Beau Maxon is the Founder and Owner of Park City Company and multiple Mid City Vapor Lounge locations. He is an experienced entrepreneur who recently opened a Beans & Brews location in Santa Clara, Utah. Known for his diverse business ventures, Beau has successfully founded a cannabis processing facility and serves as a commercial real estate landlord. He is passionate about advocating for innovation and healthier alternatives against big tobacco and pharmaceutical giants.
Here’s a Glimpse of What You’ll Hear:
- [02:11] Beau Maxon details his entrepreneurial journey from day trading to success
- [05:01] How luck played a role in Beau’s first business venture
- [06:12] The challenges of starting a business in a regulated industry
- [13:44] Uncover the elements that make a vape shop stand out
- [20:55] The complexities of a medical cannabis processing business
- [31:33] Beau’s ambitious goals in real estate and e-commerce
- [37:05] What personal sacrifices are necessary for entrepreneurial success?
In this episode…
The vaping industry is heavily regulated and politically charged, presenting unique challenges for entrepreneurs. What does it take to succeed in such a complex business environment?
According to Beau Maxon, an experienced entrepreneur and business owner, success in the vaping industry requires complete immersion and obsession. He emphasizes the importance of understanding the industry inside and out, including its regulatory landscape and political dynamics. Beau became politically active within six months of opening his first store, participating in lawsuits against governmental entities and working closely with state legislatures. This involvement helped him grasp the intricacies of the industry, from product knowledge to consumer preferences, and enabled him to navigate the complex regulatory environment effectively.
On this episode of the Top Business Leaders Show, Rise25’s Chad Franzen welcomes Beau Maxon, Owner of Park City Vapor Company and Mid City Vapor Lounge, to chat about his entrepreneurial journey, the challenges of the vaping industry, and his strategies for success. Beau discusses his transition from day trading to business ownership, the importance of political engagement in regulated industries, and his approach to creating standout vape shops through superior build-outs and exceptional customer service.
Resources mentioned in this episode:
- Beau Maxon on LinkedIn
- Park City Vapor Company
- Mid City Vapor Lounge
- Beans & Brews Coffee House
- Jilu Premium on Instagram
- Chad Franzen on LinkedIn
- SpotOn
- Rise25
Quotable moments:
- “You don’t know what you don’t know. So often people ask, ‘How did you know you were ready?’ I just did it.”
- “I’ve always been a firm believer in having a goal in mind. Work backwards and fill in the gaps as you go.”
- “Where there’s money, there’s a lot of politics. You have to play that game to build relationships and sell your product.”
- “Banks love real estate. Create a cash flowing business, purchase real estate, and take on more risk.”
- “To accomplish anything in life, you have to make sacrifices along the way. Write down what you want and work it backwards.”
Action Steps:
- Immerse yourself in industry knowledge: This not only helps navigate challenges, but also positions you as a knowledgeable leader who can advocate for your business and its interests effectively.
- Develop a strong customer experience: Exceptional customer service and a welcoming store environment can distinguish your business from competitors, building customer loyalty crucial for sustaining business growth and overcoming competitive pressures.
- Adapt and innovate in response to market changes: Being flexible and innovative can help you seize new opportunities and maintain operations during challenging times.
- Leverage real estate for long-term financial stability: Investing in real estate alongside running businesses provides a steady cash flow and safety net, mitigating risks and offering increased financial stability.
- Balance ambition with personal values: Understanding the real cost of business decisions, including personal sacrifices, will ensure that your entrepreneurial journey aligns with your broader life aspirations, preventing burnout and maintaining fulfillment.
Sponsor for this episode
SpotOn:
Today’s episode is brought to you by SpotOn. SpotOn has transformed the merchant service industry by providing the tools and support your business deserves at a price that puts money back into your pocket!
SpotOn’s team wants to empower all of their merchants by merging payment processing with simple customer engagement tools, all in one easy-to-use platform. As a business owner, you are focused on managing your daily operations and engaging your customers. You don’t have the time, energy, or excess funds to devote to multiple complicated platforms! That’s why SpotOn is focused on helping you build long-lasting customer loyalty while saving you time and money through our all in one system.
Whether you are a merchant or a consumer, SpotOn wants to be more than an average payment processor. SpotOn aims to exceed your expectations by valuing simplicity, maintaining flexibility, and celebrating innovative collaboration. Let SpotOn help you do business the right way.
Partner with SpotOn today! Visit spoton.com today to schedule your free demo or to view SpotOn’s products. You can also call SpotOn at 877.814.4102 at any time. Let SpotOn help you make the difference with your business!
Rise25:
At Rise25, we’re committed to helping you connect with your Dream 100 referral partners, clients, and strategic partners through our done-for-you podcast solution.
We’re a professional podcast production agency that makes creating a podcast effortless. Since 2009, our proven system has helped thousands of B2B businesses build strong relationships with referral partners, clients, and audiences without doing the hard work.
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The Rise25 podcasting solution is designed to help you build a profitable podcast. This requires a specific strategy, and we’ve got that down pat. We focus on making sure you have a direct path to ROI, which is the most important component. Plus, our podcast production company takes any heavy lifting of production and distribution off your plate.
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We’ll distribute each episode across more than 11 unique channels, including iTunes, Spotify, and Google Podcasts. We’ll also create copy for each episode and promote your show across social media.
Co-founders Dr. Jeremy Weisz and John Corcoran credit podcasting as being the best thing they have ever done for their businesses. Podcasting connected them with the founders/CEOs of P90x, Atari, Einstein Bagels, Mattel, RxBars, YPO, EO, Lending Tree, FreshBooks, and many more.
The relationships you form through podcasting run deep. Jeremy and John became business partners through podcasting. They have even gone on family vacations and attended weddings of guests who have been on the podcast.
Podcast production has a lot of moving parts and is a big commitment on our end; we only want to work with people who are committed to their business and to cultivating amazing relationships.
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Contact us now at support@rise25.com or book a call at rise25.com/bookcall.
Rise25 Co-founders, Dr. Jeremy Weisz and John Corcoran, have been podcasting and advising about podcasting since 2008.
Episode Transcript
Intro 00:04
Welcome to the Top Business Leaders Show, powered by Rise25 Media. We feature top founders, executives, and business leaders from all over the world.
Chad Franzen 00:20
Chad Franzen here co-host for this show where we feature top restaurateurs, investors and business leaders. This is part of our SpotOn series. SpotOn has the best in class payment platform for retail, and they have a flagship solution called SpotOn Restaurant, where they combine marketing software and payments all in one. They’ve served everyone from larger chains like Dairy Queen and Subway to small mom and pop restaurants. To learn more, go to SpotOn.com.
This episode is brought to you by Rise25. We help B2B businesses to get ROI, clients, referrals and strategic partnerships through done for You podcasts. If you have a B2B business and want to build great relationships with clients, referral partners, and thought leaders in your space, there’s no better way to do it than through podcasts and content marketing. To learn more, go to Rise25.com or email us at support@Rise25.com.
My guest today is Beau Maxon, a seasoned entrepreneur and business owner with eight years of experience building and leading ventures across diverse industries. He began his journey by founding Park City Vapor Company, followed by three Mid City Vapor Lounge locations, the Medical Cannabis Processing Facility, and Beans and Brews Coffeehouse franchise. Beau is also a commercial real estate landlord and vice chairman of a state association, representing nearly half a nearly a half billion dollar industry. Before becoming self-employed, he honed his expertise at TD Ameritrade, now Charles Schwab, working with high-value clients across 16 branches to strategize, strategize investments and build wealth.
Known for his tenacity. Beau is passionate about standing up to big tobacco retailer associations and Big Pharma as he advocates for innovation and healthier alternatives in his industries. Hey Beau, thanks so much for joining me today. How are you?
Beau Maxon 01:57
Oh, I’m doing wonderful, Chad. Appreciate you having me. Yeah.
Chad Franzen 02:01
Great to have you. Hey. How and when did you start your first entrepreneurial experience that you can remember.
Beau Maxon 02:11
Truly very first one. I would have to say was during my time at TD Ameritrade. Even though it wasn’t a business in the traditional sense, just becoming very active in day trading, really taking on, you know, the money principles that I learned there. I’d read a book when I was really young, the richest man in Babylon, and just really became obsessed with that story. And when I had the opportunity to work at Investools, TD Ameritrade and expose myself to, you know, individuals much older than myself with far greater life experience, business experience, etc. I had the opportunity to hear how they made their money and so often it was the same, same principles I was hearing.
People were starting businesses that cash flowed and then they would take that revenue, purchase real estate and repeat steps one and two. And naturally, being a 24-year-old young man at that point in time, you know, I’m not going to have the money to be able to, you know, start a business that’s going to cash flow and go buy real estate, etc.. And so I took a look around and just asked myself, okay, what is in my immediate circle, if you will, or influence. What is it I can do to build up as much money as quickly as I can? And so I really just dove deep into day trading and, you know, mind you, it was a very different, you know, world back then, right?
You know, this is 2013, 2014. You know, trading was still very traditional. Crypto was certainly not what it is today. You know, companies were still paying for trades etcetera. You know, it wasn’t $0 trades.
And so it was a different trading climate. I mean Amazon was trading at $300 a share back then. And I just became obsessed with uncovered calls and puts and really aggressive intraday day trading and quickly built my account. And before I knew it, you know, had almost $80,000 saved up and was just like okay, this is something that I know is going to work. But you know, is it time now to make that move?
So I would say 2014 about 11 years ago, ten, 11 years ago is when I really started making that change.
Chad Franzen 04:55
So how did your first business? I think it was Park City Vapor Company. How did that kind of come about?
Beau Maxon 05:01
Great question. I fell into it. You know, so much of life is luck. So much of life is random. And my father, he had introduced me to a gentleman who was in that industry, but prior to being in that industry was in a sales role.
And my father was a sales consultant, and he had trained this young man. And, you know, years later he opened up his first business, which was a high end smoke shop. And although I was never a smoker, never used cigarettes, you know, business is business. And he invited me in to take a look at his business. And I had a chance to look at the numbers and business model, etc..
And I said to myself, wow, I think there’s something here. This looks pretty viable. I could see that this is going to be the trend. People are going to transition away from traditional cigarettes and move over to vape. And so I made that aggressive push back in the spring of 2017 to open up my first location and baptism by fire.
It was no question.
Chad Franzen 06:12
Yeah. Tell me about some of the early days, like what the first day like.
Beau Maxon 06:20
First day. First day was really like any other day. Because you don’t know what you don’t know. And, you know, the moment I secured my business license, which was certainly not easy. And just because there’s a lot of red tape in that industry being tobacco, especially here in the state of Utah, it’s certainly a heavily regulated industry.
And you know, first day was a long day. But it was fun. It was great. You know, you’re naive at that point. You’re green, if you will.
So naturally you’re excited, you’re having fun. You’ve got energy for days, but you really don’t know what the hell you’re doing. And, you know, so often people would ask the question, well, how did you know you were ready to open up your first business? And I just told him I wasn’t, you know, I just did it. And, you know, I’ve always been a firm believer in having a goal in mind.
You know, that’s down the road, whether you’re looking at a one year plan or a five year plan. Etc. And work backwards and do your best to fill in the gaps as you go along. And that’s kind of how I treated it for you.
Chad Franzen 07:40
What was the — do you remember maybe like what was the first kind of big thing or eye opener that you realized you didn’t know?
Beau Maxon 07:47
That’s a great question. I would say I realized I didn’t know it took me about six months to realize I didn’t know, and that was in part due to the fact that I didn’t know that the industry that I initially chose to get into was so heavily regulated and political. Within the first six months of me opening up my first location, that was September of 2017. By February of 2018, I became politically active because there was legislation being passed that was going to impact my business. And that’s when it really hit me, just like, wow, you know, I jumped into a business that very much looks and holds itself out as just simply being retail.
But there’s a whole other aspect to this industry that I was not aware of, not privy to. And you know that that’s when it hit me, just like, okay, I’m going to have my hands full if I want to continue in this endeavor.
Chad Franzen 09:02
How did you know becoming more politically active help you or hurt you or impact you at all?
Beau Maxon 09:09
Great question. Being politically active has helped me in so many ways. I’ve become so much more educated. I’ve had the opportunity to work alongside the Utah State Health Department at times, even though that can be a challenging relationship. I’ve had the opportunity to work in brief encounters with the PTA, but also getting extremely close to the Utah State Legislature and having very productive conversations about all things pertaining to vape related products and how they are safer and healthier than traditional cigarettes.
So from that aspect, extremely educational. Running the Utah Vapor Business Association for the last six years as vice chairman, I’ve participated in many lawsuits against governmental entities, and I’ve been able to sit in on every single deposition that we’ve ever had. I’ve read thousands of pages of legal documents, etc. and so it’s helped me from a standpoint of “I know my industry now inside and out.” And that’s one thing I would have to encourage anyone to do in any industry that they’re in. You have to completely submerse yourself.
You have to be obsessed to truly, you know, succeed and give yourself the best opportunity to achieve the goals that you have. And so by submersing myself into the political arena and all things tobacco and vapour related. It’s just helped me understand how the industry works, the games that are played, you know, the product as a whole, what the consumer wants, etc. but it also taught me that in life we can make decisions that we don’t feel the impact of for quite some time. Right. You know, today I sign on the line that is dotted thinking that I knew the real cost, whether that cost be financially or mentally, emotionally, spiritually, however you want to put that and, you know, months down the road or perhaps even years down the road, you discover this.
This is going to cost me a lot more than I thought. And you know an example of that. You know, if we’re speaking monetarily, you get into a heavily regulated industry without truly knowing just how regulated it is. Now all of a sudden, you’re spending far more money on legal fees, right? You’ve got to protect yourself in that regard.
And then from an emotional and mental standpoint, you’re spending way more time, you know, often people who are not business owners. And you’ve heard this, Chad, you know, it must be nice to be your own business owner. You know, make your own hours and, you know, you dictate the day. And it’s like, well, I might be the business owner, but make no mistake, I’m wearing multiple hats at any given time. And if the phone rings at, you know, 10 a.m. or 11 p.m. at night, like, you’re still working, right?
And so to me, that was a huge one and it impacted relationships. Certainly business and being an entrepreneur or business owner can impact relationships because you’re married to the business. And you know, once, once you discover that and it takes a while to really discover just how married to work you are, then the objective becomes, okay, how do I delegate? How do I surround myself with very competent people who can take on a lot of these tasks? So I have the ability to step away and work on the business rather than in the business, and in doing so, also give myself a chance to live life outside of work.
Chad Franzen 13:24
Yeah. Wow. It sounds like you, you know, you’ve definitely kind of grown a lot and figured out a lot of stuff during your time as a business owner. So once you figured that out, what have you figured out in terms of what makes a good vape store. Good vape shop. Beyond just quality products.
Beau Maxon 13:44
Great. Great build outs. Great customer service. You know, I’ve always liked nice things. I like feeling welcome when I walk into a business here in Utah.
There’s a grocery store that is very popular. It’s called Harmons Grocery, and they’re more expensive than most grocers. But when you walk in there, you recognize why it’s just warm and cozy. You know, it’s inviting. It’s so neatly organized.
The these locations, it’s almost like you could eat off the floor, right? It’s just how it’s presented. And so that’s what I did. I wanted to emulate that type of build out. So having a far superior build out to where you just stand out and are very unique and then fantastic customer service.
I tell every single one of my employees, a customer may come in to purchase a product, but they continue to come back because they bought you. If they have a wonderful customer, you know, employee interaction, they’re going to build rapport with those behind the counter. They’re going to ultimately develop, you know, a friendship, if you will, to where the moment they walk in the door, one of my employees sees who it is and, you know, is able to ask, hey, do you want the usual and have their product right there for them? You know what I mean? Very similar to a coffee shop.
So I would say those two are the biggest components in my eyes.
Chad Franzen 15:27
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