He Went From Zero to Over $100 Million in Net Worth — and Adopting This '9-Figure' Mindset Made It Possible Brandon Dawson, co-founder and CEO at Cardone Ventures, learned a lot from the loss of his first company.
By Amanda Breen Edited by Jessica Thomas
Key Takeaways
- Serial entrepreneur Brandon Dawson had a net worth of $10 million before he lost his first company.
- A "9-figure" approach based on four key lessons helped him achieve a $151 million exit with his next venture.
Brandon Dawson, co-founder, CEO and managing partner at Cardone Ventures, knows what it takes to rebound "from a net worth of $10 million to nearly nothing."
The story, which he explores in his forthcoming book Nine-Figure Mindset: How to Go From Zero to Over $100 Million in Net Worth, starts back when Dawson discovered the appeal of entrepreneurship via his parents' walnut farm in Corvallis, Oregon, where, as a high school student, he hired a team of classmates to make quick and lucrative work of a harvest.
Out of high school, Dawson hoped to earn at least $100,000 annually, which he achieved by the time he was 21 through selling hearing devices for his stepfather's company. He set his sights on $1 million annual income next, but once he hit $200,000 annually and earned more than other executives, he'd "seemingly maxed out [his] potential income."
Related: How Getting Fired From His Own Company Catapulted Brandon Dawson to Success
Facing that cap and other pressures in the family-run business, Dawson decided to strike out on his own. He bought Canadian hearing aid company Sonus Corporation and took it public on the American stock exchange by the time he was 29, "amassing a net worth exceeding $10 million from stock holdings."
But just a few years later, Dawson lost it all. Shareholders wanted to purchase more clinics to hold under the Sonus name, but Dawson wanted audiologists to run their own businesses. So investors opted to replace Dawson and sell, which meant the devaluation of his stock. With $200,000 in annual severance for two years, Dawson had time to strategize — and establish a new company.
He founded and self-funded Audigy Group in 2004 to help hearing care practices scale, ultimately growing annual revenue to more than $35 million before pulling off a $151 million exit.
"Your technical skills and energy won't yield success unless paired with the right mindset."
Along the way, Dawson honed a "9-figure" approach that helped him achieve major business milestones, and four key learnings helped it take shape, the entrepreneur says:
1. Cultivate the right mindset: "Your technical skills and energy won't yield success unless paired with the right mindset. Breaking free from self-limiting beliefs is paramount."
2. Think big: "One guiding principle in my ventures was to always think bigger. This was reinforced when I met Grant Cardone, who introduced me to the '10X concept.' This principle emphasizes expanding our goals and activities tenfold."
3. Embrace mentorship: "Listening to the right people is crucial. Friends might comfort, but mentors provide actionable guidance. Seek those who have walked your intended path."
4. Collaborate: "Recognize that you can't do everything alone. Collaboration is vital to leverage strengths and mitigate weaknesses."
Related: From Walnuts to Wall Street: Brandon Dawson Is on a Mission to Help Businesses Scale to 10X Levels
And as for other entrepreneurs who are just starting out or starting over? Dawson has some additional words of wisdom.
"For budding entrepreneurs, understand that your employees are not mirror images of you," Dawson says. "They seek growth, fair compensation and clarity about their role in your vision. As for entrepreneurs restarting after setbacks, it's essential to overcome past failures' psychological impact. Current decisions should focus on future goals instead of avoiding past mistakes."
