Loading summary
Narrator/Advertiser
Mint is still $15 a month for premium wireless.
Co-host 1
And if you haven't made the switch.
Narrator/Advertiser
Yet, here are 15 reasons why you should. One, it's $15 a month. Two, seriously, it's $15 a month. Three, no big contracts. Four, I use it. Five, my mom uses it. Are you, Are you playing me off? That's what's happening, right? Okay, give it a try. @mintmobile.com Switch upfront payment of $45 per three month plan. $15 per month equivalent required. New customer offer first three months only, then full price plan options available, taxes and fees extra. See mintmobile.com Limu Emu and Doug Here we have the Limu Emu in its natural habitat helping people customize their car insurance and save hundreds with Liberty Mutual. Fascinating. It's accompanied by his natural ally, Doug. Uh, Limu is that guy with the binoculars watching us. Cut the camera. They see us. Only pay for what you need@libertymutual.com Liberty Liberty Liberty Liberty Savings Ferry Unwritten by Liberty Mutual Insurance Company and affiliates excludes Massachusetts. Okay, only 10 more presents to wrap. You're almost at the finish line. But first there the last one. Enjoy a Coca Cola for a pause that refreshes at Lowe's this Veterans Day and every day, verified military members, veterans and their spouses get automatic silver status in Mylo's rewards with free standard shipping plus 10% off eligible purchases with no annual limit. It's one way we honor and give back to those who have served and still do. Learn more now@lowe's.com Military 10% discount can't be combined with another offer. Exclusions Terms and conditions apply. Loyalty program subject to terms and conditions details@lowe's.com terms subject to change Wasabi is purpose built to free your business from skyrocketing storage costs and fees from the big guys. Wasabi is the go to provider for professional and collegiate sports teams around the world. Check out Wasabi's AI enabled intelligent media storage, Wasabi Air and the industry's only cloud storage service with triple protection against cyber criminals. Wasabi driving innovation in data storage for up to 80% less than market competition. Try for free@wasabi.com Wasabi Hot Cloud Storage Proud partner of Iheart Podcast Network for.
Co-host 2
Today'S story is teachable moment. Yeah, it's actually a little different for us. It's pretty sad.
Co-host 1
Yeah.
Co-host 2
Most of the story times are like upbeat. Yeah. But this is a story and it's definitely a teachable moment. Absolutely. It's a story to learn from. But it's not really the most. Yeah.
Co-host 1
I think most of our stories, there's always like a triumph, and it's like, oh, wow, I can't believe they came from those eyes to do this. Or they use their intelligence, their network to do that. And this one's a little different.
Co-host 2
Yeah. But it's still a story that needs to be told.
Co-host 1
Absolutely. Nonetheless, we can learn from the mistakes.
Co-host 2
Yes. So Wallace, Wally Amos Jr. Yeah. You know, it's crazy. So most people, if you heard of the cookies, Famous Amos. Yeah, that's. That's him.
Co-host 1
They're probably known for that.
Co-host 2
Yeah, probably known for that. Yeah. But I didn't actually know. I was doing some research, so I know he did that. But what I didn't know was that in 1962, he became the first black talent agent with William Morris Agency.
Co-host 1
Yep.
Co-host 2
And he had Dian Ross and the Supremes, Marvin Gay. Sam Cook.
Co-host 1
Yeah, yeah. And he had Simon and Garfinkel.
Co-host 2
Yeah, yeah. Those are all big time. Yeah, that was pretty extremely big. Like, think about, like, Diana Ross, Marvin Gaye and Sam Cooke. Yeah, that's crazy.
Co-host 1
If I, like, who does that? Who finds that type of talent?
Co-host 2
Yeah. So. But he's. He was raised in Tallahassee, Florida. Shout out to Tallahassee. Tally ho is what they call it. Famu. Tallahassee Community College, Florida State University.
Co-host 1
Yep.
Co-host 2
It's a college town. Shout out to Tallahassee. So he's from Tallahassee. He's born in 1936.
Co-host 1
That was like, what?
Co-host 2
He's still living.
Co-host 1
Still living, man. Still living. Still going.
Co-host 2
Shout out to him, you know, come from a no Southern background, and his aunt apparently made homemade cookies.
Co-host 1
Aunt Della.
Co-host 2
Yeah, yeah. That was famous in the neighborhood and everybody loved it. You know, just a traditional type of. Just in the. In the kitchen, just making cookies, making chocolate chip cookies. So they never really left him, even though he went to, you know, pursue a career in, you know, managing artists and things of that nature and eventually went to Hollywood. But he always had his down south roots of cooking.
Co-host 1
Yeah, that actually was what he would give to some of his artists. He would present them with cookies. Like, so, like, some of the artists would come and he had like a snack before there was writers and you had to have all those things. Like, he would bring the cookies to them.
Co-host 2
Yeah. And he actually went to culinary school also.
Co-host 1
Yeah, man.
Co-host 2
Before. Before he became a talent agent, he went to culinary school.
Co-host 1
It was no joke.
Co-host 2
So. Yeah, so. So like you said, he. He used to gift his clients cookies and that kind of branched off to people saying, like, he should probably start his own company.
Co-host 1
Yeah. And those same clients who, you know, that he brought the talent from, they became people that like, you, listen, we love what you got. We love the product. We're going to help you. We're going to become investors.
Co-host 2
Investors. Yeah, man.
Co-host 1
That's important.
Co-host 2
That's a fact. Because it started because, yeah, he was doing William Morris. He tried to branch off and do his own thing with that, and that didn't really work out. Right. So the relationships that he established, they said that they would bankroll them. So it cost $25,000, which was a lot of money in 1975.
Co-host 1
It's a lot of money now, man.
Co-host 2
Yeah. You know, I'm saying 1975, that's like a couple hundred thousand. And that's what he. He started his company with. Yeah.
Co-host 1
I think Marvin Gaye was the first guy that's like. Like, I'm gonna help this guy.
Co-host 2
Yeah. He started his company with what you called Famous Amos, and first year in business at $300,000.
Co-host 1
So that's crazy. I read that. I said, wait, that. 375. Yeah, he's multi.
Co-host 2
Nah, he was.
Narrator/Advertiser
He was.
Co-host 2
He was good. So he hit it out the park right away.
Co-host 1
Yep.
Co-host 2
And by 1982, he did $12 million in revenue.
Co-host 1
Yeah. So after the first story, he started franchising. He was on Sunset Boulevard in Cali, man. Dude was doing it big, but he started franchising the stores out and generated some more income.
Co-host 2
Yeah. So he really became a big name, a household name. He, you know, he's in the Smithsonian Institute. Yeah. He has his hat and his shirt.
Co-host 1
I saw his commercials, man. He said, like, he got so good at selling cookies because he used to have to pitch talent to record labels.
Co-host 2
And he had the relationships and it was a good product, too. Famous Amos cookies was legit.
Co-host 1
They still legit.
Co-host 2
Yeah. I'm saying, I mean, they changed the recipe. So. So in 1982, he's $12 million. So like I said, $12 million in the early 80s, probably the equivalent of 40 million now. Like a lot.
Co-host 1
He's big time.
Co-host 2
That's a lot of money. Right. So he became a household name, and he starts to, you know, buy property. And he's living high life. Right. So in 1985, that's when things start to kind of fall apart. Story changes. So he still did pretty decent that year, but they made 10 million instead of 12 million. So now he's, you know, it's a loss. Like first year, when he's starting to, like, go backwards. He was going up, and then now he's starting to, like, go down a little bit. Right, right. So he makes some changes. He fires some managers and put some other people in positions. So he said, admittedly, like, he was never. He didn't really understand how to run business. He's a talent agent.
Co-host 1
Right.
Co-host 2
And he's a cook.
Co-host 1
To his own credit. Admitted, I don't know how to run.
Co-host 2
A business, but he didn't have any mentorship. And even his people that he's around are artists and things that nature. He didn't really know what was going on. So it's all good.
Co-host 1
Make 12 million.
Co-host 2
Don't know.
Co-host 1
I don't know how to run a business. That's. That's astonishing.
Co-host 2
Yeah. Yeah, it was. And it's crazy, too, because remember we interviewed Ryan Leslie, and he said that, you know, scaling can be, like, detrimental to you. Like, if you're not properly prepared and you're growing too fast, that can actually hurt. It's actually better to have a smaller audience or to grow at a slower pace, but to be able to manage it because, like, when you can't manage your scale now, you're really screwed.
Co-host 1
That's his whole blueprint, too. That. That's Ryan Leslie's blueprint. That. But even with the smartphone was like, yo, smaller audience, larger payout. Yeah.
Co-host 2
And that's what he said, like, before, like, less is less is more sometimes.
Co-host 1
Yeah.
Co-host 2
So now it starts to, like, just fall apart. He's on vacation and he finds out that he has a house in Hawaii. Shout out to all the good people.
Co-host 1
He lives there now.
Co-host 2
Aloha, mahalo. Does he still live there? He lives there now, yeah. Everybody knows I used to live in Hawaii. Tell him again the whole vibe out there. So he finds out that his house is actually being auctioned off. Yeah. Like, that's crazy. That's a crazy news to just wake up to. Like, oh, by the way, they auction your house at 3pm like, what? He didn't even know his house was in foreclosure. Like, when did this happen? No laughing matter.
Co-host 1
We make a light of it, but.
Narrator/Advertiser
It'S no laughing matter.
Co-host 2
It's just crazy. So it's like. But, you know, once again, that just goes to show you, like, especially, like, a lot of celebrities and, you know, like, even, like, the Fat Joe situation, people know, like, he went to jail for tax evasion, but he was telling his story. It was like he had his accountant that was paying all his bills for him. And you know, he's being a rapper and he, he felt like, you know, he's not really paying attention.
Co-host 1
We saw that with Jim Jones. Like, yeah, he lived a house in.
Co-host 2
Jersey, Kevin Garnett, a bunch of them. So what happens with Fat Joe is that the accountant apparently started like embezzling, stealing money, not paying his taxes, not paying his bills. He found out because he was like, he always had excellent credit. He tried to get a car and he was like, his credit was like 450. And he was like, what? And then he realized that all of his bills haven't been paid for months. And also along with bills they had, his accountant never paid his taxes. He had to do like six months in federal jail. So I say, I have to say this is something that's unfortunate. It's been going on for a long period of time where people like put trust in other people to take care of their finances and, and they don't know what's going on with their own money. Yeah. And by the time they realize it, it's too late.
Co-host 1
Yeah, we see it happen too much.
Narrator/Advertiser
Here we have the Limu Emu in its natural habitat helping people customize their car insurance and save hundreds with Liberty Mutual. Fascinating. It's accompanied by his natural ally, Doug. Uh, Limu is that guy with the binoculars watching us. Cut the camera. They see us. Only pay for what you need@libertymutual.com Liberty Liberty Libert savings very underwritten by Liberty Mutual Insurance Company affiliates excludes Massachusetts. Innovation is what gets your business to market. And Wasabi is designed to give every business a shot at competition. How? Break free from skyrocketing storage costs and unpredictable egress fees from old and top heavy legacy providers. You know the big guys. Wasabi is the world's hottest cloud storage company and the go to provider for professional and collegiate sports teams and leagues around the world. And here's why. Innovation from Wasabi's AI enabled intelligent media storage, Wasabi Air to the industry's only cloud storage service with triple protection against cybercriminals, data deletion and ransomware. The world's top companies trust Wasabi. Remember, Wasabi is up to 80% less than market competition and doesn't charge a cent for businesses to access their own data. Wasabi another championship story. Check them out for free@wasabi.com Wasabi Hot Cloud Storage proud partner of Iheart Podcast Network. Hey, it's Ryan Seacrest for Albertsons and Safeway. Flu season is here and our pharmacies have you covered with a free flu shot with most insurance plans. Plus it's cough and cold season and now through December 2nd. Stock up on all the season's essentials and get ready for relief when with discounts on items like Mucinex Cold and Flu Kickstart, Mucinex, Fast Max Products, vicks Daquil and Nyquil combo pack Alka Seltzer plus also airborne and Afrin offers end December 2nd. Restrictions apply and offers may vary by location. Visit Albertsons or Safeway.com for more details. Make their holiday unforgettable with a gift that says it all from Pandora Jewelry. A gift that tells a story and shows you know theirs that doesn't just sparkle, but speaks. From new festive charms to forever rings and personal engravings, this season give a gift that's perfectly theirs. Whether you're shopping for a shiny surprise for your significant other, matching bracelets to celebrate your friendship, or a heartfelt gift for a family member. Say more this holiday season with Pandora. I always look forward to the holidays because I live to give all the women in my life jewelry with a little something special engraved on it just to show them I care with something personalized. You know, I love to get some gifts myself and a man wearing jewelry is quite cool if you ask me. Shop now@pandora.net or visit your closest Pandora store. As a sports fan, you want the best way to watch your favorite teams at home. And now you can experience game day in all its glory with a 2025 Samsung Super Big TV. It's super big and super clear, giving you a closer view than the sidelines and you can go big without the blur thanks to Super Sized Picture Enhancer. Select Black Friday deals start now. Go big and save big on the ultimate fan worthy TVs@samsung.com sales dates vary by model. Super Sized Picture Enhancer utilizes AI based formulas available on 85 inch and larger TVs on models QN70F and above.
Co-host 1
Way too much.
Co-host 2
So. So yeah, so. So that was just like when you realized like okay, things is really starting to go down crazy. So now he's scrambling and he brings outside investors in to like help out with his company because now he's starting.
Co-host 1
To lose money to the famous famous company.
Co-host 2
Yeah. So he take I think like $3 million of investors money but that didn't really work out but those alone. So now you have to pay that back. But then they left and the company's losing even more money.
Co-host 1
Yeah.
Co-host 2
So now it's like spiraling out of control at a very rapid pace.
Co-host 1
And what are you going to do when that happens.
Co-host 2
Yeah. So in 1988, he sells the company to $3 million. He sells it for $3 million. He sells the company in 1988 to the Shansby Group. I think I'm pronouncing that correctly, for $3 million. So the crazy thing about it is that now he sells the company for 3 million and they, they keep him on as a brand ambassador.
Co-host 1
Yeah.
Co-host 2
So he makes a deal with them and he's not allowed to use his name anymore. Anymore.
Co-host 1
Yeah, because part of the cell is the trademark.
Co-host 2
Yep. So Famous and Amos. Yeah, he can't. His. His name.
Co-host 1
His name. He can't use.
Co-host 2
Can't use his name. Yeah, can't use it. So. But he can. So it's crazy. So he built the company from scratch, from nothing. Right. Built it to a multi million dollar corporation, sells it for way less than what it was valued for just a few years earlier.
Co-host 1
He was hurting.
Co-host 2
Not only do they tell him that you can't use your name, but they keep. They give him a job to be the spokesperson for the company of the name that he can't use.
Co-host 1
Yeah.
Co-host 2
So he's doing that, which is. Has to be extremely. Like, think about that. Like, think about like you start a company named Troy's Sneakers. Yeah. Right. You love sneakers. And you build it to a multi million dollar company. We'll take then 10 years down the line you got to sell it. And they saying you can't use Troy, you can't use Sneakers anymore. But we want to pay you a salary to go around the country promoting Troy Sneakers.
Co-host 1
Yeah, I mean, he found out about it when he tried to start a new cookie company.
Co-host 2
We're going to get to that after a while. It's like, it's not after years. I can't do this.
Co-host 1
Yeah.
Co-host 2
And he leaves and he's like, he tries to start a new company and they sue him and like, no, you.
Co-host 1
Can'T use that name for.
Co-host 2
Yeah, we own it. Infringement.
Co-host 1
That was part of the show.
Co-host 2
So then he starts the company called uncle no Name.
Co-host 1
Yeah, uncle no Name's Gourmet.
Co-host 2
Yeah. Which is a play on that. He has no name now. It's really unfortunate. This is really, really tragic. It's a tragic. It's really tragic situation all the way around, man. That so, yeah. So uncle no Name, he starts that brand. But so the crazy thing about it is that as he's doing the uncle no Name, the company gets sold. This is the worst part again.
Co-host 1
Yeah, it's the worst part. So this is the worst Part of the story.
Co-host 2
So now, because he even said, like, he had depression for a little bit. He stopped baking at all for, like, three years because uncle no man didn't work out. Really.
Co-host 1
Yeah. I think they started making muffins.
Co-host 2
He went away from cookies, so he stopped baking. He cut his beard off. His whole thing with Trademark was his beard and a hat. He stopped wearing a hat, cut his beard off. He even want people to recognize him in the street.
Co-host 1
Yeah.
Co-host 2
It's like, I don't want people. I. I don't want it.
Co-host 1
So I want them see me like this.
Co-host 2
Depressing. You know what I'm saying? So. But as all of that's going on, Shansby, the company that he sold to for 3 million in 1992, they sold it. A company for.
Co-host 1
We might have heard of.
Co-host 2
Yeah. 61 million.
Co-host 1
Yeah. Kellogg.
Co-host 2
To Kellogg. Yeah.
Co-host 1
Big, Big, Big Breakfast Company, man.
Co-host 2
So, yeah, they sell it. He sells it. They sell it for 61 million in 1992, and then it gets sold again in 1998 to Keebler.
Co-host 1
Crazy.
Co-host 2
That's what the elf. Yeah, yeah.
Co-host 1
Keeper Cookies died.
Co-host 2
Yeah. So then. So then they. So then in 1998, Keebler decides to bring him back as a brand ambassador. It ain't got flipped five times already.
Co-host 1
You know what they did? You know, he said when he came back, it hurt his heart. I mean, he had. He tried the cookies, but they changed his recipe and all that.
Co-host 2
No, they changed the rest.
Co-host 1
Disrespect, like the. Everything.
Co-host 2
Oh, man. They let. So, But. But at least he was able to work a deal out where he made a deal with Keebler for Uncle Wally's Muffins.
Co-host 1
Yeah.
Co-host 2
So they. They let him have a. I guess like a subsidiary company within the company, things of that nature. And now he gives. He gives speeches. He's still alive.
Co-host 1
Yeah, he's still alive. He's still out. And I think he lives in. Well, he was living in Hawaii and now I think he's back in South Carolina. He's back south, but he's. He's still making cookies. He's still making cookies. I think the original idea came from his Aunt Della. And so that's what he's going back to. His new company is on Della's Cookies.
Co-host 2
So.
Co-host 1
Because he can't use Famous Amos.
Co-host 2
So, I mean, moral of the story, it's so many different morals of the story. It's a lot less important points and learning points. It's just like, where do you begin? But I think the first one is business. Everything is a Business. Like, a lot of times people look at it like, I'm a good chef or I'm a recording artist. Artist. How many times it's like, that's not good enough. Yeah. You got to be able to understand that no matter what you're doing, there's a business behind it.
Co-host 1
Yeah. I mean, just think about if he had licensed his name instead of selling.
Co-host 2
It in that deal, he could have done that.
Co-host 1
You know what I mean? Like, his fortune. His fortune would have been a lot different. Right. You know what I'm saying? Like, you can. You're. He's done now he can't even use his own name.
Co-host 2
No, he can't. And it's like, mismanagement is a lot of. And it's. A lot of people say a lot of times, like, ignorant is bliss. It's really not. It's extremely dangerous. Yeah. Especially when it comes to business. And like, we did an episode on trademarks and licensing and. And the legal side of it is extremely important as well. Right. Like, the people understand that. Like, you got to understand the legal side or to have a lawyer at least to help you. And it's important to people get taken advantage of.
Co-host 1
Right. You think he would have. I mean, if he sold it for 3 million. Right. Like, what did he get the proper valuation? Didn't even know what evaluation was at that point.
Co-host 2
Oh, he probably just needed the money.
Co-host 1
I just needed some money.
Co-host 2
I'm selling like you saw at 3 million. Then 10 years later, it gets sold for 61 million and you can't even use your name.
Co-host 1
Nah, man. It's crazy.
Co-host 2
Yeah. It's like I said, man, it's a tragic, sad learning experience, but nonetheless, it's still a learning experience, I think entrepreneurs, business people inspiring entrepreneurs, aspiring business people can learn from. You gotta learn from other people's mistakes.
Co-host 1
Yeah. I mean, and he still has his health. At the end of the day, he's still alive and breathing to tell the lesson. So, I mean, at the end of the day, somebody gonna learn from his mistakes.
Co-host 2
Yeah. I mean, that's the worst thing in the world for somebody take your name. You can't use it. Like, that's like.
Co-host 1
Yeah. I mean, like, he said it broke his heart. He tasted the cookies. He's like, yo, they changed the recipe. Nothing's the same, but his name lives on. Like, that's.
Co-host 2
Those are.
Co-host 1
Like, we talked about the vending machine episode. Like, those are still in vending machines right now. Like, today, somebody's eating famous Amos cookie.
Narrator/Advertiser
This podcast is brought to you by FedEx. The new power move. Hey, you know those people in your office who are always pulling old school corporate power moves? Like the guy who weaponizes eye contact. He's confident, he's engaged, he's often creepy. It's an old school power move. But this alpha dog laser gaze won't keep your supply chain moving across borders. The real power move? Having a smart platform that keeps up with the changing trade landscape. That's why smart businesses partner with FedEx and use the power of digital intelligence to navigate around supply chain issues before they happen. Set your sights on something that will actually improve your business. FedEx. The new power move. What a matchup we got, y'.
Co-host 2
All.
Narrator/Advertiser
This is that classic HBCU vibe. Non stop action. The band is rocking and the crowd lit. Chance, echo drum beat, everybody. Showing that school pride. A game like this. Yeah, it calls for an ice cold Coca Cola. Ah, crisp and refreshing. That's a game changer right there. Yeah, that taste always hits the right note. Just like the band at halftime. And just like that, we're back at it. Passionate fans, school colors everywhere. And in ice cold Coca Cola. That's a winning combo. No matter the sport, no matter the yard. Everybody knows fan work is thirsty work. So grab a Coca Cola and keep that HBCU pride going. You know what a girl's best friend is not diamonds. Her lawyers. From executive producer Ryan Murphy comes a.
Co-host 1
Fiery new legal drama.
Narrator/Advertiser
It's our own boutique women representing women you can't afford to miss. Make it rain.
Co-host 2
Showtime, ladies. Stand up straight and breeze into that.
Narrator/Advertiser
Room like a storm no one saw coming. Hulu ORIGINAL Series All's fair now streaming on Hulu and Hulu on Disney for bundle subscribers terms apply. Running a business is hard enough. Don't make it harder. With a dozen apps that don't talk to each other. One for sales, another for inventory, a separate one for accounting. That's software overload. Odoo is the all in one platform that replaces them all. CRM, accounting, inventory, E commerce, hr. Fully integrated, easy to use and built to grow with your business. Thousands have already made the switch. Why not you try Odoo for free@odoo.com that's odoo.com with the new IHOP value menu. Six bucks is all it takes to go to your happy plate. Where stacks of pancakes with bacon and eggs are just six bucks every day. French toast, sausage and eggs are, you guessed it, six bucks. And fluffy omelets come with a side of pancakes and only cost 6 bucks. Go to your Happy Plates every day at IHOP, 7 bucks in some locations available every day for a limited time at participating restaurants in the U.S. hours may vary. No substitutions not valid with other discounts or promotions. Prices may vary.
Episode Title: FAMOUS AMOS LOST HIS COMPANY AND HIS NAME IN ONE DEAL
Release Date: November 10, 2025
Hosts: Rashad Bilal and Troy Millings
This episode delivers a profound and cautionary tale about the rise and fall of Wally Amos, the founder of Famous Amos cookies, focusing on how he not only lost his iconic company but also the right to use his own name through a business deal. The story serves as a powerful lesson on business literacy, the perils of poor management, and the importance of legal and financial oversight for entrepreneurs—especially those from creative backgrounds.
Introduction to Wally Amos
Foundation of Famous Amos
Trouble Begins (1985)
Rapid Scaling and Loss of Control
Financial Blind Spots and Losing Everything
Taking on Investors & Mounting Debt (13:37–14:13)
Selling the Company (1988): The Deal’s True Cost
Attempted Comeback Blocked
Resale of the Business
Small Silver Lining
New Ventures and Resilience
Enduring Lessons for Entrepreneurs
Bittersweet Legacy
The tragedy of Wally Amos is both cautionary and inspirational. His story underlines the necessity for every entrepreneur—especially those in creative industries—to understand contracts, protect their brand, and remain engaged with their business at every level. As the hosts remind us, learning from the mistakes of others is a shortcut to wisdom, and the legacy of Famous Amos ultimately endures as both a treat and a lesson.