Episode Overview
Lance Bachmann is a self-taught entrepreneurial businessman.
The owner of LB Capital Group got in scrapes as a kid, regularly got in trouble and had little guidance or mentorship. But, as an adult, his never-give-up mentality led him to discover his innate talent to help companies scale and make big profits.
LB Capital Group has an ever-growing portfolio of businesses that employ hundreds of people and generate more than $100 million in annual revenue.
He says he wouldn’t have gotten to this point had he given up every time he did something wrong.
“It's okay to make a mistake,” Bachmann says. “It's okay to fail. You learn more by mistakes, by failing, than you're ever gonna do by constantly winning and doing the right things.”
Too often, he says, a failure leads to self-pity, which leads to digression in effort and fear of more failure.
“I tell my sons that all the time–if you have a victim mentality, you're done,” Bachmann says. “The minute you feel sorry for yourself, you're done. It's over.”
His business start came in advertising. After several decades in that field he decided to start his own full-service digital marketing agency.
Again, he learned from mistakes, then shifted his mindset, seized on different opportunities and built a portfolio group.
He’s a highly sought-after business partner–especially in the roofing business these days–but offers one bit of universal advice to people with their own companies.
“Technology is your friend,” he says. “If you want to scale a great business, bring technology into it, and you'll see your business [grow].”
You can make your own mistakes in technology avoidance–or save time and money by taking Bachmann’s advice.
Lance Bachmann recently joined ServiceTitan’s Jackie Aubel on the “Toolbox for the Trades” podcast, which included Bachmann’s thoughts on:
[06:47] The “Why me?” versus the “Why not me?” mindset
[10:44] How Bachmann decided he was going to change the roofing industry
[16:27] His take on technology
[18:41] Bachmann’s 10 golden business principles
[23:41 How leaders deal with conflict
To hear more stories from the trades, subscribe to Toolbox for the Trades on Apple Podcasts, Spotify, Google, or anywhere you get podcasts.
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