Two Side Hustle Ideas, The Top Trait of Successful Entrepreneurs, Building a Compound with your Friends, and More

Shaan Puri (@ShaanVP) and Sam Parr (@TheSamParr) talk about how to identify trends, whether it's possible to get ultra-wealthy from cash flow businesses, why they enjoy doing hood rat stuff, and more. ----- Links: * Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel. * Want more insights like MFM? Check out Shaan's newsletter. ----- Show Notes: (03:00) - Dan Porter (25:00) - The meaning of brand (19:40) - Two side hustle ideas: ballin' doctors and family legacy summit (45:30) - Why big companies have terrible landing pages (01:00:30) - Overtime: Ben's dream and building compounds ----- Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more. ----- Additional episodes you might enjoy: • #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits • #209 Gary Vaynerchuk - Why NFTS Are the Future • #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • ​​​​#218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

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

• 0:06Shaan Puri?

  Can I pitch you two ideas and you tell me which one you like better? All right, these are two kind of like side hustle ideas that I think could turn into something big, but they're businesses that are not hard to do. They would immediately make somewhere between 500K to two, two and a half million dollars, probably within a year or a year or two of your business of doing it.

• 0:28Sam Parr?

  I like that.

• 0:29Shaan Puri?

  All right, so the first one is I'm going to call it Baller Doctors. What's Baller Doctors? Baller Doctors is you're going to go to med schools all around the country and you're going to put fucking, you know, ads slash flyers up and you're going to say, hey, before you graduate, do you want to know how doctors become millionaires? You know, faster, you know, some, you know, the average doctor becomes a millionaire in 12 years. I can show you how it's done in five. And you basically host a seminar and you, you definitely lean into the get rich quick stuff because, you know, people are curious, but you, you build in enough trust, but you don't bury the lead. You're like, look.

• 1:10Sam Parr?

  Even doctors are greedy. Even doctors are greedy.

• 1:12Shaan Puri?

  Even doctors like money. Might be the, the better name for the seminar. And, and you're going to host a seminar and basically you're just going to break down the business of most doctors spend all their times with their, all their time with head in, you know, heads buried in books and thinking about customer, you know, patient care as they should. But at the end of the day, a lot of these guys want to go out, they want to own their own practice or they want to figure out, should I be joining a practice? Should I go to a hospital? Should I, you know, start my own? How do I get the money to do that? How much money did this make? And I think if somebody just made a sort of business in a box seminar where they just explain, look, here's how it usually goes. You put in this much, it takes you this long. Here's a sample P and L with what your costs look like. Here's how you make money in your practice route. Here's how you could do a group practice.

• 1:55Shaan Puri?

  Here's how you join, if you join a hospital, here's where you are after five years.

• 2:00Shaan Puri?

  Like, did you know this, by the way? If you're a doctor and you work in a nonprofit, which most hospitals are nonprofits for 10 years, all of your student loans are forgiven.

• 2:08Sam Parr?

  You get your money.

• 2:08Shaan Puri?

  That's amazing.

• 2:09Sam Parr?

  Same if you're a lawyer, if you're, my sister did it. If you're a lawyer for the government, you get a lot, you get loan forgiveness.

• 2:16Shaan Puri?

  Right. So basically you just do like a personal finance slash business crash course for doctors and you do that all around the country. And then some percentage of those, they actually are going to go to you for like you can create, there's they'll pay for the session or they'll pay for like the upsells. You might do the session for free. And then you say, by the way, I have like the detailed guide with all of the business like templates in the in this thing. You know, plus like, you know, whatever. I got all your, I got all your docs and templates and it's all fleshed out in detail. This is, you know, $4,000 and you know, you could buy that mastermind thing. And with it comes like a coaching call whenever you're ready. You can always, you can always hit me up and I'll help you with this stuff. All right. This is one.

• 2:55Sam Parr?

  I could play off this. So let me tell you about this. So there's this blog that I read. It's called the White Coat Investor. Have you heard of it?

• 3:03Shaan Puri?

  Not that, but I'm in a Facebook group called White Coat Investors, which is, I think, probably the same thing. It's doctor, doctor's investments.

• 3:10Sam Parr?

  So if you go to it, you'll see it's a little stale. Like it's probably been around for a while. And it gets a lot of traffic. I read it because they just talk about people earning high income and like the, like the lifestyle and I, it's fun. And a lot of my doctor friends read it. And it's incredibly under monetized. And interestingly,

• 3:31Shaan Puri?

  You know how much traffic?

• 3:32Sam Parr?

  I looked at this, she like 400,000 a month.

• 3:35Shaan Puri?

  Oh my God. I mean, look at this thing.

• 3:36Sam Parr?

  Maybe six, maybe 600,000, maybe, maybe more. I think a lot. But if you look at the, the traffic source, it's like a good ass mix.

• 3:43Shaan Puri?

  Yeah, it's like 600,000. Should we bleep this out? This is a gem, bro. This is a gem. Why are we, why are we giving this gem away?

• 3:49Sam Parr?

  Oh, here. Here, let's find out how much traffic. Here's how you do it. So you go to the very bottom. You see where it says advertise with us? Click it. So they get a million page views a month. So I think, and interestingly, if you go to, I looked at the stats for the fastest growing YouTube creators this year, as well as the fastest growing TikTok creators, and something like three of the top 10 were dentists. And then a couple other were doctors. And it's usually young doctors who talk, who make jokes and lifestyle content on TikTok, all about like the doctor lifestyle. So they make jokes out like, you and I probably don't understand, but I don't know, maybe like a joke about like sleeping at the hospital or something.

• 4:33Sam Parr?

  And they they've gotten millions of followers. So I think there's a world where you could do that and sell a high end membership. That's thousands of dollars and do exactly what you're saying. I completely agree with you. I think this could be a good business. I don't think you could do it. I think it'd be real. If you did it full time, you maybe could do it in a year. But yeah, it's a this is a good business. You're part of a white coat investor. Yeah, I'm looking at their Facebook group. You're part of this.

• 4:58Shaan Puri?

  Yeah, I love joining random niche Facebook groups like this and just see.

• 5:02Sam Parr?

  Seventy seven thousand members. I can I would bet my life I could make three to five million dollars a year with a Facebook group for doctor investors. Oh, it's a listen, it's even better. It's a closed Facebook group that gives physicians, dentists, physical therapists, attorneys, pharmacists, and other similar high come high income professionals. It basically helps them. But dude, how did you get into this? Did you tell them that you're a lawyer?

• 5:31Shaan Puri?

  Yeah, I just said I was a doctor. But look at me, I look like.

• 5:34Sam Parr?

  Obviously, because you're Indian. Yeah.

• 5:36Shaan Puri?

  Yeah, it's auto accept, bro.

• 5:40Sam Parr?

  Yeah.

• 5:40Shaan Puri?

  Oh, hurry. Yeah.

• 5:43Shaan Puri?

  Right this way. We've been waiting for you.

• 5:48Sam Parr?

  That's awesome. This is the I agree with you. Winning, winning idea.

• 5:52Shaan Puri?

  So if somebody wants to make a play on this white coat investor site, I would love to, you know, buy this website and do something with it. Or if somebody wants to make a group that's like this and go for it, DM me or email me or email Sam. And let's.

• 6:05Sam Parr?

  This is a good one. Yeah. And he they also have conferences. So they have a a white coat investor conference.

• 6:12Shaan Puri?

  Right.

• 6:13Sam Parr?

  It's a this is a good. This is I completely agree with you. You know who could have crushed this niche and they didn't want to was our buddy. The what's the YouTuber Ali? What's his last name? Yeah, he could have done this.

• 6:25Shaan Puri?

  Yeah, I agree. Yeah, he chose like a worst market. He's like, I'll teach people how to become you. He's like YouTubers had to be better at YouTube. It's like, teach doctors how to be better at money. Way better if you if you if you're not passionate about the other. All right. Okay. Second idea. All right. So it sounds like you like the first one. Here's the second idea. The fam-

• 6:44Speaker 02

  I would say I love the first one.

• 6:45Shaan Puri?

  Family Legacy Summit. Okay. So basically there's a huge number of businesses that are owned by, you know, kind of like boomer generation that they would love if their kids would take on their business and like kind of grow it. Kids maybe maybe interested, maybe not. The kid kind of feels like, ah, I should, I guess. That's a smart move, but I just don't care about, you know, where the, you know, making treadmills or whatever we do, you know, like our family business. So they're kind of one foot in, one foot out, but but even then they're like, okay, the parents like, all right, no problem. You don't have to take it over, but like, I gotta do something with this. And you should know how this works in case I croak and like, you know, you should know how

• 7:27Shaan Puri?

  the books work and like, you should know some things. So basically what you do is through some kind of cold outreach to boomer owned businesses, you're going to offer them an invite to the Family Legacy Summit. It is a two day conference in Florida where you're going to have-

• 7:45Speaker 02

  It's gotta be Orlando or Jort Lauderdale.

• 7:47Shaan Puri?

  Exactly. Like, you know, for obvious reasons, the local-

• 7:52Speaker 02

  Jort Lauderdale or Orlando. Yeah, we get it. There's gotta be a buffet. Understood.

• 7:57Shaan Puri?

  Exactly.

• 8:00Shaan Puri?

  The Family Legacy Summit. All you can eat, of course.

• 8:05Speaker 02

  Yeah, with New Balance white sneakers as a sponsor.

• 8:08Shaan Puri?

  Allowed.

• 8:11Shaan Puri?

  Basically.

• 8:14Speaker 02

  Sandals and socks allowed. Yeah, preferred. Yeah. Sunday loungewear casual.

• 8:20Shaan Puri?

  No socks, no service. You gotta have your socks on with sandals. Otherwise you're not getting in. So basically you invite people out there and it's just education. It's just a give, give, give. Maybe there's some ticket thing to cover the cost. Maybe you have sponsors. I think you could cover the whole cost of sponsors, but it's just invite only. Your business has to be of a certain level of maturity. So it's, you know, doing over a million dollars a year. You're a family business who's thought about this question of should we pass it down or not? You and your kids come out. So they come out and at that you're going to do a couple of things. This is now, this is now the door that opens more doors. So you could upsell them some services. So estate planning, accounting, whatever, that sort of thing.

• 9:01Shaan Puri?

  You could offer like upsell masterminds or like a kind of a master's program, which is like for the kid to like take it over or whatever, something like that. You could just buy businesses that like, uh, the kid's not gonna do it. This is lead gen for amazing businesses that you could potentially buy out. And you sell those leads to private equity or you buy them yourself. And, um, and yeah, it's a way to build a power network in like one year. You'd have like some amazing connections because there's going to be a guy who owns, you know, a fir-, you know, wood, a wood furniture company in Tennessee that makes $22 million a year. And like those people, you'll be your buddies because you're actually helping them with like a, one of their core life problems that they have, which is what do I do with my business? And this like stinking kid is not, not taking action.

• 9:47Sam Parr?

  Do you remember Brent Bayshore? He came on our pod, um, what's his, what's the name of his thing?

• 9:51Shaan Puri?

  Permanent Equity, I think.

• 9:52Sam Parr?

  Something Equity, Permanent Equity. He's based out of Columbia, Missouri. He has this conference every year called Capital Camp, which is a great name. Uh, and how is he doing? He's basically doing this. Is it, well, he's buying boomer businesses. How's that going?

• 10:09Shaan Puri?

  I think it's going phenomenal. I think it's going absolutely great.

• 10:13Sam Parr?

  And our friend Siева, uh, of which I think we're both investors, Enduring Ventures, is doing a similar thing. Maybe it's a little bit smaller, but it's

• 10:22Shaan Puri?

  Well, it's just newer.

• 10:23Sam Parr?

  Also newer. Yeah. And they are buying like, can we talk about what they bought?

• 10:28Shaan Puri?

  They've come on the pod before, uh, and they're pretty public about stuff. So they're buying companies like cool, uh, pool construction companies. So it's like, uh, you know, pools are this like amazing business that you could, you could do. And they bought one in like, I think it's called Dolphin Pools or something like that. They bought it in Arizona. It crushes it. They, they hired this one operator who's like really good, who took it over from the, the original owner, the, the boomer owner. And basically it's grown like crazy. And that's like one of their cash cows now.

• 10:57Sam Parr?

  And I, and they also bought a internet web like um, I got in the country like they don't have like AT&T or Time Warner or whatever. They, they have like local providers and they bought one of those and it's doing well. And I have family members. So my dad is an entrepreneur and none of his kids.

• 11:12Shaan Puri?

  They bought five different.

• 11:13Sam Parr?

  Yeah, a bunch of them.

• 11:14Shaan Puri?

  Internet service providers.

• 11:16Sam Parr?

  And they're all doing, I think, pretty good. And so my dad owns a small business that none of his family is taking over. My father-in-law owns a small business who, and it is a really, it's a killer business. I mean, and they, he somehow, the, our new brother-in-law is now going to take it over. And seeing the turmoil that he had to go through in order to, he was like, well, I spent 40 years building this thing. And I guess if no one that I love wants it, I'm just going to shut it down. And, and it was like, kind of tragic. And it's like, I'm literally willing to give this to a family member and they can make many millions of dollars a year if they wanted to do this.

• 11:58Sam Parr?

  It's just, it's, it's free. You can have it. And people didn't want to do it. And so I've seen this process and it is like an emotional, it's, it's a really, it's a huge challenge. And this is very, a very interesting market. There's some stats about how many, do you know how many boomers are retiring in like the next?

• 12:15Shaan Puri?

  Some absurd number.

• 12:17Sam Parr?

  It's absurd. It's like, it's like, it's like a quarter of the country or, or a third of the country.

• 12:22Shaan Puri?

  Biggest wealth transfers of all time is about to happen. It's the, like, that, that group of people, when they pass down their inheritance. It's gonna, it's like many trillions of dollars, I think. I don't know if that's, that might be hyperbole, but I think it's something like that. Some ridiculous number. And then that's like a lot of people that are just not going to have to work, but also don't know what to do with it. And similarly, there's many, many businesses. That was when Enduring first pitched it, they were like, they just showed me the stats. They were like, there are this many boomer businesses where they want to retire. They don't want to run their business anymore. And their kids don't want to take it over. And like those businesses are up for grabs and they're like too small. Like they're not sexy as a startup and they're too small for big private equity.

• 13:02Shaan Puri?

  And so we're going to be like, basically like permanent equity where they're going to be, they're just going to buy it and hold these amazing businesses for a very long time. And they keep doing that one after another. Uh, like I think Siva and Xavier, they, they've rolled up like almost a hundred million dollars of business equity off of a $2 million starting equity amount. Like we.

• 13:26Sam Parr?

  It is crazy. I invested in, I didn't have a lot of money when I first invested in. So, but at the time it was like 10 or 15,000 or something like that that I invested. It was like, that was a big deal for me.

• 13:35Shaan Puri?

  Did I tell you what happened with my investment in it?

• 13:37Sam Parr?

  It's just been like, it's just been growing and growing and growing. No.

• 13:41Shaan Puri?

  So they were like, they're like, Sean, like you've helped us like think through this idea and like, they do like, I like this stuff. I'll be helpful along the way. So they're like, you know, we want to offer you, like if you invest, we'll also offer you like an advisor or like, like an advisory grant, that'll just match your investment. And, uh, and I think they thought I was gonna do like,

• 13:58Sam Parr?

  You forgot to file the paperwork.

• 13:59Shaan Puri?

  No, no, no. I think they thought I was gonna put in like 25K or like max or like 20K, something like that. So they're like, okay, cool. You got like 20K of equity. We'll give you 20K worth of advisory shares. But I was like a big believer in what they were doing. So I put in 200,000 and they were like, they're like, oh, and I was like, look, you don't have to like, I get it. You don't have to give me 200,000 of advisory shares. But Xavier was like, nope, a deal's a deal. And, um, like, I was like, we didn't sign anything and like, dude, I'm totally okay with it. But he's like, no, like, like, we will, we will honor that. And also like, I know you'll like, you'll deliver. And so since then, I've had this like immense desire to deliver on that. It was actually the best thing he ever did because he got me to basically work for him for free.

• 14:41Shaan Puri?

  Uh, for this one, like for this act of goodwill, I am like, I will, I see your goodwill and I raise you 10 times goodwill on my own side.

• 14:48Sam Parr?

  It's gonna, that's gonna end up being a great, one of your better investments, I would think. Depending, I don't know when you got in, were you with, we both, were you both, yes, then that's gonna, I think it's gonna crush.

• 14:59Shaan Puri?

  Exactly. Like I think already, let's say conservatively, that's probably up 20X, you know, like something like that in valuation.

• 15:06Sam Parr?

  You think that's up 20X?

• 15:07Shaan Puri?

  Cause if they go raise now, they basically have, I don't know, exact numbers, but like somewhere between 25 to 50 million of revenue, uh, closer to 50 million in revenue from these businesses now, that they've acquired off of 2 million in equity.

• 15:24Sam Parr?

  Yeah, that's crazy.