On My Mind: Protecting Your Business During Covid-19: Wide Moat Wholesaling

Thoughts from Coach Rob Shore about the art, science and lifestyle of wholesaling, for wholesalers and their leaders.

This episode: Protecting Your Business During Covid-19: Wide Moat Wholesaling

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What’s on your mind? Email me at rob[at]wholesalermasterminds.com

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Transcription

Wholesalers, I apologize in advance if I sound like a frog. Yes we are in the middle of flu season and pandemic season and I seem to have caught something so I apologize in advance for sounding the way that I do.

I want to talk today about wide-moat wholesaling.

Now think about that wide-moat wholesaling.

Do you know what a wide-moat company is?

As a matter of fact, Morningstar has a wide-moat index. Van Eck has a wide-moat mutual fund. Do you know what a wide-moat company is?

Think about Amazon. Amazon is a wide-moat company. Their business is not necessarily replicable, maybe not at all replicable. When you think about all the different businesses they are in, the complexity of those businesses, the success of those businesses, it is unlikely/impossible to think that a company is going to come along and replicate Amazon and take meaningful share away from them.

They have a wide-moat.

Then I want to think about wide-moat wholesaling.

Because what’s been plaguing me, no pun intended, over the course of the last week is how are you going to protect your business?

I mean it’s getting difficult to reach out to advisors with standard fare ideas because the information airwaves are really, really clogged right now.

And I addressed this in my last On My Mind, go listen to it:

And if the information airwaves are really, really clogged and it’s getting hard to get through, never mind, have a meaningful conversation with people that don’t necessarily know you well.

I want to underscore the importance of protecting your core.

So I want you to right now to go back and look at your Top X advisers. Top X. What’s that?

Well, I don’t know. It could be top 20, top 50, top 70. It’s not more than a hundred, and I want you to figure out how you’re going to put a moat around these people.

How are you going to put a moat around your Top X advisors so that they are somewhat protected against the incursion of others, meaning your competition?

And that means you’re going to love them a lot.

You’re going to love them up something huge while we’re going through all of this, and you’re going to reach out to them and listen with empathy and provide them with practice-solid ideas and hold their hand and let them know you’re a partner – so that when this passes, and at some point it will, they’re going to look back and they’re going to go, “You know what? She was the best wholesaler during all of that and he provided me with more ideas and more support and more love than I could possibly imagine, I will be beholden to this wholesaler and I will be dedicated to this wholesaler (assuming their products hold up well) for a very long time.”

So that’s, that’s my thoughts about wide-moat wholesaling and protecting your core.

I hope that helps.

That’s what’s on my mind.

Let me know what’s on yours, Rob[at]WholesalerMasterminds.com