GE 298: Why Scott Fritz Sold His Multi-Million Dollar Company to Work as a Business Coach (podcast)

Scott Fritz 40 Hour Work Week

Hey, Everyone! Today I share the mic with Scott Fritz, the author of The 40-Hour Work Year.

Tune in to hear our EO Mastermind Cabo Speaker talk about why he sold his multi-million dollar business, how he transitioned himself out of his own company in 18 months, and how his work schedule inspired him to write his book on time efficiency.

Time-Stamped Show Notes:

  • [00:37] Before we jump into today’s interview, please rate, review, and subscribe to the Growth Everywhere Podcast!
  • [1:57] After working for Pepsico. He left to start his own business in 1997.
  • [02:18] When they sold in 2007, they had already amassed a lot of success.
  • [02:40] Scott realized that you need passion, focus, and a good team.
  • [03:11] Once Scott built his team, he began transitioning himself out of the company.
  • [03:41] Scott had a panic attack, because he made himself so integral to the business, he couldn’t offload any of his work.
  • [04:15] He realized he needed a better team and to delegate much more efficiently.
  • [05:30] Before Scott sold his company, they were making millions in revenue.
  • [06:09] The Director of Operations was key in helping hire another CEO to replace Scott.
  • [06:50] It was a full 18 months to transition in and train the new CEO.
  • [08:45] Trainual has proven a great resource.
  • [10:10] Trainual updates systems in real time.
  • [10:55] Scott wrote his book, because he realized how much time is spent on each aspect of work and how inefficient he was with his own time.
  • [12:12] Scott used his 40-hour year to build a house and spend time with his family.
  • [13:10] Scott works as a business coach, as well, and probably spends a third of his year working in that capacity.
  • [13:50] His Strategic Focus Session is a full-day seminar. This costs $6000, but it comes with a discount for EO’s and YPO’s.
  • [14:30] Scott also has an annual program that meets once per quarter. It’s a course that’s great for managers and executives.
  • [15:12] He also runs a lot of individual coaching sessions that can be scheduled a la carte.
  • [16:55] Scott’s company believes in paying people 20% below market rate, but they have a good bonus system. So, there’s at least a chance to make a decent wage
  • [18:18] Twice per year, they open up shares to the whole company, but you have to buy a minimum of $50,000 in shares.
  • [21:21] Scott recommends the book Rework and Think and Grow Rich.
  • [22:30] Scott doesn’t use a lot of apps and tech, because he is old school.

Resources from the interview:

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The post GE 298: Why Scott Fritz Sold His Multi-Million Dollar Company to Work as a Business Coach (podcast) appeared first on Business & Personal Growth Tips.

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Human rights defenders expressed outrage on Friday after Secretary of State Mike Pompeo revealed that the Trump administration is revoking or denying visas for any International Criminal Court (ICC) personnel who try to investigate or prosecute U.S. officials or key allies for potential war crimes.

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Watch Pompeo’s full remarks to the media on Friday:

[youtube https://www.youtube.com/watch?v=oQPUBo6Dy8k?feature=oembed&w=750&h=422]


By Jessica Corbett / Creative Commons / Common Dreams

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