Michael Scaled to $100M in 3.5 Years: See How Here

Key takeaways

• Scott said martial arts taught him discipline, focus and tenacity, qualities he later applied to entrepreneurship.
• After a successful career as a wealth advisor, he began investing in businesses and mentoring their founders, then studied billionaire business strategies before entering cannabis.
• He said he raised private capital separately from his wealth management practice, starting with a personal investment of $500,000. He later credited Family Office Club with helping him learn how to raise and evaluate private investments.
• Scott described building Nature's Remedy as a vertically integrated business across retail, cultivation, extraction and manufacturing. He said it exited for $104 million after three and a half years.
• He emphasized that raising capital requires execution and tracking the numbers, including how many referrals, presentations and due diligence processes lead to investments.
• In hindsight, he would have vetted partners more deeply and moved faster when executive leaders were not suited to the company's changing needs.
• Scott said investors should assess emotional intelligence and trustworthiness, while founders raising capital should execute consistently on their investor outreach.
• He described the year after his exit as difficult, citing an identity crisis, changes in relationships and the challenge of shifting attention from building businesses to managing wealth and family priorities.
• Scott argued that success eventually depends more on strategic decisions than long work hours. He said he would have worked 35 to 40 hours a week instead of 70 to 80.
• He expects cannabis-infused drinks to become more widely available in restaurants and stores, and said he wants to give away wealth beyond a personal net worth goal by supporting businesses that solve problems.