In The Profit, Marcus Lemonis visits U.S. companies that are in a desperate position, either losing money or stunted growth. He then invests in the companies and tries to turn them around. I have seen 4 of the 12 total episodes so far and here are my observations:
- Very impressed with the education level of a cable tv show. I learn something in every show that I can apply to my own endeavors.
- Lemonis is a very pragmatic entrepreneur. He is excellent in dissecting the key problems that are holding a business back. It could be problems in the store front, lack
- I also find that he relates well to people. His keen understanding helps him accurately dissect problems and motivate/persuade people. When someone is upset, he usually calls out the root issue that is really bothering them ( "I know I feel that you feel under appreciated") before telling them to get in line ("And it is going to stay that way unless you show up every day").
- Lemonis refers to the three P's: People, Product, and Process. He uses this framework to evaluate every company. It is a useful rule of thumb.
- The sudden and drastic changes Lemonis implements to save the business are tests to the ego of owners/employees. The owners especially, have trouble keeping their ego in check.
- Second generations of family owned companies: Sometimes the founder dies, and their kids can't steer the ship straight. I have observed this many times outside of the show.