From 8-Figure Exit to Financial Revolution with Jason Schappert

0:02Who's ready to rock today, Fire Nation? JLD here and welcome to Entrepreneurs on Fire, the only daily show interviewing the world's top entrepreneur seven days a week. And today we'll be breaking down from eight figure exit to financial revolution. To drop these value bombs, I brought Jason Schappert into EO Fire Studios. Jason is a serial entrepreneur who bootstraps his last business from zero to an eight figure exit and is doing it all over again with his newest business, Moolah, which is working to empower members towards their journey of financial freedom. And today on Foundation, we'll talk about finding a niche and creating leverage.

0:34We'll talk about the adversity that comes with going broke. We'll talk about preparing your business for an exit and oh so much more. And a big thank you for sponsoring today's episode goes to Jason and our sponsors. If you've ever considered launching a show on YouTube, I may have the solution for you after launching a very successful show on YouTube in 2024, MicroStrategy Today. I've learned a lot on what it takes to create a successful show and have launched a one-on-one mentorship program called YouTube 100. If you want to jump on a call and learn more about this program, shoot me an email, john at eofire.com.

1:07This is the year of YouTube. Let's go. Jason, say what's up to Fire Nation and share something that you believe about becoming successful that most people disagree with. Fire Nation, the truth of the matter is, you don't have to get it right. You just have to get it going. And a lot of perfectionists out there, JLD, may not agree with that, but I'm telling you, it's the truth. I actually come down pretty hard on perfectionists because I think that people who are perfectionists are self-labeled perfectionists and they think that's a good word. I actually say replace the word perfectionism with coward because you're actually a coward because you're hiding behind this word of perfection because you're scared.

1:49You're scared to launch. You're scared to put your thing out there into the world because guess what? It's not perfect and it never will be. And you're going to find out and that hurts you. So, hey, Jason, I'm just tougher. I'm just meaner than most people. That's just reality. So you might not have to say that to somebody, but I call them out. I call it out like it is. And today, Fire Nation, we're talking about going from an eight-figure exit to a financial revolution. And you believe, Jason, in finding a niche and creating leverage, specifically using the internet. Tell us more. Absolutely.

2:17So our first business, JLD, was actually really obscure. We were one of the largest providers of FAA test preparation, which is a really nerdy way of saying we taught pilots on the internet. Now, I know you've been in this space for a long time. So you've heard of the naysayers too. But imagine 16 years ago, when I told all my friends, I said, listen, guys, I got this crazy idea. I'm gonna teach pilots to fly on the internet using video, by the way, like, like it was totally obscure to even think that was that was possible. This is before COVID and remote learning and was really taken off and everything else.

2:54No one believed it could be done. But I was already teaching these ground schools and everything else in person. And I kept hearing this idea that you have to create leverage in your business. So I said, wow, I'm going to leverage, like you said, the power of the Internet in this obscure niche. And when I say obscure, to give you some context of this, there are 400 ,000 pilots in the United States. Like that's how small the market was that I was going after. And a lot of people would say, well, that is a huge disadvantage. But back to how we spoke about, right? You know, some people disagree with that.

3:33I believe it was actually a huge advantage because I knew exactly who my target market was. And it's much easier to love on 400 ,000 people and create a relationship with those people than sometimes it is when you see people go on Shark Tank and say, well, if I get 1 % of this$10 billion market and every time on Shark Tank go, we don't want to hear that. Like, stop saying that. Right. It's almost much easier to go after the smaller market and know them by name and know they have two kids and a dog and a cat named Fluffy and just love on these people. And that's really what we did for the past 16 years.

4:10Fire Nation, powerful stuff coming from somebody who's been there and done that. And speaking from been there, done that, I want to talk, Jason, about the adversity that comes from going broke. One of my favorite books, I know you've read it several times too, Napoleon Hill, Think and Grow Rich. And one thing Napoleon Hill always says is, in every adversity, there's the seed of a greater advantage. so when you and I won't get into my whole story here but I'm talking like tow truck at the end of the driveway or closure notice on the door like you have a choice to either sit in the corner and cry about it and even that's okay for like five minutes but eventually you got to put your big boy pants on and you got to get out there and you have to put yourself back in the game it's so easy for people to be in the stands cheering or booing or whatever it is but they are not in the arena playing the game and you are, and it's time to put on a show and make things happen.

5:09If we believe that in every adversity, there's the seed of a greater advantage, a seed is nothing unless I put it in good soil and I give it some Puerto Rican sun and I bring it in when it gets too cold and I really nurture this thing and take care of it, right? That is what it really takes. It's just a seed. It's your job to make it grow. It's not going to be this overnight. I'm tired of these people. I'm tired of this one it now society. That's all about this instant gratification. I want to be a millionaire overnight. It just does not work that way. It takes hard work, putting one foot in front of the other and just making those small little steps.

5:47So I want to stay here for one more round because I want to talk about something else that can really be taken away from just, you know, not having that silver spoon in your mouth, like not having everything handed to you in life. There's a great book that I love called anti-fragile that just shows that those that just face adversity at a young age in life, those are the individuals that are anti-fragile and accomplish greatness. But it's the individual on the other side of things who are kind of in a bubble their whole life. And they finally reached the real world and they just shatter at the first sign of adversity or struggle or obstacles.

6:21Talk a little bit more about that. It conditions you. You don't go to the gym once. Well, you can go to the gym once and you're going to be sore and you're going to be hurting and you're going to have all the negative effects and you're not going to see any progress when you look in the mirror in a few days. It takes small, consistent effort. It's no different. I'm not a huge sports guy, but I understand it. Everybody is chasing home runs. But if you look at the statistics of baseball, baseball is not won by how many times we hit it out of the park. It's won by a series of base hits. Hit the ball in, keep it in play, get to first base, and then let's do it again.

6:59rinse and repeat. It's these small little successes. So, you know, to your point, everyone's looking for home runs. They're looking for the big success. They're looking for all this stuff. That's really not what this comes down to. You are going to hit that adversity. And it's important to say, what can I learn from this? And here's something you can relate to. And anybody else who's been putting themselves out there on the internet for a while can relate to you and I have both gotten our share of hater comments, interesting comments across YouTube, across Apple, everything else. And you have a choice when you look at those, because even that is an adversity in a way.

7:35You have a choice to say, okay, this person is just a jerk. I'm going to fire off a sassy response right back at them and to each their own, right? I have learned to look at these responses, these comments and say, okay, first off, is there any truth to what they're saying? And can I do something about it? And if not, I can, I can delete it and I can get rid of that person. But if you are willing to even look at the negative feedback you're getting on your product pitches, when you're pitching to VCs and they're declining you and you're saying, well, they just don't get it. No, no, no. Is there any truth to what they just told you?

8:09Is there any truth to why that customer didn't buy your product and went to somebody else? And what can you learn from it to get better and better? Like how we started this thing, right? You don't have to get it right. You just have to get it going. And as you get it going, you're going to refine and get better and better in version one and version two and version three. Look how this podcast has grown. Right. Right. Out of this many episodes, it just gets better and better until you find that sweet spot. Now, Jason, a lot of people don't think about the end until it's too late. And what I mean by that is preparing our business for an exit.

8:44What should we do? How should we be preparing? If you are not building your business to sell or to exit, I understand you might be wanting to give it to a son or daughter or some other worthy cause. I totally get that. But even that is an exit in itself. If you're not planning for that, you just made yourself a job. Every single person, and don't lie to yourself and say, well, I don't have a saleable business. My name's on the door, whatever it is. I would argue you have a saleable business, right, no matter what it is. I mean, our business was very tied to my image and our name and everything else, and we were still able to sell it.

9:20But unfortunately, I wasn't ready to sell it. And although I wasn't seeking it out, eventually you get to a certain size and people start knocking on your door. The first private equity company that came to us, I was so excited. Like, wow, this is, you know, we're in our 30s. I'm thinking, this is going to be amazing. This is our chance to really capitalize and go on to the next thing. And when they finally got into our QuickBooks, they were surprised, it would be the polite way to put it, because here I am, multi-million dollar business, 36 employees, yet I'm still running it like a mom and pop business.

9:58I was still keeping the books. The books were a wreck. There was personal spending. It was a big, big mess as far as that goes. And I remember that private equity company looked me in the eyes and said, Jason, I have no doubt you have a great business here, but we can't make heads or tails of it. Like the QuickBooks, it's just too much of a mess. Clean up your books and maybe we'll talk. So I was like crushed. I'm like, this is my dream. Like they came to us. I wasn't even seeking it out. So I did exactly that. We hired a fractional CFO. I didn't need a full-time CFO, but we brought in a fractional CFO.

10:31We brought in a full-time bookkeeper. We got everything cleaned up. Nine months later, a different private equity company came at a higher valuation, a higher multiple, and our books were clean and ready. You know, again, back to the idea of in every adversity, there's a seat of a greater advantage. I could have been all down on myself at that first private equity company, walked away after six months of work. And by the way, it's not easy work, due diligence and lawyers and everything else to have them walk away at the finish line. There really was expensive from a financial and a time standpoint.

11:04And it hurt, but we chose to learn from it. And in nine months approached by somebody totally different. And we were prepared for it. So I say this entrepreneurs listening. I was not looking to sell. Private equity came to us. And I'd imagine a similar thing is going to happen to you as well. and you need to be prepared for it. If you're running personal expenses through your books, like everyone does that, right? I'm sure no one from the IRS is listening, right? Everyone does that sometimes, but it's time to start treating this like a big boy or big girl business and cleaning up our books and keeping everything squeaky clean.

11:41So when the opportunity comes, you are truly ready. Fire Nation, you truly need to be ready because even if you're never quote unquote planning on making a move, life has a way of throwing things at you. Be prepared. You don't want to have to be in it when you have to be in it. You want to be ahead of that game. And we have a lot to talk about when it comes to reinventing, understanding the money game, and taking control of our personal and business finances once and for all when we get back from thanking our sponsors. Let's talk YouTube. Have you ever considered launching a show on YouTube? Or do you currently have one that's struggling to gain traction?

12:19I may have the solution for you. After focusing on audio for 13 years, I launched my first YouTube show in late 2024 and have seen fantastic results. Over 12 ,000 subscribers, every show getting well over 10 ,000 views, all 100 % organic, zero dollar spent on promotion or advertising. That is the beauty of YouTube. If you create the right content with the right cadence, YouTube will make sure it gets in front of the right people. My show is called MicroStrategy today and I'm having a blast creating content on a daily basis because it's on a topic I love about a company that I truly admire. What excites you?

12:57What fires you up? If you wanna launch a show around that passion or improve your current one, I'm launching an exclusive coaching program called YouTube 100, where in 100 days, I will mentor you one-on-one and together we will create a show that you love and that's successful. I hired the best mentors when I first started and have learned so much along the way. I'm ready to help you ignite your show and let YouTube do the heavy lifting of building a meaningful audience that will allow you to grow and monetize your show in ways you might not currently think possible. If you wanna jump on a call and learn more about this program, shoot me an email, john at eofire.com.

13:34Put YouTube 100 in the subject line and we'll schedule a time to chat, j-o-h-n at eofire.com. This is the year of YouTube. Let's go. Jason, we're back and I want to talk about reinventing ourselves and change up the niche we are focused on. I mean, at some point, listen, life just happens. Forks in the road are approached and we need to reinvent ourselves. We need to change up our niche because of outside forces or because of inside forces. Talk to us about this. So imagine 16 years of doing the same thing. Husband and wife business, by the way, both doing the same thing. Aviation, education. Now we sell.

14:14Of course, there's a non-compete and lawyers involved and everything else. And I'm thinking my wife and I retired for like a whole 48 hours before we're looking at each other going, what are we going to do? Like we're too young to actually retire. I don't play golf. That takes too long. We're like, what are we going to do for the rest of our lives? And I believe, and I know every entrepreneur listening to this will agree, like we have, you are providing a service to the world, making the world a better place through your business. And if you have the skill set to be an entrepreneur, you have a duty to go out and start the next business.

14:47I believe that for everybody listening to this. So we looked around and said, where is our skill set? Well, we are teachers at heart, right? We're flight instructors. And we were very good in our aviation business about taking complex subjects and breaking them down into plain English. My wife looked at me and said, Jason, you have stewarded this family and our finances from learning the hard way and going totally broke to building us to be independently wealthy, even before the exit of the business, setting our family up for financial success. Why don't you go teach that? I said, wow, that's profound.

15:25So we kind of put our heads together and knew we wanted to leverage the internet and of course the AI boom and large language models and everything else. And we worked to create Moolah, which is really now the financial literacy tool for the next generation that's coming up, Gen Z, everything else, to steward their finances appropriately, investing, saving, everything else. And again, talk about reinventing yourself. Like, dude was a flight instructor. I still am a flight instructor. I don't have a degree in finance. I'm a college dropout, actually. Like, who am I? And by the way, now I've completed all the same exams the big fancy guys do with their IRIA and everything else.

16:08But just coming into a niche where you know absolutely nothing but are scrappy and have a passion for teaching and a passion for entrepreneurship, that is how industries are revolutionized when the outsider comes in. When the Elon Musk comes in and says, I'm going to launch rockets, I'm going to make cars, this is when innovation happens because you don't have the veil over your eyes of being in that industry your entire life. So it's an advantage. Now, you believe that we have to understand the money game and the money game is in quotes here. So tell us more about that. Think about it this way.

16:45There are two games that everyone on this planet is forced to play. the money game and the health game. And you are in the game, you are in the arena, and you are playing by rules that you may not know or understand, right? You and I are both in a similar season where we have young children. If we set our kids down, obviously they need to be a little bit older, but to play like Monopoly or something, my son's going to get really, really frustrated playing Monopoly because we're going to totally smoke him. He doesn't know the rules. He doesn't understand. He doesn't know how to count money yet.

17:16All these different things. He's going to be so frustrated. Yet after a while, after a few laps around that board, he begins to learn the rules and learn the game and starts to build some strategy. It is, Monopoly is such a great example because everybody is in the game and is forced to play the game whether you like it or not. So you better understand the rules. All these people who say the system is rigged against me, what they really mean is I'm in a game and no one ever taught me the rules. And that's what we're setting out to do is teach people the rules of the game they are in, help them save, help them plan, help them build retirement funds, college saving funds, start investing and understanding the market and taking control of their finances.

17:57You learned, you earned all your money the hard way. Why would you let someone else manage it? Why would you let someone else make mistakes with it, whatever it is? let you be the steward of your own finances and put the power back to the people is really what it comes down to. Financial literacy at the end of the day is the name of the game for moolah. And I kind of want to stay here as well, because I'm going to talk about taking control of our personal and business finances once and for all. I mean, what does that really look like when we do that? And why is it so important and meaningful? I know you and I have both been there.

18:30You hear the advice and every entrepreneur has heard this. Well, you have to pay yourself first. And you're going, yeah, that sounds really good. You haven't seen my payroll. You haven't seen my, you know, my payables and my vendor list and everything else. What do you mean pay myself first? There's hardly anything left over to pay payroll this, this, uh, this quarter. But at the end of the day, that is such wise advice because if you do not pay yourself first, everyone else has their handout along the line and they're going to have taken that money. And what you realize is you just made a job for yourself, essentially, is all you really did.

19:05You've just made a job. Maybe you collect a paycheck. Every entrepreneur has been there where payroll is not going to clear and you take yourself off payroll for this time period. And that is a season you shouldn't have to be in. But it all comes back to knowledge. And Jim Rohn used to say, knowledge isn't power, it's potential power. So it's one thing to have this, what we're talking about here, oh, I need to start paying myself first and get serious about my books and my finances and really operate my business and my personal life on a budget. That's great knowledge, but it's just head knowledge until we actually place it into action.

19:38It's one thing I love about you, JLD. You're always so transparent about your finances on the wall and everything else. And, and that to me says, Hey, listen, this is somebody who's got it together, right? And is willing to be public with it by the way, too, which you don't, I mean, you do realize this now, but you've just created a bunch of thousands of accountability partners. They're going to come to you and say, hey, JLD, great month this month. You're going to go, well, absolutely. Thank you. When you have that level of transparency, you have no choice but to succeed. So kudos to you on that one as well.

20:10Well, thank you, brother. I much appreciate that. And I love transparency. I just love opening the kimono and just showing people what's working, what's not working. When I first started, I wanted that. I wanted to be able to look up at people who are having success and see how they were doing it like inside the actual game. So give us one key takeaway from our entire conversation today, Jason. Like what's one thing that you really want to make sure Fire Nation gets from our chats? And then give us a call to action. Like if Fire Nation wants to connect with you, with Moolah, give us that call to action.

20:43Let's go all the way back to the beginning. You don't have to get it right. You just have to get it going. Stop being such a perfectionist. Stop trying to get everything just perfect. Stop trying to pump every feature into your MVP. It's an MVP after all. Just get the thing out there. Get eyeballs on it. Get feedback that's not your mother or your father or your spouse. right get some real customer feedback from people that are voting with their wallets and don't get your feelings hurt when it comes back and it might be a little bit you know direct or stern instead you say thank you and you send them an amazon gift card and you and you iterate to the next version that is how you have to do it i loved how you said it many people declare themselves as a perfectious no one else called them that they called themselves that and i think that's something they need to break, right?

21:32Instead of being a perfectionist, you're a coward because you're sitting back and you're sitting on the sidelines back to our arena analogy and you're in the stands, you know, and not playing the game. And it's time to get down there and play the game. Be that man or that woman in the arena, Fire Nation. And Jason, how can we connect with you? How can we connect with Moolah? Give us the call to action. Absolutely. So check us out on social to start. Make sure you fall in love with our product, our teaching style, everything else. You want to see what we're doing marketing-wise as well. Everything is Moolah Copilot from TikTok through YouTube, everything between Moolah Copilot.

22:07Find us there, releasing a lot of great content every single day on financial literacy. Obviously, if you want to download the apps, they're in your app store as well. You can certainly check that out. But first, as I advise in all our businesses, just fall in love with us first before you ever consider even spending any money with us. So you can check that out and just become a part of the family. Just like the Fire Nation is a family, right? Moolah is a family as well. Well, Fire Nation, you are a family and you are the average of the five people you spend the most time with. And you've been hanging out with JS and JLD today.

22:39So keep up that heat. For links to everything we talked about, visit eofire.com, type Jason in the search bar. The show notes page will pop right up. And Jason, thank you for sharing your truth, your knowledge, your value with Fire Nation. For that, we salute you and we'll catch you on the flip side. See ya.

23:24It's UncommonSuccessBook.com, and I'll catch you there or on the flip side. If you've ever considered launching a show on YouTube, I may have the solution for you after launching a very successful show on YouTube in 2024, MicroStrategy Today. I've learned a lot on what it takes to create a successful show and have launched a one-on-one mentorship program called YouTube 100. If you want to jump on a call and learn more about this program, shoot me an email, john at eofire.com. This is the year of YouTube. Let's go. Thank you.