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The best thing to happen to your business would be for one of the most sought-after business expert, Marcus Lemonis, to invest in your people, product, and process. Marcus is a down to earth self-made millionaire investor with mutiple business ventures such as Camping World, Good Sam Enterprises, and Sweet Pete's, numerous business and entertainment television programs such as The Profit and The Partner, and a practical & effective keynote speaker. Join me as I become enlightened, educate, and inspired by Marcus Lemonis. Maybe we will discover how to get a handshake deal worth millions of dollars.
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Background
In his youth, Marcus Lemonis foreshadowed his future as an entrepreneur. Marcus was born in Lebanon and his adoptive parents brought him to America prepared to work hard, stay focused, and believed he could become successful. Marcus worked in the largest Chevrolet dealership in the United states at the time owned by his grandfather. Marcus earned a bachelor's degree in political science and a minor in criminology from Marquette University in Milwaukee in 1995. After graduation he ran for a seat in the Florida House of Representatives as a democrat but lost the race and caused tension in his republican family. He returned his attention onto the automotive industry with a loan from a family friend and mentor Lee Lacocca to build the largest RV chain in United States. Marcus did just that with the purchase of Holiday RV Superstores, later he began acquiring RV dealerships with FreedomRoads and then merged it with Camping World and finally Good Sam Enterprises.
"We are so grateful that we had the opportunity to work with Marcus Lemonis. More than anything, he forces you to make changes your organization needs to make and gives you the resources to get it done. There is no micromanaging, but he's a reliable source to discuss ideas and a partner to make the tough decisions." - Ramona, Michael and Taylore Woods, Ashtae
Marcus is on a mission
Marcus Lemonis goes all around United States investing in struggling companies that compliment his portfolio; no matter how much capital he invests or elbow grease he applies, he demands to be 100% in charge. On and off the show, Marcus desires companies who take his money to follow his process. Most of the companies that follow his process reportedly experiences an 100% to 150% increase within the first five years of the partnership. For example, When Marcus invested into Mr. Green Tea the company did around $1.2 million in annual revenues and five years after the deal was struck the company closed the year with more than $15 Million in revenue. Bentley's Pet Stuff was losing money on three stores when Marcus struck a deal with the owners and under 5 years they are earning over $100 million on over 95 stores across the United States. Maybe it is wroth allowing Marcus to be 100% in charge. It seems to me that even though Marcus is in charge we always puts the business mission first so if that is truly your goal then you wouldn't be too shocked at any decisions he makes. Of course not every partnership works out smoothly.
Criticisms
There seems to be at least half of the companies Marcus Lemonis invest in have, as much as they were legally allowed to, claimed that Marcus damaged their business or took advantage of their lack of business savvy. Marcus is fairly open about the lawsuits he receives and can usually explain his point of view but usually takes the blame by saying "I should have taken heed of the red flags" The downside of being on The Profit is that the major introductory parts of Marcus investing in your company is that it is publicized. That means people form opinions based on how the story is told; disregarding the fact that the show will strive to highlight Marcus and will edit, cut, rearrange, and dub the recording to portray the companies how ever they want. I don't know how much truth is told by the business owners whose deals fall through with Marcus but it stands to reason that any big investor will make good and bad investments, will create problems and solve others, generate good and bad press, and overall you would need to make up your mind then move on with your life.
“I am pinching myself since 2012. Working with Marcus Lemonis and all of our businesses in the Marcus Lemonis Fashion Group has been the most rewarding experience of my life. Being able to handpick which companies we can grow and mold together has been the focus and has proven to be successful. Always exciting and ever-growing,the ML Fashion Group announces new projects and launches nearly every month.” - Stephanie Menkin, President of ML Fashion Group
Does your business need his help?
Marcus has a simple but tremendously successful methodology; Focus on people, process, and products. The first thing Marcus looks at is putting the right people and the right positions with all the tools necessary to them to be successful. Although Marcus has made some unsuccessful attempts, he generally does not try to improve people. Instead it simply tries to move people to the best position for them or he makes the hard call to let them go. Marcus spends most of his energy improving inadequate processes of a business. It is clear that if their is cracks in the process then the business struggles to satisfy even the most loyal customer. Finally, once Marcus knows he has the right people and knows he can improve the process, then the product must impress him. If you watch Marcus for two seconds you will know that products that truly provides value to its customers is the biggest factor to impress him. He is eager to change any and all characteristics of a product including pricing, packaging, sizing, and targeting until it completely engages its target customers.
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What do you think? What action did Marcus Lemonis' story inspire you to take? What was your favorite part of his story? What question would you like to ask him? If you have any questions, comments, or concerns for me, feel free to contact me; [email protected] or leave a comment below. Hope to hear from you soon!
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Marcus Lemonis, nor any of his employees or associates, were consulted for this article, all information was found through the references below.
References:
- Lemonis, Marcus. “Landing Page - Marcus Lemonis.” MarcusLemonis.com, https://www.marcuslemonis.com/.
- “Marcus Lemonis.” Wikipedia, Wikimedia Foundation, 25 Sept. 2019, https://en.wikipedia.org/wiki/Marcus_Lemonis.
- Yakowicz, Will. “Exclusive: 20 Business Owners Claim There's a Dark Side to Marcus Lemonis's Reality TV Show 'The Profit'.” Inc.com, Inc., 13 Aug. 2018, https://www.inc.com/will-yakowicz/dark-side-of-marcus-lemonis-reality-tv-show-the-profit.html.
