The Dinner Table MBA: 8 More Business Lessons from My (Multimillionaire) Parents – Part 2 | RP 105

The Dinner Table MBA: 8 More Business Lessons from My (Multimillionaire) Parents – Part 2

If you haven’t read Part 1, you can read it here.

8. Treat people well (but not too well)

You're a team. Not a family. Learn to balance kindness with the discipline needed to get the job done.

• A family never gives up on each other. The relationships are the infinite game.

• A team tries to win a game together.

To get the best out of your team, your team needs to feel taken care of. Never punish your team for prioritizing family over work.

At the same time, maintain boundaries. When a player no longer serves the team’s goal, switch them out for someone the team needs. But do it with kindness.

9. Sell once, profit forever

In the spirit of Jack Butcher’s “Build Once, Sell Twice” mantra, here is a proven formula for building an 8-figure business:

1. Pick a B2B product that a B2C company will always need

2. Build systems to deliver it without fail

Examples from real businesses:

• Supplying high quality copper to roof manufacturers

• Selling glass dropper bottles wholesale to CBD oil brands

• Furnishing Airbnb property managers with white-labeled toiletries

10. Deep work is BS, at least at the manager level

A manager succeeds if they get stuff out of the way of independent contributors.

A manager’s job is to get obstacles out of the way of individual contributors.

After months spent working remotely, our elevator and our bottle labelling machine broke after a freak electrical surge.

On my parents’ first day back in the office.

While they suffered from 12-hours of jet lag.

Our line workers and drivers couldn’t fulfill orders. If they did, it took double the time.

This cost us thousands of dollars and backed up hundreds of thousands of dollars’ worth of deliveries.

My dad’s job wasn’t to hunker into 3 hours of deep work, writing, or thinking.

As the CEO, his job was to get the elevator fixed and the labelling machine back up and running. Not to sit with a coffee and write a memo.

Following this...

11. Master sourcing

Many of us raised in Canada or in the US aren’t used to asking others for help. But at times, this extreme independence slows us down.

When a problem comes up, don't think: “Let me google this.” Instead ask: “Who can I ask for help?”

For example, when my parents urgently needed a Windows machine to run our new ERP software,

• I looked up Lenovo’s websites for prices and deals

• My dad reached out to a friend who sold electronics

In the end, my dad’s approach came faster. The Thinkpad from his friend arrived by EOD. He also threw in a laptop bag, an RGB keyboard, and a gaming mouse. Just because.

The lesson? People are often eager to help.

12. Unsexy business = sexy life

My parents own a B2B trading company. It thrives as a backend business for consumer goods manufacturers.

It's not as sexy as a brand, a SaaS, or a B2C ecommerce business.

We don’t have slick social media pages. We don’t create viral Tiktok content.

But dealing with less customers at a higher order volume gives them incredible leverage.

This “unsexy” background business lets them..

• Keep a 10-person team

• Live anywhere in the world

• Travel 6+ times a year for fun

13. Work revolves around life. Not the other way around

The top 3 most effective forcing functions for outsized productivity:

• A dedication to family and friends

• Pursue passion projects

• Travel

For the past 30 years, my parents' north star has always been family.

We immigrated to Canada to give us kids more opportunities.

My parents waffle over thousands of dollars of business expenses for months. But agree to spend the same amount on a family trip without any convinving.

Work and money has never been the end-game for my parents. And the business is no less successful.

14. Leverage arbitrage to start

My parents’ business started out with a wholesale dropshipping model. But this came with a host of issues:

• Orders to suppliers took months to fulfill… While customers expected near-instant delivery.

• New competitors entered the market would undercut prices just to make a quick buck.

• Entire shipping containers were in danger of getting lost or held up at port for a variety of reasons.

While the business was profitable from Day 1, my parents addressed these issues day by day.

• They purchased and built storage facilities to hold our most in-demand inventory.

• They manufacturing

Start with arbitrage. But don't stop there.

15. Pay your friends.

If they offer a discount, take it. But don't ask for one.

Play the long game. With friends and with deal friends.

To recap…

1. Never let your money sleep

2. Simple and analog works

3. B2B > B2C

4. Leave money on the table

5. Demand first

6. Hire people with families

7. Pay well

8. Treat people well (but not too well)..

9. Sell once, profit forever

10. Deep work is BS at the manager level

11. Master sourcing

12. Unsexy business = sexy life

13. Work revolves around life, not the other way around

14. Arbitrage opportunities are great short-term moneymakers

15. Pay your friends

😉 You're welcome

A selection of interesting links & fun recommendations.

• 📚 The Happiness of Pursuit by Chris Guillebeau. From Amazon: “A book that challenges each of us to take control—to make our lives be about something while at the same time remaining clear-eyed about the commitment—The Happiness of Pursuit will inspire readers of every age and aspiration. It’s a playbook for making your life count.”

• 🐦 5 tips to skyrocket your Twitter engagement when you’re starting out. My two favourites:

  • “Big accounts aren’t better than you. They just started a little earlier.”

  • “Want followers? Tweet your story. Want engagement? Add your own twist to another viral tweet.”

• 🐦 When setting goals, take what you’re given.