1 00:00:00,160 --> 00:00:02,040 Speaker 1: Built a business that became one of the largest solar 2 00:00:02,040 --> 00:00:05,000 Speaker 1: marketing companies on planet Earth. Right before my fortieth birthday. 3 00:00:05,320 --> 00:00:07,440 Speaker 1: Everything was taken from me. And that wasn't too long ago. 4 00:00:07,440 --> 00:00:11,640 Speaker 1: Those twenty nineteen imagine having to reinvent yourself at forty 5 00:00:12,000 --> 00:00:16,160 Speaker 1: with a wife, two children, lots of expenses. July third, 6 00:00:16,239 --> 00:00:20,120 Speaker 1: twenty nineteen, had my worst day. Fast forward to November 7 00:00:20,200 --> 00:00:22,480 Speaker 1: of twenty twenty. I had my best day. You did 8 00:00:22,600 --> 00:00:25,680 Speaker 1: one million dollars in a matter of about five hours. 9 00:00:26,000 --> 00:00:29,480 Speaker 2: Choose somebody who's maybe sort of down on themselves, they 10 00:00:29,520 --> 00:00:32,520 Speaker 2: find themselves this in a similar situation, or they feel 11 00:00:32,560 --> 00:00:34,919 Speaker 2: like hopeless, maybe in this environment, maybe where you were in. 12 00:00:34,840 --> 00:00:37,080 Speaker 3: Twenty eighteen, Like, what advice would you have for them? 13 00:00:37,159 --> 00:00:39,640 Speaker 1: What are the things in your life that are a liability? 14 00:00:39,720 --> 00:00:42,279 Speaker 1: Is that you're drinking? Is your eating habits? Is your 15 00:00:42,320 --> 00:00:45,760 Speaker 1: sleep pattern? Is it your sedation on Instagram? Netflix? Whatever 16 00:00:45,800 --> 00:00:47,879 Speaker 1: it is? Make a list, but then also make a 17 00:00:47,880 --> 00:00:50,680 Speaker 1: list of your assets, your rolodex. Like, who do you know? 18 00:00:50,920 --> 00:00:52,160 Speaker 1: Who can you call if. 19 00:00:52,040 --> 00:00:53,479 Speaker 2: You want to make enough money where they don't ever 20 00:00:53,520 --> 00:00:55,640 Speaker 2: have to work again? Right, I'm like, well, then why 21 00:00:55,640 --> 00:00:57,080 Speaker 2: do all billionaires still work? 22 00:00:57,240 --> 00:01:00,720 Speaker 1: Right? Because they're contributors. And it's not about not working. 23 00:01:00,880 --> 00:01:02,880 Speaker 2: Yeah, it's about not doing what you hate. 24 00:01:03,080 --> 00:01:05,039 Speaker 3: Right, so great, So don't do that. Don't do what 25 00:01:05,080 --> 00:01:06,200 Speaker 3: you hate. There's a couple of things you can do 26 00:01:06,200 --> 00:01:07,319 Speaker 3: with your business to get the value. 27 00:01:07,440 --> 00:01:09,920 Speaker 2: But also in this competitive environment, you have to make 28 00:01:09,959 --> 00:01:11,720 Speaker 2: it more friendly as well. So what are some of 29 00:01:11,720 --> 00:01:13,000 Speaker 2: the things that a business owner could do? 30 00:01:13,280 --> 00:01:15,520 Speaker 1: What does our business look like when we get back, Like, 31 00:01:15,600 --> 00:01:20,360 Speaker 1: did we create enough infrastructure to have it work without us? 32 00:01:20,680 --> 00:01:23,360 Speaker 1: Or is it so reliant on us that the moment 33 00:01:23,480 --> 00:01:25,240 Speaker 1: we leave the whole thing in close? 34 00:01:27,280 --> 00:01:31,080 Speaker 2: Nick, there's a topic that I've been talking about pretty extensively. 35 00:01:31,120 --> 00:01:32,200 Speaker 2: As a matter of fact, do you go back on 36 00:01:32,240 --> 00:01:33,880 Speaker 2: my channel from the very beginning of this topic that 37 00:01:33,920 --> 00:01:34,800 Speaker 2: I hit over and over. 38 00:01:34,720 --> 00:01:37,160 Speaker 3: And over, and that is a great wealth transfer. 39 00:01:38,000 --> 00:01:40,080 Speaker 2: The reason why I talk about the great wealth transfer 40 00:01:40,120 --> 00:01:42,040 Speaker 2: is because I made a lot of money earlier in 41 00:01:42,120 --> 00:01:45,640 Speaker 2: my career, had a lot of success, some might call 42 00:01:45,640 --> 00:01:48,200 Speaker 2: it luck, multiple businesses that I built up, multiple exits, 43 00:01:48,240 --> 00:01:50,280 Speaker 2: a fortune, five hundred exit, tens of millions of dollars 44 00:01:50,320 --> 00:01:52,160 Speaker 2: in real estate, and when two thousand and eight came 45 00:01:52,200 --> 00:01:54,560 Speaker 2: and the whole great financial crash, happened. I got caught 46 00:01:54,600 --> 00:01:56,280 Speaker 2: up in that like millions of other Americans and. 47 00:01:56,360 --> 00:01:57,400 Speaker 3: Basically got wiped out. 48 00:01:58,480 --> 00:02:01,200 Speaker 2: And I vowed to my wife that never let that 49 00:02:01,280 --> 00:02:02,040 Speaker 2: happen to me again. 50 00:02:02,360 --> 00:02:03,400 Speaker 3: And so I started learning. 51 00:02:03,280 --> 00:02:06,800 Speaker 2: About the financial system, macroeconomics, and I learned a concept 52 00:02:06,840 --> 00:02:08,720 Speaker 2: that money is like energy. 53 00:02:08,919 --> 00:02:11,919 Speaker 3: It can't be created or destroyed. It just gets transferred. 54 00:02:12,000 --> 00:02:14,640 Speaker 2: And so when I lost my wealth, someone else got it. 55 00:02:14,800 --> 00:02:17,760 Speaker 3: I didn't like that. And so I've spent the last. 56 00:02:17,520 --> 00:02:20,240 Speaker 2: Whatever twelve fourteen years studying these wealth transfers. And they 57 00:02:20,280 --> 00:02:24,560 Speaker 2: happened at times of economic termoil like the ree financial crash, 58 00:02:24,560 --> 00:02:28,640 Speaker 2: they happen under like new technological revolutions, but they also 59 00:02:28,800 --> 00:02:34,000 Speaker 2: happened through demographics as well. And there's a big wealth 60 00:02:34,080 --> 00:02:37,000 Speaker 2: transfer that about to happen. I know you're sort of 61 00:02:37,000 --> 00:02:41,639 Speaker 2: at the forefront of this about twelve million baby boomers, 62 00:02:41,680 --> 00:02:43,560 Speaker 2: I believe. Correct me if I'm wrong about twelve million 63 00:02:43,560 --> 00:02:47,400 Speaker 2: baby boomers own businesses that will either be shut down 64 00:02:47,520 --> 00:02:50,160 Speaker 2: or transferred in the next decade or so. 65 00:02:50,360 --> 00:02:53,600 Speaker 1: Correct. Yeah, And you're not wrong about the first topic, 66 00:02:53,600 --> 00:02:56,920 Speaker 1: which is money, like we call it currency, and the 67 00:02:57,080 --> 00:03:00,919 Speaker 1: root of word of currency is current, so it's constantly flowing. 68 00:03:00,960 --> 00:03:02,760 Speaker 1: It's just a current. So you hear a lot of 69 00:03:02,760 --> 00:03:05,200 Speaker 1: people all the time. I hear entrepreneurs say I need 70 00:03:05,200 --> 00:03:07,360 Speaker 1: to make more money. I'm like, make more money. They 71 00:03:07,400 --> 00:03:08,840 Speaker 1: give you baking a cake. What do you mean you 72 00:03:08,880 --> 00:03:10,919 Speaker 1: mean to make more money? You had a printing press 73 00:03:10,919 --> 00:03:14,320 Speaker 1: in your basement. I don't know about it's that to 74 00:03:14,400 --> 00:03:18,000 Speaker 1: your point, money doesn't disappear. It merely transfers hands. And 75 00:03:18,040 --> 00:03:22,720 Speaker 1: it's this current that keeps flowing continuously. And actually, with 76 00:03:22,919 --> 00:03:26,240 Speaker 1: you study laws of inertia, it keeps growing and growing 77 00:03:26,320 --> 00:03:28,359 Speaker 1: and growing and growing. This is why we're seeing trillion 78 00:03:28,400 --> 00:03:32,839 Speaker 1: dollars valuations. And so right now the baby boomers are 79 00:03:33,080 --> 00:03:37,280 Speaker 1: they've they've accumulated the largest amount of wealth in human history, 80 00:03:37,600 --> 00:03:41,040 Speaker 1: and ten thousand of them a day are retiring. Well, 81 00:03:41,080 --> 00:03:45,119 Speaker 1: where's that money gonna go? That money's going to transfer before. 82 00:03:44,840 --> 00:03:48,600 Speaker 2: You dive into that. That's great. I love that currency. 83 00:03:48,640 --> 00:03:50,320 Speaker 2: And the reason why I've studied this is like I said, 84 00:03:50,320 --> 00:03:51,680 Speaker 2: when I lost my money, someone else got that. 85 00:03:51,760 --> 00:03:52,200 Speaker 3: In't like that. 86 00:03:52,240 --> 00:03:54,440 Speaker 2: But I decided if I could figure this out, I 87 00:03:54,480 --> 00:03:57,000 Speaker 2: could be on the receiving end one hundred of and 88 00:03:57,080 --> 00:03:59,720 Speaker 2: so like, instead of there's a quote often say that 89 00:04:00,120 --> 00:04:02,960 Speaker 2: poor people think that the game is rigged against them, 90 00:04:03,280 --> 00:04:05,120 Speaker 2: and rich people recognize the game is rigged and they 91 00:04:05,160 --> 00:04:05,560 Speaker 2: just learn how. 92 00:04:05,520 --> 00:04:05,840 Speaker 3: To play it. 93 00:04:05,840 --> 00:04:08,600 Speaker 2: So it's like, rather than like this happened to me, 94 00:04:08,920 --> 00:04:10,720 Speaker 2: it happened for me. I learned something. How can I 95 00:04:10,760 --> 00:04:12,720 Speaker 2: be on the right end of it? And I've often 96 00:04:12,760 --> 00:04:14,280 Speaker 2: thought about it. I haven't thought about in the terms 97 00:04:14,320 --> 00:04:18,080 Speaker 2: of currents, but I like that analogy, but sort of 98 00:04:18,120 --> 00:04:20,120 Speaker 2: like I think about it when weird kids, there was 99 00:04:20,160 --> 00:04:21,960 Speaker 2: the game show of the Prices, right, yeah, and they 100 00:04:22,000 --> 00:04:24,760 Speaker 2: had those like plexiglass boxes sixty seconds with all the 101 00:04:24,760 --> 00:04:26,719 Speaker 2: money flying around and grab as much. And we have 102 00:04:26,800 --> 00:04:30,360 Speaker 2: like trillions of dollars moving around the economy on a 103 00:04:30,440 --> 00:04:32,000 Speaker 2: daily basis, and all we have to do is just 104 00:04:32,040 --> 00:04:34,960 Speaker 2: grab a little bit and funnel it in. So I 105 00:04:35,040 --> 00:04:37,120 Speaker 2: kind of want to talk about that. I mean, on 106 00:04:37,120 --> 00:04:40,080 Speaker 2: one hand, it looks like the economy is really bad 107 00:04:40,120 --> 00:04:42,400 Speaker 2: and things are getting worse, and there's plenty of reasons 108 00:04:42,400 --> 00:04:43,919 Speaker 2: we can look at doom and gloom for sure, But 109 00:04:43,960 --> 00:04:46,800 Speaker 2: on the other hand, to your point, the amount of 110 00:04:46,880 --> 00:04:49,919 Speaker 2: money is getting bigger, it's moving around even more, and 111 00:04:49,960 --> 00:04:51,600 Speaker 2: then we have events where it funnels in. So we 112 00:04:51,640 --> 00:04:54,240 Speaker 2: could learn how to just bring a little bit into 113 00:04:54,279 --> 00:04:54,880 Speaker 2: our own pocket. 114 00:04:55,000 --> 00:04:58,840 Speaker 1: Right. Imagine like a river, right, the river is fluid, 115 00:04:59,120 --> 00:05:01,640 Speaker 1: the river is flowing, like you just need to build 116 00:05:01,680 --> 00:05:04,520 Speaker 1: your own little eddy and carve off like you can 117 00:05:04,600 --> 00:05:08,920 Speaker 1: never like completely deplete the river, but you can have 118 00:05:09,040 --> 00:05:12,159 Speaker 1: enough water to supply you and your family and generations 119 00:05:12,200 --> 00:05:14,039 Speaker 1: for many years to come if you can learn how 120 00:05:14,080 --> 00:05:17,400 Speaker 1: to direct some of that towards you, you know, and 121 00:05:18,200 --> 00:05:20,640 Speaker 1: what we're seeing, and what I think you do a 122 00:05:20,640 --> 00:05:22,480 Speaker 1: great job of, and what I'm certainly trying to do 123 00:05:22,720 --> 00:05:25,479 Speaker 1: is make people aware of it because it's so abundant, 124 00:05:25,480 --> 00:05:27,800 Speaker 1: Like you couldn't capture all of it. I couldn't capture 125 00:05:27,800 --> 00:05:30,400 Speaker 1: all of it. Ten thousand of us couldn't capture all 126 00:05:30,440 --> 00:05:32,640 Speaker 1: of it. But we can capture some of it, and 127 00:05:32,680 --> 00:05:36,599 Speaker 1: that some could be the sum of generations to come. 128 00:05:36,680 --> 00:05:39,200 Speaker 1: I mean, that's certainly what I'm trying to do, you know. 129 00:05:39,720 --> 00:05:42,600 Speaker 1: And I actually talk about you a lot like when 130 00:05:42,640 --> 00:05:45,440 Speaker 1: I'm when I'm out on the road or because you know, 131 00:05:45,480 --> 00:05:48,359 Speaker 1: our friendship goes back a long time, and I remember 132 00:05:48,360 --> 00:05:49,560 Speaker 1: when you came to me. I don't even know what 133 00:05:49,640 --> 00:05:52,560 Speaker 1: it was. Twenty thirteen, twenty fourteen, to one of those 134 00:05:52,600 --> 00:05:54,840 Speaker 1: early days of bitcoin. You're like, dude, I think I'm 135 00:05:54,839 --> 00:05:56,919 Speaker 1: getting into this thing called bitcoin, And I was like, 136 00:05:57,200 --> 00:05:59,760 Speaker 1: what are you even talking about? And You're trying to 137 00:06:00,040 --> 00:06:03,039 Speaker 1: played it to me, and you know, like I kind 138 00:06:03,040 --> 00:06:05,760 Speaker 1: of like went full with Will Ferrell and uh old 139 00:06:05,760 --> 00:06:07,440 Speaker 1: school and blacked out. I'm like, I don't even know 140 00:06:07,440 --> 00:06:10,120 Speaker 1: what he just said. Yeah, but like you know, I 141 00:06:10,160 --> 00:06:12,560 Speaker 1: certainly had the opportunity to get in at I mean, 142 00:06:12,640 --> 00:06:14,200 Speaker 1: what was the what was bitcoin at that time? 143 00:06:14,440 --> 00:06:15,200 Speaker 3: A couple hundred bucks? 144 00:06:15,320 --> 00:06:16,159 Speaker 1: Yeah, what is it now? 145 00:06:16,560 --> 00:06:17,920 Speaker 3: Sixty thousand, is right? 146 00:06:17,960 --> 00:06:21,440 Speaker 1: And I had several hundred thousand, several millions of dollars 147 00:06:21,520 --> 00:06:23,599 Speaker 1: flowing in a year that I could have could have 148 00:06:23,600 --> 00:06:26,240 Speaker 1: carved out my own eddy. I could have jumped into 149 00:06:26,320 --> 00:06:29,520 Speaker 1: that that that upstream river and it would have been 150 00:06:29,680 --> 00:06:32,719 Speaker 1: a raging, you know, sea of wealth down the road. 151 00:06:33,080 --> 00:06:35,120 Speaker 1: And so I talk to people all the time about 152 00:06:35,560 --> 00:06:37,240 Speaker 1: in our lifetime. I don't care how old you are, 153 00:06:37,400 --> 00:06:39,080 Speaker 1: you know your you're our age in our in our 154 00:06:39,120 --> 00:06:42,080 Speaker 1: mid forties, or you're you're just starting out, you know, 155 00:06:42,160 --> 00:06:45,200 Speaker 1: your career as a young person, we've all seen these 156 00:06:45,240 --> 00:06:47,479 Speaker 1: cyclical things that have come in, you know, like you 157 00:06:47,520 --> 00:06:49,840 Speaker 1: and I certainly we've seen the rise and fall of 158 00:06:49,880 --> 00:06:52,480 Speaker 1: the real estate market. Actually, if we rewind even further, 159 00:06:52,839 --> 00:06:54,960 Speaker 1: you and I have seen the boom and bust of 160 00:06:55,000 --> 00:06:58,760 Speaker 1: the dot com remember the cold, the dot the dot bust, 161 00:06:58,279 --> 00:07:00,000 Speaker 1: un then the rise and fall of the real estate. 162 00:07:00,320 --> 00:07:02,039 Speaker 1: We saw the advent of social media. We saw the 163 00:07:02,080 --> 00:07:04,320 Speaker 1: advent of apps. We saw the ad advent and the 164 00:07:04,360 --> 00:07:07,839 Speaker 1: growth of of bitcoin. Like we've seen the stock market 165 00:07:07,960 --> 00:07:10,600 Speaker 1: go all over the place, and everybody sits around and 166 00:07:10,600 --> 00:07:14,400 Speaker 1: goes God, if I only knew, right, I call it 167 00:07:14,400 --> 00:07:17,080 Speaker 1: the al Bundy theory. You know they live in yesterday. 168 00:07:17,120 --> 00:07:20,520 Speaker 1: If I only knew that this was happening, I would 169 00:07:20,520 --> 00:07:24,760 Speaker 1: have This is the Nick Long talking about bitcoin like today, Like, Mark, 170 00:07:24,800 --> 00:07:27,320 Speaker 1: you were so right, you know, I was so wrong. 171 00:07:28,760 --> 00:07:33,040 Speaker 1: And so what I tried to let this man was 172 00:07:33,360 --> 00:07:37,560 Speaker 1: he was more than right about many things, but certainly 173 00:07:38,160 --> 00:07:41,120 Speaker 1: nailed it on bitcoin. Like I think I've told you 174 00:07:41,400 --> 00:07:43,640 Speaker 1: I was gonna do with the Iraqi dinar, remember that, 175 00:07:43,880 --> 00:07:46,400 Speaker 1: You're like, dude, what are you thinking? Thank god I 176 00:07:46,440 --> 00:07:49,600 Speaker 1: didn't do Yeah, thank god I didn't do that. But 177 00:07:49,960 --> 00:07:52,480 Speaker 1: like I wish I would have done it with the bitcoin. 178 00:07:52,920 --> 00:07:55,480 Speaker 1: And so in this wealth transfer in this this current 179 00:07:56,520 --> 00:08:00,920 Speaker 1: that is now like being created it, like you can't 180 00:08:01,080 --> 00:08:03,760 Speaker 1: escape it. Like this is going to happen. This is 181 00:08:03,800 --> 00:08:08,160 Speaker 1: the greatest wealth transfer in human history. There's no amount 182 00:08:08,160 --> 00:08:11,960 Speaker 1: of making money. It's about aligning yourself and attracting yourself 183 00:08:12,280 --> 00:08:15,680 Speaker 1: to carve out like your little eddy of this raging river. 184 00:08:15,880 --> 00:08:19,320 Speaker 2: Yeah, so let's talk about how we do that now. 185 00:08:19,360 --> 00:08:22,520 Speaker 2: This is a message that hopefully is going to educate 186 00:08:22,560 --> 00:08:25,040 Speaker 2: and inspire people. And I do just want to just 187 00:08:25,120 --> 00:08:27,080 Speaker 2: throw out real quickly. I kind of threw out my 188 00:08:27,200 --> 00:08:31,920 Speaker 2: story in two thousand and eight, and I remember, you know, 189 00:08:31,960 --> 00:08:33,480 Speaker 2: I'm good friends now with Robert Kyosaki. 190 00:08:33,480 --> 00:08:35,040 Speaker 3: You've been a mentor for books forever. 191 00:08:36,120 --> 00:08:38,839 Speaker 2: And I did a show with him at his place 192 00:08:38,840 --> 00:08:41,600 Speaker 2: in Phoenix about a year ago, and we were doing 193 00:08:41,600 --> 00:08:45,240 Speaker 2: this interview and I said, you know, people people leave 194 00:08:45,240 --> 00:08:46,720 Speaker 2: this comment like why would I listen to you? 195 00:08:46,720 --> 00:08:47,560 Speaker 1: You lost all your. 196 00:08:47,480 --> 00:08:48,240 Speaker 3: Money, you know. 197 00:08:48,320 --> 00:08:51,240 Speaker 2: And he's like, that's the stupidest comment anyone could ever say. 198 00:08:51,760 --> 00:08:54,200 Speaker 3: You know, He's like, because you only. 199 00:08:53,960 --> 00:08:58,480 Speaker 2: Learn through that process, right, And even still today, I 200 00:08:58,559 --> 00:09:00,240 Speaker 2: love to talk about my story because I want to 201 00:09:00,240 --> 00:09:02,720 Speaker 2: be relatable and like, hey, look I've been punched in 202 00:09:02,760 --> 00:09:05,080 Speaker 2: the face and people still like to leave comments, Oh 203 00:09:05,080 --> 00:09:06,400 Speaker 2: why would I you lost? 204 00:09:06,760 --> 00:09:06,880 Speaker 1: Right? 205 00:09:07,080 --> 00:09:09,640 Speaker 2: Like no, like no professional or whatever has never lost. 206 00:09:09,679 --> 00:09:12,160 Speaker 2: I mean every billionaire has gone bankrupt or whatever. So 207 00:09:12,800 --> 00:09:14,840 Speaker 2: and the reason I kind of threw my story out 208 00:09:14,840 --> 00:09:17,280 Speaker 2: and if you wouldn't mind maybe talking about your story 209 00:09:17,640 --> 00:09:19,680 Speaker 2: just only the only reason I want that is because 210 00:09:20,480 --> 00:09:22,080 Speaker 2: I don't want people to think like me and you like, 211 00:09:22,160 --> 00:09:24,400 Speaker 2: look at these guys a silver spoon in their mouth, whatever, 212 00:09:24,520 --> 00:09:25,840 Speaker 2: Like I could never do what they're doing. 213 00:09:25,720 --> 00:09:27,000 Speaker 3: Like it wasn't that long ago. 214 00:09:27,080 --> 00:09:29,800 Speaker 2: We weren't able to rub two pennies together either, And 215 00:09:29,880 --> 00:09:32,920 Speaker 2: so I want to have an educational and inspirational conversation 216 00:09:33,040 --> 00:09:34,120 Speaker 2: and so maybe we can start there. 217 00:09:34,200 --> 00:09:37,240 Speaker 1: Yeah, yeah, I mean, so first of all, I'm forty four. 218 00:09:37,240 --> 00:09:40,079 Speaker 1: I'll be forty five coming up in September. And I've 219 00:09:40,080 --> 00:09:42,160 Speaker 1: been an entrepreneur for twenty five years. And if like 220 00:09:42,400 --> 00:09:45,160 Speaker 1: you had some sort of tracking beacon on me, it 221 00:09:45,200 --> 00:09:47,280 Speaker 1: would it would look something like a bottle rocket. It 222 00:09:47,320 --> 00:09:50,079 Speaker 1: would just be all over the place every entrepreneur, right, yeah, 223 00:09:50,120 --> 00:09:54,240 Speaker 1: And so I was a millionaire on paper by the 224 00:09:54,240 --> 00:09:56,960 Speaker 1: time I was twenty four, like sold that business because 225 00:09:56,960 --> 00:09:59,200 Speaker 1: we made some bad decisions for one dollar so that 226 00:09:59,280 --> 00:10:00,280 Speaker 1: was my first egg it. 227 00:10:00,559 --> 00:10:00,760 Speaker 2: Uh. 228 00:10:00,880 --> 00:10:04,800 Speaker 1: Then I actually became a multimillionaire, like in the purest 229 00:10:04,800 --> 00:10:07,360 Speaker 1: forum of like millions of dollars flowing into my my 230 00:10:07,440 --> 00:10:10,440 Speaker 1: business and my personal bank account sold that business. By 231 00:10:10,480 --> 00:10:12,600 Speaker 1: the time I was thirty, had no financial literacy, had 232 00:10:12,600 --> 00:10:16,240 Speaker 1: no Mark Mark Moss, had no market disruptive information, and 233 00:10:16,480 --> 00:10:20,000 Speaker 1: I had no financial literacy. Fast forward, like, I had 234 00:10:20,000 --> 00:10:22,600 Speaker 1: to reinvent myself and then I built a business that 235 00:10:22,760 --> 00:10:25,720 Speaker 1: was you know, and you were an integral part of that. Uh. 236 00:10:25,760 --> 00:10:27,600 Speaker 1: Built a business that became one of the largest solar 237 00:10:27,640 --> 00:10:30,440 Speaker 1: marketing companies on planet Earth. I thought I'd like, I like, 238 00:10:30,760 --> 00:10:32,800 Speaker 1: I nailed it. I was like, this is it, Like 239 00:10:32,920 --> 00:10:35,000 Speaker 1: I've done it. You know, on the eve of my 240 00:10:35,080 --> 00:10:36,280 Speaker 1: thirty ninth birthday. 241 00:10:36,080 --> 00:10:38,280 Speaker 2: How many employees and how much revenue? 242 00:10:38,320 --> 00:10:41,240 Speaker 1: So thirty million in revenue, three hundred and seventy five employees, 243 00:10:41,360 --> 00:10:44,120 Speaker 1: all us based, all under one roof. If you can, 244 00:10:44,160 --> 00:10:45,880 Speaker 1: if you can imagine, I mean you can because you 245 00:10:45,960 --> 00:10:48,840 Speaker 1: were there, you saw it. And I and I started 246 00:10:48,840 --> 00:10:51,439 Speaker 1: this with nothing, literally, my wife and I we had 247 00:10:51,480 --> 00:10:54,000 Speaker 1: seventy five thousand dollars a debt. We had a what 248 00:10:54,080 --> 00:10:55,839 Speaker 1: I call a big ass y like we wanted to 249 00:10:55,840 --> 00:10:57,400 Speaker 1: get married. We want to have children, want to travel 250 00:10:57,400 --> 00:10:59,079 Speaker 1: the world, we want to build a life of abundance. 251 00:10:59,600 --> 00:11:01,960 Speaker 1: And I had a cubic circonia on her finger because 252 00:11:01,960 --> 00:11:03,959 Speaker 1: it was the only thing I could afford. But I 253 00:11:04,040 --> 00:11:05,800 Speaker 1: knew I couldn't afford not to marry this woman. I 254 00:11:05,840 --> 00:11:07,840 Speaker 1: knew I couldn't afford not to go all in on 255 00:11:07,920 --> 00:11:11,640 Speaker 1: me and her and like recreating like what I knew 256 00:11:11,720 --> 00:11:14,960 Speaker 1: was possible for life, and so fast forward, like we 257 00:11:15,000 --> 00:11:17,560 Speaker 1: turned that big, big ass wye into two concurrent businesses 258 00:11:17,600 --> 00:11:20,199 Speaker 1: doing multiple eight figures a year. I think between the 259 00:11:20,240 --> 00:11:22,840 Speaker 1: both companies was probably four hundred employees. I had an 260 00:11:22,840 --> 00:11:26,960 Speaker 1: eighty eighty acre ranch up in Idaho. It's gorgeous. I 261 00:11:27,000 --> 00:11:29,360 Speaker 1: was living the life, you know, down here in Newport 262 00:11:29,360 --> 00:11:32,200 Speaker 1: Beach and then you know, head up, put my dungarees on, 263 00:11:32,280 --> 00:11:35,359 Speaker 1: getting my side by side, chopped down trees, make firewood, 264 00:11:35,480 --> 00:11:38,920 Speaker 1: like it was amazing. I remember on the eve of 265 00:11:38,960 --> 00:11:43,240 Speaker 1: my thirty ninth birthday, I took a helicopter like off 266 00:11:43,280 --> 00:11:45,520 Speaker 1: of the property to a tar back, got on a 267 00:11:45,520 --> 00:11:48,400 Speaker 1: private jet that wasn't my private jets. Just we charted it, 268 00:11:48,920 --> 00:11:51,440 Speaker 1: flew to La grabbed the wife got on a first 269 00:11:51,440 --> 00:11:54,960 Speaker 1: class flight to Switzerland, landed in Switzerland, got up into 270 00:11:54,960 --> 00:11:57,920 Speaker 1: the Alps and did this vintage car rally. Right, it 271 00:11:57,960 --> 00:12:02,040 Speaker 1: was billionaires and millionaires. We were, by by all imagination, 272 00:12:02,160 --> 00:12:04,880 Speaker 1: the smallest fish in that pond. I remember driving like 273 00:12:04,920 --> 00:12:06,360 Speaker 1: with my wife, and it was right around my birthday, 274 00:12:06,360 --> 00:12:08,880 Speaker 1: and I told her, I'm like, God, I'm thirty nine 275 00:12:08,960 --> 00:12:12,120 Speaker 1: years old. I'm like, and we're just having this very 276 00:12:12,280 --> 00:12:16,080 Speaker 1: reflective moment of like pure gratitude. You know. Of course 277 00:12:16,120 --> 00:12:18,920 Speaker 1: we were surrounded by you know, materialism, but like it 278 00:12:18,960 --> 00:12:22,160 Speaker 1: was this material moment that mattered more of like where 279 00:12:22,200 --> 00:12:25,520 Speaker 1: we were, you know, and where we were and where 280 00:12:25,520 --> 00:12:27,280 Speaker 1: we were at that moment, And I said, can you 281 00:12:27,320 --> 00:12:30,600 Speaker 1: imagine where are we going to be on my fortieth birthday? 282 00:12:31,440 --> 00:12:35,520 Speaker 1: Little did I know? Yeah, And on right before my 283 00:12:35,559 --> 00:12:38,439 Speaker 1: fortieth birthday, everything was taken from me. A lot of 284 00:12:38,480 --> 00:12:41,120 Speaker 1: people think they have problems, like have a document show 285 00:12:41,200 --> 00:12:43,199 Speaker 1: up on your doorst that this says the United States 286 00:12:43,240 --> 00:12:47,360 Speaker 1: of America versus you, versus your wife, versus your company 287 00:12:47,440 --> 00:12:49,880 Speaker 1: that you work so hard to build, and imagine all 288 00:12:49,960 --> 00:12:53,040 Speaker 1: of it being stripped away in a matter of fourteen days. 289 00:12:53,559 --> 00:12:56,040 Speaker 1: Like that's what happened to me, And that wasn't too 290 00:12:56,040 --> 00:13:00,680 Speaker 1: long ago. It was twenty nineteen, right, And like, imagine 291 00:13:00,720 --> 00:13:05,880 Speaker 1: having to reinvent yourself at forty, at forty with a wife, 292 00:13:06,440 --> 00:13:11,960 Speaker 1: two children, like lots of expenses and no income, no backstop, 293 00:13:12,160 --> 00:13:15,120 Speaker 1: and having to do an about face on the very 294 00:13:15,160 --> 00:13:17,959 Speaker 1: industry that you built it all in the first place. Yeah, 295 00:13:18,160 --> 00:13:19,599 Speaker 1: like that's my life. 296 00:13:19,840 --> 00:13:22,800 Speaker 2: I had to at thirty, and a lot of people listening, 297 00:13:22,840 --> 00:13:24,360 Speaker 2: I'm sure I've had the same experience, which is why 298 00:13:24,320 --> 00:13:25,200 Speaker 2: I wanted to tell the story. 299 00:13:25,280 --> 00:13:26,080 Speaker 3: So let's keep going. 300 00:13:26,200 --> 00:13:30,640 Speaker 1: Yeah, And so you know, and I realized that like 301 00:13:32,040 --> 00:13:38,600 Speaker 1: destinations inside your dreams don't change, but the pathway often does. Right, 302 00:13:38,679 --> 00:13:41,640 Speaker 1: And so it's like you like, you know, San Clemente, 303 00:13:41,720 --> 00:13:45,440 Speaker 1: California doesn't change, but there's many ways to get here, right, 304 00:13:45,679 --> 00:13:48,240 Speaker 1: there's many roads that lead here. There's many different modalities 305 00:13:48,280 --> 00:13:53,160 Speaker 1: to get here. But this city itself doesn't move. And 306 00:13:53,280 --> 00:13:55,600 Speaker 1: if you have something that's anchored to your heart, your dream, 307 00:13:56,080 --> 00:13:59,360 Speaker 1: like it doesn't change. But you can't be you can't 308 00:13:59,360 --> 00:14:02,199 Speaker 1: be so bore holding into the current path that you're on, 309 00:14:02,720 --> 00:14:07,319 Speaker 1: because life is going to drop like bombs, potholes, barricades. 310 00:14:07,800 --> 00:14:10,520 Speaker 1: You know, barbed wire, and you have to be willing 311 00:14:10,840 --> 00:14:14,840 Speaker 1: to pivot, but never lose sight of that target. And 312 00:14:14,920 --> 00:14:20,640 Speaker 1: so when I was running that business, like I had 313 00:14:20,640 --> 00:14:25,160 Speaker 1: this vision of like what I call like businessman or 314 00:14:25,200 --> 00:14:29,920 Speaker 1: woman over business plan. Businessman or woman over business plan. 315 00:14:30,520 --> 00:14:34,080 Speaker 1: Like the businessman or woman makes the business plan, like 316 00:14:34,120 --> 00:14:37,040 Speaker 1: they're the ones that architect it, but they're ultimately the 317 00:14:37,120 --> 00:14:39,360 Speaker 1: ones that have to execute it. And so my dream 318 00:14:39,560 --> 00:14:42,920 Speaker 1: was to be able to build a platform where I 319 00:14:42,960 --> 00:14:46,560 Speaker 1: could like look across the table from a businessman I 320 00:14:46,640 --> 00:14:49,120 Speaker 1: kind of cared about his business plan, but I cared 321 00:14:49,200 --> 00:14:52,280 Speaker 1: more about the man like who it was, like like 322 00:14:52,320 --> 00:14:54,040 Speaker 1: Mark Moss, like I don't care what you do. I 323 00:14:54,040 --> 00:14:56,160 Speaker 1: will invest in it because I know you. I know 324 00:14:56,200 --> 00:14:58,800 Speaker 1: your regret, I know you resolved. I know the l's 325 00:14:58,840 --> 00:15:00,600 Speaker 1: that you've taken on the way to the W that 326 00:15:00,640 --> 00:15:05,000 Speaker 1: most people see. Right. And so this was my dream 327 00:15:05,120 --> 00:15:09,200 Speaker 1: was to kind of democratize the private equity process, to 328 00:15:09,240 --> 00:15:13,200 Speaker 1: demystify the rigged game, and to and to put the 329 00:15:13,320 --> 00:15:16,360 Speaker 1: power back into the hands of the people who rightfully 330 00:15:17,200 --> 00:15:20,520 Speaker 1: deserve it, which is the entrepreneur and the business owner. Well, 331 00:15:20,600 --> 00:15:23,280 Speaker 1: when when that bomb got dropped on me by our 332 00:15:23,720 --> 00:15:27,080 Speaker 1: our good, great nation here, I mean. 333 00:15:27,120 --> 00:15:29,160 Speaker 2: One of the three letter government agencies that just got 334 00:15:29,200 --> 00:15:33,120 Speaker 2: gutted by the Supreme Court decision yesterday, the FTC, yeah, TC. 335 00:15:33,280 --> 00:15:37,560 Speaker 1: It's the alphabet mafia. I'll never forget in that moment, 336 00:15:37,720 --> 00:15:41,240 Speaker 1: like it's like this doesn't make sense, Like it doesn't 337 00:15:41,360 --> 00:15:44,360 Speaker 1: make sense, Like you're telling me that my company can 338 00:15:44,400 --> 00:15:48,040 Speaker 1: continue as is no changes, which would indicate that the 339 00:15:48,040 --> 00:15:50,760 Speaker 1: company does not do anything wrong. But me and my wife, 340 00:15:51,200 --> 00:15:53,440 Speaker 1: who created these three hundred and seventy five jobs, who 341 00:15:53,520 --> 00:15:58,119 Speaker 1: paid multiple millions of taxes, who've contributed to society and charities, 342 00:15:58,520 --> 00:16:01,960 Speaker 1: we have to go like it just doesn't make any sense, right, 343 00:16:02,560 --> 00:16:04,920 Speaker 1: But I stopped trying to make sense of it. I 344 00:16:04,960 --> 00:16:09,080 Speaker 1: stopped trying to like, you know, blame, and I just said, 345 00:16:09,080 --> 00:16:14,280 Speaker 1: all right, my destination is still there. This road got 346 00:16:14,360 --> 00:16:18,720 Speaker 1: newd what's our what's our fallback? You know? Uh, and 347 00:16:18,760 --> 00:16:20,880 Speaker 1: not fall back on our dream, but fall back and 348 00:16:21,280 --> 00:16:27,840 Speaker 1: double back to get to the destination. And so I said, listen, 349 00:16:27,880 --> 00:16:32,000 Speaker 1: there's a there's a difference between resources, like in the 350 00:16:32,000 --> 00:16:37,200 Speaker 1: form of capital, human capital, and resourcefulness, and a lot 351 00:16:37,200 --> 00:16:39,600 Speaker 1: of people get those mixed up. A lot of people 352 00:16:39,600 --> 00:16:43,160 Speaker 1: think because they don't have the financial resources that they 353 00:16:43,160 --> 00:16:48,640 Speaker 1: can't be resourceful. Most entrepreneurs, most really wealthy people are 354 00:16:48,680 --> 00:16:50,880 Speaker 1: the most resourceful people you've ever seen in your life. 355 00:16:51,640 --> 00:16:53,840 Speaker 1: And there was things that they took from me, right, 356 00:16:53,880 --> 00:16:59,240 Speaker 1: They took They took my money, They took my company temporarily, 357 00:16:59,320 --> 00:17:03,640 Speaker 1: they took my identity temporarily. They took my self worth 358 00:17:03,680 --> 00:17:06,159 Speaker 1: because it was wound up in my net worth. But 359 00:17:06,240 --> 00:17:10,240 Speaker 1: what they didn't take is this, like my relationships with 360 00:17:10,320 --> 00:17:13,200 Speaker 1: people like you, you know, people I could call that 361 00:17:13,320 --> 00:17:17,000 Speaker 1: had had a big l before that could give me 362 00:17:17,359 --> 00:17:19,920 Speaker 1: proof that life was going to be okay after the fact, 363 00:17:20,359 --> 00:17:24,520 Speaker 1: that could give me encouragement. They couldn't take like my 364 00:17:24,520 --> 00:17:28,400 Speaker 1: my my mindset, your skills, my skills that I had 365 00:17:28,440 --> 00:17:31,720 Speaker 1: developed over that you know, seven eight year period of time. 366 00:17:32,520 --> 00:17:35,840 Speaker 1: And they couldn't unless I allowed them to take my 367 00:17:35,960 --> 00:17:39,240 Speaker 1: drive and to take my destination. They could take the 368 00:17:39,280 --> 00:17:42,080 Speaker 1: road I was currently on, but the destination they'd never 369 00:17:42,160 --> 00:17:44,399 Speaker 1: changed because they didn't even know about it, right, And 370 00:17:44,480 --> 00:17:49,280 Speaker 1: so I had to work really hard. I had to 371 00:17:49,320 --> 00:17:51,040 Speaker 1: work really really hard. I like to tell you that 372 00:17:51,240 --> 00:17:53,960 Speaker 1: because of all my personal development and you know, the 373 00:17:54,600 --> 00:17:56,919 Speaker 1: masterminds and the things I was involved in that. I 374 00:17:57,000 --> 00:17:58,919 Speaker 1: just did some burpies and you know, went on the 375 00:17:58,920 --> 00:18:01,960 Speaker 1: carnivore diet and always well with the world. Like it 376 00:18:02,040 --> 00:18:05,639 Speaker 1: was on the contrary, like I literally went into a 377 00:18:05,680 --> 00:18:10,159 Speaker 1: place of self deprecation and self loathing and and it 378 00:18:10,240 --> 00:18:12,840 Speaker 1: was actually in a crucial conversation with a good friend 379 00:18:12,920 --> 00:18:14,960 Speaker 1: that he said, listen, I think you're asking yourself all 380 00:18:14,960 --> 00:18:18,840 Speaker 1: the wrong questions, like what's the greatest asset that you have? 381 00:18:19,560 --> 00:18:21,840 Speaker 1: And I said, well, I don't know, it's all gone. Yeah. 382 00:18:22,080 --> 00:18:26,359 Speaker 1: He's like no, like, like you're not seeing it. It's 383 00:18:26,400 --> 00:18:29,800 Speaker 1: it's you. It's your mind, it's your hearts, your relationships, 384 00:18:29,800 --> 00:18:32,360 Speaker 1: it's all of these things. Like that's going to give 385 00:18:32,400 --> 00:18:34,920 Speaker 1: you like the r O I right, like the ro 386 00:18:35,000 --> 00:18:37,800 Speaker 1: o I like I I me looking at myself in 387 00:18:37,840 --> 00:18:42,800 Speaker 1: the in the mirror. So anyway, long story short is 388 00:18:42,920 --> 00:18:49,320 Speaker 1: on the eve of my my worst day birth the 389 00:18:49,359 --> 00:18:52,879 Speaker 1: best days that I've I've had and oftentimes, like we 390 00:18:52,920 --> 00:18:55,359 Speaker 1: get so hung up on living in the yesteryear and 391 00:18:55,400 --> 00:18:58,560 Speaker 1: the rear view mirror that we failed to see like 392 00:18:58,960 --> 00:19:02,600 Speaker 1: that destination is now changed. And what was crazy is 393 00:19:03,240 --> 00:19:06,840 Speaker 1: that like I had my single largest day as an 394 00:19:06,960 --> 00:19:11,440 Speaker 1: entrepreneur ever after all of that happened. It didn't happen 395 00:19:11,520 --> 00:19:15,520 Speaker 1: right away, but in twenty twenty. So that was in 396 00:19:15,560 --> 00:19:19,639 Speaker 1: twenty nineteen. That was July third. Oh my god, it's today. 397 00:19:20,160 --> 00:19:25,480 Speaker 1: Holy shit, dude, that just gave me chills. Tomorrow is 398 00:19:25,520 --> 00:19:25,959 Speaker 1: it tomorrow? 399 00:19:26,080 --> 00:19:26,280 Speaker 2: Yeah? 400 00:19:26,320 --> 00:19:33,560 Speaker 1: Okay, well close enough. Yeah, right on July third, twenty 401 00:19:33,760 --> 00:19:37,960 Speaker 1: or twenty nineteen, I had my worst day. Fast forward 402 00:19:38,040 --> 00:19:41,760 Speaker 1: to November of twenty twenty, I had my best day. Man, 403 00:19:42,000 --> 00:19:45,399 Speaker 1: did one million dollars in a matter of about five hours. 404 00:19:46,240 --> 00:19:48,680 Speaker 1: One million dollars in five hours. I'd done plenty of 405 00:19:48,720 --> 00:19:52,760 Speaker 1: million dollar months, plenty of million dollar weeks, infinite million 406 00:19:52,800 --> 00:19:57,800 Speaker 1: dollar years. I had a million dollar day actually half day. 407 00:19:57,960 --> 00:20:01,040 Speaker 2: Yeah, I want to dig into that a little bit, 408 00:20:01,119 --> 00:20:02,680 Speaker 2: just for everybody listening so they can get started, and 409 00:20:02,680 --> 00:20:05,240 Speaker 2: then we'll talk about if you're business owners, and maybe 410 00:20:05,240 --> 00:20:07,119 Speaker 2: some opportunities if you're not or want to get into that. 411 00:20:07,200 --> 00:20:11,200 Speaker 2: But so this is something that I say a lot too. 412 00:20:11,320 --> 00:20:12,840 Speaker 2: And the reason why I say this a lot too, 413 00:20:13,000 --> 00:20:15,359 Speaker 2: and you said a lot too, and any successful person 414 00:20:15,400 --> 00:20:17,040 Speaker 2: says it is because I believe this is the way 415 00:20:17,040 --> 00:20:19,840 Speaker 2: it is sort of like we'll get into like I 416 00:20:19,840 --> 00:20:21,560 Speaker 2: want to. I want to talk about like how people 417 00:20:21,600 --> 00:20:24,359 Speaker 2: can get into this, this opportunity, this well transfer and 418 00:20:24,440 --> 00:20:26,199 Speaker 2: if you have a business, what you can do. But 419 00:20:26,840 --> 00:20:28,600 Speaker 2: you can really break down a business. You can grow 420 00:20:28,640 --> 00:20:30,639 Speaker 2: business three ways, right, get more customers, sell more to 421 00:20:30,680 --> 00:20:32,480 Speaker 2: the customers, or increase the frequency way they buy like 422 00:20:32,680 --> 00:20:35,680 Speaker 2: super simple. But getting the customers is the hardest part. 423 00:20:35,880 --> 00:20:38,240 Speaker 2: Selling more to them is easy, right, but everyone focuses 424 00:20:38,280 --> 00:20:40,359 Speaker 2: on the hardest part instead of the easy part. But 425 00:20:40,440 --> 00:20:44,040 Speaker 2: also in the game of building wealth, most people just 426 00:20:44,119 --> 00:20:47,520 Speaker 2: want to make more money. But really there's financial capital 427 00:20:47,560 --> 00:20:50,080 Speaker 2: making money, there's relationship capital people they know, and then 428 00:20:50,119 --> 00:20:53,040 Speaker 2: there's the mental capital the skills that they have. And 429 00:20:53,240 --> 00:20:54,760 Speaker 2: the problem that I see is sort of like in 430 00:20:54,800 --> 00:20:57,400 Speaker 2: the business analogy, they go after the hardest one, which 431 00:20:57,440 --> 00:20:59,959 Speaker 2: is trying to get more customers. In this analogy, most 432 00:21:00,119 --> 00:21:02,000 Speaker 2: people are still trying to go to the hardest one, 433 00:21:02,000 --> 00:21:04,280 Speaker 2: which is trying to make money. But they don't realize 434 00:21:04,280 --> 00:21:07,000 Speaker 2: that money is a byproduct. Money is a byproduct of 435 00:21:07,000 --> 00:21:10,040 Speaker 2: the relationships and the skills that you have. So if 436 00:21:10,080 --> 00:21:12,320 Speaker 2: you were trying to build your relationships and trying to 437 00:21:12,320 --> 00:21:14,720 Speaker 2: build your skills, those are things to the story you 438 00:21:14,800 --> 00:21:15,359 Speaker 2: just told us. 439 00:21:15,400 --> 00:21:16,959 Speaker 3: Can never be taken away from you. 440 00:21:17,440 --> 00:21:20,119 Speaker 2: So like when you're investing, I could invest into bitcoin 441 00:21:20,160 --> 00:21:21,560 Speaker 2: and I could lose my money. I could invest in 442 00:21:21,600 --> 00:21:23,119 Speaker 2: any stock whatever, I could lose my money. 443 00:21:23,160 --> 00:21:25,800 Speaker 3: But if I invest into a skill or into a relationship, 444 00:21:25,840 --> 00:21:26,720 Speaker 3: I can't really lose that. 445 00:21:26,800 --> 00:21:29,560 Speaker 2: Maybe a relationship if I damage that, but the skills, 446 00:21:29,600 --> 00:21:33,080 Speaker 2: I can't lose that, right, So I just want to 447 00:21:33,160 --> 00:21:36,960 Speaker 2: hit on that piece of your story because you lost everything, 448 00:21:37,520 --> 00:21:40,199 Speaker 2: but what your mentor told you was your skills that 449 00:21:40,240 --> 00:21:42,280 Speaker 2: you had and the relationships. And my story is no different. 450 00:21:42,280 --> 00:21:44,800 Speaker 2: When I got started or had to rebuild as well, 451 00:21:44,800 --> 00:21:46,639 Speaker 2: I had sold my businesses, I had no more income, 452 00:21:47,040 --> 00:21:49,719 Speaker 2: and I had a friend, one of our mutual friends 453 00:21:51,119 --> 00:21:53,359 Speaker 2: I want to name the mirror, but that said, hey, 454 00:21:53,400 --> 00:21:54,720 Speaker 2: I have a mortgage company. If you want to generate 455 00:21:54,800 --> 00:21:57,480 Speaker 2: leads for me, I'll share some revenue with you. And 456 00:21:57,520 --> 00:22:00,200 Speaker 2: I had a relationship. He offered me the deal. Knew 457 00:22:00,200 --> 00:22:01,320 Speaker 2: a little bit of skills of how to do it, 458 00:22:01,320 --> 00:22:06,520 Speaker 2: and I pulled it off. So to somebody who's maybe 459 00:22:07,000 --> 00:22:09,679 Speaker 2: sort of down on themselves, they find themselves in a 460 00:22:09,680 --> 00:22:12,960 Speaker 2: similar situation or they feel like hopeless, maybe in this environment, 461 00:22:13,000 --> 00:22:15,240 Speaker 2: maybe where you were in twenty eighteen, Like what advice 462 00:22:15,240 --> 00:22:16,000 Speaker 2: would you have for them? 463 00:22:16,520 --> 00:22:19,160 Speaker 1: First of all, like stop the pity party, because it's 464 00:22:19,160 --> 00:22:23,880 Speaker 1: not going to serve you, you know, Like you gotta stop 465 00:22:24,119 --> 00:22:28,720 Speaker 1: perpetuating the behavior that's keeping you exactly where you are, 466 00:22:29,119 --> 00:22:31,159 Speaker 1: Like in order to get a new result, you have 467 00:22:31,240 --> 00:22:33,680 Speaker 1: to come at it with a new action item, right, 468 00:22:33,720 --> 00:22:35,480 Speaker 1: So the pity party ain't going to serve you, So 469 00:22:35,880 --> 00:22:39,440 Speaker 1: suck it up, buttercup, and then start taking an inventory 470 00:22:40,040 --> 00:22:43,720 Speaker 1: like assets and liabilities. It's investing, right, assets and liabilities. 471 00:22:43,720 --> 00:22:45,320 Speaker 1: What are the current liabilities you have? And I'm not 472 00:22:45,400 --> 00:22:47,600 Speaker 1: just talking like I owe this much on my car? 473 00:22:47,640 --> 00:22:49,680 Speaker 1: Like what are the things in your life that are 474 00:22:49,680 --> 00:22:53,880 Speaker 1: a liability? Is that you're drinking? Is your eating habits? 475 00:22:53,920 --> 00:22:57,240 Speaker 1: Is your sleep pattern? Is it your sedation on Instagram? Netflix? 476 00:22:57,280 --> 00:22:59,840 Speaker 1: Whatever it is? Make a listen, But then also make 477 00:22:59,840 --> 00:23:03,160 Speaker 1: a list of your assets, like your Rolodex, Like who 478 00:23:03,160 --> 00:23:06,359 Speaker 1: do you know? Who can you call? Like I actually 479 00:23:06,359 --> 00:23:08,560 Speaker 1: went through this exercise and it wasn't too long ago 480 00:23:09,320 --> 00:23:11,720 Speaker 1: where I was like, man, what am I gonna do? 481 00:23:11,840 --> 00:23:13,360 Speaker 1: Like I need I need to I need to get 482 00:23:13,359 --> 00:23:16,879 Speaker 1: this out into the hands of people. Well, who better 483 00:23:17,000 --> 00:23:18,199 Speaker 1: to get it out in the hands of and the 484 00:23:18,200 --> 00:23:20,800 Speaker 1: people that know like and trust you, right, and we 485 00:23:20,880 --> 00:23:23,200 Speaker 1: all try to build it on Instagram or whatever we're doing. 486 00:23:23,440 --> 00:23:25,200 Speaker 1: I literally went into my phone, and I can show 487 00:23:25,200 --> 00:23:27,720 Speaker 1: you when we're done that if you go to contacts, 488 00:23:28,119 --> 00:23:30,920 Speaker 1: like you can actually export your contacts. I didn't even 489 00:23:30,920 --> 00:23:32,280 Speaker 1: know this, Like, if you go to your contacts, I 490 00:23:32,280 --> 00:23:35,159 Speaker 1: had sixteen hundred contacts. I went hit the button, I 491 00:23:35,160 --> 00:23:37,080 Speaker 1: said export. I was like, oh, that's cool, and then 492 00:23:37,440 --> 00:23:40,600 Speaker 1: made some crazy file I'd never heard of. But there's 493 00:23:40,600 --> 00:23:43,560 Speaker 1: this thing called Google and I typed in like how 494 00:23:43,560 --> 00:23:47,200 Speaker 1: to convert xyz to a CSV, and it gave me 495 00:23:47,240 --> 00:23:49,720 Speaker 1: a widget. I downloaded and said widget. So I ended 496 00:23:49,760 --> 00:23:52,439 Speaker 1: up with sixteen hundred contacts. And so then I sorted 497 00:23:52,440 --> 00:23:57,119 Speaker 1: those contacts by like entrepreneurs, family friends that kind of 498 00:23:57,119 --> 00:24:00,520 Speaker 1: put them into buckets. I ended up with six hundred, 499 00:24:01,280 --> 00:24:05,080 Speaker 1: six hundred like contacts that I had done business with 500 00:24:05,160 --> 00:24:07,400 Speaker 1: that blew my mind. And then I rated them from 501 00:24:07,440 --> 00:24:10,159 Speaker 1: like five to one. Five being a Mark Moss that like, 502 00:24:10,520 --> 00:24:12,160 Speaker 1: he's gonna pick up the phone on the first ring 503 00:24:12,160 --> 00:24:13,640 Speaker 1: and we're gonna be hey, buddy, what's going on. We're 504 00:24:13,640 --> 00:24:15,440 Speaker 1: gonna pick up right where we left off. A one 505 00:24:15,480 --> 00:24:17,040 Speaker 1: being like, God, I kind of remember that guy, but 506 00:24:17,080 --> 00:24:18,480 Speaker 1: I don't remember what we did together. 507 00:24:18,720 --> 00:24:19,119 Speaker 3: Yeah, you know. 508 00:24:19,680 --> 00:24:21,800 Speaker 1: And I started with the fives and I started reaching 509 00:24:21,800 --> 00:24:26,600 Speaker 1: out to people, and that list in thirty days generated 510 00:24:26,680 --> 00:24:30,080 Speaker 1: quarter million dollars for the income. So that's an asset. 511 00:24:30,440 --> 00:24:33,399 Speaker 1: Your contacts are assets. What skill sets do you have? 512 00:24:33,480 --> 00:24:36,159 Speaker 1: Those are assets? What positive habits and patterns of behaviors 513 00:24:36,160 --> 00:24:39,240 Speaker 1: do you have? That's an asset. And just start eliminating 514 00:24:39,280 --> 00:24:42,280 Speaker 1: the liabilities you want to a higher net worth. Well, 515 00:24:42,320 --> 00:24:47,040 Speaker 1: it's assets over liabilities equals networth. Same thing here, assets 516 00:24:47,040 --> 00:24:50,879 Speaker 1: over liabilities equals self worth. But if you're only focusing 517 00:24:50,960 --> 00:24:54,200 Speaker 1: on the ls and not looking at those as lessons, 518 00:24:54,200 --> 00:24:59,120 Speaker 1: you're looking at them as liabilities and limiting beliefs, Well, 519 00:24:59,119 --> 00:25:03,880 Speaker 1: you're never gonna go amplify the asset, right, And what's 520 00:25:04,000 --> 00:25:07,080 Speaker 1: greater a positive or a negative? The positive? The positive 521 00:25:07,240 --> 00:25:11,720 Speaker 1: always eliminates the negative. It's not the other way around, right. 522 00:25:12,280 --> 00:25:16,719 Speaker 1: And so when someone's looking at their life like they 523 00:25:17,040 --> 00:25:22,520 Speaker 1: must first decide I've had enough, because if you only 524 00:25:22,600 --> 00:25:26,240 Speaker 1: focus on the problem, we'll guess what you're gonna find. 525 00:25:26,880 --> 00:25:28,600 Speaker 1: Like the problem if you just look at it as 526 00:25:28,640 --> 00:25:31,840 Speaker 1: the problem that you haven't found a solution for your 527 00:25:31,880 --> 00:25:35,120 Speaker 1: mind is going to look for that solution. So you've 528 00:25:35,200 --> 00:25:37,399 Speaker 1: got to get out of your own way, like no 529 00:25:37,400 --> 00:25:40,520 Speaker 1: one's coming to save you zero, Like the government isn't 530 00:25:40,600 --> 00:25:43,400 Speaker 1: Mark Moss, isn't Nick Long, isn't you know, no one's 531 00:25:43,440 --> 00:25:45,800 Speaker 1: coming to save you. Like, you know, I don't want 532 00:25:45,800 --> 00:25:47,840 Speaker 1: to make this a biblical conversation, but I always say 533 00:25:47,960 --> 00:25:50,760 Speaker 1: there's only one savior. And didn't work out so well 534 00:25:50,800 --> 00:25:53,480 Speaker 1: for that dude, he got he got crucified. Yeah, but 535 00:25:53,560 --> 00:25:55,879 Speaker 1: most of us put ourselves on this self inflicted cross 536 00:25:55,880 --> 00:25:58,439 Speaker 1: and we want to stay there because we'd rather it 537 00:25:58,520 --> 00:26:01,879 Speaker 1: be something outside of us. Then the measuring stick that 538 00:26:01,920 --> 00:26:05,119 Speaker 1: you're talking about, which is the reflection back of the 539 00:26:05,240 --> 00:26:06,760 Speaker 1: value we're creating in this world. 540 00:26:06,880 --> 00:26:12,600 Speaker 2: Yeah, so now we have this big wealth trend, so 541 00:26:12,680 --> 00:26:13,359 Speaker 2: let's jump into that. 542 00:26:13,640 --> 00:26:17,000 Speaker 3: And we have like, based off my estimation, is about 543 00:26:17,000 --> 00:26:19,920 Speaker 3: twelve million businesses I think that are going to change hands. Now. 544 00:26:20,840 --> 00:26:22,720 Speaker 2: The problem is that these are owned by boomers, and 545 00:26:23,560 --> 00:26:27,000 Speaker 2: there's a problem. But problems equal solutions. That's the one 546 00:26:27,000 --> 00:26:29,760 Speaker 2: thing I talked about quite a bit is that you know, 547 00:26:29,760 --> 00:26:31,960 Speaker 2: everyone's like, oh Ai is going to replace everybody, And 548 00:26:32,000 --> 00:26:34,880 Speaker 2: I take everybody's jobs and this and that, And I'm. 549 00:26:34,680 --> 00:26:37,639 Speaker 3: Like, really, do you think there's ever a world that 550 00:26:37,680 --> 00:26:39,879 Speaker 3: we get to where humans no longer have problems? 551 00:26:40,119 --> 00:26:43,280 Speaker 2: Right, because as long as there's problems, there's problems alver, 552 00:26:43,400 --> 00:26:45,560 Speaker 2: we're going to need solutions, right, Like, there's always like 553 00:26:45,600 --> 00:26:47,240 Speaker 2: as long as you can solve problem, there's always going 554 00:26:47,280 --> 00:26:48,880 Speaker 2: to be no matter how good the world gets, there's 555 00:26:48,880 --> 00:26:49,520 Speaker 2: going to be a problems. 556 00:26:49,600 --> 00:26:49,840 Speaker 1: Right. 557 00:26:50,760 --> 00:26:52,960 Speaker 2: But anyway, so about twelve million businesses are going to 558 00:26:53,000 --> 00:26:56,560 Speaker 2: be transferred, and this is an opportunity for those business owners. 559 00:26:56,600 --> 00:26:58,560 Speaker 3: And then we'll talk about if you're not a business owner. 560 00:26:58,600 --> 00:26:59,240 Speaker 3: So supply to. 561 00:26:59,160 --> 00:27:02,360 Speaker 2: Everybody but these business owners is about twelve million businesses boomers. 562 00:27:03,160 --> 00:27:05,639 Speaker 2: And like, my dad had a construction business for however 563 00:27:05,640 --> 00:27:08,360 Speaker 2: many decades. His phone just rang off the hook. Lots 564 00:27:08,400 --> 00:27:10,919 Speaker 2: of money, provided a very well, very good you know, 565 00:27:11,000 --> 00:27:13,680 Speaker 2: raised us pretty well, but none of the kids wanted 566 00:27:13,680 --> 00:27:16,600 Speaker 2: the business, and he like just shut it down, Like 567 00:27:16,680 --> 00:27:19,080 Speaker 2: that could have been worth hundreds of thousands, if not 568 00:27:19,160 --> 00:27:21,399 Speaker 2: millions of dollars, right, but he just shut it down. 569 00:27:21,440 --> 00:27:21,840 Speaker 3: He didn't know. 570 00:27:22,240 --> 00:27:26,080 Speaker 2: And so if we estimate that, let's say, like forty 571 00:27:26,119 --> 00:27:28,480 Speaker 2: percent of those twelve million businesses just get shut down. 572 00:27:28,520 --> 00:27:29,560 Speaker 3: Like my dad's business. 573 00:27:30,359 --> 00:27:33,679 Speaker 2: We still have you know, six million, seven eight million 574 00:27:33,720 --> 00:27:34,920 Speaker 2: businesses that are going to be sold. 575 00:27:34,960 --> 00:27:38,120 Speaker 3: If you break that down by ten years, that's about three. 576 00:27:37,960 --> 00:27:40,560 Speaker 2: Four hundred thousand businesses a year in a market that's 577 00:27:40,600 --> 00:27:42,440 Speaker 2: absorbing like thirty five thousand. 578 00:27:42,200 --> 00:27:42,920 Speaker 1: Businesses a year. 579 00:27:43,720 --> 00:27:47,080 Speaker 2: So that is a problem for people that want to 580 00:27:47,080 --> 00:27:49,560 Speaker 2: sell their business. It's an opportunity for people that would 581 00:27:49,560 --> 00:27:51,520 Speaker 2: like to start a business. Let's talk about the people 582 00:27:51,520 --> 00:27:53,240 Speaker 2: that want to sell their business, the people. 583 00:27:53,000 --> 00:27:56,159 Speaker 1: That want to sell the business. And this is where 584 00:27:56,240 --> 00:28:02,080 Speaker 1: like I come in is because the reason why more 585 00:28:02,119 --> 00:28:06,960 Speaker 1: businesses don't get sold is not because desire, it's lack 586 00:28:07,000 --> 00:28:10,159 Speaker 1: of knowledge and lack of resource, right, and so I 587 00:28:10,200 --> 00:28:13,280 Speaker 1: call it exitation. Right, when you sell a business, it's 588 00:28:13,320 --> 00:28:15,840 Speaker 1: called an exit. Right, you exited your company. Heard he's 589 00:28:15,840 --> 00:28:19,160 Speaker 1: had multiple EXITSX amount of exits he just exited for 590 00:28:19,480 --> 00:28:23,199 Speaker 1: So this idea of an exit from the business you 591 00:28:23,240 --> 00:28:28,120 Speaker 1: were in. There's a lack of education in and around exits. 592 00:28:28,160 --> 00:28:32,239 Speaker 1: I call it exitcation. Most people are an entrepreneur. Very 593 00:28:32,320 --> 00:28:36,160 Speaker 1: few ever become an expreneur. But most people start out 594 00:28:36,240 --> 00:28:39,280 Speaker 1: like wanting to someday sell their business, but they don't 595 00:28:39,320 --> 00:28:42,640 Speaker 1: start with the end in mind. And so the problem 596 00:28:42,640 --> 00:28:45,880 Speaker 1: that we're constantly solving, and you heard a call earlier, 597 00:28:46,280 --> 00:28:48,200 Speaker 1: is people just like, what am I going to do 598 00:28:48,280 --> 00:28:51,760 Speaker 1: with it? Well, you're going to sell it to who, well, 599 00:28:51,800 --> 00:28:54,960 Speaker 1: to the multitude of buyers that are out there that 600 00:28:55,040 --> 00:29:00,080 Speaker 1: don't know you exist and you don't know they exist. Right. So, 601 00:29:00,280 --> 00:29:03,320 Speaker 1: like any new process, like if you and I want 602 00:29:03,320 --> 00:29:05,720 Speaker 1: to go play pickleball, we got to learn how to 603 00:29:05,720 --> 00:29:08,239 Speaker 1: play the game, right. And so the first thing that 604 00:29:08,440 --> 00:29:11,760 Speaker 1: entrepreneurs baby boomers can do is they can get a 605 00:29:11,800 --> 00:29:15,440 Speaker 1: hefty dose of execation. You know. Then there's this great 606 00:29:15,480 --> 00:29:19,560 Speaker 1: resource called YouTube, there's this great resource called Google, there's 607 00:29:19,600 --> 00:29:23,440 Speaker 1: this great resource called AI, and there's this great resource 608 00:29:23,720 --> 00:29:26,160 Speaker 1: called next ninety. Which is what we do is we 609 00:29:26,280 --> 00:29:29,160 Speaker 1: give them like we have an execation side to our 610 00:29:29,200 --> 00:29:32,840 Speaker 1: business where we're just helping them understand what their business 611 00:29:32,920 --> 00:29:36,760 Speaker 1: is worth, what it could be worth, and how to 612 00:29:36,840 --> 00:29:41,160 Speaker 1: go about extracting that worth in the most simplistic form. 613 00:29:41,640 --> 00:29:45,840 Speaker 1: Because you wouldn't believe how many businesses and I'm sure 614 00:29:45,880 --> 00:29:49,640 Speaker 1: you do, but I'm just generally speaking get shut down. 615 00:29:50,360 --> 00:29:52,720 Speaker 1: And do you think that wealth goes away? No? 616 00:29:53,320 --> 00:29:54,920 Speaker 3: It goes to the other businesses that stay there. 617 00:29:55,000 --> 00:29:58,400 Speaker 1: Right, those customers, like they end up finding a home, 618 00:29:58,560 --> 00:30:01,360 Speaker 1: they're don't stop buying because X y Z Window Cleaning 619 00:30:01,360 --> 00:30:04,440 Speaker 1: went out of business or shut the business down. They 620 00:30:04,480 --> 00:30:06,680 Speaker 1: just go to the next one down the road, right. 621 00:30:07,240 --> 00:30:11,880 Speaker 1: Or worse yet, a business owner sells their business short 622 00:30:12,080 --> 00:30:16,720 Speaker 1: of what it could be sold for. That's that's almost 623 00:30:16,760 --> 00:30:21,440 Speaker 1: as heartbreaking as the previous one, where that value in 624 00:30:21,480 --> 00:30:25,400 Speaker 1: that business didn't disappear, it's just transferred to the new owner. 625 00:30:25,760 --> 00:30:27,800 Speaker 1: And the only reason it transferred to that new owner 626 00:30:27,840 --> 00:30:31,080 Speaker 1: is that owner had the knowledge that the entrepreneur lacked, 627 00:30:32,160 --> 00:30:34,760 Speaker 1: and so they were playing the rig game. Therefore they 628 00:30:34,800 --> 00:30:39,600 Speaker 1: won said game. Right. And so you know what we 629 00:30:39,640 --> 00:30:42,760 Speaker 1: tell people to start with is you know and you 630 00:30:42,840 --> 00:30:47,000 Speaker 1: heard me as my analogy is, understand the two waypoints. 631 00:30:47,320 --> 00:30:50,640 Speaker 1: The waypoint number one is where are you exactly like, 632 00:30:50,680 --> 00:30:53,360 Speaker 1: what is your business worth? What's the good, the bad, 633 00:30:53,480 --> 00:30:58,440 Speaker 1: the ugly, you know kind of evaluation. Go to market assessment, 634 00:30:58,680 --> 00:31:01,560 Speaker 1: right and unders standing like this is where my feet 635 00:31:01,640 --> 00:31:04,440 Speaker 1: are right now. And then the second thing is where 636 00:31:04,440 --> 00:31:07,280 Speaker 1: do you ultimately want to go? Like pick a concise destination. 637 00:31:07,360 --> 00:31:09,800 Speaker 1: And this could be both time and transaction based, So 638 00:31:09,800 --> 00:31:12,800 Speaker 1: it could be two years five million dollars, one year 639 00:31:12,960 --> 00:31:15,520 Speaker 1: three million dollars, or it could just be the moment 640 00:31:15,560 --> 00:31:19,800 Speaker 1: I hit five million dollars. Right, But pick something, pick 641 00:31:19,880 --> 00:31:22,800 Speaker 1: that destination, as I said, and don't be married to 642 00:31:22,840 --> 00:31:25,800 Speaker 1: the pathway of getting there. Just be very clear and 643 00:31:25,880 --> 00:31:30,080 Speaker 1: vigilant on what that destination is. And then once you 644 00:31:30,160 --> 00:31:33,640 Speaker 1: understand two way points, guess what you can do turn 645 00:31:33,680 --> 00:31:37,120 Speaker 1: by turn directions to get there. Yeah. Like, once you 646 00:31:37,160 --> 00:31:39,880 Speaker 1: create what I call the gap where you are where 647 00:31:39,880 --> 00:31:43,120 Speaker 1: you want to be, then you can reverse engineer the map, right, 648 00:31:43,200 --> 00:31:45,920 Speaker 1: which we refer to as the massive action plan to 649 00:31:46,040 --> 00:31:52,200 Speaker 1: get from point A to point E the exit. Yeah. 650 00:31:52,240 --> 00:31:54,920 Speaker 2: I think of it in the investing world when I 651 00:31:54,960 --> 00:31:56,160 Speaker 2: talk about people's finances. 652 00:31:56,320 --> 00:31:59,840 Speaker 3: I think about it like something you do every day. 653 00:32:00,040 --> 00:32:02,680 Speaker 2: You'd open up Google Maps and so like to come here, 654 00:32:02,720 --> 00:32:04,680 Speaker 2: for example, you can't just say, like, oh, take me 655 00:32:04,720 --> 00:32:06,640 Speaker 2: somewhere cool, or take me to a podcast studio, or. 656 00:32:06,600 --> 00:32:07,840 Speaker 3: Take me to Mark's podcast studio. 657 00:32:07,920 --> 00:32:11,400 Speaker 2: You'd have to put in an actual location, right, and 658 00:32:11,440 --> 00:32:13,560 Speaker 2: then it would ask you where you're at, right. 659 00:32:13,480 --> 00:32:16,120 Speaker 3: And you can't say, oh, I'm in California. 660 00:32:15,640 --> 00:32:17,400 Speaker 2: Or like you no, you have to put an actual 661 00:32:17,760 --> 00:32:19,880 Speaker 2: so you need exact coordinates of each place. 662 00:32:20,200 --> 00:32:22,480 Speaker 3: And then if you're using Google Maps, it's going to say. 663 00:32:22,800 --> 00:32:25,880 Speaker 2: Well are you on bike or train or car? And 664 00:32:25,920 --> 00:32:28,280 Speaker 2: it's gonna be different routes for each one, right, And. 665 00:32:28,240 --> 00:32:30,000 Speaker 1: It actually will give you one that says here's the 666 00:32:30,040 --> 00:32:32,200 Speaker 1: toll road, but you have to pay for that. Right. 667 00:32:32,240 --> 00:32:33,480 Speaker 2: Do you want to pay for the toll road to 668 00:32:33,480 --> 00:32:36,880 Speaker 2: speed up like hiher coach or do you? And most 669 00:32:36,920 --> 00:32:38,720 Speaker 2: people just have never really taken time to think through 670 00:32:38,720 --> 00:32:40,880 Speaker 2: their life in that detail, like what do I want 671 00:32:40,920 --> 00:32:42,920 Speaker 2: for my business and what is that exit ramp? 672 00:32:42,920 --> 00:32:44,000 Speaker 3: I'm looking for kind of a. 673 00:32:43,960 --> 00:32:49,120 Speaker 2: Thing now in this type of wealth Trenschfer, that's happening, 674 00:32:49,160 --> 00:32:51,040 Speaker 2: as I said, there's all these business are going to transfer, 675 00:32:51,240 --> 00:32:54,840 Speaker 2: you know, potentially ten times more businesses selling than we 676 00:32:54,920 --> 00:32:57,720 Speaker 2: have currently going on. That creates what's known as a 677 00:32:57,760 --> 00:33:00,360 Speaker 2: buyer's market. That means it's very hard for selling to 678 00:33:00,400 --> 00:33:02,760 Speaker 2: sell their businesses and get the amount of money they'd 679 00:33:02,760 --> 00:33:05,000 Speaker 2: wont because there's just way too many people trying to sell, 680 00:33:05,040 --> 00:33:08,880 Speaker 2: not enough buyers. So the business owners should one, well, 681 00:33:08,920 --> 00:33:11,120 Speaker 2: they need to make their business more competitive. 682 00:33:11,920 --> 00:33:13,240 Speaker 3: And part of it is sort of like. 683 00:33:13,160 --> 00:33:15,720 Speaker 2: To the point that you're making, which is heartbreaking for you, 684 00:33:15,800 --> 00:33:17,280 Speaker 2: is seeing people leave a lot of money on the 685 00:33:17,280 --> 00:33:19,640 Speaker 2: table because they haven't done a couple of things to 686 00:33:20,680 --> 00:33:23,160 Speaker 2: In a house, you might repainted or change the carpet 687 00:33:23,200 --> 00:33:25,200 Speaker 2: before you sell it, and there's yeah, there's a couple 688 00:33:25,240 --> 00:33:26,840 Speaker 2: things you can do with your business to get the value. 689 00:33:26,960 --> 00:33:29,440 Speaker 2: But also in this competitive environment, you have to make 690 00:33:29,440 --> 00:33:31,480 Speaker 2: it more friendly as well. So what are some of 691 00:33:31,520 --> 00:33:32,800 Speaker 2: the things that a business owner could do? 692 00:33:33,000 --> 00:33:36,280 Speaker 1: Yeah, and you're not wrong. And I believe it is 693 00:33:36,320 --> 00:33:38,280 Speaker 1: a buyer's market at the moment, because I think the 694 00:33:38,360 --> 00:33:41,959 Speaker 1: buyers have the knowledge that the sellers don't. And what 695 00:33:42,000 --> 00:33:43,720 Speaker 1: we're trying to do is we're trying to write size 696 00:33:43,760 --> 00:33:49,600 Speaker 1: that you know. So the challenge is right now, statistically speaking, 697 00:33:50,360 --> 00:33:54,920 Speaker 1: one out of every seven hundred business owners actually gets 698 00:33:54,960 --> 00:33:58,600 Speaker 1: the outcome that they want. One in seven hundred, like 699 00:33:58,640 --> 00:34:01,920 Speaker 1: one in seven hundred, Like out out of the seven hundred, 700 00:34:02,080 --> 00:34:06,320 Speaker 1: only seventy will sell and only one will get the 701 00:34:06,360 --> 00:34:09,880 Speaker 1: outcome they desired because most never like think about it. 702 00:34:10,160 --> 00:34:12,440 Speaker 1: And I use this joke all the time that you know, 703 00:34:13,000 --> 00:34:14,440 Speaker 1: what do you call a building that you build that 704 00:34:14,480 --> 00:34:17,920 Speaker 1: has an entrance but no exit? A prison right, and 705 00:34:18,000 --> 00:34:21,560 Speaker 1: so entrepreneurs are typically the best prison architects in the world. 706 00:34:22,640 --> 00:34:25,560 Speaker 1: But they forgot that if they built the entrance, they 707 00:34:25,600 --> 00:34:28,120 Speaker 1: also can take the time to build the exit. And 708 00:34:28,160 --> 00:34:30,239 Speaker 1: so to your point, one of the things that they 709 00:34:30,280 --> 00:34:33,160 Speaker 1: can do is they can they can start to work 710 00:34:33,200 --> 00:34:37,799 Speaker 1: on what I call the transferability of that business. Right. 711 00:34:37,840 --> 00:34:40,719 Speaker 1: What does that mean? That means that they have like 712 00:34:40,760 --> 00:34:44,560 Speaker 1: an infrastructure that the business works without them. You know, 713 00:34:44,600 --> 00:34:46,760 Speaker 1: we call it the we call it the Mexico theory. 714 00:34:47,120 --> 00:34:49,319 Speaker 1: Like me and Mark are sitting here and we're like, 715 00:34:49,640 --> 00:34:51,800 Speaker 1: you know what, let's go have some tacos down in Mexico, 716 00:34:52,160 --> 00:34:54,080 Speaker 1: and you and I just go on a rager, you know, 717 00:34:54,160 --> 00:34:56,600 Speaker 1: and we just we don't come back. Our cell phones 718 00:34:56,600 --> 00:34:58,360 Speaker 1: don't work, No one can get a hold of us. 719 00:34:58,880 --> 00:35:01,840 Speaker 1: What does our business look like when we get back, Like, 720 00:35:01,920 --> 00:35:07,239 Speaker 1: did we create enough infrastructure to have it work without us? 721 00:35:07,760 --> 00:35:10,680 Speaker 1: Or is it so reliant on us that the moment 722 00:35:10,800 --> 00:35:13,839 Speaker 1: we leave, the whole thing implodes? Like so the first 723 00:35:13,880 --> 00:35:14,359 Speaker 1: thing they can. 724 00:35:14,239 --> 00:35:15,720 Speaker 2: Well, I can tell you if you create a personal 725 00:35:15,719 --> 00:35:18,560 Speaker 2: brand business and you make content for a living, it 726 00:35:18,680 --> 00:35:20,120 Speaker 2: can't really work with you. 727 00:35:20,880 --> 00:35:23,560 Speaker 1: But when you make content, though, your content is working 728 00:35:23,600 --> 00:35:24,480 Speaker 1: twenty four to seven. 729 00:35:24,960 --> 00:35:27,040 Speaker 2: Yeah, you know, so this piece of content is going 730 00:35:27,080 --> 00:35:27,920 Speaker 2: to make me money for us. 731 00:35:28,040 --> 00:35:31,440 Speaker 1: Actually, there's a great slide. You spoke at our Generation 732 00:35:31,560 --> 00:35:35,160 Speaker 1: Exit tour and you created this great slide and it 733 00:35:35,239 --> 00:35:39,279 Speaker 1: said the phases of exits, and I actually, yeah, I 734 00:35:39,280 --> 00:35:42,440 Speaker 1: actually use this five levels in a lot of my talks. 735 00:35:42,440 --> 00:35:45,480 Speaker 1: Now I stole it from you, thank you, by the way. 736 00:35:46,000 --> 00:35:53,480 Speaker 1: So it's it's in out or in on above out right, 737 00:35:53,560 --> 00:35:55,440 Speaker 1: So you got to go from working in the business 738 00:35:55,560 --> 00:35:58,440 Speaker 1: to on the business, to above the business and eventually 739 00:35:58,680 --> 00:36:02,000 Speaker 1: out of the the business. And you have this whole 740 00:36:02,080 --> 00:36:07,480 Speaker 1: great like documented way of doing that. It's brilliant. It's 741 00:36:07,480 --> 00:36:10,560 Speaker 1: absolutely brilliant, you know. And so I say, you have 742 00:36:10,600 --> 00:36:14,719 Speaker 1: to have many m I NI exits on the way 743 00:36:14,800 --> 00:36:19,680 Speaker 1: to a meaningful actual exit. So you have these mini 744 00:36:19,760 --> 00:36:23,200 Speaker 1: exits exit like the day to day exit, the cash 745 00:36:23,239 --> 00:36:31,239 Speaker 1: flow constraints exit, the unpredictableness of marketing exit, the up 746 00:36:31,280 --> 00:36:34,360 Speaker 1: and down sales like. And then you work on the 747 00:36:34,400 --> 00:36:37,040 Speaker 1: business and then you get people to come in and 748 00:36:37,080 --> 00:36:40,239 Speaker 1: you work above the business, and then once you get there, 749 00:36:40,719 --> 00:36:42,160 Speaker 1: it's the only amount of time before you're out of 750 00:36:42,160 --> 00:36:42,600 Speaker 1: the business. 751 00:36:42,719 --> 00:36:46,000 Speaker 2: Yeah, I think I talked about it at your event, 752 00:36:46,680 --> 00:36:50,320 Speaker 2: and just ask yourself, like if is this a business 753 00:36:50,360 --> 00:36:53,799 Speaker 2: I would buy? And if because you either sell your 754 00:36:53,800 --> 00:36:55,920 Speaker 2: business or you buy your business. So if this is 755 00:36:56,000 --> 00:36:58,760 Speaker 2: not a business, if it's your business, but you wouldn't 756 00:36:58,760 --> 00:37:01,240 Speaker 2: buy it, well you kind of did. If you can't 757 00:37:01,280 --> 00:37:03,440 Speaker 2: sell it like you bought it, right and so like 758 00:37:03,480 --> 00:37:05,759 Speaker 2: you wouldn't want to buy a business that can't be 759 00:37:06,000 --> 00:37:08,800 Speaker 2: run without you. So but if you have that business, 760 00:37:08,840 --> 00:37:11,120 Speaker 2: So maybe we don't have a whole lot of time. 761 00:37:11,280 --> 00:37:14,200 Speaker 2: Maybe you could throw out a couple things that maybe 762 00:37:14,239 --> 00:37:16,719 Speaker 2: the average business owner could think about in a. 763 00:37:16,640 --> 00:37:20,080 Speaker 3: Way to increase the value of their business sort of 764 00:37:20,120 --> 00:37:21,440 Speaker 3: the marketability of their business. 765 00:37:21,560 --> 00:37:24,239 Speaker 1: Yeah, one is look at like one of the big 766 00:37:24,280 --> 00:37:26,120 Speaker 1: things that you can do right away is look at 767 00:37:26,120 --> 00:37:29,160 Speaker 1: your revenue concentration. What does that mean? Like, how is 768 00:37:29,200 --> 00:37:33,319 Speaker 1: your revenue like brought in by customer? Do you have 769 00:37:33,360 --> 00:37:37,560 Speaker 1: one customer that's thirty forty percent of your business? That's bad. 770 00:37:37,680 --> 00:37:39,799 Speaker 1: That's very bad. It might be good for cash and 771 00:37:39,840 --> 00:37:43,520 Speaker 1: cash flow, it's very bad from a valuation perspective. You 772 00:37:43,560 --> 00:37:47,480 Speaker 1: want to have no customer be more than ideally ten percent. 773 00:37:47,800 --> 00:37:50,400 Speaker 1: You could probably get away with fifteen percent but like 774 00:37:50,440 --> 00:37:53,239 Speaker 1: if you really want to crush it five percent, you know, 775 00:37:53,320 --> 00:37:56,280 Speaker 1: for some of the businesses, that's not relevant. The second 776 00:37:56,320 --> 00:37:59,239 Speaker 1: question is is how much of my revenue is recurring 777 00:38:00,040 --> 00:38:07,120 Speaker 1: versus reoccurring? Right, So, recurring means contractual subscription, predictable month in, 778 00:38:07,320 --> 00:38:09,799 Speaker 1: month out revenue that's coming in that you don't have 779 00:38:09,880 --> 00:38:13,439 Speaker 1: to go out and curate every every time every month. 780 00:38:13,680 --> 00:38:17,239 Speaker 1: Reoccurring means it happens frequently, like it's a customer you've 781 00:38:17,239 --> 00:38:19,800 Speaker 1: had for a long time, but they're not under contract. 782 00:38:20,120 --> 00:38:22,840 Speaker 1: So the more contractual revenue that you can generate, or 783 00:38:22,880 --> 00:38:25,400 Speaker 1: you can figure out how to get your existing customers 784 00:38:25,440 --> 00:38:29,359 Speaker 1: sell more to the same people on recurring revenue, that 785 00:38:29,560 --> 00:38:35,279 Speaker 1: increases the valuation tremendously. The other thing I already touched 786 00:38:35,239 --> 00:38:39,439 Speaker 1: about is a transferability build infrastructure invest Instead of saying 787 00:38:39,440 --> 00:38:41,680 Speaker 1: I can't afford it, say I can't afford not to. 788 00:38:41,760 --> 00:38:44,000 Speaker 1: I can't afford not to build this infrastructure because it's 789 00:38:44,000 --> 00:38:46,520 Speaker 1: going to cost you so much more down the road. 790 00:38:46,560 --> 00:38:49,440 Speaker 3: When you say infrastructure, you're talking about can the business 791 00:38:49,480 --> 00:38:50,080 Speaker 3: run without you? 792 00:38:50,120 --> 00:38:53,480 Speaker 1: Correct? Yeah, correct if you if you have not built 793 00:38:53,480 --> 00:38:56,440 Speaker 1: a business that can't run without you, like you have 794 00:38:56,480 --> 00:38:59,759 Speaker 1: a very expensive hobby. You don't have a business, your 795 00:38:59,760 --> 00:39:02,200 Speaker 1: own bus. You have a job, Yeah you're not. You're 796 00:39:02,239 --> 00:39:04,080 Speaker 1: owned by the business, not a business owner. 797 00:39:04,160 --> 00:39:05,080 Speaker 3: Yeah, you created a job. 798 00:39:05,480 --> 00:39:06,960 Speaker 2: And it's one thing I talk about, you know, I 799 00:39:07,360 --> 00:39:10,080 Speaker 2: talk about. And at another event at my ranch that 800 00:39:10,120 --> 00:39:12,800 Speaker 2: you spoke at, we talked about like what is wealthy 801 00:39:12,840 --> 00:39:15,799 Speaker 2: being being wealthy mean to you? And everybody that I've pulled, 802 00:39:16,520 --> 00:39:18,799 Speaker 2: nine nine percent of the people say it's being free, 803 00:39:18,880 --> 00:39:22,600 Speaker 2: financially free, time freedom what they say, right, So, if 804 00:39:22,760 --> 00:39:24,520 Speaker 2: if really what you want is time freedom, not a 805 00:39:24,520 --> 00:39:27,560 Speaker 2: billion dollars, but time freedom, well you have a business, 806 00:39:28,440 --> 00:39:29,719 Speaker 2: could you just set it up in a way that 807 00:39:29,760 --> 00:39:30,680 Speaker 2: it gives you time freedom? 808 00:39:31,320 --> 00:39:33,880 Speaker 3: Unfortunately most people don't, and they have that job. 809 00:39:33,760 --> 00:39:36,520 Speaker 1: Right because most people don't have like the foresight of 810 00:39:36,560 --> 00:39:38,640 Speaker 1: like what do I really want from this business? Well, 811 00:39:38,840 --> 00:39:41,040 Speaker 1: they know at a high level it's time and money freedom, 812 00:39:41,080 --> 00:39:44,640 Speaker 1: and they find themselves with neither less time than no money. Right. 813 00:39:44,680 --> 00:39:46,960 Speaker 1: And so for me, it was a major shift when 814 00:39:46,960 --> 00:39:49,280 Speaker 1: I built out my last company and I invested heavily 815 00:39:49,320 --> 00:39:51,719 Speaker 1: into my c suite level of executives. And for those 816 00:39:51,719 --> 00:39:53,239 Speaker 1: of you that are entrepreneurs that don't know what a 817 00:39:53,239 --> 00:39:55,640 Speaker 1: c suite level of executive is probably want to research 818 00:39:55,680 --> 00:39:59,040 Speaker 1: aze this the CEO, cro CMO, CFO, you know, the 819 00:39:59,120 --> 00:40:03,160 Speaker 1: chief whatever officer of your company. I held out forever 820 00:40:03,360 --> 00:40:05,479 Speaker 1: because I was like, what that person costs two hundred 821 00:40:05,520 --> 00:40:08,680 Speaker 1: and twenty five thousand a year. Yeah, because they're really 822 00:40:08,719 --> 00:40:10,879 Speaker 1: good at what they do. Like and then they came 823 00:40:10,920 --> 00:40:11,960 Speaker 1: in and all of a sudden, I was like, Wow, 824 00:40:12,000 --> 00:40:14,240 Speaker 1: I got all this time to now go create another 825 00:40:14,320 --> 00:40:17,759 Speaker 1: million dollars worth of worth of income. So building out 826 00:40:17,880 --> 00:40:22,440 Speaker 1: your your hierarchy, of of your accountability chart. You know, 827 00:40:22,680 --> 00:40:25,359 Speaker 1: we don't even call it a organizational chart because most 828 00:40:25,400 --> 00:40:27,320 Speaker 1: of them aren't organized at all. We counted account and 829 00:40:27,320 --> 00:40:30,440 Speaker 1: build who's accountable for this particular role, who's accountable for 830 00:40:30,480 --> 00:40:34,560 Speaker 1: this particular KPI. One of the things that I see 831 00:40:34,800 --> 00:40:37,759 Speaker 1: that keep people from making those key decisions is they 832 00:40:37,800 --> 00:40:40,719 Speaker 1: have no financial literacy. They're they're like, they have no 833 00:40:40,760 --> 00:40:42,480 Speaker 1: idea what their margins are. They have no idea what 834 00:40:42,520 --> 00:40:45,040 Speaker 1: their gross profit is. They have no idea you know 835 00:40:45,120 --> 00:40:48,120 Speaker 1: what their expenses are. Like, they do bank account accounting, 836 00:40:48,160 --> 00:40:49,759 Speaker 1: which is I opened my bank, I got money in there, 837 00:40:49,760 --> 00:40:51,640 Speaker 1: We're making money, And that's not necessarily the truth. They 838 00:40:51,640 --> 00:40:54,520 Speaker 1: have no idea what accounts, receivable, accounts payable are so 839 00:40:55,360 --> 00:40:58,040 Speaker 1: like that to me is sort of the epicenter, Like 840 00:40:58,160 --> 00:41:01,279 Speaker 1: that's the beating heart of an organization, is the financial 841 00:41:01,320 --> 00:41:05,440 Speaker 1: health and the financial literacy of the entrepreneur, just like 842 00:41:05,480 --> 00:41:08,200 Speaker 1: people that are investing. What keeps most people from investing? 843 00:41:08,680 --> 00:41:10,880 Speaker 2: Well, I mean your business or your personal finances are 844 00:41:10,880 --> 00:41:12,719 Speaker 2: the same, and you need to be keeping an eye 845 00:41:12,719 --> 00:41:15,600 Speaker 2: on that all to exactly the big three I call them. Right, 846 00:41:15,680 --> 00:41:18,200 Speaker 2: So it's like your P and L, your balance sheet, 847 00:41:18,200 --> 00:41:19,759 Speaker 2: and your statement of cash flows right at least like 848 00:41:19,800 --> 00:41:22,360 Speaker 2: if you're not looking at those monthly at a minimum, 849 00:41:22,960 --> 00:41:24,560 Speaker 2: and so you should be looking at those statements at 850 00:41:24,640 --> 00:41:26,400 Speaker 2: least on a monthly basis. I mean some people need 851 00:41:26,440 --> 00:41:28,000 Speaker 2: to be looking at them on a weekly basis. 852 00:41:28,520 --> 00:41:29,359 Speaker 3: And it's sort of like. 853 00:41:30,560 --> 00:41:31,920 Speaker 2: Well, there's a lot of things you should be doing 854 00:41:31,920 --> 00:41:35,040 Speaker 2: that are sort of like that like a hospital patient 855 00:41:35,120 --> 00:41:36,440 Speaker 2: right hooked up to the machines and you see the 856 00:41:36,440 --> 00:41:37,200 Speaker 2: pulse kind of attack. 857 00:41:37,800 --> 00:41:38,960 Speaker 3: But yeah, you gotta be paying attention. 858 00:41:38,960 --> 00:41:41,920 Speaker 1: Well, I always say that like revenue is vanity, profit 859 00:41:42,000 --> 00:41:47,000 Speaker 1: is sanity, cash is reality, and cash flow is king. Yeah, right, 860 00:41:47,200 --> 00:41:49,560 Speaker 1: so most people go, I did one hundred million dollars 861 00:41:49,560 --> 00:41:51,480 Speaker 1: this year. Yeah, but what did you make? How much 862 00:41:51,480 --> 00:41:53,279 Speaker 1: money you have in the bank, what does your ap 863 00:41:53,440 --> 00:41:55,520 Speaker 1: look like, what does your er look like? Right? And 864 00:41:55,600 --> 00:41:58,360 Speaker 1: so you have to have yet to understand that. For me, 865 00:41:58,640 --> 00:42:00,600 Speaker 1: you know me, I kind of practice like this ideology 866 00:42:00,600 --> 00:42:02,480 Speaker 1: of core four. I have the CEOC four. I have 867 00:42:02,520 --> 00:42:04,520 Speaker 1: the core four as a human being, but I also 868 00:42:04,560 --> 00:42:07,920 Speaker 1: say the core four and businesses, sales and marketing, finance, operations, 869 00:42:07,920 --> 00:42:10,480 Speaker 1: and culture. And so you got to like measure the 870 00:42:11,640 --> 00:42:13,920 Speaker 1: vitality and the health of each one of those. And 871 00:42:14,000 --> 00:42:18,839 Speaker 1: for me, the beating heart of that is the is 872 00:42:18,880 --> 00:42:20,320 Speaker 1: the financial literacy component. 873 00:42:21,880 --> 00:42:24,880 Speaker 2: So I'm a boomer, I'm somebody who has a business. 874 00:42:25,760 --> 00:42:27,200 Speaker 2: I don't want to be a slave to it. So 875 00:42:27,200 --> 00:42:28,840 Speaker 2: I got to build the systems in place so it 876 00:42:28,880 --> 00:42:30,799 Speaker 2: can run without me. If that means hiring people, if 877 00:42:30,840 --> 00:42:32,719 Speaker 2: I need you. I need to be watching the finance of. 878 00:42:32,640 --> 00:42:34,040 Speaker 3: The business, the health of the business. 879 00:42:35,400 --> 00:42:36,920 Speaker 2: And then if I have a business that can run 880 00:42:36,960 --> 00:42:39,959 Speaker 2: without me and it's healthy financially, then there's a chance 881 00:42:40,000 --> 00:42:42,719 Speaker 2: that somebody might want to buy it from me. Now 882 00:42:42,920 --> 00:42:44,719 Speaker 2: you don't necessarily have to sell it, because if it 883 00:42:44,760 --> 00:42:46,319 Speaker 2: can just run without me, and it can just pay 884 00:42:46,360 --> 00:42:48,399 Speaker 2: me every month or every year. Maybe I just want 885 00:42:48,400 --> 00:42:50,920 Speaker 2: to keep the business right. And that's sort of one exit, 886 00:42:50,960 --> 00:42:53,560 Speaker 2: the exit inside the business, and there's the exit outside 887 00:42:53,560 --> 00:42:57,200 Speaker 2: the business. Let's shift gears and talk about now as 888 00:42:57,200 --> 00:43:00,520 Speaker 2: we maybe wrap this up to the people who don't 889 00:43:00,520 --> 00:43:04,319 Speaker 2: own businesses. And so as I kind of said, I 890 00:43:04,320 --> 00:43:06,319 Speaker 2: think this is sort of like a buyer's market. Yeah, 891 00:43:06,320 --> 00:43:07,600 Speaker 2: and I know something that you want to do is 892 00:43:07,600 --> 00:43:09,960 Speaker 2: sort of build like this marketplace that allows correct do that. 893 00:43:10,200 --> 00:43:11,400 Speaker 3: So there's a lot of people. 894 00:43:11,120 --> 00:43:15,359 Speaker 2: That don't own businesses right now, and there's a there's 895 00:43:15,400 --> 00:43:18,000 Speaker 2: there's sort of a movement of people of people trying 896 00:43:18,000 --> 00:43:21,359 Speaker 2: to train people to go buy businesses. And on one hand, 897 00:43:21,400 --> 00:43:24,040 Speaker 2: I like that because like I can get a million 898 00:43:24,080 --> 00:43:27,000 Speaker 2: dollar business that's thrown off three hundred thousand dollars a 899 00:43:27,040 --> 00:43:30,040 Speaker 2: year of free cash, free cash flow. I could get 900 00:43:30,040 --> 00:43:33,160 Speaker 2: a business loan to buy that business. I pay one 901 00:43:33,239 --> 00:43:35,560 Speaker 2: hundred and fifty K in debt service and I have 902 00:43:35,560 --> 00:43:37,960 Speaker 2: one hundred and fifty free and clear right. 903 00:43:38,160 --> 00:43:41,440 Speaker 1: And not only that, you just bought a million dollar 904 00:43:41,560 --> 00:43:44,040 Speaker 1: asset because let's just say that three hundred K trades 905 00:43:44,040 --> 00:43:47,160 Speaker 1: at four times, you know, free cash flow, So four 906 00:43:47,200 --> 00:43:50,160 Speaker 1: times three is twelve. So that's one point two million. 907 00:43:50,719 --> 00:43:54,680 Speaker 1: You paid one hundred and fifty thousand dollars for one 908 00:43:54,680 --> 00:43:57,520 Speaker 1: point two million dollars, right, you still have the asset, right, 909 00:43:57,680 --> 00:43:59,560 Speaker 1: Like it's it's the it's the craziest thing. 910 00:43:59,760 --> 00:44:02,799 Speaker 2: So I am Joe Joe worker, you know, clocking in 911 00:44:02,800 --> 00:44:04,400 Speaker 2: my cubic every day. But it's like, man, I'd like 912 00:44:04,440 --> 00:44:06,879 Speaker 2: to make that jump. We'll just go to the bank 913 00:44:06,960 --> 00:44:08,279 Speaker 2: and get a loan and I don't know, and build 914 00:44:08,320 --> 00:44:09,800 Speaker 2: up your credit first, and there's steps that have to 915 00:44:09,840 --> 00:44:12,160 Speaker 2: be done, but it's possible, right, get a business loan, 916 00:44:12,239 --> 00:44:15,799 Speaker 2: buy the business. So but at the same time, like 917 00:44:16,040 --> 00:44:18,279 Speaker 2: not everybody has back to the skills and relationships and 918 00:44:18,320 --> 00:44:21,040 Speaker 2: everybody has the skills to actually run that business. So 919 00:44:21,040 --> 00:44:23,080 Speaker 2: I'm curious what your thoughts are on that. Is it 920 00:44:23,120 --> 00:44:25,480 Speaker 2: setting people up for disaster buying a business they don't 921 00:44:25,480 --> 00:44:28,680 Speaker 2: know anything about. How would somebody, in your opinion from 922 00:44:28,719 --> 00:44:32,000 Speaker 2: selling businesses, how would somebody that maybe wants to buy 923 00:44:32,000 --> 00:44:33,160 Speaker 2: a business think about that? 924 00:44:33,280 --> 00:44:35,600 Speaker 1: Right? So we've all heard knowledge is power, and I 925 00:44:35,600 --> 00:44:38,719 Speaker 1: say that's bullshit. I'd say knowledge applied his power. You know, 926 00:44:38,719 --> 00:44:40,920 Speaker 1: knowledge is knowledge like in knowledge in the hands of 927 00:44:40,960 --> 00:44:43,920 Speaker 1: someone that doesn't do good with it is ignorance. Actually, 928 00:44:44,280 --> 00:44:49,120 Speaker 1: So first of all is to educate yourself on like 929 00:44:49,400 --> 00:44:51,480 Speaker 1: what we're talking about, like what what is it? What 930 00:44:51,600 --> 00:44:53,560 Speaker 1: is a P and L, what is a balance sheet? 931 00:44:53,800 --> 00:44:56,319 Speaker 1: What is CAS flow? I would probably start there, right 932 00:44:56,560 --> 00:45:00,359 Speaker 1: because then there's plenty of resources out there. I would 933 00:45:00,480 --> 00:45:03,560 Speaker 1: highly encourage people if you're coming in new into business, 934 00:45:03,800 --> 00:45:06,360 Speaker 1: don't build a business. Buy a business and build a business, 935 00:45:06,400 --> 00:45:09,240 Speaker 1: absolutely do that. Buy it, buy it, buy a business 936 00:45:09,480 --> 00:45:11,400 Speaker 1: rather than build a business, like because you and I 937 00:45:11,440 --> 00:45:14,920 Speaker 1: both know like the initial inertia man to get that started, 938 00:45:14,960 --> 00:45:17,680 Speaker 1: the zero to one, Oh my gosh, like startup mode, 939 00:45:17,840 --> 00:45:18,719 Speaker 1: it's miserable. 940 00:45:18,880 --> 00:45:21,359 Speaker 2: Yeah, you know, if you could buy a business that's 941 00:45:21,440 --> 00:45:23,600 Speaker 2: running like a good machine, well, and you. 942 00:45:23,560 --> 00:45:26,160 Speaker 1: Could probably buy a business that has you know, it's 943 00:45:26,160 --> 00:45:28,560 Speaker 1: like buying a rusty car, you know, like you know 944 00:45:28,600 --> 00:45:30,359 Speaker 1: it's got some some bumps. 945 00:45:30,040 --> 00:45:32,520 Speaker 3: A fixed upper house, a fixer upper house, carpet. 946 00:45:32,280 --> 00:45:34,960 Speaker 1: Pakay, right, put some put a new engine in it. Right. 947 00:45:35,120 --> 00:45:38,319 Speaker 1: So but I would first of all, I would go 948 00:45:38,360 --> 00:45:41,760 Speaker 1: after something I'm passionate about, you know, like I would 949 00:45:41,760 --> 00:45:45,160 Speaker 1: go into something that i'm I'm I'm gonna like, be 950 00:45:45,360 --> 00:45:48,880 Speaker 1: compelled and driven to get up every single day and 951 00:45:48,960 --> 00:45:51,279 Speaker 1: want to do it because being a business owner, being 952 00:45:51,280 --> 00:45:52,920 Speaker 1: an entrepreneur is gut wrenching. 953 00:45:54,920 --> 00:45:57,839 Speaker 2: I used to preach that, and I think, I think 954 00:45:57,840 --> 00:45:58,960 Speaker 2: that's a little bit of a scam. 955 00:45:59,080 --> 00:46:00,440 Speaker 1: You think it's a little ALTI teristic. 956 00:46:02,960 --> 00:46:06,120 Speaker 2: My my very first business, my real business where I 957 00:46:06,160 --> 00:46:08,920 Speaker 2: actually had a building, an office and employees, and I 958 00:46:08,960 --> 00:46:11,600 Speaker 2: remember it was in the it was in the medical space. 959 00:46:12,280 --> 00:46:14,680 Speaker 3: And uh, like, I'm a dirt biker, I'm a surfer. 960 00:46:14,800 --> 00:46:15,719 Speaker 3: I had this. I want to start. 961 00:46:15,760 --> 00:46:17,160 Speaker 2: I want to be in action sports. I want to 962 00:46:17,160 --> 00:46:18,560 Speaker 2: be a pro athlete. Last thing I want to do 963 00:46:18,640 --> 00:46:21,279 Speaker 2: is be in the medical space. And when people used 964 00:46:21,280 --> 00:46:22,920 Speaker 2: to ask me like, oh, do you love your business, 965 00:46:22,920 --> 00:46:24,520 Speaker 2: and I'm like, no, I hate it. It's in the 966 00:46:24,520 --> 00:46:26,160 Speaker 2: medical space. I want to be a pro athlete. What 967 00:46:26,160 --> 00:46:26,880 Speaker 2: am I doing over here? 968 00:46:26,960 --> 00:46:27,120 Speaker 1: Right? 969 00:46:27,440 --> 00:46:30,600 Speaker 2: But I changed my frame of mind to I didn't 970 00:46:30,760 --> 00:46:34,440 Speaker 2: like being in the medical space, but I loved owning 971 00:46:34,480 --> 00:46:37,120 Speaker 2: my own business. And so rather than looking at myself 972 00:46:37,160 --> 00:46:39,960 Speaker 2: as like, oh, here's Mark working in a medical industry, 973 00:46:40,080 --> 00:46:42,200 Speaker 2: I looked at myself as look at market, the entrepreneur 974 00:46:42,440 --> 00:46:44,960 Speaker 2: running the dials. And so when I think about passion. 975 00:46:45,040 --> 00:46:47,680 Speaker 2: Like for me, well, I guess I should try to 976 00:46:47,680 --> 00:46:50,640 Speaker 2: figure out how to make money surfing or make money 977 00:46:50,680 --> 00:46:51,520 Speaker 2: writing dirt bikes. 978 00:46:51,600 --> 00:46:53,120 Speaker 3: Yeah, like, no one's going to pay me for those. 979 00:46:53,160 --> 00:46:55,680 Speaker 1: Thus I get what you're saying. I'm just saying, like 980 00:46:56,080 --> 00:47:00,319 Speaker 1: you got it. You've got to love, like fall in 981 00:47:00,360 --> 00:47:02,160 Speaker 1: love with being a business owner. But you've got to 982 00:47:02,160 --> 00:47:04,960 Speaker 1: fall in love with the business that you're in. I mean, 983 00:47:04,960 --> 00:47:07,640 Speaker 1: it's it like because otherwise it's it's like being in 984 00:47:07,680 --> 00:47:09,680 Speaker 1: a marriage that just doesn't work in my in my 985 00:47:09,800 --> 00:47:13,040 Speaker 1: personal opinion, you know. And I'll give you I'll give 986 00:47:13,040 --> 00:47:16,920 Speaker 1: you an example. Like to your point, is that like 987 00:47:17,000 --> 00:47:19,520 Speaker 1: when I was doing solar, Like, did I that I 988 00:47:19,560 --> 00:47:24,040 Speaker 1: really like love solar? No, But what I loved is 989 00:47:24,320 --> 00:47:28,200 Speaker 1: building my solar business. I love the people of the business. 990 00:47:28,239 --> 00:47:31,240 Speaker 1: I loved what we could do as a as a company, 991 00:47:32,040 --> 00:47:36,760 Speaker 1: as selling this solar product. You know. But I also 992 00:47:36,800 --> 00:47:39,879 Speaker 1: think there has to be some sort of like baseline 993 00:47:40,440 --> 00:47:42,640 Speaker 1: knowledge of what you're doing or else you're just gonna 994 00:47:42,640 --> 00:47:43,400 Speaker 1: get murdered, you know. 995 00:47:43,640 --> 00:47:44,719 Speaker 3: I think I think, like. 996 00:47:46,239 --> 00:47:48,399 Speaker 2: For me, like so, there's a lot of entry level 997 00:47:48,400 --> 00:47:51,520 Speaker 2: businesses that could be a lot of mom and pop businesses, 998 00:47:51,520 --> 00:47:55,439 Speaker 2: so mailbox stores, dry cleaners, laundromats like things like that, right, 999 00:47:55,680 --> 00:47:57,799 Speaker 2: And like I may not be passionate about that, but 1000 00:47:57,920 --> 00:48:00,200 Speaker 2: like it's kind of like a simple enough business that 1001 00:48:00,200 --> 00:48:01,759 Speaker 2: I could sort of understand if I'm if I'm a 1002 00:48:01,760 --> 00:48:03,719 Speaker 2: new entrepreneur, Yeah, I can kind of understand it. I 1003 00:48:03,800 --> 00:48:05,680 Speaker 2: kind of get it, and it allows me to kind 1004 00:48:05,719 --> 00:48:07,640 Speaker 2: of get my feet wet learn business, to start making 1005 00:48:07,680 --> 00:48:09,840 Speaker 2: some money, and then you can start to kind of 1006 00:48:09,880 --> 00:48:12,160 Speaker 2: think about those other things at the same time. To 1007 00:48:12,200 --> 00:48:14,320 Speaker 2: the point, I would certainly agree, you don't want to 1008 00:48:14,320 --> 00:48:16,640 Speaker 2: do something you hate, right, because it does take a 1009 00:48:16,640 --> 00:48:17,640 Speaker 2: lot of work to be good at it. 1010 00:48:18,080 --> 00:48:21,080 Speaker 1: To hate something you have no knowledge or no knowledge about, right, 1011 00:48:21,440 --> 00:48:23,880 Speaker 1: Like I mean, I i'd like I would get like 1012 00:48:24,160 --> 00:48:27,640 Speaker 1: setting up this studio, like I would have no effing clue. 1013 00:48:27,719 --> 00:48:30,279 Speaker 1: You know, I probably burned the place down and electrically 1014 00:48:30,280 --> 00:48:33,480 Speaker 1: myself in the process. So I'm gonna, like, I'm probably 1015 00:48:33,480 --> 00:48:35,800 Speaker 1: not going to do well in the studio building business 1016 00:48:35,880 --> 00:48:38,880 Speaker 1: because like it like it just doesn't even it's so 1017 00:48:39,480 --> 00:48:42,239 Speaker 1: vast in the knowledge that I need to have. But like, 1018 00:48:43,120 --> 00:48:48,120 Speaker 1: for example, we're actually buying a company right now, and 1019 00:48:48,480 --> 00:48:50,840 Speaker 1: I can't say which company. But we're buying a company 1020 00:48:50,880 --> 00:48:56,040 Speaker 1: right now that's coming through the process, and I love 1021 00:48:56,080 --> 00:48:58,440 Speaker 1: what this person to us, Like, I don't really I 1022 00:48:58,480 --> 00:49:00,759 Speaker 1: haven't thought about this as a business, but I was like, wow, 1023 00:49:00,800 --> 00:49:04,080 Speaker 1: that's really cool. I can get behind that. And I 1024 00:49:04,120 --> 00:49:07,640 Speaker 1: saw that my skill set of marketing and lead gion 1025 00:49:08,120 --> 00:49:11,799 Speaker 1: married up well with that business. So that's an example, right, Yeah, 1026 00:49:11,840 --> 00:49:14,880 Speaker 1: And so that's what I'm what I'm trying to edify 1027 00:49:14,920 --> 00:49:17,080 Speaker 1: here is the fact that, like, do something that you 1028 00:49:17,239 --> 00:49:21,520 Speaker 1: have some baseline knowledge that you can get excited about 1029 00:49:21,840 --> 00:49:24,320 Speaker 1: and that you're willing to go all in on. If 1030 00:49:24,360 --> 00:49:26,799 Speaker 1: you're not willing to go all in, don't even start 1031 00:49:26,800 --> 00:49:27,160 Speaker 1: the journey. 1032 00:49:27,200 --> 00:49:29,200 Speaker 2: One hundred percent agree with you on that. Yeah, if 1033 00:49:29,200 --> 00:49:31,839 Speaker 2: you just want to dabble, just light your money on fire. 1034 00:49:32,000 --> 00:49:33,600 Speaker 1: Yeah, No, it's it's it's an all in problem. 1035 00:49:33,680 --> 00:49:36,399 Speaker 2: I will agree regardless if it's a dry cleaner, laundry matter, 1036 00:49:36,480 --> 00:49:39,560 Speaker 2: whatever it is. One I would probably recommend new people 1037 00:49:39,560 --> 00:49:41,400 Speaker 2: to start with. The service based business is probably a 1038 00:49:41,440 --> 00:49:45,920 Speaker 2: little bit more simple, but it's gonna be a lot 1039 00:49:45,960 --> 00:49:48,440 Speaker 2: of work away and if you don't like to do 1040 00:49:48,520 --> 00:49:50,000 Speaker 2: the work, then it's always going to be a drag. 1041 00:49:50,000 --> 00:49:51,840 Speaker 2: You'll never put the amount of time in that's required. 1042 00:49:51,840 --> 00:49:52,680 Speaker 2: And so you got to like it. 1043 00:49:52,800 --> 00:49:54,759 Speaker 1: You gotta love it. I mean, you got you got 1044 00:49:54,760 --> 00:49:57,480 Speaker 1: to just love working hard. Like how about that? You know, 1045 00:49:57,640 --> 00:49:59,239 Speaker 1: if you're not, if you're not, if you're not going 1046 00:49:59,320 --> 00:50:01,480 Speaker 1: to work hard, get the hell out of the way, 1047 00:50:01,719 --> 00:50:04,000 Speaker 1: because you're doing your you're doing yourself a disservice, your 1048 00:50:04,000 --> 00:50:07,240 Speaker 1: family disservice, and more importantly, your employees and the people 1049 00:50:07,280 --> 00:50:08,200 Speaker 1: you serve with disservice. 1050 00:50:08,600 --> 00:50:09,440 Speaker 3: And you got to like it. 1051 00:50:09,480 --> 00:50:12,080 Speaker 2: And that's one thing I've been talking about recently. You know, 1052 00:50:12,120 --> 00:50:14,880 Speaker 2: the poor mindset is that they want to make enough money. 1053 00:50:14,960 --> 00:50:17,200 Speaker 2: In most of my world investing, they want to make 1054 00:50:17,280 --> 00:50:18,839 Speaker 2: enough money where they don't ever have to work. Again, 1055 00:50:19,680 --> 00:50:21,799 Speaker 2: I'm like, well, then why do all billionaires still work? 1056 00:50:22,200 --> 00:50:23,359 Speaker 1: Because they're contributors. 1057 00:50:23,800 --> 00:50:25,480 Speaker 3: And it's not about not working. 1058 00:50:25,920 --> 00:50:28,439 Speaker 2: It's about not doing what you hate, right, So great, 1059 00:50:28,440 --> 00:50:29,920 Speaker 2: so don't do that, don't do don't do what you 1060 00:50:29,960 --> 00:50:30,480 Speaker 2: hate right. 1061 00:50:30,960 --> 00:50:33,600 Speaker 1: Like most people that I know that are really wealthy, 1062 00:50:33,760 --> 00:50:37,880 Speaker 1: they love working, they love it and they then, you know, 1063 00:50:37,960 --> 00:50:41,360 Speaker 1: you're a great example like that. You've kind of integrated 1064 00:50:41,400 --> 00:50:44,080 Speaker 1: your life into your work, you know, so you're in 1065 00:50:44,120 --> 00:50:47,279 Speaker 1: Mexico or you're down here, you're down there, like I 1066 00:50:47,280 --> 00:50:49,560 Speaker 1: think you said, Like, my goal is just to live 1067 00:50:49,600 --> 00:50:50,400 Speaker 1: like I was retired. 1068 00:50:50,719 --> 00:50:53,080 Speaker 3: You know, I love any retirements throughout my whole life. 1069 00:50:53,440 --> 00:50:55,279 Speaker 3: And it's kind of like a lion. 1070 00:50:55,080 --> 00:50:56,640 Speaker 2: Right, Like a lion sleeps most of the time, and 1071 00:50:56,760 --> 00:50:58,560 Speaker 2: that runs really hard after phrase. So it's like when 1072 00:50:58,560 --> 00:51:01,320 Speaker 2: I'm home, I'll sprint really hard hair and then I 1073 00:51:01,520 --> 00:51:02,759 Speaker 2: every other week I take a trip somewhere. 1074 00:51:02,760 --> 00:51:04,239 Speaker 1: And that's what you want, that's what you you know, 1075 00:51:04,280 --> 00:51:06,239 Speaker 1: that's what you the life that you for me, it's 1076 00:51:06,280 --> 00:51:10,920 Speaker 1: like a destination the destination. Have the destination and and 1077 00:51:11,000 --> 00:51:14,320 Speaker 1: so to loop up what you're saying about buying a business, 1078 00:51:14,680 --> 00:51:19,360 Speaker 1: like loop the business into the destination. Have the destination? First, 1079 00:51:19,400 --> 00:51:21,680 Speaker 1: is it a dollar amount? Is a time frame? Is it? 1080 00:51:21,719 --> 00:51:23,400 Speaker 1: Is it a time freedom thing? Like? What does that 1081 00:51:23,440 --> 00:51:25,759 Speaker 1: look like? And then find the thing that aligns with that, 1082 00:51:26,040 --> 00:51:27,719 Speaker 1: because that's going to get you fired up. 1083 00:51:28,680 --> 00:51:32,440 Speaker 2: So, Nick, if if I'm a business owner, I want 1084 00:51:32,480 --> 00:51:34,279 Speaker 2: to be a business owner, Like, how can you help 1085 00:51:34,280 --> 00:51:34,520 Speaker 2: me out? 1086 00:51:34,520 --> 00:51:35,719 Speaker 3: How can I get a hold of you? What should we 1087 00:51:35,719 --> 00:51:36,320 Speaker 3: be paying attention to? 1088 00:51:36,640 --> 00:51:38,880 Speaker 1: Yeah, So I mean, first of all, we can, like 1089 00:51:38,920 --> 00:51:41,480 Speaker 1: we have an ethos of like no entrepreneur left behind, right, 1090 00:51:41,920 --> 00:51:44,239 Speaker 1: And we have another thing that we want to turn 1091 00:51:44,360 --> 00:51:47,600 Speaker 1: entrepreneurs into exrepreneurs, and that starts with execation. So that's 1092 00:51:47,640 --> 00:51:51,719 Speaker 1: an execation starts with a conversation, right. And so the 1093 00:51:51,719 --> 00:51:55,040 Speaker 1: best cat I know, the best the best place is miserable. 1094 00:51:55,239 --> 00:51:57,920 Speaker 1: The best place to find me is is actually on Instagram. 1095 00:51:57,920 --> 00:51:59,800 Speaker 1: It's just at nick Long, just my name and I 1096 00:51:59,840 --> 00:52:04,400 Speaker 1: seng in my profile. There's a little link. It's theexepreneur 1097 00:52:04,520 --> 00:52:07,640 Speaker 1: dot com. And you can, you know, fill out a 1098 00:52:07,680 --> 00:52:09,359 Speaker 1: form and have a conversation with one of our team 1099 00:52:09,400 --> 00:52:13,760 Speaker 1: members and eventually me and you know, the conversation is free, 1100 00:52:14,239 --> 00:52:18,600 Speaker 1: but not having the conversation could cost you literally hundreds 1101 00:52:18,640 --> 00:52:21,480 Speaker 1: of thousands of dollars, millions of dollars. In fact, Mark 1102 00:52:22,120 --> 00:52:24,839 Speaker 1: talking about the transfer of wealth, one of the things 1103 00:52:24,840 --> 00:52:26,759 Speaker 1: that we've been really good is finding the hidden value 1104 00:52:26,760 --> 00:52:31,320 Speaker 1: of businesses. And since February February, okay, this is since February, 1105 00:52:31,800 --> 00:52:34,800 Speaker 1: over one hundred businesses, we found over two hundred and 1106 00:52:34,880 --> 00:52:38,680 Speaker 1: fifty million dollars of hidden value that would have transferred 1107 00:52:38,920 --> 00:52:41,160 Speaker 1: to the new owner had they now gone through our process. 1108 00:52:41,320 --> 00:52:45,560 Speaker 1: The average is two point seven million. Wow, the smallest 1109 00:52:45,600 --> 00:52:48,440 Speaker 1: amount that we found, the smallest amount over one hundred 1110 00:52:48,440 --> 00:52:52,480 Speaker 1: businesses was forty two thousand dollars. Wow, forty two thousand dollars. 1111 00:52:52,520 --> 00:52:55,440 Speaker 1: That money doesn't disappear. It's a current and it just 1112 00:52:55,520 --> 00:52:59,960 Speaker 1: transfers to whoever is the conduit. So in a transaction, 1113 00:53:00,480 --> 00:53:03,319 Speaker 1: the person with the most knowledge is likely going to win. 1114 00:53:04,120 --> 00:53:07,400 Speaker 1: So you owe it to yourself as an entrepreneur to 1115 00:53:07,520 --> 00:53:10,760 Speaker 1: educate yourself on the exit process and finish what you started, 1116 00:53:10,920 --> 00:53:13,799 Speaker 1: which was to have time and financial freedom. So take 1117 00:53:13,800 --> 00:53:17,400 Speaker 1: the time and eventually you'll get the time of financial freedom. 1118 00:53:17,760 --> 00:53:19,120 Speaker 3: Boom, that's it. 1119 00:53:19,280 --> 00:53:20,319 Speaker 1: Love it, my job.