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Mergers and acquisitions, business.

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There's a lot of people getting into the game right now,

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Marty, because the Baby Boomers are retiring.

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There's this massive economic opportunity

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to take over businesses.

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And, you know, there's those who have no idea

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what they're doing, promoting themselves as though they do.

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Then there's those who know what they're doing,

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but it's still dangerous to get into a relationship

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with somebody if you don't know how to qualify or quantify

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how are they gonna do it.

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It's not enough to get to their end result, right?

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There's a process that matters there.

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And I see the depth of your team and intrigues me a lot

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where I'm like, man, this guy talks about his story

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in a way where you have every right to be pretentious

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and condescending, yet you don't.

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You know, you show up with a good strong sense of humility.

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So what do you see happening right now

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in the market of planning and preparing

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for business exit strategies?

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There's those who aren't even preparing for that at all.

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And then there's a whole market trying to create

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all sorts of hoopla around the subject,

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but you've been in this profession for a while.

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Do you mind telling me a little bit about your background

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from your perspective?

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And what do you see happening in the market right now?

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Yeah, so which one would you like me to address first,

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my background or the market?

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Either one, I like your humility though.

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Try to start rambling.

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So I guess they should talk about my background a little bit

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just so that people know kind of where I come from.

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So I built and sold my first business

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over almost 25 years ago.

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It was not an intentional situation.

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We built a business and it was a completely

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grassroots business and it was quite successful

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fairly quickly and only 18 months

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after we started the business, somebody came along

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and offered to buy it from us for a million and a half dollars

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and I thought, wow, this is easy.

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You just build a business, you grow it for a year and a half

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and people give you a million dollars.

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Turns out it's not that easy,

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but that was my start.

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From there, I went on and founded a couple

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of other companies and started a couple of other businesses

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that I sold, wound up acquiring a business,

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one of the earliest e-commerce businesses

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which was a very interesting situation

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because we were doing about a million dollars a year

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in revenue and then I had a competitor,

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very fierce direct competitor that was doing

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about a million and a half dollars a year in revenue

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and so we decided to acquire them and it was interesting

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because you'd think mathematically,

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my little one million dollar business

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and their little one and a half million dollar business

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when you put the two together, what might happen to that?

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And what happened is we did $30 million by the second year

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because the synergies of our team were so strong

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and the lack of our competition by working together

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instead of competing was just exponential growth.

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So that's one plus one equals 11.

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That's right there.

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Thank you.

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Then you add another one, you go from 11 to 111,

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we need to understand this.

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Completely and that's when I started to understand

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the power of mergers and venturing and things like that

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and I've always tried to live my life growing businesses

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through organic means and through relationships

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and things like that.

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So that's kind of what led me to what I do today

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which is full-time acquisitions.

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I purchase and sell, occasionally sell businesses

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but I mostly buy businesses my own.

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I have a very extensive portfolio and a wide range of topics

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and partners in a number of my different businesses

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and through all of that, I would look at a business and say,

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oh, that's a nice business

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but I'm not interested in acquiring it, thank you.

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And the owner would say, well, if you don't wanna buy it,

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do you know somebody who does?

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And I'd say, well, yeah, actually I kind of, I think I do.

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So let me connect you.

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And I started becoming a connector

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in the acquisitions world

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and that's led to a whole other thing

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and you just showed my website up there

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which is my acquisitions business, Westbound Road

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and I have a team of people who work with me,

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a business partner on that.

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And so we help advise buyers and sellers

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to have successful acquisitions transactions

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and what does that mean?

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That means everything that it takes for a business owner

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to plan, prepare and execute a sale of their business

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over a period of time.

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So we recommend our clients contact us

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a minimum of three years

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before they are actually ready to sell their business.

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So whereas people might call a business broker

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when they're ready to sell their business,

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we're very different in that we're very much advisory,

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coaching, process oriented

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and our goal is to help business owners

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to have the most successful exit financially,

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intellectually, emotionally, which can't be discounted

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and to take care of all of their needs

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when they do have an exit.

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The biggest message I wanna give out to the audience

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is many business owners,

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whether you have a business that does

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a couple hundred thousand dollars a year

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or a couple hundred million dollars a year,

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it's shocking how many business owners

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do not think about what does an exit for my business

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look like and yet 100% of every business owner

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will exit their business.

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The question is, will they exit on their terms

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or on terms completely out of their control

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and our goal is to help them exit on their terms

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and their timing versus waiting until it's too late.

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I love that and those of you listening in,

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if you've consulted with ChatGPT or any other AI

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about how to sell your business the right way

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and you think the plan was rock solid,

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you need to be talking to people like Marty

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because ChatGPT is not that advanced yet.

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It can give you some insights and ideas.

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I highly recommend challenging it

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to help you understand these things.

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Then there's Eric Gaffstrom of Exit Strategy,

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phenomenal resource, he's got awesome things.

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I highly recommend exploring these things

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in the beginning of your visions if possible

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because to be able to end, to be able to,

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what does they say, start with the end in mind,

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begin with the end in mind.

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I always say begin with the vision in mind too

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and know that your vision usually leads you to a hilltop

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where you then have new options right in front of you.

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So those are two different realities

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and my hope is to help you have people like Marty,

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people like Eric, people like John Whaley based out of Texas.

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I highly recommend him as well as somebody to counsel with

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on these subjects.

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The more wise and centered and solid advisors

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you can have around you, the more likely you're gonna end up

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in a profitable and a great position.

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And I think I speak for Marty and I both, right?

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That's what we want.

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We want people to be educated and know what they're doing,

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know where you're going and don't gravitate

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towards who you wanna work with.

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So Marty, you spent a lifetime trying to learn stuff that,

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even business owners, most business owners I think,

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I mean, I could be projecting,

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but I think we don't wanna think about the end.

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Basketball players, a lot of them don't think

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about the career afterwards.

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We got LeBron James who already prepared his entire career

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for afterwards.

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Like when he was 18, 19, he was doing it right.

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People are following him in that space

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because he did it right.

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But a lot of them get into the sport,

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get out of the sport and have no idea what to do

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and what their value is and what their identity is.

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So I love the way you put that.

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But you've spent your career learning the ins and outs

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of all of this.

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And I'm not making an assumption, visionaries.

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I'm very careful with that.

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But what Marty has on his website

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and how they go about the building of their team

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and the breakdown of being on both sides of the transaction,

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he either had to model somebody who knows what they're doing

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or Marty's created something based on a whole lot

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of experience.

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And I believe the latter is true based

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on the way it presents itself.

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So all that discovery in years previous,

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if you could only give three resources

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for visionary leaders to focus in on,

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what three resources do you recommend

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for visionary leaders out there?

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With regard to this topic or just in general?

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Don't let me limit you, my friend, the box of life

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is wide open.

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All right, that sounds good.

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So interestingly, I have been about,

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oh my goodness, we are in the time of this recording,

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we are in December of 2024.

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So exactly two years ago, probably this week,

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I would imagine, or maybe the week after,

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I was binge watching some series on TV.

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I don't know what it was.

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And the series finished and you know how I like Netflix,

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you finish it and it says, well,

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congratulations, you're done.

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Now we recommend this and it pulls up and starts.

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And I remember vividly going,

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I need to stop wasting my life sitting in front of the TV.

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And I said, I wanna get back to reading again.

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And so I shut the TV off and I barely have turned it on again

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in the two years since that's gone.

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And I focused myself on reading both classics

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and new classics.

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But resource number one that I wanna give you

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is to shut off the TV.

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If people calculate how much time they're spending,

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and the TV that may include watching videos on your phone

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or Instagrams or TikToks,

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watching Netflix and things like that.

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Any of that kind of non-educational screen time,

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if you add up how many hours you're giving to that

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and how much of your brain cell

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and your energy you're giving to that, it's not good.

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And so resource number one is something to eliminate,

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not necessarily add to you,

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which is get rid of that brain numbing screen time.

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Love it.

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Number two, in the time that I've spent,

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I've now read and I've actually calculated it up.

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I'm just gonna pull up my spreadsheet.

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I have everything I've done on a spreadsheet

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with all of my reading and my resources,

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materials and everything else.

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But it's been a really fascinating process.

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I have about 450 hours now into reading,

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which doesn't sound like a ton, but if you add it up,

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that's about six weeks straight of 24 hour days

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in the last two years.

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And again, that was all time I replaced watching television.

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I'm a great big fan of a couple of old classics,

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how to win friends and influence people.

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You know, it is a saying that people use as a joke.

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It's an old book, it's almost a hundred years old,

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but oh, look at you.

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Don't you love that?

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Look at this OG lead magnet.

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Yeah, look at that.

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Look at that pamphlet.

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The information in that is timeless

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and it will help any leader to be more successful

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and have a bigger impact on people

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and to understand how to work with people

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and understand how to have a better life.

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Oh, that's so awesome, Jackson, that you've got.

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I've got good.

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That sits on my desk.

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I have now-

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There's a lot of things I can put on my desk,

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but that's awesome.

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I have now read that book probably 10 to 12 times

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over 25 years or so, every couple of years.

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Highly recommend you get back to it.

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So that's a resource that obviously both of us

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can very much recommend.

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And then from there, I'm a big fan of the Bible.

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There is every lesson in the Bible.

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There is drama and history and how to lead right

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and how to lead wrong.

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I mean, you wanna talk about a leadership screw up.

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Let's talk about King David.

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That guy was a jackass.

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And I mean, he slept with his girl

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and sent her husband off to get killed.

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I mean, the guy was, he was a terrible guy.

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The domino effect.

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Yeah, but the redemption of his life

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and becoming a great leader.

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There are so many great stories in the Bible.

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If you want to look at the Bible purely

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as a leadership manual, there's some incredible lessons

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in there and I highly recommend that resource.

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Oh, I love that.

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You hit hard on these.

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This is great.

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There's a song that I love.

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I think it's by the All American Rejects.

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If we're adding to the noise,

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if we're adding to the noise, turn off this song.

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That song as a teenager actually inspired me

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to do just that.

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It was kind of my shut off the TV,

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one of my moments on that.

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And so yes, I can definitely see how, whatever it is,

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whether it's music, whether it's TV,

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whether, I don't know, you've got an imbalance

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and addictive attachment to something

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or something that is causing you to unstimulate, right?

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And lose sight of priorities or your vision.

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Maybe put it in check and see,

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is this something that is holding me back

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or is it contributing to and helping me move forward

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in my best self?

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So I love these, Marty.

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That was super great.

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And reading, we'll add that as a fourth bonus

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because it was brought up as ultimately a resource.

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So thank you for the addition by a subtraction

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with the shut off.

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That includes this podcast, my friends.

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If this is not contributing to moving your life forward,

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then please by all means go do what will contribute.

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We'll be right back after the break.

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We're gonna dive into Marty's vision

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and talk more about preparing for exit

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and making sure that if your vision is related

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to entrepreneurship and making the most of the transaction

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of what can occur when you've created a successful business,

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stick around and hear what we have to say.

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Thank you for being here today.

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I'm really happy that you tuned in.

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All right, welcome in to Vision Pros Live.

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With Jackson Callum, I'm your show host.

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We'll be doing interviews for visionary entrepreneurs

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and guest leaders who are building

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fantastic visions out there.

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All right, welcome to autopilot.

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I mean, Vision Pros Live.

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00:14:31,600 --> 00:14:34,620
So here I am, just messed up on that transition.

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00:14:34,620 --> 00:14:36,600
I went right to our ending screen.

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And for those of you who are in the podcast realm

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or looking to build something awesome

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in terms of attracting audiences

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and hosting guests and stuff,

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you can point to me and say, well, that guy messes it up.

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00:14:47,000 --> 00:14:49,080
He just air balled his free throws.

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And I'll be like, you know what?

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I do that all the time.

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So thanks for joining us.

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Visionaries, get after it.

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You don't have to be perfect.

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Progress is the way to go.

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00:14:57,920 --> 00:15:00,600
Super big shout out to Samantha Skelly, actually.

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00:15:00,600 --> 00:15:03,920
She's a, she helps people with binge eating disorders

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00:15:03,920 --> 00:15:06,680
and she's got a shirt line that she created that said,

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imperfect, but it had an apostrophe.

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It says, I'm perfect.

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I was like, yeah, go Samantha.

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00:15:11,560 --> 00:15:13,520
She's got this super great leader.

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00:15:14,360 --> 00:15:15,600
And in regards to leaders,

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00:15:15,600 --> 00:15:17,280
we're gonna talk about some sponsors real quick.

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00:15:17,280 --> 00:15:19,420
One of them is Opradena de este trabajo para Latinos.

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00:15:19,420 --> 00:15:21,880
That's opportunities for work for Latinos.

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That's our homegrown program.

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00:15:23,440 --> 00:15:25,620
And we're looking for more Latino leaders

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00:15:25,620 --> 00:15:28,600
to come on that podcast and show to inspire

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00:15:28,600 --> 00:15:31,480
those who are really building this out with and for.

356
00:15:31,480 --> 00:15:33,260
And that is our digital ambassadors.

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00:15:33,260 --> 00:15:35,440
These are individuals who have never heard of LinkedIn.

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00:15:35,440 --> 00:15:36,600
They've never heard of Upwork.

359
00:15:36,600 --> 00:15:37,840
They've never heard of Canva.

360
00:15:37,840 --> 00:15:39,920
They've never read Rich Dad Poor Dad

361
00:15:39,920 --> 00:15:41,640
and other materials like that.

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00:15:41,640 --> 00:15:43,640
We're helping these individuals become

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00:15:43,640 --> 00:15:45,480
what the world knows as virtual assistants,

364
00:15:45,480 --> 00:15:49,000
but we're also putting an end to the VA pandemic.

365
00:15:49,000 --> 00:15:49,820
What is that?

366
00:15:49,820 --> 00:15:50,960
Virtual abuse.

367
00:15:50,960 --> 00:15:52,200
I'm tired of seeing it.

368
00:15:52,200 --> 00:15:53,840
I used to contribute to it myself

369
00:15:53,840 --> 00:15:55,640
and think I could get somebody hired

370
00:15:55,640 --> 00:15:56,840
to just do everything for me

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00:15:56,840 --> 00:15:58,680
and never pay attention to their life.

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00:15:58,680 --> 00:16:00,520
My hope is that you will join us in this quest

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00:16:00,520 --> 00:16:03,040
to uplift others while bridging the economic gap

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00:16:03,040 --> 00:16:05,320
through North America, South America, and rest of world.

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00:16:05,320 --> 00:16:07,720
We've launched as well opportunities for India.

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00:16:07,720 --> 00:16:10,440
We've also launched opportunities for Filipinos.

377
00:16:10,440 --> 00:16:14,960
And again, if you happen to be aligned with that message,

378
00:16:14,960 --> 00:16:17,160
that vision, reach out to our team,

379
00:16:17,160 --> 00:16:19,060
find out how you can get involved and help out.

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00:16:19,060 --> 00:16:21,620
And we'll explore it from there.

381
00:16:21,620 --> 00:16:23,360
That's their podcast, by the way,

382
00:16:23,360 --> 00:16:25,360
Opportunities Latinas Podcast.

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00:16:25,360 --> 00:16:27,840
They've hosted guests with far more followers

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00:16:27,840 --> 00:16:30,000
that dwarf the size of most of my leaders

385
00:16:30,000 --> 00:16:31,640
within their first couple of episodes

386
00:16:31,640 --> 00:16:33,320
because of how cool it is what they're building.

387
00:16:33,320 --> 00:16:37,120
So again, go see, even if you don't speak Spanish

388
00:16:37,120 --> 00:16:40,440
or Hindi or Tagalog, you can still get involved.

389
00:16:40,440 --> 00:16:41,640
So there's that.

390
00:16:41,640 --> 00:16:42,640
Last plug for that.

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00:16:42,640 --> 00:16:47,160
Learnandgrowrich.net, by the way, this is Zach Ullman.

392
00:16:47,160 --> 00:16:50,760
We brought Zach Ullman on as our chief financial officer

393
00:16:50,760 --> 00:16:52,160
at First Class Business.

394
00:16:52,160 --> 00:16:53,700
This is how much we believe in his brand

395
00:16:53,700 --> 00:16:55,440
and love what he's doing at scale

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00:16:55,440 --> 00:16:58,880
to help us help businesses move forward

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00:16:58,880 --> 00:17:01,400
with more strategic plans, better forecasting,

398
00:17:01,400 --> 00:17:06,400
better understanding of their financial existence,

399
00:17:06,680 --> 00:17:08,440
the reality that they're in.

400
00:17:08,440 --> 00:17:11,320
Zach has very much shown an alignment

401
00:17:11,320 --> 00:17:13,480
with all things that we stand for,

402
00:17:13,480 --> 00:17:14,880
and he's building at scale.

403
00:17:14,880 --> 00:17:16,320
So you can work directly with him

404
00:17:16,320 --> 00:17:18,720
or you can come through us either way.

405
00:17:18,720 --> 00:17:20,560
It doesn't matter for me if we're all winning.

406
00:17:20,560 --> 00:17:23,080
And if the tides are rising, all ships rise.

407
00:17:23,080 --> 00:17:23,920
I love that quote.

408
00:17:23,920 --> 00:17:25,800
I never get it right, but it's a great one.

409
00:17:25,800 --> 00:17:27,280
Then there's the Water Project.

410
00:17:27,280 --> 00:17:29,040
The Water Project is not homegrown.

411
00:17:29,040 --> 00:17:30,420
It's not something that we're involved in.

412
00:17:30,420 --> 00:17:31,680
I just like to give back to it,

413
00:17:31,680 --> 00:17:33,620
and I really like to talk about it

414
00:17:33,620 --> 00:17:36,240
because I took this for granted for so long.

415
00:17:36,240 --> 00:17:37,760
I didn't realize how many millions of people

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don't have access to even the most basic of resource,

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00:17:40,800 --> 00:17:41,640
such as water.

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00:17:41,640 --> 00:17:43,320
When it came across my life,

419
00:17:43,320 --> 00:17:45,080
I think I contributed to it

420
00:17:45,080 --> 00:17:47,840
because I liked the transparency that existed.

421
00:17:47,840 --> 00:17:49,680
And so it was fun to just kind of like fund

422
00:17:49,680 --> 00:17:52,880
one little project, knowing what town was going to be helped,

423
00:17:52,880 --> 00:17:55,600
and then seeing them send social media updates

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00:17:55,600 --> 00:17:57,260
and like picture proof of what happened,

425
00:17:57,260 --> 00:17:59,960
whether it's building these borehole wells or sand dams.

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00:17:59,960 --> 00:18:02,200
And as I started to really pay more and more attention

427
00:18:02,200 --> 00:18:03,840
to this, I realized like, man,

428
00:18:03,840 --> 00:18:05,200
what would it be like for my kids

429
00:18:05,200 --> 00:18:07,160
to have to walk three to four miles

430
00:18:07,160 --> 00:18:09,200
just to find any source of water

431
00:18:09,200 --> 00:18:10,360
to bring back to their school

432
00:18:10,360 --> 00:18:12,020
instead of focusing on their education?

433
00:18:12,020 --> 00:18:15,960
Or if I had to leave work to go get water for my family,

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00:18:15,960 --> 00:18:18,960
like what type of economic hardships would that create?

435
00:18:18,960 --> 00:18:20,300
And then look at these kids.

436
00:18:20,300 --> 00:18:22,880
They celebrate water as much or more

437
00:18:22,880 --> 00:18:24,760
than our kids celebrate Christmas.

438
00:18:24,760 --> 00:18:26,780
Like this is super, super special.

439
00:18:26,780 --> 00:18:28,760
So I hope you take the opportunity.

440
00:18:28,760 --> 00:18:31,020
If you're in a financial position to contribute,

441
00:18:31,020 --> 00:18:33,520
everything matters and counts for these individuals.

442
00:18:33,520 --> 00:18:36,780
You can make a generational impact by contributing to it.

443
00:18:36,780 --> 00:18:39,520
And if you're not in a financial position to do that,

444
00:18:39,520 --> 00:18:41,720
my hope is that maybe you'll turn this into a dinner

445
00:18:41,720 --> 00:18:44,920
conversation with friends and family and talk about it.

446
00:18:44,920 --> 00:18:47,560
If there's another cause that is more on your heart

447
00:18:47,560 --> 00:18:50,440
and mind right now, please drop that cause in the comments

448
00:18:50,440 --> 00:18:53,600
because I love to learn about new ways that I can give back.

449
00:18:53,600 --> 00:18:55,240
I know our audience does too.

450
00:18:55,240 --> 00:18:57,220
You might be the catalyst for us bringing

451
00:18:57,220 --> 00:19:00,200
that particular opportunity on the show and talking about it.

452
00:19:00,200 --> 00:19:01,360
We might contribute to it.

453
00:19:01,360 --> 00:19:05,200
We might make them one of these pseudo sponsors, if you will.

454
00:19:05,200 --> 00:19:09,600
So without further ado, we have 8 billion people to help.

455
00:19:09,600 --> 00:19:11,000
And I hope you join me on that.

456
00:19:11,000 --> 00:19:12,560
And right now, it's our opportunity

457
00:19:12,560 --> 00:19:15,800
to help you with some information from Marty Fonke.

458
00:19:15,800 --> 00:19:18,040
So Marty, thank you for joining me on Vision Pros Live.

459
00:19:18,040 --> 00:19:19,300
Thanks for having me, Jackson.

460
00:19:19,300 --> 00:19:20,320
It's my pleasure.

461
00:19:20,320 --> 00:19:21,220
Absolutely.

462
00:19:21,220 --> 00:19:24,360
So you've got a pretty big mountain of gifts

463
00:19:24,360 --> 00:19:27,120
to give to visionaries and entrepreneurs.

464
00:19:27,120 --> 00:19:30,440
In terms of helping them think through this exit strategy,

465
00:19:30,440 --> 00:19:34,040
that alone is something like just a seed

466
00:19:34,040 --> 00:19:37,880
worth planting for those who haven't gotten there yet

467
00:19:37,880 --> 00:19:39,520
and haven't really considered that.

468
00:19:39,520 --> 00:19:44,240
But I want to dive into some more depth with it.

469
00:19:44,240 --> 00:19:47,160
What do you see happening in the market right now?

470
00:19:47,160 --> 00:19:49,400
We didn't quite touch on that in the beginning.

471
00:19:49,400 --> 00:19:54,440
What's going on in the world of preparing for exits?

472
00:19:54,440 --> 00:19:57,160
Have you seen any trends that are concerning?

473
00:19:57,160 --> 00:19:59,880
I will bring up some that I have seen that are concerning.

474
00:19:59,880 --> 00:20:05,520
Because this is a capitalistic venture.

475
00:20:05,520 --> 00:20:07,400
There's a lot of money to be made in this.

476
00:20:07,400 --> 00:20:09,200
And because of that, there's a lot

477
00:20:09,200 --> 00:20:10,960
of wolves in sheep's clothing.

478
00:20:10,960 --> 00:20:15,400
And I'll say there's a lot of sheep's in shepherd's clothing,

479
00:20:15,400 --> 00:20:16,040
too.

480
00:20:16,040 --> 00:20:18,800
And that's almost worse, in my opinion.

481
00:20:18,800 --> 00:20:20,440
So what do you have?

482
00:20:20,440 --> 00:20:23,160
Yeah, there's a lot happening in the space.

483
00:20:23,160 --> 00:20:26,800
So we may or may not have heard the term silver tsunami.

484
00:20:26,800 --> 00:20:29,160
That term is to describe the fact

485
00:20:29,160 --> 00:20:34,520
that there are tens of millions of small businesses

486
00:20:34,520 --> 00:20:38,080
that are owned by the baby boomer generation.

487
00:20:38,080 --> 00:20:41,320
And they need somewhere to hand those businesses off

488
00:20:41,320 --> 00:20:43,360
to when they are ready to retire.

489
00:20:43,360 --> 00:20:46,280
And we're seeing that to the tune of about 10,000 businesses

490
00:20:46,280 --> 00:20:49,360
a day are needing to change hands.

491
00:20:49,360 --> 00:20:51,080
And here's the unfortunate thing is

492
00:20:51,080 --> 00:20:52,960
that many of those business owners have not

493
00:20:52,960 --> 00:20:54,560
had time to plan for that change.

494
00:20:54,560 --> 00:20:56,800
They thought their kids were going to take it over.

495
00:20:56,800 --> 00:20:58,760
And then they find out the kids don't want it.

496
00:20:58,760 --> 00:21:00,520
Or they thought that, you know.

497
00:21:00,520 --> 00:21:03,120
The 24-year-old kid's like, I don't even know what you do.

498
00:21:03,120 --> 00:21:05,640
Yeah, I just want to be an influencer.

499
00:21:05,640 --> 00:21:06,840
And that's all I want to do.

500
00:21:06,840 --> 00:21:11,680
So on that side, on the business owner's side,

501
00:21:11,680 --> 00:21:14,640
we're seeing a very unprecedented time

502
00:21:14,640 --> 00:21:17,840
where transitions are needing to happen.

503
00:21:17,840 --> 00:21:19,800
But people aren't prepared for those transitions.

504
00:21:19,800 --> 00:21:23,040
They have businesses that are not prepared.

505
00:21:23,040 --> 00:21:24,080
The books aren't in order.

506
00:21:24,080 --> 00:21:25,600
There's so many things that need to be done.

507
00:21:25,600 --> 00:21:28,200
And then they go out and say, OK, well, should I sell this?

508
00:21:28,200 --> 00:21:30,440
And then they find out it's practically unsellable.

509
00:21:30,440 --> 00:21:32,120
And many times, I got to tell you,

510
00:21:32,120 --> 00:21:34,280
Jackson, I've had call after call.

511
00:21:34,280 --> 00:21:36,520
They think they're going to sell this business

512
00:21:36,520 --> 00:21:38,840
for millions of dollars because they have in their mind

513
00:21:38,840 --> 00:21:40,720
because they read some article somewhere.

514
00:21:40,720 --> 00:21:42,400
And the reality is it's not worth it.

515
00:21:42,400 --> 00:21:44,560
And that was what they were partly planning

516
00:21:44,560 --> 00:21:46,520
to use for their retirement.

517
00:21:46,520 --> 00:21:48,240
And I've had horror stories.

518
00:21:48,240 --> 00:21:50,360
And I'm trying to help people avoid that.

519
00:21:50,360 --> 00:21:53,760
So we're seeing this opportunity where

520
00:21:53,760 --> 00:21:56,080
all of these businesses coming up for sale

521
00:21:56,080 --> 00:21:57,480
or about to be coming up for sale.

522
00:21:57,480 --> 00:21:58,720
And then over on the buyer's side,

523
00:21:58,720 --> 00:22:00,120
there's some interesting things happening.

524
00:22:00,120 --> 00:22:02,520
And we haven't discussed what your concerning things are.

525
00:22:02,520 --> 00:22:03,760
But I'm going to tell you what I see.

526
00:22:03,760 --> 00:22:04,920
And we'll see if they match.

527
00:22:04,920 --> 00:22:08,360
But there is, on the positive side,

528
00:22:08,360 --> 00:22:12,880
there is a movement afoot called the ETA movement that

529
00:22:12,880 --> 00:22:16,320
is entrepreneurship through acquisition.

530
00:22:16,320 --> 00:22:20,600
What that means is historically, for most of time

531
00:22:20,600 --> 00:22:22,880
in eternity, but certainly in the United States

532
00:22:22,880 --> 00:22:27,840
for most of its successful history,

533
00:22:27,840 --> 00:22:29,960
when people wanted to be really successful,

534
00:22:29,960 --> 00:22:33,400
they'd say, I'm going to start a business.

535
00:22:33,400 --> 00:22:34,960
All right, you're going to start a business.

536
00:22:34,960 --> 00:22:36,160
Great, that's wonderful.

537
00:22:36,160 --> 00:22:39,640
Entrepreneurship has built the backbone of this country

538
00:22:39,640 --> 00:22:41,800
and the good part of the world.

539
00:22:41,800 --> 00:22:43,640
What people have started to understand

540
00:22:43,640 --> 00:22:47,240
in the last several years is that entrepreneurship,

541
00:22:47,240 --> 00:22:51,000
starting a business, one in nine, excuse me,

542
00:22:51,000 --> 00:22:53,600
one out of 10 businesses that are started

543
00:22:53,600 --> 00:22:55,880
will be successful, meaning nine out of 10

544
00:22:55,880 --> 00:22:58,200
are going to fail in the next five years

545
00:22:58,200 --> 00:22:59,320
or the first five years.

546
00:22:59,320 --> 00:22:59,920
Correct.

547
00:22:59,920 --> 00:23:04,360
However, if you have an existing business that

548
00:23:04,360 --> 00:23:09,000
is a business that is already proven,

549
00:23:09,000 --> 00:23:13,280
it's been in business for five or 10 or 20 years,

550
00:23:13,280 --> 00:23:16,400
you have existing customers, cash flow,

551
00:23:16,400 --> 00:23:20,200
you have positive reviews in your community, et cetera.

552
00:23:20,200 --> 00:23:23,480
If you buy that business instead of starting one,

553
00:23:23,480 --> 00:23:26,920
you can take over something that has a nine out of 10

554
00:23:26,920 --> 00:23:30,680
chance of being successful rather than failing

555
00:23:30,680 --> 00:23:35,320
and you instantly have employees, processes, cash flow,

556
00:23:35,320 --> 00:23:37,880
you name it, and all of those things

557
00:23:37,880 --> 00:23:39,840
lead to a much higher odds of success.

558
00:23:39,840 --> 00:23:41,880
So the positive thing I'm saying is ETA,

559
00:23:41,880 --> 00:23:44,400
and ETA is even being taught in universities now.

560
00:23:44,400 --> 00:23:47,320
There are some universities with ETA entrepreneurship

561
00:23:47,320 --> 00:23:49,960
through acquisition programs and courses,

562
00:23:49,960 --> 00:23:51,760
and that's a wonderful thing.

563
00:23:51,760 --> 00:23:54,240
Now, what we're seeing is something

564
00:23:54,240 --> 00:23:56,520
that's concerning in the world, and that

565
00:23:56,520 --> 00:24:02,000
is a rise of people talking about, well, 20, 30, 40 years

566
00:24:02,000 --> 00:24:04,720
ago, we used to see no money down real estate.

567
00:24:04,720 --> 00:24:06,960
Get your fortune doing no money down real estate.

568
00:24:06,960 --> 00:24:08,920
You can buy all these houses for no money down

569
00:24:08,920 --> 00:24:11,680
and turn them into rentals or flip them and get rich,

570
00:24:11,680 --> 00:24:15,400
whatever, guys showing up with Ferraris in their driveways

571
00:24:15,400 --> 00:24:17,000
and all this kind of stuff.

572
00:24:17,000 --> 00:24:19,000
Today, we're seeing that same kind

573
00:24:19,000 --> 00:24:22,360
of trend in no money down business acquisitions

574
00:24:22,360 --> 00:24:25,240
being touted a lot of different places.

575
00:24:25,240 --> 00:24:27,920
And the unfortunate thing is that that's

576
00:24:27,920 --> 00:24:30,160
a little bit of an unrealistic expectations.

577
00:24:30,160 --> 00:24:32,800
There's not a business owner in the world

578
00:24:32,800 --> 00:24:35,880
who has a successful, thriving business,

579
00:24:35,880 --> 00:24:40,520
and that business is operating properly,

580
00:24:40,520 --> 00:24:42,440
has a great team in place, and it's profitable.

581
00:24:42,440 --> 00:24:44,000
There's no business owner in the world

582
00:24:44,000 --> 00:24:46,240
that's just going to hand you their business for no money

583
00:24:46,240 --> 00:24:47,080
down.

584
00:24:47,080 --> 00:24:48,880
That's completely unreasonable, but yet we're

585
00:24:48,880 --> 00:24:50,880
seeing a lot of that out there.

586
00:24:50,880 --> 00:24:53,840
And we're seeing that movement kind of causing people

587
00:24:53,840 --> 00:24:56,560
to maybe start to want to acquire businesses thinking

588
00:24:56,560 --> 00:24:58,640
they can do it for nothing and thinking that there's

589
00:24:58,640 --> 00:24:59,880
no risk in doing that.

590
00:24:59,880 --> 00:25:01,760
And that's something that is concerning to me

591
00:25:01,760 --> 00:25:05,320
because it's putting a perception in the marketplace

592
00:25:05,320 --> 00:25:08,600
that owning a business is easy, buying a business with no money

593
00:25:08,600 --> 00:25:09,400
down is easy.

594
00:25:09,400 --> 00:25:11,440
And the reality is it's tough.

595
00:25:11,440 --> 00:25:13,000
Entrepreneurship is tough.

596
00:25:13,000 --> 00:25:16,960
Being a visionary and having a successful, thriving business

597
00:25:16,960 --> 00:25:19,760
is tough, and it's not for everyone.

598
00:25:19,760 --> 00:25:24,840
I think entrepreneurs in a lot of ways are born, not made.

599
00:25:24,840 --> 00:25:26,280
And if you're not born to it, there's

600
00:25:26,280 --> 00:25:29,800
some people who are just born to be employees.

601
00:25:29,800 --> 00:25:31,560
And there are some who are born not to be,

602
00:25:31,560 --> 00:25:33,480
and you need to know what's good for you.

603
00:25:33,480 --> 00:25:36,520
So those are some highs and lows I'm seeing out there

604
00:25:36,520 --> 00:25:37,440
in the world today.

605
00:25:37,440 --> 00:25:40,000
I'd love to hear your thoughts on what you're seeing out there,

606
00:25:40,000 --> 00:25:41,920
Jackson, and any topics you want to cover.

607
00:25:41,920 --> 00:25:42,400
For sure.

608
00:25:42,400 --> 00:25:45,040
I'll play devil's advocate and angel's advocate

609
00:25:45,040 --> 00:25:46,960
on this reality.

610
00:25:46,960 --> 00:25:49,520
Also double down with what you said.

611
00:25:49,520 --> 00:25:53,840
No, entrepreneurship is not meant for everybody.

612
00:25:53,840 --> 00:25:57,280
Look, if you're blind, you might learn how to read through Braille,

613
00:25:57,280 --> 00:26:00,000
but you're simply not going to read a book until the technology

614
00:26:00,000 --> 00:26:01,560
comes out to fix that.

615
00:26:01,560 --> 00:26:03,720
If you're deaf and you can't hear the music,

616
00:26:03,720 --> 00:26:05,000
you can't hear the music.

617
00:26:05,000 --> 00:26:06,320
It is what it is.

618
00:26:06,320 --> 00:26:08,720
And they learn to celebrate and appreciate life.

619
00:26:08,720 --> 00:26:12,280
And we all have certain adversities like that in life.

620
00:26:12,280 --> 00:26:16,240
But I don't have the frame for a sumo wrestler,

621
00:26:16,240 --> 00:26:18,280
or I don't plan to.

622
00:26:18,280 --> 00:26:20,840
So there's certain pursuits in life that, yeah,

623
00:26:20,840 --> 00:26:25,880
I mean, you can be stubborn and go for it.

624
00:26:25,880 --> 00:26:28,400
I could become a sumo wrestler probably,

625
00:26:28,400 --> 00:26:31,960
but that's not necessarily the best path for the gifts

626
00:26:31,960 --> 00:26:33,120
I've been given.

627
00:26:33,120 --> 00:26:35,800
And I hope those of you listening in realize

628
00:26:35,800 --> 00:26:37,720
that Marty and I, we're not trying to push you out

629
00:26:37,720 --> 00:26:40,200
of entrepreneurship and say you're not qualified as much

630
00:26:40,200 --> 00:26:44,880
as be self-aware of what you are capable of or aren't

631
00:26:44,880 --> 00:26:45,600
capable of doing.

632
00:26:45,600 --> 00:26:48,360
And know that there's extreme consequences that

633
00:26:48,360 --> 00:26:50,720
come with the path of entrepreneurship

634
00:26:50,720 --> 00:26:53,600
that represent challenges that most of the world

635
00:26:53,600 --> 00:26:55,480
doesn't understand.

636
00:26:55,480 --> 00:26:59,320
And people like Elon Musk said it, you have to be crazy.

637
00:26:59,320 --> 00:27:01,600
It's like eating glass.

638
00:27:01,600 --> 00:27:04,440
And Reid Hoffman, LinkedIn, said,

639
00:27:04,440 --> 00:27:06,520
it's like pushing an airplane off of a cliff

640
00:27:06,520 --> 00:27:08,760
and repairing it while it's going down.

641
00:27:08,760 --> 00:27:13,520
You've got to be freaking nuts to go after this stuff,

642
00:27:13,520 --> 00:27:16,400
not drinking the Get Rich, Quit Kool-Aid.

643
00:27:16,400 --> 00:27:17,680
Good luck if you do that.

644
00:27:17,680 --> 00:27:21,280
So the devil's advocate a little bit.

645
00:27:21,280 --> 00:27:22,640
I got interested.

646
00:27:22,640 --> 00:27:25,360
You got to tell me what ETA stands for again,

647
00:27:25,360 --> 00:27:29,400
because I looked up ETA movement on Google,

648
00:27:29,400 --> 00:27:30,480
and it ain't popping up.

649
00:27:30,480 --> 00:27:32,000
So you're ahead of the trend.

650
00:27:32,000 --> 00:27:33,720
Entrepreneurship through acquisition.

651
00:27:33,720 --> 00:27:34,840
Through acquisition.

652
00:27:34,840 --> 00:27:35,360
There you go.

653
00:27:35,360 --> 00:27:36,960
So the good news is, Marty, you're

654
00:27:36,960 --> 00:27:40,800
going to become one of the top people and relate to this

655
00:27:40,800 --> 00:27:43,520
if you keep talking about it, because Google is unaware

656
00:27:43,520 --> 00:27:44,920
of what that stands for.

657
00:27:44,920 --> 00:27:49,080
It's pushing ETA, SA manufacturers, Swiss, Switzerland

658
00:27:49,080 --> 00:27:50,280
stuff.

659
00:27:50,280 --> 00:27:53,840
But it is a great thing to be ahead of the trend,

660
00:27:53,840 --> 00:27:56,440
ahead of the curves on realities like this.

661
00:27:56,440 --> 00:27:58,880
It is only a matter of time before those three words catch

662
00:27:58,880 --> 00:27:59,760
on with Google.

663
00:27:59,760 --> 00:28:01,640
As you mentioned, especially with the backbone

664
00:28:01,640 --> 00:28:04,320
of universities getting involved and seeing that

665
00:28:04,320 --> 00:28:05,480
as an opportunity.

666
00:28:05,480 --> 00:28:09,560
I'll put Angel's advocate on the side of people giving you

667
00:28:09,560 --> 00:28:13,960
a business for nothing down or similar to that.

668
00:28:13,960 --> 00:28:19,640
It reminds me of the microloans that

669
00:28:19,640 --> 00:28:22,000
exist in Africa predominantly.

670
00:28:22,000 --> 00:28:24,460
Do you remember the name of the company that has the microloans?

671
00:28:24,460 --> 00:28:24,960
Kiva?

672
00:28:24,960 --> 00:28:25,480
Kiva, right?

673
00:28:25,480 --> 00:28:26,000
Yeah, Kiva.

674
00:28:26,000 --> 00:28:28,760
Yeah, I made a few of those for Luke.

675
00:28:28,760 --> 00:28:29,400
Ask it.

676
00:28:29,400 --> 00:28:31,600
It's different.

677
00:28:31,600 --> 00:28:33,200
It's a different philosophy and idea.

678
00:28:33,200 --> 00:28:35,080
But the reason why I bring it up is

679
00:28:35,080 --> 00:28:37,520
that's actually one of the things first class business

680
00:28:37,520 --> 00:28:40,840
is planning and doing, and we do.

681
00:28:40,840 --> 00:28:43,920
And she's my executive assistant.

682
00:28:43,920 --> 00:28:45,480
She had an existing infrastructure.

683
00:28:45,480 --> 00:28:47,240
I was her first client ever as she

684
00:28:47,240 --> 00:28:50,120
spammed me for Facebook ads or something like that,

685
00:28:50,120 --> 00:28:51,680
and maybe helping and assisting.

686
00:28:51,680 --> 00:28:54,520
And because of her persistence and her diligence

687
00:28:54,520 --> 00:28:56,400
and her consistency and her reliability,

688
00:28:56,400 --> 00:28:57,840
and I decided to give her a shot.

689
00:28:57,840 --> 00:29:00,440
Like, hey, did you do this with AI or did you do this manually?

690
00:29:00,440 --> 00:29:05,200
And we got into a conversation, but we build her business

691
00:29:05,200 --> 00:29:07,240
for her for free.

692
00:29:07,240 --> 00:29:09,640
It expands our brand.

693
00:29:09,640 --> 00:29:12,160
She's got her own podcast.

694
00:29:12,160 --> 00:29:14,280
She wanted to do a lot of it by herself,

695
00:29:14,280 --> 00:29:18,440
and we give everybody absolute freedom to do what they want.

696
00:29:18,440 --> 00:29:22,680
Six weeks later, I'm looking at it going, hey,

697
00:29:22,680 --> 00:29:24,800
maybe thought about maybe incorporating the team

698
00:29:24,800 --> 00:29:27,560
to help you on these so that it actually moves forward.

699
00:29:27,560 --> 00:29:30,280
And she's like, yeah, I'm starting to see that now.

700
00:29:30,280 --> 00:29:31,760
I was like, plus, it'll help you better

701
00:29:31,760 --> 00:29:33,520
relate with our clients because you'll

702
00:29:33,520 --> 00:29:34,720
know what they're going through.

703
00:29:34,720 --> 00:29:36,280
And they have the same desire as you,

704
00:29:36,280 --> 00:29:37,760
they want to do everything.

705
00:29:37,760 --> 00:29:42,840
So I don't think that it's kind of like the gun.

706
00:29:42,840 --> 00:29:45,480
You can use a gun for a lot of things,

707
00:29:45,480 --> 00:29:47,160
but did you pull the trigger with the intent

708
00:29:47,160 --> 00:29:47,880
to shoot somebody?

709
00:29:47,880 --> 00:29:50,000
Did you aim it at somebody and accidentally pull the trigger?

710
00:29:50,000 --> 00:29:51,280
It doesn't matter.

711
00:29:51,280 --> 00:29:55,520
The resource, water can drown and water can save lives.

712
00:29:55,520 --> 00:29:58,760
Fire can burn, and fire creates this wonderful electricity

713
00:29:58,760 --> 00:30:00,960
somehow, too.

714
00:30:00,960 --> 00:30:04,840
So all you entrepreneurs out there, considering these paths

715
00:30:04,840 --> 00:30:07,760
and looking at it, if I were to give advice,

716
00:30:07,760 --> 00:30:10,280
it would be look for the who.

717
00:30:10,280 --> 00:30:11,880
Look for who's doing things the way

718
00:30:11,880 --> 00:30:15,080
that you want to do things, the values, the virtues they

719
00:30:15,080 --> 00:30:16,080
stand for.

720
00:30:16,080 --> 00:30:18,400
And if the why and the purpose exists,

721
00:30:18,400 --> 00:30:20,200
then consider aligning with it.

722
00:30:20,200 --> 00:30:22,240
And I will definitely have my finger

723
00:30:22,240 --> 00:30:24,320
on the pulse of this ETA movement.

724
00:30:24,320 --> 00:30:27,080
I'm probably going to try to crack that algorithm now

725
00:30:27,080 --> 00:30:31,720
that you mentioned it as much as we should both do that

726
00:30:31,720 --> 00:30:35,440
so that people find the best possible resources as they

727
00:30:35,440 --> 00:30:37,200
consider these opportunities.

728
00:30:37,200 --> 00:30:38,440
You said 10,000 a day.

729
00:30:38,440 --> 00:30:43,840
You also mentioned 9 out of 10 chance of success.

730
00:30:43,840 --> 00:30:46,960
There's variables that are associated with that,

731
00:30:46,960 --> 00:30:49,120
beyond the fact that the business survived.

732
00:30:49,120 --> 00:30:51,440
And I'm pretty infamous or famous,

733
00:30:51,440 --> 00:30:55,160
depending on who you ask, for saying 96% of businesses

734
00:30:55,160 --> 00:30:57,040
lose within 10 years.

735
00:30:57,040 --> 00:30:59,520
And 4% survive.

736
00:30:59,520 --> 00:31:00,960
And you know why that is, right?

737
00:31:00,960 --> 00:31:02,200
Well, I'm going to finish that thought.

738
00:31:02,200 --> 00:31:04,560
I hadn't finished the part that I'm infamous for.

739
00:31:04,560 --> 00:31:08,280
The 4% who survive, as a young entrepreneur,

740
00:31:08,280 --> 00:31:10,120
I believe, well, they must have made it.

741
00:31:10,120 --> 00:31:11,120
They must be awesome.

742
00:31:11,120 --> 00:31:13,240
But when you become really, really good at consulting,

743
00:31:13,240 --> 00:31:16,840
you begin to realize they have higher levels of debt.

744
00:31:16,840 --> 00:31:18,240
They have a higher risk tolerance.

745
00:31:18,240 --> 00:31:20,240
They've got more jaded families.

746
00:31:20,240 --> 00:31:23,400
Their life freaking sucks a lot of time.

747
00:31:23,400 --> 00:31:26,000
And they have not figured out frameworks

748
00:31:26,000 --> 00:31:28,360
that have created balance for themselves.

749
00:31:28,360 --> 00:31:30,640
Very few have been able to repeat that success

750
00:31:30,640 --> 00:31:32,080
multiple times.

751
00:31:32,080 --> 00:31:35,720
And they live a hyped up life based on virality

752
00:31:35,720 --> 00:31:37,240
and based on this public image they

753
00:31:37,240 --> 00:31:40,600
have to maintain that doesn't align with the reality they

754
00:31:40,600 --> 00:31:43,160
actually have going on behind the scenes.

755
00:31:43,160 --> 00:31:45,840
And so I am super curious.

756
00:31:45,840 --> 00:31:49,680
And again, why am I calling attention to this, my friends?

757
00:31:49,680 --> 00:31:51,200
Not because Marty's wrong.

758
00:31:51,200 --> 00:31:55,040
Not because there isn't the outlier in those scenarios.

759
00:31:55,040 --> 00:31:58,280
It's actually doubling down on Marty's thoughts.

760
00:31:58,280 --> 00:32:00,800
It's the reality that if we can figure out

761
00:32:00,800 --> 00:32:05,040
those variables of what causes the 9 out of the 10 success,

762
00:32:05,040 --> 00:32:07,560
and we can capitalize on those for our own visions

763
00:32:07,560 --> 00:32:09,560
and for our own lives, we can actually

764
00:32:09,560 --> 00:32:13,000
produce those types of results with more vigor.

765
00:32:13,000 --> 00:32:16,520
But we're not going to do that by reading some stupid article,

766
00:32:16,520 --> 00:32:18,360
skimming some stupid article, and trying

767
00:32:18,360 --> 00:32:19,680
to figure it out the lazy way.

768
00:32:19,680 --> 00:32:21,840
We've got to actually pay attention to the variables.

769
00:32:21,840 --> 00:32:24,960
So can you walk us through, out of the ones

770
00:32:24,960 --> 00:32:27,680
that have the 9 out of 10 chance for success?

771
00:32:27,680 --> 00:32:29,400
What are the variables that were factored in

772
00:32:29,400 --> 00:32:32,360
to get to that conclusion?

773
00:32:32,360 --> 00:32:34,320
So I kind of touched on those earlier.

774
00:32:34,320 --> 00:32:40,560
If you're acquiring a business, the infrastructure

775
00:32:40,560 --> 00:32:41,400
is already there.

776
00:32:41,400 --> 00:32:43,240
It has a strong foundation.

777
00:32:43,240 --> 00:32:46,040
You build your house upon sand that's going to wash away.

778
00:32:46,040 --> 00:32:48,000
If you build your house upon a rock,

779
00:32:48,000 --> 00:32:49,760
it's going to have a firm foundation.

780
00:32:49,760 --> 00:32:51,280
I love that you said infrastructure.

781
00:32:51,280 --> 00:32:53,280
It's not talked about enough.

782
00:32:53,280 --> 00:32:55,760
Most of them do not have infrastructure

783
00:32:55,760 --> 00:32:56,880
even after 10 years.

784
00:32:56,880 --> 00:32:59,080
So what does a solid infrastructure

785
00:32:59,080 --> 00:33:00,560
look like to you?

786
00:33:00,560 --> 00:33:07,200
So I'm a big fan of operating systems in businesses.

787
00:33:07,200 --> 00:33:08,560
And when I say operating systems,

788
00:33:08,560 --> 00:33:10,320
I don't necessarily mean software.

789
00:33:10,320 --> 00:33:16,280
I'm talking about a process procedures operating system.

790
00:33:16,280 --> 00:33:17,600
So there's a couple of out there.

791
00:33:17,600 --> 00:33:19,640
We call them procedures, resources, and templates

792
00:33:19,640 --> 00:33:20,800
for a small business.

793
00:33:20,800 --> 00:33:24,000
So there's EOS, and there's Gazelles, and Rockefeller

794
00:33:24,000 --> 00:33:24,520
Habits.

795
00:33:24,520 --> 00:33:26,560
There's numbers, scalable.

796
00:33:26,560 --> 00:33:31,880
There's a number of operating systems out there that basically.

797
00:33:31,880 --> 00:33:33,680
So let's talk about franchises for a minute.

798
00:33:33,680 --> 00:33:35,440
I don't do much with franchises just

799
00:33:35,440 --> 00:33:38,240
because it adds a whole layer of complexity that I don't love.

800
00:33:38,240 --> 00:33:40,800
But franchises are successful for a reason.

801
00:33:40,800 --> 00:33:42,480
When you go to buy a franchise business,

802
00:33:42,480 --> 00:33:43,720
say you buy a McDonald's.

803
00:33:43,720 --> 00:33:46,000
First of all, they got to know, do you have the financial

804
00:33:46,000 --> 00:33:49,000
resources to support this while it's not making money

805
00:33:49,000 --> 00:33:50,160
until it does.

806
00:33:50,160 --> 00:33:53,600
Once you buy a McDonald's, they give you an operating system.

807
00:33:53,600 --> 00:33:56,480
They tell you, this is what your building must look like,

808
00:33:56,480 --> 00:33:58,120
the colors you can use, the uniforms

809
00:33:58,120 --> 00:34:00,480
your people have to use, every training manual,

810
00:34:00,480 --> 00:34:04,200
the temperatures you have to cook the hamburgers to.

811
00:34:04,200 --> 00:34:07,080
They give you every single thing about the business

812
00:34:07,080 --> 00:34:09,760
is built into an operating system.

813
00:34:09,760 --> 00:34:11,280
And that's why franchises have been

814
00:34:11,280 --> 00:34:12,480
so successful over the years.

815
00:34:12,480 --> 00:34:15,480
Because somebody can come in, take over a business.

816
00:34:15,480 --> 00:34:17,280
The foundational operating system

817
00:34:17,280 --> 00:34:20,080
is there to help you be successful.

818
00:34:20,080 --> 00:34:22,680
And then you can put a little bit of your own secret sass

819
00:34:22,680 --> 00:34:24,840
on top and then put your hard work into it

820
00:34:24,840 --> 00:34:25,960
and make it successful.

821
00:34:25,960 --> 00:34:28,880
So if your business isn't a franchise,

822
00:34:28,880 --> 00:34:31,800
if it's your own independent business that isn't a franchise,

823
00:34:31,800 --> 00:34:35,800
it should have a foundational structure, an operating system

824
00:34:35,800 --> 00:34:40,600
that's just as strong as if it was a franchise

825
00:34:40,600 --> 00:34:43,560
with all of those things that you just mentioned, Jackson.

826
00:34:43,560 --> 00:34:44,080
I love that.

827
00:34:44,080 --> 00:34:46,360
So the E-Myth is a book I read.

828
00:34:46,360 --> 00:34:48,440
It's the one book I regret not reading the moment

829
00:34:48,440 --> 00:34:49,600
it came across my desk.

830
00:34:49,600 --> 00:34:52,520
That and FiberSolutions is a team with Patrick Linciani.

831
00:34:52,520 --> 00:34:56,560
Those two paved an entirely new path for me.

832
00:34:56,560 --> 00:34:59,320
So that's one aspect.

833
00:34:59,320 --> 00:35:01,520
And I would say it's a pretty big aspect.

834
00:35:01,520 --> 00:35:04,000
Like that's a big portion of the foundation

835
00:35:04,000 --> 00:35:06,360
that we also build with.

836
00:35:06,360 --> 00:35:13,880
Are there other elements that help move the business

837
00:35:13,880 --> 00:35:16,320
owner towards that chance of success?

838
00:35:16,320 --> 00:35:19,040
Or if somebody is going to buy a business that's

839
00:35:19,040 --> 00:35:21,480
been in operation for more than 10 years,

840
00:35:21,480 --> 00:35:23,120
what else should they look at?

841
00:35:23,120 --> 00:35:27,440
So the other thing we talk about is the stages of the owner

842
00:35:27,440 --> 00:35:27,920
exit.

843
00:35:27,920 --> 00:35:29,560
When people think about owner exits,

844
00:35:29,560 --> 00:35:31,320
they only have one thing to think about.

845
00:35:31,320 --> 00:35:33,160
Well, the owner sold the business and left.

846
00:35:33,160 --> 00:35:35,920
Well, there are a number of stages to the owner exit.

847
00:35:35,920 --> 00:35:38,880
And where the ownership is in that stage

848
00:35:38,880 --> 00:35:40,280
can have a big impact on things.

849
00:35:40,280 --> 00:35:42,960
So stage one is exiting the front line.

850
00:35:42,960 --> 00:35:46,520
So if you're a plumber and you have a plumbing business

851
00:35:46,520 --> 00:35:51,000
and you are out there every day cleaning drains and fixing

852
00:35:51,000 --> 00:35:53,080
pipes, you are on the front line.

853
00:35:53,080 --> 00:35:55,920
You have not exited any portion of your business.

854
00:35:55,920 --> 00:35:58,080
So you need to exit that front line.

855
00:35:58,080 --> 00:36:01,280
The next that first exit is going from the front line

856
00:36:01,280 --> 00:36:02,520
to management.

857
00:36:02,520 --> 00:36:04,140
So you need to be as the owner.

858
00:36:04,140 --> 00:36:07,280
You should be managing all the plumbers who are out there

859
00:36:07,280 --> 00:36:09,200
doing the work.

860
00:36:09,200 --> 00:36:13,520
But you should be managing, supervising, leading, coaching,

861
00:36:13,520 --> 00:36:14,200
et cetera.

862
00:36:14,200 --> 00:36:17,160
And you should have an appointment center.

863
00:36:17,160 --> 00:36:18,720
And you should have a billing person.

864
00:36:18,720 --> 00:36:21,480
And you should have managing your assets of your business,

865
00:36:21,480 --> 00:36:23,200
your trucks and your tools and everything else.

866
00:36:23,200 --> 00:36:25,120
But you're still day to day involved.

867
00:36:25,120 --> 00:36:26,960
So that's the next exit you need to look for.

868
00:36:26,960 --> 00:36:30,120
How do you exit then the management?

869
00:36:30,120 --> 00:36:32,400
And so you've got to look at how do I move up to the next.

870
00:36:32,400 --> 00:36:35,920
And that's when you start to be able to become

871
00:36:35,920 --> 00:36:38,080
more of that visionary.

872
00:36:38,080 --> 00:36:41,280
Maybe you hire a general manager or chief operating officer.

873
00:36:41,280 --> 00:36:43,160
And they're handling a lot of the day to day.

874
00:36:43,160 --> 00:36:45,800
Not every single employee there reports to you.

875
00:36:45,800 --> 00:36:50,400
And maybe you're providing more CEO type level role,

876
00:36:50,400 --> 00:36:52,640
where you're maybe looking at doing acquisitions

877
00:36:52,640 --> 00:36:54,680
and growing your business more through acquisitions

878
00:36:54,680 --> 00:36:57,360
or new joint ventures and partnerships

879
00:36:57,360 --> 00:37:00,560
with huge partners to bring you new business.

880
00:37:00,560 --> 00:37:02,640
Maybe the new developers coming to town

881
00:37:02,640 --> 00:37:05,720
and they're going to build a 500 subdivision unit.

882
00:37:05,720 --> 00:37:07,320
And you get the deal for all of that.

883
00:37:07,320 --> 00:37:10,280
So your company's doing all the plumbing for all of that.

884
00:37:10,280 --> 00:37:11,800
So you're doing some big deals.

885
00:37:11,800 --> 00:37:12,760
You're doing high level things.

886
00:37:12,760 --> 00:37:13,600
You're not day to day.

887
00:37:13,600 --> 00:37:15,240
So that's the next exit.

888
00:37:15,240 --> 00:37:16,840
And then the next exit from there

889
00:37:16,840 --> 00:37:19,160
is truly that visionary status.

890
00:37:19,160 --> 00:37:21,440
Like your connection with the business

891
00:37:21,440 --> 00:37:23,960
is providing the vision to the team

892
00:37:23,960 --> 00:37:27,360
and the long-term planning,

893
00:37:27,360 --> 00:37:32,360
the long-term growth strategy for everybody to come on board

894
00:37:32,640 --> 00:37:34,880
and kind of being the cheerleader.

895
00:37:34,880 --> 00:37:36,880
And that's kind of the ultimate.

896
00:37:36,880 --> 00:37:38,880
And then obviously the exit out of the business

897
00:37:38,880 --> 00:37:41,280
from a financial and ownership standpoint is the last.

898
00:37:41,280 --> 00:37:45,920
So there's multiple exits to an ownership strategy

899
00:37:45,920 --> 00:37:48,120
and it's not always just selling the business

900
00:37:48,120 --> 00:37:49,400
and walking away.

901
00:37:49,400 --> 00:37:52,560
And where a current owner is in that level

902
00:37:52,560 --> 00:37:54,960
can substantially impact where a new owner

903
00:37:54,960 --> 00:37:56,560
might be able to step in and take over.

904
00:37:56,560 --> 00:37:58,640
So those are just something to consider.

905
00:37:58,640 --> 00:38:00,960
Those are huge, fantastic things to consider.

906
00:38:00,960 --> 00:38:03,320
What I say next is going to sound like,

907
00:38:04,760 --> 00:38:07,320
I know more than Marty here or that my-

908
00:38:07,320 --> 00:38:08,680
Paul, should you do?

909
00:38:08,680 --> 00:38:11,040
And I'm not sure about that.

910
00:38:11,040 --> 00:38:14,240
But I appreciate your humility on it.

911
00:38:14,240 --> 00:38:18,320
But I get to color commentate my friends.

912
00:38:18,320 --> 00:38:19,400
So keep in mind,

913
00:38:19,400 --> 00:38:21,200
he gets to lay all the hard work foundation

914
00:38:21,200 --> 00:38:22,480
of how we talk through all of this.

915
00:38:22,480 --> 00:38:24,320
And we have different paradigms and perspectives

916
00:38:24,320 --> 00:38:26,520
that actually harmonize,

917
00:38:26,520 --> 00:38:28,080
because we're trying to use analogies

918
00:38:28,080 --> 00:38:29,640
to pull this stuff together, right?

919
00:38:29,640 --> 00:38:31,640
Stages, steps, et cetera.

920
00:38:33,040 --> 00:38:35,960
I don't see the stages the same way,

921
00:38:35,960 --> 00:38:38,360
but I see it more like a triangular effect.

922
00:38:38,360 --> 00:38:39,960
And that's what the E-Myth really aims for

923
00:38:39,960 --> 00:38:42,400
is we all have within us a technician,

924
00:38:42,400 --> 00:38:44,560
a manager and a visionary.

925
00:38:44,560 --> 00:38:48,360
And they're not linear for usually the most successful

926
00:38:48,360 --> 00:38:49,200
people in the world.

927
00:38:49,200 --> 00:38:51,040
It's actually the opposite of what you talked about.

928
00:38:51,040 --> 00:38:54,360
You got Walt Disney, who was like pure visionary

929
00:38:54,360 --> 00:38:56,760
and kept screwing everything else up.

930
00:38:56,760 --> 00:39:00,920
And so I look at it kind of like spirituality,

931
00:39:00,920 --> 00:39:05,280
mental fitness and our physical fitness, right?

932
00:39:05,280 --> 00:39:08,160
Those three, they all exist simultaneously.

933
00:39:08,160 --> 00:39:09,360
They can all be dealt with.

934
00:39:09,360 --> 00:39:10,960
We end up developing different strengths

935
00:39:10,960 --> 00:39:12,800
depending on what we gravitate towards

936
00:39:12,800 --> 00:39:14,360
or what life provides us.

937
00:39:14,360 --> 00:39:19,360
But there's not necessarily an A to Z route on those

938
00:39:19,920 --> 00:39:23,000
that is a one size fits all for everybody.

939
00:39:23,000 --> 00:39:24,720
Again, I don't think Marty was saying that,

940
00:39:24,720 --> 00:39:27,720
but I do worry that some of you may have heard it that way.

941
00:39:28,840 --> 00:39:33,840
Going towards the Rocket Fuel book by Gina Wickman,

942
00:39:34,080 --> 00:39:35,280
N-E-O-S, like you talked about.

943
00:39:35,280 --> 00:39:36,600
Love, Gina, yep.

944
00:39:36,600 --> 00:39:37,960
I like it.

945
00:39:37,960 --> 00:39:39,480
I won't say love.

946
00:39:39,480 --> 00:39:42,040
I love him as a human being.

947
00:39:42,040 --> 00:39:45,360
And they made some pretty nasty fallacies in that book

948
00:39:45,360 --> 00:39:48,120
in relation to the visionary integrator relationship

949
00:39:48,120 --> 00:39:50,160
that I would like to talk to Gino about at some point

950
00:39:50,160 --> 00:39:52,680
or his team, because they don't honor

951
00:39:52,680 --> 00:39:56,480
the integrator enough as they hard sell the business owners

952
00:39:56,480 --> 00:39:59,560
on why the visionaries need an integrator.

953
00:39:59,560 --> 00:40:03,240
Nonetheless, just a gratitude optimization opportunity there.

954
00:40:03,240 --> 00:40:07,440
But they talk exactly about what Marty's talked about

955
00:40:07,440 --> 00:40:08,960
and they're super successful.

956
00:40:08,960 --> 00:40:11,680
And these are pathways that we can all learn

957
00:40:11,680 --> 00:40:13,320
from his visionaries that,

958
00:40:13,320 --> 00:40:16,320
look, you may not wanna scale everything right now.

959
00:40:16,320 --> 00:40:19,760
You may also wanna scale to billions of dollars.

960
00:40:19,760 --> 00:40:22,600
The principles of getting there are not too different

961
00:40:22,600 --> 00:40:26,280
than the principles of your typical exercise.

962
00:40:26,280 --> 00:40:28,600
Do 10,000 steps per day.

963
00:40:28,600 --> 00:40:30,720
Do 100 pushups, do 100 sit-ups.

964
00:40:32,240 --> 00:40:33,520
Control your eating habits.

965
00:40:33,520 --> 00:40:36,440
And most of us would be quite fit in life if we did.

966
00:40:36,440 --> 00:40:39,240
I don't do all of that every day, I try to now.

967
00:40:39,240 --> 00:40:42,760
But I could be in super fit shape

968
00:40:42,760 --> 00:40:45,200
if I just stuck to those basic principles.

969
00:40:45,200 --> 00:40:47,640
And that's what I love about what Marty's talking about.

970
00:40:47,640 --> 00:40:50,280
Every single one of the principles he's talking about

971
00:40:50,280 --> 00:40:53,720
are principles that we abide by with our brands

972
00:40:53,720 --> 00:40:55,040
and with ourself.

973
00:40:55,040 --> 00:40:57,120
And what I'm hoping that you'll,

974
00:40:57,120 --> 00:41:00,080
what is the difference that I'm alluding to?

975
00:41:00,080 --> 00:41:01,000
If you're a visionary,

976
00:41:01,000 --> 00:41:03,400
don't feel like you have to be a technician.

977
00:41:03,400 --> 00:41:05,640
If you gravitate towards being a manager,

978
00:41:05,640 --> 00:41:07,800
don't feel like you have to be a technician.

979
00:41:07,800 --> 00:41:11,280
And bring people in, team members in,

980
00:41:11,280 --> 00:41:13,400
and consultants like Marty,

981
00:41:13,400 --> 00:41:16,440
who can help you bridge those gaps as you go,

982
00:41:16,440 --> 00:41:19,320
because you don't have to have that all figured out.

983
00:41:19,320 --> 00:41:22,720
And I've never met a solopreneur who's successful.

984
00:41:22,720 --> 00:41:24,760
Just a bunch of people who pretend they are,

985
00:41:24,760 --> 00:41:26,880
or they step on the heads and shoulders and faces

986
00:41:26,880 --> 00:41:28,880
of the people who've actually helped them build

987
00:41:28,880 --> 00:41:29,720
to where they're at.

988
00:41:29,720 --> 00:41:32,720
So that's one of their acts to bury real quick

989
00:41:32,720 --> 00:41:35,440
for those of you solopreneurs out there.

990
00:41:35,440 --> 00:41:36,760
Wantrepreneurs.

991
00:41:36,760 --> 00:41:39,120
The next piece of this puzzle,

992
00:41:40,320 --> 00:41:42,520
moving back towards exit then.

993
00:41:43,720 --> 00:41:46,080
Let's talk to those people who,

994
00:41:46,080 --> 00:41:47,640
maybe their vision's not at scratch,

995
00:41:47,640 --> 00:41:50,160
but maybe they've been at it for eight days or eight years

996
00:41:50,160 --> 00:41:52,200
and they still feel pretty lost.

997
00:41:52,200 --> 00:41:55,720
With evaluating, is there an exit opportunity?

998
00:41:56,720 --> 00:41:59,500
How do I know my business is gonna be valued at?

999
00:41:59,500 --> 00:42:02,120
Is the tool exit strategy the go-to?

1000
00:42:02,120 --> 00:42:03,800
Holy grail of figuring that out.

1001
00:42:03,800 --> 00:42:07,160
Do you have a tool that you recommend?

1002
00:42:07,160 --> 00:42:12,160
How can a business owner understand more or less

1003
00:42:12,200 --> 00:42:16,040
what the value of selling their business would be

1004
00:42:16,960 --> 00:42:18,800
when they're ready to do so?

1005
00:42:18,800 --> 00:42:21,240
Yeah, that's actually the number one question people ask.

1006
00:42:21,240 --> 00:42:24,320
I'm working on another project, on a book project,

1007
00:42:24,320 --> 00:42:26,360
and we've done some extensive research on,

1008
00:42:26,360 --> 00:42:29,160
what are the top questions business owners have

1009
00:42:29,160 --> 00:42:30,080
when they think about selling?

1010
00:42:30,080 --> 00:42:32,200
Number one question is, what's my business worth?

1011
00:42:32,200 --> 00:42:34,920
Unfortunately, there's no easy answer for that.

1012
00:42:34,920 --> 00:42:37,400
There is no tool you can just go plug it in, right?

1013
00:42:37,400 --> 00:42:38,280
That makes me happy.

1014
00:42:38,280 --> 00:42:41,600
Yeah, if you got a car, you can go put it in Edmonds or KBB

1015
00:42:41,600 --> 00:42:42,600
and you can look up the value.

1016
00:42:42,600 --> 00:42:45,080
With a house, you can hire a real estate person,

1017
00:42:45,080 --> 00:42:46,340
man, do some cops.

1018
00:42:46,340 --> 00:42:48,440
Businesses are far different.

1019
00:42:48,440 --> 00:42:51,840
They're very complex, organic beings and-

1020
00:42:51,840 --> 00:42:54,120
I gotta pause, I gotta pause right here, Marty.

1021
00:42:54,120 --> 00:42:56,040
Huge pause, guys.

1022
00:42:56,040 --> 00:42:58,080
This is what made me so excited

1023
00:42:58,080 --> 00:42:59,980
about Marty coming on this show.

1024
00:42:59,980 --> 00:43:02,440
The amount of faith that you just won in me, Marty,

1025
00:43:02,440 --> 00:43:06,400
because you're not going after the simple market,

1026
00:43:06,400 --> 00:43:07,920
the one that wants everything easy.

1027
00:43:07,920 --> 00:43:11,240
There's so many people that wanna oversimplify

1028
00:43:11,240 --> 00:43:12,760
and make it sound like it's easy.

1029
00:43:12,760 --> 00:43:16,320
And that literally gets me pushed away.

1030
00:43:16,320 --> 00:43:18,240
And I'm like, yeah, I'm done with this guy.

1031
00:43:18,240 --> 00:43:20,560
Oh, no, he's just trying to make it sound good

1032
00:43:20,560 --> 00:43:21,640
because he can make a buck on this.

1033
00:43:21,640 --> 00:43:24,080
So thank you, thank you for saying it's hard

1034
00:43:24,080 --> 00:43:25,920
because it is hard.

1035
00:43:25,920 --> 00:43:26,840
You can continue.

1036
00:43:26,840 --> 00:43:30,200
Yeah, yeah, and people get frustrated with me.

1037
00:43:30,200 --> 00:43:32,560
Well, just give me an, what's the multiple?

1038
00:43:32,560 --> 00:43:34,960
There is no the multiple, right?

1039
00:43:34,960 --> 00:43:36,160
I gotta buy fingers for you.

1040
00:43:36,160 --> 00:43:36,980
Exactly.

1041
00:43:36,980 --> 00:43:39,880
And so you need,

1042
00:43:39,880 --> 00:43:42,640
if you're really seriously considering exiting your business,

1043
00:43:42,640 --> 00:43:45,760
you need three people on your team.

1044
00:43:45,760 --> 00:43:49,640
You need an attorney who understands acquisitions,

1045
00:43:49,640 --> 00:43:53,040
who's going to legally protect your process.

1046
00:43:53,040 --> 00:43:56,080
You need a tax professional, again,

1047
00:43:56,080 --> 00:43:59,160
who understands business and acquisitions

1048
00:43:59,160 --> 00:44:02,840
to properly advise you on various tax strategies

1049
00:44:02,840 --> 00:44:05,760
because how you do tax strategies

1050
00:44:05,760 --> 00:44:08,000
can impact the valuation of your business.

1051
00:44:08,000 --> 00:44:10,880
And you need an acquisitions professional

1052
00:44:10,880 --> 00:44:15,880
to help you with the valuation and negotiation of your deal.

1053
00:44:15,960 --> 00:44:18,280
Those three people should be working together

1054
00:44:18,280 --> 00:44:20,620
and they should give you the answer,

1055
00:44:20,620 --> 00:44:22,040
what's my business worth?

1056
00:44:22,040 --> 00:44:22,880
However-

1057
00:44:22,880 --> 00:44:25,680
I'm gonna put a little plug in for you real quick.

1058
00:44:25,680 --> 00:44:27,400
I'm gonna make an assumption

1059
00:44:27,400 --> 00:44:29,860
and it's okay if I'm wrong in this assumption

1060
00:44:29,860 --> 00:44:32,560
because I don't want you to have to say it for yourself.

1061
00:44:34,360 --> 00:44:37,800
Do you conveniently already have

1062
00:44:37,800 --> 00:44:39,520
an attorney, a tax professional

1063
00:44:39,520 --> 00:44:42,240
and an acquisition professional baked into your team?

1064
00:44:44,720 --> 00:44:47,080
I have many of all of those.

1065
00:44:47,080 --> 00:44:47,920
There's no one-

1066
00:44:47,920 --> 00:44:48,760
No, for example.

1067
00:44:48,760 --> 00:44:49,600
So you got-

1068
00:44:49,600 --> 00:44:50,420
There's pretty much-

1069
00:44:50,420 --> 00:44:51,260
Specialists in different sectors-

1070
00:44:51,260 --> 00:44:53,760
And I share that on Marty's behalf

1071
00:44:53,760 --> 00:44:56,680
because it's just like if he had to say it for himself,

1072
00:44:56,680 --> 00:44:58,560
guys, it would just feel like, well, how convenient?

1073
00:44:58,560 --> 00:45:00,260
It's not a matter of convenience.

1074
00:45:00,260 --> 00:45:03,240
It's a matter of being smart enough as an entrepreneur,

1075
00:45:03,240 --> 00:45:06,200
as a builder to know, well, dang,

1076
00:45:06,200 --> 00:45:07,640
if I need somebody who's gonna constantly

1077
00:45:07,640 --> 00:45:10,280
have to paint walls, I should probably hire a painter.

1078
00:45:10,280 --> 00:45:12,840
So my devil's advocate side says,

1079
00:45:12,840 --> 00:45:14,680
if I wanted to work with your company,

1080
00:45:14,680 --> 00:45:16,560
but I wanted my own tax professional

1081
00:45:16,560 --> 00:45:19,240
and I wanted my own attorney involved with the process,

1082
00:45:19,240 --> 00:45:20,360
what would that look like?

1083
00:45:20,360 --> 00:45:21,280
Yeah, absolutely.

1084
00:45:21,280 --> 00:45:22,800
And that's what we would help you do

1085
00:45:22,800 --> 00:45:25,560
is find those, if you don't have those resources,

1086
00:45:25,560 --> 00:45:27,160
we would help you find them.

1087
00:45:27,160 --> 00:45:30,520
Right, but if I do, y'all could work with my professionals.

1088
00:45:30,520 --> 00:45:33,800
Absolutely, every transaction we are involved in,

1089
00:45:33,800 --> 00:45:35,100
so we do the advising, right?

1090
00:45:35,100 --> 00:45:37,360
We can help advise you on the right steps

1091
00:45:37,360 --> 00:45:38,840
to exiting your business.

1092
00:45:38,840 --> 00:45:40,120
That's the part we do.

1093
00:45:40,120 --> 00:45:42,400
I'm not here to sell anybody on my services or anything else.

1094
00:45:42,400 --> 00:45:46,240
I'm truly here to inspire and motivate this,

1095
00:45:46,240 --> 00:45:49,000
just kind of get the spark going in everybody's brains.

1096
00:45:49,000 --> 00:45:50,920
But if you wanted to work with us, great.

1097
00:45:50,920 --> 00:45:51,840
You wanna work with somebody else,

1098
00:45:51,840 --> 00:45:53,000
that's fantastic too.

1099
00:45:53,000 --> 00:45:55,480
But every transaction needs at least

1100
00:45:55,480 --> 00:45:57,360
those three people involved.

1101
00:45:57,360 --> 00:45:59,680
And you wanna make sure that they have experience

1102
00:45:59,680 --> 00:46:00,640
and know what they're doing.

1103
00:46:00,640 --> 00:46:03,280
Don't hire an attorney who also helped you

1104
00:46:03,280 --> 00:46:04,840
fight your traffic ticket last week.

1105
00:46:04,840 --> 00:46:05,980
That's not who you need.

1106
00:46:05,980 --> 00:46:07,880
They need to have acquisitions experience.

1107
00:46:07,880 --> 00:46:10,540
So, but when, just to kind of close out

1108
00:46:10,540 --> 00:46:11,960
the value conversation.

1109
00:46:11,960 --> 00:46:15,200
So another example that I give to people

1110
00:46:15,200 --> 00:46:17,280
that kind of helps that light bulb go off,

1111
00:46:17,280 --> 00:46:19,920
if you own a very expensive piece of jewelry,

1112
00:46:19,920 --> 00:46:21,920
let's say it's $100,000 diamond,

1113
00:46:21,920 --> 00:46:24,800
and you go and have it appraised for insurance purposes.

1114
00:46:24,800 --> 00:46:26,680
An appraiser may look at that and say,

1115
00:46:26,680 --> 00:46:29,240
"'Yep, that's $100,000 replacement value.

1116
00:46:29,240 --> 00:46:30,480
"'You insure it for 100,000.

1117
00:46:30,480 --> 00:46:31,320
"'If it gets stolen,

1118
00:46:31,320 --> 00:46:32,600
"'then that's how much the insurance company

1119
00:46:32,600 --> 00:46:33,680
"'is gonna give you.'"

1120
00:46:33,680 --> 00:46:38,480
However, if you go to sell that diamond,

1121
00:46:38,480 --> 00:46:40,960
you are not getting $100,000 for that diamond.

1122
00:46:40,960 --> 00:46:44,680
You might get 50,000 if you're lucky.

1123
00:46:44,680 --> 00:46:47,440
And that's kind of how it is with business,

1124
00:46:47,440 --> 00:46:49,480
business valuations to some degree.

1125
00:46:49,480 --> 00:46:51,840
It's so painful when it's your baby as a business.

1126
00:46:51,840 --> 00:46:53,040
It is, it is.

1127
00:46:53,040 --> 00:46:55,480
It's probably worth less than you think it is,

1128
00:46:56,480 --> 00:46:59,340
because most people have an emotional value

1129
00:46:59,340 --> 00:47:02,080
to their business that a buyer is not going to pay for.

1130
00:47:03,640 --> 00:47:06,720
But either way, your obligation as the owner

1131
00:47:06,720 --> 00:47:08,280
of the business is to understand

1132
00:47:08,280 --> 00:47:11,040
what is the value of your business today,

1133
00:47:11,040 --> 00:47:14,120
and then what does the business need to look like later on

1134
00:47:14,120 --> 00:47:16,000
when you want to prepare for your exit.

1135
00:47:16,000 --> 00:47:17,560
And you can't know what the later number is

1136
00:47:17,560 --> 00:47:19,320
until you know what today is and build from there.

1137
00:47:19,320 --> 00:47:22,560
So seek professional counsel on that

1138
00:47:22,560 --> 00:47:25,360
and get the answer from the people who can answer it.

1139
00:47:25,360 --> 00:47:26,960
Super, super sound advice.

1140
00:47:26,960 --> 00:47:28,680
I appreciate that a lot.

1141
00:47:28,680 --> 00:47:30,660
I've learned a lot today, but there's one big thing

1142
00:47:30,660 --> 00:47:32,440
I really wanna learn before we close out.

1143
00:47:32,440 --> 00:47:34,200
Do you have a hard stop at the top of the hour?

1144
00:47:34,200 --> 00:47:35,600
I wanna make sure to respect your time.

1145
00:47:35,600 --> 00:47:37,320
I think I do.

1146
00:47:37,320 --> 00:47:38,160
I do.

1147
00:47:38,160 --> 00:47:39,680
We'll be as fast as we can then.

1148
00:47:39,680 --> 00:47:43,400
So if this was your last chance ever to speak, Marty,

1149
00:47:43,400 --> 00:47:45,320
what powerful lesson can other visionaries learn

1150
00:47:45,320 --> 00:47:46,480
from your experience?

1151
00:47:46,480 --> 00:47:47,640
Oh, okay.

1152
00:47:47,640 --> 00:47:51,560
Well, nothing to do with acquisitions,

1153
00:47:51,560 --> 00:47:53,480
but everything to do.

1154
00:47:53,480 --> 00:47:58,480
When I was in high school,

1155
00:47:58,480 --> 00:48:01,040
my life was going in a bad direction,

1156
00:48:01,040 --> 00:48:03,000
and I was put into a diversion program.

1157
00:48:03,000 --> 00:48:05,960
And the diversion program was modeled on a curriculum

1158
00:48:05,960 --> 00:48:07,560
created by Zig Ziglar,

1159
00:48:07,560 --> 00:48:10,200
and it was called the C with the top program.

1160
00:48:10,200 --> 00:48:13,320
I learned a phrase in that program

1161
00:48:13,320 --> 00:48:18,320
that I have tried to use as the guidance

1162
00:48:18,320 --> 00:48:19,520
for my life ever since.

1163
00:48:19,520 --> 00:48:22,600
And it has served me quite well in low these many years,

1164
00:48:22,600 --> 00:48:24,040
as you see the gray in my beard.

1165
00:48:24,040 --> 00:48:25,760
It's been a while since I was in high school.

1166
00:48:25,760 --> 00:48:29,240
But the phrase I learned as a 17-year-old malcontent

1167
00:48:29,240 --> 00:48:31,920
was you can have anything in life you want

1168
00:48:31,920 --> 00:48:34,920
if you help enough other people get what they want.

1169
00:48:34,920 --> 00:48:38,120
And I don't think it gets any more visionary than that,

1170
00:48:38,120 --> 00:48:40,280
which is just help others,

1171
00:48:40,280 --> 00:48:42,160
and the world will take care of you.

1172
00:48:42,160 --> 00:48:44,240
That is phenomenal.

1173
00:48:44,240 --> 00:48:46,840
And thank you, Zig Ziglar.

1174
00:48:46,840 --> 00:48:51,280
Help enough other people to get what they want.

1175
00:48:51,280 --> 00:48:56,280
And I hope that just rings loud and clear for people.

1176
00:48:56,280 --> 00:48:59,280
I don't make these pauses on these shows on accident,

1177
00:48:59,280 --> 00:49:00,360
my friends.

1178
00:49:00,360 --> 00:49:02,240
I want you to internalize that.

1179
00:49:02,240 --> 00:49:04,480
I want you to think through the value of that.

1180
00:49:04,480 --> 00:49:09,880
I also want to put on here Zig Ziglar and Marty Fonke,

1181
00:49:09,880 --> 00:49:13,720
because it doesn't necessarily matter who said it first.

1182
00:49:13,720 --> 00:49:16,120
What matters is the legacy carries on,

1183
00:49:16,120 --> 00:49:20,120
and on that we continue to value information like that.

1184
00:49:20,120 --> 00:49:23,400
It's one of those quotes that I've heard enough times

1185
00:49:23,400 --> 00:49:26,600
to remember when somebody says it,

1186
00:49:26,600 --> 00:49:29,600
but to remember the source reminds me

1187
00:49:29,600 --> 00:49:31,640
of other things I've learned from Zig Ziglar,

1188
00:49:31,640 --> 00:49:34,280
which reminds me of other opportunities to double down

1189
00:49:34,280 --> 00:49:38,440
and triple down and secure these principles in my own life.

1190
00:49:38,440 --> 00:49:40,440
And I hope, visionaries, you take the opportunity

1191
00:49:40,440 --> 00:49:43,720
to do the same thing with the things that truly matter to you.

1192
00:49:43,720 --> 00:49:46,040
Marty, this has been an absolute honor and privilege.

1193
00:49:46,040 --> 00:49:47,440
I want to respect your time.

1194
00:49:47,440 --> 00:49:48,840
We're going to wrap this up fast.

1195
00:49:48,840 --> 00:49:52,040
And below this podcast, you'll see the action steps

1196
00:49:52,040 --> 00:49:54,440
that you can take to get involved with Marty's brand.

1197
00:49:54,440 --> 00:49:56,960
Personally, I'm going to be taking that step myself.

1198
00:49:56,960 --> 00:50:01,440
I'm looking at what does it look like to work with Westbound

1199
00:50:01,440 --> 00:50:03,240
Road.com.

1200
00:50:03,240 --> 00:50:04,840
I've already checked out the website part,

1201
00:50:04,840 --> 00:50:08,640
but I'm excited to explore what you all are doing for the sake

1202
00:50:08,640 --> 00:50:10,640
of all the clients that we work with,

1203
00:50:10,640 --> 00:50:14,240
because we're always looking for who can be that 1 plus 1

1204
00:50:14,240 --> 00:50:17,240
equals 11 moment that helps all of us

1205
00:50:17,240 --> 00:50:20,440
gain that much more stability, that much better

1206
00:50:20,440 --> 00:50:22,640
infrastructure, that much better plan,

1207
00:50:22,640 --> 00:50:24,440
so that everybody ends up winning.

1208
00:50:24,440 --> 00:50:26,640
Below that, you'll see the resources, my friends,

1209
00:50:26,640 --> 00:50:29,040
as well, the things that we talked about today.

1210
00:50:29,040 --> 00:50:31,640
Zig Ziglar makes that list now as well.

1211
00:50:31,640 --> 00:50:35,840
Of course, he's a legend in the space of inspirational growth.

1212
00:50:35,840 --> 00:50:38,240
If you don't know who that is, it's

1213
00:50:38,240 --> 00:50:41,240
kind of one of those Babe Ruth, Michael Jordan moments.

1214
00:50:41,240 --> 00:50:44,840
So without further ado, last big call to action,

1215
00:50:44,840 --> 00:50:46,040
top right corner.

1216
00:50:46,040 --> 00:50:47,440
If you're a visionary, even if it's

1217
00:50:47,440 --> 00:50:49,440
the first time you're sharing the vision or stepping

1218
00:50:49,440 --> 00:50:52,040
into that, there's a big old button that says, be our guest.

1219
00:50:52,040 --> 00:50:52,840
We'd love to meet you.

1220
00:50:52,840 --> 00:50:54,840
We'd love to hear about how you're helping in the world

1221
00:50:54,840 --> 00:50:56,440
if you've got the heart of a servant

1222
00:50:56,440 --> 00:50:59,240
and want to help individuals improve their lives.

1223
00:50:59,240 --> 00:51:03,240
There's likely a massive amount of purpose driven behind you,

1224
00:51:03,240 --> 00:51:04,840
and we'd love to explore that with you.

1225
00:51:04,840 --> 00:51:07,440
And we look forward to seeing all of you on next episode

1226
00:51:07,440 --> 00:51:08,440
of Vision Pros Live.

1227
00:51:08,440 --> 00:51:09,840
Marty, this is amazing, man.

1228
00:51:09,840 --> 00:51:11,240
Thanks for joining me today.

1229
00:51:11,240 --> 00:51:12,440
Jackson, thanks for having me.

1230
00:51:12,440 --> 00:51:14,040
It was my pleasure and honor, and I

1231
00:51:14,040 --> 00:51:17,640
hope I was able to provide good value to your audience.

1232
00:51:17,640 --> 00:51:18,240
I trust you did.

1233
00:51:18,240 --> 00:51:19,040
That was easy.

1234
00:51:19,040 --> 00:51:21,440
I learned a lot myself, so I know everybody else.

1235
00:51:21,440 --> 00:51:24,640
If you didn't, go back, listen with a pen,

1236
00:51:24,640 --> 00:51:28,040
because there's no way that you couldn't have found a time

1237
00:51:28,040 --> 00:51:29,240
to value out of this, all of you.

1238
00:51:29,240 --> 00:51:29,840
We'll see you soon.

1239
00:51:29,840 --> 00:51:31,240
Thank you for being here today.

1240
00:51:31,240 --> 00:51:33,640
I'm really happy that you tuned in to Vision Pros Live.

1241
00:51:33,640 --> 00:51:36,240
I'm looking forward to seeing your reactions

1242
00:51:36,240 --> 00:51:38,440
as these episodes continue to move forward.

1243
00:51:38,440 --> 00:51:40,240
This is going to get more and more fun.

1244
00:51:40,240 --> 00:51:42,040
We'll have more and more engagement as well.

1245
00:51:42,040 --> 00:51:44,040
We'll invite people to participate in the show,

1246
00:51:44,040 --> 00:51:46,440
and thank you for giving us your time and attention.

1247
00:51:46,440 --> 00:52:01,840
Have an excellent time building out your vision.