1 00:00:05,080 --> 00:00:08,039 Speaker 1: Welcome to the show. I'm Rashwan MacDonald, the host of 2 00:00:08,080 --> 00:00:11,960 Speaker 1: Money Making Conversations Masterclass, where we encourage people to stop 3 00:00:11,960 --> 00:00:15,400 Speaker 1: reading other people's success stories and start planning their own. 4 00:00:16,000 --> 00:00:19,480 Speaker 1: Listen up as I interview entrepreneurs from around the country, 5 00:00:19,720 --> 00:00:22,560 Speaker 1: talk to celebrities and ask them how they are running 6 00:00:22,600 --> 00:00:25,479 Speaker 1: their companies, and speak with dog profits who are making 7 00:00:25,480 --> 00:00:28,520 Speaker 1: a difference in their local communities. Now, sit back and 8 00:00:28,600 --> 00:00:31,639 Speaker 1: listen as we unlock the secrets to their success on 9 00:00:31,760 --> 00:00:36,879 Speaker 1: Money Making Conversations Masterclass. My next guest is managing partner 10 00:00:36,920 --> 00:00:41,960 Speaker 1: of Guardian Due Diligence, a boutique financial firm focused on 11 00:00:42,159 --> 00:00:48,760 Speaker 1: helping everyday entrepreneurs confidently acquire profitable small businesses. A Harvard 12 00:00:48,840 --> 00:00:52,000 Speaker 1: NBA and former private equity investor, he is on a 13 00:00:52,080 --> 00:00:55,400 Speaker 1: mission to close the ownership gap by giving first time 14 00:00:55,440 --> 00:00:59,040 Speaker 1: buyers the tools and insight to make million dollar decisions 15 00:00:59,280 --> 00:01:03,120 Speaker 1: with clarity and confidence. Let's find out how his company 16 00:01:03,160 --> 00:01:06,280 Speaker 1: can impact your bottom line. Please weapon the Money Making 17 00:01:06,319 --> 00:01:09,440 Speaker 1: Conversation Master Class. Elliott Holland, how you doing, Elliott? 18 00:01:09,680 --> 00:01:10,640 Speaker 2: I'm doing very well. 19 00:01:10,640 --> 00:01:13,279 Speaker 1: How are you well, Elliott? When I first hear something 20 00:01:13,360 --> 00:01:17,240 Speaker 1: like this about buying small businesses, he know, we've immediately 21 00:01:17,240 --> 00:01:20,240 Speaker 1: get the word franchise. Are we talking about that when 22 00:01:20,240 --> 00:01:23,840 Speaker 1: we start this conversation or you're talking about something different. 23 00:01:23,760 --> 00:01:27,399 Speaker 2: I'm talking about everything, So franchises and non franchises to me, 24 00:01:27,520 --> 00:01:31,360 Speaker 2: franchises or special instances of regular businesses. You start a 25 00:01:31,400 --> 00:01:34,160 Speaker 2: subshop over in the West End in Atlanta, you get 26 00:01:34,200 --> 00:01:37,039 Speaker 2: really good your subway. I'm just talking about buying any of. 27 00:01:37,000 --> 00:01:40,840 Speaker 1: Those, Okay, So is there an advantage to that because 28 00:01:40,840 --> 00:01:44,080 Speaker 1: they tell me, like buying a franchise is turn key, 29 00:01:44,720 --> 00:01:47,559 Speaker 1: and then you go into a business, there's a lot 30 00:01:47,680 --> 00:01:50,080 Speaker 1: more of the learning curve that you may not be 31 00:01:50,200 --> 00:01:53,200 Speaker 1: ready for, even though you see the opportunity. Help me 32 00:01:53,240 --> 00:01:54,720 Speaker 1: out with that, Elliot. 33 00:01:54,600 --> 00:01:58,320 Speaker 2: Sure, I think it's degrees of confort with risks. So 34 00:01:58,400 --> 00:02:00,720 Speaker 2: I would say that in level of difficult buying a 35 00:02:00,760 --> 00:02:04,520 Speaker 2: non franchise business is harder, probably more lucrative, buying a 36 00:02:04,600 --> 00:02:07,640 Speaker 2: franchise is a little bit less difficult, probably a little 37 00:02:07,640 --> 00:02:10,280 Speaker 2: bit less lucrative on average, and then real estate and 38 00:02:10,280 --> 00:02:12,480 Speaker 2: other investments will probably fall in a bucket that's a 39 00:02:12,520 --> 00:02:14,560 Speaker 2: little bit less lucrative and a little bit less risky 40 00:02:14,600 --> 00:02:17,600 Speaker 2: than that. So it just depends, It depends on your 41 00:02:17,639 --> 00:02:20,600 Speaker 2: risk appetite. So here's the thing. When you buy a franchise, 42 00:02:20,639 --> 00:02:23,640 Speaker 2: you get the FDD and you get help from the mothership. 43 00:02:23,720 --> 00:02:26,400 Speaker 2: So you kind of have like a training wheel scenario, right, 44 00:02:26,480 --> 00:02:28,800 Speaker 2: you kind of get a walk into it and learn. 45 00:02:29,240 --> 00:02:32,720 Speaker 2: But here's the thing with a non franchise business. The 46 00:02:32,760 --> 00:02:35,480 Speaker 2: owner of that business, the employees of that business, and 47 00:02:35,520 --> 00:02:37,680 Speaker 2: all the study you do about that business before you 48 00:02:37,760 --> 00:02:40,640 Speaker 2: buy it and be close to that same manual if 49 00:02:40,680 --> 00:02:42,240 Speaker 2: you play your cards ro cool. 50 00:02:42,480 --> 00:02:45,119 Speaker 1: Before we get deeper to the interview Elied Holland, let's 51 00:02:45,160 --> 00:02:47,520 Speaker 1: get a background on you to make sure you're an expert. 52 00:02:47,720 --> 00:02:50,520 Speaker 1: Tell us about your educational background and your journey. 53 00:02:51,200 --> 00:02:53,720 Speaker 2: Yeah, I'm a kid from rann Arbor. In fact, both 54 00:02:53,760 --> 00:02:56,720 Speaker 2: my parents did similar work as myself, helping black business 55 00:02:56,760 --> 00:02:59,960 Speaker 2: owners and Detroit get financing to buy their first businesses. 56 00:03:01,080 --> 00:03:03,760 Speaker 2: I came down to Atlanta. It's in Morehouse College. I 57 00:03:03,800 --> 00:03:06,240 Speaker 2: did the due A degree program with Georgia Tech. I 58 00:03:06,240 --> 00:03:09,320 Speaker 2: did some consulting. After that, I got into Harvard Business School. 59 00:03:09,360 --> 00:03:11,720 Speaker 2: This keep shirt that I have on and then I 60 00:03:11,760 --> 00:03:14,720 Speaker 2: got into the business of buying businesses private equity, so 61 00:03:14,760 --> 00:03:17,800 Speaker 2: I worked on Wall Street doing that. I very quickly 62 00:03:17,880 --> 00:03:20,839 Speaker 2: learned that the game of buying businesses was a whole 63 00:03:20,919 --> 00:03:24,400 Speaker 2: lot better you owned the equity, and so I spun 64 00:03:24,440 --> 00:03:26,440 Speaker 2: out of the private equity company I was working for, 65 00:03:27,040 --> 00:03:30,560 Speaker 2: convinced a mentor to help work with me to buy 66 00:03:30,600 --> 00:03:33,560 Speaker 2: businesses under the name elsewhereth Partners. So we bought three 67 00:03:33,560 --> 00:03:37,560 Speaker 2: companies into that business, and then when he effectively retired, 68 00:03:37,560 --> 00:03:39,880 Speaker 2: I spun out and went out and tried to buy 69 00:03:39,960 --> 00:03:43,400 Speaker 2: businesses myself. I was a bit earlier Sean, so I 70 00:03:43,440 --> 00:03:46,680 Speaker 2: was in twenty fifteen. The market wasn't as frothy as 71 00:03:46,680 --> 00:03:50,400 Speaker 2: it is now, and so I kind of tipped and 72 00:03:51,040 --> 00:03:53,680 Speaker 2: fell and bumped my head. So I had to take 73 00:03:53,680 --> 00:03:57,600 Speaker 2: a year off of twenty seventeen, and because we're talking 74 00:03:57,640 --> 00:03:59,120 Speaker 2: to my audience, I had to move back in with 75 00:03:59,120 --> 00:04:02,640 Speaker 2: my mom six seven years after Harvard Business School. And 76 00:04:02,680 --> 00:04:04,720 Speaker 2: I looked at these unique skills I had about buying 77 00:04:04,720 --> 00:04:07,000 Speaker 2: a business, and how can I both help people and 78 00:04:07,040 --> 00:04:10,800 Speaker 2: monetize those skills. And the solution was Guardian due Diligence, 79 00:04:11,320 --> 00:04:13,880 Speaker 2: a way for people to find businesses that they want 80 00:04:13,880 --> 00:04:16,599 Speaker 2: to buy, but go through my due diligence services to 81 00:04:16,600 --> 00:04:18,760 Speaker 2: make sure they're not a limit. Because you can't take 82 00:04:18,760 --> 00:04:21,000 Speaker 2: them back, just like the used car lot. And so 83 00:04:21,040 --> 00:04:24,000 Speaker 2: I started guarding due diligence at twenty eighteen, and then 84 00:04:24,080 --> 00:04:27,480 Speaker 2: last year I launched a masterclass around helping people who 85 00:04:27,560 --> 00:04:30,039 Speaker 2: are just thinking about should I buy a business and 86 00:04:30,120 --> 00:04:34,240 Speaker 2: moving them educational wise until they're ready to pursue acquisition 87 00:04:34,480 --> 00:04:36,600 Speaker 2: all the way through to closing the deal. And so 88 00:04:36,640 --> 00:04:38,080 Speaker 2: that's a quick synopsis to media. 89 00:04:38,080 --> 00:04:40,000 Speaker 1: It's a good one, a very good one, because the 90 00:04:40,040 --> 00:04:42,880 Speaker 1: journey is important because you're about to tell us how 91 00:04:42,920 --> 00:04:43,839 Speaker 1: we could make money. 92 00:04:44,480 --> 00:04:48,080 Speaker 2: In the simplest foreign businesses are priced at a multiple 93 00:04:48,120 --> 00:04:51,080 Speaker 2: of cash flow. Let's do the easy thing. So four 94 00:04:51,120 --> 00:04:53,960 Speaker 2: times cash flow for small businesses is about it. What 95 00:04:54,000 --> 00:04:56,839 Speaker 2: does that mean for a business that has profit, so 96 00:04:56,960 --> 00:04:59,960 Speaker 2: revenue minus costs of two hundred and fifty thousand dollars, 97 00:05:00,120 --> 00:05:02,359 Speaker 2: or we call it a quarter million dollars, the price 98 00:05:02,400 --> 00:05:05,440 Speaker 2: will be about a million dollars to purchase that asset. 99 00:05:05,920 --> 00:05:08,160 Speaker 2: And the world that I live in, there is an 100 00:05:08,279 --> 00:05:11,520 Speaker 2: SBA seven a loan that will give you ninety to 101 00:05:11,640 --> 00:05:14,720 Speaker 2: ninety five percent of the money you need to buy 102 00:05:14,760 --> 00:05:17,040 Speaker 2: the business. That's as soon you get lucky, and it's 103 00:05:17,040 --> 00:05:20,040 Speaker 2: the ninety five percent rever scenario. What that means is, 104 00:05:20,480 --> 00:05:24,119 Speaker 2: with fifty thousand dollars, you can buy a million dollar 105 00:05:24,200 --> 00:05:27,600 Speaker 2: business that is throwing off a quarter million dollars of 106 00:05:27,680 --> 00:05:31,640 Speaker 2: profit a year. If you spend four to five years 107 00:05:31,680 --> 00:05:34,680 Speaker 2: paying off that debt, you will take your fifty thousand 108 00:05:34,760 --> 00:05:37,719 Speaker 2: dollars and make a million dollars. That is a twenty 109 00:05:37,760 --> 00:05:40,560 Speaker 2: extra turn if you can only get ten percent leverage. Now, 110 00:05:40,560 --> 00:05:42,840 Speaker 2: people who buy houses recognize the bank's going to tell 111 00:05:42,880 --> 00:05:45,320 Speaker 2: you how much you turn your one hundred thousand dollars 112 00:05:45,760 --> 00:05:48,680 Speaker 2: into a million. That's why I'm here talking to you today. 113 00:05:49,560 --> 00:05:51,880 Speaker 1: My buy the business may be smarter than starting one 114 00:05:51,880 --> 00:05:52,800 Speaker 1: from scratch. 115 00:05:52,520 --> 00:05:56,240 Speaker 2: Down the percentage of success. So you're talking to you 116 00:05:56,320 --> 00:06:00,080 Speaker 2: a four or five time failed startup. Dude, try a 117 00:06:00,080 --> 00:06:02,159 Speaker 2: whole bunch of stuff that didn't work. If you think 118 00:06:02,160 --> 00:06:05,240 Speaker 2: about it, ninety something percent of startups don't work. Now, 119 00:06:05,279 --> 00:06:08,720 Speaker 2: you should cut your teeth on a startup because it's 120 00:06:08,760 --> 00:06:12,279 Speaker 2: low investment. This shouldn't be the first thing you do entrepreneurially. However, 121 00:06:13,000 --> 00:06:14,680 Speaker 2: if you have your teeth, then you kind of have 122 00:06:14,839 --> 00:06:18,960 Speaker 2: you done some stuff. Businesses that I look at that 123 00:06:19,000 --> 00:06:23,000 Speaker 2: have been around for five ten years have employees they 124 00:06:23,480 --> 00:06:27,560 Speaker 2: stick around with the ninety percent dance of probability. The 125 00:06:27,640 --> 00:06:30,080 Speaker 2: loans that I'm talking about, the SBA seven a loan 126 00:06:30,160 --> 00:06:33,000 Speaker 2: has a default rate under five percent. So if you 127 00:06:33,040 --> 00:06:34,719 Speaker 2: wanted to go to Vegas and I told you the 128 00:06:34,720 --> 00:06:37,080 Speaker 2: crap table had a ninety five percent chance of success 129 00:06:37,080 --> 00:06:40,520 Speaker 2: for Sean, and I think you bet. I'm not saying 130 00:06:40,560 --> 00:06:42,400 Speaker 2: it's full proof, but I'm saying it's a bet worthy 131 00:06:42,400 --> 00:06:43,120 Speaker 2: of consideration. 132 00:06:43,720 --> 00:06:46,680 Speaker 1: Absolutely. I'm talking Elliott Holling that he's the managing part 133 00:06:46,800 --> 00:06:50,719 Speaker 1: of Guardian Due Diligence, a boutique financial firm focused on 134 00:06:50,839 --> 00:06:54,120 Speaker 1: helping every day entrepreneurs or people like you who are 135 00:06:54,120 --> 00:06:57,800 Speaker 1: listening want to change your life financially to confidently acquire 136 00:06:57,880 --> 00:07:02,200 Speaker 1: profitable small business conversations. Not you see something, We're gonna 137 00:07:02,240 --> 00:07:04,360 Speaker 1: just dump you off into a business and you're gonna 138 00:07:04,360 --> 00:07:06,919 Speaker 1: make a miracle return out of it. He's talking about 139 00:07:06,960 --> 00:07:10,120 Speaker 1: profitable small businesses. Now, what I keep doing in this 140 00:07:10,200 --> 00:07:13,480 Speaker 1: conversation is I'm just a guy who's seen homes all 141 00:07:13,480 --> 00:07:16,600 Speaker 1: my life. I drive out, I see it for sale sign, 142 00:07:17,040 --> 00:07:19,240 Speaker 1: so I go, oh oh, I can go on Zillo, 143 00:07:20,040 --> 00:07:22,440 Speaker 1: Nikked Telby. But in this zip code, they tell me 144 00:07:22,480 --> 00:07:26,360 Speaker 1: all all do comps? Now, how do I find out 145 00:07:26,400 --> 00:07:28,120 Speaker 1: what businesses are for sale? 146 00:07:28,160 --> 00:07:30,560 Speaker 2: Elliott Rashan, I feel like I might have paid you. 147 00:07:30,640 --> 00:07:34,200 Speaker 2: What a perfect question. So the zillo in my world 148 00:07:34,360 --> 00:07:36,840 Speaker 2: is called biz by sale. I call it the McDonald's 149 00:07:36,840 --> 00:07:38,760 Speaker 2: are buying the business. It might not be the best 150 00:07:38,760 --> 00:07:41,600 Speaker 2: burden you ever had, but you probably started there. So 151 00:07:41,640 --> 00:07:44,720 Speaker 2: you go to busbuy sale dot com and there are 152 00:07:45,200 --> 00:07:48,520 Speaker 2: hundreds of thousands of businesses for sale, each represented by 153 00:07:48,560 --> 00:07:51,720 Speaker 2: a broker, a business broker, and you can say, hey, 154 00:07:51,760 --> 00:07:54,080 Speaker 2: I like this one here, I'm gonna send it lie 155 00:07:54,040 --> 00:07:56,440 Speaker 2: information to the broker. I'd like to find out more 156 00:07:56,480 --> 00:07:59,160 Speaker 2: about this. They will send you a non disclosure agreement 157 00:07:59,320 --> 00:08:01,200 Speaker 2: and then you get the package on the business. And 158 00:08:01,240 --> 00:08:03,080 Speaker 2: so it's not all that different. You just go to 159 00:08:03,160 --> 00:08:04,560 Speaker 2: a different place to get the information. 160 00:08:05,400 --> 00:08:09,600 Speaker 1: So look at it, Rashon McDonald just say, I'm just 161 00:08:09,640 --> 00:08:12,520 Speaker 1: gonna throw all it down. I got maybe fifty thousand dollars. 162 00:08:12,520 --> 00:08:15,440 Speaker 1: Can I do anything with fifty thousand dollars? In the 163 00:08:15,520 --> 00:08:18,640 Speaker 1: conversation of Alan hap it with you, Elliott Hollom. 164 00:08:18,840 --> 00:08:21,960 Speaker 2: Absolutely, you can go buy a million dollar business. You 165 00:08:22,000 --> 00:08:26,040 Speaker 2: can go find a manufacturing business off a fault Induster 166 00:08:26,280 --> 00:08:30,080 Speaker 2: or down in in East Lake or wherever in Alpharetta 167 00:08:30,520 --> 00:08:33,440 Speaker 2: that's doing a quarter million dollars a profit and you 168 00:08:33,440 --> 00:08:35,640 Speaker 2: can go put an offer in to buy that business 169 00:08:35,679 --> 00:08:38,800 Speaker 2: with your fifty thousand dollars. And here's the nice thing, Rashaan, 170 00:08:39,240 --> 00:08:42,160 Speaker 2: This ain't you going to get financing from some special 171 00:08:42,240 --> 00:08:45,280 Speaker 2: bank in New York? Uh huh? The SBA seven A 172 00:08:45,440 --> 00:08:47,880 Speaker 2: program is a bank is a program that any bank 173 00:08:48,080 --> 00:08:50,720 Speaker 2: on your block, the one you already banked with, can 174 00:08:50,800 --> 00:08:53,360 Speaker 2: work with and work with you to get. Meaning that 175 00:08:53,840 --> 00:08:56,760 Speaker 2: the closest bank to your house is the exact bank 176 00:08:56,760 --> 00:08:59,480 Speaker 2: you can go use to make this transaction happen. This 177 00:08:59,600 --> 00:09:01,800 Speaker 2: is not or the high falut folcus for everybody. 178 00:09:03,120 --> 00:09:06,000 Speaker 1: What would you say will be a safe business to 179 00:09:06,120 --> 00:09:10,080 Speaker 1: try to buy for a person who will not go 180 00:09:10,160 --> 00:09:13,000 Speaker 1: in and do any of the work. That's me? How 181 00:09:13,040 --> 00:09:15,360 Speaker 1: does that sound to you? And how do you walk 182 00:09:15,400 --> 00:09:17,160 Speaker 1: how do you walk me through the steps? 183 00:09:17,720 --> 00:09:21,200 Speaker 2: So you would want a business with contracts? You want 184 00:09:21,200 --> 00:09:25,000 Speaker 2: a business like a like a property management company where 185 00:09:25,000 --> 00:09:27,520 Speaker 2: there's two to three year contracts, where it's a simple 186 00:09:27,559 --> 00:09:31,360 Speaker 2: office where they're doing the simple maintenance grass cutting on 187 00:09:31,440 --> 00:09:33,840 Speaker 2: a whole bunch of houses. People who are rented houses. 188 00:09:34,200 --> 00:09:35,880 Speaker 2: You already said you know a real estate a bits, 189 00:09:35,880 --> 00:09:38,840 Speaker 2: so this is a real estate business, but it's a business, 190 00:09:39,240 --> 00:09:41,520 Speaker 2: and so that would be a good one. Any businesses 191 00:09:41,520 --> 00:09:45,400 Speaker 2: with contracts digital marketing company sometimes have long term contracts, 192 00:09:45,720 --> 00:09:48,640 Speaker 2: some other service businesses. But what you want is both 193 00:09:48,640 --> 00:09:51,600 Speaker 2: the business with contracts for seine and one where there's 194 00:09:51,640 --> 00:09:54,480 Speaker 2: somebody in the business is probably not the owner who's 195 00:09:54,520 --> 00:09:56,760 Speaker 2: like a number two who's ready to step up into 196 00:09:56,840 --> 00:09:58,920 Speaker 2: the owner seat or not the owner seat, but the 197 00:09:58,920 --> 00:10:02,280 Speaker 2: president's CEOC and they don't have the money or the 198 00:10:02,360 --> 00:10:04,720 Speaker 2: interest to take all the risks you do that, but 199 00:10:04,760 --> 00:10:06,840 Speaker 2: they have the skills and knowledge to run the business. 200 00:10:06,840 --> 00:10:09,400 Speaker 2: And basically you'd work with that person to execute the 201 00:10:09,440 --> 00:10:11,439 Speaker 2: transaction in the way where you wouldn't have to go running. 202 00:10:12,200 --> 00:10:15,120 Speaker 1: I'm talking to Elliott Holland now. When you submitted your 203 00:10:15,120 --> 00:10:18,800 Speaker 1: information to me for this interview, Elliott, your business title 204 00:10:19,080 --> 00:10:21,040 Speaker 1: was chief deal closer. 205 00:10:21,360 --> 00:10:22,920 Speaker 2: That's right, that's right. 206 00:10:23,040 --> 00:10:23,720 Speaker 1: What does that mean? 207 00:10:24,200 --> 00:10:25,480 Speaker 2: I'm the chief deal closer? 208 00:10:25,520 --> 00:10:25,679 Speaker 3: Why? 209 00:10:25,720 --> 00:10:29,000 Speaker 2: Because I'm working week to week for hours to help 210 00:10:29,000 --> 00:10:31,560 Speaker 2: people get through the process, and so I'm the chief 211 00:10:31,559 --> 00:10:33,400 Speaker 2: deal closer. That's what I'm doing in that business. 212 00:10:33,520 --> 00:10:36,160 Speaker 1: Let's talk about this masterclass. What is it exactly? 213 00:10:37,559 --> 00:10:39,360 Speaker 2: It is a way for you to not have to 214 00:10:39,360 --> 00:10:41,040 Speaker 2: go through all the hardships I had to go to 215 00:10:41,679 --> 00:10:45,840 Speaker 2: to learn how to buy a business in a streamlined 216 00:10:45,880 --> 00:10:48,440 Speaker 2: way with the person that's available online, so you don't 217 00:10:48,480 --> 00:10:50,360 Speaker 2: have to go to this fancy place to leave your city. 218 00:10:50,400 --> 00:10:54,760 Speaker 2: We do all the classes online, but it is essentially 219 00:10:54,840 --> 00:10:57,560 Speaker 2: most people wake up one day, like you said, I 220 00:10:57,600 --> 00:11:00,240 Speaker 2: used to buying houses. I'm looking at stocks. I heard 221 00:11:00,280 --> 00:11:03,440 Speaker 2: this thing about buying buying a company. Maybe I want 222 00:11:03,480 --> 00:11:05,840 Speaker 2: to do that. But the thing is, there's not any 223 00:11:05,960 --> 00:11:08,840 Speaker 2: schools for that. You can't just go downtown in your 224 00:11:08,880 --> 00:11:10,840 Speaker 2: city and figure out how to do it. I have 225 00:11:10,840 --> 00:11:12,880 Speaker 2: a class to help walk you through. I just got 226 00:11:12,880 --> 00:11:15,840 Speaker 2: interested in the process, so I know what I'm doing. 227 00:11:15,960 --> 00:11:18,600 Speaker 2: So here's examples of how to get it done. And 228 00:11:18,640 --> 00:11:21,240 Speaker 2: then and I'm weekly one on ones. Hey, Elliott, I 229 00:11:21,280 --> 00:11:23,559 Speaker 2: looked at these four deals. I have these three issues, 230 00:11:23,640 --> 00:11:25,800 Speaker 2: these three things I need to figure out. We're going 231 00:11:25,880 --> 00:11:27,840 Speaker 2: to talk through each one of those things one on one, 232 00:11:27,960 --> 00:11:29,800 Speaker 2: so that by the time we go through six months 233 00:11:29,800 --> 00:11:32,400 Speaker 2: of one on ones, it's likely you're going to have 234 00:11:32,440 --> 00:11:34,920 Speaker 2: a deal closed. And that's way quicker than twelve to 235 00:11:35,000 --> 00:11:37,160 Speaker 2: eighteen months it takes most people to get their first 236 00:11:37,160 --> 00:11:37,640 Speaker 2: deal done. 237 00:11:38,240 --> 00:11:42,240 Speaker 1: Now that that's important to have that whole process. Now, 238 00:11:42,360 --> 00:11:44,840 Speaker 1: what does your team look like? Are you a team 239 00:11:44,880 --> 00:11:45,760 Speaker 1: of one, Elliott? 240 00:11:46,480 --> 00:11:49,760 Speaker 2: No, I'm a team of ten. So the weekly one 241 00:11:49,800 --> 00:11:51,840 Speaker 2: on ones are me because you need somebody that has 242 00:11:51,880 --> 00:11:55,160 Speaker 2: all the knowledge. Now, people like that doesn't scale. I'm 243 00:11:55,160 --> 00:11:57,400 Speaker 2: not trying to create the world's biggest company. I'm trying 244 00:11:57,440 --> 00:12:00,600 Speaker 2: to create the world's best at this specific thing, working 245 00:12:00,640 --> 00:12:03,280 Speaker 2: one on one. I have accountants on my team. I 246 00:12:03,320 --> 00:12:05,800 Speaker 2: have consulting on my team. I have people in the 247 00:12:05,840 --> 00:12:08,400 Speaker 2: industry to do all the ad hoc stuff that's around 248 00:12:08,440 --> 00:12:11,000 Speaker 2: the core business acquisition that are on my team. So 249 00:12:11,040 --> 00:12:13,040 Speaker 2: we have the full list of people you need to 250 00:12:13,080 --> 00:12:15,600 Speaker 2: get this done. I'm just the main person helping you. 251 00:12:16,920 --> 00:12:20,520 Speaker 1: I got to have my house in order in order 252 00:12:20,600 --> 00:12:24,960 Speaker 1: to look at this opportunity. So, Elliott, what do I 253 00:12:25,040 --> 00:12:28,680 Speaker 1: have to look like before I even step up. I 254 00:12:28,720 --> 00:12:30,920 Speaker 1: might have fifty dollars dollars, but that doesn't mean that 255 00:12:31,320 --> 00:12:33,680 Speaker 1: I should be giving it out because I don't have 256 00:12:33,720 --> 00:12:37,679 Speaker 1: the tools to be able to maintain even I might 257 00:12:37,880 --> 00:12:40,000 Speaker 1: cause that company of the clothes because they don't have 258 00:12:40,040 --> 00:12:43,120 Speaker 1: my act together. So talk to me about Rashawn McDonald 259 00:12:43,559 --> 00:12:46,640 Speaker 1: and what he has to have straight in order to 260 00:12:46,679 --> 00:12:48,199 Speaker 1: participate in his business. 261 00:12:48,520 --> 00:12:50,680 Speaker 2: So the number one thing you have to have is 262 00:12:50,720 --> 00:12:54,920 Speaker 2: the time to go spend three to nine months looking 263 00:12:54,960 --> 00:12:58,000 Speaker 2: for a business to buy. Here's why, Rashan. If you 264 00:12:58,040 --> 00:13:01,640 Speaker 2: find it Beyonce of deals, the Michael Jackson of deals, 265 00:13:02,040 --> 00:13:04,960 Speaker 2: you will find investors for that business. I guarantee it. 266 00:13:05,000 --> 00:13:06,600 Speaker 2: And if you can't find them, when your deal is 267 00:13:06,600 --> 00:13:08,200 Speaker 2: that good, come talk to me and I'll help you 268 00:13:08,240 --> 00:13:11,040 Speaker 2: find them. So the number one thing is go find 269 00:13:11,040 --> 00:13:14,760 Speaker 2: a knockout amazing deal. Then I would say you don't 270 00:13:14,800 --> 00:13:17,920 Speaker 2: need fifty thousand dollars because there's an infinite amount of 271 00:13:17,920 --> 00:13:20,880 Speaker 2: investors that want to invest in good deals. You need 272 00:13:20,920 --> 00:13:23,640 Speaker 2: to have a little bit, have a little ten thousand 273 00:13:23,679 --> 00:13:26,400 Speaker 2: dollars in the bank, something borrow some get some from 274 00:13:26,400 --> 00:13:29,160 Speaker 2: a friend. Right, need to have your credit house and order. 275 00:13:29,280 --> 00:13:31,640 Speaker 2: You cannot get that without having your credit house and order. 276 00:13:31,880 --> 00:13:33,400 Speaker 2: It doesn't have to be the greatest in the world, 277 00:13:33,440 --> 00:13:36,080 Speaker 2: but it can't be the worst. And you need to 278 00:13:36,160 --> 00:13:40,400 Speaker 2: have your entrepreneurial chops. This is a process like a 279 00:13:40,440 --> 00:13:42,360 Speaker 2: sales process. Where you're gonna have to get used to 280 00:13:42,400 --> 00:13:45,959 Speaker 2: a lot of no's, a lot of wonkiness. Business brokers 281 00:13:45,960 --> 00:13:48,240 Speaker 2: can be a pain in the buck. Sellers can be crazy. 282 00:13:48,559 --> 00:13:50,760 Speaker 2: And so if you want to feel good every single 283 00:13:50,840 --> 00:13:52,800 Speaker 2: day with the work that you did in the business 284 00:13:52,800 --> 00:13:55,880 Speaker 2: buying acquisition process, that's not this. This is how to 285 00:13:55,920 --> 00:13:58,200 Speaker 2: get rich, but you gotta be willing to take some punches. 286 00:13:58,920 --> 00:14:02,120 Speaker 3: Please don't go anywhere. We'll be right back with more 287 00:14:02,160 --> 00:14:09,760 Speaker 3: Money Making Conversations Masterclass. Welcome back to the Money Making 288 00:14:09,800 --> 00:14:13,000 Speaker 3: Conversations Masterclass hosted by Rashaan McDonald. 289 00:14:13,720 --> 00:14:17,000 Speaker 1: I used Rashan McDonald's a exam as an exam. Do 290 00:14:17,120 --> 00:14:20,080 Speaker 1: you have any other examples? Lead to a couple that 291 00:14:20,160 --> 00:14:23,120 Speaker 1: can look to both of them different that you can 292 00:14:23,200 --> 00:14:27,040 Speaker 1: show how they've come into your business format. Participate in 293 00:14:27,040 --> 00:14:29,760 Speaker 1: your master class and this is the results of that. 294 00:14:30,640 --> 00:14:33,840 Speaker 2: Sure, So Clinton townsend another more house grad. I helped 295 00:14:33,880 --> 00:14:38,280 Speaker 2: him buy a manufacturing business in New York earlier this year, 296 00:14:38,760 --> 00:14:41,480 Speaker 2: and so Clinton came in. He was interested in buying businesses. 297 00:14:41,480 --> 00:14:43,680 Speaker 2: He had done some research, but he got into the 298 00:14:43,680 --> 00:14:45,880 Speaker 2: process and he was having some issues with the financing 299 00:14:45,920 --> 00:14:48,640 Speaker 2: piece and some issues with due diligence he used us 300 00:14:48,640 --> 00:14:50,960 Speaker 2: for due diligence, and then during the financing piece we 301 00:14:51,040 --> 00:14:53,880 Speaker 2: kind of helped coaching through some of those nuanced things 302 00:14:53,880 --> 00:14:56,240 Speaker 2: that banks can do to try to stumble you up 303 00:14:56,480 --> 00:14:58,400 Speaker 2: and not give you the money. And we pushed through 304 00:14:58,840 --> 00:15:01,920 Speaker 2: and now use the proud owner manufacturing business and he's 305 00:15:01,960 --> 00:15:05,280 Speaker 2: looking to buy more. I'll tell you another. So there 306 00:15:05,360 --> 00:15:11,040 Speaker 2: was a Lucas Phillips bought a automotive after parts manufacturing 307 00:15:11,040 --> 00:15:14,360 Speaker 2: business in Jersey. He was twenty four when he bought 308 00:15:14,360 --> 00:15:17,120 Speaker 2: the business. Young, so you don't have to be old 309 00:15:17,160 --> 00:15:19,600 Speaker 2: with a whole bunch of seasons. He was twenty four 310 00:15:20,040 --> 00:15:24,160 Speaker 2: he bought the business. He had the idea, he had 311 00:15:24,360 --> 00:15:27,880 Speaker 2: some sort of experience with investing, his family had some 312 00:15:27,960 --> 00:15:30,680 Speaker 2: I'm not gonna lie about that. But he needed due diligence, 313 00:15:30,680 --> 00:15:32,520 Speaker 2: so he used us for that. But he also needed 314 00:15:33,040 --> 00:15:35,440 Speaker 2: discretion help withshan So with the house, you can go 315 00:15:35,480 --> 00:15:37,360 Speaker 2: get an appraisal on somebody will tell you what the 316 00:15:37,440 --> 00:15:39,800 Speaker 2: value is. And the small business, a lot of that 317 00:15:39,840 --> 00:15:41,520 Speaker 2: work you have to do yourself. And so he helped 318 00:15:41,600 --> 00:15:44,200 Speaker 2: him get comfortable with the decision he was making to 319 00:15:44,280 --> 00:15:46,920 Speaker 2: make that purchase. And now he's made two or three 320 00:15:47,000 --> 00:15:49,240 Speaker 2: add on purchases. The business is four or five times 321 00:15:49,280 --> 00:15:51,200 Speaker 2: bigger than it was when he bought it, and he's 322 00:15:51,200 --> 00:15:53,400 Speaker 2: doing really well. And I could tell you about a 323 00:15:53,440 --> 00:15:55,480 Speaker 2: sixty year old person that I helped buy a business 324 00:15:55,600 --> 00:15:58,200 Speaker 2: last year, just to give you twenty four to sixty. 325 00:15:58,280 --> 00:15:59,840 Speaker 2: It's the age. 326 00:15:59,720 --> 00:16:02,240 Speaker 1: Range all over, which I like because I always tell 327 00:16:02,280 --> 00:16:04,720 Speaker 1: people on this show, don't allow age to be an 328 00:16:04,760 --> 00:16:07,400 Speaker 1: ex qus to pursue your dreams. So let's hear that 329 00:16:07,520 --> 00:16:10,800 Speaker 1: sixty year old story. Because I let people stop at forty, 330 00:16:10,840 --> 00:16:14,239 Speaker 1: stop at fifty sixty, they try to cheek out retirement. 331 00:16:14,480 --> 00:16:17,360 Speaker 1: I'll tell you, no, live your dream and don't let 332 00:16:17,400 --> 00:16:19,760 Speaker 1: nobody tell you what you can't do. Lit's hear that 333 00:16:19,840 --> 00:16:20,880 Speaker 1: sixty year old story. 334 00:16:21,200 --> 00:16:24,280 Speaker 2: Yeah. So Ed found me through my YouTube channel crazy Enough, 335 00:16:24,400 --> 00:16:26,120 Speaker 2: and he came to me and said, hey, look, Elliott, 336 00:16:26,200 --> 00:16:29,520 Speaker 2: I had two businesses before, and I had a health 337 00:16:29,560 --> 00:16:32,680 Speaker 2: situation that made me put those two businesses down. Now 338 00:16:32,680 --> 00:16:34,400 Speaker 2: I've gotten past the health Scareed, and I want to 339 00:16:34,400 --> 00:16:36,880 Speaker 2: get back in the game. And now I'm buying versus 340 00:16:36,880 --> 00:16:39,640 Speaker 2: building and I need your help. So we walked through 341 00:16:39,760 --> 00:16:43,400 Speaker 2: three different acquisition attempts that he was going through, and 342 00:16:43,560 --> 00:16:46,920 Speaker 2: the best one was a manufacturing company in Kentucky, So 343 00:16:47,240 --> 00:16:49,360 Speaker 2: we helped him think about how to do it. We 344 00:16:49,440 --> 00:16:51,600 Speaker 2: actually helped him get his team together. He had some 345 00:16:51,640 --> 00:16:53,920 Speaker 2: members on his team that really needed to get out 346 00:16:53,960 --> 00:16:56,120 Speaker 2: of there on the first one. That we got some 347 00:16:56,200 --> 00:16:58,680 Speaker 2: better people in the mix on the second, and we 348 00:16:58,680 --> 00:17:00,920 Speaker 2: were able to get him the confidence from financial due 349 00:17:00,920 --> 00:17:04,119 Speaker 2: diligence perspective. Again, a business owner does not make you 350 00:17:04,160 --> 00:17:07,080 Speaker 2: a forensic accountant. We are forensic accountants. We are like 351 00:17:07,200 --> 00:17:09,879 Speaker 2: detectives for numbers. So he gave the comfort that the 352 00:17:09,920 --> 00:17:13,040 Speaker 2: business was making the money that they said it was making. 353 00:17:13,080 --> 00:17:15,480 Speaker 2: He closed that deal, and now we're Sean. I'm working 354 00:17:15,480 --> 00:17:18,160 Speaker 2: on two more deals for him right now. So he's 355 00:17:18,200 --> 00:17:19,359 Speaker 2: not just not doing this. 356 00:17:19,440 --> 00:17:22,680 Speaker 1: Man's going for it, which I love because all deals 357 00:17:22,680 --> 00:17:23,720 Speaker 1: are like good deals. 358 00:17:23,960 --> 00:17:24,400 Speaker 2: That's right. 359 00:17:24,440 --> 00:17:28,120 Speaker 1: So I come to you is what is a bad 360 00:17:28,200 --> 00:17:30,640 Speaker 1: deal in how the spot won before is two date before. 361 00:17:31,280 --> 00:17:33,119 Speaker 2: The easiest way is that people won't let you look 362 00:17:33,160 --> 00:17:34,560 Speaker 2: at the books. So they wanted to look at the 363 00:17:34,560 --> 00:17:38,400 Speaker 2: books in two seconds. Wow, So my books are good, 364 00:17:38,480 --> 00:17:41,280 Speaker 2: you can look at them forever, Rashan, because I know 365 00:17:41,359 --> 00:17:43,800 Speaker 2: they're solid. Right, if my car is good, you can 366 00:17:43,840 --> 00:17:46,480 Speaker 2: take it to whatever mechanic you got. But if my 367 00:17:46,680 --> 00:17:49,040 Speaker 2: business on my car is junk, no, no, no, man, 368 00:17:49,119 --> 00:17:50,560 Speaker 2: we're not taking off a lot. Got to make a 369 00:17:50,600 --> 00:17:54,359 Speaker 2: deal here. That's the first sign. The second sign is 370 00:17:54,400 --> 00:17:58,280 Speaker 2: a lot of people will mask terrible financials with a 371 00:17:58,280 --> 00:18:03,920 Speaker 2: one time situation, or we just don't overspend on financing accounting, 372 00:18:04,359 --> 00:18:06,160 Speaker 2: and just make sure that if you're not the kind 373 00:18:06,200 --> 00:18:08,480 Speaker 2: of person that understands how to look at instead of 374 00:18:08,960 --> 00:18:12,840 Speaker 2: small company messing financial books, you get somebody like myself, 375 00:18:12,960 --> 00:18:15,119 Speaker 2: or there are others to do what's called a quality 376 00:18:15,119 --> 00:18:17,919 Speaker 2: of earnings, which is essentially a mini audit on a 377 00:18:17,920 --> 00:18:20,840 Speaker 2: private business ahead of buying it, so you don't get had. 378 00:18:21,000 --> 00:18:23,600 Speaker 2: Because there's a lot of bad examples of people getting 379 00:18:23,600 --> 00:18:26,120 Speaker 2: in a lot of trouble, almost all of them did 380 00:18:26,119 --> 00:18:27,639 Speaker 2: not do financial diligence. 381 00:18:28,080 --> 00:18:31,119 Speaker 1: You know, hey, I made mistakes to laed. You know, 382 00:18:31,520 --> 00:18:36,080 Speaker 1: we want to pray, we want to hope, we want 383 00:18:36,119 --> 00:18:39,120 Speaker 1: to they wouldn't they look like nice people? 384 00:18:39,560 --> 00:18:40,040 Speaker 2: That's right. 385 00:18:40,920 --> 00:18:43,680 Speaker 1: I've never been played in my life before. Why would 386 00:18:43,720 --> 00:18:44,600 Speaker 1: I get played now? 387 00:18:44,880 --> 00:18:47,160 Speaker 2: That's right? Now we're talking one. 388 00:18:46,960 --> 00:18:49,800 Speaker 1: Thing I know. Once you signed that contract, brother. 389 00:18:50,200 --> 00:18:50,560 Speaker 2: That's it. 390 00:18:50,760 --> 00:18:54,919 Speaker 1: You'll own the hook. That's it, and that's key. Just 391 00:18:54,960 --> 00:18:57,400 Speaker 1: like once you drive that car off that lot, that's 392 00:18:57,440 --> 00:18:57,840 Speaker 1: your car. 393 00:18:58,359 --> 00:18:58,960 Speaker 2: That's your car. 394 00:18:59,240 --> 00:18:59,800 Speaker 1: That's your car. 395 00:19:00,040 --> 00:19:01,920 Speaker 2: That's just your car. And let me tell you something else. 396 00:19:02,320 --> 00:19:05,320 Speaker 2: So I mentioned earlier that a business is valued at 397 00:19:05,320 --> 00:19:08,760 Speaker 2: four times proper plus or minds. So here's the thing. 398 00:19:08,880 --> 00:19:12,840 Speaker 2: If I'm a seller, for every dollar of bogus profit 399 00:19:12,920 --> 00:19:14,880 Speaker 2: that I convince you as in there as I don't 400 00:19:14,880 --> 00:19:18,600 Speaker 2: get one dollar for it, I get four. You know 401 00:19:18,600 --> 00:19:21,040 Speaker 2: how motivated even a reasonable person is to lie in 402 00:19:21,040 --> 00:19:22,160 Speaker 2: that scenario. 403 00:19:22,160 --> 00:19:25,639 Speaker 1: Right right right, especially when they know the truth. 404 00:19:26,440 --> 00:19:27,960 Speaker 2: Yeah, and they know it better than you. 405 00:19:28,440 --> 00:19:31,840 Speaker 1: So you know, like I said, you know the homeowners, 406 00:19:31,880 --> 00:19:35,280 Speaker 1: they are supposed to get an inspected to respect the 407 00:19:35,359 --> 00:19:39,639 Speaker 1: home before you buy the home. Same situation there, You 408 00:19:40,320 --> 00:19:43,080 Speaker 1: bring an account it, you bring your legal team in. 409 00:19:43,640 --> 00:19:47,680 Speaker 1: You do inspect the background, the history. So don't assume 410 00:19:47,920 --> 00:19:50,479 Speaker 1: just because they're nice people, or they wouldn't do that. 411 00:19:50,600 --> 00:19:54,199 Speaker 1: They don't look like those type of people. See the books. 412 00:19:54,320 --> 00:19:56,760 Speaker 1: See the history of the books, not the current history. 413 00:19:57,320 --> 00:20:00,600 Speaker 1: You know, find out why the books went down. You know, 414 00:20:00,720 --> 00:20:04,280 Speaker 1: like you might be buying a descending business. You know, 415 00:20:04,320 --> 00:20:07,000 Speaker 1: it might be profitably, we'd but what was it four 416 00:20:07,080 --> 00:20:09,760 Speaker 1: years ago? What was that number four years ago was it? 417 00:20:10,160 --> 00:20:12,359 Speaker 1: What was the staff, what was the atmosphere, what was 418 00:20:12,400 --> 00:20:15,040 Speaker 1: the community? I always tell people I buy a home, 419 00:20:15,480 --> 00:20:18,600 Speaker 1: I drive in the neighborhood in the morning, in the afternoon, 420 00:20:18,720 --> 00:20:21,520 Speaker 1: late at night, I just sit on the streets sometimes 421 00:20:21,520 --> 00:20:24,240 Speaker 1: just to see, yep, what kind of traffic floor is 422 00:20:24,280 --> 00:20:27,399 Speaker 1: going back? That's what you have to do. That's what 423 00:20:27,440 --> 00:20:29,119 Speaker 1: he's talking about. Due diligence. 424 00:20:29,200 --> 00:20:29,960 Speaker 2: Due diligence. 425 00:20:30,240 --> 00:20:33,399 Speaker 1: Yes, and that's important that I say it, And it 426 00:20:33,440 --> 00:20:36,000 Speaker 1: is coming from an expert, because you're a subject matter expert. 427 00:20:36,040 --> 00:20:39,679 Speaker 1: I'm just a good storyteller and saying that's due diligence. 428 00:20:39,920 --> 00:20:41,439 Speaker 2: So the same thing. You might want to do the 429 00:20:41,440 --> 00:20:43,760 Speaker 2: same thing in the business. So there's the accounting stuff 430 00:20:43,800 --> 00:20:45,879 Speaker 2: that I'm going to help you do. But you may 431 00:20:45,960 --> 00:20:47,600 Speaker 2: want to sit so a lot of sellers can tell 432 00:20:47,600 --> 00:20:50,200 Speaker 2: you all I only spend ten hours in the business 433 00:20:50,280 --> 00:20:52,639 Speaker 2: a week. Well maybe you want to sit out there 434 00:20:52,680 --> 00:20:54,159 Speaker 2: for two or three days and see if they're not 435 00:20:54,200 --> 00:20:56,320 Speaker 2: spending sixty hours in the business each week. 436 00:20:57,200 --> 00:20:59,440 Speaker 1: Wow, elliot, how could we reach you by friend? 437 00:21:00,160 --> 00:21:05,200 Speaker 2: So Guardian due diligence dot com The business buyingmasterclass dot 438 00:21:05,240 --> 00:21:08,800 Speaker 2: com and then search Elliott Holland YouTube. That's my main 439 00:21:08,840 --> 00:21:11,480 Speaker 2: social channel. I've got over three hundred amazing videos to 440 00:21:11,520 --> 00:21:13,240 Speaker 2: coach you and talk you through all of this. Those 441 00:21:13,240 --> 00:21:14,439 Speaker 2: are the best places to findment. 442 00:21:14,680 --> 00:21:17,240 Speaker 1: Well, let's continue talking here because one of the terms 443 00:21:17,240 --> 00:21:20,600 Speaker 1: out here all the time, the big no money down 444 00:21:21,800 --> 00:21:24,639 Speaker 1: oooh with that business blind myth. Talk to me, brother, 445 00:21:24,840 --> 00:21:26,359 Speaker 1: is that true? No money down? 446 00:21:27,119 --> 00:21:30,359 Speaker 2: No, it ain't true. It's like a unicorn, you know, 447 00:21:30,720 --> 00:21:34,080 Speaker 2: with skittles coming out the back. Now now, does it 448 00:21:34,160 --> 00:21:37,640 Speaker 2: occasionally happen on some high hill with the rainbow going 449 00:21:37,720 --> 00:21:40,720 Speaker 2: over it and Jesus preaching on top every once in 450 00:21:40,720 --> 00:21:43,919 Speaker 2: a while, But typically I'm not selling my profitable business 451 00:21:43,920 --> 00:21:46,560 Speaker 2: for no money down. And so here's what I tell you. 452 00:21:46,640 --> 00:21:49,040 Speaker 2: I had a business partner that like no money down deals, 453 00:21:49,040 --> 00:21:51,359 Speaker 2: and I spent several years trying to figure that out. 454 00:21:51,840 --> 00:21:55,920 Speaker 2: I lost. You will lose. The thing is you can 455 00:21:55,960 --> 00:21:58,359 Speaker 2: find one if you have ten times the amount of 456 00:21:58,440 --> 00:22:01,440 Speaker 2: months that you probably have to actually figure it out. 457 00:22:01,440 --> 00:22:03,639 Speaker 2: If you're looking to do this in six to twelve months, 458 00:22:04,240 --> 00:22:07,719 Speaker 2: figure out how to either save the ten percent down, 459 00:22:08,400 --> 00:22:11,679 Speaker 2: get it from other people, talk to anybody in the industry. 460 00:22:11,680 --> 00:22:14,520 Speaker 2: There's plenty of third party investors that love these deals. 461 00:22:14,920 --> 00:22:18,399 Speaker 2: Get ten percent down, ninety percent leverage, just like a house, 462 00:22:19,160 --> 00:22:21,560 Speaker 2: and go get in the driver's seat again. If you 463 00:22:21,680 --> 00:22:24,080 Speaker 2: buy a business for ten percent down and pay off 464 00:22:24,119 --> 00:22:27,760 Speaker 2: the debt ten x your money. Opportunities like that don't 465 00:22:27,800 --> 00:22:29,760 Speaker 2: come for nothing. You got to put a little skin 466 00:22:29,800 --> 00:22:30,240 Speaker 2: in the game. 467 00:22:30,880 --> 00:22:32,840 Speaker 1: Now, know you're based here in Atlanta, but I've been 468 00:22:32,840 --> 00:22:35,480 Speaker 1: here in New York, I've been here in other states. 469 00:22:35,720 --> 00:22:38,600 Speaker 1: How does that work for you? Who exactly am I 470 00:22:38,680 --> 00:22:40,560 Speaker 1: talking to l Elliot Hollam. 471 00:22:41,040 --> 00:22:43,359 Speaker 2: You're talking to a brother from anaver to live twenty 472 00:22:43,440 --> 00:22:47,480 Speaker 2: years in Atlanta, and we do business online. So I 473 00:22:47,520 --> 00:22:50,719 Speaker 2: have clients all across the states. I have some in Europe, 474 00:22:50,760 --> 00:22:53,760 Speaker 2: I have some in North Africa, and I go to 475 00:22:53,800 --> 00:22:56,840 Speaker 2: conferences so you can see me in person. So and 476 00:22:56,840 --> 00:22:58,720 Speaker 2: I'm easy to catch. My email or my phone number 477 00:22:58,760 --> 00:23:01,040 Speaker 2: on the bottom of my website, so I'm not not 478 00:23:01,160 --> 00:23:03,840 Speaker 2: hard to catch, just the regular dude helping people buy 479 00:23:03,880 --> 00:23:04,920 Speaker 2: businesses because. 480 00:23:04,720 --> 00:23:06,840 Speaker 1: I'm just I'm just trying to connect the dodds with 481 00:23:07,080 --> 00:23:10,560 Speaker 1: you know, with the world I know, which is real estate, 482 00:23:10,680 --> 00:23:14,200 Speaker 1: home ownership. Okay, And it sounds that they have restricted 483 00:23:14,280 --> 00:23:17,840 Speaker 1: areas of opportunity. This is where you're supposed to do 484 00:23:17,920 --> 00:23:20,600 Speaker 1: business in this state. This is where you've been licensed. 485 00:23:20,920 --> 00:23:23,440 Speaker 1: Now you're telling me, is it the wild wild West 486 00:23:23,520 --> 00:23:25,960 Speaker 1: out there in the business buying world? 487 00:23:26,160 --> 00:23:29,520 Speaker 2: Yes, but it's also the safe, safe West. So the 488 00:23:29,640 --> 00:23:33,400 Speaker 2: nice thing about finances is that there's only two accounting 489 00:23:33,440 --> 00:23:37,359 Speaker 2: standards in the whole world. There's GAP this US and 490 00:23:37,359 --> 00:23:39,639 Speaker 2: this IFRS. That's the rest of the world. Once you 491 00:23:39,760 --> 00:23:43,080 Speaker 2: understand those two, or once I understood those two, I 492 00:23:43,119 --> 00:23:45,760 Speaker 2: can do deals anywhere in the world where somebody on 493 00:23:45,800 --> 00:23:48,240 Speaker 2: the team speaks English, because the numbers are the numbers. 494 00:23:48,840 --> 00:23:50,800 Speaker 2: So what I tell you is that one of the 495 00:23:50,840 --> 00:23:53,480 Speaker 2: great things about today's world is you don't I don't 496 00:23:53,520 --> 00:23:55,720 Speaker 2: have to be located where the business is. Your lawyer 497 00:23:55,720 --> 00:23:58,040 Speaker 2: doesn't have to be and when you start, you don't 498 00:23:58,080 --> 00:23:59,840 Speaker 2: have to be a lot of the stuff you can 499 00:23:59,840 --> 00:24:02,320 Speaker 2: get remotely. Now, you still want to go drive around 500 00:24:02,359 --> 00:24:04,720 Speaker 2: the business once or trice with Sean, like you said, 501 00:24:04,760 --> 00:24:06,600 Speaker 2: but that doesn't mean you have to live there before 502 00:24:06,640 --> 00:24:07,880 Speaker 2: you start your process. 503 00:24:08,240 --> 00:24:10,439 Speaker 1: Well, you know the whole thing about business. You know, 504 00:24:10,760 --> 00:24:13,119 Speaker 1: first of all, this is an educational conversation for me, 505 00:24:13,800 --> 00:24:16,240 Speaker 1: and I have to be honest with you. I have 506 00:24:16,440 --> 00:24:21,240 Speaker 1: no idea, I have no clue. I did an expert, 507 00:24:21,760 --> 00:24:24,399 Speaker 1: and this is what this conversation is. I've had several 508 00:24:24,400 --> 00:24:28,400 Speaker 1: people on my show who've talked about buying businesses, but 509 00:24:28,560 --> 00:24:32,359 Speaker 1: never at the level of confort that you're talking. And 510 00:24:32,440 --> 00:24:36,360 Speaker 1: I want to go back to you know, see no evil, ill, 511 00:24:36,400 --> 00:24:39,480 Speaker 1: no evil. Your parents did this for a living. How 512 00:24:39,520 --> 00:24:42,760 Speaker 1: did they influence you and do you go to them 513 00:24:42,800 --> 00:24:45,960 Speaker 1: for mentorship, advice or why? How much do they play 514 00:24:45,960 --> 00:24:47,000 Speaker 1: in your life today? Sir? 515 00:24:47,520 --> 00:24:51,120 Speaker 2: Yeah, absolutely so. I tell people I don't have white privilege, 516 00:24:51,160 --> 00:24:54,800 Speaker 2: but I have two professional entrepreneurial parents privilege, and that's 517 00:24:54,840 --> 00:24:57,840 Speaker 2: a big step up. So I knew how business ownership 518 00:24:57,880 --> 00:25:00,560 Speaker 2: looked when I was young. I still talked my mom 519 00:25:02,240 --> 00:25:04,439 Speaker 2: every week about stuff's going on in my business, and 520 00:25:04,440 --> 00:25:06,960 Speaker 2: she can give me advice. I lost my father at fourteen, 521 00:25:07,040 --> 00:25:10,840 Speaker 2: so unfortunately he's not around anymore, at least on this planet. 522 00:25:10,880 --> 00:25:12,919 Speaker 2: But I think a lot of what influences me is 523 00:25:12,960 --> 00:25:15,160 Speaker 2: I knew it was possible, not just for my parents, 524 00:25:15,640 --> 00:25:19,040 Speaker 2: but in Michigan at a lot like Atlanta, there's a 525 00:25:19,080 --> 00:25:22,800 Speaker 2: long legacy of black business ownership of very successful businesses 526 00:25:22,920 --> 00:25:25,600 Speaker 2: at the forefront of all these industries. And so I 527 00:25:25,720 --> 00:25:28,600 Speaker 2: just knew that I came from that claw, and I 528 00:25:29,240 --> 00:25:31,080 Speaker 2: wasn't scared to go try my hand at. 529 00:25:31,040 --> 00:25:35,880 Speaker 1: It now and closing the hair, Why did Elliott Holland 530 00:25:36,800 --> 00:25:39,200 Speaker 1: lead big money to empower first time owners? 531 00:25:40,880 --> 00:25:43,520 Speaker 2: Because people need an on REMP when you don't grow 532 00:25:43,560 --> 00:25:45,960 Speaker 2: up with a silver spoon in your mouth saying hey, 533 00:25:46,080 --> 00:25:47,879 Speaker 2: just go to a fancy Ivy League school and then 534 00:25:47,920 --> 00:25:49,719 Speaker 2: all these things will fall into your player. Just go 535 00:25:49,760 --> 00:25:52,439 Speaker 2: work on Wall Street and everybody, if there's investing that 536 00:25:52,480 --> 00:25:54,879 Speaker 2: ain't gonna work for us. Right, I'm talking to my 537 00:25:55,040 --> 00:25:57,040 Speaker 2: HBCU folks. I'm talking with folks that might not have 538 00:25:57,080 --> 00:25:58,520 Speaker 2: gone to college. I didn't say you need to go 539 00:25:58,520 --> 00:26:01,919 Speaker 2: to college to do this. I'm talking to everyday folks. 540 00:26:01,920 --> 00:26:04,880 Speaker 2: And for me, it ain't all that exciting to help 541 00:26:05,000 --> 00:26:08,240 Speaker 2: rich people get richer, you know, to help everyday people 542 00:26:08,320 --> 00:26:10,440 Speaker 2: get rich. Now, that gets me up out of bed 543 00:26:10,440 --> 00:26:12,359 Speaker 2: every moere and that gets me taking like nine calls 544 00:26:12,400 --> 00:26:15,639 Speaker 2: early running calls. It gets me doing podcasts. So you 545 00:26:15,640 --> 00:26:17,480 Speaker 2: can probably see it in my eyes. This matters to 546 00:26:17,520 --> 00:26:19,439 Speaker 2: me a whole lot more. So forget the money on 547 00:26:19,440 --> 00:26:22,240 Speaker 2: that absolute basis, let me do the work that needs 548 00:26:22,280 --> 00:26:23,640 Speaker 2: to be done just like my parents did. 549 00:26:24,200 --> 00:26:26,960 Speaker 1: Well know again, as we close out, let us know 550 00:26:27,000 --> 00:26:29,200 Speaker 1: how to reach out to your Elert Holland. 551 00:26:29,240 --> 00:26:33,560 Speaker 2: Guardian Due Diligence dot com, the Business Buyingmasterclass dot com, 552 00:26:33,720 --> 00:26:36,200 Speaker 2: and the search Elliott Holland and YouTube that's my main 553 00:26:36,280 --> 00:26:38,919 Speaker 2: social and you'll find me there with over three hundred videos. 554 00:26:39,119 --> 00:26:43,080 Speaker 1: Yeah, Managing partner of Guardian Due Diligence, a boutique financial 555 00:26:43,119 --> 00:26:48,640 Speaker 1: firm focus on helping everyday entrepreneurs are people confidently acquire 556 00:26:48,720 --> 00:26:53,560 Speaker 1: profitable small businesses. But again caveat, you must have the 557 00:26:53,640 --> 00:26:56,640 Speaker 1: time and you must have your act together. Just don't 558 00:26:56,720 --> 00:26:59,200 Speaker 1: jump out that this is not buy the house. You're 559 00:26:59,200 --> 00:27:03,240 Speaker 1: not flipping on home. You flipping employees, you flip for 560 00:27:03,680 --> 00:27:07,639 Speaker 1: a lifestyle, you flipping a community. And so as a 561 00:27:07,680 --> 00:27:10,560 Speaker 1: lot goes into these business decisions that you want to 562 00:27:10,560 --> 00:27:11,919 Speaker 1: bring it to your life. But if you make the 563 00:27:12,000 --> 00:27:15,040 Speaker 1: right decision, like Elliott said, it can be a home 564 00:27:15,119 --> 00:27:17,359 Speaker 1: run not only for you, but create a legacy for 565 00:27:17,440 --> 00:27:20,160 Speaker 1: your family. Elliott Holland, thank you for coming on Money 566 00:27:20,200 --> 00:27:22,080 Speaker 1: Making Conversation Masterclass. 567 00:27:21,640 --> 00:27:23,879 Speaker 2: For God, I thank you cool. 568 00:27:25,240 --> 00:27:28,520 Speaker 1: This has been another edition of Money Making Conversation Masterclass 569 00:27:28,560 --> 00:27:31,720 Speaker 1: posted by me Rushaun McDonald. Thank you to our guests 570 00:27:31,720 --> 00:27:34,240 Speaker 1: on the show today and thank you our listening to 571 00:27:34,280 --> 00:27:36,280 Speaker 1: the audience now. If you want to listen to any 572 00:27:36,320 --> 00:27:38,320 Speaker 1: episode I want to be a guest on the show, 573 00:27:38,600 --> 00:27:43,080 Speaker 1: visit Moneymakingconversations dot com. Our social media handle is money 574 00:27:43,080 --> 00:27:46,359 Speaker 1: Making Conversation. Join us next week and remember to always 575 00:27:46,440 --> 00:27:48,280 Speaker 1: leave with your gifts. Keep winning.