Latest / Earn Your Leisure / Advance Placement: FAMOUS AMOS LOST HIS COMPANY AND HIS NAME IN ONE DEAL

Transcript

Advance Placement: FAMOUS AMOS LOST HIS COMPANY AND HIS NAME IN ONE DEAL · Earn Your Leisure

• 0:00
  Speaker 1: Hi. I'm Sherry Harris, owner of Life Source Water. As
• 0:03
  Speaker 1: a new grandmother in lifelong Californian, I care about what's
• 0:06
  Speaker 1: in the water my family uses every day. For over
• 0:09
  Speaker 1: forty years, our whole house water system has protected Bay
• 0:12
  Speaker 1: Area families with filtered water from every tap. Now we're
• 0:15
  Speaker 1: offering a double dip in savings free basic installation plus
• 0:19
  Speaker 1: an extra two hundred and fifty dollars off. That's up
• 0:22
  Speaker 1: to twelve hundred dollars in savings. Call our factory at
• 0:25
  Speaker 1: one eight hundred Water ninety nine or visit Life sourcewater
• 0:28
  Speaker 1: dot com. Hurry offer in September thirty.
• 0:30
  Speaker 2: Quaranty limitations apply.
• 0:31
  Speaker 3: For today's story is teachable moment? Yeah, it's actually a
• 0:37
  Speaker 3: little different for us. It's pretty sad. Most of the
• 0:39
  Speaker 3: story times are like upbeat, but this is a story
• 0:43
  Speaker 3: and it's definitely a teachable moment. Absolutely, it's a story
• 0:46
  Speaker 3: to learn from, but it's not really the most.
• 0:50
  Speaker 4: I think most of our stories, there's always like a
• 0:52
  Speaker 4: triumph and it's like, oh wow, I can't believe they
• 0:54
  Speaker 4: came from those odds to do this, or they use
• 0:56
  Speaker 4: their intelligence their network to do that, And this one's
• 1:00
  Speaker 4: a little different.
• 1:01
  Speaker 3: Yeah, but it's still a story that needs to be
• 1:03
  Speaker 3: absolutely learn from the mistakes. Yes, so Wallace Wally Amos Junior.
• 1:12
  Speaker 3: You know, it's crazy. So most people, if you heard
• 1:14
  Speaker 3: of the cookies famous Amos.
• 1:16
  Speaker 2: That's that's him, probably know him for that.
• 1:19
  Speaker 3: Yeah, probably know him for that. But I didn't actually know.
• 1:21
  Speaker 3: I was doing some research, so I know he did that.
• 1:23
  Speaker 3: But what I didn't know was that in nineteen sixty
• 1:25
  Speaker 3: two he became the first black talent agent with William
• 1:27
  Speaker 3: Morris agent.
• 1:28
  Speaker 2: Yep.
• 1:28
  Speaker 3: And he had Diana Ross and the Supremes, Marvin Gay,
• 1:31
  Speaker 3: Sam Cook.
• 1:32
  Speaker 2: Yeah yeah, and he had Simon and yeah.
• 1:35
  Speaker 5: Yeah.
• 1:35
  Speaker 3: That was an old town. Yeah, that was pretty extremely
• 1:38
  Speaker 3: big think about like Diana Ross, Marvin Gay and Sam Cook.
• 1:42
  Speaker 2: Yeah, that's crazy, Like who does that? Who finds that
• 1:46
  Speaker 2: type of talent?
• 1:46
  Speaker 3: Yeah? So, but he's he was raised in Tallahassee, Florida.
• 1:51
  Speaker 3: Shout out to Tallahassee, tally Hoe, that's what they call it.
• 1:55
  Speaker 3: Fam you Tallahassee Community College, Florida State University. Yep, it's
• 2:02
  Speaker 3: a college town. Shout out to taller Hassee. So he's
• 2:04
  Speaker 3: from Tallahassee. He's born in nineteen thirty six.
• 2:07
  Speaker 4: That was like what he's still living, still living, man,
• 2:09
  Speaker 4: still living, still going shout him.
• 2:11
  Speaker 3: You know, come from a southern background and his aunt
• 2:14
  Speaker 3: apparently made homemade.
• 2:15
  Speaker 2: Cookies hont della.
• 2:17
  Speaker 3: Yeah. Yeah, that was famous in the neighborhood and everybody
• 2:21
  Speaker 3: loved it. You know, just a traditional type of just
• 2:24
  Speaker 3: in the in the kitchen, just making.
• 2:25
  Speaker 2: Cookies, making chocolate chip cookies.
• 2:26
  Speaker 3: So that never really left him, even though he went
• 2:28
  Speaker 3: to you know, pursue a career in you know, managing
• 2:32
  Speaker 3: artists and things of that nature, and eventually went to Hollywood,
• 2:35
  Speaker 3: but he always had his down South routes of cookie.
• 2:37
  Speaker 2: Yeah.
• 2:38
  Speaker 4: That actually was what he would give to some of
• 2:40
  Speaker 4: his artists. He would present them with cookies. So like
• 2:42
  Speaker 4: some of the arts would coming and he had like
• 2:44
  Speaker 4: a snack before there was riders and you had to
• 2:46
  Speaker 4: have all those things, like, he would bring the cookies
• 2:47
  Speaker 4: to them.
• 2:48
  Speaker 3: Yeah, and he actually went to culinary school also before
• 2:50
  Speaker 3: before he became a talent agent, he went to colinary
• 2:52
  Speaker 3: school joke. So yeah. So, so, like you said, he
• 2:56
  Speaker 3: used to gift his clients cookies and that kind of
• 3:00
  Speaker 3: branched off to people saying like he should probably start
• 3:03
  Speaker 3: his own company.
• 3:04
  Speaker 4: Yeah, and those same clients who you know that he
• 3:08
  Speaker 4: brought the talent from. They became people that like, listen,
• 3:11
  Speaker 4: we loved it what you got, We love the product,
• 3:13
  Speaker 4: but we're gonna help you. We're gonna become the investors.
• 3:15
  Speaker 3: Investors.
• 3:15
  Speaker 2: Man, that's important.
• 3:16
  Speaker 3: That's a fact because it started because yeah, he was
• 3:19
  Speaker 3: doing William Morris. He tried to branch off into his
• 3:21
  Speaker 3: own thing with that and that didn't really work out.
• 3:23
  Speaker 3: So the relationships that he established, they said that they
• 3:26
  Speaker 3: would bankroll them. So it cost twenty five thousand dollars,
• 3:29
  Speaker 3: which was a lot of money in nineteen seventy five.
• 3:31
  Speaker 2: Like now, man, yeah, you know what I'm saying.
• 3:32
  Speaker 3: Nineteen seventy five, that's like a couple hundred thousand, and
• 3:36
  Speaker 3: that's where he started his company with.
• 3:38
  Speaker 2: Yeah, I think Marvin Gaye was the first guy that's like,
• 3:40
  Speaker 2: I'm gonna help this guy.
• 3:41
  Speaker 3: Yeah, he started his company with which you called famous
• 3:43
  Speaker 3: Amos and uh first year and business three hundred thousand dollars.
• 3:47
  Speaker 4: So that's crazy. I read that said the way that
• 3:49
  Speaker 4: three hundred and seventy five.
• 3:50
  Speaker 2: Yeah, he's multi, No, he was, he was.
• 3:52
  Speaker 3: He was good. So he hit he hit, he hit
• 3:54
  Speaker 3: it out the Park right away, and by nineteen eighty
• 3:57
  Speaker 3: two he did twelve million dollars in revenue.
• 3:59
  Speaker 2: Yeah.
• 3:59
  Speaker 4: So after the first story, he started franchising. He was
• 4:02
  Speaker 4: on Sunset Boulevard and Cali Mande was doing it big.
• 4:05
  Speaker 4: But he started franchising the stores out and generated some
• 4:08
  Speaker 4: more income.
• 4:08
  Speaker 3: Yeah, So he really became a big name, a household name.
• 4:12
  Speaker 3: He you know, he's in the Smithsonian Institute. Yeah, he
• 4:15
  Speaker 3: has his hat and his shirt.
• 4:16
  Speaker 2: I saw his commercials.
• 4:17
  Speaker 5: Man.
• 4:17
  Speaker 4: He said, like he got so good at selling cookies
• 4:21
  Speaker 4: because he used to have to pitch talent to record label.
• 4:24
  Speaker 3: And he had the relationships and it was a good
• 4:27
  Speaker 3: product too. Famous Amos cookies was legit.
• 4:28
  Speaker 2: They're still legit.
• 4:29
  Speaker 3: Yeah, what I'm saying, they changed the rescipe basically. So
• 4:32
  Speaker 3: in nineteen eighty two, he's twelve million dollars. So, like
• 4:34
  Speaker 3: I said, twelve million dollars in the early eighties, probably
• 4:37
  Speaker 3: the equivalent of forty million.
• 4:40
  Speaker 2: Now, like a lot his big time.
• 4:41
  Speaker 3: That's a lot of money, right, So he became a
• 4:44
  Speaker 3: household name and he starts to you know, buy property
• 4:48
  Speaker 3: and he's living our life. Right. So in nineteen eighty five,
• 4:52
  Speaker 3: that's when things start to kind.
• 4:54
  Speaker 2: Of fall bullying story changes.
• 4:55
  Speaker 3: So he still did pretty decent that year, but they
• 4:57
  Speaker 3: made ten million instead of twelve million. So now he's,
• 5:01
  Speaker 3: you know, it's a loss, like first year when he's
• 5:03
  Speaker 3: starting to like go backwards. He was going up and
• 5:05
  Speaker 3: then now he's starting to like go down a little bit, right,
• 5:07
  Speaker 3: So he makes some changes. He fires some managers and
• 5:12
  Speaker 3: put some other people in positions. So he said admittedly,
• 5:15
  Speaker 3: like he was never he didn't really understand how to
• 5:17
  Speaker 3: run business. He's a talent agent and he's a cook
• 5:20
  Speaker 3: to his.
• 5:20
  Speaker 2: Own credit, admitted, I don't know how to run a business.
• 5:22
  Speaker 3: But he didn't have any mentorship and even in his
• 5:24
  Speaker 3: people that he's around, an artist and things of that nature,
• 5:26
  Speaker 3: he didn't really know what was going on. So it's
• 5:29
  Speaker 3: all good.
• 5:29
  Speaker 4: May twelve million. I don't know how to run a business.
• 5:32
  Speaker 4: That's astonishing.
• 5:33
  Speaker 3: Yeah, yeah, it was. And it's crazy too because remember
• 5:38
  Speaker 3: we interview Ryan Leslie and he said that, you know,
• 5:42
  Speaker 3: scaling can be like detrimental to you, like if you're
• 5:46
  Speaker 3: not properly prepared and you're growing too fast, that can
• 5:49
  Speaker 3: actually hurt. And he's actually better to have a smaller
• 5:52
  Speaker 3: audience or to grow at a slower pace, but to
• 5:55
  Speaker 3: be able to manage it, because like when you can't
• 5:57
  Speaker 3: manage your scale, now you're really screwed.
• 5:59
  Speaker 2: That's his whole boeprint too.
• 6:00
  Speaker 4: That was that's Ryan Lesli's BP print that even with
• 6:02
  Speaker 4: the smartphone was like smaller audience.
• 6:05
  Speaker 3: Yeah, and that's what you said like before, like less's
• 6:07
  Speaker 3: lesson's more sometimes, So now it starts to like just
• 6:11
  Speaker 3: fall apart. He's on vacation and he finds out that
• 6:14
  Speaker 3: he has a house in Hawaii. Shouts and all the
• 6:16
  Speaker 3: good people.
• 6:16
  Speaker 2: He lives there now?
• 6:17
  Speaker 3: Alohallow does he still live there?
• 6:19
  Speaker 2: Lives there now?
• 6:20
  Speaker 3: Yeah, everybody knows I used to live in Hawaii. The
• 6:26
  Speaker 3: whole vibe out there. So he finds out that his
• 6:29
  Speaker 3: house is actually being auctioned off.
• 6:31
  Speaker 2: Yeah, like that's crazy.
• 6:35
  Speaker 3: That's the crazy news to just wake up to, like, oh,
• 6:37
  Speaker 3: by the way, they auctioned your house three pm? Like
• 6:39
  Speaker 3: what he didn't even know his house was in foreclosure?
• 6:42
  Speaker 3: Like when did this happens?
• 6:45
  Speaker 2: We're making light of it, but.
• 6:47
  Speaker 3: It's just crazy. So it's like but once again, that
• 6:50
  Speaker 3: just goes to show you, like especially like a lot
• 6:52
  Speaker 3: of celebrities and you know, like even with the Fat
• 6:56
  Speaker 3: Joe situation. People know, like he went to jail for
• 6:58
  Speaker 3: tax evasion, but he was telling the story it was
• 7:00
  Speaker 3: like he had his accountant that was paying all his
• 7:02
  Speaker 3: bills for him, and you know, he's being a rapper
• 7:05
  Speaker 3: and he felt like, you know, he's not really paying
• 7:07
  Speaker 3: attention to Jim Jones, like, yeah, Kevin a bunch of
• 7:13
  Speaker 3: So what happens with Fat Joe is that the accountant
• 7:16
  Speaker 3: apparently started like embezzling, stealing money, not paying his taxes,
• 7:19
  Speaker 3: not paying his bills. He found out because he's like
• 7:22
  Speaker 3: he always had excellent credit. He tried to get a
• 7:23
  Speaker 3: car and it was like his credit was like four
• 7:25
  Speaker 3: fifty and he's like what And then he realized that
• 7:28
  Speaker 3: all of his bills haven't been paid for months. And
• 7:31
  Speaker 3: also along with bills, they had his account. His account
• 7:34
  Speaker 3: never paid his taxes. He had to do like six
• 7:36
  Speaker 3: months in federal jail. So I say, I have to say,
• 7:38
  Speaker 3: this is something that's unfortunate. It's been going on for
• 7:40
  Speaker 3: a long period of time when people like put trust
• 7:42
  Speaker 3: in other people to take care of their finances and
• 7:45
  Speaker 3: they don't know what's going on with their own money.
• 7:48
  Speaker 3: And by the time they realized it it's too late.
• 7:50
  Speaker 4: Yeah, we see it, having too much man. This episode
• 7:53
  Speaker 4: is brought to you by P and C Bank. A
• 7:55
  Speaker 4: lot of people think podcasts about work are boring, and
• 7:58
  Speaker 4: sure they definitely can be, but understanding a professionals routine
• 8:02
  Speaker 4: shows us how they achieve their success little by little,
• 8:05
  Speaker 4: day after day. It's like banking with P and C Bank.
• 8:09
  Speaker 4: It might seem boring to save, plan and make calculated
• 8:12
  Speaker 4: decisions with your bank, but keeping your money boring is
• 8:15
  Speaker 4: what helps you live or more happily fulfilled life. P
• 8:19
  Speaker 4: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly
• 8:24
  Speaker 4: Boring since eighteen sixty five is a service mark of
• 8:26
  Speaker 4: the PNC Financial Service Group, Inc. P and C Bank
• 8:30
  Speaker 4: National Association member FDIC erness What's Up? You ever walk
• 8:37
  Speaker 4: into a small business and everything just works like the
• 8:40
  Speaker 4: checkout is fast, the receipts are digital, tipping is a breeze,
• 8:44
  Speaker 4: and you're out the door before the line even builds.
• 8:47
  Speaker 4: Odds are they're using Square? We love supporting businesses that
• 8:51
  Speaker 4: run on Square because it just feels seamless, whether it's
• 8:54
  Speaker 4: a local coffee shop, a vendor at a pop up market,
• 8:57
  Speaker 4: or even one of our merch partners. Square makes easy
• 9:00
  Speaker 4: for them to take payments, manage inventory, and run their
• 9:03
  Speaker 4: business with confidence, all from one simple system. If you're
• 9:07
  Speaker 4: a business owner or even just thinking about launching something soon,
• 9:11
  Speaker 4: Square is hands down one of the best tools out
• 9:14
  Speaker 4: there to help you start, run, and grow. It's not
• 9:17
  Speaker 4: just about payments, it's about giving you time back so
• 9:20
  Speaker 4: you can focus on what matters most Ready. To see
• 9:23
  Speaker 4: how Square can transform your business, visit Square dot com backslash,
• 9:28
  Speaker 4: go backslash eyl to learn more. That's Square dot com backslash,
• 9:33
  Speaker 4: go backslash eyl. Don't wait, don't hesitate. Let's Square handle
• 9:37
  Speaker 4: the back end so you can keep pushing your vision forward.
• 9:43
  Speaker 6: Behind those warm and cozy nights at home, thousands of
• 9:46
  Speaker 6: employees at BP go to work every day. People producing
• 9:50
  Speaker 6: more US natural gas, people building grid scale solar capacity,
• 9:54
  Speaker 6: people turning length full waste gas into pipeline quality renewable
• 9:58
  Speaker 6: natural gas, and people delivering all of that power where
• 10:02
  Speaker 6: it's needed. They're part of almost three hundred thousand jobs
• 10:05
  Speaker 6: VP supports across the country. Learn more at VP dot com.
• 10:09
  Speaker 6: Slash investing in America.
• 10:13
  Speaker 2: Way too much.
• 10:14
  Speaker 3: So Yeah, so that was just like when he realized like, okay,
• 10:18
  Speaker 3: things is really starting to go down crazy. So now
• 10:21
  Speaker 3: he's scrambling and he brings outside investors in to help
• 10:27
  Speaker 3: out with this company because now he's starting to lose
• 10:30
  Speaker 3: money company. Yeah, so he took I think like three
• 10:33
  Speaker 3: million dollars of investors' money, but that didn't really work
• 10:37
  Speaker 3: out but those alone, so now he has to pay
• 10:40
  Speaker 3: that back. But then they left and the company's losing
• 10:42
  Speaker 3: even more money. So now it's like spiraling out of
• 10:46
  Speaker 3: control at a very rapid pace.
• 10:48
  Speaker 2: And what are you going to do with that? Havins?
• 10:49
  Speaker 3: Yeah, So in nineteen eighty eight, he sells the company
• 10:53
  Speaker 3: to three million dollars. He sells it for three million dollars.
• 10:56
  Speaker 3: He sells the company in nineteen eighty eight to the
• 10:59
  Speaker 3: Shansby grew with think' pronouncing that correctly for three million dollars.
• 11:02
  Speaker 3: So the crazy thing about it is that now he
• 11:04
  Speaker 3: sells the company for three million and they keep them
• 11:07
  Speaker 3: on as a brand ambassador. So he makes it deal
• 11:10
  Speaker 3: with them, and he's not allowed to use his name anymore.
• 11:13
  Speaker 2: Yeah, because part of the cell is the trademark.
• 11:15
  Speaker 3: YEP so famous and amos he can't his name? Is
• 11:20
  Speaker 3: he can't use his name, can't use it, so but
• 11:23
  Speaker 3: he can. So it's crazy. So he built the company
• 11:26
  Speaker 3: from scratch from nothing, build it to a multimillion dollar corporation,
• 11:31
  Speaker 3: sells it for way less than what it was value
• 11:33
  Speaker 3: for just a few years earlier.
• 11:35
  Speaker 2: He was hurting.
• 11:36
  Speaker 3: Not only do they tell him that you can't use
• 11:38
  Speaker 3: your name, but they keep they give him a job
• 11:42
  Speaker 3: to be the spokesperson for the company of the name
• 11:45
  Speaker 3: that he can't use. So he's doing that, which it
• 11:49
  Speaker 3: has to be extremely like think about that, like, think
• 11:51
  Speaker 3: about like you start a company named Troy's Sneakers, right,
• 11:55
  Speaker 3: you love sneakers, and you build it to a multimillion
• 11:58
  Speaker 3: dollar company. Ten years down the line, you got to
• 12:01
  Speaker 3: sell it and they're saying you can't use Troy, you
• 12:03
  Speaker 3: can't use sneakers anymore, but we want to pay you
• 12:06
  Speaker 3: a salary to go around the country promoting Troy Sneakers.
• 12:09
  Speaker 4: Yeah.
• 12:09
  Speaker 2: I mean he found out about it when he tried
• 12:11
  Speaker 2: to start a new cookie company.
• 12:12
  Speaker 3: We're gonna get to that after a while. It's like
• 12:14
  Speaker 3: it's not after Yates, I can't do this, and he
• 12:17
  Speaker 3: leaves and he's like he tries to start a new
• 12:20
  Speaker 3: company and they soon they're like, no, you can't use
• 12:23
  Speaker 3: that name for yeah, we don't like infringement.
• 12:25
  Speaker 2: That was part of the cell.
• 12:26
  Speaker 3: So then he starts the company called Uncle No Name.
• 12:29
  Speaker 2: Yeah, Uncle No Names make Yeah.
• 12:32
  Speaker 3: Which is a play on that he has no name.
• 12:34
  Speaker 3: Now it's really unfortunately, it's really really tragic, tragic. It's
• 12:38
  Speaker 3: really tragic situation all the way around. Man. That so yeah,
• 12:42
  Speaker 3: so Uncle No Name he starts that brand. But so
• 12:49
  Speaker 3: the crazy thing about it is that as he's doing
• 12:52
  Speaker 3: the Uncle No Name, the company gets sold.
• 12:55
  Speaker 2: This is the worst part again, Yeah, it's the worst part.
• 12:58
  Speaker 2: So this is the worst part of the store.
• 13:00
  Speaker 3: So now, because he even said like he had depression
• 13:04
  Speaker 3: for a little bit. He stopped baking at all for
• 13:06
  Speaker 3: like three years because Uncle Noman didn't work out.
• 13:08
  Speaker 2: Really yeah, I think they started making muffins.
• 13:09
  Speaker 3: He went away from cookies, so he stopped baking. He
• 13:12
  Speaker 3: cut his beard off. His whole thing with trademark was
• 13:15
  Speaker 3: his beard in the hat. He stopped wearing a hat,
• 13:17
  Speaker 3: cut his beard off. He did even want people to
• 13:18
  Speaker 3: recognize him in the street. It's like, I don't want people.
• 13:21
  Speaker 3: I don't want to it's sold. I don't want them
• 13:23
  Speaker 3: seeming like this spressing you know what I'm saying. So,
• 13:26
  Speaker 3: but as all of that's going on, Shansby the company
• 13:30
  Speaker 3: that he sold to for three million in nineteen ninety two,
• 13:34
  Speaker 3: they sold it a company or we might have heard of. Yeah,
• 13:38
  Speaker 3: sixty one million, Yeah to Keller.
• 13:42
  Speaker 2: Yeah, big, big, big breakfast company. Man.
• 13:44
  Speaker 3: So yeah, they sell it, he sells it. They sell
• 13:47
  Speaker 3: it for sixty one million in nineteen ninety two, and
• 13:50
  Speaker 3: then it gets sold again in nineteen ninety eight to Keepler.
• 13:57
  Speaker 2: Crazy, that's what the elf keep the cookies at.
• 14:01
  Speaker 3: Yeah. So then so then they so Then in nineteen
• 14:03
  Speaker 3: ninety eight, Keebler decides to bring him back as a
• 14:07
  Speaker 3: brand ambassador. It done got flipped five ready kind.
• 14:13
  Speaker 4: You know what they did? You know, he said when
• 14:15
  Speaker 4: he came back and hurt his heart. I mean he
• 14:18
  Speaker 4: had he tried the cookies, but they changed his recipe
• 14:20
  Speaker 4: and all.
• 14:20
  Speaker 3: Now they changed the rest of respect.
• 14:22
  Speaker 2: Like that everything.
• 14:23
  Speaker 3: Oh man, they let so. But but at least he
• 14:26
  Speaker 3: was able to work a deal out where he made
• 14:29
  Speaker 3: a deal with Keebler for Uncle Waly's muffins.
• 14:32
  Speaker 2: Yeah.
• 14:34
  Speaker 3: So they let him have a I guess like a
• 14:36
  Speaker 3: subsidiary company within the company.
• 14:37
  Speaker 2: Didn't look like that, things.
• 14:38
  Speaker 3: Of that nature. And now he gives he gives some speeches.
• 14:43
  Speaker 2: He's still a lot. Yeah, he's still a lot.
• 14:45
  Speaker 4: He's still out and I think he lives in where
• 14:47
  Speaker 4: he was living in Hawaii, and now I think he's
• 14:49
  Speaker 4: back in South Carolina. He's back south, but he's he's
• 14:53
  Speaker 4: still making cookies. He's still making cookies. I think the
• 14:56
  Speaker 4: original idea came from his aunt Della, and so that's
• 15:01
  Speaker 4: what he's going back to. His new company is on
• 15:03
  Speaker 4: Della's cookies because he can't use famous amis.
• 15:07
  Speaker 3: So I mean moral of this story. There's so many
• 15:11
  Speaker 3: different morals of his story. It's points and learning points.
• 15:14
  Speaker 3: It's just like where do you begin? But I think
• 15:16
  Speaker 3: the first one is business. Everything is a business. Like
• 15:20
  Speaker 3: a lot of times people look at it like I'm
• 15:22
  Speaker 3: a good chef, Well I'm a recording artist. How many
• 15:24
  Speaker 3: times it's like that's not good enough. You got to
• 15:26
  Speaker 3: be able to understand that no matter what you're doing,
• 15:30
  Speaker 3: is a business behind it.
• 15:31
  Speaker 4: Yeah, I mean, just think about it. If he had
• 15:32
  Speaker 4: licensed his name instead of selling it in that deal,
• 15:35
  Speaker 4: he could have done that, you know what I mean,
• 15:37
  Speaker 4: like his fortune, his fortune would have been a lot different.
• 15:42
  Speaker 4: You know what I'm saying, Like.
• 15:44
  Speaker 2: He's done. Now he can't use his own name.
• 15:46
  Speaker 3: Nah, you can't. And it's like mismanagement is a lot
• 15:52
  Speaker 3: of and it's a lot of people say a lot
• 15:53
  Speaker 3: of times like ignorant is bliss. It's really not. It's
• 15:55
  Speaker 3: extremely dangerous, especially when it comes to business. And like
• 15:58
  Speaker 3: we did an episode on trademark and licensing and shout
• 16:01
  Speaker 3: out a being and the legal side of it is
• 16:03
  Speaker 3: extremely important as well, right like that people understand that,
• 16:05
  Speaker 3: like you got to understand the legal start or have
• 16:07
  Speaker 3: a lawyer at least to help you. And it's important
• 16:10
  Speaker 3: to people get taken advantage off.
• 16:13
  Speaker 4: You think he would have. I mean if he sold
• 16:14
  Speaker 4: it for three million, right, like what did he get
• 16:16
  Speaker 4: the proper valuation even though what evaluation us at that point?
• 16:19
  Speaker 3: Or he probably just needed the money, just need some money.
• 16:20
  Speaker 3: I'm gonna sell it like you saw it three million.
• 16:22
  Speaker 3: Then ten years later he gets sold for sixty one million,
• 16:25
  Speaker 3: and you can't even use your name.
• 16:28
  Speaker 2: Nah, man, it's crazy.
• 16:29
  Speaker 3: Yeah, it's like I said, Man, it's a tragic, sad
• 16:34
  Speaker 3: learning experience, but nonetheless it's still a learning experience. And
• 16:38
  Speaker 3: I think entrepreneurs, business people. Inspiring entrepreneurs, inspiring business people
• 16:42
  Speaker 3: can learn from You got to learn from other people's mistakes.
• 16:44
  Speaker 4: Yeah, I mean, and he still has his health at
• 16:46
  Speaker 4: the end of the day, he's still alive and breathing
• 16:47
  Speaker 4: to tell the lesson. So I mean, at the end
• 16:49
  Speaker 4: of the day, somebody gonna learn from his mistakes.
• 16:51
  Speaker 3: Yeah, I mean. That's the worst thing in the world.
• 16:53
  Speaker 3: If somebody take your name, you can't use it, like that's.
• 16:56
  Speaker 2: Like, yeah, I mean, like you said, it broke his art.
• 16:58
  Speaker 4: He takes the cookies, He's like, yeah, change the recipe,
• 17:00
  Speaker 4: nothing is the same, but his name lives on. Those
• 17:03
  Speaker 4: are like we talked about the vending machine episode, Like
• 17:05
  Speaker 4: those are still invented machines right now today somebody's in
• 17:07
  Speaker 4: famous name as cookie.
• 17:32
  Speaker 5: You just realized your business needed to hire someone yesterday.
• 17:37
  Speaker 5: How can you find amazing candidates fast? Easy? Just use Indeed.
• 17:42
  Speaker 5: Stop struggling to get your job posts seen on other
• 17:45
  Speaker 5: job sites. With indeed sponsored jobs, your post jumps to
• 17:48
  Speaker 5: the top of the page for your relevant candidates, so
• 17:51
  Speaker 5: you can reach the people you want faster. According to
• 17:54
  Speaker 5: Indeed data, sponsored jobs posted directly on Indeed have forty
• 17:58
  Speaker 5: five percent more applications than non sponsored jobs. Don't wait
• 18:02
  Speaker 5: any longer. Speed up your hiring right now with Indeed,
• 18:06
  Speaker 5: and listeners of this show will get a seventy five
• 18:08
  Speaker 5: dollars sponsored job credit to get your jobs more visibility
• 18:11
  Speaker 5: at indeed dot com slash po d kat z thirteen.
• 18:17
  Speaker 5: Just go to indeed dot com slash pod kat z
• 18:21
  Speaker 5: thirteen right now and support our show by saying you
• 18:24
  Speaker 5: heard about Indeed on this podcast. Terms and conditions apply.
• 18:28
  Speaker 5: Hiring Indeed is all you need