Wisdom.MBA

For this episode, I try something a bit different by having two guests on the show. I interview fellow classmates from the Executive MBA program at Duke. Bailey Smith and Noah Smith (no relation) were both Navy Surface Warfare Officers (SWOs) with deployments in the Arabian Gulf and South China Sea. They both share their experiences from their time in the Navy and the challenges and similarities of managing sailors versus employees.

Noah completed this undergraduate degree from Clemson University and is now a Product Manager at Corning Incorporated, one of the world’s leading innovators in materials science. Bailey graduated from Cornell University and is an Assistant Vice President of Global Technology and Operations at the Bank of America.

In addition to talking about life in the Navy, we have open and candid conversations about what it is like to balance work, family and school during COVID-19, transitioning to all online classes, and in Bailey’s case, having a child while in the program and doing classes from the hospital the day after giving birth. If you are a perspective student contemplating an Executive MBA, I would encourage you to take a look at the podcast show notes to skip ahead as needed to where we provide our advice on how best to manage the program and give tips for success.

Discussion Topics:

(2:02) Deployments and navigating ships at Sea.
(9:22) Dealing with sleep deprivation.
(15:18) Naval officer portrayal in movies and literature.
(18:40) Traveling the world and favorite port calls.
(21:41) Earning trust and managing sailors versus employees.
(28:37) The decision to pursue an EMBA and why the format works.
(35:30) Adjusting to all online classes.
(42:55) Rapid fire questions on the pros and cons of an EMBA program.
(52:55) Time management advice for working parents doing an EMBA.
(1:04:01) #1 piece of advice for success in an EMBA program
(1:06:39) Having a child in the middle of term 2.

Ryan Duey is the Co-Founder + Co-CEO of plunge.com. Plunge has seen fantastic growth with increases in demand for cold plunge and contrast therapy coming out of the pandemic. Ryan and I go deep into what caused the company’s parabolic rise and how he and his co-founder Michael Garrett were able to both help create and capitalize on the current cold plunge boom.

We talk about getting free organic exposure from Lebron James. Plunge’s origin story during COVID lockdowns. His appearance on SharkTank, goals for the future and his honest advice for young entrepreneurs. A really fascinating insight is Ryan’s concept of the entourage effect. I had never heard of the concept before, but I think it is a genius and a big reason why the company and cold plunges in general took off so quickly in the United States.

If you like health and wellness or a great founder story that involves taking risks and pivoting during adversity, then I think you will really like this episode.

Discussion Topics:

(1:17) Icebreaker: study abroad.

(3:16) Lebron James, Tony Hawk, Andrew Huberman and more.

(14:37) Why did cold plunge go parabolic in December 2022?

(21:30) The entourage effect.

(24:09) Which celebrity has the coolest house?

(30:47) Plunge’s origin story - necessity is the mother of invention.

(38:12) Sharktank ... was it worthwhile?

(43:00) Sauna launch.

(51:29) Advice for young entrepreneurs.

(53:33) Rapid fire.

Bradley Harris is the principal and CEO of A-Frame - a venture studio built for sustainable growth. Brad and I met on acquire.com, an online marketplace for buying and selling startups. I was looking to purchase the surf and board sports business that he had founded. I loved what he had built and his focus on being a socially minded entrepreneur. Brad ultimately sold the business to someone else, but we have stayed in-contact and have helped each other on our respective entrepreneurial journeys.

Brad is a 3x founder and advisor with a deep understanding of go-to-market strategies, brand management and mobile technology. His super-power, however, is being able to position brands for social impact in ways that are authentic and resonate with consumers.

We talk about how he positioned his surf eCommerce business Good Wave to meet an underserved portion of the market, namely surf parents. We geek out hard on surf culture and board sports and how brands can be better leaders of social impact.

Brad is a great guy with a lot of wisdom to share. I hope you enjoy.

Discussion Topics:

(1:14) Brand archetypes in action sports.

(6:18) The best winter ever and finding your why post-exit.

(11:42) Building a business for surfing parents and families.

(28:32) Product development process.

(37:40) Advice for selling on acquire.com.

(52:17) Vision for A-Frame ventures.

(54:40) Rapid fire.

Ted Baker is the co-founder of QALO (pronounced “kay-lo”), an active lifestyle company which was started in 2012. Their hero product, a functional silicone ring, has disrupted the multi-billion dollar wedding ring industry. In 2018, QALO was ranked #151 on Inc. Magazine’s fastest growing companies list. People like Lebron James, Dale Earnhardt Jr and Steph Curry now wear them. Ted’s story is a great example of how new innovative products can create a white space, unlocking unmet sources of customer value while capturing share in established markets. Ted shares his insights on the grit and tenacity it takes to bootstrap a company to phenomenal growth. Ted earned his MBA, with a focus in entrepreneurial and small business operations, from Loyola Marymount University. He currently serves as Board Chairman of www.qalo.com.
Discussion Topics:

(1:29) Backstory on how and why Ted started QALO.

(5:35) Launching without outside investment.

(7:35) Brand, culture and building an active lifestyle brand.

(14:30) Dealing with new competitors after explosive growth.

(17:26) Innovation and new product launches.

(22:57) Selling on Amazon and omni-channel marketing strategies.

(29:15) How to bootstrap a company for growth.

(35:40) Variable marketing and return on advertising spend (ROAS).

(40:45) Leveraging a business school education as an entrepreneur.

Harvard Business School Students Juan Ruiz and Doug Walsh run communEtA -- an MBA student-run fund which invests in search entrepreneurs. The first of its kind; it is a community of LPs, students, and searchers. The group looks to provide exposure and training on Entrepreneurship Through Acquisition and source high-quality investment opportunities for LPs and finally highlight ETA as a viable career option.

We discuss why communEtA was launched and Juan and Doug provide their insights on how best to source and close deals. As a West Point graduate, a platoon leader, and a team leader for the 95th Civil Affairs Brigade for the US Army, Doug also gives advice for veterans who are both looking at business school and ETA as a career choice.

This episode focuses heavily on ETA, the process of searching for a business to buy, closing on it and ultimately running it. Even if ETA has never crossed your mind, I think there’s value for you in in this episode ... particularly if you are like me and want to constantly find ways to increase your personal net worth. For the search fund entrepreneurs listening, we try to add value, particularly on ways to better source deals and increase the odds of going from LOI to close ... something that I have struggled a fair amount personally.

Discussion Topics:

(1:29) Icebreakers.

(7:14) communEtA’s origin story & screening criteria for investments.

(14:34) The economics of search. Is it worth it?

(19:02) The deal sourcing process.

(25:55) Advice for self-funded searchers.

(29:33) Advice for Veteran searchers.

(35:28) communEtA’s portfolio.

(38:56) Increasing the odds of getting from LOI to close.

(48:24) Rapid fire questions.