Brittney Castro realized the significance of endurance when seeking to promote her personal enterprise. As an entrepreneur and monetary planner, she added saleswoman to her checklist 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 working her firm. However then, proper earlier than the pandemic hit, the whole lot 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 might be and what you do?
BRITTNEY CASTRO
I’m an authorized 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 similar 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 suppose these days, you possibly can 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 providers 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 university. I had no thought what it was, I simply mentioned sure. Fortunately, at the moment, there was loads of coaching.
So I realized tips on how to speak to shoppers, tips on how to get shoppers, tips on how to prospect, tips on how to market, and tips on how to do monetary planning. I felt very lucky as a result of at the moment within the monetary providers world, there was nonetheless some huge cash being poured into growing younger advisors, which I feel is changing 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 answerable for making my very own earnings, making my very own success. So early on, I realized gross sales. I didn’t actually essentially like the concept. 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 earnings.” So I did it. And over time since then, I actually see gross sales utterly in another 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 persona 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 acquired to promote an individual or make a transaction. I don’t suppose that manner. 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 know the way, when, or what, however they often do. And that’s, for me, extra fulfilling.
MEGHAN BARR
Properly, it sounds such as you’re leaning into authenticity moderately than making an attempt to pressure one thing that possibly isn’t there.
BRITTNEY CASTRO
Completely. No one needs to be compelled to do something, proper? And fortunately, I’ve confidence in life generally, 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 if you happen to inform me your downside, I’ve an answer. And to me, the best folks will stick and it’s not a matter of making an attempt to promote folks, it’s simply telling them what you do and so they’re both going to do it or not. And I feel it’s far more of a female manner of working a enterprise and promoting.
MEGHAN BARR
That’s nice. What has your expertise been like, as a girl 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. At first, I did discover immediately, I used to be undoubtedly distinctive and completely 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 referred to as Financially Clever Girls, and I used to be advertising and marketing myself because the monetary planner for busy and profitable girls. I created content material all about girls and cash. I constructed my enterprise in a manner that I felt would serve the ladies shoppers 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 nearly. I created a YouTube channel and began creating content material. So for me, being a girl in finance, I at all times noticed it as a chance. Like, “I’m going to leverage this.”
After all, there’s challenges. After all, there’s the hurdles of simply being so completely different and probably not talking the identical language as many of the monetary advisors. However I at all times have a tendency to have 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 awesome level. So clearly, this present is about individuals who have had some gross sales deal that they will’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 simply need to discuss in the present day.
BRITTNEY CASTRO
So the deal I need to discuss is simply promoting my follow. When you’ve a monetary planning firm, there’s this concept that you simply construct fairness. The shoppers that you’ve got, if there’s some type of recurring income, that’s what we think about the valuation of your small business.
In order that’s the way you worth a monetary planning enterprise, by your recurring income, by the shoppers that you’ve got. 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 shoppers at that firm.
I shortly realized I couldn’t keep on this mannequin, as a result of I wished to have a enterprise. Like, I’m a enterprise thoughts, and I believed, “Properly, what’s the purpose of getting shoppers in the event that they’re technically not my shoppers? I’ll by no means have fairness.”
So I left after 5 years and began over. I couldn’t take these shoppers with me. And I went to an unbiased monetary agency that allowed me to have fairness. It price extra as a result of there’s extra out-of-pocket, however a minimum of I used to be constructing fairness.
After about two and a half years, I constructed slightly model, a reputation for myself, and I bought it. I bought it to the fellows 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 unbiased, working my very own monetary store.
So I had that child sale or acquisition that taught me tips on how to do it. It taught me, “Oh, if I construct shoppers and I construct this income, I might 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 shoppers, up once more to the purpose the place I might promote it, finally.
And on the similar time, I used to be additionally constructing my model partnerships and talking. I had a enterprise that had what I name two pillars: the shoppers, and public talking, model partnerships, and content material creation.
In 2019, I simply began speaking to loads of corporations. That technique of speaking to corporations took me a 12 months and a half of going by possibly seven negotiations, really with completely different monetary corporations, studying what I wished 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 wished to promote my current shoppers and in addition associate with the agency who purchased it, to have a referral association. So all of the shoppers that I continued to ship to them, I might get a reduce.
So I had like three jobs. I’m working the shoppers, 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 it’s important to be absolutely current with these different roles.
I saved telling myself, “OK, grasp in there. Grasp 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 some extent the place you simply had been feeling actually down about it, or issues weren’t going effectively, 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 ultimately, so I didn’t take that provide. The proprietor of that agency, mainly wished me to come back work for them for a 12 months free of charge.
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 acquired to assist the transition.
However then on the very finish, he was like, “Properly, we’re not going to have the ability to pay you. However that is what you may get out of it.”
So I used to be like, “You need me to come back be just right for you free of charge for a 12 months? 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 12 months for no cash.
And he mentioned some issues to me too, nearly like his negotiation techniques. He would say some jabs in the direction of me like, “Properly, that’s not the way you negotiate.”
After which on the finish, I actually wished to inform him, “That’s not the way you negotiate.” However I took the upper highway and I simply mentioned, “Look, that deal’s not going to work for me. I’m sorry that we really 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, “You understand what? I’m simply going to run the follow. 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. Perhaps 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 follow and do them each,” like do these each pillars. Despite the fact that I used to be at capability.
After which like every week later, a girl I do know within the business — she was additionally a CFP n— mentioned, “Oh, Brittney, are you continue to taken with promoting your follow? I do know this girl who’s seeking to purchase.”
And I had recognized of this girl, however I had by no means talked to her on this year-and-a-half-long journey of conversations with each agency I might 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 would like. We’re both going to do it or not. And it simply type of labored out effectively.
We had about six months of truly placing that deal collectively, then inking the deal, after which one other three months of me transitioning all of these shoppers. 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 might really really feel like, in spite of everything these years of working, I might loosen up for a bit. And I actually advised myself, “As soon as I do that deal, I’m simply going to sit back for slightly bit.”
MEGHAN BARR
That’s superb. What would you say is the overarching lesson that you simply 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 appear like you thought, it may not be all shiny and flashy, however it’s going to be the best match. And it’ll work if you happen to don’t hand over.
And it’s important to undergo the method of that — studying, issues failing, errors, not figuring out — 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 Huge Deal featured Brittney Castro, founding father of Brittney Castro Inc. It was produced by Meghan Barr and edited by Xavier Leong. When you have a reasonably large deal to inform us about, write in to PrettyBigDeal@zoominfo.com. In any other case, we’ll see you on the subsequent episode.
