Jesse Itzler explains the revenue mechanics and unit economics of Marquis Jet memberships to Sean Puri and Sam Parr.
Insight
Itzler: Selling a company feels the same as finishing a marathon
“A wire's a wire. You get the wire, and it's, like, the same feeling you get when you sell a business. Is the same feeling you get when you finish the marathon, you walk an old lady across the street, or you do anything that makes you feel good about yourself. …”
Assertion Not checkable as stated
Itzler: Marquis Jet was the only profitable private jet startup out of 65
“I think there were like 65 private jet companies that put a flag in the ground from when we started to when we sold, and I think we were the only one that made money.”
Assertion Partly supported
Itzler: I sold my sports music business at 27 for up to $20M
“I sold that company to a public company called SFX, and that was my first, I was 27, we sold it for four million bucks, and then we had, there was an earn out for another 12 or 16 or something, which we earned out”
Assertion Contradicted
Itzler: Marquis Jet generated close to $200M in first-year sales
“Year one, we did, I think we did like close to two hundred million in sales year one.”
Assertion Partly supported
Itzler: Marquis Jet reached 4,000 members and $1B in annual revenue
“As we got big, all of a sudden, you know, we have 4000 members. We're doing a billion dollars a year. Then the model changed, and we had to start buying our airplanes.”
Disclosure
Itzler: I lost my entire fortune after selling my first company
“And you know what happened to me then? I lost it. Because I didn't know anything about it. And fortunately, I was able to bounce back through having other successful businesses and failures, but no one ever told me about it.”