He Sold His Company to Richard Branson, Then Oil Tanked Him

Scott Duffy

In Episode #723, Nathan interviews Scott Duffy. He’s the co-host of Business & Burgers and a contributor at Entrepreneur.com. He’s also listed as one of the top 10 keynote speakers of Forbes and Entrepreneur. He started working for bestselling author and speaker, Tony Robbins. He’s been a part of early stage exits and worked with big brands like CBSSport.com, NBC internet, Fox.com. He sold his last company to Richard Branson’s Virgin Group. He’s the best-selling author of the book called Launch!.

Famous Five:

  • Favorite Book? – You Are a Badass at Making Money
  • What CEO do you follow? – Dave Meltzer
  • Favorite online tool? — Skype
  • How many hours of sleep do you get?— 5.5 to 6 hours
  • If you could let your 20-year old self, know one thing, what would it be? – “You don’t win by hard work alone”

Time Stamped Show Notes:

  • 01:02 – Nathan introduces Scott to the show
  • 01:51 – Scott wants to tell The Top tribe that it is all about being real and integrity
  • 02:01 – Scott is doing a lot of work regarding mindset
  • 02:05 – Scott has a new book coming out called Breakthrough
    • 02:26 – It is being published by Entrepreneur Press
    • 02:30 – Scott was working on the timeline
  • 02:54 – Scott shares a story about failing
    • 02:58 – Scott had a business called Smart Charter
    • 03:04 – Scott was looking for distribution and ended up making a deal with Virgin
    • 03:16 – Scott was putting in $10K-15K of his personal money
    • 03:33 – Scott closed a deal and they moved to their new office
    • 04:12 – Scott is now officially a part of the Virgin Group
  • 04:42 – Scott wasn’t paying himself nothing before he sold the company
  • 04:54 – Prior to Smart Charter, Scott was a part of Sports 1 USA
  • 05:20 – Majority of Scott’s savings went to Smart Charter
  • 05:51 – Instead of taking money out out Smart Charter, Scott decided to go all in
  • 06:18 – Scott now has equity with Virgin
  • 06:57 – Scott sold Smart Charter in 2008
  • 07:10 – Scott learned that the biggest job of an entrepreneur has nothing to do with business
    • 07:19 – The most important job for an entrepreneur is to protect himself
  • 07:44 – Smart Charter had an equity pool prior to Virgin
  • 08:22 – The possible deal from Virgin
  • 09:17 – In a matter of weeks, everything changed with Virgin/Smart Charter
  • 10:05 – On Scott’s first day with Virgin, he knew that if he messed up, there wouldn’t be another chance
  • 10:28 – Scott’s superpower is in getting distribution for early stage companies
  • 10:51 – As a small company, dealing with big companies does not make you better
  • 11:19 – The deal with Virgin didn’t turn out the way Scott thought it would
  • 12:26 – As an entrepreneur, Scott thinks he was played
  • 12:53 – Entrepreneurs have to know how to repackage the things that have happened to them
  • 13:09 – Business & Burgers is a search for the best burger in America and offers a side of great business advice
    • 13:14 – They hit the best restaurant and talk to the top local entrepreneur
    • 13:35 – Next episode is Daymond John from Shark Tank
  • 15:20 – The Famous Five

3 Key Points:

  1. Don’t be discouraged; sometimes, you just have to learn things the hard way.
  2. Entrepreneurs need to know how to protect themselves.
  3. Take time building relationships – relationships are everything.

Resources Mentioned:

  • The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
  • GetLatka – Database of all B2B SaaS companies who have been on my show including their revenue, CAC, churn, ARPU and more
  • Klipfolio – Track your business performance across all departments for FREE
  • Hotjar – Nathan uses Hotjar to track what you’re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
  • Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
  • Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible
  • Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books
  • Show Notes provided by Mallard Creatives