As the host of The Picture of Wealth podcast, I recently had the pleasure of sitting down with Lucas Griffin, the leader of Secure-Rite, a successful mobile storage business. Our conversation was filled with insights about the importance of balance, the challenges of entrepreneurship, and the strategies that have led to Secure-Rite's success.
The Journey of Secure-Rite
Lucas and I first met at a coffee shop years ago, and it was fascinating to reminisce about the growth and success of Secure-Rite since then. Launched in 2005 with a small lot in Kelowna, B.C, Secure-Rite has expanded to satellite locations in Vernon, Penticton, and Calgary. Despite the challenges posed by the COVID-19 pandemic, the company has continued to grow, acquiring a competitor, opening a Vancouver location, and purchasing property in Kelowna.
Lucas attributes this success to a solid foundation, low overhead costs, and a dedicated team. He recommends Stephen Covey's book, "The 7 Habits of Highly Effective People," as a valuable resource for understanding the importance of clear priorities in life and business.
The Challenges and Rewards of Entrepreneurship
Owning a storage business is not without its stresses and challenges, especially in times of economic fluctuation. However, Lucas emphasizes the importance of creative problem-solving and the satisfaction that comes from overcoming challenges.
He also highlights the different segments of Secure-Rite's business, explaining that while sales are important, the size of their rental fleet is the gold standard for their industry. The modification side of their business allows them to sell more containers and enter new markets, always focusing on what makes the most sense for the customer.
Building a Strong Company Culture
Lucas believes in motivating his staff to take on projects outside their normal job description. He explains that having a strong company culture and defined values is crucial. Secure-Rite's four core values - community, excellence, agility, and cowboy grit - guide their hiring and firing decisions, creating a team that is agile, committed, and willing to take on new challenges.
The Importance of Balance and Continuous Learning
Lucas also emphasizes the importance of taking breaks and avoiding burnout. He ensures that he takes regular vacations with his family and takes time off throughout the year. He believes that pushing yourself too hard without rest can actually decrease productivity.
He also highlights the significance of continuous learning and surrounding oneself with good people. He recommends joining mentorship groups or mastermind groups where entrepreneurs can learn, share ideas, and solve problems together.
Implementing the Entrepreneurial Operating System (EOS)
Our conversation also touched on the implementation of the Entrepreneurial Operating System (EOS) at Secure-Rite. Lucas credits the EOS, a system that combines the best business practices into one cohesive framework, for the growth of his company over the past two years. He also mentions the importance of setting goals, creating 90-day plans, and holding weekly meetings to track progress and stay accountable.
n conclusion, my discussion with Lucas Griffin was an absolute treasure trove of insights into entrepreneurship, balance, and achieving success. I sincerely hope that our listeners found it as enlightening and inspiring as I did.