Aug 23, 2016
In this episode, Dave interviews Derek Gehl, an “internet marketer and digital entrepreneur” who started out as a door-to-door vacuum salesman. He grew is company The Internet Marketing Center to $30 million in revenue and over a hundred employees before he sold it in 2008. Listen as Derek discusses his life experience and how he’s made a career out of an expertise in selling online.
Time Stamped Show Notes:
- 00:35 – Derek’s introduction
- 02:50 – His podcast is at entrepreneurignited.com
- 03:15 – How entrepreneurs are “academically challenged”
- 04:30 – Derek says entrepreneurs don’t thrive in the traditional school system
- 05:15 – Derek decided he wanted to be a programmer
- 07:00 – He realized he wouldn’t be successful at it, but he learned about HTML
- 08:00 – Derek didn’t develop the skillset to be a developer
- 09:55 – Derek’s early days with online sales and his search for a mentor
- 10:30 – Cory Rudl became his mentor
- 11:40 – They started The Internet Marketing Center, which doubled in growth each year
- 12:55 – They realized they needed to sell the company because they weren’t happy
- 14:20 – July 5, 2005: Cory died in a car crash
- 15:30 – There were a lot of hurtles with Cory’s estate
- 17:40 – The company could not be sold at this point.
- 18:00 – Derek became the face of the company and continued to drive growth
- 18:55 – They started marketing the company in 2007, and closed
a deal in 2008 with a private equity firm
- 19:30 – Derek was in an awkward position, because they wanted him to stay with the company
- 21:15 – The company was sold for $20 million
- 22:40 – Negotiations with a private equity firm
- 26:00 – Dave: “They are not your friends.”
- 27:10 – Difficulties when Derek stayed on as the CEO
- 28:10 – Derek: “They didn’t understand the company.”
- 28:50 – Derek decided to leave in 2009
- 29:40 – He took time to restore his health
- 30:25 – “I love to work with entrepreneurs. I love to help people start incredible businesses.” –Derek
- 31:00 – Derek’s target audience in Asia and Australia
- 32:05 – He found more opportunities there
- 33:00 – Derek: “I wanted to create a lifestyle business.”
- 34:40 – He’s making money and has less overhead.
- 35:20 – His priorities shifted to not focus so much on money.
- 36:30 – He wanted to meet with “high-quality entrepreneurs.”
- 37:15 – He wanted time with his family
- 39:30 – Entrepreneur Ignited—gives
people the steps and education to create a business
- 41:30 – It utilizes the web for businesses
- 43:30 – The connotation of a “lifestyle business”
- 45:00 – Derek’s philosophy for business and his life
- 46:30 – School systems today
- 48:00 – Derek’s parents/his childhood
- 49:35 – “From the cow farm to the internet”
- 50:15 – Dave closes the interview
3 Key Points:
- Focus on the part of a business that makes you happy.
- Establish your priorities in life.
- A lifestyle business is simply a business that gives you more freedom with your life.
Resources Mentioned:
- Entrepreneur's Organization – The EO Network
- Slack – A communication alternative to email
- Entrepreneur Ignited —Steps and education to create a business
Credits:
- Show Notes provided by Mallard Creatives