It's All About Relationships: Interview with Mike Calhoun, Founder and CEO of Board of Advisors
I recently went one on one with Mike Calhoun, founder and CEO of Board of Advisors.
Adam: Thanks again for taking the time to share your advice. First things first, though, I am sure readers would love to learn more about you. How did you get here? What experiences, failures, setbacks or challenges have been most instrumental to your growth?
Mike: Growing up as a kid, I didn’t have the luxury of a privileged childhood so there was always a level of uncertainty hanging in the air. I knew at a pretty young age that I was going to figure out how to make money and establish financial security. Once that was in the bag, I’d never have to worry about financial security which equaled stability in my mind.
That’s what got me here. My drive to succeed turned into my super power.
My first gig as an entrepreneur was back in 6th grade. I’d stop at the local candy shop on the way to school and buy nickel gumballs and sell them for a quarter all day long. After that, I always managed to find a way to earn a little cash over the years.
My junior year in high school, a friend of mine lost his parents and was living on his own. My parents were moving again and I decided I wasn’t going. I moved in with my buddy, worked a job, and got my diploma.
Life was good—until it came screeching to a halt on my last day of high school. I’d never really thought about the fact that after graduation, virtually everyone I knew was heading out for college and I was about to be completely on my own.
It was a reset moment.
I got a job at Home Depot, and soon launched a small tile business. I got talked into giving college life a try but realized pretty quickly that wasn’t for me. The internet was brand new at the time though and it was calling me—which seemed crazy really because I didn’t even know how to type!
Still, the will to succeed drove me on and I wound up doing a fast track for a number of certifications—Microsoft, Cisco, HP, Adobe, and some other tech products. I knocked out a three year course in two.
By the way, my decision to take the tech course was perfect timing because Y2K was coming. Everybody was updating their certifications for new versions of their hardware and software. I had no doubt that I was going to walk into any company I chose and walk out with a job that was going to kickstart my career.
I found the company, got the interview, and was immediately told they wouldn’t hire me because I didn’t have any experience. The guy who was going to interview me must have seen me deflate and taken pity on me because he asked if I wanted to grab lunch. I accepted and let my superpower kick in. By the time we parted ways, I had the job!
I purchased my first home not long after that. I wound up flipping it for a 30% profit and leveraged that into over 200 properties over a 3 year period.
I created a website that automated certain aspects of my process which then turned into a software platform for running my business. I marketed it to a variety of professionals in the real estate industry. When the market began to crash in 2007, I shifted focus and reached out to investors who were trying to thrive in the chaotic market.
I eventually sold that business and began considering if I should build a mastermind group… that turned into founding Board of Advisors… and here we are.
Adam: How did you come up with your business idea and know your business idea was worth pursuing? What advice do you have for others on how to come up with and test great ideas?
Mike: My ideas formed because I saw a need for a service that I knew I could provide. That’s what you should look for when you’re trying to come up with a great idea. What can you do to make life better for someone else?
Then, look for opportunities to serve others—sixth graders want gum, for instance, but lots of students don’t have an opportunity to stop off at the candy store on the way to school everyday. I did though so I took advantage of my opportunity and made a profit.
People at Home Depot are there because they want a beautiful home. I coupled that thought with the fact that at the time, you could tile a 1,000 square foot home in a week and make $7,000 or $8,000…
It didn’t take long to decide that was worth all the hard work.
Adam: What are the key steps you have taken to grow your business? What advice do you have for others on how to take their businesses to the next level?
Mike: I’ve always looked for opportunities to provide a service or solve a problem and growth has evolved from there—overall, I’d say go with your gut.
Other steps that any business owner can use to scale their business are:
Build and, then, strengthen relationships with your customers, other business owners, and your team—let them know you’re someone they can trust.
Put together a team that shares your vision.
Determine their strengths and figure out which tasks suit them best.
Provide your team with the resources they need to succeed and trust them to get the job done.
Make sure team members know you understand the value they bring to the table.
Consider outsourcing everyday tasks freeing up key players to focus on moving your company forward.
Adam: What are your best sales and marketing tips?
Mike: Present yourself honestly, show the enthusiasm you feel about your product, and don’t be afraid to take a chance.
Adam: What are your best tips on the topic of networking?
Mike: In short, it’s all about relationships but I’ll elaborate on that.
As entrepreneurs, we look for ways to innovate, solve a problem, or offer a service. Then, we figure out what it’s going to take to deliver. The next step is to pull together the resources we need to accomplish the task.
It’s a natural step to look to other business owners with whom we have established relationships. So, focus on your relationship building skills.
Be kind in your approach—everyone is attracted to kindness. Ask questions and really listen to the responses—that’s how you cultivate a relationship. People are going to trust that you have their best interest at heart because you do.
Think about what you can give instead of what you can get. Approach every conversation from that standpoint and you’re going to make an impression.
Don’t let your ego out in front—if you want to appeal to a diverse audience, take a humble approach. It’s far more attractive, trust me.
Never misrepresent—if people can’t trust you, you're dead in the water.
There’s a difference between magnetism and manipulation—when your expertise is based on experience, you speak with enthusiasm. People are drawn to that.
Adam: How has networking changed since covid? What advice do you have on how to network during a pandemic?
Mike: Our game plan changed drastically when covid set in. Board of Advisors is all about the gathering together of like minded people… and that wasn’t going to happen. When the lockdowns were put in place, we had a little over a month to figure out how to change our in-person Q2 event to a virtual one.
We had to figure out how we were going to deliver massive value without being all together live and in-person.
That was a steep learning curve because suddenly we had to conduct a virtual event with people all around the world! We had to determine how to get our speakers organized because some were using our studio and others were appearing remotely. And, the most monumental challenge to overcome was the fact that the chemistry obviously wasn’t going to be the same with everyone sitting at home. How were we supposed to keep them engaged?
We had to figure out how to present our information, spark interest, and, most importantly, we had to figure out ways to continue facilitating the behind-the-scenes relationship building that naturally occurred during the live events. That’s the driving force behind the group, we had to keep that momentum going!
We pulled in the experience and knowledge of some of our members and blew it out of the water! Seriously—I still can’t believe it.
I guess my advice is for the next pandemic because being able to fall back on others when you need them is a major benefit to the networking process. Focus on building and strengthening relationships from the start. The pandemic showed everyone that we never know when we’ll find ourselves in a place where we need a little help in a hurry.
Adam: In your experience, what are the defining qualities of an effective leader? How can leaders and aspiring leaders take their leadership skills to the next level?
Mike: To be an effective leader, you have to be willing to serve others. Nobody wants to work for someone who makes them feel “lesser than.” Be kind, listen to what team members have to say, and act on it—put their needs before your own.
The result is phenomenal because by doing those things, you’re empowering them to strive for success. You’ll watch them go above and beyond your expectations—I’m going to add “every time” to that statement because I see it happen every day.
Adam: What is your best advice on building, leading and managing teams?
Mike: Focus on what your team needs to be successful and provide it for them. When you approach team management with the heart of a servant, your team is going to be eager and engaged. They’re going to love their jobs.
Managers are supposed to create a positive environment so their team can thrive—crushing goals and surpassing expectations. That’s not going to happen if their overall goal is to serve themselves and the company.
Adam: What are your three best tips applicable to entrepreneurs, executives and civic leaders?
Mike: Build strong relationships, focus on service, and don’t be afraid to take a risk.
Adam: What is the single best piece of advice you have ever received?
Mike: Never underestimate the power of a relationship.
Adam Mendler is the CEO of The Veloz Group, where he co-founded and oversees ventures across a wide variety of industries. Adam is also the creator and host of the business and leadership podcast Thirty Minute Mentors, where he goes one on one with America's most successful people - Fortune 500 CEOs, founders of household name companies, Hall of Fame and Olympic gold medal winning athletes, political and military leaders - for intimate half-hour conversations each week. Adam has written extensively on leadership, management, entrepreneurship, marketing and sales, having authored over 70 articles published in major media outlets including Forbes, Inc. and HuffPost, and has conducted more than 500 one on one interviews with America’s top leaders through his collective media projects. A top leadership speaker, Adam draws upon his insights building and leading businesses and interviewing hundreds of America's top leaders as a top keynote speaker to businesses, universities and non-profit organizations.
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