Ep. 252: Rick Watson - Cultivating Organizational Trust

Welcome to Count Me In! Join host Adam Larson and special guest
Rick Watson, CEO of Protection Point Advisor, founder of the
National Referral Network and author of A Firm Worth Building.
They dive into inspiring stories and insights on leadership,
company culture, and business success. Get ready for engaging
conversations and valuable business wisdom from industry experts
like Rick, who shares his journey and expertise in changing
company culture. Embrace the CEO mindset and gain powerful
leadership tips with Count Me In!


Full Transcript:
< Intro >


 


Adam:           
Welcome back to Count Me In. I'm your host, Adam Larson, and
today's episode is all about company culture. Our guest, Rick
Watson, CEO of Protection Point Advisors, founder of the National
Referral Network, and an author, is a seasoned leader with a
wealth of experiences.


 


He discusses his journey from working with a large corporation to
starting his own firm, and the challenges he faced along the way.
We explore concepts like trust compression, the importance of
storytelling, and edification and empowering a team. With
practical examples and real-world experiences, Rick provides
valuable strategies, for creating a purpose-driven, successful
organization. Get ready to be inspired and motivated, as we dive
into the power of culture and leadership in this insightful,
engaging, conversation with Rick Watson.


 


< Music >


 


Rick, I'm very excited to have you on the Count Me In podcast,
and excited to be talking about leadership, and just some of your
journey, as well, and what you've learned along the way. And,
maybe, we can start off by what inspired you to start your own
firm? It's not an easy task to do that. It's not something that
people can do lightly. How did you assess your readiness for this
entrepreneurial journey?


 


Rick:             
 It's funny. I, actually, wanted to be tested. I
wanted to be weighed and measured, that was true. And there was a
point where I was working for a corporation, every year they
would adjust my sales territory, and that drove me nutty. And,
so, I would do well, and they would restrict it, if I didn't do
as well, they'd increase it. It was really weird. They knew what
they wanted to pay me.


 


So I didn't start going down that road of starting my own firm.
But I was happy to work with somebody else, I guess, is what I'm
trying to say. I worked with a partner for a long time, and I
liked playing second fiddle because, then, I didn't have to have
all the attention on me. I could actually just do the work. And
there was a point where that partnership fell apart and I had to
step up. And I really like being in charge today, I like being
the CEO. But it was a transition that took a few years to get
there.


 


Adam:            I
can only imagine the transition, especially, if you've always
been a company person. You've always not have to make all the
decisions. There's a lot of weight that comes with having to make
the top-level decision, the top-level strategy. How did you
handle adjusting to that weight?


 


Rick:             
 Yes, it's funny that you say that. So I always
think of someone will be talking about their kid's school, and
now their kid just graduated from whatever, and I'm paying for
that. Well, I know that in the end analysis, it's our efforts, my
decisions, that make that go badly or go well. And you're right,
it's an absolute amount of weight all the time.


 


On the other hand, I like taking care of people. And, so, you do
that at home, you take care of your family. And, yes, I suppose
it's more weight, it's more responsibility, those people depend
on you. And, so, I just have a really big family, it seems like,
anymore.


 


Adam:           
Yes, I like that. Seeing them as your family because it's no
longer just numbers or people who work for you or say, "Oh, I
have this many people." It's like, "No, that person has a name.
They have a family themselves, they have a life, as opposed, to
just looking at the bottom line."


 


Rick:             
 Yes, I think that there is a management school of
thought that says that's a bad idea. I disagree. I think that
loyalty and culture is part of a company, and that you don't have
to turn over people all the time… I just think that there's a
school of thought that you can turn over people, and I think that
if you don't turn over people, they're so much more profitable.
It's a good business decision to hold on to people, and part of
that is to build culture and relationships with them.


 


Adam:           
No, that's great, and when you mentioned things like loyalty, it
makes me think of trust. And one of the concepts you mentioned in
your book, A Firm Worth Building, is trust compression. And when
people hear that, they're like, "What does that mean? I don't get
it." Unless they've read your book, they may not understand it.
So I was thinking maybe you could talk about what trust
compression is, and how important it is in leadership.


 


Rick:             
 The trust compression it's kind of funny, it's
something that we bumped into. It wasn't on purpose. I think that
there should be a university study about that. But, effectively,
what happens is that people, humans, don't make decisions about
how much they trust somebody based on the length of their
interactions. It's based on the number of interactions.


 


And, so, doing those appointments, we were doing appointments, in
my industry, the typical appointment goes for 60 to 90 minutes.
You do two of those, an opening appointment and a closing
appointment. It turns out that if you break that into four
appointments, at 15 to 20 minutes apiece, which is way more
efficient. Trust that you'll build in that relationship is so
much more significant.


 


And, so, what I'm telling businesses that we work with is that
it's a really good idea. If you can break your process up into
smaller, bite-sized bits, the people will remember more, and your
relationship will be older in a shorter amount of time. It's
pretty cool.


 


Adam:           
That does sound pretty cool. One thing that I tried doing was
setting my default, in Outlook, to 25 minutes and 50 minutes.
Never doing a full hour and never doing a half hour. Because I
felt like we would go up until that time, gave ourselves no time
for break, but, then, also we'd spend too much time doing other
things. How do you still get as so much accomplished by breaking
those meetings up? How does that, positively, impact the
conversation?


 


Rick:             
 Each one of those conversations is, in a sense,
scripted, we know where we're at. I think that so much of
business conversations are wasted energy. They do the relating,
which we would call relating, I talk about it in the book. Which
is that first part of like, "Oh, how was...