Jason Friedman: Exiting a Business, One After Another

Summary: In this episode of the EO Podcast, host Dave Will interviews creator of the CX Formula, and an expert in experiential marketing, live events, and brand activation, Jason Friedman. Prior to becoming a successfully innovative entrepreneur, Jason worked as a lighting designer/director/technician and roadie for various music groups including Carlos Vives, Juan Gabriel, Fleetwood Mac, Peter Gabriel and Rush. Listen as Jason highlights how he pivoted from life as a stagehand to life as an entrepreneur with a knack for exiting businesses for big returns. Time Stamped Show Notes: 00:38 – Meeting Jason and his legendary CX Formula 01:23 – Moving from life as lighting designer/director/technician and roadie to life an entrepreneur 04:02 – The internet cannibalized profits away from theatrical retailers 04:52 – The challenge of creating theater and brand excitement in a physical store 05:47 – Taking the CX Formula and applying it to online business 06:37 – "If the customer is not taken care of, they're not going to take care of you" 08:26 – Jason's other businesses 08:34 – Commercial real estate investment 08:52 – Chain of sleep diagnostic centers 09:07 – Digital signage software platform 09:35 – Liquor business that was exited to Bacardi 09:48 – Drive Safer 10:34 – Have a healthy respect for vehicles of all varieties 11:58 – One of the biggest shortcomings of parenting today is parents failing to immerse their kids in situations they (kids) will eventually face 12:35 – How Drive Safer helps teens master defensive driving 14:17 – How to orchestrate a smooth transition after an exit 16:59 – Looking to sell versus looking for investors 18:57 – The danger of obligation without commitment 20:08 – Jason fell into a dark hole 21:16 – Forced to deal with a non-compete term for 5 years 22:28 – It was during this time Jason started coaching entrepreneurs 23:48 – How Drive Safer came into Jason's life 25:38 – Building a scalable model for Drive Safer 26:26 – Exiting the business again 27:29 – Starting to learn internet marketing 28:39 – "Retirement is the freedom to choose what you do, not an excuse to do nothing" 30:12 – How CX Formula became scalable business 32:54 – Jason's thoughts on Net Promoter Score 35:30 – Injecting positive experiences into your company and therefor your customers 36:18 – Dan Sullivan as Jason's coach 40:01 – Difference between a mentor and a coach 41:00 – Mentors and coaches aside from Dan 41:55 – Jason's grandfather 44:58 – Lee Brower 44:16 – "Today's generation has less attention to respect and manners" 47:05 – Jason's mastermind groups 48:07 – Platinum Plus with Jeff Walker 49:38 – Genius Network with Joe Polish 53:35 – Jason's own mastermind/coaching group 55:10 – Jason takes things to turn into a story 56:18 – Connect with Jason on his website 3 Key Points: Take care of your customers if you want them to take care of your business. Always have a commitment to your ventures, but realize commitment isn't necessarily a permanent fixture—when the time is right, walk away. Live your life by design, not by default. Resources Mentioned: Entrepreneur's Organization – The EO Network CX Formula – Jason's website Drive Safer – One of Jason's businesses that he exited Dan Sullivan – Jason's coach Platinum Plus with Jeff Walker and Genius Network with Joe Polish – Two mastermind groups where Jason is in Credits: Show Notes provided by Mallard Creatives