Billionaire Lawyer spills his $250M side hustles (pick one)
Timestamps are as accurate as they can be but may be slightly off. We encourage you to listen to the full context.
Podcast Summary
John Morgan, founder of America's largest personal injury law firm Morgan & Morgan, shares his journey from small-town paper boy to multi-business mogul generating over $2 billion in revenue. (02:08) Beyond the legal empire, Morgan reveals his passion for entertainment businesses including WonderWorks (upside-down science museums), Alcatraz East crime museum, and his latest venture Downtown Flavortown with celebrity chef Guy Fieri. (07:00) The conversation explores how Morgan built multiple successful enterprises by spotting opportunities others missed, from early adoption of legal advertising to creating unique entertainment experiences. (29:48) His philosophy centers on "hunting money instead of deer" and leveraging first-principles thinking to reimagine traditional business models.
- Main Theme: Building multiple successful businesses by identifying untapped opportunities and executing with aggressive focus while others hesitate or follow conventional wisdom.
Speakers
John Morgan
John Morgan is the founder and owner of Morgan & Morgan, one of America's largest personal injury law firms with over $2 billion in annual revenue. Beyond his legal empire, he's built a diverse portfolio of entertainment businesses including WonderWorks science museums, Alcatraz East crime museum, and hospitality ventures. He previously founded and sold tech company Litify for a $600 million valuation and has been involved in Florida politics, successfully passing constitutional amendments for medical marijuana and minimum wage increases.
Sam Parr
Sam Parr is the founder of The Hustle newsletter and co-host of My First Million podcast. He successfully sold The Hustle to HubSpot and now focuses on interviewing entrepreneurs and investors about building successful businesses. He's also the founder of Hampton, a community for high-net-worth entrepreneurs.
Shaan Puri
Shaan Puri is a serial entrepreneur and co-host of My First Million podcast. He previously founded and sold Bebo to Twitch/Amazon and has invested in numerous startups. He's known for his ability to spot emerging business trends and opportunities in the creator economy.
Key Takeaways
Hunt Money Instead of Traditional Hobbies
While most entrepreneurs claim to focus but spend time on hunting, fishing, and golf, Morgan redirects that energy toward building businesses. (35:34) He explains that traditional hobbies offer no business value, whereas his "hobby" of collecting crime artifacts for Alcatraz East directly enhances his museum business. This mindset shift from consuming leisure time to productive wealth-building activities separates successful entrepreneurs from those who plateau. Morgan's approach demonstrates that when you're passionate about business building, work doesn't feel like work, leading to better outcomes and sustained motivation.
First-Principles Thinking Reveals Hidden Opportunities
Morgan consistently applies first-principles thinking to challenge industry assumptions and create breakthrough businesses. (58:39) Instead of tearing down a struggling mall like everyone else, he's converting it into "The Gallery" - a museum experience using LED technology and illusions. This approach helped him see that advertising for legal services wasn't just acceptable but necessary when others remained trapped by social taboos. By deconstructing assumptions about what's possible in traditional industries, entrepreneurs can discover untapped markets and create entirely new business categories.
Location Trumps Everything in Location-Based Businesses
Morgan emphasizes that location is the ultimate success factor for entertainment businesses, stating his Orlando WonderWorks performs best due to tourist traffic with spending intent. (49:11) He specifically looks for "the corner of Main and Main" where people come ready to spend money. This principle applies beyond entertainment - his legal practice succeeds partly because he positioned early in high-traffic advertising spaces. The lesson extends to any business: understand where your ideal customers naturally congregate and concentrate resources there rather than trying to force success in suboptimal locations.
Execute "Bullets Before Bombs" for Smart Scaling
Before making major investments, Morgan tests markets with smaller "bullets" to validate demand and optimize operations. (62:01) For law firms, this means spending modest amounts on advertising and hiring a few lawyers to test market response before deploying full marketing budgets. This approach prevented costly mistakes and allowed him to refine his model before scaling. Smart entrepreneurs validate assumptions with minimal viable tests rather than betting everything on untested theories. This methodology reduces risk while providing real market feedback to guide larger investments.
Build Systems That Generate High-Margin Revenue Streams
Morgan's referral business through his "Google law firm" model generates 85-90% margins compared to 35% margins on cases handled internally. (68:38) By creating systems where other law firms depend on his referrals and use his Litify software platform, he built a flywheel where each business strengthens the others. This demonstrates the power of creating interconnected revenue streams where your position as a hub generates premium margins. Successful entrepreneurs design business models that compound their advantages rather than simply scaling linear operations.
Statistics & Facts
- Morgan's WonderWorks business generates $33 million in EBITDA annually with zero debt across multiple locations. (05:02)
- Alcatraz East crime museum in Pigeon Forge generates $5 million per year in net profit, demonstrating America's fascination with crime and punishment content. (08:10)
- Morgan's legal referral business operates at 85-90% profit margins compared to 35% margins on internally handled cases, showing the power of high-margin business model design. (68:38)
