127: Creating Sellable Businesses with Tommy Beretz

On this episode of Build Your Network, Host Travis Chappell interviews Tommy Beretz, serial entrepreneur, comedian, actor, and producer.

Here’s what Travis and Tommy discuss in this episode:

  • About Tommy Beretz
    • He’s most excited about Project Punchline.
      • They host live events, mostly comedy.
      • They donate the proceeds from each event to charity each month.
      • When someone’s laughing they forget about their problems momentarily.
    • How did you get started?
      • He was working at a bar and then decided to start a business.
      • He wasn’t good enough to be a bartender, he had to do gruntwork.
      • He decided to start a business and started reading books.
      • Took his business from an apartment to over 200 employees and multi-million dollars.
      • He was 25 when he started his first business.
    • What was your first business about?
      • A swimming pool business – all commercial based.
      • He knew a little bit about pools.
    • What kind of a learning curve was there scaling your business?
      • The curve was huge, he knew nothing about business.
      • He studied successful entrepreneurs, read books, and got mentors.
      • The learning curve cost him both time and money.
        • It’s important to learn through your time and money.
      • Were there any moments when you thought you should quit and get a job somewhere?
        • Yes, absolutely.
        • Your family often wants you to take the safe way and can sometimes be the biggest naysayers.
      • How big of a role did putting yourself in the way of entrepreneurs play?
        • A huge role, you have to put yourself around other people who are successful.
        • Go ask successful people how they got there.
      • What were some ways you figured out how to make your business a sellable asset?
        • They key components of a sellable business:
          • You have to make money.
          • You have to have recurring revenue.
          • How much time do you spend on the business?
          • How much market share do you have in the industry?
        • He had to get the right people for the right roles.
        • Your employees don’t care about the business as much as you do.
        • Salespeople are the number one thing that will change your business.
      • Did you figure out everything on your own?
        • It came from books and asking the right questions.
        • What was a book that was paramount to your success?
          • Rich Dad, Poor Dad.
          • All of Grant Cardone’s books.
          • The Success Principles.
        • What do you think about monetizing your passion vs. using previous experience.
          • Your passion isn’t going to pay you.
          • If you try to monetize your passion, eventually your passion becomes a job.
          • There’s a difference between passion and belief in a product.
          • Your dream job is something you’d be willing to do for free.
        • Tell us more about Project Punchline.
          • He loved stand up comedy and he wanted to build a business around giving back and stand up comedy.
          • He took his passion and experience and built a business around it.
        • How can people support and find Project Punchline?
          • Find them at projectpunchline.com
          • They sell merchandise and for everything that gets purchased a portion of your purchase goes to a cause.
        • What does the next decade or two look like for you?
          • Take project punchline to the next level.
          • He’s working on some screenplays for movies.
          • The next decade will be dedicated to what he’s passionate about.
        • Do you believe that what you know or who you know is more important, and why?
          • It has to do with both – you need to know stuff to be valuable to who you know.
          • Your connections are ultimately the most important.
          • Every great athlete and businessman has a coach.
          • So many people are short-term thinkers.
        • How do you feel about paying for masterminds, mentorships, and coaching.
          • It’s priceless. It’s so valuable he’s willing to spend uncomfortable amounts of money to be a part of them.
          • There are all walks of life in a mastermind and that helps you.
          • If you invest the money in a mastermind or coach it’s going to pay dividends.

The Random Round:

  • What profession other than your own do you think it would be fun to attempt?
    • Coaching – because you’re helping people get to where they want to be.
  • If you could sit on a park bench with anyone for an hour who would it be, and why?
    • Steve Jobs
    • He had a lot of business insight and life insight.
  • How do you like to consume content?
    • Audiobooks
  • Give us a glimpse of your morning routine?
    • Wake up early
    • Go to the gym
    • Meditate and say affirmations out lout
  • What is your go-to pump up song?
    • Eye of the Tiger from Rocky
  • What is something that you are not very good at?
    • Execution
  • What is one place where we can find you the most?
    • Instagram – @tommyberetz

Tweetable Quotes:

  • The world rewards action.
  • Go ask successful people how they got there.
  • If you invest the money in a mastermind or coach it’s going to pay dividends.

Resources Mentioned:

Buildyournetwork.co – Podcast website

BYN.media/fb – Facebook Group

Project Punchline

Rich Dad, Poor Dad – book by Robert Kiyosaki

The Success Principles – book by Jack Canfield

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