About this episode
Jeremy built his first company before he was twenty. Neighbors asked for sheds, the Utah State Fair turned into a sales floor, and a buyer at Home Depot signed him as a vendor in his mom's living room. Those parking lot shed displays you still see at home improvement stores started because he could not afford to hang one on the wall.
Then it fell apart. A bad partner, the choice to sue for damages instead of simply recovering what was owed, and 15 months of legal bills ended in the first bankruptcy. Jeremy talks openly about how low that got, the year he spent living in his car hauling RVs, and the day six months in when he realized he liked himself again. A second company in housing and excavation grew and then went down when the housing market crashed in 2007 and 2008.
The back half is the rebuild: paramedic school, firefighter paychecks, side jobs, a declined loan on a used car, and a partner who put in money while Jeremy put in time. Murphy Door started in December 2012. Jeremy kept the fire job until the business was earning three times what he needed, and he closes with the rules he now runs on.
This episode includes frank conversation about grief, depression, and suicidal thoughts. If you or someone you know is struggling, call or text 988 in the US to reach the 988 Suicide and Crisis Lifeline.
Key takeaways
- The first company started with a neighbor's shed 6:10
At 18 Jeremy built a shed for a neighbor, then another, and added a steel frame to fix the bowed doors he saw on competitors' lots. That frame was his first patent attempt. - Necessity created the parking lot display 12:31
Home Depot wanted full shed displays. Jeremy had no capital, so he proposed full size sheds in the parking lot on a purchase order. The constraint became the format. - Get the basics in place first 13:23
Business license, sales tax license, an employer number, and as much insurance as you can afford. He learned each one the hard way, with a ticket. - Word of mouth and deposits are the best tools 14:55
Referrals bring trust no ad budget can buy, and customer deposits are financing that earns you interest instead of costing it. - Do not buy the truck 18:49
His first big mistake was a new pickup to look successful. Customers care about the work, and the payment comes out of your margin. - Build the pipeline before the busy season ends 21:14
The fair sold a season of work and then December came with overhead and no orders. Busy then dead is a pattern you have to plan against. - Recover what you can and move on 24:20
Instead of getting back money owed, he chose to sue for damages. Fifteen months of legal bills later he was bankrupt. His rule now is to keep the rear view small and the windshield big. - A year in his car 31:29
After his lowest point, Jeremy lived in his car hauling RVs and showering at truck stops. Six months in he found he liked himself, and that changed everything after. - You failed because you tried 33:50
Most people never try. Judging yourself by the armchair critics is the wrong scoreboard. - Bet on yourself with a 90 day guarantee 36:13
He talked his way into a superintendent job by offering to work 90 days for free if he missed the targets. He hit them. - Do not get emotionally attached to equipment 41:49
Equipment is a tool for making money. Signing paid off machines into new loans because letting go felt like failing cost him the second company. - No personal guarantees 46:33
Jeremy does not personally guarantee business debt. Vendors and the company share the risk of the customer. - Do what you say 48:52
He tells his team the same thing every day: whatever happens, do what you said you would do. - Call with bad news first 51:58
Dodging the call hurts your reputation more than the news. Call first, and call every day if you have to. - Quit digging 59:41
When work slowed he climbed back into the tractor instead of selling. Hire the operator and go find the next job. - Small things are worth celebrating 1:08:14
Firefighter pay, side jobs, and a family to feed taught him to appreciate a pair of ballet shoes. - Time for equity 1:10:37
With no money and no credit, Jeremy partnered with someone who had money and no time. Every hour of work earned equity at an agreed rate, reported openly. - Murphy Door, December 2012 1:18:17
The idea came from a hidden door Jeremy wanted for his own basement theater. Fellow firefighter Curtis Leishman joined early and also put in time before he ever drew pay. - Leave the safety net with a margin 1:31:42
Jeremy stayed full time in the fire service until 2016, when the business had passed the target he set: three times his fire department salary. - They cannot take the recipe 1:37:10
What a bankruptcy takes is the ingredients. What you learned building the business stays with you, and it is the most valuable part. - Find mentors 1:39:34
Successful people want to share. Ask the people you admire. - Do not bankrupt your mind 1:42:42
It is fine to be sad for a while. Then get your socks on and do it again.
In their words
“I've gone from bankruptcy twice to millionaire three times.”
“the reason I failed is because I tried.”
“I do not care what you do, do what you say.”
“Call them first, give them bad news.”
“But the one thing they can't take is the recipe, which is what you own.”
“Don't bankrupt your personal confidence or desire.”
Quotes are taken from the episode audio and lightly trimmed for filler words.
Chapters
- 0:00 Intro
- 1:34 Growing up and first jobs
- 6:10 The first shed company
- 12:31 Becoming a Home Depot vendor
- 13:23 Licenses, insurance, and the basics
- 14:55 Word of mouth and customer deposits
- 18:49 The new truck mistake
- 21:14 The pipeline problem
- 22:45 A bad partner and a lawsuit
- 27:26 The first bankruptcy and the lowest point
- 31:29 A year living in the car
- 35:21 The 90 day bet at Haskell Homes
- 39:31 Excavation and the 2008 crash
- 46:33 Personal guarantees and vendors
- 48:52 Do what you say
- 52:44 The second bankruptcy
- 55:52 Back to fire and paramedic school
- 59:41 Quit digging
- 1:03:33 Working three jobs
- 1:09:48 Funding options when nobody will lend
- 1:10:37 Starting Murphy Door with a partner
- 1:17:31 December 2012 and the first years
- 1:31:42 Leaving the fire department
- 1:34:48 A call from a banker in crisis
- 1:39:34 Mentors and advisors
- 1:42:42 Do not bankrupt your mind
Also on the channel
Bring this conversation to your stage
Jeremy speaks to founders, first responders, and leadership teams about failure, recovery, and building again with the lessons intact. If your group needs this story told live, start with the speaking page.