Brittney Castro realized the significance of persistence when trying to promote her personal enterprise. As an entrepreneur and monetary planner, she added saleswoman to her listing of titles as she tackled quite a few negotiations and potential offers.
After rejecting a failing negotiation, she feared a deal may not occur and started shifting her focus again to operating her firm. However then, proper earlier than the pandemic hit, every little thing fell into place. On this episode, hear how Brittney realized to let go, and the way typically that’s precisely what is required.
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MEGHAN BARR
For individuals who aren’t accustomed to your work, are you able to give a fast overview of who you’re and what you do?
BRITTNEY CASTRO
I’m a licensed monetary planner and I’ve my very own firm, Brittney Castro Inc. I did monetary planning for 15 years with people, serving to them construct a monetary plan and roadmap, serving to them with their investing.
And on the identical time, I used to be additionally doing loads of talking [engagements]. And about 10 years in the past, I began doing model partnerships to show monetary literacy. So loads of content material creation. However yeah, I assume these days, you’ll be able to name me a monetary influencer, I’ve heard that. Content material creator. I don’t know. I don’t actually like labels. I simply really feel like I’m a enterprise proprietor and I’ve a handful of companies that I do. And it’s all within the finance and enterprise class.
MEGHAN BARR
So inform me about your background in gross sales. How did you get began?
BRITTNEY CASTRO
I took a job as a monetary advisor at a school. I had no thought what it was, I simply stated sure. Fortunately, at the moment, there was loads of coaching.
So I realized discuss to purchasers, get purchasers, prospect, market, and do monetary planning. I felt very lucky as a result of at the moment within the monetary companies world, there was nonetheless some huge cash being poured into growing younger advisors, which I feel is turning into extra uncommon.
However the job was like gross sales. I by no means had a wage. I used to be at all times on fee, at all times in command of making my very own revenue, making my very own success. So early on, I realized gross sales. I didn’t actually essentially like the thought. I feel there’s that stigma that comes with chilly calling and gross sales.
However again then, it was simply, “That is what you bought to do to have this job, to make an revenue.” So I did it. And over time since then, I actually see gross sales utterly in a different way. I’ve undoubtedly developed it in my very own sense. For me, loads of it’s simply connecting with folks, constructing relationships, telling them what I do. And if I do this authentically, which is simply a part of my character and who I’m, stuff occurs.
Even after I go to enterprise occasions or networking occasions, I’m not there on a mission. I don’t have an agenda, like I’ve obtained to promote an individual or make a transaction. I don’t assume that means. All I take into consideration is, “I’m simply going to attach with folks.”
And I do know now from expertise, these connections lead someplace. I don’t understand how, when, or what, however they normally do. And that’s, for me, extra fulfilling.
MEGHAN BARR
Nicely, it sounds such as you’re leaning into authenticity moderately than attempting to power one thing that possibly isn’t there.
BRITTNEY CASTRO
Completely. No one needs to be pressured to do something, proper? And fortunately, I’ve confidence in life normally, however much more so now due to my expertise. I’m like, “Right here’s what I do. Right here’s how I do it. If you wish to work collectively, nice. If not, that’s OK too. Like, it’s not an issue.”
However in the event you inform me your downside, I’ve an answer. And to me, the fitting folks will stick and it’s not a matter of attempting to promote folks, it’s simply telling them what you do they usually’re both going to do it or not. And I feel it’s far more of a female means of operating a enterprise and promoting.
MEGHAN BARR
That’s nice. What has your expertise been like, as a lady working on this world?
BRITTNEY CASTRO
Yeah. I’ve used it to my benefit, to be sincere. It by no means actually was an issue for me. To start with, I did discover instantly, I used to be undoubtedly distinctive and totally different than many of the monetary advisors, and I used that.
I used it to construct a reputation for myself, and credibility, and created an entire model round it. Initially, my firm was known as Financially Clever Girls, and I used to be advertising and marketing myself because the monetary planner for busy and profitable ladies. I created content material all about ladies and cash. I constructed my enterprise in a means that I felt would serve the ladies purchasers that I used to be going after, which was a fee-only mannequin — which, 10 years in the past, was not quite common.
And I did it just about. I created a YouTube channel and began creating content material. So for me, being a lady in finance, I at all times noticed it as a possibility. Like, “I’m going to leverage this.”
In fact, there’s challenges. In fact, there’s the hurdles of simply being so totally different and not likely talking the identical language as many of the monetary advisors. However I at all times have a tendency to take a look at these sorts of challenges as alternatives. I actually leveraged it. And I nonetheless do. Not possibly as a lot of the women-focused content material, however nonetheless, it’s a part of my model and a part of how I constructed a reputation for myself within the business.
MEGHAN BARR
That’s an incredible level. So clearly, this present is about individuals who have had some gross sales deal that they’ll’t neglect. And I need to hear about your story. So the place does this story start? Take me again to the start of this deal that you just need to discuss at present.
BRITTNEY CASTRO
So the deal I need to discuss is simply promoting my observe. When you have got a monetary planning firm, there’s this concept that you just construct fairness. The purchasers that you’ve, if there’s some form of recurring income, that’s what we take into account the valuation of your corporation.
In order that’s the way you worth a monetary planning enterprise, by means of your recurring income, by means of the purchasers that you’ve. So after I first began, I labored at extra of a company mannequin for 5 years. And sadly, there wasn’t the possession of your purchasers at that firm.
I rapidly realized I couldn’t keep on this mannequin, as a result of I needed to have a enterprise. Like, I’m a enterprise thoughts, and I assumed, “Nicely, what’s the purpose of getting purchasers in the event that they’re technically not my purchasers? I’ll by no means have fairness.”
So I left after 5 years and began over. I couldn’t take these purchasers with me. And I went to an impartial monetary agency that allowed me to have fairness. It value extra as a result of there’s extra out-of-pocket, however at the least I used to be constructing fairness.
After about two and a half years, I constructed just a little model, a reputation for myself, and I bought it. I bought it to the blokes on the workplace I used to be working at to then create my very own monetary agency. We name {that a} registered funding advisory agency within the monetary world. So I type of had these bridges, proper? Like a company impartial, operating my very own monetary store.
So I had that child sale or acquisition that taught me do it. It taught me, “Oh, if I construct purchasers and I construct this income, I may do it once more.” So after I began my very own monetary agency, that was what I used to be going for. I might construct my e book of enterprise, my purchasers, up once more to the purpose the place I might promote it, finally.
And on the identical time, I used to be additionally constructing my model partnerships and talking. I had a enterprise that had what I name two pillars: the purchasers, and public talking, model partnerships, and content material creation.
In 2019, I simply began speaking to loads of companies. That strategy of speaking to companies took me a yr and a half of going by means of possibly seven negotiations, truly with totally different monetary companies, studying what I needed out of the deal, what I didn’t need out of the deal.
As a result of the deal that I used to be wanting was very particular, and I didn’t see it carried out. I needed to promote my current purchasers and in addition associate with the agency who purchased it, to have a referral association. So all of the purchasers that I continued to ship to them, I might get a reduce.
So I had like three jobs. I’m operating the purchasers, doing these model partnerships, and I’m negotiating. After which I’ve to maintain all these negotiations secret and I can’t let it take over the work, as a result of you must be totally current with these different roles.
I saved telling myself, “OK, cling in there. Cling in there. It’ll work. It’ll work.” However typically, you’re like, “Dang, however when? Like, how for much longer? I’m drained.”
MEGHAN BARR
What was your lowest level all through this course of? Like, was there a degree the place you simply have been feeling actually down about it, or issues weren’t going properly, otherwise you had a foul dialog? Is there something that stands out to you on that journey?
BRITTNEY CASTRO
The final deal, the corporate ended up performing some screwy issues in the long run, so I didn’t take that provide. The proprietor of that agency, mainly needed me to return work for them for a yr totally free.
On the finish, he put a wage out for like $100,000 that I might work and assist with the transition, which was at all times type of a part of the plan with these offers. You’ve obtained to assist the transition.
However then on the very finish, he was like, “Nicely, we’re not going to have the ability to pay you. However that is what you will get out of it.”
So I used to be like, “You need me to return give you the results you want totally free for a yr? Like, in what actuality would anybody say sure to that provide?” So it went from all these guarantees, to mainly giving me little or no for the precise enterprise after which wanting me to work one other yr for no cash.
And he stated some issues to me too, nearly like his negotiation ways. He would say some jabs in direction of me like, “Nicely, that’s not the way you negotiate.”
After which on the finish, I actually needed to inform him, “That’s not the way you negotiate.” However I took the upper street and I simply stated, “Look, that deal’s not going to work for me. I’m sorry that we truly spent this a lot time, and also you led me on for 3 months to simply come to this realization. However no, I’m by no means going to take that deal. So greatest needs to you.”
And I spotted, “ what? I’m simply going to run the observe. I don’t need to promote anymore.” It was like a year-and-a-half journey. I don’t need to promote anymore. I’m simply going to maintain doing it. Possibly I’ve to attend one other two years. Who is aware of?
I actually was like, “No extra. I’m not going to speak about it anymore. I’m simply going to run the observe and do them each,” like do these each pillars. Although I used to be at capability.
After which like every week later, a lady I do know within the business — she was additionally a CFP n— stated, “Oh, Brittney, are you continue to concerned about promoting your observe? I do know this lady who’s trying to purchase.”
And I had identified of this lady, however I had by no means talked to her on this year-and-a-half-long journey of conversations with each agency I may consider. And so it was simply a kind of issues. We talked, it was straightforward. At the moment, I used to be very clear. Right here’s what I need. We’re both going to do it or not. And it simply type of labored out properly.
We had about six months of really placing that deal collectively, then inking the deal, after which one other three months of me transitioning all of these purchasers. So it was a journey. After which the pandemic occurred. So then it was like good timing.
Speak about life. As a result of I had transitioned and now, I used to be simply doing the model partnerships. And I may truly really feel like, in any case these years of working, I may chill out for a bit. And I actually instructed myself, “As soon as I do that deal, I’m simply going to sit back for just a little bit.”
MEGHAN BARR
That’s superb. What would you say is the overarching lesson that you just realized from the entire thing?
BRITTNEY CASTRO
I might say possibly the general lesson is you’ll get what you need on the finish, and it’ll be higher than what you thought. It’ll be extra in alignment with what you really want and need. It may not seem like you thought, it may not be all shiny and flashy, nevertheless it’s going to be the fitting match. And it’ll work in the event you don’t surrender.
And you must undergo the method of that — studying, issues failing, errors, not understanding — to get increasingly more clear and increasingly more prepared for the precise factor that would be the proper deal and match for you long run.
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This episode of Fairly Large Deal featured Brittney Castro, founding father of Brittney Castro Inc. It was produced by Meghan Barr and edited by Xavier Leong. If in case you have a fairly large deal to inform us about, write in to PrettyBigDeal@zoominfo.com. In any other case, we’ll see you on the following episode.
