#1450 Codie Sanchez | Millionaire Reveals Secret To Financial Freedom

Codie Sanchez is the founder of Contrarian Thinking, and the author of a brand new book called “Main Street Millionaire: How to Make Extraordinary Wealth Buying Ordinary Businesses.” In this conversation, we discuss the process to find, buy, and scale small businesses, the amount of wealth that can be generated, how you can do it, and why it is so important for you to own upside in whatever you do. ======================= Buy book: https://www.amazon.com/Main-Street-Millionaire-Extraordinary-Businesses/dp/0593718615 ======================= Xapo Bank, the world’s first fully licensed Bitcoin-enabled bank, offers military-grade security with an unmatched blend of physical and digital security, as well as pioneering regulatory oversight, so your funds are always protected. Beyond secure storage, they enable you to grow and use your Bitcoin. Earn daily interest in Bitcoin, spend with zero FX fees using a global card, and make instant payments via the Lightning Network for unrivalled access and convenience. Visit https://www.xapobank.com/pomp to join. ======================= Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Created by Gavin Wood, co-founder of Ethereum, Polkadot empowers users to build decentralized applications with ease. Backed by industry leaders, making it a preferred choice for big names, Polkadot stands out as a leading choice for investors seeking a reliable, future-proof solution in the growing world of Web3 technology. Learn more at ⁠⁠⁠⁠⁠https://polkadot.com/.⁠⁠⁠⁠⁠ ======================= Pomp writes a daily letter to over 265,000+ investors about business, technology, and finance. He breaks down complex topics into easy-to-understand language while sharing opinions on various aspects of each industry. You can subscribe at https://pomp.substack.com/ ======================= View 10k+ open startup jobs: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://dreamstartupjob.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Enroll in my Crypto Academy: https://www.thecryptoacademy.io/

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:02Anthony Pompliano?

  What's up everyone? This is Anthony Pompliano. Many of you know me as Pomp. You're listening to the Pomp Podcast, which is my effort to find the most interesting people in the world and sit with them for hours while I ask questions in an effort to learn. So it would mean the world to me if you would subscribe to the show on your favorite audio platform, watch episodes on YouTube, and tell your friends and family about the podcast. My goal is to help millions learn from the world's most interesting people. So let's get into today's episode. What's up guys? Today's episode is going to teach you a hell of a lot about how you can make a lot of money. It is with Codie Sanchez. She's the founder of Contrarian Thinking and the author of a brand new book called Main Street Millionaires. In this conversation,

• 0:42Anthony Pompliano?

  Cody breaks down the process to find, buy, and scale small businesses. Why small businesses? These boring businesses end up creating an immense amount of wealth for people across the country, and she's here to share all the secrets as to how you can do it and why it's so important for you to own equity or some sort of upside, whatever it is you do. You guys are really going to learn a lot from this. Cody is in her top game, and I think that you guys will all find her book very valuable. So here's my latest conversation with Cody Sanchez.

• 1:10Speaker 01

  Anthony Pompliano runs Pomp Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only.

• 1:34Anthony Pompliano?

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• 2:17Anthony Pompliano?

  ultra-competitive spreads, more of your Bitcoin stays where it belongs, in your pocket. Whether you're trading big or small, every move you make is designed to boost your gains and fuel your financial future. Head to zappobank.com/pomp to join. That's X-A-P-O-B-A-N-K.com/pomp. Today's episode is brought to you by Polkadot. Polkadot offers secure, scalable, and decentralized blockchain technology that perfectly aligns with the needs of innovative projects. It was developed by Gavin Wood, one of the co-founders of Ethereum and the creator of Solidity. Polkadot aims to build an internet where users have full control over their data and their applications. Polkadot offers tons of unique features, a shared security model,

• 2:59Anthony Pompliano?

  along with a new auction model and significant implementations like ASIC banking. Given these characteristics, it's easy to understand why Polkadot is gaining more and more traction in the cryptocurrency world. Some people even are talking about it as the AWS of Web 3. Now, companies such as Mythical Games, Aster Network, and over 50 other independent blockchains with hundreds of applications already leverage Polkadot's technology to power their platforms. If you're looking for a reliable, scalable, and cutting-edge solution, Polkadot seems to be the top choice for industry players. Go check them out today at polkadot.com.

• 3:35Anthony Pompliano?

  In America, there's really kind of two different classes of people. There are people who own equity, own upside, who own a share of profits, and that whole class is kind of like the ownership class. And then there is everybody else. And those people usually are working inside of a business or somehow operating in a way that doesn't allow them to have ownership of equity or profits. Your whole thing is get into the ownership class. Why is it so important to be in that part of the economy?

• 4:04Speaker 02

  Well, if you care about making money and you want to be a millionaire, let's say, let's look at what the data says. The data says that one thing that's good news, 80% of millionaires in the US are actually self-made, right? Despite what we hear on the news, most of them made it themselves. They didn't inherit it. The other thing that's interesting, though, is that if you want to be a millionaire, well, 60% of all millionaires have ownership in a business. So you either have a 60% higher likelihood of becoming a millionaire if you own something, or you can stay in the lower percentage. And the higher the net worth of an individual climbs, the more the likelihood is that they have ownership overall, like an 88% likelihood that a person who has a $30 million net worth owns

• 4:45Speaker 02

  assets, predominantly business assets. The problem here, though, is, is that we've kind of become this nation that no longer owns anything. And you know how we really know that? The fucking Canadians are beating us. So, Canada has an ownerships class, structure of 7.8% of Canadians own a small business. In America, 6.5. So, we, by and large, do not own small businesses. And then you might be able to say, "Well, you know, what about the stock market? Do we own stocks?" And you probably know this all too well, but the fascinating thing is, uh, stock ownership has gone up, by and large, more Americans today own stocks than they did, say, during the Great Depression, or about before them, even at the height of the Great Depression.

• 5:24Speaker 02

  Uh, 62% of Americans own stocks, but small problem there, the 80% of all outstanding stock is owned by the top, either 4% or 6%, depending on how you calculate it. So we all, like, maybe we own a little bit of stock, but not enough to be material. And if we don't own things, we have a much lower likelihood of actually becoming a millionaire, which is a dream, I think, that is very American. And so my push here is, alright, the data's not looking great. It's looking like we're increasing to have concentration of wealth in the hands of the few. And if we're students in history, we know, that ain't good. That never turns out very well. And so my push is, how do we get more everyday people, not even necessarily having to own an entire business, but get a piece of it? Because it's the only thing

• 6:06Speaker 02

  that somebody can't fire you from, or take away from you, in this capitalist structure.

• 6:13Speaker 03

  When somebody says to themselves, hey, I work at a company. I don't own upside in the company. I don't own equity. I don't get a share of profits, any of that. But I want to. I want to get into that. Is the quickest, most easiest path to go from my own no stocks to, okay, I own some stocks. And that's kind of like the crack in the wall, or the crack in the dam to kind of enter into this new world. And that's where they should start. And then they should go figure out how to like buy their own business and kind of do that?

• 6:43Speaker 02

  Well, I certainly think stocks are the easiest. The problem is like over time, right? They beat inflation, basically. And so you really want stocks because you want to make sure that your money doesn't erode, since that's what the government does to our money. Your people know this all too well. And so, so yes, I do think you have to have some mechanism, whether it's Bitcoin or stocks, in order to beat inflation. And so I think you could start there. But what I am presupposing, I guess, is that you should figure out a way to either become so valuable to the place that you work, where you understand how you make money in your company, you understand how the company makes money, and you can become a co-owner because of the value that you bring to a company. And I don't think we think about that anymore. If you think about it like historically, what's fascinating

• 7:26Speaker 02

  is if you go back to the way America was created, how did businesses used to get changed hands? Well, you used to have a small business, and maybe that's a, you know, could be a stable, right? It could be a blacksmith. Well, that blacksmith didn't go out and sell the blacksmith company to a bigger blacksmith company, or to a private equity firm. What did they do? They took on an apprentice, that apprentice learned the trade, and then eventually, when the blacksmith wanted to retire, it exchanged hands. That's how we used to trade businesses. And somewhere in between that, we got corporations coming in the middle. And so what I'm saying is, there's a generation, basically, of baby boomers, of our generation's blacksmiths, who have businesses that they need to exit.

• 8:08Speaker 02

  I mean, we're talking millions and millions of businesses, somewhere around 68 trillion in wealth to be exchanged between the baby boomer generation, and let's call it millennials and Gen Z. And people think that that means they have assets they're going to transfer us. They don't have assets. They're going to transfer us. They by and large have businesses because this group, baby boomers, they own 50 to 60% of all small businesses in the US are owned by baby boomers. You know this all too well because you run businesses too. The average small business owner has 90% of their wealth tied up in their small business. So a big chunk of the asset exchange is actually held up in these businesses. And if we don't transition them over, then that wealth eviscerates.

• 8:50Speaker 02

  And so what I think is maybe you start with stocks and maybe you then get a little equity in your business. And maybe then on top of it, you learn how to transition and take over a business that you work in, a division of the business that you work in. And I wish somebody had taught us that sooner. And so that's the idea with the book.

• 9:05Speaker 03

  If you're working inside of a company, before I want to go buy a business, maybe I want to, I like who I work with. I like, I got a short commute. You know, this has been a place where I've learned. Maybe I feel some degree of loyalty to them. What are some things that I could do to try to negotiate with my boss or the person who owns the business to say, hey, look, I want to stay here, but can I change the way that I get paid a little bit, right? Can I maybe get a share of profits or can I get some equity in the organization? Like, what are some tips or tricks that you think could resonate there?

• 9:34Speaker 02

  Yeah, well, I'd be curious your take too, because you've played this game also. But I sort of think there's three legs of the stool for getting ownership in a company. And the first and most obvious leg is can you make the company more money? If you can make the company more money in a way that currently not today, you can ask for a percentage of the upside. You don't ask for all of it, but you could ask for, like you said, hey, if I increase the revenue of the business, could I get a share of revenue? Maybe not 100% of it. Could I get like 10% of the $100,000 in additional revenue I bring in a year? Then, and that would be cool if you could get that. And then if you were really sophisticated, you might say, could I get a percentage of that revenue in perpetuity? You could say, could I get a percentage of that revenue plus some equity in the business pro rata?

• 10:15Speaker 02

  So the amount of revenue that I bring in, could I get that as an equal percentage of the business overall? If you can't negotiate that, because that would be like the best negotiation for you, you might say, could I get a profit share? Hey, I know I bring in this much revenue, but I only want to take a small percent of actually the money that you keep in your pocket. That might be. Even a more giving way for you to do it. And so, or if you really believe in the company, you might say, hey, I don't even want a dollar for me bringing in additional revenue. I just want equity because I believe in what we're doing here if I drive additional revenue. Okay, so you can say, I'm bringing more money to the company. Can I get a percentage of the upside? The second way is can you cut costs, right? So a lot of times this is how consulting firms or private equity companies make money.

• 10:59Speaker 02

  They come in and they go, okay, right now you've got a 20% margin for every dollar that you make. You're only keeping 20 cents. If I can get that up to 30 or 40%, so 30 cents or 40 cents, could I keep a percentage of the cost savings that I make for you in the company overall? And then the third way would be decreased pain. So especially if you're, you know, in a smaller business, it's like, wow, I can tell right now, boss, your job's tough. You're managing all these people. You've got this mess over here. What if I come in and I help operationalize this? I take a few of these direct reports off your plate. If I do well and build this segment of the business, but it's less stress for you, would I be able to earn into some portion of the business? But at this point, I think a lot of people kind of get overwhelmed.

• 11:44Speaker 02

  They're like, I don't fully understand all of that. That might seem like too much. And either you're like, you either snap, get it, and you kind of start to see the matrix. Or you're still a little confused because you haven't played in the finance world like you and I got lucky enough to. And so I think at that point, if you're feeling overwhelmed, the thing to do is you just obsess on the only thing that I really think makes wealth, which is understanding the language of money and deal making. It's not like stocks versus bonds versus crypto. It's like, do you understand what revenue share, profit share, distributing equity looks like? And, and then it's like, you can, you can play with these levers that nobody else knows exist in the world. And most people just go, can I earn more, boss? Can I get a higher salary? Could I get two weeks off? You know, could I have a different title?

• 12:28Speaker 02

  And you'll like never care about those things again, once you know how to actually negotiate.

• 12:33Speaker 03

  What is the best way to go get that knowledge? Right? So it's kind of like learn the language of business, learn the language of finance. Do I read a book? Do I go on YouTube? Do I have to find somebody who knows this stuff and like buy them coffee? So they teach me, what is the best way to do it?

• 12:48Speaker 02

  Yeah, well, I mean, in the, we wrote, I wrote a book called Main Street Millionaire. And so in the book, there's an entire section on what I call structuring and negotiation. And those things are what you need to know in order to do this. I think the best way to learn is typically through a case study. It's how you and I learned when we were doing deals, right? And in a fund group, how does a fund group decide whether to invest in one thing or another? Or to take risk? Well, we get together in what's called an investment committee, right? We sit down and we go, all right, I got this idea. I think we should invest in this. And somebody goes, hate that idea. Here's 10 reasons why. And you go, no, I think this is a good idea. And you beat up these ideas live. And so in the book, we have these case studies where you can actually, you can see by seeing

• 13:29Speaker 02

  a bunch of examples continuously, and you're going to start to see yourself in those examples. And so I think that is the best way. If you just go read the terms, you won't institutionalize it. You won't internalize it. And so I like them to see a bunch of examples. You learn the terms and then you see the terms in action. And that's how you figure out how to play the game. And then, you know, we have a community where we teach people how to do this. And in the community, we started doing an investment committee once a week on Monday nights. And I wasn't sure if it would translate from like finance to, you know, people who hadn't done this before, but it's fascinating to watch live because, you know, most investment firms are closed doors for a myriad of reasons, risk, liability, et cetera. So if you're a normal person, you're never going to get a chance to watch people who

• 14:14Speaker 02

  are really smart and have skin in the game and are going to lay down a lot of cash, determine how they handle cash. So the best you could get is like, you could go read one of the greats, you could read Ray Dalio's book, you could read, you know, Howard Marks' book, but you can't actually see what it looks like when Howard beats up a deal. And so when we started doing that, I realized, oh, this is actually how you have to learn deal making. You've got to get in a room with a bunch of other people and you've got to watch people fight over whether you should allocate to something. And that is, I think, how you learn how to get equity, how you learn how to do deal making, and how you learn to structure.

• 14:49Speaker 03

  Now, as somebody starts to learn from somebody else, when do they know that it is time for them to go try it themselves, right? There's kind of like, in college, maybe, whatever topic you're there to study, you kind of get kicked out after four years, right? And they're like, okay, like, go out into the world, like, now it's time. So it's very obvious when it's time to start becoming a practitioner. When you're doing more self-study, it's not as clear. And, you know, one of the things people is they can get paralyzed by just constantly studying, studying, studying, studying. You're like, have you done a deal yet? Have you, have you talked to somebody who's selling their business? And so what is your advice for people to kind of figure out when to actually, you know, start putting some of this into practice?

• 15:28Speaker 02

  Yeah, well, say you're gonna do it by yourself. So say, like, you, you pick up something like the book, or you watch a YouTube video, and you, you decide, okay, I want to buy a business. I want to figure out how to get ownership myself. We sort of have a process where we funnel you down from at the very top, high-level origination. So looking at a ton of deals, to smaller level due diligence, you take very few deals, and you do sort of a base level due diligence. Do I like the profits? Do I think I like this industry? Then you go pretty deep into a few deals. So typically, I've found for the people that buy small businesses, you're looking at, you want to do somewhere between 50 and 60 high-level due diligence deals, you're probably going to go pretty deep into four to 10 of them. And then by the end of four to 10 of them, you're going to kind of be able to tell, oh, this one looks really interesting. And so,

• 16:13Speaker 02

  that's what I've seen the numbers be. Could be a lot less, could be a lot more. For instance, let's say you're an accountant right now, and you already understand finance a little bit, you understand how to look at a P and L statement, you're ahead of the game. Anybody who's already in finance corporate backgrounds, you're going to know how to do this a lot quicker when you see it. And, and if you go to analyze another accounting firm, you also have a leg up, right? Because you're like, huh, I know how we make money here. We got this recurring revenue. I know these businesses typically end up making about 30 cents on the dollar. So like, oh, here's a business that makes 30 cents on the dollar, that's doing this kind of revenue that's located in this city, it's in accounting, I already do that, I might be able to move pretty quick on that deal. So we teach something called the perfect fit business, which is basically an

• 16:58Speaker 02

  And we all have a thesis, right? Like I invest in American companies that are in the SMB space that need tech infrastructure. But if you're a newbie buying a business, you don't have a thesis. You don't have all of this built out. So we have something that looks like a deal box where you have a bunch of parameters, kind of like when you're going to buy a house. You're like two bedrooms, two baths, 500K or less, located, not in New York, because it's too expensive here, somewhere not New York. And, uh, and you're not going to really go outside of that box too much. Uh, and because you limit your scope, you actually have a higher success record. And I think usually what happens in doing deals, it's not so much, how many deals can I do? It's, I don't know what I'm looking for. So we spend a lot of time on deal clarity. What is a

• 17:42Speaker 02

  good deal for you? Because then when you find it, you just fucking know. You just go, you know, if, if somebody came to you right now and they were like, hey, I got this like company, it's in the financial media space. Uh, we have, you know, hundreds of thousands of subscribers. We've got all these eyeballs. It's the same target market as yours. We don't really make any money. Could I sell you part of this business for like a percentage of upside? Maybe you would probably be like, oh, I could very easily tell if that's a fit or not. And that's where I want to get more people because I think we all have some sort of Venn diagram. It's just nobody's shown it to us before.

• 18:14Speaker 03

  Let's use like an example from one of the deals that you guys have done in terms of walk us through like, okay, here's what, how we developed what the, uh, deal box was. Here's why maybe we were interested in this space. How did you go find the deal? And then, um, what did you ultimately like negotiate there? And I think using that example really helped people understand like how this deal box actually makes everything more efficient. And it's kind of like by saying no, you get to say yes quicker.

• 18:37Speaker 02

  Yeah, thousand percent. I mean, I do think, I think about it a little bit like that song too. You know, that six, five, blue eyes, trust fund, right? It's like, okay, I don't agree with that woman that those should be any of the things you should actually care about in a marriage, but say that is what you actually care about. Once you see it, you move a lot faster. And so, for instance,

• 18:55Speaker 03

  You just walk around New York City looking for six, five?

• 18:56Speaker 02

  Exactly. They're probably more here. Um, but you might not wish you married one. Um, so, uh, one of our first, one of my first deals before I was pretty sophisticated at this at all. I was Working in finance, so I had a really, really big job. I was working long hours, nonstop. And, uh, and I needed a deal that wouldn't take up much of my time, that could have an operator that ran it with me. That wasn't that much money because I was scared about failing, even though I had been in finance before. Um, I wanted it based in an area that, uh, that person was located on the ground because I wasn't. I was running all around all over the country and world at the time. So anyway, when I started looking around, the first thing that I looked for was an operator. I was like, who's somebody who I just knows gonna get shit done?

• 19:39Speaker 02

  Uh, who has already had experience in the area that I would look to buy a business. We call that proven talent. Um, and, uh, and can I find that? So I started looking around for people in small business and I ended up finding a guy in the laundromat space. And he had done real estate. We were gonna do some real estate deals together and he's like, I also have this like laundromat thing that I did over here. I'm like, talk to me more about that. And he's like, well, here's how it works. It actually works really well for real estate. It's the same play. You're looking for demographics in a region. You want location. It's, there's a lot of similarities. I was like, could you run another one? And he was like, yes. I'm like, so if I find one, you could run it. I'll finance it for you. Um, I want to see how this works. And if it works well, could we scale it to a few? And he was like, yeah, we could do that. That's really easy.

• 20:21Speaker 02

  And so, um, anyway, so if you came to me and were like, Cody, do you know how to operate a laundromat? I'd be like, the thing is, no. Uh, what do I know how to do? Find deals and I can get money. So my first deal was tiny, you know, six-figure deal, five figures in profit. And we bought this laundromat because I was like, I think we can, we can cash flow off of this. And then if this model works, can't we buy like five or six in the area and you could service all of them? Or we could have a GM that could service all of them? And I bet we could make like a couple million bucks a year on this, like nothing crazy. To me at the time, I mean, a couple million is a lot, but that's top line. That's not bottom line. So let's say at the end of the day, we can make 300 or 500K between the two of us on a bunch of these laundromats.

• 21:02Speaker 02

  That would have been material to me. And so, um, so anyway, so that's the first deal that I did that worked. I did some little deals before that were startups and I was always terrible at that. So I like buying instead.

• 21:13Speaker 03

  And when you go in and you find one of these laundry mats, how do you figure out, you know, which one is the right one to buy first? Then also like how to structure the deal and maybe actually what the seller is willing to structure may have an impact as to whether it's a good deal or not for you to do.

• 21:26Speaker 02

  Thousand percent. Well, I want to say a couple of things first, which is please don't buy laundromat. Like I talk about on the internet. So then people goes, go do things you should buy laundromats. And I use laundromat as an example because they're just simple. They're simple businesses. I call it the gateway drug business. It's easy for you to understand. But I really also do not like starting laundromats. So I was just meeting last week with somebody who started it. You know, when you meet an entrepreneur and you can just tell by the look on their face, they've fucking been through it lately. Like I just, I walked in and I was like, how you doing? She was like, it's good. You know, we got it under control, but she had started a laundromat and it cost her $2.1 million and was nine months delayed. And laundromats just don't make a ton

• 22:06Speaker 02

  of money, like a couple hundred thousand dollars per laundromat, top line revenue is like normal. And so to make back 2.1 million, that's going to take a minute. And so I was, you know, I was kind of watching this and that's why I like starting some of these old businesses because or buying them, starting a car wash, starting a laundromat, real expensive, actually a lot of equipment. So anyway, so I just want to say that first. Now, how do I structure a deal? The good thing about deals these days is this was an off-market business. So, you know, the person didn't know that they wanted to sell. And this is the case with most small business owners. So if you go and talk to a small business owner, six out of 10 of them have no transition plan and have no desire to sell their business. They think that they can run it forever, even if

• 22:51Speaker 02

  they're 60. And so in this instance, a lot of times what you're doing is you're kind of educating the seller a little bit, like you might walk in and go, hey, and this is what I now do. I mean, the team sees it, like pretty much everywhere I walk in and go like, oh, this is incredible. Like this coffee shop, is this your coffee shop? It is. I would say about, not in New York again, but in smaller towns, probably about 30 to 40% of the time, the person you're talking to at the front owns the business. She's like, hey, man, like, do you own this coffee shop? That's awesome. Okay, cool. How long have you owned it? Wow, 20 years? That's incredible. That's so great. You have a family, you're located in the community. Cool. Do you want to run this thing forever? You know, you're gonna want to have those kids take over. Oh, your kids moved to New York,

• 23:28Speaker 02

  They don't want anything to do with it. Interesting. You know, it's kind of funny like I look to buy businesses in this area. Actually, I have no idea if you'd ever be interested in in selling a business, obviously at like the right terms and price and all that jazz. But if you did, I could, I could talk to you a little bit about what a business might be valued at. And what business owner is not going to, they're like, yeah, what would this thing be valued at? Like often they're gonna be open to the conversation. And so that's typically how I start. And in laundromat space, I had a little bit of an unfair advantage because I speak Spanish and a lot of them are owned by Spanish speakers. And they extra do not know how to sell and they don't have bank loans. They have like all their money in cash in the business.

• 24:07Speaker 02

  So if I buy a business for a couple hundred K from them, that is material because it's not like they're sitting with debt on the business. That's like 200 or 300 K in their pocket. Right? And so that's how I would start. And then the only other thing that people typically say here is they're like, well, must be nice. I'm not sitting on 300 K Cody. Like I don't have any cash. How could I buy a business without cash? And I'm not saying that you can go out and pay $0 and 30 days by a business. Like, I don't think that's reasonable. But 60% of all businesses sold on the lower middle market below private equity level are sold with some percentage of seller financing. And so that means that the seller will use future profits in order for you to buy part of their business.

• 24:51Speaker 02

  And so it is, it's very normalized in small business. And for whatever reason, I don't think people talk about that.

• 24:58Speaker 03

  Now, as, as somebody's going through this process, what are the red flags that pop up where, you know, there's some things where I think if, if you want to be the operator, if you want to go and fix it, sometimes you see issues and you're like, oh, that's the opportunity that I can jump in and fix it. But there's got to be things where you're like, if I see X, I smash the, you know, break glass emergency button, I'm out. I just eject from the situation and I don't want to go in. What are those red flags?

• 25:23Speaker 02

  Never buy a business if it is not profitable and it's your first deal. We don't buy other people's problems, we buy profits. Second red flag is if the owner of the small business says, hey, I don't work on this business ever. I'm, it's an absentee business entirely unless you're in there in the business, watching them never work on it. Little bit of a red flag. I typically don't believe that in businesses. Third would be, you want to make sure that the business and the real estate is not tied or you do diligence them separately. So a lot of times people will get into real situations where they get over their head by buying a small business. That they're like, the business is profitable. You know, the business makes a hundred K a year, but they just bought a $2.5 million commercial property to go with it.

• 26:07Speaker 02

  And that sinks them. Like those are two very separate things. And then the fourth, I would say is like the, the perfect four storm. So if you want to buy a business and have it go under, here's a great way to do it. One, buy a business that is not profitable. Two, that is not located near you. If it's a brick and mortar business, so you can't go to fix it. Three, with a partner that gets equity in a business without cash alongside you. Four, that is in restaurants, real estate, or I don't like consulting businesses. Ones where like it's a human, you have human risk. It's basically a job. And, and I've seen that happen quite a few times. And so if you can stay away from the, the perfect four, and if you can stay away from some of those big red flags, you decrease your risk quite a bit.

• 26:52Speaker 02

  But the number one risk is always, is there enough cash in the business for it to be profitable and to continue to be profitable?

• 26:59Speaker 03

  And how do you evaluate that?

• 27:00Speaker 02

  Yeah, two things. One, you want to look at the financials of the business, the P and L of the business. And then you want to confirm that against the tax returns. Where we get in trouble is, uh, small business owners don't love to pay the IRS every single cent from their small business. And so because of that, there's usually a, a big difference between the P and L and the tax return. And then they'll do this thing called add backs, which is like, let me add back in the truck that I bought that was $60,000. That didn't really need to have it. So the, the profit of the business is higher than you think it is. Let me add back in a bunch of these expenses. This was really me and my family in Mexico. Mexico, not like a real trip that I had to take for the business. And so all of a sudden, you're sitting on this profit and loss statement that looks juicy. And you compare it to the tax returns and you're like, wait, you lost 20K last year?

• 27:43Speaker 02

  And so we've really got to make sure that we understand what is real in the business and what is not versus the two statements. Now, if they're a pro and they're looking to sell, they've either got audited financials, really rare in small businesses, or they have really clean financials with a lot of explanations that you can dig into. I would expect if you're going to buy a small business, you're not going to have that. And so what you really want to do is realize one thing. Every time you buy a small business, you're at an information disadvantage, right? The guy who's been running the thing knows more than you. And so your real job is to get that person to understand, hey, if what you're telling me is true, not only will I pay you what you want for the business, I'll pay you more.

• 28:24Speaker 02

  I will give you a premium for the business on the upside, but I can't be sure of everything you know. That would be unreasonable for me to think everything that you know, I know, right? So I'm concerned about your legacy and your small business continuing and me going bankrupt and your employees not continuing, which means we have to de-risk this deal a little bit. And so could I buy the business instead for a 30% lower price unless we hit these milestones? And that means if we hit those milestones, I'll actually pay you 40%. But if we don't hit those milestones, then then at least I've protected the business and I've protected your employees. And that's hard to argue with.

• 29:03Speaker 03

  What you're describing is a lot of detail oriented, you know, kind of oriented work. Almost like a checklist, really making sure that you're hitting certain metrics and avoiding the red flags, et cetera. There's a lot of dreamers that are out there. Can they be successful buying businesses if they're not detail oriented?

• 29:24Speaker 02

  That's a great question. Well, I think tools limit mistakes. So one of the things we do in finance, I'm not the most detail oriented person, but I am very risk concerned. And so every investor has what's called a due diligence checklist, like, right? So like a list of all the things that we got to check off before we fly the plane, just like a pilot. And so We have a check, it's in the book in the digital download, but we have a series of checklists that you can use. I think that limits mistakes. And then the other thing is every good business owner or buyer or really leader knows that they can't do it all alone. And so I think if you're like, man, you know what I'm good at doing? Selling shit. I'm good at branding. I'm good at marketing, but I'm not so good at finance. I'm not so good at details. What would

• 30:08Speaker 02

  you want to do? Well, do you want to just say, okay, I'll never be successful. I'm going to decrease my likelihood of being a millionaire by 60%. I'll never understand the language of money. It's too hard. It's too tough. Let me just be poor. Fine. Option one. Or option two, find yourself the opposite of you. Get yourself a little yang to your yang. And in in business, typically, the vernacular is like EOS is visionary versus implementer. And that's really the idea of like, can you have somebody who has big ideas? And then can you have somebody that goes, whoa, whoa, wait a second, how are we going to actually execute on that? And so find that, but still get ownership. And I think otherwise, that's just an excuse for you to live a small life.

• 30:43Speaker 03

  I'm going to read out a couple of things that you've said over the years that I'd love for you to elaborate on. It sucks being broke. It sucks working hard. So choose your hard.

• 30:54Speaker 02

  The truth of the matter is simply this. I think today we have a society that tells us, hey, it's just too hard to be fit. Well, have you tried being fat lately? Being fat sucks too. And so I think at the end of the day, you can either do what Naval talks about, which is you can upfront pain, or you can have long term pain. And if more people today can think about the Mark Twain ism of if you're going to eat a frog, eat it first thing in the morning, and if you're going to eat two, eat the big one first, your life just gets easier. And so, I mean, you know this more than anything, being in the military, I'm married to a dude that was in the military. And the most fascinating thing about him, and I think he'd agree with this, he just does the hard thing when he says he's going to do the hard thing always. He

• 31:36Speaker 02

  literally doesn't ever not do it. When he says he's going to go to the gym, he goes to the gym every day. When he says he's going to work really hard at going to the gym, he works really hard. Does he have to be smarter, richer, better than anybody else? No, he just does what 90% of people don't do, which is the thing you say you're going to do. And so I think it's freeing, you know, I think a lot of people think that that is rude or demeaning. And to me, I'm like, whoa, if the difference between me and the really, really rich people is just that they do hard things more frequently, even when they don't want to, that's fucking cool, because that means I could do that, too.

• 32:10Speaker 03

  Another one is a rule when hiring, hire people so hungry they may bite you.

• 32:15Speaker 02

  First of all, you can't teach desire. My dad has the best line ever about this, which is you can lead a horse to water, but you can't make it drink. And I think that is the true thing in business, too. If you get to optimize for one thing in people you bring along with you in life, make sure it is that they want a bigger life for themselves. This is the Carol Dweck growth versus fixed mindset. If I could choose one thing in any member of my team, it's not IQ, it's not history, it's not where you went to school, it's how bad do they want it? Because if you want something bad enough, you become obsessed, and obsessed people are really hard to beat. And so I like my team having little little ankle biters on it.

• 32:51Speaker 03

  When talking about digital businesses, you said build once, sell forever.

• 32:56Speaker 02

  The nice part about a business that doesn't have operating costs, like fixed operating costs, like a hard asset business, is that you can have a product that you don't have to keep creating, it just sits there and more people can utilize it. So, you know, right now, for instance, I think there's a real opportunity for people to buy internet businesses just like they buy Main Street businesses. And for instance, we had a newsletter that we built just for one singular purpose. I wanted to see if we grew just a newsletter business, the newsletter business didn't make any money, it had like 3,000 subscribers, I think, by the end of it, this was years ago. I was like, can I sell this list to somebody else? And so I built it up, I turned it into a business, it had

• 33:39Speaker 02

  an LSE, it had intellectual property associated with it, and it had subscribers. And I went on a website called Deuce, and I sold the newsletter for 8K. I think when people think, I want to buy a business, they think millions. For a lot of people, I'm like, start with 5K, start with 10K, because then what are you going to learn? Intellectual property, you're going to learn deal docs, you're going to learn negotiating, you're going to learn how to buy and own something, and eventually how to sell it. And I think once that happens, now we don't think that much about buying and selling houses. We're like, yeah, yeah, yeah, people do that. I'm not that concerned about it. And I think we should get that same way with business. And so if you can do that with a digital property, then you have much higher ability to make money long term, because you only have to build something once.

• 34:19Speaker 03

  Examples of digital businesses where you see people doing this.

• 34:22Speaker 02

  I mean, across the board. Think about, I like to use Turner News Network. I don't know if people know who that is anymore, but Ted Turner was a total stud and basically built, you know, CNN. He built Turner Cable News. He built this media, huge conglomerate. And the way that he built it is really interesting. He didn't build it. He bought it. So his dad had one of the first cable news networks, but his dad got sick, sold it to somebody else. Ted found a way to buy it back. And then he went across the country and he bought up media assets across the company to create an empire. And I think that we have this delusion today that businesses are built in our garages, with our sweat and tears, backed by venture capitalists. And listen, I invested in those companies too.

• 35:05Speaker 02

  I'm glad people are willing to do it. But if what you really want is profits, if you want to make money on something, then I think you have a higher likelihood of making money if the thing is already making money, since 90% of startups fail anyway. So like, let's start it, I don't know, second base, instead of in the dugout. And then let's build on top of it. Then the other cool thing is if you buy a business today, so let's say you buy a newsletter. Let's say you buy a YouTube channel. Let's say you buy an education business online. Let's say you go to Kajabi or you go to one of these sites where they have Coursera and you buy an education business that's cash flowing a few thousand bucks a month. Well, then you use the cash flow of that business to do your next acquisition. And the other cool part is that I wish more people told me

• 35:49Speaker 02

  that you can get loans on your business then. And so you can't get loans to start a business. That's really, really hard. But you can, if you have something that cash flows already consistently and a history, you can go to the bank and you can say, hey, this thing's made a hundred thousand dollars for three years. Can I get a line of credit? And it's not going to be a huge amount, but you can't do that in startup land. And so if we want to compete with the really rich, we got to play their game.

• 36:13Speaker 03

  There's a acronym that you have R I C H, Rich. Research, Invest, Command, Harness. Explain.

• 36:21Speaker 02

  So in the beginning, I want you to learn as much as possible. You never lose money learning, right? You don't lose money in the education. You lose money in the implementation. So what I want people to obsess on is becoming as smart as you can in your first deal. Because if you do that, you'll do more deals. If you do a deal willy nilly without learning much, you might fail. And then you'll never do a deal again. And I think that's a shame. So I like to start with this idea of research and learn. Then, once you've sort of learned, it's okay. Now, to your point, how do we actually get you in the game? Let's have you take a little risk. And when I talk risk, it's not that I want you to mortgage your house. I don't, please, please do not do that. I want you to do the thing that I know to be true, which is, I mean, have you ever made money with zero risk? Like, it just doesn't exist. In finance, we talk about like risk on and risk off trades.

• 37:05Speaker 02

  We actually have risk allocations. And we know that in order to make money, we've got to use this four-letter word, which is put some money on the table, some time on the table, some reputation on the table. And so I think we haven't normalized that for most citizens. We're like, that's risky. You're like, that's where the money is. And so that second part is implementing. The third is, okay, now that you've done this, maybe a small deal or two to start, how can you become in command of your deals? How do you make the business profitable? How do you layer them on consistently? If you want to be, you know, if you want to be very, very rich, how do you continue to buy more? Or how do you create a portfolio? And then finally, how do you start thinking about the next steps? Like, what if, what if you want to sell the business that you bought?

• 37:49Speaker 02

  And I think we should think about buying businesses the same way that we think about going into a relationship, which is, let's start with the end in mind. How do we want it to end at some point? You're probably, your first business you buy probably is not going to be the business you have forever. And I think that's okay, because then you can sell the asset. You can't sell a job, but you can sell an asset. And so that's what we focus on at the end of the book.

• 38:11Speaker 03

  What can sellers be doing to better position their business to be bought?

• 38:15Speaker 02

  Yeah, we have this whole process. I call it the cash out cake, because I think about it sort of like a tiered cake. It has levels to the game. Bottom level is really simple. It's up your profitability as much as humanly possible and up your revenue. If you make more money, you can typically sell for more money. And then on top of that, we've got systems and processes. So if your business doesn't have any systems and processes, you got a job. You don't have a business. Next up from that, we want to think about who are the people in your business? Or is it a single man, key man risk? Like you're in charge, if you leave, business is gone. Or do we actually have a managerial layer in there? Then on top of that, what I'm really thinking about is in a business transaction, what you're doing is you're trying to decrease the risk for the seller

• 38:59Speaker 02

  so that they will, or for the buyer, so that they will increase your purchase price. And so that segment is like, can we have more diversified clients? Can we show historicals? And then the final segment is, have you explained this business and done some projections on what it might look like in the future to show that, yeah, the past was great, but the future might be even more bright. And so those levels can get you to a higher multiple.

• 39:25Speaker 03

  Does it make sense for somebody who wants to learn how to do this to go work with someone who's buying businesses and kind of like almost as an apprentice? And then go do it themselves? Or do you think that that's a high likelihood of picking up kind of bad habits? And so maybe you're better off starting by yourself?

• 39:38Speaker 02

  That's a good question. I suppose it's like everything in life, the who matters hugely. But I do think that this is still rare enough in our society that getting around other people that are buying businesses is probably smart. And so even if, the good thing about finance and buying businesses is it's black and white. Did that deal work? Did you make more money? Did that deal not work? Did you lose money? And so you can tell if somebody is good or not based on track record. And unlike often the stock market, there's slightly less luck and variability because you don't have the same market exposure. It's a little bit depressed because these are private companies, not public companies. So I think getting around other people who are doing deals is really, really important.

• 40:22Speaker 02

  Whether you go work for somebody, whether you get a group of people together who are all doing deals, whether you join a community like ours. When you get in the room with other people who like their Tuesday is your dream day, I think you make more money. And when you get in the room with other people that already have the life that you want and are already playing the game that you want to play, it's more likely you're gonna play. If you hang out forever with people who aren't actually making moves, it'll become really hard to.

• 40:48Speaker 03

  You're talking about people and the quality of the people. There's not really problems. There's just people problems in most of these companies. And so how do you deal with managing people, hiring, firing, and kind of all the people relationships or employee management?

• 41:01Speaker 02

  Yeah, well, we have a couple of processes there. I think the most important thing that you can do is try to hire well. It's always easier to bring in the right people than it is to change people. And so how do you hire well? Well, you start with doing a deal with a company that you already like the culture. And there's lots of like red flags or green flags to look for in a culture. For instance, like, you know, if you're going to go buy a business and their average tenure is six months of their employees, red flag. If you're going to go buy a small business and the average tenure is 10 years and the business is doing well, that might be a green flag. And so best predictor of future behavior is past behavior, right? So I'd probably look for that. And then we have some systems in there, like we call it the cheetahs. We call it the stripes versus the spots.

• 41:46Speaker 02

  So, you know, I think about this idea, like, if you want to find a top player, cheetah and a house cat, both a cat, right? Two very different types of cats, though. And so we have a profile for what a cheetah looks like at our company. What does somebody look like who's going to run fast? And then we have a profile of what a house cat looks like. Doesn't mean a house cat's bad, but you better know what you're getting. So it might be okay to have a house cat type personality for somebody in your business who is, for instance, working in the warehouse, who's, for instance, driving a truck. They're like, they're steady state, they're kind of going continuously, but you know you're not going to get a fast uptick from them. And so I would recommend, if you're looking at hiring, you use and steal other people's processes.

• 42:30Speaker 02

  The beautiful part about business is that we're not doing rocket science here. Like, everything that we do has been done before continuously, and we can steal other people's homework. And so we have something called the nine Ps, which is where we take up a business from, let's call it, you know, this first couple hundred K to nine figures. Now, not everybody's going to get to nine figures. That's when you get to like, you know this all too well, protection. That's when you start getting to perseverance, which is like how to create a company that lasts forever. But the first six Ps are really important, which is like, you know, your people, your process, your productivity, your performance. And if you have systems to measure all this stuff, it gets easier. And the last thing I'll say there, like, You know, you become an entrepreneur because you're kind of unemployable typically,

• 43:12Speaker 02

  right? And because you're tired of people telling you what to do because you want to be the architect of your own life. And sometimes I think the negative side of that is you think that you need to do everything yourself. And what you should do instead is steal as much as possible to create little bumper lanes alongside you. So you can like be your wild self inside of the lanes that won't murder you. And that's what we try to do.

• 43:33Speaker 03

  When you buy a deal, and then all of a sudden you maybe have made a mistake or it's not going well, what do you do?

• 43:39Speaker 02

  That's a great question. Well, first, your bank account size is a reflection of your speed. So don't dick around. Move quick. I think one of the biggest issues why businesses don't succeed long term is you know, you need to do a thing and you're not doing it. You know there is a manager in that business that's not doing well. Put them on a performance plan. Have that performance plan be 30, 60, 90 days. And when they're not hitting that, you lovingly tell them it's not the right fit for you or for us. Move them quickly. Second is you always want to protect the house, which means cash. So one of the first things we do when we buy a business, for instance, is it's called increasing, sorry, decreasing the time between getting paid and providing a service. We want to increase

• 44:19Speaker 02

  the velocity of our cash. And so in the, in most small businesses, you know, if you have a cash suck business, that means I go and clean a house. I schedule somebody to come to the house. I clean the house. I do advertising to clean the house and then I don't get paid until after the job is done. What would be better than that? Let's just flip it. Let's just say when we book the appointment to clean the house, we take payment upon booking, right? And so we're, we're changing the cash conversion cycle to be upfront. We're increasing the, the velocity of cash coming back to us. And so I think a lot of times when businesses get in trouble, it's always money. Like money solves all problems in business. If you have

• 45:00Speaker 02

  money, you can pretty much control almost anything except like legal fraud, I guess. And so because of that, I obsess first on just, let's get cash stable. We also use something, this is slightly technical, but it's called a 13 week cash flow and private equity typically manages their. Their turnarounds off of the 13 week cash flow. I think money is a cruel mistress. You need to pay attention to her. She's going to leave you. And so we, every single week, every Friday, I sit down. And now some days on Tuesdays, because some businesses aren't ready by Friday, but Tuesdays and Fridays, I'm looking at how much money we have in the bank account. I'm not looking at like what the accountants say the money's going to be on XYZ. I'm like, how much money do we have in the bank account? And what if things go sideways? Do I understand?

• 45:45Speaker 02

  And that has saved me so much headache.

• 45:47Speaker 03

  What's the best part of your day?

• 45:49Speaker 02

  Oh, I mean, candidly, best, best deal I've ever done, husband. You know, it's kind of funny. We do a ridiculous thing in the morning. We don't have kids yet. I'd like to one day, but we, it's a little, little snugs. And then we have this ridiculous little 20 pound, super non-manly Kaffa poo dog. And when he, when you yell attack to him in the morning, like from the other room, he sprints in and does this jump onto the bed on top of you. It's the opposite of attack. He's incapable of attacking anything. But it's just, it's the small things. It's husband and a dog and a snuggly bed.

• 46:23Speaker 03

  What's the worst part of your day?

• 46:27Speaker 02

  That's a good question.

• 46:30Speaker 02

  The worst part of my day is when I feel like I can't figure out what is wrong in one of our businesses. It's always the uncertainty. I don't think it's that hard to run a business and I, I can kind of know what we need to do next. And I can work through a lot of pain that way. But I think one of the scary parts about entrepreneurship is when you're like, I don't know. You don't know what's wrong and it's not working. And there are days when that happens. And, and that I've had to just come to terms with is part of the game of entrepreneurship. Is it's not actually that it's super hard all the time. It's that sometimes you just don't know what to do next.

• 47:12Speaker 03

  What is the biggest win that you've had in your career?

• 47:16Speaker 02

  Figuring out my perfect fit business, you know, there was a long, long time. I spent 12 plus years working for other people in big financial firms, making them a lot of money and feeling like, maybe if I find the next business or the next team, it'll be right. And it took me a long time to realize, oh no, you need to do this by yourself. And not only do you need to do it by yourself, but you gotta do it in a way where it pairs together the things that you're actually good at, but that also make money. And so at some point, I was like, huh, I really actually love teaching people and I love talking about what we do for a living. And I don't just want to own all the companies. I want other people to own with me. It makes me feel good. Like it's a total ego play. And, uh, and so when I figured out, wait a second, could I buy these businesses?

• 48:01Speaker 02

  And could I also teach other people how to buy businesses? And could we do it all together? That makes me feel like it's worth it. Cause at the end of the day, we can't take all the cash with us, right? So don't get me wrong. I want to be wildly rich. I, I like money. I think it's protection in a lot of ways and it's freedom. But, um, I want to do it with other people. Otherwise it feels sort of meaningless. Biggest loss in your career?

• 48:27Speaker 02

  Doing a deal with a friend that I thought was truly a friend that ended up stealing money. I, I really do love humans and I like doing business with people I like. Um, it's one of my great joys is like having a group. I mean, we're in some deals together and you're like, isn't that cool? Like, look at what that entrepreneur did. And, and they won and you won and I'm winning. And that feels like good to me. Plus I like talking about it. But one time I did a deal with a guy that I thought was really buddies with me. And it turned out, he just really wanted to steal from us and use us. And that felt like a violation, the likes of which I had never imagined. And so now to this day, I have a little rule where I don't do business with people, partnership business with people, uh, until we've known each other for at least a year. And after it's, I think it's hard, hard to hide who you are for a year.

• 49:12Speaker 02

  And after that, you start to, you know, things start to show one way or the other. And so I, my dad had a line too, that was it's, you're never going to regret the hows. You're going to regret a few who's, and I think that's true.

• 49:27Speaker 03

  That's a great line.

• 49:29Speaker 03

  The book is, is coming out now and I think that you spent a lot of time. I don't think people probably realize how much time, energy and effort went into not only coming up with these ideas, but also presenting them in a very concise way that is understandable and digestible for people who are just starting out, but also maybe people who, you know, have bought one business and they're trying to figure out how to do it more often or scale. What is kind of like, you know, the, the one minute on, if I read this book, what am I going to get out of it?

• 50:00Speaker 02

  Yeah. Well, I think I maybe tell the story of Wayne Hazinga. I'd say if you read the book, you could understand and create for yourself the same situation that led a man who had no prospects, drove a garbage truck to create a multi-billion dollar empire in this country using boring businesses. And he's a guy that maybe we know his name today because he owned Blockbuster and he owned Waste Management, which was one of the largest waste companies in the country. But, you know, there's a line in the book about Wayne and he went to a pretty good school and he just, he was just a fuck up. He just couldn't do anything right.

• 50:40Speaker 02

  He was kind of unemployable and, and somebody recalls seeing him drive around after college in a truck, in a garbage truck and being like, man, I better start working harder because Wayne over here is having to drive a garbage truck now. And that same guy went to go work for a couple of garbage companies, watch what the owners of garbage companies did to buy some of his own to scale this monstrosity using creative financing and seller financing, and then create a pretty insane life where he owned a bunch of sports teams and, and made a giant impact on the country. And so, you know, when I think about the book, it's got all the tactics and the tools and the metrics that you can use to have this be done.

• 51:22Speaker 02

  But I think the most inspirational thing is seeing humans who are totally normal and were able to do it. And I think that means we can too.

• 51:31Speaker 03

  Where can we send people to find you on the internet? And you guys produce a lot of content. So you have to say more than one place so that people can go and get all this.

• 51:39Speaker 02

  Yeah, well, if you, if you want to buy the book, it's at msmbook.com. If you're doing it now, at the time of this recording, there'll be a bunch of freebies that come out with it that'll stop in the next few weeks. And so you should go check that out, msmbook.com, because it's called Main Street Millionaire, and that's too fucking wordy. And then probably Codie Sanchez on Instagram, YouTube, Twitter, and then contrarianthinking.co is where our free newsletters are. So anywhere, anywhere you pay attention on social media, we're there.

• 52:14Speaker 03

  You're doing a fantastic job. You're helping a lot of people. I appreciate you doing it, and I'll do it, definitely do this again in the future.

• 52:19Speaker 02

  Sounds like a plan.

• 52:21Anthony Pompliano?

  What's up, guys? I hope you're enjoying this episode, but I got a quick message for you. I just released my very first book. It's called How to Live an Extraordinary Life. In this book, there are 65 life lessons that I've picked up over the years. These lessons will teach you about money, investing, relationships, work, health, happiness, and much more. In this book, I wrote letters to each one of my children, and I tried to share those life lessons with them. If you pick up this book, there's three things that I can promise you. The first is that it is very concise. The audiobook is only three hours. You can listen to it on a long drive or on a rainy afternoon. The second thing is that you're going to learn something. It's worth the price of admission just for the lessons themselves. And then the third thing is, it will make you think more deeply about your life and how you try to live it.

• 53:06Anthony Pompliano?

  So go pick up How to Live an Extraordinary Life today. It's a quick read, it's very impactful, it's very concise, and it would mean the world to me for the support. Go check it out today on Amazon, Barnes & Noble, or wherever you buy your books. Hardcover, audiobook, it all works. Thank you so much for the support, and I'd love to hear what you think about the new book.