My Worst Investment Ever Podcast

BIO: Joy Abdullah helps B2B service business owners, CEOs, and their teams to create emotive impact and influence using organic marketing.STORY: Joy was out of work in 2018, and he did everything he could to get another job without success. He was driven into a joint business venture with a friend out of fear of being financially unstable. The two didn’t quite think through the business model, and two years later, Joy was burned out and couldn’t run the venture anymore.LEARNING: Success comes from understanding your customer’s needs, not from what you know or your expertise. Hone in on what your market wants instead of chasing revenue. “If you’ve recently lost your job, stop feeling sorry for yourself. You’re more than a title; you’re more than a designation.”Joy Abdullah Guest profileFrom his 30 years of experience in various leadership roles across Southeast Asia, Joy Abdullah learned the importance of people in the success of an organization.And when it comes to giving our attention, people are influenced by the content, technology, and value that a brand communicates.As a business humanizer, Joy helps B2B service business owners, CEOs, and their teams to create emotive impact and influence using organic marketing.Worst investment everIn October 2018, Joy had been job hunting for 10 months and was on the verge of giving up. He had prepared a three-page resume, applied to every job ad he could, and asked for referrals from literally everyone he could think of. Yet 10 months later, he still had no job, and his savings were dwindling.Out of fear of acute financial pressure, Joy was driven into a collaborative venture in business and corporate strategy targeting corporates and mid-sized organizations and the SME groups. The venture was with a friend who was similarly out of work and living in Singapore.The business venture was quite erratic. So they had to keep pushing to get the venture to stabilize. They’d have a couple of good months then a few bad months, then back to the top again. This was the scenario till March 2020, and at this point, Joy was absolutely burned out and got out of the venture to pause and rethink the business model.Lessons learnedWhen starting a new business, take into account your environment. Do a simple SWOT audit because people are not behaving and doing work the way you’ve been used to.It’s not what you know or your expertise that will make you succeed. It is understanding who has a need that you can solve.If you want something to be done, don’t give with the intent of getting it. Instead, make people understand what is going to make them look good and feel good.Andrew’s takeawaysHone in on what your market wants instead of chasing revenue.Actionable adviceEnhance your self-awareness. Understand your mindset, how your beliefs and habits impact your behavior, which affects your decision-making, and your self-leadership.No. 1 goal for the next 12 monthsJoy’s number one goal for the next 12 months is to turn 30 companies to be humans in their marketing in the B2B world. He also hopes the family will be together physically in one location soon for just a fortnight as it has been over three years since that last happened.Parting words “Remember, the other person in front of you is just as human as you with fears, worries, hopes, and aspirations. Do unto them as you would have them do unto to you.”Joy Abdullah [spp-transcript] Connect with Joy AbdullahLinkedInTwitterYouTubeAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

What It Takes to be Financially World ClassToday I want to talk to you about what it means to be Financially World Class.Many years ago, the management team of the business I co-own in Thailand, CoffeeWORKS, made it through the tenth year of an annual (and massive) quality audit done by one of our multinational customers. Our customer congratulated us for having World Class quality, the feeling among our management team and all employees was ecstatic. Since that time, we have maintained that World Class level of quality in CoffeeWORKS.Is CoffeeWORKS Financially World Class?As I drove home from the celebration at the factory, I asked myself, “How would we know if our company was Financially World Class?” I felt a bit disappointed with myself because I should have had the answer long ago. After all, as a financial analyst, I had already developed various tools to evaluate the stocks I was either recommending or owning.Developing a measurement to meet many requirementsSo at that time, I set out to develop a tool that could meet the following requirementsIt had to be ONE measure that definitively assessed whether a company was Financially World ClassIt had to be a measure that, if improved, could be shown to increase the value of the businessIt had to be able to stand up to rigorous scrutiny from finance academics and professionalsIt had to be clear whether a company was moving up or down in that rankingIt had to be able to be used by both sophisticated financial analysts as well as company managers who knew nothing about financeIt needed to be robust enough that we could use it in CoffeeWORKS for the assessment of management performanceIt needed to be a financial measure that would bring the management team together instead of pitting them against each otherIt needed to be able to be used for any company in the worldThe World Class Benchmarking scorecard was bornAbout seven years ago, I developed the World Class Benchmarking scorecard that met all of the above criteria, and I rolled it out to the CoffeeWORKS management team. Now, we update it every month, and at that time, we review the company’s financial performance. Though we are not Financially World Class every month, the whole management team now thoroughly understands when we are not, and as a result, they then make more informed decisions.The World Class Benchmarking scorecard is based on scienceIn creating the scorecard, we did a lot of academic-style testing of various measures. From that testing, we could calculate the percent increase in the company’s value from improving the ranking. This is why the scorecard is also so handy for picking stocks.So, besides using the scorecard to help management teams, we also use it daily in A. Stotz Investment Research to evaluate the financial performance of any company in the world. We regularly perform an internal assessment of many thousands of companies worldwide, and internally we designate some as World Class Companies.What is a World Class Company?What follows is our internal process of identifying World Class Companies. We start with a universe of 26,000 firms worldwide across ten sectors: Communication Services, Consumer Discretionary, Consumer Staples, Energy, Health Care, Industrials, Information Technology, Materials, Real Estate, and Utilities.To determine a World Class Company, we focus on one measure, Profitable Growth. This is a composite of two measures that matter most regarding share-price performance: Profitability and growth relative to global sector peers.We consider the “World Class Company” status within each sector; in other words, there is no one World Class Company in the world; instead, there is only a World Class Company at the top of each sector.Started with 26,000 companiesOnly 60 companies out of 26,000 (or 0.2%) made it to this final round. The companies that constituted the universe were listed on any stock exchange during 2019-2021 and had a market capitalization of at least US$50m as of 29 May 2021.Each company that achieved this designation has maintained itself in the top four deciles for profitability and growth relative to sector peers of similar size for at least ten quarters. These companies have also shown a net profit for the past three years on a quarterly or semi-annual basis. In addition, the winners had the highest Profitable Growth score based on their past 12 months of reported results as of 29 May 2021.World Class Companies from around the worldThe developed world hosts 41 of this group of 60 World Class companies, which is natural considering the size and maturity of developed markets. Twenty companies come from the Americas, but interestingly twenty companies also come from Asia. Eighteen of the twenty companies came from the US. Ten companies come from Asia; excluding Japan, nine came from Western Europe. Australasia and Japan each contributed six.World Class Companies from all sectorsIt is interesting to note that outside of the economic area of North America, the next largest region was the Association of Southeast Asian Nations (ASEAN) which has contributed eight. Scandinavian companies seem to do quite well, contributing five.Nearly 17% of all 26,000 listed companies are Consumer Discretionary companies, and in our universe, the sector has produced 19 World Class companies. The Industrials sector accounts for the most number of all companies listed in stock markets worldwide, and from our universe, we have selected 13 that is World Class. Andrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Christina Demetriades works as a personal leadership coach, trainer, and coach/mentor supervisor. Through her work, she empowers and motivates people to succeed in their goals and to enjoy a fulfilling, meaningful career and life consciously.STORY: Christina suffered a severe back issue that left her bedridden and wholly dependent on others. When she got better, all she wanted was to live life. She met a man whom together they built an adventurous life. Christina got so immersed in the relationship that she lost herself. Her priority was her boyfriend. Everything was about him and not her. When they broke up, she was so empty after giving her all to him.LEARNING: The most valuable relationship you have is with yourself. Be an independent person and bring value to your relationships. “Imagine what you could do and what your life could be like if you were your best cheerleader.”Christina Demetriades Guest profileChristina Demetriades works as a personal leadership coach, trainer, and coach/mentor supervisor. She works with individuals and groups alike globally. Through her work, she empowers and motivates people to succeed in their goals and to enjoy a fulfilling, meaningful career and life consciously. A firm believer in each person’s ability to lead themselves effectively in any context, she guides her clients in developing leadership skills towards personal and professional self-actualization. Her motto is ‘Lead your life. Lead your career. Lead your community.’Worst investment everChristina was 27 years old when she suffered a severe back issue which kept her in bed and immobile for about three months. As a result, she was bedridden and wholly dependent on her family and friends. Eventually, she was able to avoid extensive surgery, and she was able to regain mobility.Coming out of these circumstances, Christina was so enthusiastic about life. She was now all about living, going out, socializing, and exploring. During this time, she happened to meet an old acquaintance. They started chatting, and the night just flew by.The two got together and went on to date for one and a half years. That one and a half years were full and adventurous. Christina was having the time of her life, and slowly she started losing herself in this relationship.Christina invested herself so much in this relationship. She took all her partner’s issues and made them her own. She prioritized all the problems he was facing on a very personal and familial level. Even with things that were none of her business, she was still invested in helping him fix and solve problems, some of which he wasn’t ready to resolve.Because of investing herself so much in the relationship, Christina forgot to love and take care of herself. So when the relationship ended, she came out empty and had to relearn how to love herself.Lessons learnedThe most valuable relationship we have is with ourselves.Being friends with ourselves is central to finding happiness.Give to yourself what you would give to a best friend or a loved one.Everything we experience in life, through our relationships with those around us, loved ones or not, carries a wealth of opportunities for us to learn, grow, become wiser, and evolve.Andrew’s takeawaysEvery relationship has one thing in common; you are in it. And so, you need to bring more to each relationship that you have.Be an independent person and bring value to your relationships.Actionable adviceBe your own best friend, give yourself whatever you need. Listen to yourself, support yourself, even laugh with yourself and cry with yourself. It’s fine.No. 1 goal for the next 12 monthsChristina’s number one goal for the next 12 months is to get to know herself on a deeper level. She also wants to be a good mum.Parting words “Go out, live your life and remember to be a friend to yourself.”Christina Demetriades [spp-transcript] Connect with Christina DemetriadesLinkedInFacebookInstagramWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Weldon Long is a successful entrepreneur, sales expert, and author of the NY Times Bestseller, The Power of Consistency-Prosperity Mindset Training for Sales and Business Professionals.STORY: Weldon started his first business a year after he got out of prison. The business grew very fast, and within no time, Weldon began to buying out other bigger companies. In the process, he accumulated so much debt and had to find the best way out of it to avoid bankruptcy.LEARNING: You cannot cheat, lie or borrow your way out of financial trouble. You’ve got to sell your way out of it. “Never give up on anyone. But don’t forget, that includes yourself.”Weldon Long Guest profileWeldon Long is a successful entrepreneur, sales expert, and author of the NY Times Bestseller, The Power of Consistency-Prosperity Mindset Training for Sales and Business Professionals. In 2009, his business was selected by Inc Magazine as one of America’s fastest-growing privately held companies.Today, Weldon Long is one of the nation’s most powerful speakers and a driven motivator who teaches the Sales and Prosperity Mindset philosophies that catapulted him from desperation and poverty to a life of wealth and prosperity.Weldon is honored to have served some of America’s finest companies, including Comcast, The Franklin Covey Organization, The Home Depot, Fed Ex, Tom Hopkins International, Wells Fargo Bank, Owens Corning, and Farmers Insurance.Worst investment everWeldon got out of prison in 2003, and all he wanted was to turn his life around for the sake of his 10-year-old son. So he knocked on doors looking for a job. Finally, he got one as a heating and air conditioning salesman. He turned out to be really good at it and worked for a year saving everything he earned.Weldon started his heating and air conditioning business a year later and hired an operations expert as he knew nothing about heating and air conditioning. All he knew was about sales and marketing, customer service, and risk management. Together, they grew the company very quickly.Throughout 2006 and 2007, Weldon consolidated about five of the larger older companies in town. He took on a lot of debt to do that because he had to borrow a lot of money from the bank. While he had so much debt, he also had these companies that were thriving.Unfortunately, the housing crisis and the recession of 2008 hit, and with his debt record, Weldon’s companies went bust. Weldon took on a lot of debt by buying so many companies and extended himself very precariously financially, but luckily he managed to get through it and avoid bankruptcy.Lessons learnedYou cannot cheat, lie or borrow your way out of financial trouble. You’ve got to sell your way out of it.Learn how to sell at great margins.Actionable adviceDon’t give up no matter how bad it seems or feels or no matter how hard you tried and perhaps came up short. There’s no such thing as failure as long as you understand each setback is a learning opportunity.No. 1 goal for the next 12 monthsWeldon’s number one goal for the next 12 months is to spend more time with family and work less. Businesswise, he recently launched an app called Rehash Leads, so his focus is to grow it.Parting words “Your thoughts are things; think about what you think about.”Weldon Long [spp-transcript] Connect with Weldon LongLinkedInFacebookTwitterWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever PodcastFurther reading mentionedStephen R. Covey (2004), The 7 Habits of Highly Effective People: Powerful Lessons in Personal ChangeChris McChesney, Sean Covey, Jim Huling (2012), The 4 Disciplines of Execution: Achieving Your Wildly Important GoalsAndrew Stotz (2015), Transform Your Business with Dr. Deming’s 14 PointsWeldon Long (2009), The Upside of Fear: How One Man Broke the Cycle of Prison, Poverty, and Addiction

BIO: Patt Soyao is currently the Managing Director and founder of Icon Executive Asia, an executive solutions firm that focuses on executive search and executive events that services a roster of high profile and high net worth clientele.STORY: Patt won the chance to run an event for a high-level multinational. The event would cost him about $100,000, but he had $5,000 only. His former business partner got him someone to lend them the money, but he’d have to pay back $30,000 in interest. This was equivalent to his profit. Patt had no choice but to accept the deal since he already had a contract with the multinational.LEARNING: Have enough funds to run your business before you start. Be careful when borrowing money from friends. “If you’re going to be a business owner, turn that thought into tangible things. Make things exist.”Patt Soyao Guest profilePatt Soyao is currently the Managing Director and founder of Icon Executive Asia, an executive solutions firm that focuses on executive search and executive events that services a roster of high profile and high net worth clientele. He is also the Chief Strategy Officer and Cofounder of Shoppertainment Live, the leading live stream shopping network in the Philippines.Check out his podcast Job Defined, which is all about debunking job descriptions through interviewing actual professionals who are doing that job right now.Worst investment everPatt had an events business that did a lot of high-level productions for multinational companies. The business was great. The only catch with working with multinational clients is that they have terms that require payments to be made 60 to 90 days after you bill them.Patt won this huge project, and after doing his cost estimates, he’d require more than $100,000 to run it. The business barely had $5,000 in the bank. Patt’s previous business partner told him that she would find a financer who could finance the event.Just a few weeks before the event, the lady told Patt that she found someone who could lend him $100,000 but at an interest rate of 10% per month. Because this particular client would be paying in three months, that meant Patt would have to pay an interest of $30,000. That was basically all the profit he would be making from the project.Patt was distraught, but he had nowhere else to get the money that fast. So he agreed to take the deal.Lessons learnedFigure out where your financing will come from before you get into business. Have that runway before you start doing business.Be careful when borrowing money from friends. Ask yourself if you are ready to risk the friendship.Andrew’s takeawaysYou can always go back and ask to get out of a contract if it is not working for you.Sometimes it is better to walk away from a deal if it is going to sink your business.Actionable adviceKnow your numbers but at the same time, think bigger. Understand when money is involved; you have to manage the cash flow and how long you can survive without making sales.No. 1 goal for the next 12 monthsPatt’s number one goal for the next 12 months is to scale his live stream shopping business so that it’s not just surviving but thriving in the pandemic.Parting words “Ups and downs are normal. So just keep on keeping on.”Patt Soyao [spp-transcript] Connect with Patt SoyaoLinkedInFacebookPodcastWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Michael Maher is a musician turned business owner. He runs his own Amazon Managed Services Agency called Cartology, and he loves it.STORY: Michael’s e-commerce business was not doing so well, and he thought putting in more money would help. So he went to a cash advance merchant and blindly got $14,000. Unfortunately, only a day after signing the loan papers, he realized he had gotten himself into a horrible deal.LEARNING: Money doesn’t solve all problems; sometimes, the solution is to sit through your problems and find the cause. Seek help from a trusted friend or community. “There was always time to solve any issue I was facing. But I didn’t notice that at the moment because I was so panicked on trying to fix it.”Michael Maher Guest profileMichael Maher is a musician turned business owner. Yes, he once dreamed of being a Rockstar and even dropped out of college to pursue that. But reality set it. Now Michael runs his own Amazon Managed Services Agency called Cartology, and he loves it. He now spends his time helping his clients translate their brand story into highly engaging product listings and artfully utilizes Amazon’s Advertising Platform to insert their brand into the conversations consumers are having with them.Worst investment everMichael started selling back in 2010 when he was working a job that he hated. He was able to build an e-commerce business while working this other job. He finally quit and went into entrepreneurship full time and launched on multiple channels, including eBay, Amazon, and Sears.The business owner without any business skillsMichael was not a trained business person. His college degree was in Asian Studies. So he built this business not knowing anything about it. He got an accountant friend to teach him some finance basics.Doing whatever it took to succeedMichael had this desire to grow his business and almost desperate to take whatever means possible. He had this idea of what he thought success looked like, and the success of his business was very closely tied to his self-worth. So if his business wasn’t succeeding, he wasn’t succeeding.A couple of years into his business, Michael didn’t have the cash he needed; it was tied up on credit cards, inventory, paying himself and other people. So he placed immense pressure upon himself to get his business to perform.The worst deal everMichael thought that pumping in money into the business would help. So he started researching places to get money. And, of course, the easiest places to get money are cash advance merchants. Michael went ahead and locked in on one and got an advance of $14,000. Unfortunately, while he did a pretty good job researching the merchants, he did not examine the deal itself.The deal was terrible. Michael had to pay monthly payments and tons of interest upfront. It was the day after he signed the papers that he realized he had made a colossal mistake. After he reread the terms and conditions, he realized that it was a terrible deal.Lessons learnedSometimes you just need to sit through your problemsSometimes you can’t get out of your own crap; you’re just stuck in it. Just sit in it and look at what you are doing and where the problem is. Find a solution slowly instead of acting so quickly.Money doesn’t solve all problemsWhen you’re having problems in your business, putting in more money will not necessarily make the problems go away. The solution is to find out what is causing these problems.Andrew’s takeawaysJoin a community of fellow entrepreneursWhen you’re an entrepreneur, it can be very lonely because you have no one to share your fears and struggles with. Find a community that you can be part of to help you tackle these difficulties instead of trying to do it all by yourself. Your problems won’t go away, but you can use your community as a resource.Go to your trusted friendWhen you face challenges, you need to explore all the options to overcome them. The best way to do that is to find someone you trust, sit down, and talk about your challenges.Actionable adviceRunning a business can be very stressful. So now and then, take a step away from that, take a breather, sit in a park and journal or walk around, think, talk out loud, pray, whatever it is that you want to do, and just try to gather yourself. Secondly, find someone who you trust, be honest with them and ask for their help. Then listen, don’t just ask for help; listen to what they say if you trust them.No. 1 goal for the next 12 monthsMichael’s number one goal for the next 12 months is to be able to help more people. The goal is to double his clients. Michael is also about to launch a podcast and a blog that he intends to use to be seen as a trusted source of information. He wants to help people create real honest growth.Parting words “Take your time, people.”Michael Maher [spp-transcript] Connect with Michael MaherLinkedInFacebookWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Baret Lepejian started his business career at 14 years old, working in his mom and dad’s family business that they started in 1971. Together with his brother, they went on to expand the business to 9 locations and 150 employees.STORY: When Baret and his brother agreed to sell their photo lab business, Baret took his share of the money and invested it all in a second restaurant. Baret thought that he had what it took to run a chain of restaurants on his own, but it became too overwhelming and he had to close shop after a long struggle.LEARNING: Never go into the restaurant business alone; make sure you have the right people beside you. Have good contracts in place and do proper calculations before opening a restaurant. “Don’t let one thing consume you.”Baret Lepejian Guest profileBaret Lepejian started his business career at 14 years old, working in his mom and dad’s family business that they started in 1971, called Isgo (Is go) Lepejian Photo Lab. Baret was a black and white darkroom printer for photographers from many fields, including rock & roll, celebrity, bodybuilding, architecture, fashion, fine art, and much more. He and his brother Vic expanded the business to 9 locations and 150 employees at its peak. Then, in 2004 a western saloon that Baret frequented with family, clients, and employees became available just across the street from the Burbank headquarters of Isgo, and that’s how he got into the restaurant industry. From there, he ended up owning four restaurants from 2004 until now. Today he will share his story about opening one of those four restaurants, Tinhorn Flats–Hollywood, from scratch in 2013.Worst investment everIn 2012 Baret and his brother sold the photo lab business, and sales had started decreasing as people moved to digital cameras and smartphones.Investing everything in a second restaurantAt the time, Baret had a restaurant that was doing pretty well. So he decided to take the money from the sale and invest in another restaurant.Baret came across this one listing in Hollywood that was wonderful. It was right across the street from the Grom Gelateria and Chinese Theater and all these tourist attractions. It was the perfect space for a restaurant.The listing was a building shell, and Baret had to put a ton of money into it to turn it into a restaurant. The construction process was an absolute nightmare for him, but he hoped it would be a good business.Opening the doorsA year later, Baret opened the doors of his second restaurant with his own menu, super quality, and reasonable prices. The initial reception was excellent. People really loved it.At this point, Baret had four restaurants. He decided to hire an executive chef because it was overwhelming for him to deal with all the different cooks. So this guy was going to overlook all four kitchens, make a menu adjustment, and whatever else needed to happen, and report back to Baret.Dupped by his chefAbout three or four months in, all of a sudden, all of Baret’s credit cards started declining. He had 25 American Express credit cards for all the businesses, including the photo lab and employee cards. In one day, everything stopped.The executive chef had a catering business, and he put like $120,000 on the cards in one month. This put a massive blow on his business because he had to pay that debt.The scorned competitorThe second blow came from a competitor across the street in Hollywood. Baret’s restaurant started taking away some of their big parties, and they were not happy. The competitor began a smear campaign against Baret’s restaurant, and this caused his sales to dip.Things started getting bad as the restaurant wasn’t making enough sales to run itself. The debt started piling up.Letting go of his beloved second restaurantAfter five years of struggling to keep the restaurant running, Baret’s girlfriend at the time made him see there was no more sense in trying to keep the restaurant open. He had been putting in a lot of his money into the business, and he was bleeding financially. Eventually, he got over himself and agreed to quit the business and sold the restaurant.Lessons learnedDon’t go into the restaurant business aloneYou may have the drive and charisma to run a restaurant, but you can’t do it all by yourself. There are other key people that you need for your restaurant to succeed. One is an accountant, the second is a lawyer, and the third is a chef. The chef need not be a high-end one but someone who understands a commercial kitchen. So find a way to partner with these three essential people.Have contracts in placeWhen you partner with the key people, make sure that you have contracts in place describing each person’s position.Andrew’s takeawaysDo your calculations well before opening a restaurantThe restaurant business may seem lucrative, but it is just a trap. You may be able to make a restaurant successful, but the revenue possibility is limited.Actionable adviceIf you want to get into the restaurant business, don’t put everything you have into it. Treat it like any other investment. Usually, when someone buys a stock or any investment, they don’t take everything they have and put it in that one stock. So diversify here too. Secondly, make sure you have key people in place before you open your restaurant.No. 1 goal for the next 12 monthsBaret’s number one goal for the next 12 months is just to wait it out right now and not do anything crazy until the pandemic subsides. [spp-transcript] Connect with Baret LepejianLinkedInAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Wendy Harris is an outbound telephone sales trainer who gives businesses the confidence to talk to strangers and never cold call again.STORY: Wendy invested in a franchise that was doing quite well until the head office forced her to use scare tactics to get other people to join the franchise. She refused to go against her business ethics, which tired down her chances of making money with the franchise.LEARNING: Do thorough due diligence and ask lots of questions, especially when you badly want something to work out. Always remember that you have an ethical obligation to your customers above making a profit. “Always get a second opinion from a professional that you trust. Someone that will give you unbiased and God’s honest feedback.”Wendy Harris Guest profileWendy Harris is making conversations count! She is an outbound telephone sales trainer who gives businesses the confidence to talk to strangers and never cold call again. She is the author of the Bestselling book Making Conversations Count: How To Sell Over The Phone and podcast host of the Making Conversations Count podcast.Worst investment everIn 2004 Wendy led a team of ladies calling out, booking appointments, and doing quotes in the telecommunications industry. She’d been headhunted to this company, and when she got there, she found that the staff was talking to precisely the same people as she was in her old position. Deals were being closed, but commissions were not being paid to the people making the appointments. Her trust went entirely out of the window.Breaking out to her own thingThe broken trust made Wendy want to consider quitting employment and do something else. So she persuaded her husband to give her a good few thousand pounds to invest in a franchise. So she set off on this path to run her own business with head office support and the other people’s experience doing the same thing in their area.Wendy got invited by the head office to go into the office and do some paid work to support her income. The work involved talking to other people about how good it is to be a franchisee.Being forced to go against her business ethicsEverything was working out well until Wendy was told the only way she would be paid is if she got people to sign up for these franchises and get them to pay for it on their credit card. These sales tactics did not amuse wendy because they were based on selling on fear. She then got slapped with a brand new franchise agreement that went from a four or five-page document to a 50-page document. The new deal gave all the control to head office, so the franchise was no longer Wendy’s business.Lessons learnedThere are two things that Wendy failed to do which led her to make her worst investment ever:Not asking questions and instead took everything at face valueNot doing her homework by researching other franchises or talking to other people that had bought franchisesAndrew’s takeawaysFear sells, but it’s an unethical tacticYes, fear sells, but you have an ethical obligation to your customers when selling your products and services not to use it as a tactic.Due diligence is most important when you want something to workWhen we really want something to work, we tend to be less vigilant and want to push it through to the end. We forget to do our due diligence and give people the benefit of the doubt. However, this is the time that we need to be the most vigilant because that’s when we’re most vulnerable.Actionable adviceGet a second opinion from somebody that you trust. Not a family member or a friend in the industry because they may be your biggest fans, but they’re not necessarily always going to give you unbiased and honest feedback. Seek help from professionals such as getting an accountant to look over the figures, a solicitor to look over the contract, etc.No. 1 goal for the next 12 monthsWendy’s number one goal for the next 12 months is to do a TEDx talk.Parting words “Just keep making conversations count.”Wendy Harris [spp-transcript] Connect with Wendy HarrisLinkedInTwitterFacebookWebsitePodcastAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Tom Dutta is an award-winning CEO, # 1 International best-selling author, TEDx speaker, and radio/film producer.STORY: Tom was drawn to his neighbors who had a huge house and two Corvettes. Out of curiosity about their wealth, Tom indulged them, and that’s how he and his wife got lured into investing in a Ponzi scheme.LEARNING: Due diligence is not enough; you must dig deeper. Trust your gut, and don’t fall for the shiny object syndrome. “Get back into your analytical side and follow your gut.”Tom Dutta Guest profileTom Dutta is an award-winning CEO, #1 International best-selling author, TEDx speaker, and radio/film producer. Transforming leaders and companies worldwide, Tom believes real change starts at the top. He is dedicated to changing our view of mental health in the workplace by breaking the silence, telling his story of struggle, and being a leader by example.Worst investment everTom became a CEO at the age of 31 when he was newly wedded and with a baby. The responsibility came with a lot of travel, but he was well paid and could afford to give his young family a good life.Things start to shake upIn 2006 at the peak of Tom’s career, three significant events happened. His wife’s mom had a major medical setback, and his wife was now juggling work and taking care of her mom's recovery. Given that Tom’s career was flourishing, he suggested that his wife considers taking early retirement. And so she did.The curiously wealthy neighborsAt that time, Tom and his wife had moved into a nicer home, and their neighbors were seniors, 65 years old plus. They had this big backyard with a double-decker house and two Corvettes parked in the parking lot. One of the owners, a grey-haired man, was always gardening. Tom was very curious about what their secret to living such a good life was.One day Tom walked over and asked the man what he did for a living. He said they help people structure their finances. They got to know each other and even invited Tom and his wife over for dinner.Lured into an investment optionOver time, Tom and his wife started learning more about their neighbors. They got invited to an investment presentation the neighbors were making. Tom and his wife innocently went, sat in the room, and listened.The presentation was about an investment where they could earn a high rate of return. There was a perfect storm right about that time because Tom’s wife had retired and had received a relatively large retirement pension. They had also saved up a lot. So they had the money to invest should they wish to do so.Doing their due diligenceTom and his wife took a year to check the investment out. They did their due diligence, and in the process, were flown over to one of the other provinces in Canada to meet the CEO of the group. They even had a gathering of 1,000 people in one session that the couple attended. Companies that were part of the structure that the investors were investing in through their retirement savings plans were brought in to talk to the potential investors. Everything checked out.Taking the leapAfter about a year, the couple reached a point where they figured it was time to decide. Tom had a gut feeling warning him against the investment, but he brushed it off as emotions because so much was happening simultaneously. They decided to invest.The first year was amazing, the returns were great, and the cash started coming in. The plan was for the investment return to give the couple a runway while Tom’s wife was off work until she eventually returned. They’d use the money from the investment to maintain their lifestyle and take some pressure off Tom.Losing his jobIn 2007, Tom’s company went through an M&A, and his job was eliminated. Now he had no income. One month later, he went to the bank to withdraw some of the investment return they were getting and was declined. Now they had nothing.The couple had no idea that they had invested in the world’s biggest Ponzi scheme. Now they were left with a massive amount of debt, and a lifestyle they could no longer sustain.Lessons learnedCreate a platform that allows you to make passive incomeIf you are trying to rebuild your life, don’t get back on the same playing field. Instead, create a platform that allows you to make passive income. When creating your platform, make sure that it is a saleable asset.Due Diligence isn’t enoughTalk to other people who are experts. Go to your friends who are lawyers, accountants, financial advisors, etc., and let them help you dig deeper to make the right decisions.Listen to your gutWhen faced with an important decision, let go of your emotions, get back to your analytical side and listen to your gut.Andrew’s takeawaysDon’t let manipulators fool you with their shiny objectsManipulators are clever, and they will use all sorts of shiny magnets to attract people, and they know exactly what they’re doing. Be wary of them.Do your due diligence and dig deeperNot everyone who seems credible is. Do your due diligence and dig even deeper to ascertain that people are who they say they are.Actionable adviceGo back and create a vision of what your future should look like. Then build your dreams and investments around that. Often, you’ll find that the dream about your future is not all about money.No. 1 goal for the next 12 monthsTom’s number one goal for the next 12 months is to double the income stream from his company, execute on a few projects that he has and write another book. Tom and his wife also have a personal goal to go to Bali when the world opens up to celebrate their 25th anniversary.Parting words “Tell your story.”Tom Dutta [spp-transcript] Connect with Tom DuttaLinkedInFacebookWebsitePodcastAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Melinda Van Fleet is a Confidence & Peak Performance coach, bestselling author of Confidence Mastery for Couples and speaker, who works with business women to believe in themselves, take action and get results.STORY: Melinda got trapped in the allure of online courses. She would buy classes on a whim without taking time to discern if they were really necessary. She ended up spending so much money on courses that never helped her or her business.LEARNING: Take your time to discern if you really need a course and if you buy it and it’s not what you want now, don’t rub it off completely; keep it aside you may need it in the future. “At the end of every storm, there’s a rainbow. You just have to keep the faith, keep going, and know innately that it will work out.”Melinda Van Fleet Guest profileMelinda Van Fleet is a Confidence & Peak Performance coach, bestselling author of Confidence Mastery for Couples and speaker, who works with business women to believe in themselves, take action and get results. Melinda is the host of two podcasts, The Good Karma Success Coach and Confident Conversations.Worst investment everMelinda’s journey with the coaching and course industry started in early 2018 when she learned about podcasting, and it opened her eyes to this whole lane of online business. The first course she did was fantastic. It got her and her husband into podcasting.The fear of missing outAfter her experience with her first course, Melinda became a coaching magnet. She went wild buying every course she came across due to fear of missing out. Some classes were good, others were not so helpful, and one was downright her worst investment ever.Melinda’s worst investment everMelinda once attended an event by one of the most popular coaches. She ended up saying yes to all these things the guy was offering. Some of the things weren’t even in her background, interest, or skill set.Melinda kept buying courses from this guy with the promise that the more she bought, the more she would learn. The promise was always that the answer is in the next course. She fell for it and ended up spending so much money and never got anything out of the courses.Lessons learnedBe wary of a coach who does not listen to youListening is essential when dealing with a coach. You want a coach who listens and asks questions, not just spewing off a lot of jargon or repeating things that someone could easily find in an online magazine.Trust your gutDon’t buy something if you don’t have a good feeling. Don’t let the shiny object effect or the fear of missing out lead to purchase something that you know deep down in your gut is unnecessary. Take time to discern what feels good to you, what feels right, and what you really need.When the student is ready, the teacher appearsSometimes you may buy a course, and it is not what you need at the time. Don’t beat yourself up about it. Just because you don’t need the course now does not mean you won’t need it at some other point in your life, career, or business. Most courses have lifetime access, and you can go back and continue when you want.Take ownership of the course you buyIf you’re working with a coach, don’t be afraid to speak up and ask for what you need. Take a little bit of ownership and recognize that you can change some things and move through them. You can even put the course aside if it doesn’t resonate with you right now. You can choose to get back to it later.Andrew’s takeawaysIf you want to help someone ask questionsWhen you want to help someone in a business as a coach or an advisor, ask more questions and really listen. This is what will help people go forward.Actionable adviceTake your time, don’t rush your decisions. Think about it and see how you feel. Don’t be afraid first to do some research and ask around. And if you make a wrong choice, don’t feel like you made some massive mistake. We can all learn from these situations.No. 1 goal for the next 12 monthsMarie’s number one goal for the next 12 months is to continue working with her clients and her business and help as many people as possible. She also plans to launch her third book by December.Parting words “Always remember that all learnings help build your confidence, and there are no mistakes. It will all work out.”Melinda Van Fleet [spp-transcript] Connect with Melinda Van FleetLinkedInFacebookWebsitePodcast 1Podcast 2Andrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast