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TCFP062: FROM BANKRUPTCY IMMINENT TO PROFITABLE AND THRIVING WITH JIM SHORKEY

Thank you for listening to The Champion Forum Podcast with Jeff Hancher! Today, Jeff interviews Jim Shorkey, who’s family founded their auto dealership in 1974. He grew up watching his parents work hard to make their business a success. After his father’s death, Jim took over the company in 1996. Just two years later, the business was on the brink of bankruptcy. In this episode, you’ll hear how Jim was able to transform his western PA automotive dealership to become one of the best and most profitable auto dealerships in the Pittsburgh region. In the Beginning “If I knew half as much as I thought I knew when I took over the company, I would have been set.” - Jim Shorkey Jim described himself as very arrogant when he took over his family’s business. After two years under his leadership, the business was close to bankruptcy. At the time, Jim was reading the book Think and Grow Rich, but he was not doing the very things the book was instructing him to do. So, he started seeking out people who could help and mentor him. He approached another successful businessman and asked him the top 10 things that he needed to do to run a successful car dealership. The day Jim got the list, he started those ten things every day. He found a new accountant and kept asking for an expert council. Think and Grow Rich Jim started taking the information in Think and Grow Rich and putting it into specific disciplines that he could do every day. He figured that if he could do at least 80% of those disciplines every day, he would be successful. Slowly but surely, he started to see things change in his business! Jim didn’t want to go back to being nearly bankrupt, so he kept re-reading the book, and so far he has read it over 140 times. One part that stands out to Jim is the chapter on desire, which gives you six steps to reaching your goal. These steps are not only helpful when you are trying to make money, but these are also steps that will help you achieve any goal. Listening to his advice and seeking expert counsel helped make me less arrogant and made me a better leader. Q: If you have read Think and Grow Rich, what was the most impactful part of the book for you? If you have not, what other book has had an impact on your life? Describe a time when you used the advice from that book to see greater success. A B+ Plan Can Beat an A+ Plan When Jim and his team were restructuring their business, they felt that they needed at least a B to a B+ plan. You don’t need to have the perfect plan. The secret is not the plan; the secret is the action. If you have successful actions, you will have successful results. Everything relies on execution. So, their goal was to execute 100% of the plan. If someone has an A+ plan, but they only execute it 50% of the time, they will be beaten by a B+ plan executed 100% of the time. Q: Describe a time when you thought you had a good plan but you did not see the results you wanted. What do you think kept you from seeing the success you anticipated? What would you change about the plan or the execution next time? Tough Decisions There came a time when Jim had to move his sister out of the position she held. He had brought on a new accountant and he pointed out that she could not handle the responsibility that was on her. She was very upset when Jim told her about the decision to move her into a different role. It was difficult for Jim because many of his family members disagreed with him, but he knew that he made the decision with a pure heart and with the right motives. Ultimately the business grew and his sister was able to work her way back into her original position and was successful in that position for a long time. Q: Have you ever had to make a difficult decision regarding a team member or customer? Which do you think is harder? Why? Results from Thinking Today, Jim co-owns a company that helps other leaders earn the same kind of success he achieved. Their coaching program lays out a step by step process for how people can be successful. You have to have passion, health, love, friend, abundance, and joy. Jim teaches that your results are your responsibility. So you need to constantly ask yourself, “Am I doing everything I can to deserve what it is that I want to have?” Application Activities

  1. Jim had to make a number of hard decisions when he was trying to save his company from bankruptcy. Are there any difficult decisions that you have been putting off? Take some time to write down the details around that situation (The who, what, where, when, why?) and talk it over with a trusted mentor. On the same paper, write down what is keeping you from making that difficult decision and taking action. Come up with a plan so that you can take action and move forward within the next two weeks.

  2. What do you want? Take some to write down what you want in your health, relationships, lifestyle, and business. In the next column, write down what you think the people who already have those things do every day. Compile this list and start adding at least one new habit every 1-2 weeks until you are doing the entire list every day. Go through this exercise with your team members as well! This will not only help them be more successful but it will also help you better understand their desires and motivations.

  3. Jim talks a lot in the interview about the impact of surrounding yourself with good people. Think about your 5 closest friends. Write down the qualities in each of them and then circle the qualities that are the same or similar between them. Be sure to include both positive and negative traits. When you are done, honestly evaluate whether or not you see those traits in yourself (both positive and negative). Are there any traits missing from the list that you would like to see in yourself? Consider who you have in your peer group or friend group that does have that quality and consider how you can create a stronger relationship with that person. If you see a number of negative qualities in your friend group, you may need to modify the amount of time you spend with those people and find more friends with the qualities you want to see in yourself.

Resources In this Podcast Think and Grow Rich by Napoleon Hill Connect with Jeff Instagram: @thechampionforum Facebook: The Champion Forum Email: jeffhancher@thechampionforum.com Connect with Jim Website: resultsfromthinking.com

MAY 6, 2020



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