I am rebranding my company from WealthX to Wealth DynamX. Why? I received my very first cease and desist letter ordering me to change the name of my company. This is validation for me that I’m on the right track with my business, my promotion strategies, and the levels of action I am taking.
2 years ago I read a book called the 10x Rule. At that time in my life, I was young, I had just started in business, and I was not experiencing the level of success I desired. I was doing lots of planning, lots of organizing, lots of “learning”, and lots of “researching”. These are activities I justified the importance of, but the reality was, my bank account was empty and my pipeline was dry. When I read the 10x Rule, I realized I was not taking enough action in that area of my life. I’ve always been a driven person when I determined a goal mattered and I was ready to go for it and that book taught me to commit first and figure the rest out later. You may ask, what this has to do with me changing the name and brand of my company for the second time. I am about to connect those dots for you.
In August, while at a personal development retreat for 6 weeks my entire team quit. That’s right. My wife and I went to Vancouver, BC for a long stint of personal development and growth. We came to many conclusions during that time about our company. The root of those conclusions was that our company culture was not where it needed to be. We decided we needed to torch the whole thing and rebuild. Ironically, we only meant changing our name, logo, company code of ethics and values, and some personnel changes. We announced to our team that the name would be changing, some products would be changing, and our production expectations would be changing for our sales team as well. We expected them to commit to their goals, play at a higher level, and be more accountable. I was excited, hopeful, and ready for change. As we drove from Vancouver, BC to our home of Anchorage, AK in a tiny little town called Watson Lake I received a series of phone calls, texts, and emails. My entire sales team resigned. Yup. They saw the production requirements, the new company, and the accountability we had put in place and decided they did not want to commit.
I had to rebuild from the ground up. From September through December I went from managing and working on my business to being the only sales person and handling all of the production myself. What I learned is that I had never in the past really pushed myself as far as I could go. I was single handedly putting up bigger numbers than I had with a team of 10 people. We had rebranded to WealthX, the new name took off, and my company was once again thriving. I committed to rebuilding the company and decided to figure the details out later.
My first cease and desist letter. A piece of mail showed up on my desk one day from a company called “Wealth-X”. It was weird to me because that was the name of my company too. Then I realized what the mail was probably about. After opening it, I saw the cease and desist letter enclosed stating that the name “Wealth-X” was a registered trademark and that I was illegally using it and infringing upon the trademark. My attorney broke the news to me that I had to change the name once again. Because of the 10x Rule, I knew the last thing I should do was stop prospecting and attending appointments. Over a period of 2 weeks, I set an all time high for contents made, appointments attended, sales made, and company revenue while creating a new name and logo.
The lesson? I wouldn’t change anything. Should I have searched the trademark database to cross reference the name? Most definitely. Upon receiving the cease and desist letter, I complied with the law and did as I was asked. The truth is, I would rather have the problem of having to change my company name than the problem of not having a company or going broke. In easily the most trying time in my business, I had a choice to make. I chose production and affluence over organizing and “correctness”. I will make that choice time and time again. The problems I’ve had to solve due to the massive action I took are much better than the problems I would have had to solve had I done nothing or very little.
What I learned from this is to use my resources. I have a legal team on call for me at all times that I could have used and I did not seek out their expertise. I could have done a free consultation call, had them review my start up documents, and even had them verify the name availability for me. I neglected their expertise and coaching. Have a coach. Use your coach. Listen to your coach. Make sure the coach you select has the results you wish to have and has to solve big problems to validate their levels of action. Click here if you’d like to work with a Wealth Coach. I will challenge you to commit to massive levels of action as I have, to focus on production, and to use your creativity and new levels of affluence to solve the problems you’ll create as a result.
Own Your Potential,
Jerry Fetta is a husband, son of Yahweh, Entrepreneur and owner of 5 privately held businesses. Jerry lives in Alaska with his wife and 2 dogs. His no-nonsense approach to business, finances, and life speaks truth and provides clarity to his clients and followers. His personal mission in life is to empower millions of leaders to own their God-given, ultimate potential