He Got Fired By His DAD… So He Built a $60M/yr Empire

My First Million

Hubspot

Entrepreneurship, Investing, Business

4.8 • 2.7K Ratings

🗓️ 13 June 2024

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

Episode 596: Sam Parr ( https://twitter.com/theSamParr ) talks to Craig Fuller ( https://x.com/FreightAlley ) about how he turned dying hobby magazines into a cash flow machine. — Show Notes: (0:00) Intro (2:45) Economics of long-haul trucking (3:36) Getting fired from the family business (5:30) Fuel cards for truck drivers (6:40) How FreightWaves hit $20M ARR in 2 years (9:08) Acquiring FLYING for $3.5M (12:14) Opportunity: Depressed media properties (16:02) From losing $8 per subscriber to profitability in 1 year (20:31) A media side hustle becomes a real estate main hustle (22:55) Craig's tolerance for being leveraged (25:32) Pre-selling $28M units pre-construction (28:51) Diversity, Asymmetrical risk, and generational security (31:11) Teams to diversify your time (34:21) Building a portfolio of hobby magazines (37:20) Content to commerce playbook (47:03) The story of William Randolph Hearst (51:32) What's the chase? (53:15) "The best thing to give a founder is an enemy" — Links: • FreightWaves - https://www.freightwaves.com/ • Knight-Swift - https://knight-swift.com/ • Firecrown - https://firecrown.com/ • The Chief - https://tinyurl.com/36khrt8y — Check Out Sam's Stuff: • Hampton - https://www.joinhampton.com/ • Ideation Bootcamp - https://www.ideationbootcamp.co/ • Copy That - https://copythat.com • Hampton Wealth Survey - https://joinhampton.com/wealth • Sam’s List - http://samslist.co/ — Check Out Shaan's Stuff: Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd My First Million is a HubSpot Original Podcast // Brought to you by The HubSpot Podcast Network // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

Transcript

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0:00.0	All right, my friends, today's episode, it's special for me, and it's going to be special for anyone out there who's a creator or who owns a media company.
0:08.0	Let me explain.
0:09.0	So I've got this friend named Craig Fuller.
0:11.0	Craig Fuller runs this company called Freight Waves. It's a
0:14.1	data business but they have a media arm and it's a huge company. They've raised
0:17.5	tens of millions in funding and they make tens of millions in recurring
0:21.0	revenue. huge business.
0:22.6	However, on the side, he ended up buying a bunch of magazines,
0:27.8	including flying magazines, a bunch of boating magazines.
0:31.1	Very weird of him to do that. and I wanted to do a podcast about that.
0:35.0	Turns out, he's bought all of these niche magazines for a very small amount of money,
0:40.0	and he's only about three years into business, and the company's doing around 60 million in revenue and 12 million in profit and it's his prediction that by 2030 it's going to do a billion in revenue.
0:51.5	Which is A insane that that's someone's side project that they're doing that and B I wanted to learn all about it I wanted to learn about the model that he's doing where he's basically buying these magazines and then he's selling the audience different products and
1:04.8	services including like building an airplane hangar and selling space in that hangar for flying magazine,
1:10.9	things like that. So if you have an audience,
1:13.9	if you want to build an audience,
1:15.5	if you want to build a big business
1:16.8	on top of that audience, this podcast is for you.
1:19.6	All right, check it out.
1:21.6	I feel like I can rule the world.
1:23.0	I know I could be what I want to.
1:26.0	Well, we're live.
	...

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