Mon, 29 April 2019
The Brian Lee Strategy: How He Built 3 Billion Dollar Businesses (With A Fourth On The Way) #TheOnePercent
If you mixed Brian S. Lee and Gary Vaynerchuk together, what you’d get is who Ryan wants to be when he grows up. Don’t miss this game changing interview with Brian Lee, the incredibly humble man behind 3 different billion dollar companies.
How does he identify opportunities and build exciting companies? Tune in for an in-depth talk about his philosophy for bringing together people, products and capital.
[5:22] Brian’s latest project recently launched, he talks us through how the idea turned into what is now Art of Sport. Shopping for sunscreen and realizing there were no mission-driven sports body care brand out there started it all.
[8:56] In a pile of thousands of entrepreneurial ideas how does one pick? it’s all about the idea that sticks with you, the one that keeps coming back.
[9:44] If you’re going to make and sell a product, make it the best possible product. Vet the formulations, the ingredients, the scents. When your idea or product resonates with someone, that’s when you can get them involved — that’s how Art of Sport attracted Kobe Bryant as well as a long, long list of other athletes — always focus on the product.
[11:52] The “Producer Mindset” is a good key, and it helps to palliate all of your weaker areas. Be the architect of your project, find and bring together the pieces and people you need for your business: product, capital and audience.
[13:18] Sometimes though, producer mindset won’t help you, only good ‘ol grind and hard work, that’s how Brian’s Legalzoom was started. The Honest Co. was a different story...
[15:36] Brian needed to decide if he wanted to be a CEO, again, after doing it for so long, so he thought about how and where he could bring more value to the capital he had raised.
[16:26] Most people want to build companies to sell them so they can leave but Brian wants to build sustainable, generational businesses.
[17:44] How does Brian define success? Am I Henry Ford, Steve Jobs, Jeff Bezos, Mark Zuckerberg, have I reached the pinnacle, changed the world, revolutionized the game and will I transcend time? It’s a tall order, he’s still working on it. Ask him if he is fulfilled and satisfied instead.
[20:26] Go for audience first, what else is there? When considering who to partner with to launch consumer brand its about the relationship between the market and influencer, it’s got to relate. There needs to be a 1:1 relationship between what the person is marketing and what the audience expects them to market.
[23:07] BAM Labs is a place for Brian to start his own companies. BAM Ventures is a seed stage fund: we have to love the entrepreneur and not hate the idea. Too many investors fall in love with ideas. How does Brian chose his entrepreneurs? “Tell me about your best friend and I’ll get an idea of your character, passion, fire, smarts and and trustworthiness.
[26:50] The surprisingly simple way Brian funds the companies he starts.
[28:53] Brian shares an investment story from Legalzoom. Sometimes just 750$ will do it.
[29:29] Ryan asks for Brian’s advice on where to go next.
Mentioned in this episode