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Today I’m speaking with two of my clients, a husband and wife team—Wendy and Scott Schultz. They built a 7-figure business selling clocks on Amazon that required no marketing, because their sales just “took off.” One day, Amazon found out about what they were doing and started competing with them and undercutting them—and within 30 days, Wendy and Scott lost that 7-figure income stream.

 

Meanwhile, they had another business, a vacation rentals management company. Then Covid hit in March of 2020 and all of their bookings went away. Without the Amazon income, Wendy and Scott faced numerous expenses—including mortgages for three rental properties and various loans.

 

In this episode we discuss:

 

• The various challenges Wendy and Scott endured after losing their 7-figure Amazon income, and how they navigated through a “really scary time,” while facing massive financial struggles

• The competitive business model that Amazon uses

• How things started to turn around for Wendy and Scott after a  “moment of surrender”—and how going into gratitude and realizing, “This is all happening for us, not TO us” changed everything

• How they made the decision to move from Wisconsin to Florida (because that was Wendy’s lifelong dream)—even though Scott had a lot of resistance to the idea

• How they grew their vacation rentals management company to over $5 million a year by 2023—and their business has continued to grow, thanks to the mindset training they’ve learned from coaching with me

• How they no longer have to make any decisions based on money

• Why Wendy chose to un-learn and “undo” everything she’d learned from Dave Ramsey, because his teachings are mainly for people who are on a fixed income—and Wendy is embracing a totally different philosophy around using credit and debt

 

Wendy and Scott now have four rental properties, three vacation properties, and their dream house in Florida. They have their dream car, they go on nice vacations, and they do things that didn’t feel possible a few years ago—including hiring a CEO to run their business. They were ranked #291 of the Inc. 5000 list of fastest growing private companies in America this year.

 

Wendy attributes the “Huddle” calls (which are part of my TEM program—The Elite Mind), to strengthening her mindset, so that she doesn’t quit when things get difficult.

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The episode Student Spotlight: Wendy & Scott Schultz first appeared on The Successful Mind Podcast.