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Dec 15, 2024

On this episode of The Chris Voss Show, Luke Peters shares his entrepreneurial journey—from working in his family’s donut shop to building NewAir into a multi-million-dollar company. As the former CEO of NewAir, Luke dives into the challenges of scaling a business from scratch without funding and the strategies that helped him achieve a successful exit.

Key topics include:

  • Transitioning from a direct-to-consumer model to a multi-channel strategy with major partners like Home Depot and Amazon.
  • The critical role of understanding margins and aligning products to maximize profitability.
  • Luke’s practical framework for CEOs to identify the right priorities and solve the problems that drive real growth.

Whether you’re starting out or leading a growing business, Luke’s insights are packed with actionable advice for scaling effectively and preparing for a successful exit.

Catch the full conversation for a masterclass in entrepreneurship that can transform the way you approach your business.

Don't forget to subscribe, review, and share this episode with fellow entrepreneurs!

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Episode Notes: Luke Peters on The Chris Voss Show

Host: Chris Voss

Luke Peters, accomplished entrepreneur, former CEO of NewAir, and current CEO coach at Apex CEO.

Episode Highlights:

  1. Luke’s Journey:

    • Founded NewAir in 2001, starting from a garage-based operation.
    • Scaled NewAir to $600M in cumulative sales and $80M in annual revenue.
    • Successfully sold the company to private equity, retaining 100% equity.

  2. Building a Business from Scratch:

    • Luke's entrepreneurial roots began with family-owned businesses and service-based ventures.
    • Key lessons learned from scaling NewAir: building systems, improving margins, and hiring top talent.

  3. Preparing for a Business Exit:

    • Importance of “de-risking” a business for potential buyers.
    • Key factors in increasing valuation:
      • Higher profit margins.
      • Diversified customer base.
      • Strong management team.
      • Founder independence from daily operations.
    • Private equity valuations and how earnings multiples increase with scale.

  4. A Framework for Business Success:

    • Luke’s APM Framework:
      • Alignment: Clear communication and team buy-in on strategic goals.
      • Product: Constant innovation, evaluating product performance, and focusing on top winners.
      • People: Building a team of top performers who align with company goals.
      • Margins: Understanding and improving profit margins at a granular level.

  5. Key Advice for Entrepreneurs:

    • Always be prepared to sell your business—even if you don’t plan to.
    • Focus on long-term strategy and planning, not just daily operations.
    • Surround yourself with the right people and stay adaptable to market changes.

  6. The Mental Game of Entrepreneurship:

    • Managing stress and staying logical under pressure.
    • Building resilience to navigate business challenges.

  7. Future Goals:

    • Luke’s work at Apex CEO focuses on coaching founder-CEOs in scaling their businesses and preparing for successful exits.

Key Takeaways:

  • Prioritize strategic planning to avoid burnout and keep the business growth-focused.
  • Develop a product and people strategy that aligns with your vision.
  • Prepare for an exit by building systems, improving margins, and diversifying risk.

Final Thoughts from Luke:

"De-risk your business, focus on your strengths, and surround yourself with the right team. Success is not just about working hard but working smart."

Connect with Luke Peters:

Free Strategy Call:

  • Visit the homepage for a free strategy call and receive a complimentary business planning document.
Luke Peters

Luke Peters

Luke Peters is an accomplished entrepreneur and the former CEO of NewAir, a company he founded in 2001 and grew from a garage startup to a thriving business with over $600 million in cumulative...