From Bankruptcy to Brilliance with Law-Firm Business Consultant Luis Scott

00:00:00
In today's episode, we get the chance to chat with Luis Scott. He is the founder of eight figure firm Consulting. He consults with attorney entrepreneurs, primarily has a ton of business and entrepreneurial knowledge, a lot of just life knowledge. He's been through a lot. We scratched the surface on his health adversity that he went through with regard to becoming trying to become a professional baseball player.

00:00:31
We talk about how he went through a divorce and how he had eight business failures along the way, and we dive into several of those business failures, how he had a partnership that went kind of the wrong way. And man, this guy is a ton of knowledge. A wealth of knowledge. He absolutely brings it on. This.

00:00:52
This was a very easy interview for me, quite honestly, because he's very well spoken, very articulate, and just super knowledgeable. You're going to get a lot out of this. This guy is all about growth.

00:01:05
He absolutely brings it. No question. He is the author of it has to hurt, which is all about valuable lessons learned from painful experiences. The guy went from bankruptcy to millionaire status within three years. So an incredible growth story.

00:01:24
An incredible story of resilience. And I know you're going to enjoy this one for sure. Welcome to the from Adversity to From Adversity to Abundance Podcast podcast. Are you an entrepreneur or aspiring entrepreneur? Then this show is for you.

00:01:41
Each week we bring you impactful stories of real people who have overcome painful human adversity to create a life of From Adversity to Abundance Podcast. Life of From Adversity to Abundance Podcast. You are not alone in your struggle. Join us and you will experience the power of true stories and gain practical knowledge from founders who have turned poverty into prosperity and weakness into wealth. This podcast will encourage you through your health, relationship and financial challenges so you can become the hero in your quest for freedom.

00:02:15
Take ownership of the life you are destined to live. Turn your adversity into From Adversity to Abundance Podcast.

00:02:23
Welcome everybody, to another episode of the from adversity to From Adversity to Abundance Podcast podcast. I'm your host, Jamie Bateman, and I'm thrilled today to have with us Luis Scott. Luis is the founder of eight figure firm Consulting. He's a successful entrepreneur and an author of a book called it has to hurt, which I think is going to be perfect to talk about on our show. From adversity to From Adversity to Abundance Podcast.

00:02:48
Luis, how are you doing today? I'm doing great. Thanks for having me on the show. Absolutely. I'm pumped about this one.

00:02:54
This is going to be a fun chat. I know we got to know each other a little bit before we hit record, and I'm confident the listener is going to love getting to know you as well. So, Luis, dive in a little bit more for a short period of time. Who are you today and what are you up to? Yeah, so today I'm the founder and CEO of a figure from consulting, and I help law firms and really just general entrepreneurs grow their businesses scale to 10 million.

00:03:21
We have a program where we help people go from one to 10 million in five years or less. And my passion is helping other entrepreneurs make impacts in their community. And so that's after 20 years of being in the legal industry and being a lawyer for over a decade and a half, I've decided to put my efforts now in helping other people grow their business. That's awesome. I hired a business coach earlier in 2023, and he's a retired lawyer, if you will.

00:03:53
Former lawyer. I think it's probably a different model, but he's very much focused on helping the entrepreneur and he's been a huge impact for me. So I love that whole approach. That's awesome. So I know we're going to dive in more later as far as who you serve in particular, who your ideal client is, who you really like to work with.

00:04:15
But before we get there, let's jump into your backstory. Like we talked about before we hit record on this show, we tend to focus on financial adversity, health adversity, and or relationship adversity. We've certainly checked all three boxes on the show in prior episodes, and I know you've dealt with all three of those elements and those types of adversity in your life. Let's briefly kind of recap for the listener. How have you dealt with adversity?

00:04:45
What types of adversity, specifically have you dealt with in all three of those categories? It's funny because when you say that you deal with health adversity, relationship adversity, financial adversity, I feel like I'm like the ideal poster child for those three things because I've had all three of them in my life. But earlier in my life, in my early twenty s, I wanted to play professional baseball. My dad was a professional baseball athlete. He got to AA ball.

00:05:12
So I thought I had the pedigree. I thought I could make it. I went to division one, but I kept getting injured, and I injured my ACL multiple times, had to have surgery, tore my hamstring tendon. I mean, it was all kinds of injuries. It was as if somebody was telling me, you're not going to go pro, okay?

00:05:28
Like, this is not your journey. So dealing with that was very tough because that was my love and passion as a young kid, you have a much more difficult time kind of overcoming those kind of things, and a lot of mentors who helped me with that. So that was my just very briefly, before we move on, I was a collegiate athlete as well, and lacrosse was my sport. And it's not an episode about me, and I've talked about this before on prior episodes, but some people may not totally be able to relate. I can completely relate.

00:06:05
The injury piece is so much out of your control. And when, especially multiple injuries, over and over, it can absolutely rock you at that age, when that's your entire focus, that's your identity at that point, really. I mean, I don't want to presume I don't know everything about the context at that time for you, but it can be so much more than just a torn ACL. It just absolutely rocks your entire life, your entire mental and emotional state. So, before we move on, any lessons you learned from dealing with that type of adversity?

00:06:45
I mean, the biggest lesson that I learned is that we all heal, at least emotionally. Right. And I never thought I'd be able to overcome that. In fact, it was so traumatizing those injuries that I did not watch baseball for ten years. I could not go to a game.

00:07:04
I could not watch it on tv, because every time I went and I smelled the fresh cut grass, it reminded me of a past I was no longer going to have. And as young as I may think I am, I can't play the game of baseball like I used to when I was 1920 years old. Sure, that was hard for me. And what I learned is, as I overcame, that you can overcome everything. If you are willing to see the bright side of things, if you're willing to see the silver lining in things, you can overcome everything.

00:07:40
And so that was a really big lesson because I then continued to have other failures from which I borrowed that lesson. Right. That helped me through my professional career. Yeah, absolutely. And I'm excited for, and we were joking before we hit record, that, oh, that's great that you've been through all this adversity, Luis.

00:07:56
This is know. No, that's not great in and of itself, but it is great that you learned and took lessons from that adversity and that the listener can take away from your story and your hardship as you check the health and physical box. What's next? So then I got divorced. So, relationships.

00:08:21
Relationships are hard. And I got married very young. I was in my early 20s, basically just graduated college and got married. And I wasn't equipped to handle the relationship. And so I got divorced.

00:08:36
And that was a very painful thing. And it was painful for me. It was painful for her. And fortunately, today we're on good terms and we're able to communicate very effectively about our kids and so forth. But that was a very difficult thing.

00:08:52
And I think what I learned in that moment was transparency and vulnerability. I had a really hard time with both those concepts. I wanted to be the guy who was polished, who never had any problems, who was just, everything was fine. And how are things? Fine.

00:09:10
How's the relationship? Fine. Everything's good. Everything's good. But inside it wasn't good.

00:09:14
And I learned through this that there's actual power in being transparent. There's actual power in being vulnerable. You become more relatable. It's easier to communicate. It's easier for you to have a solid relationship built on trust.

00:09:27
And so that was a massive lesson for me coming out of that. That's really good. And just to drill down before we move on again, you're talking about being vulnerable and transparent with your spouse. Right. In particular, not so much from the outside looking into your relationship, but internally dealing with your partner, right?

00:09:47
Absolutely, with my spouse, but also with people. Right. Like, if you have friends, I remember when I was going through the divorce and friends were like, why didn't you tell me, man? Why didn't you tell me suffering? Why didn't you tell me that things weren't good?

00:09:59
We could have done something. We could have given you a counselor. We could have prayed for you. We could have supported you. And they just didn't have any clue that we were going through that.

00:10:10
No, that's good. Thank you for being transparent and vulnerable now. Yeah. And there's a fine line there because it's like, just with any close relationship, you can go the other extreme, too, where it's like you're super just focused on sharing all of your problems with your spouse all day long. That's not good either, because you're going to drag that person down.

00:10:37
I think, unfortunately, a lot of people can relate to going through a divorce or certainly going through tough times in a marriage or close relationship, romantic relationship like that. So you were able to, in a sense, put that behind you. Sounds like you're still in good terms, the two of you, and you've learned from that to open up and be vulnerable and transparent with others and sounds like you've been able to develop closer relationships because you went through that adversity. Is that fair to say? Absolutely.

00:11:09
There's a book called radical Candor. And I feel like what I took out of that experience and reading that book was that it's okay to be completely candid with people now. It's not okay to be a jerk. It's not okay to mistreat people. But it's okay if you have a business to tell your employees how they're performing.

00:11:30
It's okay to let your friends know if they've crossed a boundary. It's okay to let your spouse or relationship partner know that, listen, that's not an acceptable thing for me. It's okay to do that and to stand that ground. And so, to me, that was a powerful lesson. That's great.

00:11:45
That's really good. Yeah, you're right. It doesn't mean you go around telling everybody every thought you've ever had about them. That's not the point here. But absolutely be honest and upfront when you need to be right.

00:12:01
So that's really good. So you mentioned being open and honest with employees or team members in a business. Let's go there. I know you've had some real hardship with some businesses you've started, and this is a show for entrepreneurs, and unfortunately, with social media, and I get why this happens, but unfortunately, we're so exposed to all the success. And it may look from the outside that every entrepreneur is a successful entrepreneur and that every business they've ever started has just been a home run.

00:12:38
And you and I both know it's not that easy. It's really challenging. And entrepreneurship, honestly, in my opinion, is not for everyone. But the pain is typically worth it. So I'd love to dive into your story and the businesses you've started and that have failed.

00:12:59
And obviously, we want to focus as well on the successful ones and the one you're working in now that you're doing very well with. But let's talk about which one do you want to start with? I know you've had several failed businesses. Where do we want to start? I could start from the beginning because every single one of these failed businesses actually taught me a lesson.

00:13:18
And here's one of the things that I think entrepreneurs need to understand. The reason that social media paints this picture of glorious, mountaintop type of experiences for entrepreneurs is because we only see the entrepreneurs that are succeeding. See, people see Luis today, and they go, Luis is an eight figure business owner, high net worth kind of guy. So therefore, his business succeeded. But they don't count the other eight that did not succeed.

00:13:41
See, I was a failure until I was a success. And what happens is that we never hear about the failures. People don't go on social media and start a motivational Instagram handle to talk about every failure that they have. And so we see things through the lens of survivorship bias. It's no different than when you see that meme.

00:14:00
Bill Gates started in a garage. Apple started in a garage. Amazon started in a garage. Do you know how many things have started in a garage that didn't pan out? Yeah.

00:14:08
Thousands. Millions of people who started in a garage didn't pan out. The only reason we glorify Apple, the only reason we glorify Amazon is because they survived. When I hear consultants go on and say, you don't need to go to college, you don't need any education, you just do do, it's because you survived. Most people cannot survive without getting educated and growing themselves and so forth.

00:14:33
So for me, it started at the beginning, and my first failed business was trying to sell vitamins online. Okay. I'm not a doctor. I have no medical degree. My in undergrad was accounting.

00:14:49
But I thought it would be easy to do some drop shipping, ship some vitamins to people. Everybody needs to be healthy and you do that workout. So give us just how old were you? What year was this? And I'm curious if this was your interest in supplements and vitamins from your athletic background.

00:15:09
Is that a good guess? Yeah. So I got convinced, like, you're an athlete, you're going to be able to push this. Go ahead and you get a website, you start selling some vitamins, and it's going to be easy. This is going to be the easiest thing.

00:15:21
People are going to believe you. You have a six pack, they're going to know, right? That was the last time I had a six pack, by the way. So that's why I got into it. And I was 21 at the time and I had no capital to back me up.

00:15:34
I had no business experience whatsoever. I didn't know how to set up anything. It was a failure. And I didn't have the confidence to sell either. That was the thing.

00:15:45
I was like, how am I going to sell? I can't even approach anybody right now with any confidence because I don't really understand the science behind these vitamins. So my lessons from that particular business were, educate yourself on the product, be passionate about it, and make sure that you have the confidence to sell. If you don't have those three things, if you don't have the education, if you don't believe in it, if you're not passionate about it and you don't have the confidence you're not going to sell anything. Absolutely.

00:16:11
And I think a lot of people, I think sales and marketing just get a bad rap in general. And the reality is, if you believe in your product, you should be selling it. You should be out there marketing it, you should be promoting it if you genuinely believe in it, and if you understand it, like you said, because it's going to help people. Right. So nothing wrong with learning sales and marketing.

00:16:34
It's a critical piece to entrepreneurship, for sure. So in the end, what did that look like as far as just when you walked away, how much time or capital did you quote, unquote waste? I wasted. Right. Because I love how you phrase that.

00:16:51
Air quotes. Yeah, right. Probably about a year to a year and a half, and somewhere around $10,000. Got it. Which at that time, and I can speak for myself, that would be a big deal.

00:17:04
It was a very big deal that started me down the rabbit hole of debt. I didn't have the cash to do it. I was working three jobs trying to sell this product, and I didn't have the cash to do it.

00:17:21
Before we move on to a next example of a difficult business you've started, what would you say to the entrepreneur? Rather, the budding entrepreneur out there? Maybe they are 2021 and they are about to leave college or they just started a job or something in early 20s. Should you just jump in and start a business? Should you start a side hustle?

00:17:48
I get it. Every situation is different. That is the true answer. But what would you say to someone, a piece of advice or two for someone in a similar situation. Okay, so when you think about the fact that less than 5% of businesses ever make a million dollars in revenue, when you just think about that, let's use that percentage.

00:18:09
5% of 20 year olds will have successful businesses. 5% of 21 year olds will have successful businesses. So let's just assume and project that percentage on every single age bracket. Assuming that percentage, we don't know which one's going to be the 5%. We just don't know.

00:18:27
And so you have to ask yourself, do I have enough experience, confidence, and belief in what I'm doing to lead myself to the point of being one of the 5%? Most people don't. Right. Because 95% are going to fail. And so if I had to give a blanket suggestion across the board from 20 to 30, I would say, spend all your time learning as much as you can.

00:18:53
Spend all your time learning as much as you can. And I think that if you do that you're going to be much more prepared in your thirty s. And one of the misconceptions about people is that they're falling behind in life. They think, well, if I don't start early, then I'm not going to get there. There's nothing that says, you can't have my story, which is failure after failure after failure after failure.

00:19:16
And then at 38, you become a millionaire. It took me that long, and it just took me that long. And so this idea that if I don't make 100,000 in year, 1200,000 in year two, it doesn't work like that. I went from bankruptcy to millionaire status in three years. And so there's a quantum leap that happens when it all begins to click, when it all begins.

00:19:39
And so educate yourself. And what is the saying? In your 20s you learn, and your 30s you burn, and your 40s you earn. Earn. Yeah, that's right.

00:19:49
No, and there are a lot of examples of people who have hit their major, their quote unquote, overnight success, their fifty s and sixty s. And that's really good advice. I love the fact it's very easy to forget that growth can happen very quickly, too. It's very easy for us to think like, yes, obviously, compounding is huge and time is a big, big factor. And having a long term approach, I think, is critical.

00:20:17
But that doesn't mean you can't scale things very quickly and recover like you have shown very quickly. And so I think sometimes, at least I'll speak for myself. Sometimes it's easy to get caught up in the day to day and to think, oh, I'm trying to get 0.1% better than yesterday, but maybe it's 10% better. Maybe it's an explosive year this year because that obviously happens. So walk us through, how did you recover from that?

00:20:46
I mean, a year and a half, you said it started to put you down a path of debt. What happened after that? So I won't say that I recovered from that immediately. It took a really long time because I then started other businesses. Not to get into every detail of every business, but I started a penny auction site.

00:21:08
Then I tried to sell another vitamin. Some guy, he introduced me to another vitamin out of Salt Lake City. We were trying to get a contract and get some celebrities to sponsor it. We spent tens of thousands on that that failed. And then I had a friend of mine who told me that he had found this product that you spray it on corn and it yields like three times the amount of corn.

00:21:27
So we went down to LSU. We tried to get them because there's a lot of. No, I'm sorry. Yeah, it was corn. We went to LSU.

00:21:34
I can't remember if it was sugarcane or corn. It may have been sugarcane. Either way, we go down to LSU where they do a lot of this crop and got their scientists to do it, spent months and months and months, thousands of dollars on this. Research comes back that the product didn't work. So that didn't work for me.

00:21:51
And I just kept trying to start different things. I started a political news aggregator website that didn't work. I wasted money on that thing. And so it took me a while to recover because I kept trying things after thing. By the way, going back to my divorce, that was putting a strain on the relationship because I'm 10,000, 60,000, 70,000, 80,000 in the hole, and I'm trying to convince her that it's going to work one day.

00:22:19
Right? Trust me, trust me, it's going to work. But I trusted you the first four times, Louise. Yeah, right. This is the thing.

00:22:27
I never stopped trying and I never stopped learning. So I went to law school in the middle of doing all these businesses. So I'm working, I'm doing the side hustle, and then I'm going to law school. And part of my lesson is, if you're going to go for something, go for it. Don't do it as a side hustle.

00:22:43
A lot of times as a side hustle, you don't put enough time, energy, that sweat equity in it. And people underestimate the amount of sweat equity that is required to be an entrepreneur. That's very true. And just the focus is critical. And there are tons of average businesses out there, and most of them probably end up in the 95% you already referred to.

00:23:06
Right. So if you're going to be average, you're probably not going to make it. So you really need that focus. If you try to do 17 side hustles, it's not going to work.

00:23:18
I guess, looking, let's say, just for a minute, when you were 20 years old, did you know for sure you were going to be an entrepreneur? Did you never think about getting it? I know you did work jobs, but I'm saying, like, long term, did you just know early on, I'm a business owner. That's who I am. I was eleven years old when I decided I was going to be rich.

00:23:41
Okay. I grew up in a very modest, maybe lower income home. I grew up in Puerto Rico. We didn't have a lot. We didn't have a lot of money.

00:23:51
I felt embarrassed that we would go to school in clothes that was bought in secondhand stores, it was bought in Walmarts. And I felt like people made fun of me because I was more of the poor kid. My parents didn't have a lot of money. And I remember thinking to myself, one day I'm going to take care of my family. One day I'm going to take care.

00:24:10
Everything's going to change on my family tree. And I was eleven years old when I had that first memory.

00:24:18
I knew from a very early age I was going to be rich, period. It didn't matter what it took. And anybody who knows me knows that I will work 20 hours, days, seven days a week to accomplish what I want because it's that important to me. That's really good because so many people think it's, oh, must be nice to be Luis. I've heard that a lot of times, and I'm sure it is nice to be wealthy now, and I'm sure you'reaping the benefits to the hard work you've put in.

00:24:54
But I don't think it's been easy to get here. Well, let me tell you one story about easy. I was up till 330 in the morning last night using technology to edit videos, because I've set a goal to release 200 pieces of content per month. And last night, using Opus IO, which is an editing software, I edited 54 videos in an hour. I'm already rich and I'm at 330 in the morning.

00:25:24
Right. So you got to have a drive that surpasses circumstance. And so if you want to be an entrepreneur, if you want that life that's on social media, the private jet, first class travel, the nice cars, multiple houses and so forth, you got to be willing to be so passionate about something that time is just merely there. It's not even a constraint. There's enough time in the day.

00:25:50
I sleep when I get tired, and when I'm not tired, I'm working or with the family. And that's what it takes to be successful. Yeah, that's so true. So talk to us about. I know you've had at least one other failed business and maybe even a failed partnership or two.

00:26:09
Can you dive into that a little bit? Yeah. So I had a business partnership with my first law firm, and after being there 15 years, we were partners for four years. The partnership fell apart. And what I learned from there is that alignment is critical if you're going to be in a partnership.

00:26:27
So if there's an entrepreneur out there who is looking to be in business with a friend, right, quote, unquote, a friend, or looking to be in business with a partner, you really need to ask yourself, are we aligned? Do we have the same ambition, work ethic, goals, future outlook, same perspective about life? What is it that we're building for? Because what ends up happening with partners is every partner has a different degree of success that they believe to be their goal, right? So one partner may want to make a million a year.

00:26:59
One partner may be happy with 500,000 a year. And what ends up happening is when the partner who's making 500,000 a year gets there. He starts going to play golf. He starts going to play tennis. He starts only coming in on Tuesdays and Thursdays.

00:27:12
He stops working as hard because he got to his 500,000. And the other one's like, I want to make a million. And that's what happened with me, is that in my previous partnership, I wanted our business to make millions for us. And I had partners that were very comfortable making three, four, $500,000, which, don't get me wrong, is good money. But that was not my ambition.

00:27:34
My ambition was much higher. I wanted to make multiple millions per year. And so we just didn't have the same drive and got it. Great guys, by the way. They taught me a lot, and I have nothing negative to say about them personally, but we were just misaligned.

00:27:54
How do you do that? Because it is hard. Just like a marriage. It's hard to know. I mean, things change, too.

00:27:59
People change. And four years, that's a fairly long time. It's not four weeks. Right. So what advice in particular?

00:28:09
I know you said, be aligned with your goals, and it sounds like work ethic as well. Anything else, tactically speaking, that you could tell an entrepreneur out there who's thinking about getting into a partnership, how should they approach this? Yeah, hire an amazing lawyer to write an absolutely amazing outclause in your operating agreement. Outclause is where you agree, in the event either one of you become misaligned, that you have conversation, and that conversation will lead to a division of the partnership in a very systematic way. That's the best way.

00:28:41
We didn't have that at the time. Got you. And so if you have a partnership, you could have something as bare bones as in the event that we become misaligned, we will have a conversation about it. We will use the following mediator or mediation company. That mediation company will help us assess the value of the business.

00:28:57
We'll separate and everybody will go on their own way and we'll end well. And I think that that's really critical, because without that, you end up fighting about everything, just like in a marriage. Sure. Yeah, I guess some people might argue, well, does that set you up for failure because you're focused on splitting up? But the reality is, in an ideal world, you never have to actually even visit that clause, right?

00:29:21
You never even have to enforce or discuss that. And the partnership goes perfectly. But in reality, most partnerships do end at some point, right? And hopefully, oftentimes it is on good terms. But that makes total sense, is think a little bit further ahead, spend the extra couple of dollars to hire a good attorney.

00:29:43
And it's not just you're not only protecting yourself, you're protecting the whole. That's, that's really, um, awesome. Well, before we get to my rapid fire questions here, Luis, talk more about your business today and your ideal client and your avatar of who you work with and who you like to serve. You mentioned it earlier, what does that person or business look like? And really, how do you add value to them?

00:30:12
So when I opened eight figure firm consulting, the ideal client was a law firm that was generating already $1 million in revenue and had an ambitious goal of hitting 10 million in revenue. The Small Business Administration says that only one out of 666 companies that start in any given day, any given year, will actually get to 10 million in revenue. So if 667 companies started today, only one of those would get to 10 million in revenue. And so I told myself, I'm going to help law firms get to 10 million in revenue because the average law firm earns 500,000. And I wanted that big, audacious goal, right?

00:30:50
I'm going to help people do this. I didn't know if I could help people do this. I had done it myself, personally. We had gone into multiple eight figures, and I wasn't really sure if my system worked for people. And so I started working and coaching people while I was still the COo of a law firm.

00:31:09
Now left to pursue eight figure firm full time, and the system worked. And we've now helped 25 law firms reach eight figures in predictable revenue. So we want to work with law firm owners who are highly ambitious, entrepreneur in nature, want to create a legacy for themselves. Not just a financial legacy, but a legacy of care and support in the legal community that they serve. And so for me, when I think about what we've done as a consulting group and the fact that we've helped almost 150 law firms now who helped 50,000 clients nationwide last year.

00:31:45
To me, that's leaving a legacy. And so one of our taglines is your legacy awaits. And so we're looking for people who are really committed to their legacy and who want to grow from one to 10 million in five years or less. So what do you say to the critic out there? Because there are a lot of these critics out there who are anti coaching, anti consultant, who question anybody who makes most of their own revenue or their own income from not actually doing the business.

00:32:13
What would you say to that person? I would say I've already done it. I've built three firms to seven figures and one to almost 40 million. So I'm not coming from this theory. I'm coming from practice.

00:32:24
I'm not a coach. I'm a consultant. I've already done it. I've built it already. I have the street cred.

00:32:32
It would be like telling a major league baseball coach, you can't coach me because you can't currently play baseball. Right? Yeah. I mean, I'm not currently building a law firm, but I built a law firm, and I can. And to be fair, I couldn't agree more.

00:32:52
It's like saying, bill Belichick, you're not as good as Tom Brady, so you can't coach Tom Brady. It's like, that's ridiculous. It's just one of the best coaches ever, if not the best football coach. So. And I'm not even a Patriots fan.

00:33:05
But think about Tiger woods. Did Tiger woods ever have a coach that could outplay him? I don't think so, no. They're different skill sets. But I love the fact that you've proven that you can do it.

00:33:18
So it's not just theory. It's very different than maybe a professor teaching a business course who's never actually run a business. That feels a little bit one of those situations. But I want to point out one more thing. When I work with law firms, some of the law firms I've worked with, like, I have a particular law firm out of North Carolina who had never gone beyond 5 million in revenue in 15 years.

00:33:46
15 years. Never gone beyond 5 million in revenue in two years. Working with us hits 12 million in revenue. So for anybody who says that coaching doesn't help, it's because they've found the right coach. That's very good.

00:33:58
So drill into that a little bit more. That case study, what did you do? How did you help them? Could they have gotten there without you? How did you add value and what does that case study look like?

00:34:12
The history says they may not have gotten without me because they had already gone 15 years without reach. And the data doesn't support people reaching 10 million in revenue because, again, one out of 667 actually do it. And the amount of law firms that are in 10 million in revenue is very small. It's like less than 1% of firms actually reach 10 million in revenue. But what we did is we diagnosed three primary problems, and that was a misunderstanding of a marketing plan, what we call a balanced marketing plan.

00:34:44
Number one, underfunding. Their marketing was number two. And number three was a lack of leadership focus. And so we worked on all three. We balanced their marketing plan.

00:34:54
We spent the correct amount, which I have a very specific formula that you need to spend. And the third thing is we started helping them develop leadership. And when you do all three of those things, talking about that quantum leap, it took very short period of time to see that significant growth. Awesome. Yeah, it sounds like a lot of synergy happening all at once, and then just explosive growth.

00:35:16
So before the rapid fire questions, what does it look like if somebody, does it vary based on the client, or how does the process work when they sign up with you? Yeah. So we have a tailored approach and it depends on the client. And we have people that come in in varying degrees of revenue, but also various states of maturity of their business. And some people have leadership team, some people don't.

00:35:42
Some people have meeting cadence, some people don't. Some people have a fine mark. So it depends. But when you come with us, we start with a discovery call. Then we go through our first phase of our consulting, which is setting the foundation.

00:35:57
It's a three pillar system. It's a foundation intention transformation. We guide people all the way through that, but we start based on where they are.

00:36:07
It makes sense. Saying it depends, unfortunately isn't well marketed, it's not easy. But the fact is a blanket approach typically doesn't work. So you're taking an approach that actually works. And I end up saying it depends as much as an attorney does when I'll do mentorship with my mortgage note and real estate business.

00:36:28
And I don't know where you are, I don't know what your goals are, I don't know what your experience is as an investor. I need to hear you and listen to you and assess first before I can give you a blanket solution. So that does make a lot of sense. The difference between a coach, consultant, mentor, these terms get thrown around a lot. Do you have anything you can add there as far as clarifying what those differences are, 100%.

00:36:55
So a mentor is usually an unpaid person who helps a person develop themselves personally. So that's usually a mentor. They have no financial interest in your well being. They just want to help. So I mentor young kids.

00:37:12
I give them the best advice that I can. I'm not making any money from them. So that's a mentor. You should have a mentor. You should have somebody pouring into your life who wants the best for you without any financial interest.

00:37:23
Like if you don't have that type of friend or relationship, you need to find one. The coach could be paid or unpaid. Depends on the coach. Some coaches, they do it for free. Some coaches do it for cheap.

00:37:34
Some coaches charge a premium. But a coach is a person. It's more like a counselor. They're trying to help you reach a conclusion. They're positioning questions so that you can think about it, so that you can kind of process what's going on, provide you perspective, and then give you an opportunity to come to your own conclusion.

00:37:54
They're generally not going to give a lot of suggestions, but a consultant is a person who's been there, done that and is going to tell you what to do. They're a part of your team. They tell you what needs to happen. So I always tell people, I'm a consultant, I don't give suggestions. I tell you what you need to do now, whether do it or not.

00:38:12
Yeah, that's different things. Yeah. There's certainly an element that's outside of your control of how the person you're helping actually operates and whether they succeed or not. But that's a very well articulated breakdown for sure. Those three different roles that people that I think are all have value in different ways in a business owner's life.

00:38:36
So that was really good. And I have all three, by the way. I have all three. I have a mentor. My dad's my mentor.

00:38:42
He pours into me with no financial interest. I have a coach and she works with me on processing things that are happening personally and professionally, emotionally, mentally. And then I have a consultant who has built a 100 million dollar consulting business and is helping me build mine. So I have all three. They're not cheap, but they're so worth it.

00:39:05
Really good. Awesome. Well, before we get out of here, got some rapid fire questions. Some of these end up not being so rapid fire sometimes, but we'll see how it goes. What is one thing that people misunderstand about you, Luis?

00:39:18
I have RBF and so people think that I'm a very serious. When I'm not smiling, I'm serious and I'm unapproachable. But anybody who knows me knows that I'm the most approachable guy. I love to give. I learned this from my dad.

00:39:34
Whenever I meet somebody, they may bless me or I may bless them. And since I don't know their intention, I'm going to bless them. And so I spend a lot of my time just trying to give and bless them. And I think people misunderstand that many times. That's good.

00:39:46
If you could go back and give your 18 year old self some advice, what would it be? Relax. Relax. It's all going to be fine. Just put in the work.

00:39:55
Put in the work and it'll all turn out okay. Yeah. Don't be so hard on yourself. I can relate to that. If you could have coffee with any historical figure, who would it be?

00:40:06
My goodness, I'd love to have coffee with my dad's grandfather because my dad credits, I guess he's not a historical figure. It's all good. My dad credits him as giving him his faith. And when I think about my dad and his faith and how he's mentored me in my life, I would have loved to have known this man that he credits and I never met him. Yeah, I just read something, I think it was Twitter yesterday, about the successful, humble entrepreneur, how they can look back and see the value in those who came before them.

00:40:42
So you just did that? If you could eat one meal for the rest of your life, what would that be? If you could only eat one meal, man, I would have said pizza for a long time, but I am on a taco.

00:40:57
Steak. Tacos, but three tacos, small corn tortillas, onions and cilantro.

00:41:05
Yeah, I could probably eat that every day. What is a challenge that you're facing today in your own business? Finding great people who genuinely care about clients and not just about making money. In the coaching business, there are a lot of coaches who are in it for the money. They're in it for pay me, pay me, pay me.

00:41:26
And they're not in it for the client, and I don't want to have that kind of business. And so finding those people is very hard. But I am resolute in only hiring people who care about clients. Love it.

00:41:40
What's one piece of advice you'd give someone who's starting out as a consultant? They've had a successful business already, but then now they're going into the consulting world. One piece of advice, create a system that you sell, package it, and make sure that the system works. So create a system. That's what I did.

00:42:00
I documented it in my first ebook, the nine principles of exponential growth, where I created my three pillar system. And that was the genesis and the foundation for everything that I've done over the last four years. And I think that that would be the most beneficial thing you can do. Really good. You've already recommended one book, and we mentioned your book and your ebook.

00:42:21
What's one other book you could recommend for our listener? I love to read. I love the four agreements, specifically the agreement. Number one, do not take anything personally. It's kept me out of all kinds of assumptions about what people's motives and intentions are.

00:42:35
But the book that transformed me the most, which got me out of this idea that I had to worry about what people thought was Mark Manson's book called the subtle Art of not giving an f. That book, yes. Completely transformed me. Yeah, it's really good. Awesome.

00:42:50
Luis Scott, man, this has been really fun. This has been, honestly, an easy interview for me to do. You're really good at this, and I can tell you're adding a lot of value out there in the business world for sure. What is one question that I haven't asked you that you wish I had?

00:43:10
That's a hard one to answer. Yes, I got them. Okay. Here's the question you haven't asked, and that is, how long does it take to become successful as an entrepreneur? Okay.

00:43:22
And the answer is? The answer is, it takes the amount of time that it takes for you to develop yourself into the person who is worthy of the business. And I think spend more time developing yourself and you'll get there a lot faster. I think I just saw a Layla Hermosi quote that was very similar. That ultimately is the character of the leader.

00:43:47
I can't remember exactly what it was, but the character of the leader, that is the limiting factor in the business itself. So that's really good. Luis, where can our listeners find you? Online, so they can find me@luisscottjr.com. So it's luisscottjr.com.

00:44:06
All my links, social media videos, my podcast, my book links and eight figure firm all on that website. Fantastic, my friend. This has been a blast. I've really enjoyed it, and I know our listeners have as well. So this is really good.

00:44:20
Thanks so much for joining us. Thanks for having me. Absolutely. And to our listener out there, thank you for spending your most valuable resource with us. And that is your time.

00:44:29
Thanks, everyone. Take care. Thank you. For spending your most valuable resource us with us, your time. If you like the show, please share it with your friends and fellow podcast listeners.

00:44:41
One entrepreneur at a time. We can change the world. See you next time. Our.