4.8 • 7.8K Ratings
🗓️ 10 November 2025
⏱️ 15 minutes
🧾️ Download transcript
In this powerful clip of EYL Rashad Bilal and Troy Millings dive deep into the remarkable yet heartbreaking story of Wally Amos—the creator of the iconic Famous Amos cookies. From his trailblazing start as the first Black talent agent at William Morris Agency, guiding legends like Diana Ross and Marvin Gaye, to building a cookie empire on Sunset Boulevard, Amos’s journey seemed destined for greatness.
But success came with challenges. As the business grew, so did the complications: mismanagement, lack of mentorship, and rapid scaling all played a part in unraveling everything Wally had built. In a shocking turn, after selling his multi-million dollar business for a fraction of its value, Amos lost not only his company but also the legal right to use his own name or likeness for any future ventures.
Find out how Amos’s struggle mirrors timeless lessons in entrepreneurship—highlighting the critical importance of understanding business fundamentals, legal trademarks, and the impact of trusting others with your finances.
Rashad Bilal and Troy Millings also shed light on familiar stories of financial mishaps among celebrities and business owners, emphasizing why every creator, artist, and entrepreneur must actively safeguard their brand and legacy.
Despite countless obstacles—financial losses, lawsuits over his name, and battles with depression—Wally Amos’s original love for baking endures. Today, he's found new hope inspiring others and sharing his Aunt Della’s cookie recipe, never letting circumstances define his spirit.
If you’re an aspiring entrepreneur or simply love a moving real-life story, this episode will leave you with invaluable takeaways about resilience, ownership, and learning from the past. Don’t miss this compelling lesson on business, branding, and personal legacy.
**Key themes:**
- The rise and fall of Famous Amos cookies
- Wally Amos’s groundbreaking career and setbacks
- Trademarks, licensing, and the legal side of business
- The dangers of mismanagement and unchecked trust
- Lessons all entrepreneurs need to hear
Don’t forget to like, comment, and subscribe for more insightful conversations and powerful life lessons from *Black Out with Ian & Rashad*!
**#FamousAmos #BusinessLessons #WallyAmos #Entrepreneurship #BlackOutPodcast #BrandBuilding #Ownership #TrademarkLaw #LifeLessons #CookieEmpire #BusinessFailure #Resilience**
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| 0:00.0 | For today's story is a teachable moment. |
| 0:04.0 | Yeah. |
| 0:05.0 | It's actually a little different for us. |
| 0:07.0 | It's pretty sad. |
| 0:08.0 | Most of the story times are like upbeat. |
| 0:10.0 | But this is a story and it's definitely a teachable moment. |
| 0:14.0 | Absolutely. |
| 0:15.0 | It's a story to learn from. |
| 0:16.0 | But it's not really the most... |
| 0:19.0 | Yeah, I think most of our stories there's always like a triumph and it's, oh, wow, I can't believe they came from those odds to do this or they use their intelligence, their network to do that. And, um, this one's a little different. Yeah, but it's still a story that needs to be told. Absolutely. Nonetheless. We can learn from the mistakes. Yes. So Wallace, Wally Amos Jr. Yeah. You know, it's crazy. So most people, if you heard of the cookies, famous Amos. Yeah. That's him. You're probably known for that. Yeah, probably known for that. Yeah. But I didn't actually know, I was doing some research. So I know he did that. But what I didn't know was that in 1962, he became the first black talent agent with William Morris agency. Yep. And he had Diana Ross and the Supremes, Marvin Gay, Sam Cook. Yeah. And he had Simon and Garfinkel. Yeah, yeah. Those were all. Big town. Yeah. That was pretty extremely big. Think about like Diana Ross Marvin Gay and Sam Cook Yeah |
| 1:14.1 | That's crazy. If I, like, who does that? Who finds that type of talent? Yeah. So, but he's, he was raised in Tallahassee, Florida. Shout to Tallahassee. Tally Ho is what they call it. That's what you Florida is. Fam U Uh Tallahassee. Tallyho, is what they call it. That's from your Florida days. |
| 1:28.3 | Famu. Tallahassee Community College, Florida State University. Yep. It's a college town. Shout to Tallahassee. So he's from Tallahassee. He's born in 1936. That was like, what? He's still living. Still living, man. Still living. Still living. Still going. Shout them. |
| 1:43.9 | You know, come from a no southern background and his aunt apparently made homemade cookies. Aunt Della. Yeah. Yeah. That was famous in the neighborhood and everybody loved it. You know, just a traditional type of just in the kitchen just making cookies. chocolate chip cookies so that never really left him |
| 2:01.0 | even though he went to you know uh pursue a career in you know managing artists and things of that nature |
| 2:07.2 | and eventually went to hollywood but he always had his down south roots of cooking yeah that actually |
| 2:12.1 | was what he would give to some of his artists he would present them with cookies like so like some of the |
| 2:17.0 | artists would come and he had like a snack before there was riders and you had to have all those things like he would bring the cookies, he would present them with cookies. So, like, some of the artists would come, and he had, like, a snack. |
| 2:18.7 | Before there was riders, and you had to have all those things. Like, he would bring the cookies to them. Yeah, and he actually went to culinary school also. Yeah, man. Before he became a talent agent, he went to culinary school. It was no joke. So, yeah, so, like you said, he used to gift his client's cookies. and that kind of branched off to people saying like he should probably start his own company. |
| 2:39.0 | Yeah, and those same clients who, you know, that he brought the talent from, they became people that like, listen, we loved what you got. |
| 2:47.0 | We love the product. |
| 2:48.0 | We're going to help you. |
| 2:49.0 | We're going to become investors. |
... |
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