A Tribute To Fathers - June 20, 2010 - Segment Four

Caller Larry Miller, Founder and CEO of Sit ‘N Sleep, talks about getting into the world of business with his dad. Sit ‘N Sleep was founded by Larry and his dad, Phil, in 1979 after a previous failed business never generated enough cash flow to stay operational. They came up with the idea of Sit ‘N Sleep—meaning furniture you can sit on and sleep on—when Phil was in Japan some years before, slept on a futon, and thought maybe futons might sell in the United States. Phil borrowed $10,000 from a bank and Larry borrowed $10,000 from his Aunt Stella, and they started with a 4,000 sq. ft. store in Culver City. It was years before they made a profit, but Larry says he was just too stupid to do anything else, with him and his dad really living without much, sometimes going months without getting a paycheck. However, Larry says he didn’t like the idea of working for somebody else, and he wanted to be independent and able to call his own shots. In regards to his own family, Larry notes that to be a good parent and a good businessperson, you can’t be a good golfer or a good fisherman; you pretty much have to do just those two things. His kids and family are very important to him, and Larry thinks the best thing he’s done in his life is not being a good businessman, but raising two great kids.

2Minutes&More with Betsy Berkhemer and Renee Fraser airs every Sunday at 1pm on KFWB NEWS TALK 980. Tune in for a full hour of tips for business success.