Podcast Guest Profiles

Shaan Puri and Sam Parr host this eye-opening episode of My First Million. Shaan brings his entrepreneurial prowess and incisive business analysis to the table, while Sam—founder of The Hustle media company—contributes his knack for spotting lucrative trends and opportunities. They're joined by Ben Wilson, who provides rare insider perspective on the Mormon Church's business operations. Together, they pull back the curtain on what might be the most financially successful organization you've never thought of as a business.

🎙️ EPISODE SNAPSHOT

Ever wondered how a church builds a $100 billion hedge fund? This episode dives into why religion—specifically the Mormon Church—might be the greatest business model of all time, unpacking the unique blend of tax advantages, volunteer labor, and massive asset accumulation. The hosts dissect how religious organizations create extraordinary customer lifetime value while maintaining overhead costs that would make even the leanest startups jealous.

💡 KEY TAKEAWAYS

• Religious organizations, especially the Mormon Church, operate with business models that boast incredibly high customer lifetime value (LTV), recurring revenue through tithing, and minimal overhead costs thanks to volunteer labor.

• The Mormon Church has accumulated a staggering $100 billion hedge fund, largely tax-free, by strategically investing tithes into stocks, real estate, and hedge funds.

• Lack of financial transparency and the use of shell companies to obscure holdings have attracted both criticism and regulatory scrutiny—a cautionary tale for businesses in any sector.

• The business of religion benefits from powerful network effects, authentic word-of-mouth marketing, and a product (faith) that deeply integrates into every aspect of a member's life.

• There's a surprisingly robust market for church-related software and services, exemplified by Ministry Brands—a private equity-backed rollup generating $100 million in EBITDA from religious tech solutions.

🛠️ TOOLS & RESOURCES MENTIONED

• Parallel – Live Simulator: An app referenced for simulating live events and scenarios, positioned as a productivity hack for business planning.

• Ministry Brands: A private equity firm that has quietly acquired over 30 church software businesses, demonstrating the substantial scale and profitability hiding in religious tech markets.

• Ensign Peak Advisors: The investment management company handling the Mormon Church's $100 billion fund—essentially a tax-advantaged sovereign wealth fund.

• SEC Filing for LDS Church: Public documentation regarding the church's financial reporting and settlement with the SEC, revealing rare insights into typically opaque religious finances.

• Team Jorge Wiki: Mentioned in relation to psychological operations and influence campaigns—a different kind of "faith-based" business model.

💼 BUSINESS IDEAS & OPPORTUNITIES

• Church Software Rollups: Following Ministry Brands' playbook by identifying, acquiring, and consolidating software companies serving religious organizations could yield significant returns in an overlooked market.

• Faith-Based Financial Products: Developing investment funds or services specifically tailored for religious institutions seeking ethical or doctrine-compliant investments represents an untapped niche.

• Transparency Solutions: Creating tools or platforms that help religious organizations improve financial transparency and compliance could address growing regulatory pressures while building trust with members.

• Community Engagement Platforms: Building digital products that facilitate community building, donations, and event management for faith-based groups could tap into both the volunteer culture and financial resources of religious organizations.

📊 STATS & TRENDS WORTH NOTING

🔑 ACTIONABLE STRATEGIES

1. Build a Volunteer-Powered Organization: Structure your business to maximize volunteer engagement by creating a strong mission and community identity. This reduces labor costs while increasing stakeholder buy-in—could your startup benefit from passionate ambassadors?

2. Create Predictable Recurring Revenue: Implement subscription or donation-based models for stable, long-term cash flow. The tithing model has worked for millennia; how can your business create similar predictability?

3. Diversify Assets Strategically: Don't put all your eggs in one basket. Like the Mormon Church, invest across stocks, real estate, and alternative assets to build resilience against market fluctuations.

4. Harness Network Effects: Foster strong community identity and encourage organic growth through member advocacy. When your customers become evangelists, your marketing costs plummet while effectiveness soars.

5. Prioritize Transparency: Learn from the church's regulatory challenges by adopting transparent financial practices from the start. Building trust with stakeholders isn't just ethical—it's good business that prevents costly regulatory intervention.

📝 EXECUTIVE SUMMARY

This eye-opening episode reveals the business genius behind religious organizations, with a spotlight on the Mormon Church's phenomenal $100 billion financial empire. By combining tax-exempt status, volunteer-driven operations, and savvy asset management, religious institutions have created perhaps the most profitable and enduring business model in history. The conversation illuminates both ethical complexities and entrepreneurial opportunities in faith-based markets, from software solutions to community platforms. For business builders, the episode offers invaluable insights for creating organizations with extraordinary customer lifetime value, predictable recurring revenue, and powerful network effects—while underlining the critical importance of transparency and trust in sustainable success.