Tommy Berretz started his first business out of his apartment at the age of 25 while toiling away in the back rooms of a bar. Since then, his company has become a multimillion dollar business with over 200 employees, which he managed to sell for over seven figures. Selling has afforded Tommy to pursue all of his dreams, which include acting, stand-up comedy and further entrepreneurship. Through his for-purpose business Project Punchline, proceeds from comedy shows and live events go to a different non-profit each month. He would like every person to have enough financial freedom that they can pursue any dream or vocation in their life without monetary obstacles.
Show Notes:
- What is Tommy most excited about in his life right now?
- Being able to chase his dreams.
- Was starting a business always his end goal? What were his plans back in his bar days?
- Entrepreneurship was on his mind the moment the idea for his business popped into his head.
- How did he turn his knowledge of swimming pools into a viable business plan?
- While working with swimming pools wasn’t his dream job, he knew he had enough knowledge and skill to craft a successful business plan around them.
- How did Tommy go about acquiring the business acumen he needed to start his company?
- Jumped in feet-first, read a lot, and networked with those who knew more than him.
- What is Tommy’s advice to young and new entrepreneurs seeking out mentorship?
- Going to industry events and seeking out free videos and tutorials
- What was challenging about going from living paycheck to paycheck to running a business? How did Tommy keep the money he was making?
- Learning the essentials of accounting, understanding the different between different types of profit, and pinpointing actual financial growth vs. staying afloat on a larger scale.
- What is Tommy’s advice for young entrepreneurs and business people looking to manage their finances?
- Pay attention to what you’re doing, ask your accountant as many questions as possible, and truly understand how money works.
- How did Tommy’s financial mindset shift as he went from working at a bar to running his own business?
- Have someone at your side like a chief financial officer who you can trust to handle your money and give you solid advice.
- How did Tommy’s business grow?
- In fits and spurts rather than steadily, with each jump or loss being a learning experience.
- What are the challenges of going from working solo to running a business?
- Avoiding nepotism and cronyism; look for someone who’s skilled and experienced rather than someone you’re merely close to?
- How does Tommy define financial freedom now and how does his definition differ from when he was first starting out?
- Being able to do whatever you want whenever you want, where money is not an obstacle.
- Did achieving financial success affect his personal relationships?
- Tommy made a point of associating with people who are only growing in their personal and professional lives. People in a state of arrested development can only hold you back.
- Is Tommy involved with any Mastermind groups?
- Yes, spending tens of thousands of dollars on personal development every year and hangs around people who want to similarly improve.
- What are some influencers aspiring entrepreneurs should check out?
- Tony Robbins, Grant Cardone, Robert Kiyosaki among others will help you shift to a more successful mindset.
- Recommends checking out The GaryVee Audio Experience podcast.
- What does Tommy find fulfilling about Project Punchline?
- Being able to give back to those in need.
- If you can afford to give back to your community, you should.
- What does the non-profit Preservation of Life do?
- They feed 1500-2000 children a day the Houston and Atlanta regions.
- Also provide after-school programs for at-risk kids.
- When did Tommy first recognize his drive to make a difference and build purpose?
- He has always believed that everybody has the inherent need to make a difference and help people.
- How does he vet the non-profits he works with?
- Through intensive interviews and profiling.
- What are some of the favorite non-profits Tommy has worked with?
- What does Tommy hope to achieve with Project Punchline?
- Produce Netflix specials and larger events.
- Bring in viewers who want to give back and change the way people do business.
- Who has been the most impactful person in Tommy’s journey to do well and find financial success?
- Himself, for having the drive to push forward and learn what he needed to learn.
- Who has been the most impactful person to feed his drive to do better and give back?
- Kenny with Preservation of Life and Cole Hatter of Thrive: Make Money Matter
- How does Tommy get out of a negative headspace?
- Think about what he’s thankful for and find ways to validate himself.
- What book does Tommy recommend to people most often?
- What is on Tommy’s bucket list?
- He would like to travel the world and live in a different country each month over the course of 24 months.
- Spain or Australia would be the first on his list.
- What are the worst and best pieces of advice he’s been given on success?
- Worst: Go to school, get good grades, save for retirement.
- Best: Listen to your inner voice and don’t listen to the naysayers.
Do Well & Do Good Challenge Nomination:
Preservation of Life – “At Preservation of Life, our sole purpose is to provide children a well rounded dinner, educational assistance and support in becoming positive members of the community. Our At Risk After School programs are designed to enrich the lives of these children while giving them the support system to be successful in whatever future they pursue. Founded in 2014, Preservation of Life has made a positive impact in our Houston communities. Our goal is to reach out to anyone whom seeks our assistance to build a better tomorrow.”
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