Digest

Adam Sandow, a serial entrepreneur with a passion for media, shares his journey of building a diverse and successful business ecosystem. He started with a love for magazines and built a foundation in the beauty category, innovating with a subscription model that revolutionized the industry. Sandow emphasizes the importance of identifying pain points and creating solutions that address them. He highlights his experience with Material Bank, a platform that transformed the design industry by providing designers with overnight access to samples and streamlining the sourcing process. Sandow's approach to building businesses is characterized by a long-term vision, a focus on quality, and a willingness to invest in both building and acquiring assets. He believes in creating a multidisciplinary media ecosystem that supports and amplifies the value of his core businesses. Sandow's story is a testament to the power of identifying and solving problems, building trust through high-quality content, and leveraging a diverse portfolio of businesses to create lasting value.

Outlines

00:00:00

Tegas Advertisement

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00:01:38

Introduction and Guest Introduction

This Chapter introduces the podcast, Invest Like The Best, and its host, Patrick O'Shaunasey. It also introduces the guest, Adam Sandow, CEO of Sandow Companies and Material Bank.

00:03:13

Building a Media Empire: Magazines and Innovation

This Chapter delves into Adam Sandow's journey of building a successful media empire, starting with his love for magazines and his unique approach to the magazine business. He discusses his focus on quality over quantity, his innovative subscription model, and his philosophy of identifying pain points and creating solutions.

00:10:03

The Power of Distribution: MediaJet and Private Airports

This Chapter explores Sandow's strategy of building a unique distribution network through MediaJet, a company that provides magazine stands in private airports. He explains his rationale for investing in this seemingly unconventional approach and the value it brings to his media properties.

00:16:14

Building MediaJet: A Contrarian Approach

This Chapter details the origin story of MediaJet and the challenges Sandow faced in acquiring distribution in private airports. He shares his experiences with FBOs, the impact of the financial crisis, and the importance of providing value to high-end customers.

00:18:41

Print vs. Digital: The Future of Media

This Chapter explores Sandow's perspective on the future of print and digital media. He argues that print still has a place for high-quality content, especially in areas where visuals matter, and that it can be a valuable component of a multidisciplinary media ecosystem.

00:21:40

Building Beyond Media: Material Bank and the Power of Trust

This Chapter shifts the focus to Sandow's foray into the design industry with Material Bank. He explains how his media properties provided him with the credibility and access to build a game-changing platform that addressed the pain points of designers and manufacturers.

00:28:01

Material Bank: Solving the Sampling Problem

This Chapter dives deep into the founding story of Material Bank, highlighting the problem it solves and the innovative business model Sandow created. He shares his inspiration from Micro Warehouse, his focus on overnight delivery, and the importance of building a robust logistics infrastructure.

Keywords

Q&A

• What is Adam Sandow's unique approach to building a successful business ecosystem?

  Adam Sandow's approach is characterized by a focus on identifying pain points, innovating with business models, and leveraging the power of high-quality media to create valuable businesses. He believes in building a multidisciplinary media ecosystem that supports and amplifies the value of his core businesses.

• How did Adam Sandow's experience with magazines influence his approach to business?

  Sandow's love for magazines led him to focus on quality over quantity, innovate with a subscription model, and prioritize building trust with his audience. This approach translated into his other businesses, where he emphasizes identifying pain points and creating solutions that address them.

• What is Material Bank and how did it come about?

  Material Bank is a technology platform that revolutionized the design industry by providing designers with overnight access to samples from various manufacturers. It was born out of Sandow's desire to solve the pain points of designers and manufacturers, leveraging his media properties to build trust and access.

• Why does Adam Sandow prefer building businesses with a physical component?

  Sandow believes that businesses with a physical component are more resilient and less susceptible to disruption from digital giants. He enjoys the complexity and challenges of building businesses that require a combination of technology, logistics, and human interaction.

• What are the key elements of Adam Sandow's philosophy for building a successful media property?

  Sandow believes in focusing on high-quality content, building a strong editorial team, and creating a unique value proposition that addresses a specific need in the market. He emphasizes the importance of avoiding clickbait and mass-appeal content, instead focusing on delivering value to a highly engaged audience.

• How does Adam Sandow approach problem identification and business model innovation?

  Sandow is a master of asking the right questions and absorbing information to identify pain points. He then uses an iterative process to develop a business model that addresses those problems, considering all aspects of the solution, from economics to logistics.

• What advice does Adam Sandow have for entrepreneurs who want to build a business ecosystem?

  Sandow advises entrepreneurs to focus on building strong foundational businesses with good economics. He emphasizes the importance of using cash flow to build the next thing, rather than selling or flipping businesses. He also stresses the importance of building a strong leadership team to support growth and sustainability.

• What are some of the key takeaways from Adam Sandow's story?

  Sandow's story highlights the importance of identifying and solving problems, building trust through high-quality content, and leveraging a diverse portfolio of businesses to create lasting value. It also emphasizes the importance of long-term thinking, a willingness to invest in both building and acquiring assets, and the power of a multidisciplinary media ecosystem.

• What is the kindest thing that anyone has ever done for Adam Sandow?

  Sandow credits his parents for their unwavering support and advice throughout his entrepreneurial journey. He believes that their constant encouragement, through both successes and failures, has been a foundational building block for his success.

• What is the significance of Adam Sandow's approach to building a business ecosystem?

  Sandow's approach demonstrates that a diverse portfolio of businesses can create greater value than a single company. By leveraging the power of media to support and amplify his core businesses, he has created a sustainable and resilient business model that has generated significant value.

Show Notes