From Dropout to $150M Exit

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Welcome to another issue of Passionate Income.

Today, we’ll be discussing a set of life lessons I was told directly by Physician’s Choice founder Logan Chierotti. Similar to most millionaires, Logan is unknown to the masses.

But in the eCommerce and Consumer Packaged Goods (CPG) space, he’s famous for taking his company from $0 to a $150M exit in just four years.

Even better, his exit involved selling off a minority stake, meaning he’s still the majority stakeholder and Chairman of the board. As someone who married, had two kids and achieved life-altering wealth before age 40, it’s our opinion this is advice worth listening to.

Let’s dive in.

1 - Your fears about what “could” go wrong almost never come true.

While it’s normal to worry, the older you get, the more you realize those doomsday scenarios you kept thinking through never actually come to fruition.

Which raises the question: If worrying doesn’t change our situation, and most of the bad stuff we worry about never even happens, why do we do it?

2 - If people older and wiser than you continually preach about something, don’t ignore it.

If you’re on vacation in a foreign country and the locals tell you to avoid a certain area, you’re probably going to avoid it right? Why? Because they know something that you as a tourist do not.

And when it comes to life, the same concept applies: If multiple people your senior warn you of something, it’s because they know something you don’t. Heed their advice.

3 - The only way to get better at things is with consistent practice.

From surfing to violin to sales, any skill that matters take time to master. For some reason, we understand this when it comes to sports, music, etc.

But because we have so much mental baggage tied to money, and because we let our identities get wrapped up in our income and lifestyle, we tend to forget that business is a skill.

From hiring to writing copy, most business skills can be learned. You’ll just have to put in way more reps than you expect.

4 - Before you can feel comfortable doing something, you must first feel uncomfortable doing it.

One of the great things about children is that they’re willing to approach things without any ego or concern for how “good” they are at it. They just dive in and go.

Sadly, the older we get, the less willing we are to look like a beginner. Which in business, almost always means failing and making mistakes in public.

But unless you were born gifted at something, or have been doing it for a long time already, you’re not going to be good at it. Which leaves you with two options:

Embrace the discomfort, or shy away from it. But remember: Giving up means letting your dreams die.

5 - Procrastination is where great ideas go to die.

Right up there with fear of failure and an inability to focus, procrastination is one of the #1 reasons people fail to achieve their goals.

But once you understand compound interest applies to both investments and your behavior, you start to realize just how damaging even small amounts of procrastination can be.

*For more information on how compound interest applies to your daily life, we highly highly recommend the book The Slight Edge.

6 - Money is easy to make.

Tony Robbins once said: “Success is 85% mindset and 15% skills.”

When you’re broke, it’s easy to reject this advice as being too simplistic. But the longer you stay in business, the more you realize mindset is everything.

See, the path to wealth isn’t that difficult. All you really have to do is choose the type of business that’s actually capable of getting you to your goals, and then build it for years on end without getting distracted or giving up.

Sadly, it’s the not getting distracted or giving up part where 99% of people struggle. But as Logan told me: Do the right things for long enough and you will succeed.

7 -Get on the same page with your partner about your ambitions.

Relationships can survive a lack of balance IF your partner knows what they’re signing up for upfront. But if you go from 40 hour weeks to 80 hour weeks without making sure they're onboard, you’re asking for trouble.

Point being: If you’re serious about success, figure out the sacrifices you’re going to have to make ahead of time. From there, make sure your partner is onboard before committing.

*If you’d like to follow Logan on 𝕏, you may do so here.

💡 Takeaway: Ignoring high-profile founders like Elon Musk, most millionaires and even billionaires are normal people. But unlike the masses, they make a handful of decisions that - over a years and decades long timeline - allow them to generate insane levels of wealth.

I'll leave you with this quote…

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