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Trust, Succession, and Finding Happiness After Selling a Business · Earn Your Leisure

• 0:03
  Speaker 1: Wait till I give my money.
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• 1:00
  Speaker 3: Getting wealthy is one thing, but then protecting that wealth
• 1:03
  Speaker 3: is another thing. Right, So that's a full time job
• 1:05
  Speaker 3: within itself, and you have to trust the right people.
• 1:08
  Speaker 3: You have to know what CPA to hire and what
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  Speaker 3: wealth management firm the highre So how is that for you?
• 1:15
  Speaker 3: Coming from humble beginnings and then you know, getting wealthy.
• 1:19
  Speaker 3: Did you have any challenges with that? And how were
• 1:21
  Speaker 3: you able to assemble your team of wealth management? Sure?
• 1:23
  Speaker 1: I don't trust anyone. That's a challenge.
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  Speaker 4: It's hard to delegate trust on an area you don't
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  Speaker 4: know a lot about. I mean, it's easy for me
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  Speaker 4: to delegate trust in any air of a business that
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  Speaker 4: I know, but wealth management, making money with money, even
• 1:40
  Speaker 4: how to figure out interest rates, I don't know how
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  Speaker 4: to do that stuff. It's very hard. So I always
• 1:45
  Speaker 4: resort to exactly what I resort to everywhere is do
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  Speaker 4: I like the person?
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  Speaker 1: Do I trust them? Doesn't feel right? Who knows if
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  Speaker 1: I'm right? But so far I've really chosen the right people.
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  Speaker 4: They have my back, they surround me, They've made money
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  Speaker 4: for me, and I'm able to delegate eight but only
• 2:00
  Speaker 4: because I trust him. I mean, it's hard to trust
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  Speaker 4: when you don't know the Arab expertise, is it not?
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  Speaker 4: It's easy when it's your own thing, right, But it's
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  Speaker 4: worked out very very well. Now I'm older, I made
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  Speaker 4: most of my money investing in real estate. I love
• 2:15
  Speaker 4: to invest in buildings, but my son is in the
• 2:17
  Speaker 4: business as a developer, so I shovel my money in
• 2:20
  Speaker 4: his direction and he keeps investing for making more money
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  Speaker 4: than I ever made. So he's smarter than I am
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  Speaker 4: at that. But I got to believe I'm smarter than
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  Speaker 4: him in some ways.
• 2:29
  Speaker 5: You got to be you made him, So it was
• 2:30
  Speaker 5: that I made him.
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  Speaker 1: Let's not give his dad billity credit.
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  Speaker 5: No, he's not here fifty fifty Yeah, we'll see. So
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  Speaker 5: I mean, speaking of yourself. Was that part of a
• 2:41
  Speaker 5: succession plan as or it was just naturally he was
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  Speaker 5: around you enough and said this is something that I
• 2:47
  Speaker 5: want to do. Is also, how did you know how
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  Speaker 5: that happened?
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  Speaker 4: Honestly, when I sold the Corkor Group, one of the
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  Speaker 4: motives that were very much in my mind to sell
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  Speaker 4: the business was Tommy was five, and I had never
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  Speaker 4: been a man who inherited a business from his mother
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  Speaker 4: or father who was happy. I noticed that I know
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  Speaker 4: is that for twenty five years, nobody was happy. They
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  Speaker 4: couldn't take the credit, They couldn't say it was there.
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  Speaker 4: They brought the company. Many of these people double the
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  Speaker 4: size of the company, but they never got the credit.
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  Speaker 4: And I said, I'm not going to do that to
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  Speaker 4: my son. He's never going to go into the real
• 3:17
  Speaker 4: estate business, and I didn't think he would. But one
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  Speaker 4: thing he was always good at his playing monopoly. He
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  Speaker 4: always beat me at monopoly. He had a mind for
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  Speaker 4: that kind of thing, flipping and wheeling and dealing, even
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  Speaker 4: as a little kid. And even though he's not in
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  Speaker 4: my business, he's not in brokerage by any means. He
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  Speaker 4: is in product development, which is a related feel and
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  Speaker 4: he's a natural addite. So did he get it from
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  Speaker 4: his mother and father. My husband was in the real
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  Speaker 4: estate business brokerage as well. Perhaps perhaps he was just
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  Speaker 4: destined to do that. But at least he has his
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  Speaker 4: own thing and he gets his own credit. I think
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  Speaker 4: that's the most important, one of the greatest satisfactions that
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  Speaker 4: I could always make claim for, and I feel good
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  Speaker 4: about it every.
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  Speaker 1: Time, is I did it. God bless a child got
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  Speaker 1: his own You know, I did it.
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  Speaker 4: And I think that's so important for anyone building anything.
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  Speaker 4: I mean, you can help from friends and stuff, but
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  Speaker 4: you did it. Nobody can take it away from you.
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  Speaker 3: It's so satisfying you said something I was a Gamian insightful.
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  Speaker 3: You said you never met anybody that inherited a business
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  Speaker 3: that was happy.
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  Speaker 1: Never did.
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  Speaker 3: That's that's crazy.
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  Speaker 1: I never did. Sound was ridiculous.
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  Speaker 4: You know what else to I never saw any of
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  Speaker 4: my peers sell a business who was ever as happy
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  Speaker 4: again in a new business. They never found it again.
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  Speaker 4: That first business is your sweetheart. It's like the first girl,
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  Speaker 4: your date. You know you're crazy about her, and you
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  Speaker 4: never forget it.
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  Speaker 1: A second business is never quite as good.
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  Speaker 4: The one great thing that sures me up is with
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  Speaker 4: all my entrepreneurs from Shark Tank, I'm getting to live
• 4:44
  Speaker 4: their first two years of business again over and over
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  Speaker 4: like groundhoud day, you know. And that is the most
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  Speaker 4: exciting part of your business. When you're struggling, you don't
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  Speaker 4: know if you're going to make it, just starting your
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  Speaker 4: dreams a big production is low.
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  Speaker 1: It's so exciting. And I get to do that all the.
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  Speaker 4: Time, not only on Patreon with my barbering barbering your
• 5:01
  Speaker 4: pocket is it your pocket or my pocket all the time,
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  Speaker 4: but I also get to do it with my entrepreneurs.
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  Speaker 4: And how blessed am I on that?
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  Speaker 1: Really? Well?
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  Speaker 3: Were you you sold your business. So were you ever
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  Speaker 3: as happy after you sold your business?
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  Speaker 1: I was miserable.
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  Speaker 4: I decided to take cooking classes how to make great pasta?
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  Speaker 1: Great idea? Right, So I was not.
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  Speaker 4: Happy making pasta. But I needed to reinvent myself and
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  Speaker 4: I did. And I'm sure I'll reinvent myself before I die.
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  Speaker 4: I hope I have one more side.
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  Speaker 5: I'm sure you have plenty more. One of the things
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  Speaker 5: you said that you were great at, we'll omit the
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  Speaker 5: parts that you weren't great, because it's gonna be hard
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  Speaker 5: to believe. But the things that you're great at. Number
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  Speaker 5: one was the ability to make money. And I wonder,
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  Speaker 5: at any point was there a monetary goal that you
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  Speaker 5: wanted to hit, and if so, did we get to
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  Speaker 5: that point? Or is it just creating more?
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  Speaker 2: Right?
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  Speaker 6: Like?
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  Speaker 5: Is there is more the goal?
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  Speaker 1: I don't think ever. Funny question.
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  Speaker 4: I think for me, my goal was never to make money.
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  Speaker 4: I was shocked when I did make money. I always
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  Speaker 4: made the least amount of money out of my whole company.
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  Speaker 4: I had eight hundred sales within a thousand people. When
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  Speaker 4: I had four hundred people. They were always out making
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  Speaker 4: money much more than I was. I was the last
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  Speaker 4: one paid, and that's what happens when you owned it
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  Speaker 4: bus you the last one paid.
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  Speaker 1: But over all the.
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  Speaker 4: Times, I don't think I reached for the god of
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  Speaker 4: making money because I never had money and my parents
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  Speaker 4: were happy without money. We were happy without money. I
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  Speaker 4: think I just wanted to see how far I could go.
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  Speaker 4: Like I saw myself almost my whole life, like a
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  Speaker 4: little character in a comic strip, and I was watching
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  Speaker 4: myself while I was doing my maneuvering and laughing my
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  Speaker 4: ass off at myself. It's just, well, they really.
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  Speaker 1: Fall for this.
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  Speaker 4: And that's where I got my kicks. And then where
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  Speaker 4: I got my satisfaction was developing the talent, taking someone
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  Speaker 4: who didn't think they could do something and convincing them
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  Speaker 4: they had a special gift, not making it up. I
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  Speaker 4: saw the gift. I would say, you know what you're
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  Speaker 4: good at, you know, and put them in that position
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  Speaker 4: and then see them blossom. That's very satisfying because you
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  Speaker 4: feel like you almost have a hand in playing God,
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  Speaker 4: Like you made the life better.
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  Speaker 1: You're a big piece of it now. So that always
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  Speaker 1: drove me.
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  Speaker 4: How big a team and how powerful a team, and
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  Speaker 4: how capable a team I could build and then also
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  Speaker 4: I just love people loving me. My agents loved me.
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  Speaker 4: They knew I'd do anything for them. I'd kill myself
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  Speaker 4: with them and them knowing how much I love them,
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  Speaker 4: they love me back. And just to get that love
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  Speaker 4: and warmth out of a job, you know, that is special.
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  Speaker 4: You don't get that every day. So of course when
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  Speaker 4: I sold the Quakery group, I missed it sorely, you know,
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  Speaker 4: very much, so as you could imagine, I didn't think
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  Speaker 4: about that piece.
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  Speaker 1: I should have given us some book.
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