296: How Invitation Homes CEO Dallas Tanner Scaled a Multibillion-Dollar Home Rental Company at Breakneck Speed

296: How Invitation Homes CEO Dallas Tanner Scaled a Multibillion-Dollar Home Rental Company at Breakneck Speed

CEO Dallas Tanner on the breakneck creation and growth of multibillion-dollar home rental company Invitation Homes. Like a lot of successful businesses, Invitation Homes was a seemingly overnight hit that had been in the making for many years. “We bought the first 30,000 homes in the first 18 months,” says CEO Dallas Tanner, of the single-family home rental company. Based on that burst of early success, it might seem as though Tanner did the impossible—come up with a brilliant idea, instantly get buy-in from an investor, and reap immediate rewards. But long before Invitation Homes launched in 2012, Tanner had already cut his teeth in the home rental business. During college, he bought a couple of houses with his dad and managed them while going to class. He later founded the Treehouse Group Companies, which focused on workforce housing in the Southwest. So, when Tanner set out to start Invitation Homes, he did so with a large body of experience, knowledge, and accomplishments in his chosen field. That could have had something to do with the quick traction he got at Blackstone, his early capital partner and provider of funds for those 30,000 homes. “High speed, low drag,” Tanner says of their initial goal. There was an intense focus on getting out there, scaling up, and achieving meaningful gain in as short a time as possible. Were they worried, though, that the swift pace might blind them to any turbulence ahead? “If you’re building an airplane while flying it, there’s always a risk that you may miss a step. We were lucky to have no major issues and that’s because we were comfortable in the area we were building. We knew it and understood it.” That early work and knowledge of the industry paid off. In 2017, Invitation Homes went public with an initial share price of $20. Two years later, it hovers between $29-30 per share, a 48% increase. Blackstone sold its remaining shares (11%) of the company in November 2019 for $1.7 billion, bringing Blackstone’s total profit from IH to $7 billion. “As we think about our business, we’ve gotten more and more efficient here in year seven,” he says. “We’re focused on the kinds of things that deliver a really good customer experience but make us as optimized as possible.” For example, the inaugural days of the business found technicians switching out locks each time a home got a new resident. New tech eventually provided the option of electronic entry, which Invitation incorporated into its homes. Now, when a resident moves out and a new one moves in, only the code needs to be changed. This made the move-in experience that much smoother for new residents and saved time for the team. Remember, though, that the quest for good systems shouldn’t overwhelm everything. “You’ve got to spend your time being as efficient as possible, but driving growth at the same time,” Tanner says. “It’s always a balancing act.” He acknowledges that it also takes some luck and good timing. “But, the only way those things go your way is if you’re head down and going hard.” Interview by Nathan Chan, feature article reprinted from Foundr Magazine, by Rebeca Seitz

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411: Dream and Data Fundraising with Marco Zappacosta of Thumbtack

411: Dream and Data Fundraising with Marco Zappacosta of Thumbtack

Marco Zappacosta's only professional job has been the cofounder and CEO of Thumbtack. Marco started the home services matchmaking website straight out of university with a dream to find a better solution of hiring a plumber. Since 2009, Thumbtack has raised half a billion dollars in funding and gone from 2 to 1,000 employees. But Thumbtack's success came from years of struggle to discover their perfect market fit.    Listen to Nathan and Marco discuss:  Thumbtack's first users on both sides of the marketplace Enticing pros by creating stylized Craiglist ads The importance of telling the dream and data to investors Why investors are thinking about other investors Why getting a meeting is the easy part of fundraising  The difference between bootstrapped and VC businesses  Seeing values as the best version of your company  Creating "libraries" for their fully-remote workplace And much more VC and remote work advice…     Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

9 Kesä 202246min

410: From Office Space Mushrooms to a Gardening Revolution with the Cofounders of Back to the Roots

410: From Office Space Mushrooms to a Gardening Revolution with the Cofounders of Back to the Roots

Nikhil Arora and Alejandro Velez started Back to the Roots by asking the same question in their business class–how can you grow mushrooms from used coffee grounds? So instead of taking their jobs in investment baking, the 2 friends began their journey of building an organic gardening brand for the next generation.    Back to the Roots is America’s #1 organic gardening company and doubled its business 4 years in a row. They offer a wide range of grow kits, seeds, soil, and more to empower people to experience the magic of growing their food from inside their homes.    Listen to Nathan chat with Nikhil and Alejandro about:   Walking into a Whole Foods and pitching their first product  Growing their first mushrooms in a rented office space Hitting their first million in revenue off sources of waste Why going to a farmer’s market is the best lesson for business Transitioning from selling products to empowering growers  Navigating the accelerated growth of the industry during COVID-19 Their relationship as cofounders over the past decade  Working with retailers like Home Depot, Target, and Walmart Their “Grow One, Give One” initiative  And much more business scaling advice…     Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

1 Kesä 202252min

409: Dying to Ego and Embracing Failure with Toni Ko of Bespoke Beauty Brands

409: Dying to Ego and Embracing Failure with Toni Ko of Bespoke Beauty Brands

Toni Ko's first beauty brand, NYX Cosmetics, made $4 million in year 1, and eventually exited to L'Oréal for $500 million. Craving a new purpose, she started a sunglasses business. It failed after 3.5 years—and Ko says it's one of the best things that ever happened to her. Ko's lessons from that "failure" empowered her to launch her third and current venture: Bespoke Beauty Brands, which partners with influencer entrepreneurs on everything from concept creation to product development, marketing, and fulfillment distribution.    Listen to Nathan and Ko discuss:    Being a third-generation entrepreneur of Korean immigrants  The early days of NYX Cosmetics, when she had 6 job titles Raking in $4 million in retail value in NYX's first year Why she's not good at sales  Selling NYX in 2014 for $500 million to L'Oréal Experiencing depression after exiting her business Starting a sunglasses business and failing  Launching Bespoke Beauty Brand  Working with celebrity influencers like Kim Chi and Jason Wu And much more influencer entrepreneur advice…        Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

25 Touko 202250min

408: How to Build Your Personal Brand DNA with Rory Vaden of Brand Builders Group

408: How to Build Your Personal Brand DNA with Rory Vaden of Brand Builders Group

Did you know that 74% of Americans say they are more likely to trust someone if they have an established personal brand? If you want to build a personal brand that will influence more people, this episode is for you. So strap in for a step-by-step personal branding crash course from Rory Vaden.    Rory is a speaker, business coach, NY Times best-selling author, and cofounder of Brand Builders Group. He’s worked with clients like Lewis Howes, Luvvie Ajayi, and Rose McGowan to discover what makes them unique and how they can serve others.    Listen to Nathan and Rory discuss: Brand Builders Group national research study on personal branding Why personal branding is the digitization of reputation Why 90% of their clients are people you’ve never heard of The 3 different types of content strategies  Why results x reach = reputation  The 5 ways to monetize a personal brand  How to discover your uniqueness And much more personal branding advice…       Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

18 Touko 202254min

407: Overcoming Negative Self-Talk with Lisa Bilyeu of Impact Theory

407: Overcoming Negative Self-Talk with Lisa Bilyeu of Impact Theory

Lisa Bilyeu and her husband built Quest Nutrition into a billion-dollar company, but she never expected to be an entrepreneur and business influencer. But, after years of telling herself that she could only be a stay-at-home wife, Lisa found her self-confidence to help create Quest Nutrition and start her media company, Impact Theory. She now hosts a weekly YouTube show, podcast, and released a book called Radical Confidence, focusing on empowering women in business.    Listen to Nathan and Lisa discuss:  The early days of Quest Nutrition and what worked How their PB&J flavored Quest Bar was created by accident  The decision to sell Quest and invest in Impact Theory How she overcame her fear of public speaking Why she dresses for battle like Wonder Woman Building Impact Theory from home  How to create a “no judgment journal" Tools to combat negative self-talk And much more business mindset advice…   Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

11 Touko 202253min

406: How “What If?” Started a Product Revolution with Daniel Flynn of Thankyou

406: How “What If?” Started a Product Revolution with Daniel Flynn of Thankyou

Daniel Flynn started his mission-driven business with the simple question of “what if?” 13 years later and $13M donated, Thankyou is changing the way suppliers and consumers select products. From the early days of getting “nos” to competing against the world’s biggest consumer brands, Thankyou is now evolving its model to serve more people at a scalable rate.    Listen to Daniel and Nathan discuss: The early days of Thankyou and the naivety of the business world Creating a viral campaign for a pitch meeting with 7/11  The difficulty of running a business that exists to give Launching into competitive product categories  Donating $10M in 2021 from their most profitable year ever Writing his book Chapter One: You Have the Power to Change Stuff  Getting interviewed by President Obama  Visiting Seth Godin’s house And much more mission and business lessons…   Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

4 Touko 202256min

405: From $0 to $250K a MONTH in One Year | Dee Deng’s Story

405: From $0 to $250K a MONTH in One Year | Dee Deng’s Story

Dee Deng, cofounder of Right Hook, returns to the podcast to discuss his new foundr course Ignite Your Digital Agency. In the new course, Dee will share his blueprints on how to serve a small group of high-paying and happy clients while being highly profitable at the same time.   Right Hook is a digital marketing agency that went from zero to $250,000 in profit in its first year of business. Now the agency has over 115 employees across the globe.    Listen to Dee and Nathan discuss:  Step-by-step advice to build your agency from scratch His “sales machine” that attracts quality clients daily His “client delight system” for making your clients love you How to scale your client load and revenue without “breaking” your business How you sign up for a free course taught by Dee And much more agency advice… Want to learn how to turn your 'One Person Shop' into a highly profitable & sustainable digital agency? Sign-up now, to take your business to the next level... https://foundr.com/iyda-fl-varb-sp/?sl=youtube_int_deedeng   Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

27 Huhti 20221h 6min

404: How Scooter Braun Learned to Reclaim Himself

404: How Scooter Braun Learned to Reclaim Himself

Scooter Braun is the music-business mind behind the world’s biggest music stars like Justin Bieber, Ariana Grande, and Demi Lovato. Now he’s opening up about his entrepreneurial journey and how he’s reclaimed himself.    Scooter's music career started as a party promoter in Atlanta. After dropping out of college, he worked at So So Def Recordings and eventually started SB Projects. He gave himself 12 months to make it, and that year discovered a 13-year-old Canadian artist named Justin Bieber.    Listen to Nathan and Scooter discuss: His decision to leave So So Def because of the power of social media Why Justin Bieber has made him a better man How Asher Roth’s “I Love College” saved his company from going under  Producing Justin Bieber’s My World EP through friendships and favors Why he works with trustworthy people over great people Why identifying talent like falling in love  How to deal with people disappointing you as a leader How a week at The Hoffman Process changed his life What Jeff Bezos told him he wants to do next And much more honest, entrepreneurial advice…       Who do you want to see next on the podcast? Comment and let us know! And don't forget to leave us a 5-star review if you loved this episode.   Wait, there's more… If you enjoy the Foundr podcast, check out our free trainings. Get exclusive, actionable advice from some of the world's best entrepreneurs.    For more Foundr content, follow us on your favorite platform:  Foundr.com Instagram YouTube Facebook Twitter LinkedIn Magazine

21 Huhti 202255min

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