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February 2016

Blog, Entrepreneurship

The Profit’s 3P’s: How to Use them to Kick Major Ass

Following a badass second season with viewer ratings going up by 115%, the hit TV series “The Profit” returned to CNBC for a third season. If you are like me and a sucker for business related TV shows like Shark Tank or Kitchen Nightmares, then you might have seen this program. And if not, it’s certainly worth taking a weekend to catch up on the series. This reality-based series follows multi-billionaire Marcus Lemonis as he offers struggling but promising small businesses his expertise and capital investment in exchange for ownership stake in their company.

Marcus Lemonis is the chair and CEO of Camping World/Good Sam Enterprises, a national retail chain that controls 25% of the recreational vehicles market in the US. His company generates up to $3 billion per year in sales and provides employment to more than 6000 people. With such accomplishments, it comes as no surprise for a key business figure like Lemonis to be the one dispensing real world business advice. He loves to call things exactly as they are. I absolutely love his “I’m 100% in charge, PERIOD” badass approach whenever he makes an investment in a struggling company.

Lemonis’ passion for business has been a major factor in helping him become a successful and influential entrepreneur. And his role as an angel investor on CNBC’s “The Profit” gives us a glimpse of the man in action. And real talk, he’s the truth. The cameras capture everything from actual negotiations to deals made with business owners and outcomes.

Instead of just being “the really rich dude with the checkbook,” Lemonis takes a more hands-on approach in rescuing failing or struggling businesses. He gives advice, works with co-founders on running operations for a week, enforces changes, puts up factories, revamps retail stores, and does more than what we can safely assume most angel investors would.

When working with other businesses, Lemonis puts a three-part evaluation process to work. He breaks down the backbone of any business into three critical elements coined as the 3P’s. Let’s take a closer look at these components and how you can leverage them to give your own business a competitive edge so you can kick major ass. (Haha, I just realized this is my third use of the word ‘ass’ and we are just getting started, LOL).

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