078: What Fractional CFOs Can Learn From Mr. Beast

Apr 05, 2024

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078: What Fractional CFOs Can Learn From Mr. Beast

Apr 05, 2024

Mr. Beast (Jimmy Donaldson) is one of the most successful YouTubers and entrepreneurs right now and there's a lot Fractional CFOs can learn from him.

Example from Mr Beast Video

If you don't know who he is, Mr. Beast has 250 million YouTube subscribers across several channels and an estimated net worth of $500,000,000 (and rising!). He owns multiple businesses in multiple industries (from fast food to CPG to entertainment) and has founded several non-profits. 

So what lessons can a Fractional CFO learn from a YouTuber who runs burger joints and sells candy bars?

Turns out, there's plenty.

Today, I'm going to share 3 lessons that I've learned by studying Mr. Beast that you can use to help scale your Fractional CFO firm.

Let's dive in. 

👉 The first lesson I learned from watching Mr. Beast is that success is a product of time, patience, and persistence. 

Mr. Beast has been posting on YouTube for TWELVE YEARS. Most people don't realize that he was far from an overnight success. It took him over FOUR YEARS to get to his first 1000 subscribers (recall that he has 250,000,000 today). 

I don't know about you, but it's easy for me to feel like a chump when I look at guys like Mr. Beast (or other people that I might classify as "successful") and compare where MY CHANNEL is to where their channels are.

And that's completely unfair. He's been in the game for over a decade! 

If anything, Mr. Beast has shown that massive success is a slow game, more of a marathon than a sprint. 

The same is true when building and scaling a Fractional CFO firm. It takes time, patience, and persistence. There are no big hacks or unlocks that will get you "there" overnight. 

If you want to win, you have to commit to the journey. 

👉 The second lesson I learned from studying Mr. Beast is that you must build a strong team if you want to scale. 

When we think of successful people like Mr. Beast, Justin Welsh, or Alex Hormozi, we often don't realize or even think about the fact that there's an entire team behind them helping them to do big things.

Take Mr. Beast for example. He has SIX FULL-TIME W-2 EMPLOYEES who are 100% focused on his primary YouTube channel alone. Across all of his businesses, he has over 250 employees.

So here's a guy with six employees focused only on helping him run a YouTube channel—and yet so many Fractional CFOs think they should be able to build and run a 7-figure firm... alone?

That's crazy town and it doesn't work. 

Like Mr. Beast, we've got to learn how to build and lead a team so that we can scale our impact (and our revenue). 

The biggest challenge I had when building a great team was delegation. I had a hard time learning to trust others to do high-quality work that met my standards.

I also had to learn to be cool with the fact that my team wouldn't always be able to do everything as well as I did. I still struggle here at times.

But the unexpected part of that journey was learning that my team actually did some (many?) things BETTER than I could ever hope to do! 

If you want to scale, you have to commit to building a team.

👉 The third thing I learned from studying Mr. Beast is that you have to be willing to suck today if you want to be great tomorrow.

Mr. Beast's early videos were trash. Admittedly, they weren't as bad as MY early videos, but they were nowhere near as good as they are today.

You can check out his first video here.

Oof! Am I right!?!

Let's compare that to where he's at today:

As of the time I'm writing this blog, his most recent video, which was published 13 days ago, already has over 100,000,000 views! 

Night and day difference in terms of... just about everything.

But it took him literal YEARS before he started to get from sucking to ok-ish. And even more years to go from ok to good. And only then did he begin to make a little money. And now he's great and he's making all the money!

If he hadn't been willing to embrace the suck yesterday he would have never made it to great today.

The same process applies to building a Fractional CFO firm! 

Remember, you're brand new at this.

Of course you suck at: 

➡️ Marketing
➡️ Getting new leads
➡️ Building and leading a team
➡️ Landing clients at higher prices
➡️ Keeping clients happy while maintaining boundaries and scope

But that's ok! 

You're supposed to suck today! 

You're still on the part of the journey where you're building to okay-ish.

The important thing is to keep going.

Keep practicing, keep getting reps, and keep getting new tools.

No one expects you to be great today (except you).

Be willing to suck today, knowing that greatness is just down the road. 

Your 7-figure Fractional CFO firm isn't as far off as you think.

Your Coach,

Whenever you are ready, here are 3 ways I can help you:

  1. Join us at The CFO Accelerator Live in Dallas, TX from May 15-17. 2024 and learn how to get more clients, increase your pricing, and close more sales! Get your ticket here.
  2. The Inner Circle - every month my team and I go live and share the most impactful lessons we've learned in our journey to start, scale, and optimize our own CFO firm (including live Q&A). Plus you'll get access to our private community of over 200 Fractional CFOs.
  3. If you'd like more amazing (and free!) content about starting, scaling, or optimizing your Fractional CFO firm check out The CFO Report.

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