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The Path to Success: Insights from Entrepreneur Rich Moyer
Building a successful business requires vision, courage, and a willingness to learn from both success and failure. On the Measure Success Podcast, we had the privilege of exploring this journey with Rich Moyer, a serial entrepreneur, investor, and franchisor whose diverse experiences offer invaluable lessons for anyone striving for growth and success.
From Golf Professional to Entrepreneur
Rich’s story begins on the golf course, a place where he realized the life he envisioned was on the other side of the counter. Working as a PGA professional, he interacted with members who had the flexibility to enjoy their time while he worked weekends and holidays. Curious about their professions, he learned that many were either in sales or owned businesses. Their success inspired him to make a change.
After transitioning into sales, Rich thrived. However, the pivotal moment came when he left a six-figure salary to start his own company. While risky, he believed in action over hesitation, and his decision paid off. His first company became a multimillion-dollar success.
The Importance of Financial Discipline
Rich credits his early success to financial discipline. He built a nest egg by budgeting meticulously, even when earning modest incomes. This gave him the freedom to take risks others might shy away from. His advice? Live within your means, save consistently, and view money as a tool for growth rather than immediate gratification.
By saving and investing wisely, Rich ensured he could take bold steps without jeopardizing his financial stability. His strategic approach to finances allowed him to start multiple ventures and reinvest profits into high-potential opportunities like commercial real estate and franchising.
Scaling with Purpose
One of Rich’s standout achievements is his success in scaling businesses. From expanding his construction company to franchising Hoppin, a self-pour beer concept, and Two Scoops, a homemade ice cream business, he mastered the art of scaling without compromising quality.
Key Lessons in Location Selection
Rich learned early that location is critical, particularly in retail and hospitality. His first Hoppin location in Charlotte thrived due to its prime spot amid bustling restaurants and bars. Conversely, the second location in Greenville faced challenges because it wasn’t near other high-traffic businesses. This experience taught Rich to prioritize foot traffic and demographic research for future expansions.
Creating a Thriving Culture
Rich’s approach to culture is rooted in servant leadership. He emphasizes flipping the traditional hierarchy, viewing himself as working for his employees rather than the other way around. By empowering his team and ensuring they feel valued, he creates a positive environment that translates to better customer experiences and business outcomes.
“Your employees are the most important people in your company,” he says. “If they’re happy and supported, your customers will notice.”
Effective Talent Management
Hiring and retaining the right people is a challenge for any business. Rich uses a 90-day evaluation process to assess fit and performance, with clear expectations set from the start. He’s also comfortable making tough decisions, such as letting go of employees who aren’t aligned with the company’s values or roles.
For external hires, personality and cultural fit take precedence over technical skills. Rich believes that good leaders can be developed with the right guidance and expectations.
The Power of Reinvestment
When Rich sold his first company, he faced a dilemma many entrepreneurs encounter: what to do with a sudden influx of wealth. Instead of indulging in luxuries, he reinvested the proceeds into ventures that aligned with his goals, including real estate and new businesses.
This long-term mindset reflects Rich’s commitment to growth. By focusing on assets that generate additional income, he builds wealth sustainably while creating opportunities for others.
Franchising: A Scalable Model
Rich’s foray into franchising began with Hoppin and Two Scoops. Through franchising, he extended his brand while enabling aspiring entrepreneurs to run their own businesses. This model allows him to scale efficiently while maintaining quality through standardized processes and strong franchisee support.
Franchising also comes with unique challenges, such as ensuring consistent culture and operations across locations. Rich addresses this by providing comprehensive training and selecting franchisees who share his vision and values.
Personal Success: Balance and Freedom
Rich’s definition of success extends beyond financial achievements. For him, success is about creating freedom for himself and lifting others along the way. Whether it’s mentoring employees, supporting franchisees, or spending quality time with his family, Rich values the impact he has on those around him.
He’s intentional about work-life balance, prioritizing habits like regular exercise, golf as a mental escape, and family time. These practices keep him grounded and energized to tackle the demands of his businesses.
Lessons for Aspiring Entrepreneurs
Rich’s journey offers several takeaways for aspiring entrepreneurs:
- Start with Financial Discipline: Build a solid financial foundation early. Save, budget, and live within your means to create opportunities for future growth.
- Take Calculated Risks: Don’t let fear hold you back. Assess your options, prepare for the worst-case scenario, and take action.
- Prioritize Culture: Empower your employees and lead by example. A strong culture is a competitive advantage in any industry.
- Invest for the Long Term: Focus on assets that generate income and appreciate in value. Reinvest profits strategically to fuel growth.
- Learn from Failure: View setbacks as opportunities to learn and improve. Growth often comes from overcoming challenges.
- Balance Ambition with Family: Success is most meaningful when shared with loved ones. Prioritize time for personal relationships and self-care.
Measuring Success
When asked how he measures success, Rich shared a profound perspective: it’s about the impact you have on others. Whether it’s helping an employee buy their first home, mentoring a franchisee, or supporting his family, Rich finds fulfillment in lifting others up.
For Rich, success isn’t about titles or accolades. It’s about living with purpose, staying true to his values, and building a legacy that inspires others to dream big and achieve more.
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