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Episode 1142: Pt 2 – No Longer the Fireman: Scott Wolfrum

The importance of persistence with Scott Wolfrum

SHOW NOTES

Today, we’re back for the 2nd part of our talk with financial advisor and equity fund manager Scott Wolfrum.

 

This episode, we talk about how Scott got to the point of starting his own private equity firm, the importance of persistence, and how success doesn’t come overnight…

Scott Wolfrum runs a successful private equity fund that manages tens of millions of dollars.

 

But he wasn’t always this successful, and the road to starting his own fund didn’t come without dedication and a lot of hard work.

 

This episode, Scott tells us the story of how he got here, what it’s like managing a fund, and the most important characteristics you need to be successful…

 

“I would much rather go through life chasing the lion than being too scared to chase the lion.”Scott Wolfrum

 

“We believe in our team, I know there’s going to be pitfalls in business but if you have the right person in the right seat I’m ok with that.” – Scott Wolfrum

Time Stamps:

00:39 – How Scott worked out what to do next after leaving his job in wealth management.

01:49 – The value of putting your own capital at risk before advising others on what to do with theirs.

07:11 – What a ‘loss carryforward’ is and how it can reduce your future tax obligations.

09:49 – Reverse finance internships and why people are paying to work.

11:13 – How and why Scott started his own private equity firm.

14:46 – How big Scott’s fund is and how successful it’s been.

18:08 – The skills you need to run a fund and Scott’s vision for future funds.

21:59 – What qualifies a good rate of return when investing in private companies.

24:19 – How many firms Scott has in his fund and why he jumps at every opportunity he sees.

27:08 – The ‘Entrepreneurs Operating System’ (EOS) and how different personalities work well together.

30:50 – What A-level talent is and the importance of finding the right role for each person.

35:09 – The importance of mentors and the people that have helped Scott on his journey.

 

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