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Inside Freewyld: Building a Winning STR and Hospitality Culture

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Manage episode 519441497 series 2308493
Content provided by Freewyld Foundry. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Freewyld Foundry or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

🔥 Get Your Free Revenue Management Report: https://www.freewyldfoundry.com/report


In this episode, Kaye and Eric celebrate Freewyld Foundry's first profitable quarter and reveal their unique approach to sharing success with their team. They discuss the three options for handling company profits and explain why they chose a profit-sharing bonus plan that incentivizes excellence while fostering a culture of ownership.

Key Topics Covered:

The Profit Milestone

  • Achieving the first profitable quarter after years of reinvestment
  • The difference between revenue and actual profit
  • Why most entrepreneurs never see profit despite high revenue

Three Options for Profit

  • Reinvesting back into the business
  • Owners taking dividends
  • Sharing with the team (the path Freewyld chose)

The Bonus Plan Structure

  • Based on tenure, performance KPIs, and seniority level
  • Designed to attract and retain top revenue management talent
  • Future vision: allowing team members to invest bonuses into Freewyld real estate projects

Building Culture Through Rituals

  • Starting every meeting with professional and personal wins
  • Implementing "unreasonable hospitality" for B2B clients
  • Creating company-specific language (like "MIFA" - Make It F***ing Awesome)

Communication & Leadership

  • Leading without ego in challenging conversations
  • Approaching problems as "us versus the problem"
  • Over-communicating appreciation and celebrating client wins


Notable Quotes:

  • "We never really understand what profit is. We see top line revenue and we invest it, constantly keep growing the business."
  • "By bringing the team members into the profit pool, it gives them a sense of ownership to what we're doing."
  • "Culture is made up of rituals, emotional highlights, and how you communicate to each other."


Connect with the Hosts:


Hosted on Acast. See acast.com/privacy for more information.

  continue reading

675 episodes

Artwork
iconShare
 
Manage episode 519441497 series 2308493
Content provided by Freewyld Foundry. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Freewyld Foundry or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

🔥 Get Your Free Revenue Management Report: https://www.freewyldfoundry.com/report


In this episode, Kaye and Eric celebrate Freewyld Foundry's first profitable quarter and reveal their unique approach to sharing success with their team. They discuss the three options for handling company profits and explain why they chose a profit-sharing bonus plan that incentivizes excellence while fostering a culture of ownership.

Key Topics Covered:

The Profit Milestone

  • Achieving the first profitable quarter after years of reinvestment
  • The difference between revenue and actual profit
  • Why most entrepreneurs never see profit despite high revenue

Three Options for Profit

  • Reinvesting back into the business
  • Owners taking dividends
  • Sharing with the team (the path Freewyld chose)

The Bonus Plan Structure

  • Based on tenure, performance KPIs, and seniority level
  • Designed to attract and retain top revenue management talent
  • Future vision: allowing team members to invest bonuses into Freewyld real estate projects

Building Culture Through Rituals

  • Starting every meeting with professional and personal wins
  • Implementing "unreasonable hospitality" for B2B clients
  • Creating company-specific language (like "MIFA" - Make It F***ing Awesome)

Communication & Leadership

  • Leading without ego in challenging conversations
  • Approaching problems as "us versus the problem"
  • Over-communicating appreciation and celebrating client wins


Notable Quotes:

  • "We never really understand what profit is. We see top line revenue and we invest it, constantly keep growing the business."
  • "By bringing the team members into the profit pool, it gives them a sense of ownership to what we're doing."
  • "Culture is made up of rituals, emotional highlights, and how you communicate to each other."


Connect with the Hosts:


Hosted on Acast. See acast.com/privacy for more information.

  continue reading

675 episodes

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