Our Mar-a-Lago Moment - #69
#FSBBC1 DONE - #FSBBC2 is ON!
In 1985 there was a property in Palm Beach Florida called Mar-a-Lago. This was a 126-room mansion that nobody wanted. Then, Donald Trump bought it for $7M and transformed it into a $40M a year cash cow.
Built in the 1920s by cereal heiress Marjorie Merriweather Post, it was designated as a National Historic Landmark. The name means "Sea to Lake" in Spanish - reflecting its unique location. Now, here's where it gets interesting. When Post died, she willed the estate to the US government. But they returned it to her foundation. The maintenance costs were too high. For years, the property sat empty. No one wanted to take on the financial burden.
Until Trump came along...
In 1985, Trump saw an opportunity others missed. But his initial bid for Mar-a-Lago was denied. So, he strategically bought land between Mar-a-Lago and the ocean for $2M, causing competing interest to decline.
Result?
He nabbed the 126-room mansion for just $7M. But he soon realized why others stayed away. The property was hemorrhaging money... Due to its historical significance, there were preservation requirements, high-end amenities to maintain, extensive renovations needed, and massive operational costs.
For years, it seemed like a massive mistake...
Then Trump had an idea that would change everything.
Instead of keeping it as a private residence, he'd turn it into an exclusive private club. But not just any club... He'd make it the most prestigious club in Palm Beach.
The transformation began in 1994 almost a decade after acquisition:
Five clay tennis courts
Trump Spa and Salon
Luxury guest suites
Beach Club access
Waterfront pool
But the real genius was in the membership structure:
Trump created artificial scarcity.
He capped membership at 500 people with an initiation fee of $25,000.
The wealthy elite of Palm Beach were practically begging to join.
By 2014 it was generating $15.6M annually. The property that was once bleeding money became a cash cow. And today it makes over $40M a year.
Trump wasn't just selling access. He was selling status.
Trump took a product and turned it into a story people wanted to be a part of. And we've spent the past year of 2024 developing a way for founders and entrepreneurs to do the same thing...You see, people today don't buy from companies. They buy from people. From stories.
3 basic takeaways from Trump’s pivot to profitability
Create unparalleled value in one central place.
Build a place for people to connect with successful business builders.
Ensure the world knows about this amazing product to create demand.
How is the Full Stack Business Builder Conference and Community Similar?
Conference every 90 days - Value in one place.
Community to get real help - Rub shoulders with experts.
Communicate and market business expertise through media megaphones!
The FSBB Mar-a-Lago Experience
On September 22, 2024, Molly Truong, Taylor Carroll, and myself got together to finalize our years worth of planning and finally execute on our grand idea. The name? The Full Stack Business Builder Network, Conference & Community.
We wanted to create what TEDx should have built: an infinite library of content and do a better job actually helping the listener, attendee, or student.
Our core values stem from three distinct truths that have emerged with the V-shaped model of doing business: all things digital are growing, ai is growing, and the models of business building are now simple.
Truth 1 - Digital is Growing
I wrote a book called Gravity: How to Create an Irresistible Brand, Unlimited Deal-flow, and Infinite Possibilities in 2019. My essential thesis was something I called MVR, or mobile, video, remote. In my expeditions and adventures in the internet world as a data-scientist, it became obvious and apparent that mobile usage is only growing and will continue to grow. The use of video as a learning tool is growing exponentially, and the world we live in is now more remote-work than ever before.
The world need digital help.
Truth 2 - AI is Growing
We all recognize that AI is growing, shoot, I spent the entire year of 2023 leveling up in all of the world of AI so I could invest and deploy money into amazing AI startups and projects. With the rise of AI, human touch will be a premium.
Let me say that again. The value of human help will be an inverse correlation to the rise of AI. The more that AI grows and the more people don’t trust the swathes of AI-generated content, the more valuable and monetize-able direct, human, help, will be.
The world needs access to the entire stack of business help.
Truth 3 - The Models of Business Building are Now Simple
We’ve covered the model that Molly, Taylor, and myself came up with: The V-Shaped Model of Business Building. This is a model that fully encapsulates our product: all of the knowledge and knowhow of how to build a business is available all over the internet. The problem is, much of it is not helpful, lacks context, and certainly lacks the human touch. I’ve already heard comments from business people that they’d actually prefer a human than AI co-pilots or AI agents. While these AI systems are helpful in frame-working ideas and rapidly prototyping ideas, AI is not at the level of creativity required to actually solve real problems.
Since the models of business have now moved to the simple domain, the opportunity that exists for business builders is obvious: create a library of human-help that is searchable, useful, and provides a connection point to a real business expert who can actually help the entrepreneur or operator build their dream.
The Full Stack Business Builder Network is 5 things:
An infinite content funnel of expert business help to the world. We provide the platform, you do an amazing job.
A content library of your services, products, and offerings to the world. We’ll help you look amazing.
A community of human help. We want to ensure the world knows about you. We’re just beginning. What would it look like to fill a content category with all of your services? The more you engage, the more you can earn and grow.
A network of full stack business help. All of us need others to get our businesses to the next level. We’re here to do just that. Your wins are our wins. Let us network you to the right people to add gasoline to your fire.
Access to luminaries in business building. We’re going big friends. We want to give you all access to the most successful business builders on TV and social. We want you rubbing shoulders with them.
FSBBC1 is DONE - FSBBC2 is ON!
We had over 150+ people attend our inaugural conference. The amount of lessons learned, opportunities for improvement, and experiences are countless. Only up! Our gears are already moving…
We could not have done it without our amazing speakers, our amazing sponsors, and our growing community. Thank you!!!
Want to get a jump on FSBBC2 as a Speaker? - Make sure you apply on FSBB.io!
All the best,
ps
Vision became fruition with FSBB.....Incredible event!
Looking forward to next quarter's conference!