This episode of Business Decoded features an interview with Monty Bennett , CEO and chairman of Ashford Inc., a hotel investment and operating company. Bennett shares his journey from following in his father’s footsteps in the hotel industry to building a successful, vertically integrated business.
Early Career and Family Business (00:00:39:23 – 00:04:50:02):
Bennett joined his father’s hotel business after graduating from Cornell’s Hotel School (with his identical twin brother).
He eventually branched out on his own, taking over the family business and growing it into a successful enterprise.
The Importance of Perseverance (00:04:50:02 – 00:08:41:04):
Bennett emphasizes the importance of never giving up, citing examples from his own journey and others, such as Steve Case and Michael Dell.
He believes that hard work and dedication are essential for success, no matter what industry you choose.
Building a Vertically Integrated Business (00:08:41:04 – 00:13:45:15):
Bennett discusses the challenges of scaling the hotel industry and the need for innovative strategies.
Ashford Inc. diversified into a vertically integrated model, owning hotels and providing ancillary services, allowing for greater scalability and returns on capital.
Investing in and Growing Other Businesses (00:13:45:15 – 00:15:43:14):
Bennett highlights the importance of professional management and mentorship, even for successful entrepreneurs.
He shares a story of his friend who invested in Michael Dell’s early business, emphasizing Dell’s ability to build a strong team and learn from them.
The Pros and Cons of Going Public (00:16:20:28 – 00:21:47:29):
Bennett advises entrepreneurs to carefully consider the implications of going public, including increased regulatory burden, potential for activist investors, and limitations on fundraising.
He explains why Ashford Inc. is taking one of its platforms private, citing advantages such as greater control over capital and employee motivation.
Advice for Young Entrepreneurs (00:21:47:29 – 00:23:40:08):
Bennett encourages young entrepreneurs to be strategic in choosing an industry and building a team.
He suggests focusing on industries with high growth potential and aligning with people who share similar goals and values.
International Expansion and Community Involvement (00:23:40:08 – 00:31:16:20):
Bennett discusses Ashford Inc.’s plans for strategic international expansion and emphasizes the importance of community involvement.
He shares his passion for improving Dallas and his involvement in various initiatives to address issues like education, homelessness, and crime.
Don’t Give Up (00:30:14:08 – 00:31:16:20):
Bennett concludes with his core message: Never give up on your dreams, no matter the challenges.
He believes that persistence and hard work can lead to success in any endeavor.