FAMOUS AMOS LOST HIS COMPANY AND HIS NAME IN ONE DEAL
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- čas přidán 11. 07. 2020
- In this clip we covered the teachable story of the Famous Amos cookie company. The lessons in this story are vital for any entrepreneur or aspiring business person. #Entrepreneur #FamousAmos #ownership
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You guys should INVITE HIM!!!!!! THAT WOULD BE MONUMENTAL FOR THE CULTURE
4REAL !!
I am sure he has a lot to talk about.
Factz
Good idea 💡
Right Cassandra facts
When he had the company they were the best chocolate chips cookies I have ever had you could tell the cookies changed when the company changed hands they taste like cardboard now
I can attest to this story. I stop buying Famous Amos Cookies years ago. When you bought a Famous Amos 🍪, you had a real treat, in a real 🍪. They were a bit pricey, but they were worth it. Thank you for telling Mr. Amos story. It's time for an unvailing of the trues behind what really happens when aspiring entrepreneurs put their trust in someone who literally causes them to lose everything; because they were not paying attention. Oh yes, we would love to see the original "Famous Amos" again. Peace and blessings 🙏
Yep, the cookies are terrible
I met him in the eighties when I was in Hawaii at his cookies shop. The cookies were delicious. We went there everyday the week we were there. Hot and fresh...
Also he ran neck and neck with the oreo.
mrstanbmw-You are absolutely correct. When Mr. Amos own the company those cookies were tasty but now they taste like s**t.
I know for a fact I lived in Los Angeles and worked at the Ritz Carlton hotel when I was 21 years of age and I met famous Amos and he told me from his own mouth that the mafia took his company from him and that was the real reason why he’s sold the famous Amos cookie company he was pressured to sell it for pennies on the dollar and he told me that from his own mouth... he also told me you watch who you borrow money from and do business with and to this day I will never forget that
Got it.
Wow thats crazy!
Dam..
Sounds very Possible! The Unknown TRUTHS . 😒
Thanks for sharing that , a 🐍 is acting like he wanna support my business. Its b.s
You never have friends when it comes to your woman and your money.
💯💯💯
You can't have nice things around greedy people.
Wow
Truer words have never been spoken.
Those cookies taste horrible , when they changed the recipe you could taste it ! They taste dry and like they are using cheap chocolate chips . So sad , he had a good cookie😪
i think they changed the recipe twice tbh. I don't even buy them anymore. It's always stale.
They just needed the name brand and they cut corners by making it with low grade ingrediance
Its been so since I ate them I can't remember anymore. 🍪 lol
Come on, we're talking about cookies. What are you a six year old kid..? Dunk those bad boys in some milk and keep stepping.
Yes i stopped buying them years ago you can tell.when they changed the recipe
This is like the story of the McDonalds brothers selling to Ray Kroc
First thing that came to mind
These folks will try to screw you if you don’t have wisdom and trust around you when you move.
Okay, the entire story can’t have many “crazy” points. Wally just didn’t read about and comprehend the entire corporate sharks that feasts on small business blood, especially black talent. Thank goodness people are more aware, in tune, and knowledgeable about the inner workings of business manipulation today.
This is SAD because Dick Gregory basically did the exact same thing! They should have teamed up together and built an Empire. WE need to learn how to work with our own instead of selling to outside sources.
No we should just KNOW the business industry. As many musicians that has worked with their "OWN" I cant believe you said that. Because Suge played his artist Diddy played his artist, Birdman played his artist. So your theory is debunked
C. Shaw
No such thing as no choose wisely. Business doesnt stop. So a business cant die. So taking a lose is minor when you thinking about winning. Plenty of people have connected and one choose the right people. If not Bang on your own. You still going to need a trustworthy team on your own!
@@cherisseshaw I'm investing in me and my enterprise. Why should I work for someone else when I can be the owner and invest in me and my LLC. I'm excited learning and growing daily about taking care of the customers, equipment, reputation, and the finance. I count and manage by own money.
@@kennydawson265 I never said wor "for" someone else I said "with" someone else. How you gonna grow an enterprise when you have no reading comprehension skills? In business especially an enterprise you would need to work with others for deals etc. And if you don't understand your industry you are gonna get screwed no matter the skin color.
@Jo NewsLady And if yall know the true story he was selling off his business to supply his drug habit. If you watch the episode of Shark Tank which featured him he told the story of how he lost his business. He was working with blacks (his drug dealers) and they wiped him out boom!
You cant make a deal with the devil and expect him to keep his word.
I met him in Hawaii in 2017 and took a picture with him. His cookie company at that time was called The cookie Kahuna.
That's whats up sis
Yep he tried to bring it to Shark Tank
He also had a company called Noname back in the late 90's
No you didnt.
Do you have any contact on Wally Amos if so can you post his information I have a new cook that I would like to put on the market. This cook is the next best things, but need help in getting it out there. Keshia
I worked for the first store he opened on Sunset Blvd in Hollywood "Famous Amos". My, lil brother/sister, and I all worked there. It was so much fun. His mom was a fussy/bougee lil lady always worried about her plants being watered. My favorite cookies we baked was butterscotch chip/ double chocolate chip. Also, the chocolate soda was good too. Alot of celebrities would come in from Hollywood, and they were really nice. Amos was laid back, and a nice guy. Our supervisor in charge was a former Laker cheerleader. His son would come into the store and tell us his Dad said he can have this or that. We'd give him the cookies then he'd leave. We had fun working there, but he sold the company.
Cool history. Those cookies were better than Chips Ahoy back in the day. As a kid in the 80's, those cookies with milk were everything. Good days!
The story should have been a little bit more serious instead of laughing ever 3 min...smh
That answer a lot of questions, Doesn't it?...and then they wonder...
This story is told over and over in our family I am apart of the Amos family we just smh the younger generation!
Sorry to hear Queen. But still a legacy to be proud of
Shaking your head because the information is wrong? Or you cant believe your fam lost the company?
@Jamal Vines Easier said than done. Especially, if the recipe is not the same.
Your family legacy is legend Queen. My mom gave me my first taste of Famous Amos cookies (The Real Ones) and a bit of his back story before Keebler brought it. I was sad and angry when they changed the recipe. They just weren’t the same anymore. But the Truth will live on!
@Jamal Vines Ah, yes, "Wally's Finest Cookies"!
Saw him here in Hawaii all the time. Funny guy. Used to wear Aloha Shirts and play the Kazoo. God Bless Wally
Growing up in Hawaii he is such a notable figure in our community.
When Tina left Ike she said to the judge he can have everything, but I'm taking the kids and I'm keeping my name.
Excellent Observation.
Yep, she worked dayum too hard for it. Blood sweat and tears! She made that brand!
I met him once in Hawaii where he lives. He's a very polite person to talk with.
I will never eat those cookies again.
Does anyone know why they even changed the recipe??
His name shouldn't be attached to them anymore. If they're going to change the recipe, change the name.
Y’all laughed at this man all the way through this story🤦🏽♀️🤦🏽♀️🤦🏽♀️
@DesandraSawyer exactly...wayyyy too much laughter🙄😂
And they turned a 7 minute 35 second video into a 15 minute 16 second video talking in circles. Talking over one another. Not getting to the point. Repeating things, etc. While they recognize the seriousness of this cautionary tale, it disturbs me that they are at times disrespectfully laughing at wally's misfortune.
You are way to silly for laughing and joking...hardship get everyone..... I hope no one will be snickering at your misfortune.....
Disrespectful,Disgusting,Distasteful,😒
@Keep Rocking! Why not? Do you think they should be laughing?Do you think this is funny?
I'm the founder of a technology start-up company and will NEVER sellout!
@Keep Rocking! I beg to differ. If he has something that someone throws a price at him then he knows there's a bigger value to his product.
@DJ DIGITAL The key would be to know how to get that product into the hands or eye view of those that can benefit from it. Don't give up licensing and damn sure don't give up your name. Trademark your product, name and any likeness of it. This way if anyone wants to use it, you can license it out to them. Companies will only look to buy your product for two reasons 1) If they see a greater market for it and don't want to spend money building it. 2) You have something that might potentially be a threat to them later on. They'll buy it and park it so that there's no competition to their brand.
@@rafaelmonzon1429 I agree!!!
Everyone has a price..
H I w can I get on board stock options or capital?
No to mind Wally never stopped making money, he started selling products on HSN and did very well.
@Eagle who aren't the same people?
Wally Amos is my cousin & He's living a happy life I do think the deal was bad but he is enjoying life.
Gotta know the business side of all deals & its sad that it dont matter how successful you come you could lose it all by making the wrong decisions!🙏🏾😔👑
Yeah right
Found out his story when I seen him on shark tank hellua sad but you gotta know the business in anything cause these ppl is wolves
The old proverb :
“LOOK AFTER THINE OWN INDUSTRY.”
Wisdom.
Mind your own business is what they say, not trying to be disrespectful. I'm talking about a real business not the rude mind ya business KMSL 😂💯 Respect
In the early 1980’s, I worked for an aerospace company in Burbank, CA. My traveling to and from work required crossing Sunset Strip Blvd. On occasions on the way home, I would stop by Famous Amos store, and treat my family to a pound of cookies. Yes, they were sold the pound. He was a promoter. I would see him on Sunset giving out samples. I’ve seen times when limos would pull up and the drivers would run in to purchase his cookies. In and around 1999, I got a chance to meet and talk to him in person. I was a substitute teacher in Compton then, and spoke to our students. In our candid conversation, he mentioned that drugs was his main reason everything went to hell. At one time the new owners removed his photo from the packaging. Thanks for bringing this story.
William Brown, thank you very much for sharing the information. Your comment definately gave me a better understanding of how all of this could have happened. it answers alot of questions and is so unfortunate. Blessings to you. and thanks to you again.
Famous Amos is six-years older than I. When I was still a young man and had just gotten out of the military; it seems like many of the young ladies in Los Angeles were forever talking about Famous Amos cookies. To please the ladies, I subsequently made many trips to his little shop on Sunset Blvd., in Hollywood. Those cookies were great back in the day. Imagine, devils took advantage of what I saw as a trusting, kindhearted man. I hope he’s doing well.
Wally's story is amazing. The original chocolate chip cookie 🍪 recipe was one of a kind and super delicious! 💯 I always enjoyed the ones with macadamia nuts. Those same cookies today are *nothing* compared to what they used to be and taste like. It's a damn shame what they did to Wally's company and with those cookies today. Never trust somebody's word and/or handshake agreements. Always get professional advice and get *Everything* in writing with dates and signatures, because human nature can be unpredictable and could cost you big time in the long run.
If someone insists on verbal and handshake agreements, kindly decline their offer and state you're only looking out for your best interest, walk away from the deal, and move on to someone who understands ethical and moral business practices, and agrees to do business with a win-win outcome. Better to live with peace of mind than to live with regrets.
They did whatever they wanted to when they bought a company. It wasn't Wally's company anymore.
@@neatneat9088 Oh, you're right.
But I feel they could've kept the original recipe and they would've sold a lot more than what they sell today. And even though lot of companies do that when they buy out other food product companies, to me it's about lack of ethics and integrity not only for the brand but more importantly for the consumer as well. They'll change out the original natural ingredients for cheaper, artificial, ingredients oftentimes without the public's knowledge. Usually, the taste is different. Personally speaking, I'm just a stickler for natural ingredients and I loved the "original" Famous Amos cookies which were simply awesome.
@@Quantum3691 Thank you for this! I thank you because while I'm a person who values a handshake and my word is my bond type I need to hear and learn the truth, that plenty of people will smile in your face, shake your hand and stab you in the back where money and business is concerned. Good advice!
@@Sheherhis You're very welcome. It's unfortunate that we can't read minds or look into another's heart because this would help prevent getting involved in relationships where the other party had deceitful intentions prior to an agreement. And it is also unfortunate that we have to apply the same discretion when dealing with friends and family members. That's just the world we live in. It's either sign an agreement now or pay the consequences later. And while deceit can still happen after having signed agreements, it's always better to play it safe from the get go with documented evidence. Have a wonderful day, Paula.
This guy was on the T.V show Shark Tank.... this was my very first time hearing about this once popular man. I say to any African-American entrepreneur know your business first, because business is what you need.
McDonald’s got hit too smh. The actual family don’t get a dime and look how big they are
I saw the movie. The McDonald's brothers didn't want to expand as fast as Ray Kroc wanted. It was a control issue with the brothers. I remember them getting money to sell out. They figured they could compete with a new fast food restaurant but they failed. They had signed away too much of the control they had in the company.
I remember Famous Amos cookie co when he owned the business.... better than any in the mall. After he sold the company, he lost all rights of name and no compete clause
This is exactly why I'm not selling my company to nobody outside of blk, and I will read over all contracts!
This was story about Doing good Business ... Business is war !!!!!
He is still a winner and a legend.
Learn from other entrepreneurs mistakes!! This is a sad story, but we appreciate ya'll for sharing it.
The dude laughing is very immature.
Very. Clown dude
Some people deal with serious issues with a laugh. Not everyone deals with a tragic story the same way
I knew ate his cookies so much that I KNEW when the recipe changed. I tasted it. He needs to take it back over and make it back into what it used to be. I dont even eat Famous Amos anymore after they changed the recipe.
I remember his shop in California he gave me my twin brother free cookies when we came by what a lovely soul We love and miss your cookies
Patent/ trademark "your name" is the key!!! Get someone you trust to account for your money.
I didn’t get the joke, what was so funny? This man was and is a legend and should be treated as such. Respect your elders!
Red Fox, Willie Nelson, Famous Amos, Col Sanders...
You guys play great verbal ping pong. Keeping us engaged the entire time! God bless you for sharing with us.
Moral of the story is if you have a lucrative business don't sell it. Pass it on to your children. Maintain generational wealth. Take care of your own finances.
In every entrepreneurship failure there is a million dollar lesson. If you learn it you will make it to the top.
In the mid seventies I could not wait to go into his store on Sunset & get a bag of those wonderful tasting cookies. I recall one time he personally served me & before I could leave he gently reminded to let them cool off a bit before eating them. Better than my grandmas chocolate chip cookies and that is saying a lot. His were the best.
Carol’s daughter sold her company and works for the company that brought it
THAT'S CRAZY! !
I COULD NEVER UNDERSTAND THAT..
This is why we don't have anything now, what?! That's Ludicrest!
Because she has absolutely no talent!!
That is stupid AF
Let me guess
She sold out to white people smh
WHAaT in the wiggly world?;@$!!
it would have been a good idea for him to legally change his name and do it again: Legendary Al's Cookies....same recipe (sorta)
My parents met him on a flight either to or from Hawaii. They spoke of him in high regard. Thanks for this story
Just tell the story nothing funny what so ever .
I thought I was the only one who was thinking the same thing, just tell the story, these two dudes need to work on their commentary skills, dragging the story out for so long, and literally saying nothing, and making light of this man's business failure, was quite distasteful, and boring, I hope next time they'll just get to the point, ...very amateurish video.
@Jo NewsLady hard to watch videos like this .. I wish people could get straight to the point ...just tell the story ....like that said .. teachable moment ....lost the moment (for me anyway) ...
They knew they could Sell for 50+ Million before they even offered the 3... But they white man is not worried about our wellbeing. Thank yall for the knowledge✊🏿
Black business people would take advantage of black people too.
No one is going to look out for you better than you, nor are they supposed to look out for you. In business you must do your due diligence or you will be eaten alive.
Damn thank y'all for sharing!!
Im glad youtube posted your channel- I am now a subscriber
Funny no not funny at all.Dont dig the laughter.
Ain't a Damn Thing funny. Wtf???
@@bernardogatsby6242 ikr!!!! cats looked like some true CLOWNS!!!!!!
Then cookies are one of my favorite, I’m glad he still grinding. God bless him.💪✌️
Just think of someone like Dr. Boyce Watkins had been a valuable to advise him. That $61million would have been his family's legacy.
Dr. Claud Anderson also and he was active around that time
You are correct; there are multiple lessons to show the different aspects of having business knowledge. Thanks for sharing it.
Channels like this is why I pay for CZcams red. Salute 💪🏾
You men speak with the dialect of toddlers
I don't eat those cookies anymore because when they change the recipe they were no longer Famous Amos cookies
He’s my friend, don’t worry about Famous. That bro is jamming under the radar, for real!
Does he still live in Hawaii...?
That’s great to hear...sometimes low key is the best way to go!
Good to hear that.
Is he still baking cookies...?
Thanks for the information and update.
I knew those cookies didn't taste the same. I had eaten them growing up and couldn't undress what happened to the taste? Now this here explains it all. How do you mess up a recipe and make them taste just like the food they make. They are awful to me and my stomach knew that so I stopped buying them. Glad I know this. And I knew when I was young that I was a black that made the product.
Thanks for bringing him up...
Geez. Thanks for enlightening me. I got to take some business classes
I admire you guys and like your program . Blessings . XOXO !!!!
Good, concise telling of what happened with an important lesson. Thanks.
He’s got a few great comeback stories also. His story isn’t so tragic. Just lessons learned.
KEEBLER & others Purchased the company. But you never saw an ad Campaign.... Strange.
Yesss!! So right!! NEVER SEEN NOT ONE🤔
Thanks for the lesson
Thanks fellas for this. You need to get him on the show, he is in SC now.
He appeared on an episode of "the Office " as a motivational speaker
Really ? Didn't even notice, I've seen the show three times.
Doubt he did, you're probably just lying.
I bought his product in 1986 across the street from the Travis Building in Houston, Texas. Not good news. Wow!
His original chocolate chip pecan was no joke; after the changeover, they were never the same.
Facts!
Thanks to the lesson - we need it and u noticed the change in the taste once he left
Kids and adults need to hear his story. His is an American dream come true!
You know what they say about "Love of money..." It is a dirty, dirty world. Watch your back.
I learn about Famous Amos in grade school. I did my black history report on him.. And 3 years ago I learn about the down fall of Famous Amos.. Thank you for bringing this to light.
For those of you who do not know, Famous Amos Cookies, the original FACs are still sold in Singapore in all there glory. The original recipes never went away there. If any of you are world travelers and plan to visit Singapore, be sure to truck on down to the Takashimaya Shopping Mall located at Ngee Ann City, 391A Orchard Road in the heart of the City and just ask anyone where to find the Famous Amos Cookie Shop on the ground level. The oatmeal-raisin, chocolate chip pecan, double chocolate chip, caramel pecan, etc. all the favors are there. I usually visit Singapore once a year around the holiday season, late December - early January, and I always make sure to stack up on my Famous Amos Cookies. The best flight you will ever have is one with bags of assorted FACs. Your seated neighbors will hate you unless you offer them a cookie or two. Hey! No more than two. Take care, live well, and stay safe.
Just got on this podcast after the Dame Dash interview and I continue to be thoroughly impressed by the content.
Wow !! Great Information !!
I use to get the cookies from him when he use to hand them out in little brown paper bags in New York to passerbys you could smell them a half block away and they would still be warm people would be running up to him pushing people out their way, I love the pecan and the chocolate chip cookies my favorite is the peacan ones. The other entrepreneur that was handing out samples was the Pet Rock, crazy stuff delicious and funny stuff. Thank you both made my New York days, sweet and funny.
This is very sad for being a black business owner and loosing his name. I wonder who were the people he hired and what advice was he given? It’s shame you build a company up to $11-$12 million and then loose it.
Amazing how 'accountants' can continuously steal moey from their clients.
Didn't know he was from Tally, thanks for the vid.
Wow . 🥺 I feel so bad for Mr.Wally . Thanks for sharing his story , it really stresses the importance of getting the knowledge you need to do your shit.
i remember when i used to live in hawaii i saw one of his stores. the original cookies were excellent, now they are ok
Much Love and Gratitude to Wallie Amos.....in the 80's he employed hundreds of Hispanics in the Southern California Los Angeles area, Famous Amos cookies had a baking facility here in Van Nuys ,my mother worked there and we got to savor the best cookies ever made during that time till it was sold off....but the plant manager Frank who's memory be eternal amazing man loved everyone, took care of all his work force provided employment for our community..... thank you Famous Amos (Wallie) from the 80''s God grant you many more years, thank you for all you contributed to our families and community.
These dudes can't be serious...we not making light of this but...they're laughing and smiling as they speak. Ridiculous...Anyway Famous Amos I hope he has a better business partner/manager if he should do a new cookie.
This video was very good and informative for business.
Did he work with Motown or did he work with Diana Ross and Marvin Gaye after Motown’s decline?
This video popped in my recommendations oddly enough as I am eating my chips ahoy cookies
That's the matrix for you.
Love Famous Amos!
It's a shame nobody pulled this man to the side and said something.
Sounds like Mr. Amos was either too trusting of his advisors or he simply didn't have a competent attorney at his side when he made the decision to sale. He clearly sold his company for well under value so i don't know whether he was desperate or what. But this is really unfortunate. This is all the more reason why we as a people need to 1) hire a lawyer; 2) hire a CPA and 3) educate yourself on business principles. As a former practicing attorney, I see it way too often when people start, acquire, or sell a business and they don't want to hire an attorney to advise them because it's too expensive to do so. What they don't understand is that the cost you pay in legal fees could very well save you in the long term in avoiding needless litigation or save yourself from getting taken advantage of in the end.
Wow! I didn't know that. This made me go and Google him.
I remember going to Famous Amos cookies on Sunset as a child. Yes I remember most of this as it transpired growing up.
He was a damn fool for not having the right Attorneys on his side. Our entire Family would only by his 🍪 And they changed his Recipe!! They don’t even taste the same. Once I found out years ago they swindled him out of his company and never bought his cookies again. WATCH YOUR OWN MONEY!!
Knowledge
I’m glad y’all did this. I used to buy famous Amos cookies from Peaches Records in Miami. It was the only place to buy them back in the 80’s - early 90’s, before he sold out. They tasted like fresh baked cookies and where delicious. When he sold out, they ruined the cookies recipe. Dam cookies never tasted the same after that. Now I don’t even buy them. Don’t like the processed flavor.
JBurroughs Designs same here!!!
Tru
Yo I remember that record shop old school days