Richard Rawlings took to the stage during the General Session on Wednesday morning and talked about how he got to where he is today, and what he’s learned. Many of the obstacles he overcame and challenges he’s faced are similar to what any person in business might experience.
"There is no such thing as an overnight success," said Richard, who is on track to make $150 million in revenue this year. "But there is not a person in this room who cannot achieve this.... It is taking the bull by the horns." Sometimes, it can be "emotional and scary" to be in business, though. "The hardest thing I ever had to do was go in the house and borrow a thousand dollars from my wife. That was the most humbling thing -- to borrow $1,000 from my wife, especially when I didn’t know how I was going to pay her back."
Richard added, "The funnest part about it is growing the business. The hardest part is doing it with the camera in front of your face."
Tips for hiring good people for your team:
"Try to attract the very best employee you can find. Also pay them the best. I pay all my employees the same. I demand loyalty to Gas Monkey Garage; We are all going to go into this together and we are all going to make the same amount of money."
Two important things to always keep in mind:
1.Pay everyone else first and yourself last.
2.Loyalty is important -- to employees and vendors.
Richard’s most influential strategic alliance:
"My wife, she believed in me. She was there. The voice of reason that kept me going was definitely my wife Suzanne."
Most challenging aspects of being in business:
"Customers, vendors and employees...The hardest thing in business is juggling all those balls."
Giving back:
"The thing I am most proud of is that I can give back," said Richard, who started a foundation for Alzheimer’s and dementia.
"If there is one thing I can leave you with: Have fun with what you are doing."