Ep. 146 Jonathan Slain a financial expert, had to borrow a quarter of a million from his mother-in-law. Today he owns the site RECESSION.COM

Published: Jan. 20, 2020, 2 a.m.

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Jonathan Slain\\u2019s book, \\u201cRock the Recession: How Successful Leaders Prepare For, Thrive During, and Create Wealth After Downturns\\u201d came out in September 2019 and is a #1 Amazon Best Seller.

Jonathan coaches high growth leadership teams across the United States to implement the Entrepreneurial Operating System\\xae also known as \\u201cTraction.\\u201d He focuses on working with entrepreneurial niche/specialty firms and large corporations ($10M+ in annual revenue), spending over 100 days per year working with teams just like yours.

Jonathan was Valedictorian of his graduating class and had the highest GPA ever in the history of Shaker Heights High School, where he was also voted \\u201cNext Bill Gates and Least Likely to Lose his Virginity.\\u201d

 

Most passionate about

  • My day job involves consulting work. I started my career in investment banking, so you could say that I\\u2019m a recovering investment banker. At some point, I realized that making $80 to $100 a week for somebody else wasn\\u2019t a fair play. So, over a decade ago, I left investment banking and started my entrepreneurship.
  • I took a trip to Denver with my brother-in-law, who wanted to start a franchised business. I was the family\\u2019s \\u201cbusiness person\\u201d and he wanted my advice.
  • I loved the idea and on the flight home, we decided to get into the gym business together. I left banking and we started to build gym franchises. We grew to have five locations in five years all over Cleveland and Ohio. And we kept growing; we set records for the franchises.
  • Then, the great recession of 2008-2009 hit. And I learned a lesson: that the worst thing to sell during a recession is personal training. Nobody wants to buy personal training in a recession and we didn\\u2019t have a plan.
  • Fast forward: We were able to get through the great recession only because I borrowed a few dollars (a quarter of a million) from my mother-in-law. Within three years, I paid her back.
  • I started to help people grow their businesses with consulting. Three years ago, my brother-in-law bought me out of the gyms so I could focus on the consulting business.
  • I\\u2019ve been doing that for the last three years. Recently, I started to get nervous that my clients weren\\u2019t prepared for the next recession. That\\u2019s what got me into where I\\u2019m heading: I put out my book Rock the Recession. Now I\\u2019m trying to get the word out so that other entrepreneurs and business owners can rock the recession.

Is the next recession at our doorstep?

  • I think that in the US we will probably be looking at an event such as a recession or a slowdown by the end of 2020.
  • I want my clients and your listeners to think about how they can rock the recession. What can they do now to prepare and take advantage of all the opportunities that a recession brings?
  • Recessions come around only every seven years and don\\u2019t last long, and we haven\\u2019t had a recession in over a decade.
  • As I did the research for the book, I searched for entrepreneurs and business owners who did well in the recession. They were hard to find because most people don\\u2019t do well in recessions. What I learned from the ones who did succeed is that their first step was to assess their current situation. So, that is where I would start.
  • We prepared a free, short, 20-question assessment on the site com. The scores are from zero (which means you are likely to fail in the next recession) to 100 (which means you are prepared for the recession and will be able to take advantage of opportunities like buying assets for cheap or buying other companies that didn\\u2019t prepare, to be able to win talent and more opportunities). The average company gets a score of 37 out of 100.
  • The point is to come up with a recession plan ahead of time as opposed to acting when you are already about to lose your house or lose your best employee to the...'