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 won’t occur and started shifting her focus again to operating her firm. However then, proper earlier than the pandemic hit, all the things 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 acquainted with 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 identical time, I used to be additionally doing a whole lot of talking [engagements]. And about 10 years in the past, I began doing model partnerships to show monetary literacy. So a whole lot 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 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 a whole lot of coaching.
So I realized the right way to speak to shoppers, the right way to get shoppers, the right way to prospect, the right way to market, and the right way to 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 creating younger advisors, which I believe is changing into extra uncommon.
However the job was like gross sales. I by no means had a wage. I used to be all the time on fee, all the time in control of making my very own earnings, making my very own success. So early on, I realized gross sales. I didn’t actually essentially like the thought. I believe 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 through the years since then, I actually see gross sales fully otherwise. I’ve positively developed it in my very own sense. For me, a whole lot of it’s simply connecting with folks, constructing relationships, telling them what I do. And if I try 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 assume that method. 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 often do. And that’s, for me, extra fulfilling.
MEGHAN BARR
Properly, it sounds such as you’re leaning into authenticity quite than attempting to drive one thing that possibly isn’t there.
BRITTNEY CASTRO
Completely. No person desires to be compelled to do something, proper? And by chance, I’ve confidence in life typically, 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 for those who inform me your drawback, I’ve an answer. And to me, the suitable 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 believe it’s far more of a female method 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. At first, I did discover straight away, I used to be positively distinctive and totally different than a lot of the monetary advisors, and I used that.
I used it to construct a reputation for myself, and credibility, and created a complete model round it. Initially, my firm was known as Financially Sensible Girls, and I used to be advertising 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 method 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 lady in finance, I all the time 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 totally different and not likely talking the identical language as a lot of the monetary advisors. However I all the time have a tendency to take a look at these forms 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 important level. So clearly, this present is about individuals who have had some gross sales deal that they’ll’t overlook. 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 speak about as we speak.
BRITTNEY CASTRO
So the deal I need to speak about is simply promoting my observe. When you might have a monetary planning firm, there’s this concept that you simply construct fairness. The shoppers that you’ve got, if there’s some form of recurring income, that’s what we think about the valuation of your online business.
In order that’s the way you worth a monetary planning enterprise, by way of your recurring income, by way of 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 needed to have a enterprise. Like, I’m a enterprise thoughts, and I assumed, “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 impartial monetary agency that allowed me to have fairness. It price 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 offered it. I offered 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 form 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 the right way to do it. It taught me, “Oh, if I construct shoppers 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 ebook of enterprise, my shoppers, 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 shoppers, and public talking, model partnerships, and content material creation.
In 2019, I simply began speaking to a whole lot of corporations. That technique of speaking to corporations took me a yr and a half of going by way of possibly seven negotiations, really with totally different monetary corporations, 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 executed. I needed to promote my current shoppers and likewise 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 minimize.
So I had like three jobs. I’m operating 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 stored telling myself, “OK, dangle in there. Dangle 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 proud 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 supply. The proprietor of that agency, mainly needed me to return work for them for a yr at no cost.
On the finish, he put a wage out for like $100,000 that I might work and assist with the transition, which was all the time form 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 return be just right for you at no cost for a yr? Like, in what actuality would anybody say sure to that supply?” 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 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 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 really spent this a lot time, and also you led me on for 3 months to only come to this realization. However no, I’m by no means going to take that deal. So finest needs to you.”
And I noticed, “You recognize 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. 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 observe and do them each,” like do these each pillars. Regardless that 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 excited by promoting your observe? I do know this girl who’s trying to purchase.”
And I had identified 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 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 form of labored out properly.
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 excellent timing.
Discuss life. As a result of I had transitioned and now, I used to be simply doing the model partnerships. And I may really really feel like, in any case these years of working, I may calm down 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 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 won’t appear to be you thought, it won’t be all shiny and flashy, however it’s going to be the suitable match. And it’ll work for those who don’t surrender.
And it’s important to undergo the method of that — studying, issues failing, errors, not understanding — to get an increasing number of clear and an increasing number of 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. 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 subsequent episode.
