Hey everyone, A.J. Lawrence here from Beyond8Figures.com, and I’ve got some news to share with you. Since you’re visiting this page you’ve likely heard that David Schottenstein, a past guest on our show, has been sentenced in connection with a $4.5 million insider trading scheme. It appears he was using non-public information to profit in the stock market, utilizing his connections with corporate insiders.
It’s truly disheartening to hear about this situation. I hope that David can find a way to repay his debt to society and learn from this experience. We all make mistakes, and it’s important to remember that growth and redemption are possible. As we continue working on our entrepreneurial journeys, let’s stay focused on achieving success with integrity and learning from the setbacks we encounter along the way.
In this episode, we have the privilege of speaking with David Schottenstein, a talented businessman behind the $50M exit of Astor & Black. Join us as we go into the behind-the-scenes details of his journey, including the crucial pivotal moments and techniques for building and scaling a business.
At the age of 21, David Schottenstein founded Astor & Black, which quickly became the fastest-growing custom clothing company in the US. In 2009, he was named Ernst & Young Entrepreneur of the Year; 2010, Inc.’s 30 Under 30; and in 2011, Mr. Schottenstein sold a majority stake in Astor & Black to a private equity group. In 2012, Mr. Schottenstein and a childhood friend founded Viewabill. It’s a cutting-edge, rapidly growing cloud-based transparency tool that allows clients to view their legal work in progress in real-time.
Additionally, Mr. Schottenstein has invested in several business ventures. One is Mizzen+Main, a men’s clothing company that focuses on performance material dress garments. Another is Hilflint, a men’s clothing company specializing in higher-end collegiate and professional sports knitwear. He also invested in Farm Hill, a food startup delivering healthy, delicious meals directly to the customer and Mellow, a new robotic sous-vide cooking machine made for the convenience of home cooking.
In 2017, Mr. Schottenstein set his sights on reframing the luxury eyewear market with the launch of Privé Revaux Eyewear. Mr. Schottenstein, along with an elite team including celebrity visionaries and partners Jamie Foxx, Hailee Steinfeld and Ashley Benson as well as VP of Celebrity Relations Dave Osokow and Creative Directors Rob Zangardi and Mariel Haenn have redefined the luxury sunglasses market with high-quality, on-trend frames retailing for $29.95/pair.
In this episode, Steve, Mary, Richard, and David Schottenstein discuss:
- How Astor & Black started
- The investments that David made after selling Astor & Black
- What inspired him to create Viewabill and what led to him despising the company
- The art behind naming a business and the design of a product
Key Takeaways:
- Rome wasn’t built in a day and successful people are willing to do the things that unsuccessful people are unwilling to do.
- After selling a company, consider immediately investing in small businesses
- Source high quality materials and sell them at a reasonable price
- Be willing to make less in order to charge a fair price.
Best Advice I Ever Received: Rome wasn’t built in a day and successful people are willing to do the things that unsuccessful people are unwilling to do.
Best Advice I’d Give To Someone Who Wants To Build A $10m+ Business: Buckle in for ups and downs. If you can’t get past the downs don’t bother. There will be lots of them.
