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Speaker 1: Hi. I'm Sherry Harris, owner of Life Source Water. As

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Speaker 1: a new grandmother in lifelong Californian, I care about what's

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Speaker 1: in the water my family uses every day. For over

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Speaker 1: forty years, our whole house water system has protected Bay

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Speaker 1: Area families with filtered water from every tap. Now we're

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Speaker 1: offering a double dip in savings free basic installation plus

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Speaker 1: an extra two hundred and fifty dollars off. That's up

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Speaker 1: to twelve hundred dollars in savings. Call our factory at

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Speaker 1: one eight hundred Water ninety nine or visit Life sourcewater

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Speaker 1: dot com. Hurry offer in September thirty.

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Speaker 2: Quaranty limitations apply.

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Speaker 3: For today's story is teachable moment? Yeah, it's actually a

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Speaker 3: little different for us. It's pretty sad. Most of the

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Speaker 3: story times are like upbeat, but this is a story

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Speaker 3: and it's definitely a teachable moment. Absolutely, it's a story

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Speaker 3: to learn from, but it's not really the most.

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Speaker 4: I think most of our stories, there's always like a

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Speaker 4: triumph and it's like, oh wow, I can't believe they

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Speaker 4: came from those odds to do this, or they use

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Speaker 4: their intelligence their network to do that, And this one's

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Speaker 4: a little different.

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Speaker 3: Yeah, but it's still a story that needs to be

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Speaker 3: absolutely learn from the mistakes. Yes, so Wallace Wally Amos Junior.

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Speaker 3: You know, it's crazy. So most people, if you heard

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Speaker 3: of the cookies famous Amos.

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Speaker 2: That's that's him, probably know him for that.

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Speaker 3: Yeah, probably know him for that. But I didn't actually know.

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Speaker 3: I was doing some research, so I know he did that.

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Speaker 3: But what I didn't know was that in nineteen sixty

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Speaker 3: two he became the first black talent agent with William

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Speaker 3: Morris agent.

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Speaker 2: Yep.

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Speaker 3: And he had Diana Ross and the Supremes, Marvin Gay,

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Speaker 3: Sam Cook.

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Speaker 2: Yeah yeah, and he had Simon and yeah.

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Speaker 5: Yeah.

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Speaker 3: That was an old town. Yeah, that was pretty extremely

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Speaker 3: big think about like Diana Ross, Marvin Gay and Sam Cook.

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Speaker 2: Yeah, that's crazy, Like who does that? Who finds that

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Speaker 2: type of talent?

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Speaker 3: Yeah? So, but he's he was raised in Tallahassee, Florida.

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Speaker 3: Shout out to Tallahassee, tally Hoe, that's what they call it.

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Speaker 3: Fam you Tallahassee Community College, Florida State University. Yep, it's

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Speaker 3: a college town. Shout out to taller Hassee. So he's

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Speaker 3: from Tallahassee. He's born in nineteen thirty six.

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Speaker 4: That was like what he's still living, still living, man,

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Speaker 4: still living, still going shout him.

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Speaker 3: You know, come from a southern background and his aunt

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Speaker 3: apparently made homemade.

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Speaker 2: Cookies hont della.

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Speaker 3: Yeah. Yeah, that was famous in the neighborhood and everybody

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Speaker 3: loved it. You know, just a traditional type of just

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Speaker 3: in the in the kitchen, just making.

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Speaker 2: Cookies, making chocolate chip cookies.

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Speaker 3: So that never really left him, even though he went

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Speaker 3: to you know, pursue a career in you know, managing

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Speaker 3: artists and things of that nature, and eventually went to Hollywood,

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Speaker 3: but he always had his down South routes of cookie.

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Speaker 2: Yeah.

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Speaker 4: That actually was what he would give to some of

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Speaker 4: his artists. He would present them with cookies. So like

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Speaker 4: some of the arts would coming and he had like

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Speaker 4: a snack before there was riders and you had to

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Speaker 4: have all those things, like, he would bring the cookies

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Speaker 4: to them.

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Speaker 3: Yeah, and he actually went to culinary school also before

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Speaker 3: before he became a talent agent, he went to colinary

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Speaker 3: school joke. So yeah. So, so, like you said, he

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Speaker 3: used to gift his clients cookies and that kind of

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Speaker 3: branched off to people saying like he should probably start

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Speaker 3: his own company.

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Speaker 4: Yeah, and those same clients who you know that he

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Speaker 4: brought the talent from. They became people that like, listen,

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Speaker 4: we loved it what you got, We love the product,

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Speaker 4: but we're gonna help you. We're gonna become the investors.

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Speaker 3: Investors.

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Speaker 2: Man, that's important.

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Speaker 3: That's a fact because it started because yeah, he was

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Speaker 3: doing William Morris. He tried to branch off into his

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Speaker 3: own thing with that and that didn't really work out.

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Speaker 3: So the relationships that he established, they said that they

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Speaker 3: would bankroll them. So it cost twenty five thousand dollars,

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Speaker 3: which was a lot of money in nineteen seventy five.

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Speaker 2: Like now, man, yeah, you know what I'm saying.

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Speaker 3: Nineteen seventy five, that's like a couple hundred thousand, and

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Speaker 3: that's where he started his company with.

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Speaker 2: Yeah, I think Marvin Gaye was the first guy that's like,

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Speaker 2: I'm gonna help this guy.

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Speaker 3: Yeah, he started his company with which you called famous

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Speaker 3: Amos and uh first year and business three hundred thousand dollars.

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Speaker 4: So that's crazy. I read that said the way that

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Speaker 4: three hundred and seventy five.

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Speaker 2: Yeah, he's multi, No, he was, he was.

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Speaker 3: He was good. So he hit he hit, he hit

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Speaker 3: it out the Park right away, and by nineteen eighty

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Speaker 3: two he did twelve million dollars in revenue.

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Speaker 2: Yeah.

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Speaker 4: So after the first story, he started franchising. He was

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Speaker 4: on Sunset Boulevard and Cali Mande was doing it big.

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Speaker 4: But he started franchising the stores out and generated some

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Speaker 4: more income.

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Speaker 3: Yeah, So he really became a big name, a household name.

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Speaker 3: He you know, he's in the Smithsonian Institute. Yeah, he

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Speaker 3: has his hat and his shirt.

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Speaker 2: I saw his commercials.

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Speaker 5: Man.

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Speaker 4: He said, like he got so good at selling cookies

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Speaker 4: because he used to have to pitch talent to record label.

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Speaker 3: And he had the relationships and it was a good

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Speaker 3: product too. Famous Amos cookies was legit.

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Speaker 2: They're still legit.

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Speaker 3: Yeah, what I'm saying, they changed the rescipe basically. So

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Speaker 3: in nineteen eighty two, he's twelve million dollars. So, like

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Speaker 3: I said, twelve million dollars in the early eighties, probably

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Speaker 3: the equivalent of forty million.

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Speaker 2: Now, like a lot his big time.

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Speaker 3: That's a lot of money, right, So he became a

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Speaker 3: household name and he starts to you know, buy property

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Speaker 3: and he's living our life. Right. So in nineteen eighty five,

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Speaker 3: that's when things start to kind.

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Speaker 2: Of fall bullying story changes.

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Speaker 3: So he still did pretty decent that year, but they

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Speaker 3: made ten million instead of twelve million. So now he's,

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Speaker 3: you know, it's a loss, like first year when he's

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Speaker 3: starting to like go backwards. He was going up and

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Speaker 3: then now he's starting to like go down a little bit, right,

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Speaker 3: So he makes some changes. He fires some managers and

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Speaker 3: put some other people in positions. So he said admittedly,

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Speaker 3: like he was never he didn't really understand how to

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Speaker 3: run business. He's a talent agent and he's a cook

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Speaker 3: to his.

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Speaker 2: Own credit, admitted, I don't know how to run a business.

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Speaker 3: But he didn't have any mentorship and even in his

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Speaker 3: people that he's around, an artist and things of that nature,

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Speaker 3: he didn't really know what was going on. So it's

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Speaker 3: all good.

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Speaker 4: May twelve million. I don't know how to run a business.

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Speaker 4: That's astonishing.

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Speaker 3: Yeah, yeah, it was. And it's crazy too because remember

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Speaker 3: we interview Ryan Leslie and he said that, you know,

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Speaker 3: scaling can be like detrimental to you, like if you're

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Speaker 3: not properly prepared and you're growing too fast, that can

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Speaker 3: actually hurt. And he's actually better to have a smaller

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Speaker 3: audience or to grow at a slower pace, but to

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Speaker 3: be able to manage it, because like when you can't

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Speaker 3: manage your scale, now you're really screwed.

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Speaker 2: That's his whole boeprint too.

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Speaker 4: That was that's Ryan Lesli's BP print that even with

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Speaker 4: the smartphone was like smaller audience.

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Speaker 3: Yeah, and that's what you said like before, like less's

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Speaker 3: lesson's more sometimes, So now it starts to like just

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Speaker 3: fall apart. He's on vacation and he finds out that

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Speaker 3: he has a house in Hawaii. Shouts and all the

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Speaker 3: good people.

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Speaker 2: He lives there now?

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Speaker 3: Alohallow does he still live there?

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Speaker 2: Lives there now?

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Speaker 3: Yeah, everybody knows I used to live in Hawaii. The

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Speaker 3: whole vibe out there. So he finds out that his

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Speaker 3: house is actually being auctioned off.

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Speaker 2: Yeah, like that's crazy.

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Speaker 3: That's the crazy news to just wake up to, like, oh,

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Speaker 3: by the way, they auctioned your house three pm? Like

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Speaker 3: what he didn't even know his house was in foreclosure?

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Speaker 3: Like when did this happens?

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Speaker 2: We're making light of it, but.

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Speaker 3: It's just crazy. So it's like but once again, that

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Speaker 3: just goes to show you, like especially like a lot

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Speaker 3: of celebrities and you know, like even with the Fat

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Speaker 3: Joe situation. People know, like he went to jail for

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Speaker 3: tax evasion, but he was telling the story it was

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Speaker 3: like he had his accountant that was paying all his

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Speaker 3: bills for him, and you know, he's being a rapper

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Speaker 3: and he felt like, you know, he's not really paying

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Speaker 3: attention to Jim Jones, like, yeah, Kevin a bunch of

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Speaker 3: So what happens with Fat Joe is that the accountant

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Speaker 3: apparently started like embezzling, stealing money, not paying his taxes,

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Speaker 3: not paying his bills. He found out because he's like

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Speaker 3: he always had excellent credit. He tried to get a

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Speaker 3: car and it was like his credit was like four

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Speaker 3: fifty and he's like what And then he realized that

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Speaker 3: all of his bills haven't been paid for months. And

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Speaker 3: also along with bills, they had his account. His account

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Speaker 3: never paid his taxes. He had to do like six

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Speaker 3: months in federal jail. So I say, I have to say,

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Speaker 3: this is something that's unfortunate. It's been going on for

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Speaker 3: a long period of time when people like put trust

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Speaker 3: in other people to take care of their finances and

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Speaker 3: they don't know what's going on with their own money.

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Speaker 3: And by the time they realized it it's too late.

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Speaker 4: Yeah, we see it, having too much man. This episode

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Speaker 2: Way too much.

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Speaker 3: So Yeah, so that was just like when he realized like, okay,

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Speaker 3: things is really starting to go down crazy. So now

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Speaker 3: he's scrambling and he brings outside investors in to help

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Speaker 3: out with this company because now he's starting to lose

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Speaker 3: money company. Yeah, so he took I think like three

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Speaker 3: million dollars of investors' money, but that didn't really work

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Speaker 3: out but those alone, so now he has to pay

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Speaker 3: that back. But then they left and the company's losing

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Speaker 3: even more money. So now it's like spiraling out of

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Speaker 3: control at a very rapid pace.

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Speaker 2: And what are you going to do with that? Havins?

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Speaker 3: Yeah, So in nineteen eighty eight, he sells the company

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Speaker 3: to three million dollars. He sells it for three million dollars.

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Speaker 3: He sells the company in nineteen eighty eight to the

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Speaker 3: Shansby grew with think' pronouncing that correctly for three million dollars.

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Speaker 3: So the crazy thing about it is that now he

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Speaker 3: sells the company for three million and they keep them

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Speaker 3: on as a brand ambassador. So he makes it deal

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Speaker 3: with them, and he's not allowed to use his name anymore.

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Speaker 2: Yeah, because part of the cell is the trademark.

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Speaker 3: YEP so famous and amos he can't his name? Is

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Speaker 3: he can't use his name, can't use it, so but

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Speaker 3: he can. So it's crazy. So he built the company

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Speaker 3: from scratch from nothing, build it to a multimillion dollar corporation,

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Speaker 3: sells it for way less than what it was value

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Speaker 3: for just a few years earlier.

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Speaker 2: He was hurting.

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Speaker 3: Not only do they tell him that you can't use

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Speaker 3: your name, but they keep they give him a job

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Speaker 3: to be the spokesperson for the company of the name

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Speaker 3: that he can't use. So he's doing that, which it

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Speaker 3: has to be extremely like think about that, like, think

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Speaker 3: about like you start a company named Troy's Sneakers, right,

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Speaker 3: you love sneakers, and you build it to a multimillion

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Speaker 3: dollar company. Ten years down the line, you got to

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Speaker 3: sell it and they're saying you can't use Troy, you

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Speaker 3: can't use sneakers anymore, but we want to pay you

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Speaker 3: a salary to go around the country promoting Troy Sneakers.

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Speaker 4: Yeah.

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Speaker 2: I mean he found out about it when he tried

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Speaker 2: to start a new cookie company.

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Speaker 3: We're gonna get to that after a while. It's like

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Speaker 3: it's not after Yates, I can't do this, and he

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Speaker 3: leaves and he's like he tries to start a new

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Speaker 3: company and they soon they're like, no, you can't use

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Speaker 3: that name for yeah, we don't like infringement.

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Speaker 2: That was part of the cell.

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Speaker 3: So then he starts the company called Uncle No Name.

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Speaker 2: Yeah, Uncle No Names make Yeah.

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Speaker 3: Which is a play on that he has no name.

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Speaker 3: Now it's really unfortunately, it's really really tragic, tragic. It's

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Speaker 3: really tragic situation all the way around. Man. That so yeah,

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Speaker 3: so Uncle No Name he starts that brand. But so

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Speaker 3: the crazy thing about it is that as he's doing

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Speaker 3: the Uncle No Name, the company gets sold.

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Speaker 2: This is the worst part again, Yeah, it's the worst part.

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Speaker 2: So this is the worst part of the store.

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Speaker 3: So now, because he even said like he had depression

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Speaker 3: for a little bit. He stopped baking at all for

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Speaker 3: like three years because Uncle Noman didn't work out.

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Speaker 2: Really yeah, I think they started making muffins.

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Speaker 3: He went away from cookies, so he stopped baking. He

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Speaker 3: cut his beard off. His whole thing with trademark was

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Speaker 3: his beard in the hat. He stopped wearing a hat,

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Speaker 3: cut his beard off. He did even want people to

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Speaker 3: recognize him in the street. It's like, I don't want people.

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Speaker 3: I don't want to it's sold. I don't want them

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Speaker 3: seeming like this spressing you know what I'm saying. So,

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Speaker 3: but as all of that's going on, Shansby the company

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Speaker 3: that he sold to for three million in nineteen ninety two,

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Speaker 3: they sold it a company or we might have heard of. Yeah,

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Speaker 3: sixty one million, Yeah to Keller.

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Speaker 2: Yeah, big, big, big breakfast company. Man.

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Speaker 3: So yeah, they sell it, he sells it. They sell

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Speaker 3: it for sixty one million in nineteen ninety two, and

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Speaker 3: then it gets sold again in nineteen ninety eight to Keepler.

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Speaker 2: Crazy, that's what the elf keep the cookies at.

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Speaker 3: Yeah. So then so then they so Then in nineteen

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Speaker 3: ninety eight, Keebler decides to bring him back as a

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Speaker 3: brand ambassador. It done got flipped five ready kind.

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Speaker 4: You know what they did? You know, he said when

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Speaker 4: he came back and hurt his heart. I mean he

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Speaker 4: had he tried the cookies, but they changed his recipe

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Speaker 4: and all.

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Speaker 3: Now they changed the rest of respect.

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Speaker 2: Like that everything.

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Speaker 3: Oh man, they let so. But but at least he

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Speaker 3: was able to work a deal out where he made

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Speaker 3: a deal with Keebler for Uncle Waly's muffins.

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Speaker 2: Yeah.

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Speaker 3: So they let him have a I guess like a

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Speaker 3: subsidiary company within the company.

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Speaker 2: Didn't look like that, things.

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Speaker 3: Of that nature. And now he gives he gives some speeches.

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Speaker 2: He's still a lot. Yeah, he's still a lot.

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Speaker 4: He's still out and I think he lives in where

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Speaker 4: he was living in Hawaii, and now I think he's

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Speaker 4: back in South Carolina. He's back south, but he's he's

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Speaker 4: still making cookies. He's still making cookies. I think the

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Speaker 4: original idea came from his aunt Della, and so that's

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Speaker 4: what he's going back to. His new company is on

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Speaker 4: Della's cookies because he can't use famous amis.

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Speaker 3: So I mean moral of this story. There's so many

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Speaker 3: different morals of his story. It's points and learning points.

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Speaker 3: It's just like where do you begin? But I think

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Speaker 3: the first one is business. Everything is a business. Like

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Speaker 3: a lot of times people look at it like I'm

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Speaker 3: a good chef, Well I'm a recording artist. How many

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00:15:24,720 --> 00:15:26,920
Speaker 3: times it's like that's not good enough. You got to

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Speaker 3: be able to understand that no matter what you're doing,

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Speaker 3: is a business behind it.

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Speaker 4: Yeah, I mean, just think about it. If he had

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Speaker 4: licensed his name instead of selling it in that deal,

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Speaker 4: he could have done that, you know what I mean,

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Speaker 4: like his fortune, his fortune would have been a lot different.

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Speaker 4: You know what I'm saying, Like.

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Speaker 2: He's done. Now he can't use his own name.

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Speaker 3: Nah, you can't. And it's like mismanagement is a lot

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Speaker 3: of and it's a lot of people say a lot

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Speaker 3: of times like ignorant is bliss. It's really not. It's

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Speaker 3: extremely dangerous, especially when it comes to business. And like

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Speaker 3: we did an episode on trademark and licensing and shout

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Speaker 3: out a being and the legal side of it is

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Speaker 3: extremely important as well, right like that people understand that,

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Speaker 3: like you got to understand the legal start or have

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Speaker 3: a lawyer at least to help you. And it's important

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Speaker 3: to people get taken advantage off.

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Speaker 4: You think he would have. I mean if he sold

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Speaker 4: it for three million, right, like what did he get

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Speaker 4: the proper valuation even though what evaluation us at that point?

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Speaker 3: Or he probably just needed the money, just need some money.

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Speaker 3: I'm gonna sell it like you saw it three million.

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Speaker 3: Then ten years later he gets sold for sixty one million,

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Speaker 3: and you can't even use your name.

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Speaker 2: Nah, man, it's crazy.

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Speaker 3: Yeah, it's like I said, Man, it's a tragic, sad

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Speaker 3: learning experience, but nonetheless it's still a learning experience. And

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Speaker 3: I think entrepreneurs, business people. Inspiring entrepreneurs, inspiring business people

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Speaker 3: can learn from You got to learn from other people's mistakes.

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Speaker 4: Yeah, I mean, and he still has his health at

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Speaker 4: the end of the day, he's still alive and breathing

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Speaker 4: to tell the lesson. So I mean, at the end

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Speaker 4: of the day, somebody gonna learn from his mistakes.

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Speaker 3: Yeah, I mean. That's the worst thing in the world.

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Speaker 3: If somebody take your name, you can't use it, like that's.

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Speaker 2: Like, yeah, I mean, like you said, it broke his art.

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Speaker 4: He takes the cookies, He's like, yeah, change the recipe,

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Speaker 4: nothing is the same, but his name lives on. Those

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Speaker 4: are like we talked about the vending machine episode, Like

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Speaker 4: those are still invented machines right now today somebody's in

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Speaker 4: famous name as cookie.

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