Podcast Summary:

In Search of Excellence with Randall Kaplan
Guest: Marc Lore
Episode: How I Sold My Companies to Amazon & Walmart for Billions | E182
Airdate: February 10, 2026

Episode Overview

This episode of In Search of Excellence features Marc Lore, billionaire entrepreneur, owner of the Minnesota Timberwolves, and founder of Diapers.com, Jet.com, and Wonder. Host Randall Kaplan explores Lore’s journey building and selling companies to Amazon and Walmart, his unique risk philosophies, the evolution of his visionary business strategies, and how he balances relentless work ethic with personal life and mission-driven leadership.

Key Discussion Points and Insights

The Entrepreneurial Mindset & Taking Risks

• No Plan B Philosophy:

  • Lore emphasizes putting yourself in a position where failure isn’t an option, often by investing all your own savings and leaving no “escape hatch.”
  • Quote: “You sort of just go for it where you can't afford to fail. And so I had a baby at the time, had saved some money in banking, invested all that money into the new startup and couldn't fail.” [01:29]

• Personal Skin in the Game:

  • Lore’s first $390,000 investment in his business—his entire savings—instilled investor confidence and catalyzed his first funding round.
  • Quote: “He goes, you put your entire life savings in this? ...that switched him. He went from a no to a yes right there.” [04:28]
  • Quote: “How taking risk reduces the ultimate risk...by putting the 390,000 in, I just increased the probability of getting the funding.” [06:10]

Fundraising Strategies & Investor Relations

• Angel vs. Institutional Investors:

  • Lore raised his first round by networking through personal and second-degree connections, eventually pitching 250 people to secure 80 angel investors.
  • Putting his own capital at risk was essential for convincing others.

• On Sweat Equity:

  • Both Kaplan and Lore express skepticism toward founders who contribute only “sweat equity” and not actual cash.
  • Quote (Kaplan): "Your sweat equity is not your money if you're not eating your own cooking. I'm not eating your cooking either." [07:52]
  • Quote (Lore): “Having your own money at stake is...a different level motivator.” [08:52]

Building and Selling Diapers.com

• Amazon Competitive Pressure:

  • Amazon used aggressive pricing to undercut Diapers.com and spooked other investors, essentially cornering Lore and his team into a sale.
  • Quote (Lore): “...it was, yeah, it was really depressing. And even though it was life changing.” [09:54]

• Missionary versus Mercenary:

  • The sale highlighted to Lore the difference between building for a mission versus building for a financial exit.
  • Quote: “It was so clear it wasn't about the money. Because if it was about the money, I mean, it was like crazy money at the time...and we weren't even wanting to celebrate.” [10:35]

Revolutionizing E-Commerce Logistics & Technology

• Kiva Robots:
  • Early adoption of warehouse robotics gave Diapers.com a logistics edge and contributed to Amazon’s interest.
  • Future tech: Conversational commerce and AI-driven personalization are poised to disrupt the way people shop.
  • Quote: “Conversational commerce is the future of retail. No, no question.” [13:37]

Jet.com and Acquisition by Walmart

• Strategic Sale, Not a Forced Exit:
  • Unlike Diapers.com, Jet.com was sold with the promise of pursuing the same vision within Walmart, with Lore leading the combined e-commerce effort.
  • Quote: “It wasn't selling out...Walmart, they said how would you like to continue to pursue the exact vision you had for Jet, but do it with the resources of Walmart?" [15:54]
  • Acquisition Approach: No bankers involved; Lore led direct negotiations with CEO Doug McMillon.
  • Quote: “I've never used a banker in diapers or jets, so it's just me.” [17:59]

Iterating and Pivoting at Wonder

• Clean Slate Mentality:

  • Lore advocates regularly reassessing your business model based on current knowledge, even when it means abandoning sunk costs.
  • Quote: "Every day to think about the business through clean slate lens, like knowing everything I've learned up until today, what would be the strategy and the business model going forward?" [21:41]

• The Big Pivot:

  • Wonder started as a delivery-truck-cooked food model, but pivoted after data showed that centralized brick-and-mortar kitchens were more efficient and scalable.
  • Lore ended the truck model—incurring large losses—to adopt a strategy better aligned with customer preferences and profitability.
  • Quote: “Once in my head I got that…as fast as possible…we are stopping the trucks, taking revenue to zero..." [24:51]
  • “The vision was unchanged. Vertically integrated food delivery…. The vehicle's changing, but that's not changing.” [25:53]

Buying the Minnesota Timberwolves: Underdog Dreams and Legal Battles

• Emotional Rollercoaster:

  • Acquiring the team was fraught—seller Glenn Taylor temporarily reneged, leading to legal battles. Even winning was more relief than euphoria.
  • Quote: “It's like, yeah, you're happy that the person is not beating you up anymore. Right. But it's hard to celebrate when you've been beaten up...” [30:36]

• Personal Meaning:

  • For Lore, sports ownership fulfills a childhood dream. The underdog story of the Timberwolves resonated with him and his partner, Alex Rodriguez.
  • Quote: “It was a great sports city, really...People just seem really down to earth and, and kind. And I think those are our kind of people.” [33:40]

Success, Planning, and Work-Life Balance

• Financial Planning and Long-Term Goals:

  • Lore set ambitious financial and professional goals early—six-figure salary by 26, seven-figure by 37, eight-figure by 48—motivating himself with visible reminders.
  • Quote: “I created a sign…salary goals: six figures by 26, seven figures by 37, eight figures by 48…” [36:32]

• Motivation: Mission Over Money:

  • Eventually learned that being a “missionary” (purpose-driven) is more fulfilling and sustainable than being a “mercenary” (money-driven).

• Extreme Work Ethic and Tradeoffs:

  • Lore describes working 100-hour weeks, sacrificing everything outside of work and family, and the resulting impact on his marriage and wellbeing.
  • Quote: “All the hours you have left, you go put in your family…If you get to the point where you’re eating in a muscle…you still don’t have enough time for family, then maybe you got to figure out a different way.” [40:51]
  • On Regret:
    • Despite sacrifices, Lore has no regrets: “I was there for all their important events…So, I don't know…I wouldn't go back and change anything.” [42:27]

Ingredients of Success: Personal Reflections

• Key Lessons and Values:

  • Quote: “Treat others the way you'd want to be treated. Give more than you take.” [43:08]
  • Work ethic, high EQ (emotional intelligence), and thinking long term are cited as crucial for success.

• Advice to His Younger Self:

  • Quote: “Be patient, learn and think long term as opposed to sort of thinking in the moment of where I got to be next year...But take a long-term view.” [44:19]

• Deathbed Advice to His Children:

  • Quote: “Always believe in yourself. Try your best at anything you do, and remember to have fun.” [45:12]

Notable Quotes & Memorable Moments

• "Having your own money at stake is...a different level motivator. Every single company I think would have failed had I not had this sort of like this can't fail mentality." – Marc Lore [08:52]

• "Conversational commerce is the future of retail. No, no question...This idea...that you would put a product in a search engine...that's going to go the way the cassette tape." – Marc Lore [13:37, 14:12]

• "If you're not motivated by the mission/vision of what you're doing, then you'll make decisions based on dollars and cents." – Marc Lore [37:34]

• "Be patient, learn and think long term…" – Marc Lore [44:19]

Timestamps for Important Segments

• 00:00–01:16: Risk-taking, “sixth gear,” all-in mentality
• 03:26–06:23: Raising first round of capital; using personal risk to attract investors
• 09:09–11:47: Competing with Amazon and the forced sale of Diapers.com
• 12:09–14:21: Adoption of Kiva robots; technology’s future in e-commerce
• 15:23–17:26: Jet.com’s sale to Walmart; merging visions, leadership within a larger company
• 21:41–25:52: Clean slate thinking; Wonder’s pivot from trucks to brick-and-mortar
• 29:05–32:09: Timberwolves acquisition legal fight; emotional costs
• 36:32–38:21: Early financial planning; shifting to a mission-oriented mindset
• 40:25–42:59: Work-life balance, sacrifices, and family
• 43:05–45:34: "Fill in the Blank to Excellence" – rapid-fire wisdom
• 45:12: Deathbed advice for his daughters

Tone & Style Highlights

The conversation is candid, thoughtful, and transparent. Lore is straightforward about both his failures and successes, his willingness to take immense personal risk, and the high personal cost of entrepreneurship. The rapport between Lore and Kaplan is warm, occasionally irreverent, with genuine appreciation for each other's perspectives and approach to excellence.

Conclusion

Marc Lore’s journey is marked by bold risk-taking, tireless work ethic, and an evolving understanding of purpose over mere profit. His guiding principles and strategic pivots offer rich lessons for entrepreneurs and business leaders, especially about the importance of personal investment—both financial and emotional—in any venture. The episode is a masterclass in vision, adaptation, fundraising, and balancing personal sacrifice with sustained drive for mission and impact.