Podcast Summary: The Ed Mylett Show – "How to Build Yourself—and Your Wealth with Candy Valentino"

Release Date: January 14, 2025

Introduction

In this compelling episode of The Ed Mylett Show, host Ed Mylett welcomes back a cherished guest, Candy Valentino, for a second appearance. Ed highlights Candy's exceptional journey in entrepreneurship, wealth-building, and personal development, setting the stage for an insightful conversation that intertwines business acumen with personal growth.

Early Beginnings and Building a Business [03:22 - 06:45]

Candy Valentino shares her inspiring story of starting a spa business in the late 1990s. At just 18 years old, coming from a small town with a blue-collar background, Candy identified a gap in the market after visiting a New York City spa. Despite the challenges women faced in obtaining business loans at the time, Candy persevered.

• Quote: “I started with seven employees the day that I opened because I had seen my dad grow up... I want to do business differently. I want to do it so that I have freedom.” ([05:07])

Candy's dedication led her spa to success, culminating in its acquisition on her 39th birthday, exactly 20 years after its inception. She emphasizes the importance of building a sustainable business rather than a perpetual job.

Advice for Young Entrepreneurs [08:16 - 12:33]

When asked about advice for young entrepreneurs, Candy underscores the ease of entering the entrepreneurial space today but warns against the high dropout rate.

• Quote: “If you want to separate yourself... you need to focus on follow through, focus on being persistent, focus on grit and hard work.” ([08:55])

She critiques the superficial portrayal of entrepreneurship on social media, advocating for creators over consumers. Her key advice centers on perseverance, discipline, and discernment.

• Quote: “It's about really having discernment and discipline... you just double down on those two things.” ([11:40])

Hard Work: What It Truly Entails [10:45 - 12:33]

Ed delves deeper into the concept of hard work, seeking clarity on what it means in the entrepreneurial context. Candy explains that initially, hard work involves going the extra mile—working longer hours, sacrificing personal time, and continually educating oneself across various business domains. As the business grows, hard work evolves into strategic delegation and focusing on high-level tasks.

• Quote: “In the beginning, what it looked like was showing up before everybody else... Now it's about having discipline not to do the easy stuff.” ([10:45])

Overcoming Trauma and Personal Growth [30:53 - 36:37]

Candy bravely opens up about her traumatic childhood, including abuse and growing up in poverty. She discusses how these experiences have shaped her approach to trust and relationships, often keeping others at arm's length to protect herself. Despite these challenges, Candy found solace in what she believes to be divine guidance, which helped her navigate through her darkest moments.

• Quote: “I'm probably like you too. You don't like to ask for things, you don't like to ask for help... I tend to keep everyone kind of at arm's length.” ([35:12])

Candy emphasizes the importance of redefining one's narrative beyond past traumas, focusing on proactive steps to build a desired future.

Book Discussion: The 9% Edge [19:17 - 20:46]

Candy discusses her book, The 9% Edge, which explores why 91% of businesses fail within their first ten years. Drawing from extensive research and her personal experience, she identifies key factors such as lack of sales, profit, and funding as primary reasons for business failures. The book aims to equip entrepreneurs with the knowledge to overcome these common pitfalls and build sustainable businesses.

• Quote: “If we can fix the money piece, if we can have people up-level their financial acumen, they can really build a bigger business that's more sustainable.” ([19:55])

Navigating the Business Climate [41:39 - 44:44]

When discussing the current and future business climate, Candy expresses optimism about pro-business policies that lower taxation and invest in infrastructure. She advises entrepreneurs to stay adaptable, restructure their businesses as needed, and consider acquiring existing businesses to capitalize on market shifts.

• Quote: “We need to identify and shift those decisions because they're drastically different now.” ([41:49])

Candy highlights the benefits of acquiring revenue-generating businesses, especially those with consistent clients and retention rates, as a strategic move over starting new ventures from scratch.

Acquiring Businesses vs. Starting New Ones [44:33 - 50:51]

Ed and Candy delve into the advantages of acquiring existing businesses. Candy explains creative financing methods, such as seller financing, which benefits both buyers and sellers by providing flexible payment terms and reducing immediate tax burdens.

• Quote: “There are a lot of benefits because if you don't have it structured the right way... So for me, it's like, hey, do you want to do this over five years?” ([47:28])

She contrasts building a business from the ground up with acquiring a proven revenue stream, emphasizing that the latter often presents less risk and faster returns.

Personal Reflections and Final Thoughts [51:47 - 57:53]

As the conversation wraps up, Candy reflects on the complexities of entrepreneurship, acknowledging that it's not for everyone. She encourages listeners to recognize their unique journeys and the resilience they've built through past adversities. Ed echoes these sentiments, reinforcing the idea that personal growth and business success are deeply intertwined.

• Quote: “Nothing that happened to you prior... is going to prevent you from doing that. If anything, if you really will allow it, it will give you the fuel to achieve it more easily.” ([52:12])

Candy concludes by urging listeners to create a "proof page"—a list of past challenges overcome—to serve as a reminder of their strength and capability during moments of doubt.

Conclusion

This episode of The Ed Mylett Show offers a profound blend of business strategies and personal development insights. Candy Valentino's journey from a young entrepreneur in a small town to a successful businesswoman underscores the power of resilience, discipline, and clear vision. Her candid discussion about overcoming trauma adds a deeply personal layer, providing listeners with both inspiration and practical advice to build wealth and self.

For those seeking to enhance their entrepreneurial endeavors or personal growth, Candy's insights and her book, The 9% Edge, are invaluable resources.

Notable Quotes

1. Candy Valentino [05:07]: “I started with seven employees the day that I opened because I had seen my dad grow up... I want to do business differently. I want to do it so that I have freedom.”

2. Candy Valentino [08:55]: “If you want to separate yourself... you need to focus on follow through, focus on being persistent, focus on grit and hard work.”

3. Candy Valentino [11:40]: “It's about really having discernment and discipline... you just double down on those two things.”

4. Candy Valentino [35:12]: “I'm probably like you too. You don't like to ask for things, you don't like to ask for help... I tend to keep everyone kind of at arm's length.”

5. Candy Valentino [19:55]: “If we can fix the money piece, if we can have people up-level their financial acumen, they can really build a bigger business that's more sustainable.”

6. Candy Valentino [41:49]: “We need to identify and shift those decisions because they're drastically different now.”

7. Candy Valentino [47:28]: “There are a lot of benefits because if you don't have it structured the right way... So for me, it's like, hey, do you want to do this over five years?”

8. Candy Valentino [52:12]: “Nothing that happened to you prior... is going to prevent you from doing that. If anything, if you really will allow it, it will give you the fuel to achieve it more easily.”

Resources Mentioned

• Book: The 9% Edge by Candy Valentino
• App: Growth Day by Brendan Burchard (growthday.com/ed)

Closing Remarks

Ed Mylett and Candy Valentino conclude the episode by emphasizing the importance of surrounding oneself with genuine relationships and maintaining a balance between personal growth and business success. Their shared experiences and mutual respect underscore the episode's central themes of resilience, strategic thinking, and authentic living.

Max Out! Stay motivated, inspired, and equipped to become the best version of yourself by tuning into The Ed Mylett Show every week.