Discovery’s ‘Undercover Billionaire’ follows entrepreneur Glenn Stearns as he embarks on a 90-day journey to build a $1 million business from scratch with only $100 in his pocket. Here are ten fascinating facts about the show and Glenn Stearns that you might not be aware of.
1. Stearns’ Fortune Was Built on Mortgage Lending
After working as a loans officer for ten months, Glenn Stearns decided to quit and start his own business. He founded Stearns Lending, which has become one of the top 20 biggest mortgage lenders in the United States. The recent sale of a large share of his business has significantly contributed to his net worth.
2. No Help from Existing Business Contacts Allowed
Despite owning his own business for thirty years and accumulating numerous contacts in the business world, Stearns is not allowed to seek help from any of these companies or individuals during the show. He must rely solely on himself to make the business a success, which will be one of the biggest challenges he faces.
3. The Show’s Concept Was Stearns’ Brainchild
Stearns himself came up with the idea for the show and pitched it to the Discovery Channel. Initially, the channel’s brand officer Nancy Daniels was unsure whether the concept would work. However, after meeting with Stearns a few times, she began to believe in its potential. The gap between the show’s approval and the start of filming allowed the production team to carefully plan everything.
4. Stearns’ Own Money Is on the Line
At the end of the ninety days, an independent valuation expert will assess the business’s worth. If it’s valued at less than $1 million, Stearns will invest $1 million of his own money into the business. This ensures that the people of Erie who have been involved in the business won’t suffer if it doesn’t become as successful as hoped. It also gives Stearns an incentive to work hard to ensure the business is worth at least a million.
5. The Show Explores the Existence of the American Dream
Stearns acknowledges that his wealth has opened many doors for him, as Distractify explained. He started his own business with nothing and still believes it’s possible, but wanted to prove that it could still be done. As someone who built his own business from scratch, he firmly believes that the American dream of success is available to anyone willing to put in the work. The show will reveal whether the American dream still exists.
6. Stearns Comes from a Working-Class Background
Stearns was the first person in his family to graduate from college. He didn’t have the privileges that come with being born into money, and this has greatly influenced his approach to business. Although it’s been years since he could be considered working-class, he has never forgotten his roots. This makes it easier for him to relate to the people he works with on the show.
7. The Show Takes Place in Erie, Pennsylvania
The city chosen for Stearns to start his new business was Erie, Pennsylvania. He has no connections in this city and is quite unfamiliar with it. Erie was chosen as a good example of a medium-sized American city. With no acquaintances in the town, Stearns must forge working relationships with strangers before he can even begin to get the new business off the ground.
8. The Helpers Will Run the Business After the Show
When the show ends, the people who have been helping Stearns set up and run the business will take on key roles in its operation. This will be their reward for all the hard work they’ve put into growing the business. Stearns was keen to build a business in the town that would create real opportunities for the people living there, ensuring Erie continues to benefit long after filming has ended.
9. Glenn Stearns Has Been on TV Before
This isn’t Glenn Stearns’ first appearance on a reality TV show. In 2004, he starred as ‘the Millionaire’ on ‘The Real Gilligan’s Island’ and was named the winner. He admitted that his enjoyable experience on the show was one of the reasons he was so keen to be a part of ‘Undercover Billionaire.’ Although ‘The Real Gilligan’s Island’ was fairly successful at the time, it’s not a show that has stuck in people’s memories. Therefore, it’s unlikely that Stearns would be recognized for this show nearly fifteen years later, which should help him maintain his undercover status.
10. The Show Sheds Light on People’s Struggles to Make Ends Meet
According to Reality Blurred, the show does an excellent job of illustrating how difficult it is for Stearns to get started with such a small amount of money. The show also portrays the fact that many people are living hand-to-mouth with hardly any spare money. When people are in these situations, it can be hard to see a way out. A show like this may give them a glimmer of hope that anyone can improve their situation if they’re willing to put in the hard work and effort.
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