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

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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