,Player FM,iHeart, orSpotify