WEBVTT - Trust, Succession, and Finding Happiness After Selling a Business

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<v Speaker 3>Getting wealthy is one thing, but then protecting that wealth

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<v Speaker 3>is another thing. Right, So that's a full time job

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<v Speaker 3>within itself, and you have to trust the right people.

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<v Speaker 3>You have to know what CPA to hire and what

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<v Speaker 3>wealth management firm the highre So how is that for you?

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<v Speaker 3>Coming from humble beginnings and then you know, getting wealthy.

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<v Speaker 3>Did you have any challenges with that? And how were

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<v Speaker 3>you able to assemble your team of wealth management? Sure?

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<v Speaker 1>I don't trust anyone. That's a challenge.

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<v Speaker 4>It's hard to delegate trust on an area you don't

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<v Speaker 4>know a lot about. I mean, it's easy for me

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<v Speaker 4>to delegate trust in any air of a business that

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<v Speaker 4>I know, but wealth management, making money with money, even

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<v Speaker 4>how to figure out interest rates, I don't know how

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<v Speaker 4>to do that stuff. It's very hard. So I always

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<v Speaker 4>resort to exactly what I resort to everywhere is do

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<v Speaker 4>I like the person?

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<v Speaker 1>Do I trust them? Doesn't feel right? Who knows if

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<v Speaker 1>I'm right? But so far I've really chosen the right people.

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<v Speaker 4>They have my back, they surround me, They've made money

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<v Speaker 4>for me, and I'm able to delegate eight but only

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<v Speaker 4>because I trust him. I mean, it's hard to trust

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<v Speaker 4>when you don't know the Arab expertise, is it not?

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<v Speaker 4>It's easy when it's your own thing, right, But it's

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<v Speaker 4>worked out very very well. Now I'm older, I made

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<v Speaker 4>most of my money investing in real estate. I love

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<v Speaker 4>to invest in buildings, but my son is in the

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<v Speaker 4>business as a developer, so I shovel my money in

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<v Speaker 4>his direction and he keeps investing for making more money

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<v Speaker 4>than I ever made. So he's smarter than I am

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<v Speaker 4>at that. But I got to believe I'm smarter than

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<v Speaker 4>him in some ways.

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<v Speaker 5>You got to be you made him, So it was

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<v Speaker 5>that I made him.

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<v Speaker 1>Let's not give his dad billity credit.

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<v Speaker 5>No, he's not here fifty fifty Yeah, we'll see. So

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<v Speaker 5>I mean, speaking of yourself. Was that part of a

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<v Speaker 5>succession plan as or it was just naturally he was

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<v Speaker 5>around you enough and said this is something that I

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<v Speaker 5>want to do. Is also, how did you know how

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<v Speaker 5>that happened?

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<v Speaker 4>Honestly, when I sold the Corkor Group, one of the

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<v Speaker 4>motives that were very much in my mind to sell

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<v Speaker 4>the business was Tommy was five, and I had never

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<v Speaker 4>been a man who inherited a business from his mother

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<v Speaker 4>or father who was happy. I noticed that I know

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<v Speaker 4>is that for twenty five years, nobody was happy. They

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<v Speaker 4>couldn't take the credit, They couldn't say it was there.

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<v Speaker 4>They brought the company. Many of these people double the

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<v Speaker 4>size of the company, but they never got the credit.

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<v Speaker 4>And I said, I'm not going to do that to

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<v Speaker 4>my son. He's never going to go into the real

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<v Speaker 4>estate business, and I didn't think he would. But one

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<v Speaker 4>thing he was always good at his playing monopoly. He

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<v Speaker 4>always beat me at monopoly. He had a mind for

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<v Speaker 4>that kind of thing, flipping and wheeling and dealing, even

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<v Speaker 4>as a little kid. And even though he's not in

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<v Speaker 4>my business, he's not in brokerage by any means. He

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<v Speaker 4>is in product development, which is a related feel and

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<v Speaker 4>he's a natural addite. So did he get it from

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<v Speaker 4>his mother and father. My husband was in the real

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<v Speaker 4>estate business brokerage as well. Perhaps perhaps he was just

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<v Speaker 4>destined to do that. But at least he has his

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<v Speaker 4>own thing and he gets his own credit. I think

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<v Speaker 4>that's the most important, one of the greatest satisfactions that

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<v Speaker 4>I could always make claim for, and I feel good

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<v Speaker 4>about it every.

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<v Speaker 1>Time, is I did it. God bless a child got

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<v Speaker 1>his own You know, I did it.

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<v Speaker 4>And I think that's so important for anyone building anything.

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<v Speaker 4>I mean, you can help from friends and stuff, but

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<v Speaker 4>you did it. Nobody can take it away from you.

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<v Speaker 3>It's so satisfying you said something I was a Gamian insightful.

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<v Speaker 3>You said you never met anybody that inherited a business

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<v Speaker 3>that was happy.

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<v Speaker 1>Never did.

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<v Speaker 3>That's that's crazy.

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<v Speaker 1>I never did. Sound was ridiculous.

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<v Speaker 4>You know what else to I never saw any of

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<v Speaker 4>my peers sell a business who was ever as happy

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<v Speaker 4>again in a new business. They never found it again.

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<v Speaker 4>That first business is your sweetheart. It's like the first girl,

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<v Speaker 4>your date. You know you're crazy about her, and you

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<v Speaker 4>never forget it.

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<v Speaker 1>A second business is never quite as good.

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<v Speaker 4>The one great thing that sures me up is with

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<v Speaker 4>all my entrepreneurs from Shark Tank, I'm getting to live

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<v Speaker 4>their first two years of business again over and over

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<v Speaker 4>like groundhoud day, you know. And that is the most

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<v Speaker 4>exciting part of your business. When you're struggling, you don't

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<v Speaker 4>know if you're going to make it, just starting your

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<v Speaker 4>dreams a big production is low.

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<v Speaker 1>It's so exciting. And I get to do that all the.

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<v Speaker 4>Time, not only on Patreon with my barbering barbering your

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<v Speaker 4>pocket is it your pocket or my pocket all the time,

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<v Speaker 4>but I also get to do it with my entrepreneurs.

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<v Speaker 4>And how blessed am I on that?

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<v Speaker 1>Really? Well?

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<v Speaker 3>Were you you sold your business. So were you ever

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<v Speaker 3>as happy after you sold your business?

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<v Speaker 1>I was miserable.

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<v Speaker 4>I decided to take cooking classes how to make great pasta?

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<v Speaker 1>Great idea? Right, So I was not.

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<v Speaker 4>Happy making pasta. But I needed to reinvent myself and

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<v Speaker 4>I did. And I'm sure I'll reinvent myself before I die.

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<v Speaker 4>I hope I have one more side.

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<v Speaker 5>I'm sure you have plenty more. One of the things

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<v Speaker 5>you said that you were great at, we'll omit the

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<v Speaker 5>parts that you weren't great, because it's gonna be hard

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<v Speaker 5>to believe. But the things that you're great at. Number

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<v Speaker 5>one was the ability to make money. And I wonder,

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<v Speaker 5>at any point was there a monetary goal that you

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<v Speaker 5>wanted to hit, and if so, did we get to

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<v Speaker 5>that point? Or is it just creating more?

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<v Speaker 2>Right?

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<v Speaker 6>Like?

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<v Speaker 5>Is there is more the goal?

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<v Speaker 1>I don't think ever. Funny question.

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<v Speaker 4>I think for me, my goal was never to make money.

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<v Speaker 4>I was shocked when I did make money. I always

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<v Speaker 4>made the least amount of money out of my whole company.

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<v Speaker 4>I had eight hundred sales within a thousand people. When

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<v Speaker 4>I had four hundred people. They were always out making

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<v Speaker 4>money much more than I was. I was the last

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<v Speaker 4>one paid, and that's what happens when you owned it

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<v Speaker 4>bus you the last one paid.

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<v Speaker 1>But over all the.

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<v Speaker 4>Times, I don't think I reached for the god of

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<v Speaker 4>making money because I never had money and my parents

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<v Speaker 4>were happy without money. We were happy without money. I

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<v Speaker 4>think I just wanted to see how far I could go.

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<v Speaker 4>Like I saw myself almost my whole life, like a

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<v Speaker 4>little character in a comic strip, and I was watching

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<v Speaker 4>myself while I was doing my maneuvering and laughing my

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<v Speaker 4>ass off at myself. It's just, well, they really.

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<v Speaker 1>Fall for this.

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<v Speaker 4>And that's where I got my kicks. And then where

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<v Speaker 4>I got my satisfaction was developing the talent, taking someone

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<v Speaker 4>who didn't think they could do something and convincing them

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<v Speaker 4>they had a special gift, not making it up. I

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<v Speaker 4>saw the gift. I would say, you know what you're

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<v Speaker 4>good at, you know, and put them in that position

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<v Speaker 4>and then see them blossom. That's very satisfying because you

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<v Speaker 4>feel like you almost have a hand in playing God,

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<v Speaker 4>Like you made the life better.

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<v Speaker 1>You're a big piece of it now. So that always

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<v Speaker 1>drove me.

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<v Speaker 4>How big a team and how powerful a team, and

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<v Speaker 4>how capable a team I could build and then also

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<v Speaker 4>I just love people loving me. My agents loved me.

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<v Speaker 4>They knew I'd do anything for them. I'd kill myself

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<v Speaker 4>with them and them knowing how much I love them,

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<v Speaker 4>they love me back. And just to get that love

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<v Speaker 4>and warmth out of a job, you know, that is special.

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<v Speaker 4>You don't get that every day. So of course when

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<v Speaker 4>I sold the Quakery group, I missed it sorely, you know,

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<v Speaker 4>very much, so as you could imagine, I didn't think

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<v Speaker 4>about that piece.

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<v Speaker 1>I should have given us some book.

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<v Speaker 6>An illegal alien from Guatemala charged with raping a child

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<v Speaker 6>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 6>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 6>filming and selling child pornography in Michigan. These are just

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<v Speaker 6>some of the heinous migrant criminals caught because of President

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<v Speaker 6>Donald J. Trump's leadership. I'm Christy Noman, the United States

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<v Speaker 6>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 6>crossings are at the lowest levels ever recorded, and over

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<v Speaker 6>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 6>are here illegally, your next you will be fined Nearly

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<v Speaker 6>one thousand dollars a day. Imprisoned and deported, you will

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<v Speaker 6>never return. But if you register using our CBP home

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<v Speaker 6>app and leave now, you could be allowed to return legally.

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<v Speaker 6>Do what's right. Leave now. Under President Trump America's laws,

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<v Speaker 6>border and families will be protected.

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<v Speaker 5>Sponsored by the United States Department of Homeland Security,