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One Bad Deal Can Change Everything - David Barnett #6407 · Financial Survival Network

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Speaker 2: Welcome you are listening to and watching the Financial Survival Network.
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Speaker 2: We've got a guest on with us who hasn't been
0:36
Speaker 2: with us in several years, but really please to have
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Speaker 2: him back on, David Barnett and you find him at
0:42
Speaker 2: Davidcbarnett dot com. As it says on the screen, and
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Speaker 2: well your last book, David, you've written quite a few
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Speaker 2: of them basically whether to buy or to start a business,
0:57
Speaker 2: and great to have you on. So, so what you've
1:00
Speaker 2: been doing the past few years.
1:02
Speaker 3: Well, I've been continuing to work with clients. I've been
1:05
Speaker 3: continuing to have a lot of great conversations like the
1:07
Speaker 3: ones that you have here on FSN and pumping out
1:11
Speaker 3: the content, pumping out the podcast and working with clients.
1:13
Speaker 3: So my day to day is running a consulting business
1:16
Speaker 3: where I work with people that are buying or selling
1:19
Speaker 3: small businesses, and I help them with evaluating the deals
1:22
Speaker 3: that they're looking at, you know, showing business owners what
1:25
Speaker 3: they might likely be able to sell their business for,
1:27
Speaker 3: helping them to prepare to go to market. I do
1:29
Speaker 3: a lot of the things that a business broker would
1:31
Speaker 3: do for somebody, but I'm not a broker. I'm a consultant.
1:34
Speaker 3: So I have a fee for service business model and
1:37
Speaker 3: charge people for each step along the way. And so
1:39
Speaker 3: when I help them sell, there's no commission. And when
1:42
Speaker 3: I help people buy a business, I'm really working for them.
1:46
Speaker 3: They're paying me for my services, so I don't have
1:48
Speaker 3: an interest in them buying or getting into a bad deal,
1:52
Speaker 3: you know, because I'm not getting any kind of commission
1:54
Speaker 3: or anything. I'm strictly working for them, trying to help
1:57
Speaker 3: them make sure that they don't do something that they will.
2:00
Speaker 2: Grat Yeah, which you know, let's face it, most business
2:05
Speaker 2: owners are their own worst enemy, right.
2:09
Speaker 3: They can be. Yeah, yeah, you know.
2:11
Speaker 2: It's funny.
2:13
Speaker 3: There are a lot of really savvy business people out
2:15
Speaker 3: there in the world, a lot of people with a
2:16
Speaker 3: lot of great experiences, spans a lot of different industries.
2:19
Speaker 3: And then there are people who've gotten into business who've
2:21
Speaker 3: been kind of lucky where they have the right product
2:23
Speaker 3: or service at the right time and place, and they've
2:26
Speaker 3: been very successful in spite of maybe their skills and
2:30
Speaker 3: abilities to run the business, and they and they don't
2:33
Speaker 3: quite understand what's going on in their own business, even
2:35
Speaker 3: though it might be producing good cash flow for them.
2:38
Speaker 2: Yeah, well that's a problem there. So as far as
2:43
Speaker 2: people buying businesses, you've got a lot of experience with this.
2:48
Speaker 2: Which purchasers are the most successful?
2:52
Speaker 3: Yeah, So the ones that are the most successful are
2:54
Speaker 3: often the ones who have some degree of industry experience
2:57
Speaker 3: in a certain segment. Let's say, so they've they've worked
3:00
Speaker 3: in that segment, they maybe have been a manager in
3:03
Speaker 3: someone else's business. They understand a particular industry, and so
3:06
Speaker 3: they've got skills in how to be a good operator
3:09
Speaker 3: in that field. And they go looking for a business
3:11
Speaker 3: in that same industry that is making money, so it's
3:15
Speaker 3: worth something, but maybe it has problems they can spot
3:18
Speaker 3: that they know how to fix. And that's what gives
3:21
Speaker 3: you the great opportunity in this because you can buy
3:24
Speaker 3: that business and pay a fair price based on the
3:26
Speaker 3: cash flow, but because you've been able to identify things
3:29
Speaker 3: that can be improved. That improvement is going to allow
3:32
Speaker 3: you to increase the cash flow and then you end
3:34
Speaker 3: up with a real winner of a deal for yourself.
3:37
Speaker 2: Okay, so buying versus starting up? Tell me the benefits. Like,
3:43
Speaker 2: we have a yellow pad, an imaginary yellow lawyer pad
3:48
Speaker 2: in front of us, and we got a line down
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Speaker 2: the middle. On the one side it says buy benefits.
3:54
Speaker 2: On the other it says startup benefits. And then we've
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Speaker 2: got another page that's said is buy negatives on pros
4:05
Speaker 2: and cons and startup cons. So you know, obviously it's
4:11
Speaker 2: a long list, but just give us the top three
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Speaker 2: on each. Yeah. Sure.
4:15
Speaker 3: So you know, when you start a business, everyone knows
4:18
Speaker 3: that it's risky. It's many startups fail. And the biggest
4:21
Speaker 3: thing that people point to is they say, hey, you
4:23
Speaker 3: start your business and maybe you don't quite execute exactly correctly.
4:27
Speaker 3: Maybe you don't have the product or the service feared
4:29
Speaker 3: out just right, and you don't get enough paying customers
4:33
Speaker 3: in the door quickly enough in order to start making money. Usually,
4:37
Speaker 3: when you start a business, you've got some degree of
4:38
Speaker 3: overhead that you have to carry, and you've got to
4:41
Speaker 3: get to that break even point as quickly as you can,
4:44
Speaker 3: and so then people will realize, hey, there's risk in this.
4:47
Speaker 3: There's risk in not finding enough customers quickly enough. If
4:51
Speaker 3: you buy an existing business, you've already got customers, the systems,
4:55
Speaker 3: the processes, even employees that know how to execute those systems,
4:59
Speaker 3: and so the the common wisdom often is, hey, it's
5:02
Speaker 3: a lot less risky to buy a business. And you know,
5:06
Speaker 3: I've made a career for the past fifteen years on
5:09
Speaker 3: showing people how they can buy a business and why
5:11
Speaker 3: it might make sense for them. But I'll tell you
5:13
Speaker 3: what's been happening in particular over the last five or
5:16
Speaker 3: six years is a lot of people have been coming
5:18
Speaker 3: into this space, and there's a lot of people who've
5:21
Speaker 3: been creating a lot of disinformation about buying a business
5:24
Speaker 3: and just how easy it is and how easy it
5:26
Speaker 3: is to get financing, and how easy it is to
5:29
Speaker 3: operate these things once you buy one. And people are
5:31
Speaker 3: coming into this space who do not have a lot
5:34
Speaker 3: of business experience, and what they're doing is they're negotiating
5:38
Speaker 3: without really understanding what they're getting into, and they're overpaying.
5:41
Speaker 3: And here's what happens when you overpay for a small business,
5:45
Speaker 3: you actually end up in a riskier position than if
5:48
Speaker 3: you start one. So if you start a business, you're
5:51
Speaker 3: going to put in some savings, maybe you're going to
5:53
Speaker 3: put some charges on your credit card or things like that.
5:56
Speaker 3: If the thing fails, you've lost your money you put in,
5:59
Speaker 3: and maybe you have to pay off some debt as
6:01
Speaker 3: you move forward from your next job or something like that.
6:04
Speaker 3: But for a lot of people that they'll see that
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Speaker 3: they're failing and they'll get out of it and they
6:10
Speaker 3: know that's it. They've lost their money. When you buy
6:14
Speaker 3: a business, you might be putting in a lot of
6:15
Speaker 3: your savings as a down payment, and then you're borrowing
6:18
Speaker 3: hundreds of thousands or millions of dollars from a bank
6:20
Speaker 3: to make this acquisition. If you've overpaid and over committed
6:25
Speaker 3: your cash flow to debt service, what you've done now
6:28
Speaker 3: is you put yourself in a position where if anything
6:30
Speaker 3: goes wrong, if you lose any customers, you now all
6:33
Speaker 3: of a sudden have to cut your own salary or
6:35
Speaker 3: you risk not being able to pay your debt service.
6:38
Speaker 3: And so basically people trade the startup risk for financing risk,
6:44
Speaker 3: and that's one of the big keys I try to
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Speaker 3: get over to people in this book Buying versus Starting
6:50
Speaker 3: a small business, is that just because you're focused on
6:54
Speaker 3: in customers and sales does not mean you get to
6:58
Speaker 3: ignore the other risks in business. And I've just seen
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Speaker 3: so many people get into a deal that was not
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Speaker 3: a good deal for them, and they didn't even know
7:05
Speaker 3: they were getting into a bad deal because they don't
7:08
Speaker 3: come from the space, they don't have the experience. They
7:11
Speaker 3: over commit their cash flow to debt service, and then
7:13
Speaker 3: they get into trouble when something goes wrong. And you know,
7:17
Speaker 3: the reason why small businesses trade for relatively low multiples
7:22
Speaker 3: of their cash flow is because they are one of
7:23
Speaker 3: the riskiest asset classes that there are out there. I know.
7:27
Speaker 3: I can tell you stories of people who've lost their
7:29
Speaker 3: business due to government regulation changes, people who've lost a
7:33
Speaker 3: retail business because a city took six months to replace
7:35
Speaker 3: water and sewer, you know in the street in front
7:37
Speaker 3: of their business. There are businesses that have been destroyed
7:40
Speaker 3: by new competitors, businesses that have been destroyed by staff problems.
7:44
Speaker 3: The list is really endless about what can go wrong
7:48
Speaker 3: in a small business. And so when you buy something,
7:51
Speaker 3: you have to finance it correctly. You've got to make
7:54
Speaker 3: the right kind of deal so that you can be
7:55
Speaker 3: successful and make money. That's that's the reason you're buying
7:59
Speaker 3: a business is because you want to be able to
8:00
Speaker 3: make money. And so that's what I try to help
8:02
Speaker 3: people with.
8:04
Speaker 2: So we're talking risk management here. We're talking basically about
8:12
Speaker 2: due diligence, that you properly assess the risks before you
8:17
Speaker 2: go on using AI. Now that help in this process.
8:23
Speaker 3: Well, we are using AI for things that AI is
8:27
Speaker 3: good for. So when we are faced, for example, with
8:30
Speaker 3: a business that might have five hundred Google reviews, AI
8:34
Speaker 3: can be a really great tool for sorting through all
8:36
Speaker 3: of that stuff to see if it finds any trends
8:39
Speaker 3: or consistent comments or anything that might reveal something about
8:43
Speaker 3: the business. I have already saved probably five or six
8:48
Speaker 3: buyers for making huge mistakes because they were relying upon
8:52
Speaker 3: AI to do a financial analysis of the business that
8:54
Speaker 3: we're going to buy. AI is just not there yet,
8:58
Speaker 3: and especially I would say in its native form. You know,
9:01
Speaker 3: if you just start talking with the chatbot. I have
9:05
Speaker 3: developed some analysis tools of my own that are very specific,
9:10
Speaker 3: you know, like a tool with one hundred questions and
9:13
Speaker 3: you ask the chatbot to go through the hundred questions
9:16
Speaker 3: with the set of documents that you put in and
9:18
Speaker 3: you know, flag things that might be yes or no
9:21
Speaker 3: answers to these questions. Again, it's a very fast moving
9:25
Speaker 3: timesaver in that regard. But what makes it work was
9:29
Speaker 3: the input data, the list of the one hundred questions.
9:32
Speaker 3: And so I'm caution people about being very reliant on AI,
9:37
Speaker 3: thinking that it's sort of an oracle that can kind
9:40
Speaker 3: of do everything in every situation.
9:42
Speaker 2: Interesting. Interesting, Okay, So AI is not the panacea, but
9:48
Speaker 2: it can be a very effective tool. That's what I
9:51
Speaker 2: hear you saying. Yeah, And what about as far as
9:56
Speaker 2: drafting a business plan or the entity, because whether you're
10:00
Speaker 2: starting one or you're buying one, you need a plan.
10:03
Speaker 3: Right absolutely, And I recommend that entrepreneurs build their own
10:09
Speaker 3: cash flow forecasts. And so this means understanding, you know,
10:13
Speaker 3: what the expenses are, what the direct costs are, the
10:15
Speaker 3: relationship between the different things. Once you've got your cash
10:18
Speaker 3: flow forecast built, and if you're looking to create some
10:21
Speaker 3: kind of document that you're going to maybe present to
10:23
Speaker 3: investors or a banker, yeah, listen, AI can take your
10:27
Speaker 3: bullet point list of ideas and turn it into some
10:30
Speaker 3: really great text, you know, to fill a document like that.
10:33
Speaker 3: I also am using a lot for research, so you know,
10:37
Speaker 3: having it go out and do an investigation on an industry.
10:41
Speaker 3: You know, what are some of the benchmark numbers in
10:43
Speaker 3: this industry? What are the typical gross margins or typical
10:47
Speaker 3: ratio of rent to sales for example, in a given industry.
10:50
Speaker 3: And it's good at that kind of stuff, especially when
10:52
Speaker 3: you insist that it provide you with its sources where
10:56
Speaker 3: it's found this information. It's a time saver, definitely. But
11:00
Speaker 3: the executive decision making in any of these kinds of
11:03
Speaker 3: things has got to remain with a human And I
11:07
Speaker 3: would say with a human who has a bit of
11:09
Speaker 3: experience and knows what they're doing.
11:11
Speaker 2: Yeah, that makes complete sense there. You can't expect AI
11:17
Speaker 2: to do everything because it's it's a good analytical tool.
11:23
Speaker 2: It can even come up with good workflows and good processes,
11:27
Speaker 2: But in the end, a human being has got to
11:29
Speaker 2: do it, obviously. And what kinds of businesses do you
11:35
Speaker 2: think people should be starting and what kind should they
11:37
Speaker 2: be buying? I think there's a legitimate distinction there, don't you.
11:43
Speaker 3: I do, and I think it really comes down to
11:45
Speaker 3: some kind of competitive impediment or moat as they call it.
11:49
Speaker 3: So the more established the moat or the difficulty in
11:54
Speaker 3: trying to compete with the business, the more likely it
11:57
Speaker 3: is that it probably makes more sense to acquire rather
12:00
Speaker 3: than start. But that doesn't mean that you acquire it
12:04
Speaker 3: at any price. One of the things that I spend
12:07
Speaker 3: a lot of time talking to buyers about is controlling compulsion.
12:12
Speaker 3: So we work a lot with a concept called batana,
12:14
Speaker 3: which is best alternative to a negotiated agreement, and I
12:18
Speaker 3: always insist that my buyers know precisely what their batina is.
12:22
Speaker 3: And for a lot of people, maybe they have a
12:24
Speaker 3: job they don't like. That job represents income. It means
12:28
Speaker 3: they don't need to buy a business. They can afford
12:32
Speaker 3: to wait for the right opportunity and the right deal
12:35
Speaker 3: that makes sense for them, so they don't do something dumb.
12:38
Speaker 3: Somebody who's just lost their job, for example, they need
12:41
Speaker 3: an income. Sometimes these people come into the market and
12:44
Speaker 3: the compulsion is clear. They act with a great deal
12:48
Speaker 3: of motivation. They want to go quickly because they want
12:51
Speaker 3: to get their hands on the business to start producing
12:53
Speaker 3: that cash flow for themselves. To replace their employment income.
12:56
Speaker 3: And those are the people that are rushing full speed
12:59
Speaker 3: and tend to triple over things, and they get themselves
13:01
Speaker 3: into trouble because they're acting fast with compulsion. And so
13:07
Speaker 3: I'm not a fan of people being what they call
13:09
Speaker 3: a full time searcher. I'm a fan of people building
13:13
Speaker 3: some kind of runway or having other resources so they
13:16
Speaker 3: are not forced to do a deal which may not
13:19
Speaker 3: be a good one for them. You know, the best
13:22
Speaker 3: acquirers of businesses are actually other businesses. If you have
13:25
Speaker 3: a profitable, cash flowing business, you don't need to do
13:29
Speaker 3: another deal. But when a deal shows up that you
13:32
Speaker 3: might acquire a competitor or a related business, or maybe
13:35
Speaker 3: a similar business in another state or something, then you
13:38
Speaker 3: can really look at that and judge it on its merits.
13:40
Speaker 3: And if you can do the deal in a sensible
13:42
Speaker 3: way that adds to your bottom line and it makes sense,
13:45
Speaker 3: then you do it. But you don't want to be
13:48
Speaker 3: in a position where you feel you need to do
13:50
Speaker 3: a deal.
13:51
Speaker 2: You know.
13:51
Speaker 3: That's when people that make stakes, you know, they they
13:55
Speaker 3: miss things. They get these biases that kind of give
13:58
Speaker 3: them tunnel vision.
14:00
Speaker 2: That sounds a lot like dating.
14:03
Speaker 3: It can be yes. I use I use comparisons with
14:06
Speaker 3: dating all the time.
14:07
Speaker 2: Carrie. Okay, well then we're on the same page there.
14:11
Speaker 2: You don't want to you don't want to need to
14:15
Speaker 2: have to do a deal, uh, because anytime you do that,
14:21
Speaker 2: then you're behind the eight ball because you start you
14:24
Speaker 2: start to basically you basically your analysis is skewed. It's like, yeah,
14:32
Speaker 2: Trump's basic thing is in his art of the deal
14:37
Speaker 2: was when he says he looks at a deal, He's
14:40
Speaker 2: always looking at the downside first, what can go wrong?
14:44
Speaker 2: Figuring that the up the upside will take care of itself.
14:51
Speaker 3: Well, you know that. It's a great thing to bring
14:53
Speaker 3: up because one of the one of the things I've
14:55
Speaker 3: noticed over and over in my career when people are
14:57
Speaker 3: starting a business is they will often get in into
15:00
Speaker 3: something that has downside because of whatever investment they need
15:03
Speaker 3: to make, but the upside may not be there to
15:08
Speaker 3: the degree it needs to be to warrant the risk.
15:10
Speaker 3: And I always use the example of like a company
15:13
Speaker 3: maybe that's going to go take people on tours, right,
15:16
Speaker 3: and you need to sell so many tickets on the
15:19
Speaker 3: bus in order to break even, But once the bus
15:22
Speaker 3: is full, you just capped out. You can't make any
15:26
Speaker 3: more money until you can justify a second bus. And
15:29
Speaker 3: that analogy I think people seem to get it. But
15:32
Speaker 3: I've seen a lot of people get into businesses where
15:34
Speaker 3: if things don't work well, they might lose a lot
15:36
Speaker 3: of money. But if things work really, really well, the
15:39
Speaker 3: upside just isn't worthwhile. They just don't get enough of
15:43
Speaker 3: a return to have warranted the risk that they've taken.
15:47
Speaker 2: And there's the book, Yeah, Amazon, and that's you and
15:52
Speaker 2: wherever find books used to be sold. And well, I
15:57
Speaker 2: think that, really, you know, there's so much wisdom to
16:03
Speaker 2: what you're saying there. And really, you know, I think
16:08
Speaker 2: if you're thinking about starting a business or going into business,
16:13
Speaker 2: you got to take a look at the book. And
16:16
Speaker 2: it's buying versus starting a small business. I got to
16:20
Speaker 2: keep you from going broke. Of my own personal preference,
16:26
Speaker 2: and this is just mine. I'm not saying it's right
16:29
Speaker 2: or wrong. I prefer to buy a business where possible.
16:34
Speaker 2: There was a law firm that I once took over.
16:37
Speaker 2: I mean it had totally crashed because of financial mismanagement.
16:42
Speaker 2: I won't go into the details, but there was questionable legalities.
16:46
Speaker 2: But when I looked at it, and I saw the
16:48
Speaker 2: core business and the fact I analyzed every portfolio involved
16:55
Speaker 2: in their business. I found that there was a solid
16:59
Speaker 2: business there. You know, there was a risk because of
17:03
Speaker 2: some of the financial misdeeds that took place, but I
17:06
Speaker 2: felt that that was manageable. It turned out to be
17:08
Speaker 2: the best move I ever made. And I've sold businesses
17:12
Speaker 2: as well, and you know, I think it's like Kenny
17:17
Speaker 2: Rogers said, you got to know when to hold and
17:21
Speaker 2: when to fold here.
17:22
Speaker 3: Right absolutely, it's you know, there is this idea that
17:30
Speaker 3: you kind of can cash out when you sell a business,
17:33
Speaker 3: kind of like how Mark Zuckerberg might cash out with
17:36
Speaker 3: you know, his Facebook stock. And the reality is is
17:39
Speaker 3: that small businesses do tend to trade for a relatively
17:42
Speaker 3: low multiple of their cash flow. And so what that
17:46
Speaker 3: means is that if you've got a good, solid, profitable business,
17:48
Speaker 3: it often does not become appealing to sell. You want
17:52
Speaker 3: to keep that business and you want to keep those
17:54
Speaker 3: profits flowing. It's when something happens in your personal life
17:58
Speaker 3: that creates some kind of change where you no longer
18:01
Speaker 3: feel that you can be the proper steward of that business.
18:04
Speaker 3: That's when people become motivated to actually do a deal.
18:07
Speaker 3: And those are the typical personal things, you know, burnout, boredom, fatigue, divorce,
18:12
Speaker 3: poor health, to relocate, retirement on the horizon. So I
18:18
Speaker 3: tell people who are wanting to buy to look for
18:21
Speaker 3: those legitimate motivators, because if they're not present at all,
18:26
Speaker 3: then then you have to wonder, you know, why is
18:28
Speaker 3: this person wanting to sell if it's if it is
18:30
Speaker 3: being presented as a great profitable business. Because the most
18:34
Speaker 3: common comment I've ever heard from business owners when I
18:37
Speaker 3: show them what their business my likely self for is
18:40
Speaker 3: they'll say, geez, if I just stuck around for a
18:42
Speaker 3: few more years, I could have that same money. And
18:44
Speaker 3: they're always true. It's always a true sentiment or correct sentiment.
18:49
Speaker 3: There's got to be a reason to move on.
18:52
Speaker 2: Yeah. Well, the first business I sold I was partners
18:57
Speaker 2: with my brother, is a legal printing company in New York,
19:02
Speaker 2: New Jersey, and we sold it to our largest competitor.
19:07
Speaker 2: We knew they were going to make a fortune, but
19:09
Speaker 2: as a result, we got a much higher price than
19:11
Speaker 2: we would have gotten otherwise the company just wore around.
19:15
Speaker 2: Believe it or not, it's kind of repurposed in certain respects.
19:20
Speaker 2: But what happened was the person that the company that
19:25
Speaker 2: bought us, the owner, he didn't really know the business.
19:29
Speaker 2: His key right hand man had once owned that business
19:33
Speaker 2: and sold it because he had a partnership dispute. He
19:36
Speaker 2: walked out the door with half a dozen or a
19:40
Speaker 2: dozen key employees and basically that was after the first
19:46
Speaker 2: month he sabotaged. It was a really horrible thing. Oh
19:49
Speaker 2: my god. But my people, as it turned out, were
19:52
Speaker 2: so much more productive than his people that walked out
19:58
Speaker 2: the door that after ninety days they were making more
20:02
Speaker 2: money than ever. Everything worked out and I even got
20:06
Speaker 2: paid off early because they they needed me to sign
20:12
Speaker 2: a subordination agreement to refinance and me and my brother
20:16
Speaker 2: would not do it. So they wound up paying us
20:19
Speaker 2: off one hundred cents on the dollar in nine months,
20:22
Speaker 2: within nine months of that transaction. So it worked out
20:26
Speaker 2: great and I never looked back. But that's just one
20:31
Speaker 2: thing that can go wrong. You know, when you're selling
20:33
Speaker 2: your business, that's the flip side of this. You have
20:38
Speaker 2: to be concerned about whether you're going to get paid
20:41
Speaker 2: or not. I mean, I got people all you.
20:43
Speaker 3: Got to choose the right buyer. We got to choose
20:45
Speaker 3: the right buyer who's going to be capable and with
20:48
Speaker 3: a strategic I mean, you already had an insight that
20:51
Speaker 3: they knew how to run this kind of business because
20:52
Speaker 3: they were already in that trade.
20:54
Speaker 2: Not as good as it turned out as we were
20:57
Speaker 2: running it, but that was actually their savior. So really interesting.
21:00
Speaker 2: I talked about this all day. So the book's available,
21:04
Speaker 2: like we said, on Amazon and wherever fine books used
21:08
Speaker 2: to be sold. And while we're at it, let's just
21:12
Speaker 2: shoot my book on here, my latest book, seventh one
21:16
Speaker 2: in fourteen month months, The Old News Speeder's Guide to
21:20
Speaker 2: Avoiding Tickets. You know, I was an attorney for a
21:23
Speaker 2: lot of years also a alleged habitual speeder, and this
21:29
Speaker 2: is kind of my tale of how how you avoid
21:32
Speaker 2: tickets at the sorts. Similar to your book, you think
21:36
Speaker 2: about these things in advance, so when they happen, you're
21:39
Speaker 2: actually able to act and not start thinking about what
21:42
Speaker 2: do I do? What do I do? What do I do?
21:45
Speaker 2: And it's number one selling, number one best seller on Amazon.
21:50
Speaker 2: In insurance law, believe it or not, because when you
21:53
Speaker 2: get a ticket, the first thing that gets hit after
21:56
Speaker 2: you plead guilty is your insurance ready to go up
22:00
Speaker 2: undred and fifty dollars. Ticket in reality costs you twenty
22:02
Speaker 2: five hundred dollars and just causes a mess. So anyway,
22:07
Speaker 2: the links in the show notes this interview on Financial
22:10
Speaker 2: Survival Network as well as Dave's link is there. Appreciate
22:15
Speaker 2: your stopping by, Dave. It's good to reconnect and we
22:18
Speaker 2: will talk with you again real soon. Thanks Carrie Hey,
22:21
Speaker 2: and any questions or comments shoot me an email kl
22:24
Speaker 2: at carrieluts dot com and we will get you an
22:27
Speaker 2: answer real quick.
22:28
Speaker 1: Thanks for listening to Carrie Letz's Financial Survival Network, your
22:33
Speaker 1: solution to today's trying times. For the latest, go to
22:37
Speaker 1: Financial Survivalnetwork dot com. Financial Survival Network now more than
22:43
Speaker 1: ever