Green Sheet interviews FamVault's Jeff Shavitz

With more than 25 years in the payments industry, Jeff Shavitz has built and sold multiple companies, written bestselling books on entrepreneurship and focused on helping other business owners thrive. His latest venture, FamVault, launched in 2024, tackles the organizing of vital documents for life and legacy. In this conversation, Shavitz reflects on what's involved in scaling a national ISO, the power of residual income and why recurring revenue—and golf—remain central to his entrepreneurial journey.

1. You’ve launched multiple companies, including Charge Card Systems, which grew to serve numerous clients and 500+ agents and was eventually acquired by CardConnect. What were the biggest challenges—and surprises—you encountered scaling a business in the payments space?

Building Charge Card Systems into a national ISO from the ground up was one of the most rewarding—and demanding—experiences of my career. One of the greatest challenges was maintaining a consistent culture across a highly decentralized team, especially with independent sales agents.

And the key word here is “independent.” Early on, we didn’t have the capital to hire a full-time W-2 salesforce, so we relied on these entrepreneurial individuals. I couldn’t mandate quotas, and I learned very quickly how to manage both direct and indirect personnel with a shared vision for the company. During our sales team huddles, I would say, “Whether you want to earn $10,000, $100,000, or $1 million annually, I’ll help you build a plan to get there—but you’ve got to own it.” Unfortunately, most didn’t take that initiative. The classic 80/20 rule felt more like 95/5 rule in our world of independent reps.

Another major challenge was differentiation as an ISO. Payments is a commodity business, so our strategy sessions often revolved around one big question: “How do you de-commoditize a commodity?” I could write a book about this question because I do believe it was a critical strategy in helping us grow. Our answer was trust, consistency and relentless support of our merchants. That mindset helped reduce attrition and fuel our growth.

The biggest surprise? How far relationships and reputation carry in this industry. Many competitors lose business simply by neglecting clients—no follow-up, no personal touch. We won by doing the basics well and nurturing those relationships. That foundation ultimately made our company attractive for acquisition.

2. From investment banking at Lehman Brothers to selling paper binoculars at the Super Bowl, to a golf business and now a tech venture—your journey has been anything but linear. What personal values or instincts have guided you through such varied business decisions?

Curiosity and courage have always guided me. I’ve never been afraid to explore unconventional paths if I believed in the opportunity. After my time at Lehman Brothers, I knew I wanted to build something of my own—something where I could be both creative and strategic. Whether that was launching Spectoculars (distributed on the seat to every spectator at Super Bowl 1991) or launching any of my ventures, I’ve always wanted to be an entrepreneur.

Without sounding non business-like, I also tend to get bored every five years, which fuels my desire to be involved in new projects. That itch for a new challenge often sparks my next venture. Many of my friends laugh at me and say, “What’s your new email address?”

Over the years, I’ve learned I thrive in the early stages—creating, leading, building key relationships, developing strategy. I also learned that I’m not great at operations or administrative functions, and, thankfully, I’ve had amazing partners who complement my blind spots (especially Shelley who has been my business partner and confidant for 25 years).

At the core, I’m driven by freedom, ownership and impact. I want to work in industries I enjoy. For example, golf, which led to my involvement with Cllickit Golf—and building recurring revenue streams that create lasting value.

3. FamVault is your latest venture, launched in 2024. What inspired this project, and how does it differ from your previous businesses in vision and scope?

FamVault was born out of personal pain—navigating my family’s legal and financial documents after a loved one passed. I love my wife of 32 years of marriage and share everything with her; however, if I were to unfortunately die, the concept of all my documents in an organized place was non-existent (I had documents in the bank vault, file folders, in my brain, etc).

It was overwhelming. I thought, “There has to be a better way.” That’s when the vision for FamVault was created by an attorney friend of mine and I immediately loved the concept.

We built a cloud-based, searchable platform that helps families organize, store and share critical life documents—wills, trusts, insurance, healthcare and financial records. It’s designed for everyday life, emergencies and legacy planning.

Unlike my previous ventures, FamVault is truly tech-first. In payments, we rely on third-party infrastructure—Fiserv, Authorize.net, and the like. With FamVault, we built and own the technology from the ground up. It also marked my first time raising outside capital, as building this platform required a significant investment.

Strategically, we’re focused on enterprise partnerships through a B to B to C model, rather than direct-to-merchant sales which is necessary in the ISO-driven model.

We have already partnered with many payment salespeople who have introduced FamVault to their clients including large employers (as an employee benefit), accounting and law firms. Please contact me if interested in learning more about our solution.

4. What do you see as the most pressing issues or disruptive trends in the payments and fintech landscape right now?

The continued push toward integration. Gone are the days when payments could live in a silo. Today’s merchants expect a unified platform—something that seamlessly connects payment acceptance with inventory management, customer relationship management (CRM), accounting, data analytics and even marketing automation. The rise of embedded finance and vertical SaaS has accelerated this trend, and those who fail to innovate and integrate will find themselves replaced by more agile and complete solutions.

Beyond technology, there's also a human issue in the payments space—particularly for independent salespeople. I still believe there is an incredible opportunity to build a great, financially rewarding career in this industry. But too many people treat it as a “side hustle,” lacking the industry focus and long-term commitment needed to become a true expert.

The most successful professionals I’ve seen are those who pick a niche—like healthcare, golf, auto repair—and go deep, building long-term value by solving specific problems for those business owners. I don’t care what the vertical is; just pick one and the more niche, the better.

So yes, while the landscape is evolving rapidly with new fintech players, regulatory scrutiny and AI-driven innovations, the core values haven’t changed: be transparent, offer real value, focus and outwork the competition. And for anyone reading this who wants to build a meaningful career in payments—I mean really commit to it—I’d be happy to connect and help however I can.

5. Your book Size Doesn’t Matter – Why Small Business is BIG Business champions small business ownership. In today’s economic and tech-driven climate, what does it take to be a successful small business owner or entrepreneur?

It takes grit, agility and an endless desire to learn—and money. Let’s not kid ourselves. Cash is King, and if you think you need $100,00, you will need more to launch your new company. Don’t be naïve, as the money gets used up quickly. Technology has leveled the playing field—solo entrepreneurs can now compete with major players—but that also means you have to move fast, pivot smart and stay relevant.

For me, success boils down to three things:

1. Know your “why.”
2. Build multiple income streams.
3. Master cash flow.

I have such empathy for the independent business owner. It’s hard work and lots of sleepless nights with the thoughts of making payroll, the next sell, employees, etc. Of course, I’m not minimizing working for a large organization because that also comes with a different set of challenges.

Here is one quote I live by (and I’m copying it from a business book I read years ago): “The harder you work, the luckier you become.” I believe that. I also believe in freedom—freedom of time, of money, of choice. The payments industry provided this for me. It allowed me to spend time with my children, travel, support charities and build businesses I love. If anyone wants a PDF of my book, just email me—I’d be happy to share it.

6. You speak often about the importance of residual income. Why do you believe this concept is so crucial for entrepreneurs and sales professionals alike?

Residual income is the holy grail—it’s what gives you time, flexibility and long-term wealth. In payments, I realized early on that the most valuable asset wasn’t the upfront commissions—it was the residuals stream. That’s what gave me the freedom to think long-term and build a sustainable business.

There are lots of ways to make money. But if you’re going to hustle and work hard, why not build a recurring income stream that keeps paying for years? Whether it’s SaaS, insurance, wealth management or payments—residuals change the game. My book The Power of Residual Income – You Can Bank on It shares140 quick-hit thoughts on this concept for anyone interested.

7. Looking back at your time as a Street Smarts columnist and now as a member of The Green Sheet Advisory Board, how has your perspective on the industry—and entrepreneurship in general—evolved over the years?

When I started writing for The Green Sheet over 25 years ago, I wanted to share practical advice from the trenches. Over time, I realized how valuable it is to build community and learn from others. Some of my closest friends today are technically competitors—but we share ideas freely. There’s plenty of business out there, and collaboration always wins.

My mindset has shifted from “growth at all costs” to “growth with purpose.” I’m now focused on legacy and mentorship while continuing to work hard on my current businesses. I want to help others build sustainable, recurring businesses—and be part of meaningful projects, both for-profit and nonprofit.

And of course, I want to spend more time with my family ... and besides world peace and health, my selfish goal is to play the top 100 golf courses in the world.

Note: To learn more about Jeff, visit his personal website at www.jeffshavitz.com or contact him at jeff@shavitzgroup.com or 201-245-4545.

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