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EO 360°, a podcast by Entrepreneurs’ Organization, explores entrepreneurship with a wide perspective, moving beyond business to those insights not often shared by high-profile thought leaders.

Host and serial entrepreneur, Dave Will, leads in-depth interviews, whose featured guests include: Gazelles founder and CEO, Verne Harnish; popular podcast host and founder of Genius Network, Joe Polish; award-winning entrepreneur, Zahra Al-Harazi; and more. Tune into this top podcast made by entrepreneurs, for entrepreneurs.

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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:

  1. Focus on the part of a business that makes you happy.
  2. Establish your priorities in life.
  3. A lifestyle business is simply a business that gives you more freedom with your life.

 

Resources Mentioned:

 

Credits: