Episode
#75 with Randy Hetrick - Navy SEAL To $50M TRX
1:07:41
Published: Sat May 16 2020
Description
** The audio recording in the episode had some stuff ups. Sam is not interrupting Randy, it's just the audio delaying in recording. Very sorry for the listening experience, will be fixed in future episodes. ** Today's ep is possible because of Superside! Head to www.superside.com/mfm to hire a dedicated team of designers for your project! Joined our private FB group yet? It's a page where people share each others million dollar ideas or what they're already working on: https://www.facebook.com/groups/ourfirstmillion. Sam (@thesamparr) talks to Randy Hetrick (@randyhetrick) who is the CEO of TRX training (inventor of TRX Suspension Trainer), a leading global brand in physical training and the industry leader in functional fitness. Built the company from a bootstrap start up to a high growth consumer brand with 130 employees and approximately $50M in annual revenues. Today's topic include: Why angel investors are better to receive money from than VC's (6:20), Starting a physical goods business and being omnichannel (13:08), Difference between being chairman and CEO (29:08), Why institutional MBA type CEO's suck (33:07), What industries he's interested in investing in (39:32), Sam's MMA weight cut (43:34), Navy Seal and business leadership (46:25) and Randy's angel investing, selling secondary and building his personal brand (55:33). See acast.com/privacy for privacy and opt-out information.
Chapters
The podcast discusses an always-on design company that delivers quality design at scale within 24 hours, from a fan's perspective.
00:00 - 02:13 (02:13)
Summary
The podcast discusses an always-on design company that delivers quality design at scale within 24 hours, from a fan's perspective.
Episode#75 with Randy Hetrick - Navy SEAL To $50M TRX
PodcastMy First Million
The founder of a successful company discusses his experience raising angel money and taking on private equity, as well as the challenges and benefits of recapping the business.
02:13 - 10:08 (07:54)
Summary
The founder of a successful company discusses his experience raising angel money and taking on private equity, as well as the challenges and benefits of recapping the business.
Episode#75 with Randy Hetrick - Navy SEAL To $50M TRX
PodcastMy First Million
The founder of TRX shares how they decided to partner with fitness professionals by providing them with a great tool - the suspension trainer, which had the potential to help them train better.
10:08 - 18:21 (08:12)
Summary
The founder of TRX shares how they decided to partner with fitness professionals by providing them with a great tool - the suspension trainer, which had the potential to help them train better. He also explains why pure product codes get unfair valuations compared to tech-based companies.
Episode#75 with Randy Hetrick - Navy SEAL To $50M TRX
PodcastMy First Million
Creating a pure digital company is challenging due to the overcrowded marketplace, especially when serving a loyal customer base who had never purchased products for their home.
18:21 - 27:01 (08:40)
Summary
Creating a pure digital company is challenging due to the overcrowded marketplace, especially when serving a loyal customer base who had never purchased products for their home. Also, planning for an unexpected surge in demand can be tricky.
Episode#75 with Randy Hetrick - Navy SEAL To $50M TRX
PodcastMy First Million
The founder of an organization talks about transitioning out of the day-to-day management to the president and team.
27:01 - 32:18 (05:16)
Summary
The founder of an organization talks about transitioning out of the day-to-day management to the president and team. While the business scales infinitely, becoming a successful digital content publisher is not easy.
Episode#75 with Randy Hetrick - Navy SEAL To $50M TRX
PodcastMy First Million
There's an issue in Silicon Valley with people starting companies but being too afraid to hire others to run it.
32:18 - 37:37 (05:18)
Summary
There's an issue in Silicon Valley with people starting companies but being too afraid to hire others to run it. This is hindering growth and success, with examples including Nasty Gal which scaled up to hundreds of millions in sales but failed to reach its true potential.
Episode#75 with Randy Hetrick - Navy SEAL To $50M TRX
PodcastMy First Million
The speaker believes that a successful team leader should be innovative, possess a balance of art and science, and understand financial analysis and consumer motivation.
37:37 - 49:08 (11:30)
Summary
The speaker believes that a successful team leader should be innovative, possess a balance of art and science, and understand financial analysis and consumer motivation. They should also maintain secrecy to prevent putting their team and others at risk.
Episode#75 with Randy Hetrick - Navy SEAL To $50M TRX
PodcastMy First Million
The speaker shares a story about a patronizing comment he received when interviewing for Stanford Business School and takes the opportunity to dispel misconceptions about military leadership.
49:08 - 56:08 (06:59)
Summary
The speaker shares a story about a patronizing comment he received when interviewing for Stanford Business School and takes the opportunity to dispel misconceptions about military leadership.
Episode#75 with Randy Hetrick - Navy SEAL To $50M TRX
PodcastMy First Million
Billy Zane talks about his latest venture of encapsulating hair into jewelry and the process of doing so while also discussing his investments and financial experiences.
56:08 - 1:06:20 (10:12)
Summary
Billy Zane talks about his latest venture of encapsulating hair into jewelry and the process of doing so while also discussing his investments and financial experiences.
Episode#75 with Randy Hetrick - Navy SEAL To $50M TRX
PodcastMy First Million
Former Navy SEAL and TRX founder, Randy Hetrick, discusses his plans to take inspiration from Richard Branson and find ways to expand his personal brand while still contributing to the company he founded.
1:06:20 - 1:07:51 (01:30)
Summary
Former Navy SEAL and TRX founder, Randy Hetrick, discusses his plans to take inspiration from Richard Branson and find ways to expand his personal brand while still contributing to the company he founded. He also talks about using Twitter as a means of communication.