Inside Freewyld: Building a Winning STR and Hospitality Culture

🔥 Get Your Free Revenue Management Report: https://www.freewyldfoundry.com/reportIn 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 MilestoneAchieving the first profitable quarter after years of reinvestmentThe difference between revenue and actual profitWhy most entrepreneurs never see profit despite high revenueThree Options for ProfitReinvesting back into the businessOwners taking dividendsSharing with the team (the path Freewyld chose)The Bonus Plan StructureBased on tenure, performance KPIs, and seniority levelDesigned to attract and retain top revenue management talentFuture vision: allowing team members to invest bonuses into Freewyld real estate projectsBuilding Culture Through RitualsStarting every meeting with professional and personal winsImplementing "unreasonable hospitality" for B2B clientsCreating company-specific language (like "MIFA" - Make It F***ing Awesome)Communication & LeadershipLeading without ego in challenging conversationsApproaching problems as "us versus the problem"Over-communicating appreciation and celebrating client winsNotable 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:LinkedIn: Eric D. MoellerFollow Freewyld Foundry for more revenue management insights Hosted on Acast. See acast.com/privacy for more information.