Will Roundtree - Get a Customer First

BIO: Will Roundtree offers the world a unique lens into wealth-building strategies and examines opportunities for his communities to expound on their knowledge and have effective practices to apply it.STORY: Will invested in a small tax franchise after he bought into the owner’s lavish lifestyle. He didn’t do his due diligence, only to discover that the owner had been stealing from his clients. This saw him lose over $40,000.LEARNING: Do your due diligence. Study the actual industry you want to invest in and verify its legitimacy. There’s no hack or shortcut to earning trust.&nbsp;“People want to look like they’re running a business. So they go and get all these business expenses. I’d say the number one thing you should do is get a customer first.”Will Roundtree&nbsp;Guest profileWill Roundtree offers the world a unique lens into wealth-building strategies and examines opportunities for his communities to expound on their knowledge and have effective practices to apply it.From homeless to millionaire, Will has established himself as a staple in the real estate investment sector. His expertise has garnered recognition among his peers and community members as the founder and top-grossing principal at WE Management Services. Will has helped over 3,500 small to medium-sized businesses access over 300 million dollars in business funding over the 36 months.In 2005, he left his hometown of Milwaukee, WI, with a borrowed 500 dollars and headed towards Las Vegas. Once there, Roundtree found the ruthless realities of living without a financial plan and imperfect credit. His applications were denied for housing, and this left him homeless and living out of his car.Roundtree was inspired to diligently educate himself on personal finance and credit. He would walk into libraries and read books about consumer credit laws, standard operating procedures, regulations, and economics. This led to him becoming a FICO Certified Consultant and eventually to the creation of WE Management Services, a highly-rated financial services company. In this role, Roundtree has helped numerous families successfully restore credit, become homeowners, obtain financial freedom, and become flourishing business owners. More than a decade later, Roundtree tours the country as a notable financial advisor, author, motivational speaker, mentor, community organizer, real estate investor, and wealth builder. Just recently, he completed a nationwide tour headlining his innovative Cocktails and Credit seminars. He is also the creator and host of the Full Time CEO Podcast: The $h!t They Don’t Tell You!Worst investment everWill invested in a small tax franchise when they were up and coming. The owner of the franchise pitched Will by showing him how much money he had made the year before. Will didn’t ask to see any financials or verify if the company was legit. He was impressed by the profit and loss statement and pictures of the guy’s automobiles and the trips he took. So he sold Will on the lifestyle, not necessarily the business.After liquidating his 401-K, Will also took out some personal loans to invest in the tax franchise. His total investment into the franchise was about $40,000 upfront, plus additional yearly fees. After the purchase was completed, Will had to lease an office. He negotiated for a tenant improvement allowance of about $25,000. For the landlord to renovate the building, Will had to go from a three to a six-year lease. Now, he had a 3,000-square-foot office for six years. Next, he went out and hired over 35 tax preparers.When the tax season started, Will believed he would have over 500 clients coming in, but that wasn’t the case. At the time, he had partnered with a bank to make tax payouts, and close to the end of the tax season, the bank just shut him off. He got a letter saying the bank was auditing all of his financials. Turns out the parent tax company had been stealing clients’ money. The owner would stuff a bunch of fake expenses into a client’s tax refund, help them get a large refund, and then charge the client $1,500 in software costs. This money would be deposited into the company’s bank account, and that’s why the bank was now auditing Will’s accounts.Will had to take the franchise owner to court, leading to a long, expensive legal battle that lasted years.Lessons learnedWhen you do something solely for money, you overlook all the other outpoints it takes to make money.Do your due diligence.Study the actual industry you want to invest in and verify its legitimacy.Andrew’s takeawaysThere’s no hack or shortcut to earning trust.Be super careful when you go into any business with no experience and no client base on which you can build a revenue stream.Actionable adviceGet experience in the space you want to start a business to see if you’ll like it. Go work for someone in that industry. Before jumping in, this will help you determine if you like that business model and the industry.Will’s recommendationsWill has over 300 videos on YouTube that you can watch. You can also follow him across all social media platforms: LinkedIn, Twitter, Facebook, and Instagram. Will is also a two-time author of Credit is King, one of the fastest and most-sold books in the credit industry. And Full Time CEO, which teaches the unglamorous side of entrepreneurship.No.1 goal for the next 12 monthsWill’s number one goal for the next 12 months is to license his information. He also wants to help over 1,000 people get their first investment property and increase their net worth in their assets.Parting words&nbsp;“It’s been a pleasure, Andrew. Thank you for this platform. Hopefully, one day, I’ll come back not necessarily with a worse story, but just an update on the success we’re helping others with.”Will Roundtree&nbsp;[spp-transcript]&nbsp;Connect with Will RoundtreeLinkedinTwitterFacebookInstagramWebsitePodcastAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your Influence<a href="https://academy.astotz.com/courses/transformyourbusiness" rel="noopener noreferrer"...