Summary of "How I Built a $60 Million Business From My Garage" – The EntreLeadership Podcast

Podcast Information:

• Title: The EntreLeadership Podcast
• Host: Ramsey Network (Dave Ramsey)
• Episode: How I Built a $60 Million Business From My Garage
• Release Date: July 28, 2025
• Description: In this inspiring episode, Dave Ramsey sits down with Josh Smith, co-founder and president of the Montana Knife Company, to explore his remarkable journey from a passionate knife maker working out of his garage to leading a thriving $60 million business. Josh shares invaluable insights on entrepreneurship, maintaining a debt-free company, building a strong company culture, and upholding American manufacturing values.

Introduction: Welcoming Josh Smith

[01:10] Dave Ramsey:
"From the headquarters of Ramsey Solutions, this is the EntreLeadership Podcast. I'm Dave Ramsey, your host... Today we got a special episode for you. Co-founder and president of the Montana Knife Company, Josh Smith joins me to share his incredible story that is proof that the American dream is alive and well."

Dave sets the stage by introducing Josh Smith and highlighting his dual role as a successful entrepreneur and a dedicated family man.

Josh Smith’s Early Journey in Knife Making

[03:16] Josh Smith:
"I was 11 years old... I ended up becoming the youngest journeyman knife maker in the world at 15 and the youngest master bladesmith at 19."

Josh recounts his humble beginnings, learning knife making from his little league baseball coach, and quickly advancing to become a master bladesmith by the age of 19.

[04:05] Josh Smith:
"They're tests you go through where performance blade test and master judges your knives."

He explains the rigorous process of earning his designations, emphasizing his dedication and passion from a young age.

Transitioning to Entrepreneurship: Founding Montana Knife Company

[04:27] Josh Smith:
"I had four kids real fast and I made custom knives all the way through like 2010... I just wasn't sure that this was maybe the best career for the long term, especially the stability for my family."

Faced with economic uncertainties during the 2008-2009 housing crisis, Josh decided to step away from making custom knives to seek more stable employment.

[05:10] Josh Smith:
"I registered the name when I was 19, but I didn't start it till I was 39... My wife was really the one that pushed that."

Despite registering the company name early, Josh only launched Montana Knife Company at 39, thanks to his wife's encouragement and a crucial $20,000 inheritance from her late father.

Navigating Challenges and Building the Business

[06:58] Josh Smith:
"I started a company in February of 2020, which was the beginning of COVID."

Launching during the pandemic posed significant challenges, but also opportunities as people sought quality, American-made products while working from home.

[07:35] Josh Smith:
"We made some prototypes and built a website in July of 2020... it took us a while to figure out how to start a production knife company."

Initial efforts were fraught with learning curves as Josh transitioned from handcrafted to production-level manufacturing.

Breaking Through: Rapid Growth and Reinvestment

[08:57] Josh Smith:
"In 2021, we told the insurance company our goal was $100,000 and we ended up doing $1.9 million."

The pivotal moment came when Josh fully committed to the business, rebasing his income from being a lineman to focusing solely on Montana Knife Company, which saw explosive growth.

[10:22] Josh Smith:
"We rolled a million dollars back into the company that year. I refused to borrow money because I already quit my job."

Josh emphasizes a debt-free growth strategy, reinvesting all profits to fuel expansion without incurring liabilities.

Scaling Up: From Garage to Manufacturing Facility

[11:04] Dave Ramsey:
"You're completely blown up. Today, you've got 80 folks."

Under Josh’s leadership, the company rapidly expanded from a two-car garage operation to employing 80 people.

[12:23] Josh Smith:
"We built a 10,000 square foot building in my horse pasture... Today we're building a 51,000 square foot facility on a piece of commercial property."

Demonstrating strategic growth, Josh invested in larger facilities to accommodate increasing production demands, ensuring sustainable expansion without overextending financially.

The Magic Behind Montana Knife Company's Success

Commitment to Quality and American Manufacturing

[14:14] Josh Smith:
"Knife makers are like, you have to bring it in from China... I think there's enough Americans selling this country that respect and understand the value of an American made product."

Josh underscores the importance of producing high-quality, American-made knives, catering to a market that values craftsmanship and national manufacturing.

[16:57] Josh Smith:
"We have a Speedgoat. It's the fastest, the most beautiful knife he's ever used."

The Speedgoat line exemplifies the company's commitment to excellence, blending aesthetic beauty with functional superiority.

Relationship-Driven Marketing

[15:30] Josh Smith:
"Our best form of marketing is friends or family referrals."

Instead of heavy advertising, Montana Knife Company relies on genuine relationships and word-of-mouth referrals, fostering a loyal customer base.

[14:02] Dave Ramsey:
"What is the magic of these knives? They're beautiful and functional."

Dave highlights the dual appeal of the products, which combine artistry with practicality, driving their popularity.

Operational Excellence and Company Culture

[21:51] Josh Smith:
"Our hiring process is hard. Culture is, you can be the greatest at your job. If you're not a culture fit, we're not hiring you."

Josh places significant emphasis on hiring for cultural fit, ensuring that every employee aligns with the company's values and mission.

[25:18] Josh Smith:
"We're starting a brand that should mean something... when you see that Montana Knife Company on someone walking down the street, that means they believe in American manufacturing."

Building a strong, values-driven brand has been pivotal, with a focus on community, conservation, and employee well-being.

[34:37] Josh Smith:
"We make all of our own content... Our team works their butt off."

By handling marketing in-house and fostering a dedicated team, Montana Knife Company maintains authenticity and efficiency.

Innovative Marketing Strategies: Creating Scarcity and Urgency

[29:17] Josh Smith:
"We drop our knives every Thursday night on our website... It drives people to our website and creates excitement around our brand."

The strategic release of new knives every Thursday creates a sense of urgency and anticipation, driving consistent traffic and sales.

[32:15] Josh Smith:
"We create all of our own content, make our own emails, and produce our own TV commercials... We're a national brand that resonates with everyone who shares our values."

Josh leverages creative, cost-effective marketing techniques to build and maintain brand visibility without heavy reliance on external agencies.

Future Plans and Vision for Montana Knife Company

[25:22] Josh Smith:
"Our future includes expanding into gear and accessories... We want our brand to represent American values, community support, and quality."

Looking ahead, Montana Knife Company plans to diversify its product line while reinforcing its brand ethos centered around American manufacturing and community engagement.

[23:15] Josh Smith:
"Our goal is to hit $60 million this year by reinvesting into the company and scaling responsibly."

With a clear financial target, Josh remains focused on sustainable growth through strategic reinvestment and operational excellence.

Lessons Learned and Advice for Entrepreneurs

[37:36] Josh Smith:
"You can take your hobbies and turn them into a full-fledged career, but you have to endure the hardships along the way."

Josh offers candid advice on the entrepreneurial journey, acknowledging the struggles but affirming the possibility of turning passion into success.

[37:36] Josh Smith:
"Sometimes you have to eat a lot of crap in the process to achieve your goals."

He emphasizes resilience and perseverance as critical components of building a successful business.

[38:57] Josh Smith:
"I'm trying to create a generational company... I want to grow this over five, seven, and fifteen years rather than blow it up quickly and sell it."

Josh’s long-term vision focuses on creating a sustainable, legacy-building enterprise rather than pursuing rapid, unsustainable growth.

Conclusion: Affirming the American Dream

[39:11] Josh Smith:
"The American dream is alive and real... Montana Knife Company is the evidence of it."

Josh concludes by reinforcing the belief that the American dream is attainable through hard work, dedication, and maintaining core values.

[43:08] Dave Ramsey:
"Thank you for putting out an incredible American-made, high-quality product."

Dave praises Josh’s achievements and the quality of Montana Knife Company's products, encapsulating the episode’s inspirational message.

Notable Quotes with Timestamps

• Josh Smith [03:16]: "I was the youngest journeyman knife maker in the world at 15 and the youngest master bladesmith at 19."

• Josh Smith [08:57]: "In 2021, we told the insurance company our goal was $100,000 and we ended up doing $1.9 million."

• Josh Smith [10:22]: "We rolled a million dollars back into the company that year. I refused to borrow money because I already quit my job."

• Josh Smith [14:14]: "Knife makers are like, you have to bring it in from China... I think there's enough Americans selling this country that respect and understand the value of an American-made product."

• Josh Smith [25:22]: "We're starting a brand that should mean something... when you see that Montana Knife Company on someone walking down the street, that means they believe in American manufacturing."

• Josh Smith [37:36]: "You can take your hobbies and turn them into a full-fledged career, but you have to endure the hardships along the way."

• Josh Smith [39:11]: "The American dream is alive and real... Montana Knife Company is the evidence of it."

Key Takeaways

1. Passion and Early Expertise: Josh’s lifelong passion and early mastery in knife making laid a strong foundation for his entrepreneurial journey.

2. Strategic Timing and Resilience: Launching during the COVID-19 pandemic presented unique challenges, but Josh leveraged the situation to tap into a market craving quality, American-made products.

3. Debt-Free Growth: Committing to a debt-free business model allowed for sustainable growth and minimized financial risks.

4. Strong Company Culture: Prioritizing cultural fit and employee well-being fostered a dedicated and motivated workforce, essential for scaling operations.

5. Innovative Marketing: Creating scarcity through product drops and handling marketing in-house built brand excitement and loyalty without heavy financial outlay.

6. Long-Term Vision: Focusing on building a generational company with a sustainable growth trajectory ensures lasting success and impact.

7. Affirmation of the American Dream: Josh’s story embodies the realization of the American dream through hard work, dedication, and upholding core values.

Conclusion: Josh Smith’s journey with Montana Knife Company is a testament to what passion, strategic planning, and unwavering commitment can achieve. From a humble garage setup to a thriving $60 million business, his story inspires entrepreneurs to pursue their dreams while maintaining financial prudence and fostering a strong, value-driven company culture. This episode serves as a powerful reminder that with the right mindset and dedication, the American dream is not only alive but flourishing.