Today’s Flash Back Friday comes from Episode 61, originally published in June of 2012.
Jason Hartman interviews author, Scott Fritz, who shares his story that became his book, The 40 Hour Work YEAR, about how he became a passive investor in his business instead of entrenched in working on and in his business.
Running and growing a business requires a lot of dedication, passion, and often an incredible chunk of one’s life. Many business owners find themselves working 80 or more hours per week, with little to no time to enjoy the benefits of their success. But with a change in mindset and armed with a few good tools, one can enjoy life again and still have a sound, successful business.
Scott explains how the right systems and key people create a smooth business structure. “When you get a group of people who are focused on the company’s success first and then focused on how they can be a part of making that happen, it is amazing. I call it my decision filter,” says Scott. He defines the decision filter as company first, owner second, and employees third, going further into detail about what each of those factors mean. He has found that putting all decisions through that filter makes it easier to make good decisions.
Scott Fritz is an Entrepreneur, Business Coach, Angel Investor and Author. In March of 2008 he founded Growth Connect – growthconnect.com. By leveraging and combining the services of business coaching, advisory board development and angel investment resources, Growth Connect specializes in the hyper growth entrepreneur and business owner. Mr. Fritz founded his previous company, Human Capital in 1997. Through persistent passion and focus, Scott grew his company into a nationwide player with 2007 annual revenues of $170 million dollars. This hyper growth landed Human Capital and its affiliate division on the INC. 500 list in 2003 and 2004 with growth rates in excess of 1,000 percent. Servicing 350 client companies and 5,000 employees in over 40 states, Human Capital was sold to a nationwide staffing firm in December of 2007. As an active Angel investor, Mr. Fritz has invested in multiple ventures over the past ten years.
Some areas of investment include: land development, environmental services, business services, technology and entertainment. His involvement with these companies ranges from passive investor and advisory board member to paid coach and consultant. Scott enjoys sharing his experiences in growing companies, coaching budding entrepreneurs, and developing strategic plans for each of his endeavors. One of his recent investments sold for $70 million dollars within three years of his initial funding, equaling well over a 300% return on investment. Mr. Fritz resides in Las Vegas, and is the Past President of the local Entrepreneur’s Organization (EO) Chapter. Scott has held various volunteer positions within EO over the past ten years including Global Chapter Development Committee Chair, Regional Director and Area Director. Mr. Fritz is also an EO Certified Strategy Summit and Accelerator Facilitator. This role enables him to coach the “leaders of leaders” and improve the focus and alignment of EO Chapter Boards and Accelerator programs throughout the United States and Canada. Since 2005 Scott has facilitated over one hundred individual strategic sessions and coaching programs.