Billionaire in Training
by Bradley Sugars
As founder of Ac
tionCOACH, Brad Sugars has established a pattern of mastering a financial strategy, reaching a high level of success using that strategy, and then writing a book on that particular subject to enlighten others. His book, “Billionaire in Training”, follows that same pattern. What he shares with us in this book are the tools, strategies and necessary steps to help others reach wealth and riches in a much shorter time period than ever thought possible through buying, building and selling businesses.
The obvious question of why ‘Billionaire’ instead of ‘Millionaire’ is answered by Brad himself when he said “When I became a millionaire I discovered that just wasn’t rich enough”. Sugars currently works with 20 highly successful entrepreneurs each year coaching them on the steps from Millionaire to Billionaire.
For those of us that are not yet millionaires, and those of us that are self-employed, (and the only employee), Sugars defines in great detail the five levels to achieve Entrepreneurial status, beginning with Level 1 – The Self Employed.
Sugars explains that taking that first step from employee to self-employed comes from the desire to be in control of one’s life, and one’s own destiny. The trap created for the self-employed is they know how to make what the business sells, instead of starting or buying a business in which they know how to sell what the business makes.
At this level we remain an employee of the business and earn a living through our physical labor.
Sugars also explains the value of being self-employed and how the lessons learned will help move us to the next level, The Manager. Some of these lessons include learning about company structure, accounting, bookkeeping, sales and marketing, making contacts, and learning the meaning of responsibility and accountability.
Once you’ve mastered these skillsets and have hired employees to do the physical labor, it’s time to set a vision of what your business will be like once you’ve finished building it (5 year business plan). It’s now time to move up to Level 2 – The Manager.
The problem at this level is that you’re most likely working harder, longer hours, doing your own work and fixing the mistakes of those around you. As Managers we have a tendency to hire employees we can control rather than people we can lead. It is important to know the value of being a good leader, which will bring in good employees. Sugars learned this lesson while still in his early 20’s.
Other valuable lessons learned at this level include team building, creating systems to operate your business, learn delegation and trust, build relationships with bankers and suppliers, quick decision making and again, accountability.
In order to move up from Manager to Owner / Leader, Sugars explains it is imperative to have learned all the skillsets of Level 1 (Self-Employed) and Level 2 (Manager). Without this knowledge it’s near impossible to find success at Level 3 – The Owner / Leader.
In the first two levels, you earned your income for the work by hours you put in. As Owner / Leader, Sugars explains that this is where you live off of the profits created by your teams. Success at this level requires a real change in mindset. Sugars tells us, “You need to learn to let go.” You should have established trust in your teams, and your “job” is no longer dependent on physical labor. You’ll have hired a General Manager to oversee the day to day operation of your business so that your business will run whether you are there or not. The goal of ActionCOACH is to get you, the Business Owner, to Level 3 – The Owner / Leader. This is where your business becomes profitable, salable, and runs without you.
By now your company should be earning a passive income stream, and with company profits along with the steady passive income, you’ll be ready to move to the next level of Investor. Here Sugars walks us through the different thought processes that will seem very new to most of the readers. I found myself rereading Level 4 – The Investor in order to fully comprehend his financial concepts. “If you want to change your financial situation, you have to change your financial situation.” How brilliant is that?!
Once you have mastered Level 4, you will now have the necessary income, the paper assets of your investments, and you’ll be ready to move up to Level 5 – The Entrepreneur. According to Sugars, this is where true capitalists operate. You will be making money using other people’s money. You will be selling businesses, or franchises or shares in your companies rather than the companies. Sugars also gives solid explanations on raising money for new businesses, his seven rules for buying a business, creating assets and much more.
In “Billionaire in Training” Sugars is sharing valuable information that he has mastered by buying, building, and selling businesses. His methods are tried and true, and laid out for us in a step by step process.
Regardless of which level you may currently find yourself, this book and Brad Sugars’ step by step processes will give you the tools to reach great wealth and riches. This book is invaluable in helping every reader in achieving their goals!
Book reviewed by…
Bob Riddick
Owner/President