The Chris Voss Show - The Chris Voss Show Podcast – Samuel Moses, CEO of Sockrates, High Quality Custom Socks and Tips on Building A Successful Business

Episode Date: October 4, 2023

Samuel Moses, CEO of Sockrates, High Quality Custom Socks and Tips on Building A Successful Business Sockratescustom.com With a passion for entrepreneurship from a very young age, Samuel is the Founder and CEO of Sockrates Custom Socks, a company based in Boca Raton Florida which specializes in producing the highest quality custom socks at the fastest turnaround time. With over 4000 clients, Sockrates has emerged as the industry leader in its field with clients in the United States, Germany, France, Iceland, UK, Israel and Canada. After graduating from the prestigious Schulich School of Business in Toronto, Ontario, Samuel worked for an Investment Banking consulting group where he was responsible for presenting research and findings to key C level decision executives within the banking industry around the world. Next he became a partner of an established market research firm in Toronto where he consulted on studies for companies spanning from 50 million in revenues to the Fortune 500. With a keen eye for both the small details and big picture approach to business, Samuel is sought out for advice on various business topics such as business strategy, team leadership, business communication, marketing and organizational culture.

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Subscribe to the big LinkedIn newsletter. Go to, let's see, YouTube, Goodreads, and Chris Voss 1 on the tickety-tockety over there. Today we have an amazing gentleman on the show. He's going to be talking about his startup, how he became an entrepreneur, his vision for the company that he built, and what went went into it and all that good stuff. We have Samuel Moses on the show with us today. He's the CEO and founder of Socrates, producing the highest quality custom socks at the fastest turnaround time as it's built on his website.

With a passion for entrepreneurship from a very young age he is the founder of the company and his company is based in boca raton florida which specializes in producing the highest quality custom socks at the fastest turnaround time with over 4 000 clients he's emerged as the industry leader in his field with his company with clients in the United States, Germany, France, Iceland, UK, Israel, and Canada. I was going to do a Canuck joke there, and I totally fluffed it. After graduating from the prestigious Schulich School of Business in Toronto, Ontario, he worked for an investment banking consulting firm where he was responsible for presenting research and findings to key C-level decision executives within the banking industry around the world. Next, he became a partner of an established market research firm in Toronto where he consulted on studies for companies spanning $50 million in revenues to the Fortune 500. With a keen eye for both small details and big picture approach to business,

Samuel is sought out for advice on various topics such as business strategy, team leadership, business communication, marketing, and organizational culture. Welcome to the show, Samuel. How are you? Great, great. Thanks for the intro and it's great to be here. Thank you for coming. We certainly appreciate it. Give us your dot coms. Where can people find you on the interwebs? Sure. So they can find us on our website, Socrates, S-O-C-K-R-A-T-E-S, custom, the word custom, dot com. That's pretty much the best way to go. You'll see a nice, colorful, bright site that clearly outlines how you can get started with us and learn some more information about what we do, as well as our process. We like to keep it simple, but this site will kind of explain to you how we keep it simple. There you go. So you work with Google,

Netflix, Paramount, Coca-Cola, Kellogg's, Microsoft, a lot of these big companies. Give us like a calculation, 30,000 feet of what you do. So what we do is we produce custom socks for companies all over the world. What they're doing with these socks is they're branding it to their brand. So imagine you walked into a high-end retail store and you saw a Google sock and it looks like it's a sock that you would buy. But what they're doing is that they're not selling it in stores. They're giving it out to their customers and they're giving it out to their clients and they're giving it out at trade shows. And this is a

powerful tool. It's a custom sock that can drive traffic to your show booth that can show your customers that you care about them. And of course, also very important, your employees. It's a nice gift for them where they would wear the sock of the brand that they work for. And our designers do a really good job at making sure that it's what we call retail ready. So it's a sock that you would wear because it's a fashionable sock and not just kind of like the old school, let's slap logos on things and shove it in people's faces.

It's more about the fashion behind it, following the trends within the sock world and applying it to the custom sock for the company using their branding colors there you go can i uh make a sock for a company sock and force all my employees to wear it you know the like the old ibm suit days yeah yeah you could definitely give it to them i mean forcing them to wear it might be uh the next step but you can get definitely do it and give it to them you know hey buddy right up number one you didn't wear your company socks today that's a no-no yeah you're out you're not getting you're not getting the race go chr uh yeah it's we have rules around this place you know there

are rules right you must be the company socks right that was that was uh you went overboard there with the no sock look you know there you go and you could and you took the bag we had off your head off and now everyone can see what you look like so um you go get written up for that too um yeah we have an anti-ugly ban in our office i'm just kidding people we don't because i would lose it i'd be the first one to lose it they'd be like you got to go first because uh whatever um so uh how did you get in this business tell us your uh, uh, hero's journey and, uh, how you got down this line. Sure. So I was in retail for many years, high end retail.

Uh, we were selling to executives. I was in Toronto at the time I grew up in Toronto and I, and I moved after that and we were selling to high end executive neckties. So you'll know that these days neckties is not the easiest product to sell, but for many years I was, uh uh i was definitely in the necktie game for a while and i noticed that this store that we had which is a very high-end store was only selling to a very specific demographic and that was kind of like males with you know a very high uh discretionary income but i was getting hundreds and hundreds of thousands of

people through the store because it's kind of like the wall street of toronto it's a very high traffic store so what we did was we brought in these colorful socks um at that time we we were we were selling happy socks and we became one of the top sellers of happy socks actually all across canada and then at that point we started our own brand socrates um it's kind of a play on the words the philosopher socrates and um and it did really well and companies started coming to us in the store and saying who makes these socks well we make these socks and then they said okay send your logos and colors and then we started producing for them uh fast forward a couple years we closed down the retail uh everything's online now and we're servicing

thousands of companies all over the world with a team of 15 and it's a great business you know it's a really great business because we're servicing you know b2b clients and once it's sold then we produce the socks and we're able to ship it all over the place from our factory in italy and our factory in italy is a is a very trusted partner of ours there you go do you find that people buying together with you know i get all sorts of pencils somebody i went into uh what was the contact place uh the it's something america or some uh contact glasses place i wanted to get some new glasses and they gave me this baggy merch and it's like stupid stuff it's like an eraser and it's like a pencil like who uses

pencils anymore right right uh i didn't think it was a pen it's just and it was like a baggie of junk and uh so is there a reason maybe socks uh maybe are more appealing to uh if you give them to people then you know i don't pencils yeah sure so the big movement right now is on you know the environment and not wasting product and a lot of products at the trade shows like these notepads and these you know these pens and all these things they're just getting thrown out uh so the sock obviously is a very high perceived value uh people do not really throw out socks they wear them yeah and they have a lot of use they end up at the top of their soft you know they end up with the top drawer the sock drawer is definitely top so you're getting your brand in the top drawer of somebody's kind of like shelf there right so yeah um it has high perceived value it's a great

giveaway that's you know somebody's going to use and what we've noticed through our research is that when people give away socks it's it's a really easy conversation to start with the customer. Oh, I love these socks. I wore them. I thought they were great. And it leads to really good conversations for the customer and their potential client. There you go.

So what was it like to start this company? I mean, this wasn't your first company, I guess. No, no. I had a few businesses before. And then, you know, I guess I kind of landed on this business through the neckwear business. Neckwear business, obviously, no longer. But now I do the custom sock business full time. And it was a process.

We really learned the manufacturing process in Italy and then applied the neckwear manufacturing process to the sock manufacturing process using Italy. Because the way that they do things is very specific so we were able to apply the knowledge of one business to another business so we were out of the gate much faster than we would be if we were starting from scratch so that was definitely helpful there you go give us some entrepreneur advice I guess you you work for other companies and then you started working for yourself. What was it like to make that transition? It was tough. I mean, you definitely second guess yourself a lot and you definitely have to have a lot of confidence in yourself. And what I always tell people is, you know, make sure you don't take it on too much too fast. So if you want to just say, open a wallet business where you're selling wallets, don't bring in 2000 wallets. Cause if i showed you what 2 000 wallet looks like you get very nervous to even if you can't

sell them very quickly so you start with 50 75 wallets you got to start very slow um in this game and try to let the business kind of move and then make moves with the business so that's kind of like my number one piece of advice don't over don't don't take on too much where you're going to get scared because you got to stay in the game and the game ends when you get scared and leave it, right? So you just got to stay in and you got to keep making the moves that you got to make and things start happening. There you go. How do you find separating your life and being an entrepreneur? How do you balance the work-life balance? Yeah, that's almost like the hardest challenge.

There's a lot of challenges, but that's the hardest one. When you leave and you go home to your family, how much are you taking with you, the stresses of the day, the stresses of your staff? And that's the constant battle back and forth. I think I've done a good job recently over the years now, maybe a couple years, of trying to just turn it off and go home and and come back the next day to your problems uh versus bringing it with you um it seems like when you have enough kind of like uh depth of knowledge and experience you

realize that there's always going to be some hurdle that you have to overcome and when you look back you kind of see that you did overcome them so you know there's no reason to believe that you can't overcome the next one. So you got to stay calm. And I try actually not to bring it home at all. I don't want to stress out my wife and my kids. I don't want to do all that. It doesn't help anybody. They can't solve the problem anyway, right?

So try to appreciate what you have on the family side and then work on the business side during business hours. I usually take my business home to my family. I sit the kids down with a bunch of yellow pads, and we have a little team meeting, and I'm like, yeah, I need to come up with some ideas, people. We need ideas. Come on. Sales are down.

What the fuck, Jimmy? We've got to make the mortgage payment. Come on, Jimmy. Let's go. What do you got? He's like, I'm three, Dad. I'm like, I don't care, buddy. You're learning how it's going.

Right. So, yeah, don't do that. Yeah, I guess you could do it that way. That would also work, but I personally separate it, but either way is good. Besides, Jimmy just has shitty ideas anyway. He's like, Tonka Trucks. Shut up, Jimmy.

Just go play with Tonka Trucks. Yeah, we're going to get sued maybe the other Bobby has I adopted some kids to try and get better ideas anyway so you know you've had several ideas of turning your

idea into a business people that are out there listening to this thinking what a great idea they took socks and merchandised it what are some concepts you have people that are out there listening to this thinking, what a great idea. They took socks and merchandised it. What are some concepts you have or some thoughts you have on people who want to take an idea like this where maybe they're like, hey, zippers, how to make zippers marketable or something. Right.

You can improve everything and anything from an infinite amount of times it seems except for me um the uh so uh what are some ways uh advice you give to people on how to turn ideas into business sure so what i do there is what i tell people is and i get that question a lot is you have to um do your research but at the same time you can't overly do your research a lot of people like to make the mistake of trying to know everything before they even start, and then they don't start or they realize that they can't know everything, but it takes a lot of time to get there.

You can't know everything, and a lot of times you get into business, and other avenues will open up within that business. So you kind of have to get into business. Like I said, try not to take on too much, but get in, dip your toe in, start, start, you know, your website, start your SEO, start your Google ads, start your branding, all these things, start your, you know, customer experience, you know, how are you going to have a good customer experience, get, start getting the product in and then, and then reevaluate. I mean, you're not going to be able to know everything on day one than somebody knows on year five, right?

That's not realistic. So you can't overthink it. You need to start and you need to make decisions, but at the same time, you can't be paralyzed by the fact that you don't know everything, you know? Yeah. And it sounds like from what you're saying, I mean, you just have to start.

It's a journey of learning, education, mastering skills, sometimes your own personal skills of self-accountability and self-actualization. You just have to, it's like, would you say it's basically just an endless row of problem solving and developing and problem solving? It seems like that's all you do all day long is just solve problems. Yeah, you just hit a wall and you got to figure out how to get over the wall or through the wall.

And there's another wall there waiting for you. But at the same time, sometimes the magic happens where you're really going through those walls pretty fast. Yeah. And things are just working really well. And that's great. And then for some reason that stops

and then something else starts. So there's always these constant battles that you have to face. But as you get over them, you get stronger kind of thing. So you learn from your previous experiences. So that's huge. It's like a snowball effect. I'm Canadian, so I can bring up a snow reference, right? Yeah, you can.

I think that's legal. Let me check with the judges here. Yeah, okay. My green card. The lawyers are still reviewing it, but I think we'll be okay. It's a snowball effect, right? You're growing as you go, and you're learning as you go.

You've got to keep your cash flow healthy, and you've got to stay alive. It's kind of like life. You've just got to keep going and breathing. Sometimes that's really true. You've just got to keep going. You can't let good things down and and it develops you in so many different ways you mentioned earlier about you know the

thing i've i've touted on or i've i've complained about on the show is i'll meet people and they'll be like uh i'm gonna start a business like you chris and i'll be like okay we'll go do that and they're like well i'm gonna wait until everything's perfect. I mentioned people do that earlier. And I'm like, no, no, no, you want to do it now. And people just have to realize what you said. It's just this continuing problem-solving thing, and you've got to start it and flush it out and see if it works. You know, there's lots of products that people develop

that maybe they think it's a great idea. I've had people pitch me a thing, and I go, that's a dumb idea. But I got to tell you, the amount of products that I've called were a dumb idea, like 1-900 lines. I thought that was going to be a dumb idea in the 90s. That was a great idea. There was a lot of stuff that I've been like, that's a dumb idea. Twitch. Twitch was our big YouTube.

We were big in YouTube. And I remember Twitch came just when they first started. And they're like, hey, there's people making a lot of money over here. You should bring your channel over there. Like, what is it? And they go, people are watching other people play video games. And I'm like, why wouldn't they just go buy the video game and play it themselves? Like that just sounds dumb.

But there's a market of people who want to do that. Exactly. I didn't get it because I was into gaming. That might have helped. But yeah, that was at least the dumbest thing ever. Now they won't return my calls at all. They're just like, yeah, we're bigger than you now, buddy. And so, you know, you just never know.

And sometimes you just got to go flush that product out. You got to go do the problem solving and see if it goes right. Yeah. Yeah. You just got to do the problem solving and give it a test. And if you get some traction, keep going with the traction, you know, versus spending, you know, years of your time or months and months of your time trying to just figure out how to launch quote unquote perfectly. Right. Definitely. So how do you improve your efficiency at work? How do you improve yourself as an entrepreneur personally and make yourself better?

Yeah, I try to, I have a really good advisors in my life, people who can give me good advice, people who are really good at what they do and are really good at listening to what my problems are or what what i'm facing and and they give me constant advice and i do listen to them and i and i like to make decisions based on what they say i also have a really good team at the company um from the top you know top down of people who just work really hard and are in the same business and we're all trying to achieve the same goals so we we, we like to talk amongst each other and try to make the company better. And if the company gets better, I find that I get better.

So it's kind of like, I'm kind of like tied into the company success like that as an entrepreneur. And, and we have really good team, you know, and people who have been with us a long time and people who are new, but have really bought into the system and our process. And,

you know, when we say something to the client, we it and if we if something goes wrong we we uh take accountability for it and we make it right so that's you know we really that's all we can do is really take care of the customer and make the best possible product be fair to everybody and and then you know if we do all that and we do all that consistently, our business should continue to grow for many years. There you go. What sort of leadership styles do you use or training or do you, I mean, you study leadership, do you, what sort of leadership aspects do you think you espouse in your business? Yeah, it's an interesting question. That's a good question. I get that

sometimes is I think that, you know, I'm very passionate about what i do in the business and i i found that you know it's almost like parenting you know if you tell your kid do your homework do your homework do your homework you know um or be a hard worker you know then you know they don't grow up they might not grow up to actually be hard workers because you're just yelling at them and pointing at them and saying things right but if you actually show them that you're a hard worker, then they might actually, you know, believe that that's important because you're doing it consistently over a long period of time. And that's how I learned, you know, from my father like that. And that's how I learned from some of my coworkers as well. So I'm really passionate about what we do. I believe in it.

I care about it a lot. And I noticed that our team follows, like they definitely take from that. And they also work very hard in the business. You know, they, they might see me emailing at odd hours or they might see me asking questions, you know, that show that I'm very passionate. So, you know, the leadership style that I have is kind of like lead by example, and then, and then let the people, you know, mimic that with you, with you. And it seems to be working well. There you go. Leading by example is one of the things I talk about in my book. People see what you say and they also see who you are. So you can put out all sorts of PR things and be like,

we're a moral company who does the right thing and builds trust and honesty. And then if people see that you're full of shit, you're hypocr're hypocrisy yeah it's actually worse than saying in the first place right exactly because people like aha this guy's full of it yeah and uh uh so setting the example of of being a good leader of uh servant leadership of being um someone who builds a company who's a good judge of character who's a good judge really and and is in it and and holds themselves the same standard that you do makes all the difference what are some ways that you use to improve employee happiness do they all get socks yeah they get a lot of socks yeah they definitely do not. I told anybody, my friends and my family and my coworkers, if you're buying socks from a store, then something's going wrong, right?

We have a lot of samples. So, yeah, I mean, the only thing is they have to wear it with company names on it, but they're happy about that. They're very proud of the work they did, right? That's good. Yeah, we think it's better. So, yeah, so they definitely get socks, but what they do get is an environment that they're heard,

you know, they get an environment where they, where they matter and that we don't peg them into little positions where they have to do the same work every day. They're really spread across the business. So, so, you know,

the design team is working not only on the sock designs, but they work on the website and they work at the advertising. So they're getting exposure where in a larger company say you know a couple thousand person company they would be pegged to only doing one task right so that's a big difference you know unlimited paid time off assuming nobody's taking crazy advantage of that you know although some employees think unlimited paid time off is kind of a scam because i think statistically people take less vacation than if you would have just given them their 10 days, you know? So yeah, they don't go like, Hey, I'm taking that whole 10 days. They probably use it. All of a sudden everybody's all nervous about the unlimited paid time off. So it's a little bit of a,

you know, talk, talk, right. But, um, but that being said, you know, we, we like to take, take good care of them. Um, we don't stress them out. If they have a dentist appointment and stuff like that, they're able to do it. Um, they work remotely, which is great. And at the same time,

they work for a company that's growing and a company that's producing high quality goods. So that I think is, uh, the, the kind of like the mixture that you need to keep them happy. I've often been curious about that unlimited time off. And I do think people need,

you know, if they've got a funeral, if they got a doctor saying you know if they've got some sort of emergency comes up you know that someone didn't get picked up at the daycare and you gotta run and go do that i mean there's things that happen in people's lives um that are kind of crazy um how do you is there a backstop to the unlimited time uh is there any sort of i mean a thing where you're just like okay it's a little too much now yeah i think what you have to do is realize we have busy season our busy season is obviously q4 so it's not the time to start you know taking trips to hawaii right so it has to be reasonable and you have to remember that there's other people on the team that rely on you. So when you're away, you're kind of hurting them more than just as much as you're hurting the company. And we're all in this together.

So the same way you don't want your coworker to take off in the middle of busy season for three weeks or four weeks, you know, probably you shouldn't be doing that either. And, you know, it's all about mutual respect for each other. So, I mean, I guess, is there a limit to unlimited paid time off? The limit is don't abuse unlimited paid time off. I guess that's it, you know. I'm just wondering on the metrics why you mentioned that. So I'll give you an example. Like one time I had an employee and she was really good at doing her mortgage processing.

And she had a husband at home who was supposed to take care of the baby, and the baby was in diapers and all that sort of stuff. Well, evidently she had a real problem with him doing his job and feeding the baby and doing the diapers because he was busy playing a lot of video games. They were both very young, and so maybe that immaturity was contributing to it. But it constantly started becoming a problem where she would go hey i gotta go home and take the rest of the day off because i gotta go feed the baby and change the diapers on the

kid because the kid's crying and he's playing video games i want to do his job and about the first you know three to four times i was like okay yeah sure whatever your emergency is and then it became apparent there was a problem in their household that was being made into my problem. The guy's there that can do his job. He's a fucking father, right? Right. Because it's not an emergency. That's a systemic issue, right?

It's the same issue over and over again, right? So do you have to identify the time off is for real emergencies? I'm just kind of curious how you how you yeah i noticed like you know especially in retail we had this a lot where all these people who were taking emergencies it was the same people with the same like you know different sorry and people who were stable had no emergencies and when they did it was okay because they had one every four years or something right um so you know i don't know how much i believe the emergency excuse anymore but unless it's a real one you know but you know it has to be it has to be reasonable like what you're telling me about this you know the situation at home obviously that's

not acceptable right because like you said you know i remember my boss my first boss when i was in the consulting world and we were traveling around europe and he's like, I had, I know I was 22 years old and I said something, I forget what it was. And he's like, don't make your problems, my problems. Like you can't do that. You know? So it's like, if these are your problems, that's your problems, but just don't make them my problems. I remember he was the partner of the firm, you know?

So I kind of take that to heart. Like, you know, if I'm, if I'm the owner of the company, I don't want my employees making problems for me. You know? I should have this a giant fricking mural on the side of my company back in the day. Because, you know, the psychiatry work you have to do. Especially with salespeople. Salespeople, you know, their head's got to be in that game.

You know, they're in a definitely game of sales and moving the ball, if they will. So give us a round out as to how this works i noticed that some of these uh are some of these socks you know that you've got environmental friendly and different things like that give us kind of rundown as to what people expect when they order socks when you do business with you and how to reach out to you and stuff so first things first are all of our socks are mated at leaf which is a very high quality sock and they're all pantone matched to your brand so there's no like hey m's let's change the yellow right we match the exact yellow of what McDonald's is giving us which obviously brands are very picky so the number

one thing is that it's made in Italy number two we match the colors exactly and we design it from scratch to make a woven sock we don't sublimate where it's like printed on you know and then another thing that we do is that we make it Italy in the seven days and seven days is kind of like the industry uh fastest industry turnaround time wow um so imagine that you order today it's in your hands by next Monday that's pretty fast out of Italy um so that that three kind of like punch combo is really what we're known for the made in Italy, the Pantone matching with unlimited colors, and the seven day turnaround time. And then what we're also known for, you know, because that's the production side is the ease in which we make this for our customers. So very easy, you reach out, you give us your logos, we come back to you

with six to eight designs that we think would be really appropriate for your brand. You make changes as you'd like, you know, we get a, you get a label with it. It's all in one price. There's no hidden fees, one price to your door. And then, you know, everybody's happy kind of thing. So we make this simple, you know, the transactions are relatively quick and, and, you know, you don't have to spend your life kind of like figuring out how to make a sock you know there you go yeah you don't want to you don't want to have any more work than you already have but yeah i can see how these be more valuable than you know a stupid pencil i mean people don't even own pencil sharpers anymore i'm like how am i supposed to sharpen this stupid thing right what the hell i mean i think that's half the point is like we don't want you

to use it we want to sit on your desk. You always look at it. I'm already looking through your contacts and glasses. What more do you want from me? America's best contacts, I think that's who it is. I just gave them a plug, too. There you go. You got paid back for your pencil merch there. America's best eyeglasses.

This has been pretty awesome. Give us your final pitch out as we go out and how people can onboard with you and throw us your final pitch as we go out. Sure. We're going into the end of the year. We'd love to hear from everybody. It's a great employee gift and customer gift. Instead of

giving a gift basket that everybody's given and we could take care of everything. Even if you had 100 customers and you wanted us to customize the socks and mail all of those socks to each of your customers, we do do that. So we have full, you know, facilitation of that. It's a great gift. It's, it kind of like, it's something that you'll get the conversation started with your client. They always email you back and say, Oh, thanks for the sock. I got it. I'm wearing it tomorrow. You know, um, there's a conversation starter behind it and it's super easy. Like everybody, a lot of people think, you know of people think it's a little hard to get started and to design the sock.

We actually make that super easy. And it's quick. And you'll have it. And it's relatively inexpensive. So when you combine all of that together, it makes a very good holiday gift. And it also makes a very good trade show gift or employee gift. So we'd love to hear from everybody. The website is Socrates, S-O-C-K-R-A-T-E-S, custom, C-U-S-T-O-M, dot com. There you go.

Well, thank you, Sam, for coming on the show. We really appreciate it. We learned a lot about how to build a business and also how to market it. Maybe we should have the Chris Voss show, Sock. Should we come up with that, people? Send me emails if you want. Let's do it. There you go.

And so thanks for coming on the show sam we really appreciate it thanks so much thanks for having me there you go thanks so much for tuning in go to goodreads.com for chest chris foss youtube.com for chest chris foss linkedin.com for chest chris foss and chris foss one on the tickety-tockety thanks for tuning in be good to each other stay safe and we'll see you guys next time and that should have us out