Full Episode Page: Scott Fay: Turning Distressed Companies into Success Stories

Episode Summary: Scott Fay has a successful track record of turning around distressed companies. He has rolled up 17 distressed companies under TCI Rood and has found a formula for success. Part of his formula has been learning that his strength is fixing broken companies rather than creating new ones.

Fay also shares his experience with John Maxwell, who called him the father of the John Maxwell team. He emphasizes the importance of valuing people and building relationships for success.

Fay's book "Discover Your Sweet Spot" highlights the principle that our reality is a result of our best thinking.

Scott shares his experience of solving problems and gaining new perspectives by putting himself in different environments. He explains why it's better to view problems as opportunities and to focus on the design issues that contribute to the problems. Additionally, he discusses the significance of language, symbols, and example in shaping company culture and the importance of addressing conflicts openly and honestly.

Takeaways

• Scott's realization that he's better at fixing broken companies rather than creating new ones.
• Our reality is a result of our best thinking. Sometimes you need to go to a different place at a different pace to gain a different perspective.
• View problems as opportunities and focus on the design issues that contribute to the problems.
• Language, symbols, and example play a crucial role in shaping company culture.
• Address conflicts openly and honestly to foster trust and clarity.

Chapters
00:07 The Formula for Business Success and Personal Significance
01:04 The Impact of Mindset on Reality and Results
12:07 The Power of Relationships and Self-Awareness
25:34 Understanding Your 'Why' and Overcoming Challenges
32:58 Problem-Solving and Design Thinking: Every Problem is a Design Issue
38:42 Leadership and Company Culture: Shaping the Environment
47:11 Building Trust and Accountability: The Role of Language and Symbols

Where to Find Scott Fay:

• Connect with Scott here.
• Get Scott's book "Discover Your Sweet Spot" on Amazon

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The Business Owner's Journey podcast is where entrepreneurs, leaders, and innovators to share their personal stories, challenges, leadership, and strategies from their own journeys as business owners.

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