What’s up, Hard Knocks Community?💰

Ready for a brand new School of Hard Knocks Newsletter? Today, we’re featuring Jon Resnick, the visionary CEO and Founder of Ultimate Product Distributors. If you’ve ever bought a vape at a convenience store or smoke shop, you can thank Jon for pioneering this now-standard practice. Jon has built a billion-dollar empire grounded in innovation, execution, and teamwork and has been sought out for distribution by big names like Juul, Blu Cigarettes, and Mike Tyson.

Today’s Schedule

• From Door-to-Door Sales to Billion-Dollar Distribution: How Jon Resnick built a billion-dollar distribution empire from the ground up.

• From the Hard Knocks Library: Main Street Millionaire: How to Make Extraordinary Wealth Buying Ordinary Businesses

• In Case You Missed It: We interviewed Patrick Bet-David, a renowned serial entrepreneur and founder of one of the nation’s largest life insurance agencies.

Let’s get into it!🔥

From Door-to-Door Sales to Billion-Dollar Distribution

Originally from New York, Jon Resnick was raised by his mother. They didn't have much, but she was Jon's inspiration and she taught him that he could do anything.

Jon started out studying engineering, but realized it wasn't for him once he discovered his entrepreneurial streak. He wound up getting his Series 7 (stockbroker license) and pursued a boiler room-type career like the Wolf of Wall Street.

While he was good at selling and talking to people, Jon realized he wasn't good at all the B.S. If he was going to get on the phone, he had to sell something he cared about.

He then decided to take up door-to-door fax machine sales. From there, he went on to sell real estate before he landed on working with convenience store distributors.

Around 15 years ago, Jon saw the potential in electronic cigarettes before it was on the radar of the big national cigarette companies. He took a chance, found a partner (Blu Cigarettes), and started putting e-cigarettes in convenience stores.

Not every move Jon made was a success and some products flopped, but he kept at it. Eventually, he was approached by Juul Cigarettes, a total game-changer. They gave Jon $100K in product and he sold it quick. That led to more and more business and eventually a million-dollar order.

Jon met with the president of Juul and a year later, Jon and his team had sold $100 million worth of Juul products.

Jon's warehouses expanded and he got Juul into more big markets, like 7-Eleven. He also caught the eye of big names like Mike Tyson, who Jon made $70 million for last year.

Today, Jon has equity in many small companies, allowing him to get a piece of their exits when the time is right. He's also expanded his own ventures and invests in real estate and the stock market. 

Jon's currently working on some new products, including energy drinks and a potential deal with the one and only Snoop Dogg.

Inside a recent School of Mentors live call, Jon dropped a ton of valuable wisdom for today's entrepreneurs. Here are four noteworthy takeaways:

Under the Influence

For Jon, influencers are the future of marketing. Everyone has their eyes glued to social media and no one reads magazines anymore. Juul had a hugely successful social media marketing campaign where influencers played a big role.

If you're looking to work with influencers to market your own products or services, make sure you target the right people. Of course, you want to tap people with large followings, but you should also make sure that the people you work with and their audience are aligned to your business.

Today, people value authenticity. When an influencer is genuinely excited about what you have to offer, their audience will be, too.

Making the Connection

If you have dreams of building a distribution empire like Jon's, he advises that you build out a strong network to help you do the heavy lifting and spread the word. When he was selling fax machines, he would make phone calls and go into companies until he got someone who was interested in what he had to say.

Although we're more online today than on the phone, the principles are still the same. Jon spent a ton of time practicing and refining his pitch until he came up with something that worked. The only way to know what works is to constantly be pitching.

As an entrepreneur, your success is largely influenced by the connections you make along the way. In addition to pitching to potential clients and customers, don't be afraid to drop that elevator pitch to potential mentors. That casual connection at an event could lead to a lifelong partnership.

Picking the Right Door 

On our live call with Jon, he talked about picking the right door out of 30 different doors. In other words, knowing when to choose the right path when there are so many in front of you. Jon says knowing which door to choose comes with experience. He's made mistakes along the way, but the lessons he learned helped him get sharper over time.

When it comes to partnering with the right people, Jon has become an excellent judge of character over the years. He says big names and brands aren't always doors he wants to walk through just because they’re big names.

If you're a new entrepreneur, you may stumble and walk through a few wrong doors before you start choosing the right ones. Although it's uncomfortable, it comes with the territory. Don't let fear of the unknown stop you from making moves. With time and experience, you'll gain the wisdom you need to keep growing.

Man in the Mirror

When Jon was younger, he faced several challenges in his life. He grew up with very little and his dad wasn't in the picture. He struggled with smoking and drinking and at one point, his mom told him that he didn't seem motivated.

Jon says he did a lot of stupid things but always valued self-preservation which got him to where he is today. He suggests reading as much as you can and taking a lot of good notes. Overcoming your own struggles is key as well as investing in your own self development so you can get ahead.

Sometimes it's hard to face ourselves, especially when it comes to our weaknesses and faults. However, being honest with ourselves is always the first step to major change. Whether you're overcoming bad habits or struggling with getting started, giving yourself an honest look in the mirror is always the best place to start.

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Words of Wisdom

From the Hard Knocks Library

In Case You Missed It

We recently sat down with Patrick Bet-David, a renowned serial entrepreneur and founder of PHP Agency, one of the largest life insurance agencies in the country. Under Patrick's leadership, PHP grew to over 14,000 agents, culminating in its sale to Integrity Marketing Group for a 9-figure sum in 2022.

In this episode of our Questions With A Millionaire series, Patrick shares his journey, the challenges of building and scaling businesses, and actionable advice for aspiring entrepreneurs. Whether you're looking to start your own venture or take your business to the next level, this interview is packed with golden nuggets you won’t want to miss!

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