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GOING FROM $0 TO $20 MILLION
Episode #1 Featuring John Smith, Founder & CEO, Company Inc.
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016: Bootstrapping a 1,500 Person Concierge Home Care Service Company with Scott Thompson (9X INC 5000 Founder)
Scott Thompson Lifematters
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Scott Thompson is an award-winning entrepreneur and Founder of Lifematters—a home care service for seniors that has made the Inc. 5000 Fastest Growing Company list 9 times. He bootstrapped a 1,500 person concierge home care service company. 

Prior to creating Lifematters, Scott founded a professional employer organization, HR Tech, with $5,000. Six years later, he sold that company when it reached $132 million in revenue.

He’s also invested in many start-up and early stage companies across various industries throughout his career.

I caught up with Scott during our adventure to Antarctica to learn more about how he thinks about building businesses. 

You’ll hear how he disrupted an antiquated industry and scaled Lifematters to 1,500 employees before selling. This was a company Scott bootstrapped with $40k of his own money and developed over the course of 15 years. 

Tweetables

When I built the business, every step of the way, I questioned the status quo. If someone said to me, this is the way you have to do things, I’m going to listen and then I’m going to ask, ‘but why? Are we sure about that?’ The reality is, you find that that’s not necessarily true. There are these best practices that industries adopt, and truthfully, it just becomes lazy after a while. And that’s why they get disrupted over time, and quite frankly, lose business. And that’s how I built all my companies.” - Scott Thompson

The number one thing that we look at, no matter what industry, what company we invest in, without question, without fail, every single time is, who are the founders or who is the management team? Can they execute? End of story.” – Scott Thompson

Key Takeaways with Scott Thompson

✔️Bootstrapping and scaling a 1,500 person concierge home care service to $25 million in revenue. 

✔️When building something extraordinary comes at the cost of making less money.

✔️Finding a creative outlet inside the walls of entrepreneurship.

✔️How hiring W-2 employees (versus contractors) gave Scott a competitive advantage when building his business. 

✔️How Scott financed his company by billing his clients in advance.

✔️Tactics Scott uses to increase employee retention. 

✔️Developing a set of core values that your company will actually live by. 

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