Scott Simmons of Contact 24
In this episode of The Chattanooga Business Podcast, Brian Chaney talks to Scott Simmons, co-owner of American Insurance Group and Contact 24 about his diverse career background and how he has adjusted to the entrepreneurial life.
In this episode, we discuss:
- Scott’s background in law practice, ministry, and now pursuing new businesses
- The differences between finances in law, business, and the entrepreneurship
- How to find the right team members that fit your business
- Struggles with family life in different career changes
- Risk compared to safety
- “I have this friend of mine..who started a business 5 years ago…and he was telling me about how he funded his business to start. He had left a job where he had a nice income to start this business. And he would go down to the bank and talk to his banker and say ‘Okay I need you to withdraw another $30,000 from my 401K’ and the banker would look at him and say, ‘You’re crazy! What are you doing? You’re taking money out of your retirement.’ And he said ‘No, I’m putting money into my retirement.’” – Scott
- “I realized that it is not my function and job to be able to handle the day-to-day activities, but that we equip our people to do that.” – Scott
- “Understanding how the actual work gets done is probably like 10% of what running a business is and that’s a great realization.” – Brian
- “When you realize somebody’s not the right fit, it’s time to go ahead and make the move.” – Scott
- “If people are going to be unhappy, let them be unhappy somewhere else.” – Scott
Explore these Resources
In this episode, we mentioned the following resources:
- Profit First [https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making/dp/073521414X]
- Rich Dad, Poor Dad [https://www.amazon.com/Rich-Dad-Poor-Teach-Middle-ebook/dp/B0175P82RA]
- Good to Great [https://www.amazon.com/Good-Great-Some-Companies-Others/dp/0066620996]
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