September 28, 2025 • 29 mins
This is the final show.
It is the last show after 17 years of the Small Business Radio Show. Over this period of time, I've done over 2500 interviews across so many different radio stations and podcast platforms. I know that after all this time, people are going to ask me, who was your favorite interview? And I have to be honest, there really wasn't one. I listed every single year what some of my favorite interviews were for that year, but my favorite ones always were the small business owners. The ones that shared a real, true piece of themselves that talked to the legitimately about their experience and just wasn't here to sell a concept. The ones that lived it.
We end this radio show series like we began it 17 years ago with Scott Jordan of Scottevest.
For over 20 years, Scottevest has designed great looking clothing with tons of innovative pockets and unique features. We have followed his incredible journey and now he reflects on his life as an entrepreneur and small business owner.
Become a supporter of this podcast: https://www.spreaker.com/podcast/the-small-business-radio-show--3306444/support.
Listen to all the episodes of The Small Business Radio Show at www.barrymoltz.com
It is the last show after 17 years of the Small Business Radio Show. Over this period of time, I've done over 2500 interviews across so many different radio stations and podcast platforms. I know that after all this time, people are going to ask me, who was your favorite interview? And I have to be honest, there really wasn't one. I listed every single year what some of my favorite interviews were for that year, but my favorite ones always were the small business owners. The ones that shared a real, true piece of themselves that talked to the legitimately about their experience and just wasn't here to sell a concept. The ones that lived it.
We end this radio show series like we began it 17 years ago with Scott Jordan of Scottevest.
For over 20 years, Scottevest has designed great looking clothing with tons of innovative pockets and unique features. We have followed his incredible journey and now he reflects on his life as an entrepreneur and small business owner.
Become a supporter of this podcast: https://www.spreaker.com/podcast/the-small-business-radio-show--3306444/support.
Listen to all the episodes of The Small Business Radio Show at www.barrymoltz.com
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:04):
Get ready for all the craziness of small business. It's
exactly that craziness that makes it exciting and totally unbelievable.
Small Business Radio is now on the air with your host,
Barry Moultz.
Speaker 2 (00:17):
Well, thanks for joining this week's radio show. Remember this
is the final word in small business. For those of
keeping track of this is show number eight hundred and fifty.
In fact, it is the final show. It is the
last show after seventeen years of the Small Business Radio Show.
Speaker 3 (00:36):
Over this period of time, I've done over twenty five hundred.
Speaker 2 (00:40):
Interviews across so many different radio stations and podcast platforms.
And I know that after all this time, people are
going to ask me who was your favorite interview out
of those twenty five hundred people, And I have to
be honest, there really wasn't one. I listed every single
years what some of my fasavorite interviews were for that year,
(01:02):
But my favorite ones always were the small business owners,
the small business thinkers that shared a real true piece
of themselves, that talked legitimately about their experience and just
wasn't here to sell a concept they actually.
Speaker 3 (01:18):
Had lived it.
Speaker 2 (01:20):
You're also going to ask me who the worst interview
was after all these years, and I got to tell you,
I got one for that.
Speaker 3 (01:26):
That's easy.
Speaker 2 (01:27):
That's Rudy Rudiger of the movie Rudy. Rudy canceled the
first time and the second time he came on angry.
He was upset for whatever reason, for his PR people
booking him on my show.
Speaker 3 (01:39):
The interview.
Speaker 2 (01:40):
The interview only lasted eleven minutes, and I said, Rudy,
you know, you got to have a better relationship with
your PR people, because if you didn't want to be
on the show, you shouldn't have really been on the show.
Speaker 3 (01:50):
The people that were also the worst were.
Speaker 2 (01:53):
Many times academics or folks trying to sell some kind
of infomercial kind of thing where I would ask them
one question and then they would go onto some kind
of monologue for five or seven minutes, going on and
on and on, not realizing that this really was a dialogue.
After all these years, I want to thank all of
(02:15):
our sponsors. We had so many of them, from the
largest Amazon, Google, Facebook, Microsoft, We had all sorts of
incredible people. But I also want to thank all the
listeners for really tuning in every single week, and there's
millions of you.
Speaker 3 (02:32):
Why did I do this for all this time.
Speaker 2 (02:34):
Well, it's really quite simple because I wanted to keep learning.
I learned the most in my life my career from
interviewing people and asking them simply, what did you think?
What was your experience in whatever you went through? What
can other people learn from it? That was really a
privileged to interview all those people, and it was also
(02:54):
a privilege to hear your feedback and to hear what
you thought about what these folks were saying. I want
you to understand that in my mind, everything in life
has a beginning and an end. So while this is
the end of the Small Business Radio Show, it also
is the beginning of a new podcast I'm a doing
(03:15):
called the Exit Strategy, or I'll be talking to people
some I've worked with, some that I haven't, who've had
incredible exit strates in their small business and some of
the secrets of success to doing that. So for the
final time, I want to thank everyone for joining this
week's radio show. We have one more guest, a very
(03:36):
very special guest, and we will be right back. Those
that know me know that I love symmetry, and on
my very first show seventeen years ago, my very first
guest was Scott Jordan, CEO of Scottivest. Over the years,
we've had them back for anniversary shows, but now it's
time for him to be on the very last show.
(03:58):
For over twenty years, got Vesta designed great looking clothes
with tons of innovative pockets and unique features. Scott for
the first and last time, Welcome to the show.
Speaker 4 (04:10):
Thank you, Barry. Oh my god, has it been that.
Speaker 3 (04:13):
Long seventeen years? Quite a run.
Speaker 4 (04:17):
That's unbelievable.
Speaker 5 (04:18):
You congratulations are giving all this great advice over all
these years.
Speaker 2 (04:22):
Well, you know, you're the I've had over twenty five
hundred guests. You're the only guest that's been on like
five or six time because I love talking to you
and you build a company. Really, as they say on
the back of pockets, what is do you think that
says about human behavior?
Speaker 3 (04:36):
Consumer need? That we still need pockets.
Speaker 4 (04:41):
We'll always need pockets. I don't know.
Speaker 5 (04:44):
Everyone loves pockets. You know, we're a mobile society. You
know that's an interesting question.
Speaker 2 (04:51):
Is it because we're control freaks or is it because
actually that question comes from chat GPT. I just want
to let you know we're finally answered a I put
in the chat focative questions. Could I ask Scott Jordan
and a lot of them, I've already asked you, but
this I thought was interesting. Do you think the brand
resonates with travelers or people that are like control freaks
(05:12):
or something like that.
Speaker 5 (05:13):
Yeah, I don't think it's control freaks. I'm interested in
what Chatchet Team might come back at. I mean, because
I'm using it and really interesting ways. But maybe we'll
get into But you know, I think it's just, you know,
I don't know, it's just why do we need air?
Why do we need to eat? You know, tackets are essential.
(05:34):
I mean, you know, it's just you want to organize.
You want to be able to have the important things
on you at all times in a manner.
Speaker 4 (05:43):
That is useful. You know.
Speaker 5 (05:46):
I don't I think he has anything to do with
control freaks. I think travelers for sure.
Speaker 2 (05:51):
I want to ask you because you always say it's
not rocket science, it's pocket science, right, Yeah, So why
do you think the pocket science has resonated with your
custom is over so many years, over twenty years.
Speaker 5 (06:03):
Well, no one else is doing it number one, shockingly,
I you know, and I think one of the mistakes.
A lot of entreprepreneurs make myself included when I first
started Scottyvess and you were consulting with HWY five twenty
five years ago, you know, so we go back even further,
and uh, you know, I think every entrepreneur's fear is.
Speaker 4 (06:23):
Who's going to knock me off?
Speaker 5 (06:24):
You know, I come up with an obvious idea or
somewhat obvious idea that my biggest concern is, I don't
want to build a business and have another brand see
the value and just you know, come in and do
it better, or just do it and put more money
behind it. So, you know, I think that you know,
in the case is Scotty no One? What brand comes
(06:46):
to mind when you think of your multi pocketing?
Speaker 4 (06:49):
No One?
Speaker 5 (06:49):
Just you?
Speaker 3 (06:50):
But I've been around you for so long, so I'm
not sure this room.
Speaker 5 (06:54):
Isn't no well no even still, I studied the industry
pretty well. A couple others have kind of tried, you know,
but there isn't a brand that comes to mind that
really does carrying capacity and clothing really well.
Speaker 4 (07:07):
Now there You.
Speaker 5 (07:08):
Know, we started out being a better fisherman's vest or
a better photographers vest, a better looking photographers vest for
the essential items that you carry or want to carry,
you know, and and then build, you know, a full
line of clothing, not just based upon vest, but jacket, shirts, underwear, ants,
you name it. We have eighty different items in our line,
(07:31):
all focused around this concept of more better pockets. And
if you just randomly ask anyone, you know, just walk
up to them and say, are you happy with the
pockets you have in your clothing right now? And I
can swear to you I've asked this question a million
times before I tell.
Speaker 4 (07:47):
Them what I'm doing. They're like, no, no, there would
you like more better pockets?
Speaker 3 (07:52):
You know?
Speaker 4 (07:52):
And yes, of course I would.
Speaker 5 (07:55):
It's almost like would you like bacon on that cheeseburger?
Speaker 1 (07:58):
Who?
Speaker 2 (08:00):
No one says, I have to admit I wear Scotty
Vest underwear, and I have to tell you I love
the pocket the high things when I'm traveling in.
Speaker 4 (08:10):
Can you only use that?
Speaker 3 (08:11):
I really do?
Speaker 2 (08:12):
And because no one gets down to the underwear just
saying so, after all this time, when you think back
on your really quite amazing career with Scotty Vest.
Speaker 3 (08:22):
What was the best of times right now? Why do
you say that?
Speaker 5 (08:29):
Because I've leaned into the small team that I that
I've assembled, and I'm letting them do what they do
best and staying out of their way and involving myself
and what I do best, and and and learn I
finally learned what I do best, and that you know
is inserting myself in sort of the visionary plans for things,
(08:51):
and and and and escalating when vendor situations require someone
to you know, insert themselves as the quote unquote CEO.
Now when I when I tell you the size of
my team, which you probably already know many of your
listeners might from the last show, you'll be shocked to
learn it.
Speaker 4 (09:09):
You know, it really is.
Speaker 5 (09:11):
It's one person. It's you know, it's Laura. It's my wife.
You know, we the volume of our business is well
over ten million dollars annually, and and it's she does
pretty much everything. Now, we have another critical contractor who
invests thirty hours a week on Scotty Vest. And and
(09:32):
because I've you know, retained him on a thirty hour
a week basis, you know, I don't I don't own him,
and I think I had.
Speaker 4 (09:41):
Issues control or otherwise.
Speaker 5 (09:43):
When I hire someone for forty hours a week and
I and I expect that their forty hour week, you know,
or their full time week looks like what my full
time week looked like when I was practicing law at
a large law firm, and that was never a forty
hour week.
Speaker 4 (09:58):
That was whatever. It took eighty.
Speaker 5 (09:59):
Hours, ninety hours, you know, sometimes you know, two hundred
and fifty billible hours a month to get shit done.
You know, that was necessary and to get a good
living wage.
Speaker 4 (10:10):
You know. So I think in my case, you know, I.
Speaker 5 (10:16):
Found a formula and you know, working with the formula,
now that formula does not work. If you want to
grow your a fifty million dollar business on the back.
Speaker 4 (10:26):
Of one person.
Speaker 3 (10:29):
Things right with shipping, yeah yeah, stuff, yeah yeah.
Speaker 5 (10:33):
We and we outsource our customer service, and we outsource
our advertising. You know, we picked really good outsourcing models.
You know, you know, the back to AI for a moment,
there's talk of when is going to be the everyone's
listening to this laughing. How can a company really be,
you know, a fifteen million dollar company on the back
(10:54):
of one person. Well, there's discussions of when the first
trillion dollar, one person employee company is going to be
using using AI, you.
Speaker 4 (11:02):
Know, and in fact, Laura is AI.
Speaker 3 (11:08):
So so I just finished.
Speaker 2 (11:10):
I've just finished writing my book has come on The
Fall on Family Business, my last, my final book, the
book Sarah always wanted me to write and change all
the names. It's been incredible that it's worked out this
long with you and Laura working together in business. Because
with my wife Sarah, it only lasted for one day.
I asked her to do something, she didn't do it,
I fired her and that was it.
Speaker 3 (11:29):
Right.
Speaker 2 (11:29):
But you guys have figured out what's been the key.
Speaker 4 (11:34):
You know, we'll both have different answers.
Speaker 3 (11:37):
I never interviewed her, so I just want yours.
Speaker 4 (11:39):
Yeah, yeah, So.
Speaker 5 (11:43):
Well, firstly, it's kind of a funny story how we
got started working together. You know, when we when we did,
when I moved out to some valley, I said to
her that, you know, I don't want you working full time.
Speaker 4 (11:54):
I want you to help me get the business started.
Speaker 5 (11:56):
And shortly they after, I want you to play tennis.
Speaker 4 (11:58):
And eat bomb bonds like my mom did, and do
your charity work.
Speaker 5 (12:02):
And she looked at me and she says, I would
never relinquish that much control to you if you were working,
and it is a brilliant woman, she says, if you
were working hard, and I come home and you are
dealing with problems of work and working your ass off
and I and you come home and.
Speaker 4 (12:17):
I'm eating bomb bands and playing tennis. Nothing wrong with that.
Speaker 5 (12:20):
My mom did a very good job at that and
raising children and all the important things back in the day.
Speaker 4 (12:26):
And you know, then.
Speaker 5 (12:27):
You'd look at me and wonder how I was contributing,
and I'm not going to be a part of that
power dynamic. And I looked at her and I said,
it's brilliant, utterly brilliant. She she that's the type of
woman she is. She had the foresight to realize that,
and especially because she saw the template in my household,
and she knew that the power dynamic in my family
(12:50):
was not healthy. My father treated my mother like a servant,
you know, and I don't think that's that uncommon in
that day and age. But so I think that it
important foundationally that we established ourselves not not as equals
in many respects. I realized, fairly assume that she was
actually much smarter.
Speaker 4 (13:09):
She's superior.
Speaker 3 (13:12):
We realized that, right.
Speaker 5 (13:14):
Yeah, it takes us a while, but you know, a
number of issues like that along the way. Another important
conversation that we had was when I wanted.
Speaker 4 (13:24):
To grow the business.
Speaker 5 (13:25):
You know, early on, when we were going from a
million to two million, to four million to six million,
doubling the business every year, and you know, I thought, well,
we can continue at this trajectory on it.
Speaker 4 (13:35):
You know, we were going to be one hundred million
dollar business or more.
Speaker 5 (13:38):
You know, Lulu Lemon was in my sights, Carhart and
all these other you know, major apparel brands that went
on to be billions of dollars and then had a
series of problems as well. We've outlasted many of those,
and to this day you're probably worth more than than
some of these businesses, many of them that have gone
under the household names. But I turned to her and
(14:00):
I said, you know, as we grow, we're going to
make mistakes along the way. We're not going to be
able to do customer service perfectly. And she said to me,
I'll never forget the conversation if we can't do customer
service and everything really perfectly. You know, I don't want
to be a part of that business. It's not a
brand I want to be associated with. And I turned
(14:21):
to her and said.
Speaker 4 (14:22):
Oh, now, little Laura, you know that's just not the
way business works. You just really yeah, you know, and
she was right.
Speaker 5 (14:32):
So we pair it back, and now you know, we
do every We don't do it unless we can do
it perfectly.
Speaker 4 (14:38):
I don't take on more task.
Speaker 5 (14:40):
Every email that lands in my box from some unsolicited
robot telling me, you know, I've got free ads for
you to look at her Facebook and you know whatever,
A million different ads you get, you know, delivered into
your inbox.
Speaker 4 (14:53):
I used to take everyone of them seriously.
Speaker 5 (14:54):
I'm driven to to make momentum and make change and increase.
If I'm not increasing, I'm failing. And and I've learned
that that through time immaturity, that that does not always
serve me well. It served me really well at the beginning,
you know, but I don't think so anymore.
Speaker 3 (15:15):
There's always better. So what were the worst of times,
you know.
Speaker 5 (15:21):
When I tried to grow the business exponentially and try
you know, I was able to you know, get get
the top line to you know, close to twenty million,
and I turned over the reins to someone that didn't
have the experience, you know, an attempted to manage a
larger team, and you know, this was in twenty eighteen
(15:42):
and the guy tried his hardest, but unfortunately didn't do
a great job, you know, whether it's probably no fault
of his own, some Peter principal in there and some
bad contractor decisions, and we lost two million dollars and
you know, and then real money, and the bank called
(16:05):
their loan because we had a net income covenant even
though I funded the two million dollars. And to get
another lender involved in this is all you know, what's
on the horizon of twenty eighteen.
Speaker 4 (16:16):
Yeah, nothing good.
Speaker 5 (16:18):
I can tell you that you're not for a travel
clothing company going into a pandemic when people aren't traveling.
So but you know, oddly, you know, through the through
that adversity is. I realized then how amazing Laura was,
just like, you know what, we can do this. We
paired back, We rebuilt the brand from the top down,
(16:39):
bottom up, sideways, all different ways.
Speaker 4 (16:42):
We we did the website, we reevaluated everything that we
were doing.
Speaker 5 (16:46):
We let attrition tickets course with employees that you know,
you know, we're taking different opportunities. We never laid off anyone,
and after a while we realized that we didn't need
a full team to do it all. And that the
team was the two of us, and that we didn't
need to necessarily build a fifty million dollar or one
hundred million or two hundred million dollar jet airplane worthy business.
(17:09):
That you know, if we were that big in terms
of revenues or income, there's one more material thing.
Speaker 4 (17:19):
I would be doing then that I'm not doing. Now.
I live a pretty good life.
Speaker 3 (17:24):
You do, I travel, I'm all around. It's great in
your place.
Speaker 5 (17:27):
Yeah, and and and it's all part and having integrated
my business into into what I love doing. You know,
I have a travel clothing company.
Speaker 4 (17:38):
So what do I do? Travel? Right?
Speaker 5 (17:41):
So when I travel, I meet people, I evangelize the brand.
Speaker 4 (17:45):
I'm the chief galli anter. I'm the only one who's
a paid gali anter. I am testing the travel clothing.
Speaker 5 (17:51):
And and and evangelizing the brand and doing so in
a meaningful way. And now I'm sponsoring, you know, I
love automobiles, fancy automobiles. I'm doing road rallies and and
we outfit you know, one hundred people in their cars,
and and and and I participate and and before you
know it, you know, people start talking about Scott Eves
(18:13):
and it's all it's it's combining work with with with
life in a meaningful fashion.
Speaker 2 (18:18):
So, Scott, you've always been outspoken, You've always inserted yourself
out there.
Speaker 3 (18:23):
Any regrets about.
Speaker 4 (18:24):
That, that's a good question. Chetchipts doing a very good These.
Speaker 2 (18:31):
Are all mine now only the first two with chept.
These are all mind known you for a while.
Speaker 5 (18:38):
You know, I wouldn't call it a regret, but I
would call it learning opportunities.
Speaker 4 (18:43):
You know, I've learned from them and they made me
who I am.
Speaker 5 (18:47):
I mean, do I regret calling my customers idiots because
they watch Fox News.
Speaker 4 (18:54):
And and and are gullible? Yes, that was That was
a poor choice of language. You know. That came back
to bite me.
Speaker 5 (19:03):
And it's you know, as my wife said in care
the sentiment of what I said, It was just that
how I articulated myself my thoughts.
Speaker 4 (19:14):
And I don't regret what I said.
Speaker 5 (19:17):
I think I regret some of the ways in which
I've said it, and I regret having used Facebook in
some fashion that it's always constructive. I have quite a
following over all the years, and I tend to live
my life out loud.
Speaker 4 (19:35):
If someone did me wrong.
Speaker 5 (19:37):
You know, years ago, I didn't think twice about embarrassing
them on Facebook, and I just don't think that that
that served me.
Speaker 6 (19:46):
Well, you know, it's it's uh, it's so interesting me
because I think in some ways, you being an evangelist,
you being outspoken, really has been the key to really
the Scotty Vest brand.
Speaker 3 (19:56):
You going out to remember early on.
Speaker 2 (19:58):
To New York and sitting in the lobbies of major
magazines to get the clothing in those magazines.
Speaker 3 (20:04):
That's been one of the key I think.
Speaker 2 (20:05):
So, I don't think there would be any Scotty Vest
if you weren't so outspread in the opinion.
Speaker 4 (20:10):
No, I think that's right.
Speaker 5 (20:12):
I mean it took that level of brashness to get noticed.
Speaker 4 (20:17):
It just wasn't needed.
Speaker 5 (20:18):
You know, as the brand matured, perhaps I should have
as well, And I don't.
Speaker 3 (20:23):
Think that I have.
Speaker 2 (20:25):
Yah is there, Well, it's never late and you're not
dead yet, so it's not late right now.
Speaker 3 (20:30):
We're all still learning. My wife says, I can still learn.
Speaker 2 (20:34):
So is there like a bold move that you never
made that you regret?
Speaker 5 (20:44):
No, No, I don't think so. I mean, you know, listen,
you know, do I think that we could have been
in airport stores?
Speaker 4 (20:53):
You know?
Speaker 5 (20:54):
I had a chain of Scotty Vests and you know
a few major airports, and I wonder how that would
have done, not necessarily for the sales that would have
gone with those airport stores, but for the brand recognition
as you're traveling through airports, you know, to see the
Scotty Vest brand and and and maybe you know people
(21:18):
walking through you know, have an arrangement where you know,
I think, I yes, I think that would have been good,
but that that is a bold move.
Speaker 4 (21:27):
I mean that that would a lot of money.
Speaker 5 (21:31):
Yeah, you know, and I watched Bonobos with their guide shops,
you know, do a similar strategy.
Speaker 4 (21:39):
And are you familiar with Bonobo's and their.
Speaker 5 (21:41):
Guide shops and Andy Andy Dunn and you know, I
mean it's an iconic story that much has been written on.
I mean, you know, if you do a little googling,
I'm sure your fans are familiar with him. And he
was the the e commerce darling you have ten years
ago and until he tried to turn Bnobos into Shopify
(22:04):
and realized that, you know, he at his score, he
was just a retailer. He sold to Neman Marcus or something,
or he sold to Walmart for one hundred and fifty
million dollars. I mean, he had a nice exit. And
one of his unique things was he opened up these
guide shots where you go in and try on clothing
(22:26):
and then they chip it to him. And you know,
and because it wasn't a public company, it didn't matter
how well he did. It was just a story that
he told. So watching on the sidelines of him selling
the Walmart for you know, hundreds of millions of dollars,
thinking well, Scotty vest is a much more appealing proposition.
Speaker 4 (22:47):
You know.
Speaker 5 (22:47):
Then you know this brand called Bonobos that you know,
didn't really stand for much, and you know, I looked
at Untucket did the same.
Speaker 4 (22:57):
You might be familiar with clothes, I.
Speaker 5 (22:59):
Mean yeah, really a shirt design to be untucked. I mean,
that's a that's the thing I mean.
Speaker 3 (23:06):
Is big bellies. I mean it's really good.
Speaker 5 (23:09):
Well, yeah, you know when I well, my bold move
is was seeing their TV commercial and that's when I
went on TV. And that's when we doubled in business
and thought we could triple.
Speaker 2 (23:22):
So my biggest surprise is, after all these years, no
one has bought your company.
Speaker 3 (23:28):
Why haven't you sold it?
Speaker 5 (23:31):
Well, we haven't put it for sale, so we haven't
done any active you know, marketing of it. And you
know the few you know emails I get from you know,
business brokers you know, are not worthy of me.
Speaker 4 (23:48):
Yeah, so yeah, it's not.
Speaker 3 (23:53):
What's the exit strategy? Think for you and Laura?
Speaker 5 (23:55):
Then you know, she thinks she's got another several years
left in her you know she's young and young.
Speaker 4 (24:03):
So young. Yeah, I know she's fifty seven. I think
maybe I thought.
Speaker 3 (24:08):
That's how you old you are? How old are you, Scott?
Speaker 4 (24:11):
I just turned sixty.
Speaker 2 (24:12):
Wow, well I'm a little bithead of you had sixty five.
So that's why I'm saying a couple more years ago.
Speaker 3 (24:17):
That's it.
Speaker 5 (24:19):
You know, I don't know.
Speaker 4 (24:20):
I mean, I've got this.
Speaker 5 (24:21):
The one contractor that I mentioned it was you know, uh,
you know I love to death and you know he
used to work for us full time. You know, I
don't need an excess strategy. I'm clearly not shutting the
doors down. I mean, you know, at any point, you know,
I want Scotty Best to live on forever.
Speaker 4 (24:38):
It's my kind of my legacy.
Speaker 5 (24:40):
But you know, I guess when Laura turns to me
and says she's done, then I hire a good business broker,
do you know what?
Speaker 4 (24:48):
No, I don't know one.
Speaker 2 (24:49):
But if you're about legacy, then you want the business
to continue long after you don't want to do it anymore, right,
So there's got to be something.
Speaker 5 (24:56):
Yeah, yeah, well, I mean, yeah, there's two things. My
legacy's got to go beyond the brand. Although you know,
and the brand has got enterprise value, it would never
make sense to just set.
Speaker 4 (25:12):
The door and have been going out of business sale.
Speaker 5 (25:15):
Although I did meet someone of a very major brand
on a on a trip once and that's exactly how
he ended. I couldn't wrap my head around it. I mean,
you would know this brand if I told you the name.
You remember those catalogs we used to get, maybe when
we were in college or high school. There's colorful sweaters.
(25:36):
It wasn't Beneton, but I mean it was a major
catalog brand direct to consumer. You'd recognize the name if
I could pull it out of my head. And and
he did big money. And I met him on a
trip and then I went on and he said, you know,
he just you know, he tried to market it and
he got frustrated with it and he just closed down shop.
(25:59):
And I and I stretched my head that you know,
and it didn't make sense to me.
Speaker 4 (26:04):
But no, I you know, listen, we are highly.
Speaker 5 (26:09):
Profitable, and I'm sure that a company will look at
us and say, well, we can do better than they can,
and they'll try to fold us in, and maybe they can.
Speaker 4 (26:22):
You know, I suspect they could. I mean, I imagine
many people.
Speaker 5 (26:25):
Listening to the show we're unaware of Scotty Vest, and
I'm sure that we could do more better marketing and
get our name out there even better. And people keep
coming back once they buyer stuff, they love it.
Speaker 2 (26:38):
So what I love is that you've really created your
own definition of success and no longer driven by what
other people think is successful.
Speaker 4 (26:47):
That is true.
Speaker 5 (26:48):
But having said that, anyone who objectively looked at what
I've built and we've built, I should say, and objectively
by any objective measure, they would define it as beyond success, right.
I mean, you know, But but if someone had said
to me going into this twenty five years ago, you know,
(27:09):
sitting down at my table as you were with me,
saying Scott, hey, listen, you know there's a good chance
twenty five years from now, you know, you know you're
going to not be where you think you're going to
be you know, are you going to be happy with that?
Speaker 4 (27:23):
I would have said no, I have to.
Speaker 5 (27:25):
Be you know, at a level where you know, Lulu
Lemon was then, or you name a name a clothing
brand that you deem successful. You know, uh, you know
how how does a card hard make construction clothing is successful?
Why do why do everyday people want to wear construction clothing?
Speaker 2 (27:47):
Well?
Speaker 5 (27:50):
You know me?
Speaker 2 (27:51):
Well, actually, one more question to ask you. You probably
approach a lot for advice from small business owners, entrepreneur
courds your success.
Speaker 3 (27:58):
What's the favorite advice you give them.
Speaker 5 (28:02):
I'm not approached that much anymore, but yeah, yeah, because
I will tell them how I feel. But I said,
you do what you love and be passionate about it.
And you know, the moment you lose the passion for
what you love doing, you are going to fail, you
know so, and it will be noticeable. And I'm still
(28:24):
passionate about it now, just in different ways.
Speaker 4 (28:28):
But that's that's fundamentally true.
Speaker 5 (28:30):
And you can't just be passionate about being successful for
success sake, for you can't be passionate about making a
lot of money. You need to be passionate about the
customer experience, the product, you know, the solution that you're providing.
Speaker 4 (28:43):
You know, it's got to go beyond money.
Speaker 3 (28:47):
Absolutely.
Speaker 2 (28:48):
I'll tell you one more story as we conclude. So
years and years ago, when I was working with you,
I gave him my father one of your early jackets, right,
and I remember he came to visit the Chicago and
I pick him up and I go, you have any luggage?
He goes, Why would I need luggage? It's all here
in my Scotty vest. So I still remember when he
came off the You know this is way before nine
(29:11):
to eleven, you know, so very funny. So Scott, from
the bottom my heart, thank you for joining on the
first and the last show. You're a great example with
successful entrepreneur looks like. So I appreciate it very much.
Speaker 4 (29:23):
Thanks a lot er I enjoyed it. Good luck to
you and all your future endeavors.
Speaker 2 (29:27):
Thanks, and for the last time, I want to thank
everyone joining this week's radio show, our incredible staff, our
booking producer Sarah Shaffern, and our sound edder Ethan Moltz.
For the last time, Remember love everyone, trust a few
and pally your own canoe. Have a prople and passionate life.
Speaker 1 (29:46):
You can find Barry Moltz on the web at Barrymolts
dot com, or more episodes of Small Business Radio at
small Business radioshow dot com.
Get ready for all the craziness of small business. It's
exactly that craziness that makes it exciting and totally unbelievable.
Small Business Radio is now on the air with your host,
Barry Moultz.
Speaker 2 (00:17):
Well, thanks for joining this week's radio show. Remember this
is the final word in small business. For those of
keeping track of this is show number eight hundred and fifty.
In fact, it is the final show. It is the
last show after seventeen years of the Small Business Radio Show.
Speaker 3 (00:36):
Over this period of time, I've done over twenty five hundred.
Speaker 2 (00:40):
Interviews across so many different radio stations and podcast platforms.
And I know that after all this time, people are
going to ask me who was your favorite interview out
of those twenty five hundred people, And I have to
be honest, there really wasn't one. I listed every single
years what some of my fasavorite interviews were for that year,
(01:02):
But my favorite ones always were the small business owners,
the small business thinkers that shared a real true piece
of themselves, that talked legitimately about their experience and just
wasn't here to sell a concept they actually.
Speaker 3 (01:18):
Had lived it.
Speaker 2 (01:20):
You're also going to ask me who the worst interview
was after all these years, and I got to tell you,
I got one for that.
Speaker 3 (01:26):
That's easy.
Speaker 2 (01:27):
That's Rudy Rudiger of the movie Rudy. Rudy canceled the
first time and the second time he came on angry.
He was upset for whatever reason, for his PR people
booking him on my show.
Speaker 3 (01:39):
The interview.
Speaker 2 (01:40):
The interview only lasted eleven minutes, and I said, Rudy,
you know, you got to have a better relationship with
your PR people, because if you didn't want to be
on the show, you shouldn't have really been on the show.
Speaker 3 (01:50):
The people that were also the worst were.
Speaker 2 (01:53):
Many times academics or folks trying to sell some kind
of infomercial kind of thing where I would ask them
one question and then they would go onto some kind
of monologue for five or seven minutes, going on and
on and on, not realizing that this really was a dialogue.
After all these years, I want to thank all of
(02:15):
our sponsors. We had so many of them, from the
largest Amazon, Google, Facebook, Microsoft, We had all sorts of
incredible people. But I also want to thank all the
listeners for really tuning in every single week, and there's
millions of you.
Speaker 3 (02:32):
Why did I do this for all this time.
Speaker 2 (02:34):
Well, it's really quite simple because I wanted to keep learning.
I learned the most in my life my career from
interviewing people and asking them simply, what did you think?
What was your experience in whatever you went through? What
can other people learn from it? That was really a
privileged to interview all those people, and it was also
(02:54):
a privilege to hear your feedback and to hear what
you thought about what these folks were saying. I want
you to understand that in my mind, everything in life
has a beginning and an end. So while this is
the end of the Small Business Radio Show, it also
is the beginning of a new podcast I'm a doing
(03:15):
called the Exit Strategy, or I'll be talking to people
some I've worked with, some that I haven't, who've had
incredible exit strates in their small business and some of
the secrets of success to doing that. So for the
final time, I want to thank everyone for joining this
week's radio show. We have one more guest, a very
(03:36):
very special guest, and we will be right back. Those
that know me know that I love symmetry, and on
my very first show seventeen years ago, my very first
guest was Scott Jordan, CEO of Scottivest. Over the years,
we've had them back for anniversary shows, but now it's
time for him to be on the very last show.
(03:58):
For over twenty years, got Vesta designed great looking clothes
with tons of innovative pockets and unique features. Scott for
the first and last time, Welcome to the show.
Speaker 4 (04:10):
Thank you, Barry. Oh my god, has it been that.
Speaker 3 (04:13):
Long seventeen years? Quite a run.
Speaker 4 (04:17):
That's unbelievable.
Speaker 5 (04:18):
You congratulations are giving all this great advice over all
these years.
Speaker 2 (04:22):
Well, you know, you're the I've had over twenty five
hundred guests. You're the only guest that's been on like
five or six time because I love talking to you
and you build a company. Really, as they say on
the back of pockets, what is do you think that
says about human behavior?
Speaker 3 (04:36):
Consumer need? That we still need pockets.
Speaker 4 (04:41):
We'll always need pockets. I don't know.
Speaker 5 (04:44):
Everyone loves pockets. You know, we're a mobile society. You
know that's an interesting question.
Speaker 2 (04:51):
Is it because we're control freaks or is it because
actually that question comes from chat GPT. I just want
to let you know we're finally answered a I put
in the chat focative questions. Could I ask Scott Jordan
and a lot of them, I've already asked you, but
this I thought was interesting. Do you think the brand
resonates with travelers or people that are like control freaks
(05:12):
or something like that.
Speaker 5 (05:13):
Yeah, I don't think it's control freaks. I'm interested in
what Chatchet Team might come back at. I mean, because
I'm using it and really interesting ways. But maybe we'll
get into But you know, I think it's just, you know,
I don't know, it's just why do we need air?
Why do we need to eat? You know, tackets are essential.
(05:34):
I mean, you know, it's just you want to organize.
You want to be able to have the important things
on you at all times in a manner.
Speaker 4 (05:43):
That is useful. You know.
Speaker 5 (05:46):
I don't I think he has anything to do with
control freaks. I think travelers for sure.
Speaker 2 (05:51):
I want to ask you because you always say it's
not rocket science, it's pocket science, right, Yeah, So why
do you think the pocket science has resonated with your
custom is over so many years, over twenty years.
Speaker 5 (06:03):
Well, no one else is doing it number one, shockingly,
I you know, and I think one of the mistakes.
A lot of entreprepreneurs make myself included when I first
started Scottyvess and you were consulting with HWY five twenty
five years ago, you know, so we go back even further,
and uh, you know, I think every entrepreneur's fear is.
Speaker 4 (06:23):
Who's going to knock me off?
Speaker 5 (06:24):
You know, I come up with an obvious idea or
somewhat obvious idea that my biggest concern is, I don't
want to build a business and have another brand see
the value and just you know, come in and do
it better, or just do it and put more money
behind it. So, you know, I think that you know,
in the case is Scotty no One? What brand comes
(06:46):
to mind when you think of your multi pocketing?
Speaker 4 (06:49):
No One?
Speaker 5 (06:49):
Just you?
Speaker 3 (06:50):
But I've been around you for so long, so I'm
not sure this room.
Speaker 5 (06:54):
Isn't no well no even still, I studied the industry
pretty well. A couple others have kind of tried, you know,
but there isn't a brand that comes to mind that
really does carrying capacity and clothing really well.
Speaker 4 (07:07):
Now there You.
Speaker 5 (07:08):
Know, we started out being a better fisherman's vest or
a better photographers vest, a better looking photographers vest for
the essential items that you carry or want to carry,
you know, and and then build, you know, a full
line of clothing, not just based upon vest, but jacket, shirts, underwear, ants,
you name it. We have eighty different items in our line,
(07:31):
all focused around this concept of more better pockets. And
if you just randomly ask anyone, you know, just walk
up to them and say, are you happy with the
pockets you have in your clothing right now? And I
can swear to you I've asked this question a million
times before I tell.
Speaker 4 (07:47):
Them what I'm doing. They're like, no, no, there would
you like more better pockets?
Speaker 3 (07:52):
You know?
Speaker 4 (07:52):
And yes, of course I would.
Speaker 5 (07:55):
It's almost like would you like bacon on that cheeseburger?
Speaker 1 (07:58):
Who?
Speaker 2 (08:00):
No one says, I have to admit I wear Scotty
Vest underwear, and I have to tell you I love
the pocket the high things when I'm traveling in.
Speaker 4 (08:10):
Can you only use that?
Speaker 3 (08:11):
I really do?
Speaker 2 (08:12):
And because no one gets down to the underwear just
saying so, after all this time, when you think back
on your really quite amazing career with Scotty Vest.
Speaker 3 (08:22):
What was the best of times right now? Why do
you say that?
Speaker 5 (08:29):
Because I've leaned into the small team that I that
I've assembled, and I'm letting them do what they do
best and staying out of their way and involving myself
and what I do best, and and and learn I
finally learned what I do best, and that you know
is inserting myself in sort of the visionary plans for things,
(08:51):
and and and and escalating when vendor situations require someone
to you know, insert themselves as the quote unquote CEO.
Now when I when I tell you the size of
my team, which you probably already know many of your
listeners might from the last show, you'll be shocked to
learn it.
Speaker 4 (09:09):
You know, it really is.
Speaker 5 (09:11):
It's one person. It's you know, it's Laura. It's my wife.
You know, we the volume of our business is well
over ten million dollars annually, and and it's she does
pretty much everything. Now, we have another critical contractor who
invests thirty hours a week on Scotty Vest. And and
(09:32):
because I've you know, retained him on a thirty hour
a week basis, you know, I don't I don't own him,
and I think I had.
Speaker 4 (09:41):
Issues control or otherwise.
Speaker 5 (09:43):
When I hire someone for forty hours a week and
I and I expect that their forty hour week, you know,
or their full time week looks like what my full
time week looked like when I was practicing law at
a large law firm, and that was never a forty
hour week.
Speaker 4 (09:58):
That was whatever. It took eighty.
Speaker 5 (09:59):
Hours, ninety hours, you know, sometimes you know, two hundred
and fifty billible hours a month to get shit done.
You know, that was necessary and to get a good
living wage.
Speaker 4 (10:10):
You know. So I think in my case, you know, I.
Speaker 5 (10:16):
Found a formula and you know, working with the formula,
now that formula does not work. If you want to
grow your a fifty million dollar business on the back.
Speaker 4 (10:26):
Of one person.
Speaker 3 (10:29):
Things right with shipping, yeah yeah, stuff, yeah yeah.
Speaker 5 (10:33):
We and we outsource our customer service, and we outsource
our advertising. You know, we picked really good outsourcing models.
You know, you know, the back to AI for a moment,
there's talk of when is going to be the everyone's
listening to this laughing. How can a company really be,
you know, a fifteen million dollar company on the back
(10:54):
of one person. Well, there's discussions of when the first
trillion dollar, one person employee company is going to be
using using AI, you.
Speaker 4 (11:02):
Know, and in fact, Laura is AI.
Speaker 3 (11:08):
So so I just finished.
Speaker 2 (11:10):
I've just finished writing my book has come on The
Fall on Family Business, my last, my final book, the
book Sarah always wanted me to write and change all
the names. It's been incredible that it's worked out this
long with you and Laura working together in business. Because
with my wife Sarah, it only lasted for one day.
I asked her to do something, she didn't do it,
I fired her and that was it.
Speaker 3 (11:29):
Right.
Speaker 2 (11:29):
But you guys have figured out what's been the key.
Speaker 4 (11:34):
You know, we'll both have different answers.
Speaker 3 (11:37):
I never interviewed her, so I just want yours.
Speaker 4 (11:39):
Yeah, yeah, So.
Speaker 5 (11:43):
Well, firstly, it's kind of a funny story how we
got started working together. You know, when we when we did,
when I moved out to some valley, I said to
her that, you know, I don't want you working full time.
Speaker 4 (11:54):
I want you to help me get the business started.
Speaker 5 (11:56):
And shortly they after, I want you to play tennis.
Speaker 4 (11:58):
And eat bomb bonds like my mom did, and do
your charity work.
Speaker 5 (12:02):
And she looked at me and she says, I would
never relinquish that much control to you if you were working,
and it is a brilliant woman, she says, if you
were working hard, and I come home and you are
dealing with problems of work and working your ass off
and I and you come home and.
Speaker 4 (12:17):
I'm eating bomb bands and playing tennis. Nothing wrong with that.
Speaker 5 (12:20):
My mom did a very good job at that and
raising children and all the important things back in the day.
Speaker 4 (12:26):
And you know, then.
Speaker 5 (12:27):
You'd look at me and wonder how I was contributing,
and I'm not going to be a part of that
power dynamic. And I looked at her and I said,
it's brilliant, utterly brilliant. She she that's the type of
woman she is. She had the foresight to realize that,
and especially because she saw the template in my household,
and she knew that the power dynamic in my family
(12:50):
was not healthy. My father treated my mother like a servant,
you know, and I don't think that's that uncommon in
that day and age. But so I think that it
important foundationally that we established ourselves not not as equals
in many respects. I realized, fairly assume that she was
actually much smarter.
Speaker 4 (13:09):
She's superior.
Speaker 3 (13:12):
We realized that, right.
Speaker 5 (13:14):
Yeah, it takes us a while, but you know, a
number of issues like that along the way. Another important
conversation that we had was when I wanted.
Speaker 4 (13:24):
To grow the business.
Speaker 5 (13:25):
You know, early on, when we were going from a
million to two million, to four million to six million,
doubling the business every year, and you know, I thought, well,
we can continue at this trajectory on it.
Speaker 4 (13:35):
You know, we were going to be one hundred million
dollar business or more.
Speaker 5 (13:38):
You know, Lulu Lemon was in my sights, Carhart and
all these other you know, major apparel brands that went
on to be billions of dollars and then had a
series of problems as well. We've outlasted many of those,
and to this day you're probably worth more than than
some of these businesses, many of them that have gone
under the household names. But I turned to her and
(14:00):
I said, you know, as we grow, we're going to
make mistakes along the way. We're not going to be
able to do customer service perfectly. And she said to me,
I'll never forget the conversation if we can't do customer
service and everything really perfectly. You know, I don't want
to be a part of that business. It's not a
brand I want to be associated with. And I turned
(14:21):
to her and said.
Speaker 4 (14:22):
Oh, now, little Laura, you know that's just not the
way business works. You just really yeah, you know, and
she was right.
Speaker 5 (14:32):
So we pair it back, and now you know, we
do every We don't do it unless we can do
it perfectly.
Speaker 4 (14:38):
I don't take on more task.
Speaker 5 (14:40):
Every email that lands in my box from some unsolicited
robot telling me, you know, I've got free ads for
you to look at her Facebook and you know whatever,
A million different ads you get, you know, delivered into
your inbox.
Speaker 4 (14:53):
I used to take everyone of them seriously.
Speaker 5 (14:54):
I'm driven to to make momentum and make change and increase.
If I'm not increasing, I'm failing. And and I've learned
that that through time immaturity, that that does not always
serve me well. It served me really well at the beginning,
you know, but I don't think so anymore.
Speaker 3 (15:15):
There's always better. So what were the worst of times,
you know.
Speaker 5 (15:21):
When I tried to grow the business exponentially and try
you know, I was able to you know, get get
the top line to you know, close to twenty million,
and I turned over the reins to someone that didn't
have the experience, you know, an attempted to manage a
larger team, and you know, this was in twenty eighteen
(15:42):
and the guy tried his hardest, but unfortunately didn't do
a great job, you know, whether it's probably no fault
of his own, some Peter principal in there and some
bad contractor decisions, and we lost two million dollars and
you know, and then real money, and the bank called
(16:05):
their loan because we had a net income covenant even
though I funded the two million dollars. And to get
another lender involved in this is all you know, what's
on the horizon of twenty eighteen.
Speaker 4 (16:16):
Yeah, nothing good.
Speaker 5 (16:18):
I can tell you that you're not for a travel
clothing company going into a pandemic when people aren't traveling.
So but you know, oddly, you know, through the through
that adversity is. I realized then how amazing Laura was,
just like, you know what, we can do this. We
paired back, We rebuilt the brand from the top down,
(16:39):
bottom up, sideways, all different ways.
Speaker 4 (16:42):
We we did the website, we reevaluated everything that we
were doing.
Speaker 5 (16:46):
We let attrition tickets course with employees that you know,
you know, we're taking different opportunities. We never laid off anyone,
and after a while we realized that we didn't need
a full team to do it all. And that the
team was the two of us, and that we didn't
need to necessarily build a fifty million dollar or one
hundred million or two hundred million dollar jet airplane worthy business.
(17:09):
That you know, if we were that big in terms
of revenues or income, there's one more material thing.
Speaker 4 (17:19):
I would be doing then that I'm not doing. Now.
I live a pretty good life.
Speaker 3 (17:24):
You do, I travel, I'm all around. It's great in
your place.
Speaker 5 (17:27):
Yeah, and and and it's all part and having integrated
my business into into what I love doing. You know,
I have a travel clothing company.
Speaker 4 (17:38):
So what do I do? Travel? Right?
Speaker 5 (17:41):
So when I travel, I meet people, I evangelize the brand.
Speaker 4 (17:45):
I'm the chief galli anter. I'm the only one who's
a paid gali anter. I am testing the travel clothing.
Speaker 5 (17:51):
And and and evangelizing the brand and doing so in
a meaningful way. And now I'm sponsoring, you know, I
love automobiles, fancy automobiles. I'm doing road rallies and and
we outfit you know, one hundred people in their cars,
and and and and I participate and and before you
know it, you know, people start talking about Scott Eves
(18:13):
and it's all it's it's combining work with with with
life in a meaningful fashion.
Speaker 2 (18:18):
So, Scott, you've always been outspoken, You've always inserted yourself
out there.
Speaker 3 (18:23):
Any regrets about.
Speaker 4 (18:24):
That, that's a good question. Chetchipts doing a very good These.
Speaker 2 (18:31):
Are all mine now only the first two with chept.
These are all mind known you for a while.
Speaker 5 (18:38):
You know, I wouldn't call it a regret, but I
would call it learning opportunities.
Speaker 4 (18:43):
You know, I've learned from them and they made me
who I am.
Speaker 5 (18:47):
I mean, do I regret calling my customers idiots because
they watch Fox News.
Speaker 4 (18:54):
And and and are gullible? Yes, that was That was
a poor choice of language. You know. That came back
to bite me.
Speaker 5 (19:03):
And it's you know, as my wife said in care
the sentiment of what I said, It was just that
how I articulated myself my thoughts.
Speaker 4 (19:14):
And I don't regret what I said.
Speaker 5 (19:17):
I think I regret some of the ways in which
I've said it, and I regret having used Facebook in
some fashion that it's always constructive. I have quite a
following over all the years, and I tend to live
my life out loud.
Speaker 4 (19:35):
If someone did me wrong.
Speaker 5 (19:37):
You know, years ago, I didn't think twice about embarrassing
them on Facebook, and I just don't think that that
that served me.
Speaker 6 (19:46):
Well, you know, it's it's uh, it's so interesting me
because I think in some ways, you being an evangelist,
you being outspoken, really has been the key to really
the Scotty Vest brand.
Speaker 3 (19:56):
You going out to remember early on.
Speaker 2 (19:58):
To New York and sitting in the lobbies of major
magazines to get the clothing in those magazines.
Speaker 3 (20:04):
That's been one of the key I think.
Speaker 2 (20:05):
So, I don't think there would be any Scotty Vest
if you weren't so outspread in the opinion.
Speaker 4 (20:10):
No, I think that's right.
Speaker 5 (20:12):
I mean it took that level of brashness to get noticed.
Speaker 4 (20:17):
It just wasn't needed.
Speaker 5 (20:18):
You know, as the brand matured, perhaps I should have
as well, And I don't.
Speaker 3 (20:23):
Think that I have.
Speaker 2 (20:25):
Yah is there, Well, it's never late and you're not
dead yet, so it's not late right now.
Speaker 3 (20:30):
We're all still learning. My wife says, I can still learn.
Speaker 2 (20:34):
So is there like a bold move that you never
made that you regret?
Speaker 5 (20:44):
No, No, I don't think so. I mean, you know, listen,
you know, do I think that we could have been
in airport stores?
Speaker 4 (20:53):
You know?
Speaker 5 (20:54):
I had a chain of Scotty Vests and you know
a few major airports, and I wonder how that would
have done, not necessarily for the sales that would have
gone with those airport stores, but for the brand recognition
as you're traveling through airports, you know, to see the
Scotty Vest brand and and and maybe you know people
(21:18):
walking through you know, have an arrangement where you know,
I think, I yes, I think that would have been good,
but that that is a bold move.
Speaker 4 (21:27):
I mean that that would a lot of money.
Speaker 5 (21:31):
Yeah, you know, and I watched Bonobos with their guide shops,
you know, do a similar strategy.
Speaker 4 (21:39):
And are you familiar with Bonobo's and their.
Speaker 5 (21:41):
Guide shops and Andy Andy Dunn and you know, I
mean it's an iconic story that much has been written on.
I mean, you know, if you do a little googling,
I'm sure your fans are familiar with him. And he
was the the e commerce darling you have ten years
ago and until he tried to turn Bnobos into Shopify
(22:04):
and realized that, you know, he at his score, he
was just a retailer. He sold to Neman Marcus or something,
or he sold to Walmart for one hundred and fifty
million dollars. I mean, he had a nice exit. And
one of his unique things was he opened up these
guide shots where you go in and try on clothing
(22:26):
and then they chip it to him. And you know,
and because it wasn't a public company, it didn't matter
how well he did. It was just a story that
he told. So watching on the sidelines of him selling
the Walmart for you know, hundreds of millions of dollars,
thinking well, Scotty vest is a much more appealing proposition.
Speaker 4 (22:47):
You know.
Speaker 5 (22:47):
Then you know this brand called Bonobos that you know,
didn't really stand for much, and you know, I looked
at Untucket did the same.
Speaker 4 (22:57):
You might be familiar with clothes, I.
Speaker 5 (22:59):
Mean yeah, really a shirt design to be untucked. I mean,
that's a that's the thing I mean.
Speaker 3 (23:06):
Is big bellies. I mean it's really good.
Speaker 5 (23:09):
Well, yeah, you know when I well, my bold move
is was seeing their TV commercial and that's when I
went on TV. And that's when we doubled in business
and thought we could triple.
Speaker 2 (23:22):
So my biggest surprise is, after all these years, no
one has bought your company.
Speaker 3 (23:28):
Why haven't you sold it?
Speaker 5 (23:31):
Well, we haven't put it for sale, so we haven't
done any active you know, marketing of it. And you
know the few you know emails I get from you know,
business brokers you know, are not worthy of me.
Speaker 4 (23:48):
Yeah, so yeah, it's not.
Speaker 3 (23:53):
What's the exit strategy? Think for you and Laura?
Speaker 5 (23:55):
Then you know, she thinks she's got another several years
left in her you know she's young and young.
Speaker 4 (24:03):
So young. Yeah, I know she's fifty seven. I think
maybe I thought.
Speaker 3 (24:08):
That's how you old you are? How old are you, Scott?
Speaker 4 (24:11):
I just turned sixty.
Speaker 2 (24:12):
Wow, well I'm a little bithead of you had sixty five.
So that's why I'm saying a couple more years ago.
Speaker 3 (24:17):
That's it.
Speaker 5 (24:19):
You know, I don't know.
Speaker 4 (24:20):
I mean, I've got this.
Speaker 5 (24:21):
The one contractor that I mentioned it was you know, uh,
you know I love to death and you know he
used to work for us full time. You know, I
don't need an excess strategy. I'm clearly not shutting the
doors down. I mean, you know, at any point, you know,
I want Scotty Best to live on forever.
Speaker 4 (24:38):
It's my kind of my legacy.
Speaker 5 (24:40):
But you know, I guess when Laura turns to me
and says she's done, then I hire a good business broker,
do you know what?
Speaker 4 (24:48):
No, I don't know one.
Speaker 2 (24:49):
But if you're about legacy, then you want the business
to continue long after you don't want to do it anymore, right,
So there's got to be something.
Speaker 5 (24:56):
Yeah, yeah, well, I mean, yeah, there's two things. My
legacy's got to go beyond the brand. Although you know,
and the brand has got enterprise value, it would never
make sense to just set.
Speaker 4 (25:12):
The door and have been going out of business sale.
Speaker 5 (25:15):
Although I did meet someone of a very major brand
on a on a trip once and that's exactly how
he ended. I couldn't wrap my head around it. I mean,
you would know this brand if I told you the name.
You remember those catalogs we used to get, maybe when
we were in college or high school. There's colorful sweaters.
(25:36):
It wasn't Beneton, but I mean it was a major
catalog brand direct to consumer. You'd recognize the name if
I could pull it out of my head. And and
he did big money. And I met him on a
trip and then I went on and he said, you know,
he just you know, he tried to market it and
he got frustrated with it and he just closed down shop.
(25:59):
And I and I stretched my head that you know,
and it didn't make sense to me.
Speaker 4 (26:04):
But no, I you know, listen, we are highly.
Speaker 5 (26:09):
Profitable, and I'm sure that a company will look at
us and say, well, we can do better than they can,
and they'll try to fold us in, and maybe they can.
Speaker 4 (26:22):
You know, I suspect they could. I mean, I imagine
many people.
Speaker 5 (26:25):
Listening to the show we're unaware of Scotty Vest, and
I'm sure that we could do more better marketing and
get our name out there even better. And people keep
coming back once they buyer stuff, they love it.
Speaker 2 (26:38):
So what I love is that you've really created your
own definition of success and no longer driven by what
other people think is successful.
Speaker 4 (26:47):
That is true.
Speaker 5 (26:48):
But having said that, anyone who objectively looked at what
I've built and we've built, I should say, and objectively
by any objective measure, they would define it as beyond success, right.
I mean, you know, But but if someone had said
to me going into this twenty five years ago, you know,
(27:09):
sitting down at my table as you were with me,
saying Scott, hey, listen, you know there's a good chance
twenty five years from now, you know, you know you're
going to not be where you think you're going to
be you know, are you going to be happy with that?
Speaker 4 (27:23):
I would have said no, I have to.
Speaker 5 (27:25):
Be you know, at a level where you know, Lulu
Lemon was then, or you name a name a clothing
brand that you deem successful. You know, uh, you know
how how does a card hard make construction clothing is successful?
Why do why do everyday people want to wear construction clothing?
Speaker 2 (27:47):
Well?
Speaker 5 (27:50):
You know me?
Speaker 2 (27:51):
Well, actually, one more question to ask you. You probably
approach a lot for advice from small business owners, entrepreneur
courds your success.
Speaker 3 (27:58):
What's the favorite advice you give them.
Speaker 5 (28:02):
I'm not approached that much anymore, but yeah, yeah, because
I will tell them how I feel. But I said,
you do what you love and be passionate about it.
And you know, the moment you lose the passion for
what you love doing, you are going to fail, you
know so, and it will be noticeable. And I'm still
(28:24):
passionate about it now, just in different ways.
Speaker 4 (28:28):
But that's that's fundamentally true.
Speaker 5 (28:30):
And you can't just be passionate about being successful for
success sake, for you can't be passionate about making a
lot of money. You need to be passionate about the
customer experience, the product, you know, the solution that you're providing.
Speaker 4 (28:43):
You know, it's got to go beyond money.
Speaker 3 (28:47):
Absolutely.
Speaker 2 (28:48):
I'll tell you one more story as we conclude. So
years and years ago, when I was working with you,
I gave him my father one of your early jackets, right,
and I remember he came to visit the Chicago and
I pick him up and I go, you have any luggage?
He goes, Why would I need luggage? It's all here
in my Scotty vest. So I still remember when he
came off the You know this is way before nine
(29:11):
to eleven, you know, so very funny. So Scott, from
the bottom my heart, thank you for joining on the
first and the last show. You're a great example with
successful entrepreneur looks like. So I appreciate it very much.
Speaker 4 (29:23):
Thanks a lot er I enjoyed it. Good luck to
you and all your future endeavors.
Speaker 2 (29:27):
Thanks, and for the last time, I want to thank
everyone joining this week's radio show, our incredible staff, our
booking producer Sarah Shaffern, and our sound edder Ethan Moltz.
For the last time, Remember love everyone, trust a few
and pally your own canoe. Have a prople and passionate life.
Speaker 1 (29:46):
You can find Barry Moltz on the web at Barrymolts
dot com, or more episodes of Small Business Radio at
small Business radioshow dot com.
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