Podcast Title: On The Homefront with Jeff Dudan

Episode: How To Conquer The Lows To Get To The Highs: Finding Fame At 60 #148
Release Date: February 6, 2025
Host: Jeff Dudan
Guest: Richard Formata

Introduction

In episode #148 of "On The Homefront with Jeff Dudan," host Jeff Dudan sits down with renowned entrepreneur and multifaceted personality, Richard Formata. The conversation delves deep into Richard's journey through personal and professional challenges, his ventures into acting later in life, and the profound lessons he's learned about gratitude, leadership, and legacy.

Early Career and Business Challenges

Facing Adversity:
At the outset, Richard shares a pivotal moment from approximately 20 years ago when his company's core team unexpectedly left, leading to what he describes as a "mutiny." Reflecting on this, Richard states:

"[00:48] ‘I realized I didn't really deserve anything. I had to accept what was going on. I had to totally accept my role in it, that I was the creator of the good things and the creator of the bad things, and that I had to be accountable.’"

This moment forced him to confront his beliefs about deserving success and failure, ultimately reshaping his approach to business and personal accountability.

Lessons in Leadership:
Richard emphasizes the importance of leadership responsibility, noting that in times of crisis, admitting fault fosters forgiveness and human connection. He recounts a story about settling a lawsuit stemming from a bar fight:

"[40:12] ‘And so I've always said you go where the needs of the business take you... If I get a show or if I'm in a part in a Z list actor like me, I work four or five days at a time. I fly in, fly out.’"

Through these experiences, Richard underscores that true leadership involves vulnerability and owning one's mistakes, which builds trust and resilience.

Diversifying Career Paths

Entrepreneurship Beyond Business:
Richard's entrepreneurial spirit isn't confined to his primary business, Sales Edge. He recounts the creation and successful sale of Click, a technology-driven venture that he built from scratch:

"[15:55] ‘So I got the meeting. I gave myself six months to prepare for it. I wrote an outline of a TV show idea I had where I wasn't not the star... and I started all over and I built an app called Click.’"

His ability to identify and seize opportunities led to the rapid growth of Click, eventually being acquired by Angie's List within four years.

Pursuit of Acting in Later Life:
In a bold career move, Richard ventured into acting at 60, inspired by a desire to fulfill childhood dreams. He narrates his initial foray into the industry:

"[17:41] ‘So I just declared that. I said to my family, I'm gonna try to be an actor... and six months later I was on the set standing three feet away from Robert Downey Jr.’"

Despite starting in a small town with limited access to major entertainment hubs, Richard leveraged virtual opportunities during the pandemic to build his acting career, appearing in several movies, TV commercials, and a pilot titled "The Club."

Family and Personal Life

Valuing Family and Humility:
Richard speaks passionately about his family, highlighting the humility and entrepreneurial spirit of his children, Lily and Jack. He shares:

"[08:26] ‘We have a perfectly average family with perfectly average kids in a normal, dysfunctional household... I'm very proud of my kids. They're much more humble than their dad.’"

Lily's success in improv and art, alongside Jack's endeavors in karate and aspiring investment banking career, reflect the values of perseverance and humility instilled in them.

Legacy and Gratitude:
A recurring theme is Richard's emphasis on gratitude as the cornerstone of his family's values. He explains:

"[07:45] ‘The only religion in our household is gratitude.’
[07:51] ‘We have to think no matter what's going on, we are so grateful... Everything else from that is a bonus.’"

Richard aspires for his legacy to be defined not by financial success but by the stories and values passed down to his children and future generations.

Overcoming Personal Struggles

Battling Addiction and Personal Demons:
Richard candidly discusses his struggles with addiction, detailing a turning point in 1993 when a bar fight and subsequent legal troubles led him to sobriety:

"[35:03] ‘I was making a couple hundred thousand dollars a year at 30 years old, living in Roanoke, Virginia... On March 23, 1993, it ended.’
[37:00] ‘I had a cassette deck and I had a Tony Robbins series of motivational tapes... I wrote down that I wanted to have a company, that I wanted to be respected, that I wanted to have a family, that I wanted to live in a mansion.’"

This period of his life marked a profound transformation, shifting his focus towards accountability, goal setting, and personal growth.

Embracing Accountability:
Richard emphasizes the liberating power of admitting fault:

"[40:42] ‘And I apologized and I said it was all my fault. And that's another thing... It's incredibly freeing to say, it's all my fault.’"

This mindset not only aids personal healing but also fosters stronger connections and trust in professional relationships.

Philosophies on Success and Business

Balanced Success Metrics:
Contrasting the obsession with financial metrics, Richard advocates for a balanced scorecard approach to business success:

"[60:03] ‘But it's a balanced scorecard. That's where the mistake is when you say, oh, why, we sold this company for X billion dollars. Well, what about the kids, right? What about the wife, the marriage? What about the relationship with mom and dad? What about your relationship within your community?’"

He argues that sustainable business success is rooted in delivering real value, maintaining strong relationships, and ensuring operational excellence.

Authenticity Over Numbers:
Richard critiques the influencer culture that prioritizes superficial metrics over genuine value creation:

"[62:10] ‘I like the real stuff... You like the real stuff. That's why a lot of my best friends are fly fishermen...'
[63:22] ‘Real business people... if they're not going to add value over a long period of time, they're not going to sustain.’"

His perspective champions authenticity, resilience, and meaningful contributions as the true markers of success.

Advice and Takeaways

Goal Setting and Vision:
Drawing from his personal experiences, Richard stresses the importance of writing down goals and understanding the "why" behind them:

"[45:55] ‘The secret to my success is even when I was making mistakes, I never was in debt. I was cash on cash from day one. I have no personal debt, no corporate debt, no debt of any kind.’
[46:54] ‘You have to think ahead. And you have to have insurance for what you do… write down your goals and write down the why.’"

He advocates for clarity in goal setting as a foundational strategy for personal and professional growth.

Legacy Building:
Richard encourages listeners to focus on the intangible aspects of legacy, such as the stories and values imparted to future generations:

"[49:45] ‘I would want my legacy to be the immortality that I will achieve when my children tell my grandchildren or great grandchildren some great funny story about their dad...'"

Final Words of Wisdom:
In his closing remarks, Richard offers a powerful, concise message for personal impact:

"[64:29] ‘You matter. As long as you're grateful, humble and sober and have its faith in something greater than yourself.’"

Conclusion

Episode #148 of "On The Homefront with Jeff Dudan" presents a profound exploration of Richard Formata's life, illustrating how adversity can forge resilience, and how a commitment to gratitude and authenticity can lead to sustainable success. Richard's multifaceted journey—from entrepreneurship to acting—serves as an inspiring testament to the enduring human spirit's capacity to evolve, adapt, and leave a meaningful legacy.

Notable Quotes with Timestamps

• On Deserving Nothing and Accountability:

  "[00:48] 'I realized I didn't really deserve anything. I had to accept what was going on. I had to totally accept my role in it...'"

• On Building Click and Entrepreneurial Success:

  "[15:55] 'I got the meeting. I gave myself six months to prepare for it... and I built an app called Click.'"

• On Legacy and Gratitude:

  "[07:45] 'The only religion in our household is gratitude.'"

• On Overcoming Addiction:

  "[35:03] 'I was making a couple hundred thousand dollars a year at 30 years old... On March 23, 1993, it ended.'"

• On Balanced Success Metrics:

  "[60:03] 'But it's a balanced scorecard. That's where the mistake is when you say, oh, why, we sold this company for X billion dollars...'"

• Final Inspirational Message:

  "[64:29] 'You matter. As long as you're grateful, humble and sober and have its faith in something greater than yourself.'"

This episode serves as a rich resource for anyone seeking to understand the interplay between personal struggles and professional triumphs, offering actionable insights and heartfelt reflections that resonate on multiple levels.