Why Most People Aren’t Built for CEO Pressure (And That’s Okay) 💼 E162
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What are the three core topics covered in this episode?
Ladies and gentlemen, welcome to a special edition of the Money Mondays podcast where we cover three core topics, how to make money, how to invest money, how to give it away to charity. As you guys know, these episodes are under 40 minutes for your listening pleasure because the average workout is 45 minutes, the average commute to work is 45 minutes, so this episode will be between 34 and 38 minutes. We want this not just for you. Keep in mind your friends, family, and followers. People from your past, present, and future might want to listen to this next episode because this gentleman sold his company for $115 million. And he's going to do it again and probably do it again and again after that.
So we're going to dive into this episode. And as you're listening, it's not just for you. Think about the people in your life two months from now, two years from now, you might share this episode with. Without further ado, Eric Spofford, give us the quick two-minute bio. We'll get straight to the money. Born and raised just outside of Boston. Troubled youth. Was a really, really bad kid. Got caught selling weed. My first entrepreneurial endeavor at, I think, 11 years old. Fifth grade, North Salem Elementary School. Got caught up in addiction. Oxycontin turned heroin addict. A hundred tried and failed attempts at sobriety and changing my life. December 7th, 2006. finally find recovery and sobriety for God willing the last time, went on the run for some criminal stuff after a drug deal gone bad, crawled into recovery, 135, 140 pounds, high school dropout without a single dollar left in my name, unemployable, you know, worst credit score.
Just, I mean, as bad of a shape as a human could be in was me at that period of time. Worked on recovery, worked on personal development, worked on becoming a better version of myself every single day since then. That was more than 19 years ago. Started a recovery business, which was my home state's very first sober living house in 2008. Scaled that from one location, one guy running it, me, to multiple locations, 325 employees, $55 million of top line revenue. And I sold that for $115 million off of a $13 million, almost $13 million TTM EBITDA. So trailing 12 months earnings before interest taxes, depreciation, amortization. If you want to get rich and you don't know what I just said, and you don't understand that you better learn that shit.
because that is how real wealth, fuck you money, generational money is created. Sold that company December 21st of 2021. Have taken those proceeds, had a hell of a time. Can't deny that. Made every wrong move that you would make, or right move, depending on your perspective on it after selling the company. But back, you know, building businesses, own and operate a portfolio of companies and real estate today. So you mentioned something that actually just triggered in my mind of when you said the entrepreneur, your first entrepreneur part of your career was selling weed. Yeah. I think drug dealers would be amazing business people in other categories outside of drug dealing. I know many former drug dealers that are amazing business people in other categories.
I think there are two types of entrepreneurs in the world, right? One is the type that stayed in school, they got good grades, they went to college, they got an MBA, and they went the traditional path. And then the second type of entrepreneur is sold weed. When you really think about it, when I say that they have distribution, they have dealing with collections, they have to have the capital to either take it on credit or hopefully they don't get their legs broken if they take it on credit and something bad happens. Or they have the money to buy it in advance. Risk management. Risk management. The territories and the situation that go on to expansion, scaling, what if you want to be in multiple cities?
Like really think about it and go back to like the mafia days, the same concept of like, they had real companies, real businesses. They just happened to be selling illicit things, but they could be selling chess sets or books or put in another widget in there.
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Chapters
5 chapters
1
What are the three core topics covered in this episode?
0:05–5:42
2
How did Eric Spofford transform his life from addiction to success?
5:42–9:24
3
What are the mechanics of building a sellable company?
9:24–19:43
4
Why do most people settle for a 9 to 5 job instead of entrepreneurship?
19:43–23:13
5
What qualities make someone suitable to be a CEO?
23:13–1:06:02
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