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About the Episode

Today’s guest never intended to become an entrepreneur, but now he runs the #6 digital radio station in the world and the #1 single-stream alternative music destination and he shares his story and his advice on managing money as a CEO. Also, listen to the story of how he raised his first investment from rock icons such as Joel Madden of Good Charlotte and the guys from Simple Plan.

Tom Cheney is CEO at idobi Network.

Show Notes

Managing Money as a CEO 

Money can get away from you as things can easily go over budget. You have to be careful as one of the most dangerous things, especially in new companies, is having too much money. When you are striving for cash, you make better decisions. When you are flushed with cash, you use money to solve your problems. They had enough cash at one point that Tom allowed money to solve their problems and learned that wasn’t the wisest decision.

Raising His First Investment from Rock Icons 

In 2012, they wanted to get their name out so they booked some bands to play in a festival and had to come up with money to pay them. When Tom his station back in 2000, Simple Plan and Good Charlotte were just starting out. Tom played their music and they got along together so he approached Chuck Comeau and Joel Madden if they could give him a loan. After talking about it, they all decided that they would rather be partners in the company. There was a lot of history between them so it made things easier. This is how Tom got his first investors and his first festival.

Show Mentions

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