99 episodes

The weekly podcast with serial entrepreneur, Dave M. Lukas, devoted to giving you incredibly useful and unique insight from the world's top entrepreneurs with a focus on their non-traditional methods for achieving success, their Misfit side. Misfit was created to give YOU the best, actionable advice to accelerate your success! The show's open format and Misfit 3 concept, combined with Dave's intuitive and engaging interview style quickly uncovers each guest's key tools, tactics, and tricks that listeners can start using in their lives right now. Learn more about the show at www.misfitentrepreneur.com and become a member of Misfit Nation by signing up for the Misfit Minute, the FREE weekly email with specific resources from the week's "Misfit 3," and actionable tips and items from the world of Misfit Entrepreneurs. It is delivered every Friday to your inbox!

Dave Lukas, The Misfit Entrepreneur_Breakthrough Entrepreneurship Dave M. Lukas, Entrepreneur, Author, Investor

    • Business
    • 5.0 • 53 Ratings

The weekly podcast with serial entrepreneur, Dave M. Lukas, devoted to giving you incredibly useful and unique insight from the world's top entrepreneurs with a focus on their non-traditional methods for achieving success, their Misfit side. Misfit was created to give YOU the best, actionable advice to accelerate your success! The show's open format and Misfit 3 concept, combined with Dave's intuitive and engaging interview style quickly uncovers each guest's key tools, tactics, and tricks that listeners can start using in their lives right now. Learn more about the show at www.misfitentrepreneur.com and become a member of Misfit Nation by signing up for the Misfit Minute, the FREE weekly email with specific resources from the week's "Misfit 3," and actionable tips and items from the world of Misfit Entrepreneurs. It is delivered every Friday to your inbox!

    The Art of Buying a Business with Ryan Goral

    The Art of Buying a Business with Ryan Goral

    This week’s Misfit Entrepreneur is Ryan Goral. Ryan is the Founder of G-Spire Group, a company focused on helping entrepreneurs, executives and small business owners acquire companies. Ryan has over 15 years of experience focused on working with small businesses. In addition to providing creative financing solutions, Ryan’s expertise is centered in adding value to entrepreneurs and executives with all aspects of executing their organization’s growth and mergers and acquisitions strategies. Ryan has an MBA in Entrepreneurship and is credentialed with just about all the top M&A organizations out there.
    I asked him to come on the show because of his unique expertise in helping companies BUY other businesses. Many times, we talk about selling your business, but some of the best opportunities to grow your business or further its success come in the form of acquiring and it requires a different skillset and understanding to do it right – and that’s where Ryan can really help.
    Ryan grew up in Colorado and played division 1 basketball at University of Denver. When he graduated, all he knew is he liked business and went through a few roles. He gravitated toward sales. He had a real interest in the buying and selling of businesses after seeing how things went when his dad sold his business. He wanted to find a way to help companies grow and build sustainable businesses to sell. He went into investment banking lending into mergers and acquisitions to get a good base. He got his MBA and then launched his first business, but it failed. He went back into M&A, and it became very clear that there was huge gap in smaller to lower middle cap businesses that have great operators needing the expertise of what the large businesses could afford. Ryan decided he would become a fractional M&A advisory to small and mid-sized businesses.
    Why should business owners consider buying other businesses to help them scale and grow?
    It’s not right for every company. There is a process to understand when buying is a fit. For companies that would benefit from an acquisition, there are a couple things in play: Some companies need more or specific types of labor. Some may want to open a new market and buy there. Some may want to add on a synergistic product. The other thing is the lifestyle decision. For operators that have a business that can produce enough cashflow, they can hire an operator to run the business and create a better lifestyle. What does a good candidate to buy look like?
    It does depend on the buyer. The buyer must be ready and have their organization ready to manage and successfully complete and acquisition. At the 13 min mark, Ryan gives some examples of readiness and what makes a company attractive to buyers. Typically, clients are looking to enhance cashflow, add strategic management, grow their customer base, growth potential that is untapped, and products that compliment theirs. At the 15 min mark, we talk about the up-front work prior to doing an acquisition.
    What should a business do to make sure they are in the best position to succeed in completing and after an acquisition?
    The things people miss the most is preparing operations of the business to integrate and take on the additional demand. You need to make sure all your systems and processes are tested and in good working orders. Buyers overestimate the capacity that their team has and need to mindful of what their current teams can actually take on. It is very important to assess your team/human resource capacity as you strategize and plan for an acquisition. Talk to us about what is most important in setting up a deal and the structure for an acquisition…
    Structure may be more important than price. There are ways to structure a deal that addresses certain risks in a transaction. Ryan gives examples of scenarios and different structures. It is more about risk management than max leverage. What are some of the risks? Where are the

    • 44 min
    From Welfare to Millions, The Magic of Mindset and Action with Maat Petrova

    From Welfare to Millions, The Magic of Mindset and Action with Maat Petrova

    This week’s Misfit Entrepreneur is Maat Petrova. Maat has an incredible story. She went from having nothing and being on welfare to creating a multi-million-dollar business in just a few years. The business is called FemMagic and is a luxury feminine hygiene company. As she has grown the company, she has expanded to teaching and empowering women to accomplish their true potential.
    Now, I am not someone who can sit back and discuss feminine hygiene products. That’s definitely not my area, but I can spot a unique entrepreneur that’s harnessed their misfit side and made the most of it. And that’s why I’ve asked Maat to come on today – to tell her story and share the lessons she learned going from essentially poverty to millions in a short few years.
    Maat started off in New York as a single mom with 3 daughters who could barely pay her rent. She moved to Georgia after completing her graduate degree. What she thought would work in Georgia as services for holistic health, did not. So, she pivoted and went online in 2015. She started with online course she had worked on I grad school for self-care. A year later, she launched her first feminine hygiene product. In the span of just a few years, she went from making nothing to millions selling and making products from her kitchen table.
    What was the catalyst that turned things for you and put you on the path to success?
    It was the moment when she moved to Atlanta thinking she would have support and didn’t have any. She had to put things on credit card to make things works. She had to make it work. She went back to NYC and hammered out a marketing campaign for her first program with the help of a few friends. She was charging $500/mo and just wanted 5 people. 10 people ended up signing up, so in one month she went from not being able to pay her rent to being able to pay rent and take care of her kids. Talk to us about mindset. How did you learn to think differently and not give up?
    It started with her first acknowledging her negative mindset, her darkness and traits that were counter to her desire. Most people find it hard to accept or look at their dark mindset and negative character traits. Their counter-productive mindset. When Maat was in grad school and working 2 jobs, she chose to use the last bit of her time to take a self-improvement course. The first question she was asked was “Are you happy?” She broke down in tears. She was not happy. She had not had a moment to stop and think in her life with everything she was doing and responsible for. Maat was angry. As the weeks went on, she learned about being proactive instead of reactive. How to harness her mind to stop emotional reactions. At the 13 min mark, she shares a story of how this came to use one day when she was running late with her kids, etc.
    At the 14 min mark, we have a discussion on changing mindset.
    You went through a big change in your teens that really changed you. Can you tell us about it?
    She grew up in an abusive household. This continued into her teen years. She created a identity for herself in her teens that was negative. She was 235 lbs., overweight, dressed baggy name-brand clothes which really couldn’t afford, and was in the party scene. She had a step father who started having her watch positive videos and messages. It didn’t have an immediate effect as she would watch a video and then go run the streets drinking and doing drugs with friends. She had no self-worth. The videos and audios seeped into her mind to a point where she started seeking those types of things our on her own. This led her to changing her life in high school to eating healthy, exercising, dressing who she was and being her true self. This helped to prepare her for the success she had years later. You’ve built your brand organically to multi-millions in just a few years. How did you do it?
    The way she started her business stemmed from her change in high school. The first pro

    • 49 min
    The Critical Importance of Self-Awareness and Principles of Building a Billion Dollar Business with Mike Smerklo

    The Critical Importance of Self-Awareness and Principles of Building a Billion Dollar Business with Mike Smerklo

    This week’s Misfit Entrepreneur is Mike Smerklo. Mike is a serial entrepreneur, investor, and founder of Next Coast Ventures, a unique venture capital firm that focuses on emerging companies heling them in the critical stage to hyper growth. After working in investment banking at Morgan Stanley, Mike was then recruited by Marc Andreessen and Ben Horowitz to one of their new startups. In 2003, Mike purchased ServiceSource, a 30-person tech services startup and over the next 12 years grew it to a 3000 person publicly traded company with over $300 million in revenue and a market value of $1 billion.
    After exiting the company, he founded Next Coast, investing in over 40 startups to date and recently wrote the best-seller, Mr. Monkey and Me.
    Needless to say, Mike has a wealth of experience as an owner/operator and investor, and I am excited for him to share it with you.
    Mike grew in a rough part of Toledo, Ohio. He was raised by a single mom and had a simple goal which was to just get out. His mom focused him on education as no one had to gone to college in the family. He listened and ended up going to Miami of Ohio. After college, he went to E&Y as an auditor and found quickly he hated it. He then went to Lehman Brothers in investment banking. It sucked the life out of him, but he learned a lot before going to business school and then eventually out to Silicon Valley. He worked for Andreessen Horowitz, bought and ran ServiceSource until he sold it and the “retired” to Austin, Texas. Retirement didn’t last long before he started Next Coast.
    What makes a great business?
    The short answer is “Do you do something for your customer that is a differentiating approach?” Do you bring a different and unique experience to the customer that they are willing to pay for once or multiple times? We overcomplicate things in our lives, especially business. You wrote Mr. Monkey and Me as a story of your journey with ServiceSource and lessons learned. Take us through the different lessons you learned.
    The goal was to write a book that got to the mental aspect of entrepreneurship. He not only drew on his experience, but also interviewed top entrepreneurs. The “monkey” is the voice in entrepreneur’s heads that holds them back, The core of the book is the SHAPE formula. Self-Awareness Help Authenticity Persistence Expectations Take us through each element of the shape formula and define them.
    Self-Awareness: The ability to understand strengths and weaknesses and what the entrepreneur should focus energy on to improve. Help: Seeking mentors and coaching to help improve, but also finding those that are better in areas to help in the business. Authenticity: Finding your inner voice. How do you show up as the leader that you want to be and is natural? Persistence: Playing the long game and having the will to continue. Expectations: Thinking about the beginning, middle, and end of the journey and the different expectations needed at each stage. At the 14 min mark, we talk more about SHAPE and persistence more in depth.
    Lessons from working with Andreessen Horowitz that have really helped in your success?
    Each of them taught him different things. It was also early in their days in 1999. It felt a little like chaos. From Mark, Mike learned the power of thinking big and not taking half-measures. Ben taught Mike a lot about management. The best “how to be a manager book” is Management by Objectives by Andy Grove. Ben also shared that the first 25 employees hired in a company is all that matters. If you get those right, the culture, ethos, etc. will be set by those first 25. 40+ investments at Next Coast. Talk to us about your model and what you look for when investing a company.
    Market size is a factor. Does the solution differentiate and are customers willing to pay for it? Will they see real value? What do the economics look like and do they make sense? But 90% of it comes down to the entrepre

    • 47 min
    Lessons in Success from Building and Running Over 15 Multi-Billion Dollar Operations with David Garofalo

    Lessons in Success from Building and Running Over 15 Multi-Billion Dollar Operations with David Garofalo

    This week’s Misfit Entrepreneur is David Garofalo. David has 30 years of experience in the creation and growth of over 15 multi-billion-dollar sustainable mining businesses across multiple continents and has led the largest merger in gold mining history valued at $32 billion dollars. That’s a heck of a track record. If that is not enough, David is still at it. He now serves as CEO and Chairman of Gold Royalty Corp, a precious metals-focused royalty and streaming company. The Company acquires royalties, streams and similar interests at varying stages of the mine life cycle to build a balanced portfolio offering near, medium and longer-term attractive returns for our investors.
    David has won just about every award in the mining industry possible as well as awards such as Canada’s CFO of the year. While we have had guests come on to discuss the gold and precious metals markets before, the thing that interested me most about David was the way he put his new company together and the wealth of experience he has gained in building not one, but over 15 billion-dollar companies, and I can’t wait for him to share all he’s learned on his journey!
    Ticker Symbol: GROY
    David started out as a CPA in the 80’s with Deloitte and cut his teeth there. He was in the mining sector and learned the business from the ground up. Over the course of his career, he has been involved in the construction of 15 mines across the world with the majority of his time in the C-Suite.
    What is your secret for continued success?
    It’s going back to the same people over and over again. David has assembled a great team that he brings with him into each endeavor. David brings the strategic vision, and they help execute. It is about people at the end of the day. Is there a formula or set of principles that you’ve used consistently to build your companies?
    For mining, it starts with geology. You must have a sound geological model, sound exploration principles and sound mine development principles are foundational to success. It comes down to having the right foundations and principles. At the 8 min mark, David talks more about the mining business and minimizing risk and lessons on how to manage it.
    Thoughts on dealing with the stress and risk of running a business. How do you handle that?
    Having a great team makes a big difference. Recognize you are not a master of everything and that you have to delegate or find others to fill the gap. It cannot be all on your shoulders. Talk to us about your latest company.
    It is different than what he’s done in traditional mining in that it helps to provide capital for explorers and developers. In return, they get a royalty on the mines and projects. The get a percentage of revenue off the top. Everything David has done to this point has prepared him to build the company. The company is publicly traded under the ticker GROY. State of the state in the mining industry? What are some of the keys to successfully investing in it?
    It’s never been a better time for gold as an asset class because of being in the inflationary cycle we are in now. The highest since the 70’s. There are a lot of parallels. Inflation adjusted; gold could go to $3000/oz if things play out like the 70’s. At the 24 min mark, David and I have a great conversation on rates and the FED and the differences between now and the past. Especially with the debt the US has now compared the past. It’s great to just listen.
    Thoughts on how businesses can thrive in an environment of prolonged inflation and higher costs?
    If you are in an industry that has pricing power, you can take advantage. In David’s case, cost inflation plays into the royalty business and avoids inflation risk. One thing to note is that in a bull market for precious metals, silver performs better than gold. So, it has potential for a lot of upside.
    Prediction for when precious metals go parabolic?
    Later in 2022.
    When capital gets r

    • 49 min
    Lessons for Hannah - 20 Lessons

    Lessons for Hannah - 20 Lessons

    Hello Misfit Nation! Welcome to another edition of "Lessons for Hannah!"
    Many years ago, I introduced a new format that alongside our regular episodes called “Lessons for Hannah.” Hannah is my daughter and one of the main inspirations for the Misfit Entrepreneur. I wanted to have a place where she could go and learn from her daddy and his Misfit friends throughout her life….even after I am gone. If you haven’t listened to the first episode of "Lessons for Hannah," I urge you to as it gives some more background and tells the amazing story of how Hannah came to be in our lives.
    Lessons for Hannah are short, very useful, and sometimes comical lessons, that I want to share with you and give to Hannah to help in your lives. Because I want Hannah to have these for her life, I’m going to speak as though I am talking directly to her. These episodes are a lot of fun and if you think there is a lesson that we should include in these episodes, please don’t hesitate to send it over to us at support@misfitentrepreneur.com. We’d love to share it.
    This Week's Lesson for Hannah
    Hannah, ​
    Sometimes I come across things that are just too good not to share. As you know I spend a lot of time on these lessons thinking them through to give you the best advice I can. Every now and then I find a resource where it’s been done for me. I recently saw a post on Twitter from handle named LegacyBuilder_. The post was titled, “Every father should teach his daughter these 20 lessons.”
    After reading the title, I could not help but check it out. As I read through them, I felt they were spot on, so I want to share them with you.
    Here they are.
    The world will try to steal your joy. The world doesn’t like when a person is walking around with joy and happiness. Be ready for trial, drama, and full attacks in your way of life. Meet them with grace and an attitude that you will persevere. You create your own joy. Your children will learn a lot from you, act accordingly. They learn how to love from you and pick up the worst parts of you as well. Don’t be fake and try to act like a perfect person. Instead, be real with your kids and show them what life is like when you laugh and love. People can change. People will show you their best and worst sides as you grow up. Don’t fall into the trap of thinking that the world is all good or all bad. Have the wisdom to know that no matter what people are going through there is always the power for them to change. Your mother loves you. You will argue. You will laugh. You will cry. Remember that no matter how mad she makes you, she loves you. Your mom sees endless possibilities when looking at you and wants you to succeed. If it feels wrong, it is. Nothing should be forced in this life. If you ever find yourself in a situation that feels off, remove yourself. Trust your gut always and stand up for what you believe in. Don’t worry about the future. Take it from your dad. Worrying about tomorrow only steals joy from the day. All the deadlines, boys, and arguments will work themselves out. Focus on being in the moment and the future will take care of itself. Your last name matters. Our last name is special because it comes with a lot of history. Not all of it is glamorous, but you are living proof that generational curses can be broken. Take pride in where you come from and keep working to make our last name grow in legacy. The world is bigger than your hometown. You will think that your hometown is the entire world until the day you leave those city limits. Travel, experience, and learn about different cultures around the world. Open your eyes to all that life has to offer. It’s a big world. You don’t have to go to college. Maybe you will, maybe you won’t. A college degree doesn’t promise you anything (except maybe debt). The real way to win is by being a lifelong learner and pursuing your dreams with drive and determination. Never stop learning. Start investing at 20. Learn what co

    • 11 min
    Stop Being Motivated and Start Being Driven, How Jason White Went from Gas Station Clerk to Millionaire

    Stop Being Motivated and Start Being Driven, How Jason White Went from Gas Station Clerk to Millionaire

    This week’s Misfit Entrepreneur is Jason White. Jason knows how to create a niche. He is the founder of The Federal Code, a business that teaches the secrets of winning federal government contracts with no certification, no business history, using minimal startup cost, and using subcontractors to support new contracts — the same way he does it. Jason currently manages over 40 Federal Government Contracts worth over $37 million. And the students he’s taught have successfully won over $30 million in contracts. J
    ason is a great example of how to find a unique need, create a niche, maximize it, and then teach others to do it and help them find their financial freedom. I’ve asked him on today to share how he does it and what he’s learned along the way.
    @IamJasonWhite_ on Instagram
    Jason never set out to do what he does. In fact, he was not a good path to success at the time. The opportunity literally fell into his lap. He was working at a gas station in 2008 and his friend came in to get something and told him that he was about to get a federal contract in trucking. Instead, the guy was arrested that night and went to prison. But, the idea stuck in Jason’s head. He decided to see if he could get a contract and started going down the rabbit hole. It took him 3 years before he got his first contract.
    Talk to us about Federal contracts. How does your business work?
    Federal Government contracting is simpler than you think. In its simplest form, it is the Federal Government look to procure a product or service from the private sector. Jason didn’t have any money, a network, resources, or credit – he figured out that he could outsource the work and be the middleman between the Govt and the product/service provider. The Federal Govt is the largest purchaser in the world and provides a steady stream of opportunities for contracting. How do you find a contract? How do you get started?
    he main requirement you must have at least an LLC. It is also good to have a DUN’S number. You then register that with SAM.Gov. Y ou will look for opportunities in SAM.Gov. There are 96,000 contract opportunities on average every day in SAM. Jason looks for service-based solicitations that continue for more than 1 year. This created residual income. Are there some types of contracts that are better than others? How do you distinguish?
    As newbie, you will consider things easier to understand than others. For example, a lawn care contract is easier to understand than say an IT contract. But, the mindset needs to be not so much, can you understand or manage the contract, but more of can you manage the company you outsource to that is fulfilling the work. The expectations will come from the contract – your job is to manage the expectations. Jason stays away from construction contracts. How do you win a contract?
    The Federal Govt is an endless supply of opportunity. You are bidding, so your quotes must be competitive. The only way to do that is to compare and get quotes from multiple companies to find the best price and then your fee goes on top of it. It’s a numbers game. Don’t worry so much about winning as much as consistently creating competitive bids. How many bids/submissions do you typically do before winning?
    Jason has found that he wins about 30% of the time for him at this point. For someone starting out, this ratio will be lower. Jason strives to submit at least 10 bids every month. What is the typical profit margin on a contract?
    It is all over the place. This happens because the bids are all different and for different types of services, so they have different margins. Jason has created a formula he uses for this process. He price compares with 3-4 companies for every bid. He looks for a middle ground and then adds his fee. He knows based on the companies’ prices where to be to not be the cheapest nor the most expensive. How you find the companies/resources to fulfill your cont

    • 46 min

Customer Reviews

5.0 out of 5
53 Ratings

53 Ratings

Podcaster947 ,

Love this show!!

The Misfit Entrepreneur podcast with Dave Lukas is a great show! He is an interesting and engaging interviewer and brings on guests that provide advice based on experience and knowledge for any listener! I will be listening weekly. Enjoy!

johnmitchell82 ,

Wisdom so usable

Love this podcast. It’s a must listen to for entrepreneurs. So many diverse ideas and wisdom is dispersed. Keep it up.

FoundersSpace ,

Misfits Unite!

If you're a misfit, like me, you'll relate to this podcast. It's for all of us oddball entreprenuers out there.

Top Podcasts In Business

Ramsey Network
Jocko DEFCOR Network
Steven Bartlett
Andy Frisella #100to0

You Might Also Like

Dave Woodward
Alex Hormozi
Sam Parr & Shaan Puri
The Investor's Podcast Network