Latest / Financial Survival Network / Beating Cancer, Building Business Legacy - Marc Adams #6270

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Beating Cancer, Building Business Legacy - Marc Adams #6270 · Financial Survival Network

0:00
Speaker 1: You are listening to Carrie Lutz's Financial Survival Network, where
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0:27
Speaker 2: And welcome you are listening to and watching the Financial
0:31
Speaker 2: Survival Network. I'm your host, Carrie Lutz. Well, every now
0:35
Speaker 2: and then somebody comes along. You really have to admire
0:39
Speaker 2: this person meeting all these challenges, financial challenges, health challenges,
0:43
Speaker 2: coming out on top. Mark Adams, you are exactly that
0:47
Speaker 2: kind of person. And you're the best selling author of
0:51
Speaker 2: the book Secrets to TENX in your business and cashing
0:54
Speaker 2: out tax free, and you kind of have a storied
0:58
Speaker 2: career here. It's great to have you on the show.
1:01
Speaker 2: So tell us everything you've gone through. What have you learned,
1:06
Speaker 2: what did the three take my guys three takeaway your
1:09
Speaker 2: life experience beating stage four cancer and turning these companies around.
1:15
Speaker 3: Yeah, well, before I get to that, thank you so
1:17
Speaker 3: much for having me on the show. It's the privilege
1:19
Speaker 3: to be here and listening to some of the episodes
1:22
Speaker 3: that you've done, not all of them over fourteen years.
1:26
Speaker 3: That's a lot of episodes. But listening to some of
1:28
Speaker 3: your episodes, it's I've got a lot to live up to,
1:32
Speaker 3: and I hope to do that. But to answer your question,
1:35
Speaker 3: I guess, you know, it's a really it's a question
1:37
Speaker 3: I get asked a lot, and I never know how
1:39
Speaker 3: to answer it because I think that the biggest takeaway,
1:42
Speaker 3: I guess is never give up. And when I draw that,
1:46
Speaker 3: particularly from cancer. So in my case, when you get
1:52
Speaker 3: diagnosed with stage four, I'm not the first person in
1:54
Speaker 3: the world to be toldly got stage four. I'm not
1:56
Speaker 3: the urf first person in the world to be told
1:59
Speaker 3: that six months to go. But when I got it,
2:02
Speaker 3: it was in the middle of COVID and we were
2:04
Speaker 3: in We were in twenty twenty, and at the beginning
2:07
Speaker 3: of twenty twenty, COVID was a thing that was coming,
2:09
Speaker 3: but none of us were in lockdown that obviously there
2:11
Speaker 3: were no vaccines or anything like that. By the end
2:13
Speaker 3: of twenty twenty, we'd been through worldwide lockdown number one
2:17
Speaker 3: and people were just beginning to come out in little groups.
2:20
Speaker 3: And that's when I got diagnosed with stage four six months.
2:23
Speaker 3: But then when they took it out, it was on
2:26
Speaker 3: the basis to see whether taking it out would give
2:30
Speaker 3: me a year maybe. And when you're in that scenario,
2:33
Speaker 3: you'll give anything for it. You'll give everything for another
2:36
Speaker 3: day with your family, with your loved ones, with your kids,
2:38
Speaker 3: whatever it is that you want to do, you'll give
2:40
Speaker 3: anything for that for one more day. So when I
2:42
Speaker 3: got the original strain of COVID while recovering from the
2:44
Speaker 3: cancer op in the hospital, pre vaccine, and you go
2:50
Speaker 3: from six months to at that time, if you remember,
2:53
Speaker 3: we were going through a twenty eighth day cycle. None
2:56
Speaker 3: of us knew what was coming that we knew in
2:58
Speaker 3: the first twelve days you would to go up to
3:00
Speaker 3: a day five, six or seven, and it was going
3:02
Speaker 3: to get worse or hopefully you were going to get better.
3:05
Speaker 3: So my thirty days have been robbed from me, and
3:08
Speaker 3: then I'm just looking at twelve. Now roll forward and
3:12
Speaker 3: we're in twenty twenty five. I've come through that, and
3:16
Speaker 3: the thing I learned was whatever my strategic goals a
3:21
Speaker 3: year or a couple of years were, it came down
3:23
Speaker 3: to minutes. Because when I was going through that COVID journey.
3:27
Speaker 3: I was getting on YouTube every morning figuring out what
3:29
Speaker 3: do you do on day one of COVID, day three
3:31
Speaker 3: of COVID, day five of COVID, what's happening to other
3:34
Speaker 3: people who's posting? What can I learn from that will
3:37
Speaker 3: help me get through this day? And then this morning
3:40
Speaker 3: of the day or the afternoon of the day. So
3:43
Speaker 3: huge learning on that was doesn't matter what you plan,
3:48
Speaker 3: life can sometimes grab you by the scruff of the
3:50
Speaker 3: neck and give you a different plan that you just
3:52
Speaker 3: weren't expecting. And then the other the second thing on
3:57
Speaker 3: that was, and we didn't really talk about this pretty show,
4:00
Speaker 3: it wasn't but listening to your background and the success
4:03
Speaker 3: you've had previously is selling a couple of your own businesses.
4:06
Speaker 3: In my case at that time, I reckoned mind was
4:08
Speaker 3: worth about ten mil. You try selling a business when
4:11
Speaker 3: you are the face of the business and you've got
4:13
Speaker 3: maybe twelve days, maybe thirty days, maybe six months to live,
4:16
Speaker 3: and you've got no chance. And I should know better
4:19
Speaker 3: because I come from a corporate and then private equity background,
4:22
Speaker 3: and you think your bulletproof and all of a sudden
4:24
Speaker 3: you face with that and you think, have I done enough.
4:26
Speaker 3: And the plain fact was I probably had six, seven,
4:31
Speaker 3: eight years to look you know, of cash to an assets,
4:33
Speaker 3: to look after my family, but I hadn't done enough.
4:35
Speaker 3: And that bulletproof thing that you thought that you had,
4:38
Speaker 3: you know, is disappearing out on the window because you've
4:40
Speaker 3: got six months to go. And then when you get COVID,
4:42
Speaker 3: you don't know what you got and there's no amount
4:46
Speaker 3: of planning that term or you know, you can look
4:48
Speaker 3: people black and blue in the face and say prepare, prepare, prepare,
4:52
Speaker 3: but you know you can still find yourself in a
4:54
Speaker 3: very difficult position.
4:55
Speaker 4: So big lesson learn from that.
4:57
Speaker 3: And the third one was really from my ten year
4:59
Speaker 3: old who taught me that there was a better way
5:02
Speaker 3: and so and there's context for this, but at the
5:06
Speaker 3: time I'm going through the COVID piece and I didn't
5:09
Speaker 3: know whether I was going to make twelve days, let
5:11
Speaker 3: alone twenty eight days. I'm trying to give as much
5:14
Speaker 3: information from the last three and a half years or
5:16
Speaker 3: three and a half decades of on entrepreneurship to a
5:18
Speaker 3: ten year old as I can in the hope that
5:20
Speaker 3: he's going to remember and do something with it. And
5:22
Speaker 3: one of the things I said to him, carry was
5:25
Speaker 3: the sad reality of eight or nine out of businesses
5:29
Speaker 3: that go to market to get sold in the let's
5:31
Speaker 3: say sub one hundred million revenue range never get the
5:34
Speaker 3: sticker price they want. Now, a lot of people will
5:36
Speaker 3: tell you they never sell, and that can be true,
5:39
Speaker 3: but they don't get the sticker price they want. And
5:41
Speaker 3: so my son says to me, so, what happens to
5:44
Speaker 3: the one? I said, well, you know, somebody buys that,
5:46
Speaker 3: and we compete for the ones that we would like
5:48
Speaker 3: along with everyone else. He said, what happens to the nine?
5:51
Speaker 3: And I said, well, they just either that. They're a
5:54
Speaker 3: bit like a property and not realizing he didn't know
5:57
Speaker 3: what that meant, but from a property analogy for the listeners,
6:00
Speaker 3: if you've got to put a property on the market,
6:01
Speaker 3: and it's correctly priced, it's going to be three months
6:04
Speaker 3: in contract to go under offer, and then in contract
6:07
Speaker 3: and it's done. If it's too cheap, it's sold the
6:09
Speaker 3: following day, and if it's overpriced a year later, it's
6:12
Speaker 3: still on the market.
6:13
Speaker 4: Now.
6:14
Speaker 3: Yeah, so if it's languishing, you've got some choices. You
6:16
Speaker 3: can either reduce the price.
6:17
Speaker 4: Of it so that you can.
6:19
Speaker 3: Get it sold because the market is telling you it's
6:22
Speaker 3: not willing to pay the price that you would like
6:23
Speaker 3: or that you want or that you need. Or you
6:25
Speaker 3: can improve the property, maybe you do a small extension,
6:29
Speaker 3: or you redecorate it, or you do something to improve
6:32
Speaker 3: the property so it gets the sticker price or closer
6:34
Speaker 3: to the sticker price that you want. You can do that,
6:37
Speaker 3: or you can just hang out and hope that somebody
6:39
Speaker 3: is going to come along eventually and pay the price,
6:41
Speaker 3: which sometimes happens. Or you can take it off the market,
6:44
Speaker 3: and a lot of businesses take it off the market,
6:46
Speaker 3: which is why you see so many people in their
6:49
Speaker 3: older years seventeen to eighty still working in the business,
6:52
Speaker 3: not just because they like it, but because they've got
6:54
Speaker 3: bills to pay and they can't get the sticker price
6:55
Speaker 3: they want. And then when you take into account that
6:58
Speaker 3: in some places New York, you'd lose maybe fifty percent
7:03
Speaker 3: of the asking price in taxis and fees and distributions
7:06
Speaker 3: and commissions from everybody that's got their fingers in the pie,
7:09
Speaker 3: then you can see why they don't end up with
7:11
Speaker 3: enough money to do what it is that they'd like
7:13
Speaker 3: to do. At the next stage of their life, and
7:15
Speaker 3: those are the retirement people, but of course there's people
7:17
Speaker 3: in their twenties, thirties, forties, and fifties that also go
7:20
Speaker 3: through this as well. So the kind of lesson that
7:23
Speaker 3: when I'm explaining that to him, and I wasn't going
7:26
Speaker 3: through that detail that we've just been through, but basically.
7:28
Speaker 4: So there's where you go. I gotcha.
7:30
Speaker 3: Yeah, he said to me, you need to work with
7:34
Speaker 3: a nine out of ten. And I said, okay, but
7:37
Speaker 3: you know what's your thinking? He said, he said, Dad,
7:40
Speaker 3: what happens if their parents get COVID and they die.
7:45
Speaker 3: Who's going to look after their families? If they didn't
7:47
Speaker 3: sell their businesses? And you can help them, and you
7:49
Speaker 3: need to help them. And at the point, at that point,
7:52
Speaker 3: of course, I'm recovering from COVID, so I'm kind of
7:55
Speaker 3: going okay, not having any idea on how you might
7:59
Speaker 3: tackle that out, because I think fairly I was focused
8:02
Speaker 3: on something else, like getting through COVID and then getting
8:05
Speaker 3: through cancer. But that took me a little while to
8:08
Speaker 3: figure out. The answer was hiding in plain sight. But
8:10
Speaker 3: two years later, or actually as longer than that, this
8:12
Speaker 3: is twenty twenty one, and the book came out of
8:15
Speaker 3: last year, so twenty four, so three years it took
8:17
Speaker 3: me to write a book. It takes a bit of
8:19
Speaker 3: time to write a book and then get it out
8:22
Speaker 3: so that people could you pick up a copy and
8:24
Speaker 3: do some of the basic things to help themselves. So
8:27
Speaker 3: the third lesson on that was wasn't really the best
8:31
Speaker 3: human being if from a private equity point of view,
8:33
Speaker 3: you're buying as low as you can to build value
8:35
Speaker 3: into the business to sell as high as you can later.
8:38
Speaker 3: And actually a much better way is to partner with
8:41
Speaker 3: the people that own the businesses to help them on
8:43
Speaker 3: the journey still running a business and making great money,
8:46
Speaker 3: but not as much as private equity would make, so
8:49
Speaker 3: that they can get, you know, significantly more on their
8:52
Speaker 3: exit than they might have gotten if you weren't touching
8:54
Speaker 3: base with them. And a lot of business owners when
8:57
Speaker 3: they get to the point of selling a business don't
8:59
Speaker 3: even consider the tax and the fees and distributions they're
9:01
Speaker 3: going to be encountering, and by that time it's often
9:03
Speaker 3: too late. So you know, key, key things, and so
9:09
Speaker 3: now I get a lot more enjoyment and I sleep
9:12
Speaker 3: a lot better at night. Helping people sort of navigate
9:16
Speaker 3: this but it also affects younger people too. So the
9:21
Speaker 3: book is Secrets to ten exiting the value of the business,
9:24
Speaker 3: because there's a bunch of things that you can do
9:26
Speaker 3: that you just wouldn't even think about, and then exiting it.
9:29
Speaker 3: If you can tax free. You can't always exit tax free.
9:32
Speaker 3: It depends on your circumstance, it depends on where you are,
9:36
Speaker 3: but you can certainly tax minimize in most instances for sure.
9:41
Speaker 3: And this makes such a massive difference to somebody selling
9:44
Speaker 3: a business and I just you know, and I think
9:47
Speaker 3: that's I think that's goald, But it doesn't matter what
9:51
Speaker 3: I think. It matters that other people take advantage of
9:53
Speaker 3: it and do something with it.
9:54
Speaker 4: What do you think?
9:55
Speaker 2: What I think reality is what counts here. Obviously, I've
9:59
Speaker 2: saw that businesses myself. I had covid. Uh I went
10:04
Speaker 2: in it was was getting bad, and uh, you know
10:07
Speaker 2: what I subsequently found out is day three is make
10:11
Speaker 2: or break.
10:11
Speaker 4: You start getting better. At day three.
10:13
Speaker 2: You're going to survive, and if you don't, then you're
10:17
Speaker 2: probably it's going to be a lot harder and your
10:20
Speaker 2: odd's going to way way down. So so that is
10:24
Speaker 2: a wake up call because you're really confronted with your
10:27
Speaker 2: mortality and you got double confronted.
10:30
Speaker 4: Maybe you getting COVID was a gift.
10:32
Speaker 2: Because it kind of it sounds like it kind of
10:35
Speaker 2: turbocharged your immune system which then killed off the cancer.
10:40
Speaker 2: I've heard of other things where they you know, introduce
10:45
Speaker 2: an infection at benign infection and it kills off something
10:48
Speaker 2: more seriously.
10:50
Speaker 4: So who knows.
10:51
Speaker 2: But but the fact is you got young kids and
10:56
Speaker 2: you're thinking, uh, am I going to leave them at
10:58
Speaker 2: this point? And it's it's a really hard thing to
11:01
Speaker 2: come out. I'm thinking, am I ever are going to
11:03
Speaker 2: see my grandchildren?
11:06
Speaker 4: You know? I ever seen my grandson and hit.
11:08
Speaker 2: His first home run in the Little League, And it's
11:11
Speaker 2: a it's a real uh real hard thing to come
11:15
Speaker 2: to terms with for sure.
11:16
Speaker 4: Hey, so so getting back to them.
11:19
Speaker 3: And you may, you know, make a great point carry
11:21
Speaker 3: that I forgot to mention that you say that, you know,
11:26
Speaker 3: having COVID thrown you as a kerbul. In my case,
11:28
Speaker 3: they do think that having COVID cured the cancer. And
11:31
Speaker 3: they think that because around April twenty one there were
11:35
Speaker 3: a dozen also cases of people like me getting reported
11:39
Speaker 3: in medical Journey. I wasn't one of them, but people
11:42
Speaker 3: with late stage cancer and getting reported in medical journals
11:45
Speaker 3: around the world that didn't have much of a prognosis
11:47
Speaker 3: of survival and got COVID and all of a sudden
11:51
Speaker 3: they couldn't find the cancer anymore, which is exactly what
11:53
Speaker 3: happened to me.
11:54
Speaker 4: Now.
11:54
Speaker 3: The reason they think it is because I was all
11:57
Speaker 3: over it when they told me this, like, you know,
11:59
Speaker 3: can we bottle it because obviously we found the cure
12:00
Speaker 3: for cancer, We're going to be gazillionaires. No, no, no, Mark,
12:04
Speaker 3: that's not the case. What seemed to happen is that
12:07
Speaker 3: it drives your immune system into overdrive. To your point,
12:11
Speaker 3: and the immune system if you look after yourself, and
12:13
Speaker 3: a good reason to get healthy if you're not, and
12:15
Speaker 3: stay healthy if you are, is that your immune system
12:18
Speaker 3: is actually pretty damn good at dealing with an awful
12:21
Speaker 3: lot of stuff that we need to deal with as
12:22
Speaker 3: human beings. And in my case, they think that it
12:25
Speaker 3: forced the immune system into overdrive, and they think that
12:29
Speaker 3: that did a lot to clear out the residual cancels
12:32
Speaker 3: the cancers once the primary had gone. So when I
12:34
Speaker 3: went back from the eight week check, I hadn't had
12:36
Speaker 3: any chemo.
12:37
Speaker 4: I'd have the.
12:37
Speaker 3: Operation, and it was a you know, what could we
12:40
Speaker 3: do now? And they said the good news is we
12:43
Speaker 3: can't find any cancer. And the bad news is we've
12:45
Speaker 3: got no idea why. And I said that bad news
12:47
Speaker 3: and they went, well, no, I'm very very lady.
12:51
Speaker 4: Yeah.
12:52
Speaker 3: So I just I'm lucky, lucky to be here, very veryorky,
12:55
Speaker 3: to be here and enjoy those extra days that you
12:57
Speaker 3: talk about with your kids and your grandkids and stuff.
13:00
Speaker 2: And then you realize when you've been confronted with it
13:03
Speaker 2: that every day is truly a gift, whether you're faced
13:06
Speaker 2: with death or you're just going through your daily routine
13:10
Speaker 2: and you're not happy, or you're upset over something, and
13:14
Speaker 2: really it changes your perspective. So succession though, getting out
13:20
Speaker 2: of a company, I've had so many guests on Mark
13:24
Speaker 2: talking about this, like you have to build your business
13:27
Speaker 2: with the intent of selling it and all of this.
13:30
Speaker 4: But having been in.
13:32
Speaker 2: This situation myself, it's I mean, it's easy to say
13:38
Speaker 2: you should do it, but to actually do it, I
13:41
Speaker 2: find it extremely difficult. I mean, I sold my company
13:45
Speaker 2: to my largest competitor and got close to top dollar
13:51
Speaker 2: in a situation with a family member that I didn't
13:54
Speaker 2: want to be in and that was the added impetus.
13:57
Speaker 2: Took me nine months to to accomplish this sale, but
14:02
Speaker 2: it was worth every second of it. And you know
14:06
Speaker 2: when I look at that, and I said, and my
14:10
Speaker 2: father started the company in nineteen sixty three with my uncle.
14:14
Speaker 2: There was no way they were thinking about being bought out.
14:17
Speaker 2: They were just looking to make some money and provide
14:20
Speaker 2: a service and they had no grasp of it. So
14:26
Speaker 2: at what point do you have to change your emphasis
14:29
Speaker 2: and look at these things?
14:31
Speaker 4: Is there a certain million question, brilliant question?
14:35
Speaker 3: And it really gets me excited because I agree with
14:38
Speaker 3: everything that you've just said, and most people are like that.
14:42
Speaker 3: Most people like that. So I've really in my mind,
14:47
Speaker 3: I've sort of categorized this in six different phases. So
14:52
Speaker 3: Phase one is you're just starting like your dad did,
14:55
Speaker 3: started the started the business in nineteen sixty three, and
14:58
Speaker 3: all they wanted to do was make some money, pay
15:00
Speaker 3: some bills. So phase one, I put that in my
15:03
Speaker 3: Phase one in my mind is zero to one hundred k,
15:06
Speaker 3: it's just get cash in the door.
15:08
Speaker 4: Now. One hundred K to five hundred k.
15:11
Speaker 3: Is now get cash in and a bit of cash
15:13
Speaker 3: flow that's stage two, and those two stages you're doing
15:17
Speaker 3: most of the things yourself in today's economy. As you
15:19
Speaker 3: come to the end of stage two, the closer to
15:21
Speaker 3: half a million, you get in top line, maybe you've
15:24
Speaker 3: got some vidos coming on to help you. And then
15:26
Speaker 3: stage three is half a million to two. Now you're
15:30
Speaker 3: beginning to do more cash flow and you're starting to
15:33
Speaker 3: budget a little bit of other things that you can
15:35
Speaker 3: do to grow the business. And those three stages are
15:38
Speaker 3: probably three years, and then stage four, when you get
15:41
Speaker 3: to two million, is grow it. So you're going from
15:45
Speaker 3: two to ten now. And by the time you get
15:47
Speaker 3: to ten, and that's the fourth and the fourth and
15:49
Speaker 3: the fifth year, you would be planning if you follow
15:55
Speaker 3: if you follow the guidelines that I would suggest, you
15:59
Speaker 3: would be planning to be doing fifteen percent minimum in
16:01
Speaker 3: ebit DAR. So you're turning over generateen ten in revenue,
16:05
Speaker 3: but you're making one and a half now at this point.
16:09
Speaker 3: What a lot of other people don't think about My
16:11
Speaker 3: dad didn't maybe your dad didn't, is at one and
16:14
Speaker 3: a half, you're probably worth nine to ten million.
16:17
Speaker 4: Depending on the industry that you're in.
16:19
Speaker 3: But at half a million in ebit dar you're not
16:21
Speaker 3: worth much more than half a million itself. So there's
16:24
Speaker 3: an exponential payoff for you if you think about a
16:27
Speaker 3: process and a system and a formula that you can follow,
16:31
Speaker 3: which I'm increasingly thinking of as seven years towards one
16:35
Speaker 3: hundred million in a repeatable way that you can exit
16:38
Speaker 3: and do it again, so you can do it in
16:40
Speaker 3: your twenties, thirties, forties, and fifties. So to come back
16:43
Speaker 3: into stage four, which is grow, Stage five is ten
16:47
Speaker 3: million to one hundred million. Now, the big difference on
16:50
Speaker 3: stage five is you start really shifting from organic to
16:53
Speaker 3: growth to organic and acquisitative. So in the US right now,
16:58
Speaker 3: the economy is growing four percent something like that organic growth.
17:02
Speaker 4: You know, I can't believe what they say, but yeah, yeah.
17:07
Speaker 3: But it isn't fifteen percent and it's not thirty percent,
17:10
Speaker 3: and you can you can probably believe that. And so
17:14
Speaker 3: in most cases there are some people that will buck
17:16
Speaker 3: the trend in high growth industries at AI for example,
17:18
Speaker 3: will buck that trend startups or bout that trend. But
17:20
Speaker 3: generally speaking, you two to four percent, so organic growth
17:23
Speaker 3: ain't going to get you there. So as you start
17:25
Speaker 3: coming up towards the ten million in growth and you
17:28
Speaker 3: know one million plus an ebit. One of the key
17:30
Speaker 3: strategies that people don't think about because they're really good
17:32
Speaker 3: at doing the thing it is that they do is
17:35
Speaker 3: to buy other companies by acquiring. So a friend of
17:38
Speaker 3: mine that I'm helping at the moment is in the
17:41
Speaker 3: video editing business, and he started a company five years
17:44
Speaker 3: ago and he's at for four hundred thousand in revenue.
17:47
Speaker 3: It's taking him a long time to get there, and
17:49
Speaker 3: he's taking that cash down and enjoying life a little bit.
17:52
Speaker 3: And I started to say to him, now, as you
17:55
Speaker 3: move forward this year and you're looking to get to
17:56
Speaker 3: five or six hundred, then you want us in terms
17:59
Speaker 3: of profitability ebit, Then you want to instead of buying bitcoin,
18:03
Speaker 3: start thinking about how you're going to buy another business
18:06
Speaker 3: like yours in a different location, because you'll double the
18:09
Speaker 3: size of the business.
18:09
Speaker 4: In a day.
18:10
Speaker 3: So if you get yourself up to ten million ish
18:13
Speaker 3: and you bought three more businesses of a similar size
18:16
Speaker 3: and shape, you're going to have some cash deleverage. You're
18:18
Speaker 3: very investable. You're at forty million or fifty million now,
18:22
Speaker 3: and that's year five and six. And year seven is
18:25
Speaker 3: about prepping for the exit. So if you're doing if
18:28
Speaker 3: you're doing ten to fifteen million in EBIT, which you
18:31
Speaker 3: should be easily by this point, if you've followed a
18:33
Speaker 3: plan and you've been able to execute on that, then
18:37
Speaker 3: you're going to be looking on it. Let's say on
18:39
Speaker 3: a ten million business, you're going to be looking maybe
18:41
Speaker 3: fifty sixty seventy is an exit sure and you cash
18:44
Speaker 3: out at that seven year interval. Now I'm not saying
18:48
Speaker 3: it takes seven years. I am saying that it might
18:50
Speaker 3: take eight years or nine years, or it might be
18:53
Speaker 3: possible to do it in five years. But the point
18:55
Speaker 3: is you're cashing out, and by preparing for that from
18:58
Speaker 3: year four, as you start to acquire other companies, you're
19:02
Speaker 3: building in place a leadership team that can retire you
19:05
Speaker 3: from the board, retire you from your job, and resign
19:09
Speaker 3: you from everything except being a shareholder in the business,
19:11
Speaker 3: so that when it does sell, you are not leaded
19:14
Speaker 3: needed for very long common problem for business owners exiting
19:17
Speaker 3: a businesses they are the business, which makes it hard
19:19
Speaker 3: to sell and they're tied in for a long time.
19:22
Speaker 3: And also with that repeatable model, even if you didn't
19:26
Speaker 3: make a hundred million and you had made fifty. And
19:28
Speaker 3: if you're doing this in your twenties, you're set. You've
19:31
Speaker 3: covered your mortgage, you've got your school fees, you've got
19:34
Speaker 3: money set aside. And then when you go again in
19:36
Speaker 3: your thirties, you're going to use some of the money
19:38
Speaker 3: that you've made not to buy in at ground zero
19:41
Speaker 3: and do zero to one hundred k one hundred k
19:43
Speaker 3: to five hundred k again. But you're going to come
19:45
Speaker 3: in at two million to ten million a buy company
19:47
Speaker 3: or companies at that size and go again. And now
19:50
Speaker 3: it's not seven years, it's five years before you've got
19:53
Speaker 3: those companies to appoint, where there's still plenty of mileage
19:56
Speaker 3: in there for other investors to take it forward to
19:58
Speaker 3: the next level. But your cash out consistently within incrementally
20:02
Speaker 3: more in your bank account, and your role is changing.
20:05
Speaker 3: You're teaching other people to do what you've done on
20:08
Speaker 3: the way through that they don't know how to do
20:10
Speaker 3: because they're behind you, not in front of you in
20:12
Speaker 3: terms of their life journey. So I talked to a
20:14
Speaker 3: lot of people about this as part of the secrets
20:18
Speaker 3: to tenanting your business and cashing out tax free because
20:20
Speaker 3: what I found in just looking at the part of
20:25
Speaker 3: the end game when you might be retiring, is there
20:28
Speaker 3: are so many questions I get asked from TikTok followers
20:31
Speaker 3: who are young people just starting out in business or
20:34
Speaker 3: YouTube or Insta or Facebook about well, how do you
20:37
Speaker 3: prepare the business to grow? And it's a repeat it
20:40
Speaker 3: can be done in a repeatable way, and not many people,
20:42
Speaker 3: like I've not come across anybody that talks about it
20:44
Speaker 3: that way. It doesn't mean that there aren't other people,
20:47
Speaker 3: but there's so many other ways of describing this that
20:50
Speaker 3: deal with a slither of the problem that deal with
20:52
Speaker 3: the exit, or deal with the preparation for the exit,
20:55
Speaker 3: or deal with growth through sales or digital marketing, or
20:58
Speaker 3: might deal with acquisitions. Bring it all together as a
21:01
Speaker 3: vertical skill stack and as a journey that you can follow.
21:05
Speaker 3: Then you can do You can do one stroke too,
21:07
Speaker 3: but I say do one a decade and take three
21:10
Speaker 3: years off, sure, then and then go again. And that
21:13
Speaker 3: I think for me is the huge difference that Secrets
21:16
Speaker 3: to tenexting your business and cashing out tax free has
21:19
Speaker 3: leveraged and led to that helps a lot of other
21:22
Speaker 3: people that are coming up to the point where they
21:24
Speaker 3: may be considering selling a business because they want to retire.
21:29
Speaker 3: But there's so many but you could do this. You
21:31
Speaker 3: could do this every ten years, you know, and so
21:33
Speaker 3: I call it a seven year sign.
21:35
Speaker 4: Yeah, am I making sense?
21:36
Speaker 3: Does this make I mean, you've successfully sold two businesses,
21:39
Speaker 3: and I know listening to your backstory that you know
21:41
Speaker 3: part of the reason for yourself is you just fed
21:43
Speaker 3: up with it and you wanted to a chain you
21:44
Speaker 3: wanted to change. So it's not accounting for that scenario.
21:48
Speaker 3: But if you've followed a similar blueprint in its ideology
21:54
Speaker 3: that I'm laying out, then one would expect that you'd, well,
21:58
Speaker 3: you cashed out in nine months, which is good because
22:01
Speaker 3: you know they can go on for longer. But as
22:03
Speaker 3: somebody that's been down this path, does it make sense?
22:06
Speaker 4: Oh? Totally?
22:07
Speaker 2: And in my case selling out to my I tried
22:10
Speaker 2: to buy my biggest competitor first, but they're owned by
22:13
Speaker 2: a corporate entity and they just didn't want to sell
22:16
Speaker 2: them to us, and then and then they they sold
22:20
Speaker 2: them to somebody else and that was the person I
22:22
Speaker 2: eventually sold to. But my thought was exactly what you
22:25
Speaker 2: were saying, because after he brought us he was, you know,
22:29
Speaker 2: like a fifteen million dollar company, and then he was
22:33
Speaker 2: able to sell it for way more than what he
22:36
Speaker 2: paid for us and what he paid for that company
22:39
Speaker 2: combined and the Yeah, last I heard he was retired
22:43
Speaker 2: in Naples, Florida. So good for him. But you know,
22:47
Speaker 2: I've seen it exactly. The formulae you're talking about definitely works. Hey,
22:53
Speaker 2: So we want to find out more about you, Mark.
22:55
Speaker 2: I want to connect with you on the web. Where
22:57
Speaker 2: do we find you? How do we get the book?
22:59
Speaker 4: Yeah?
22:59
Speaker 3: So with your permission, I'll send you my I can
23:03
Speaker 3: send you a link tree which has got all my
23:05
Speaker 3: stuff in it, so people could reach out to me
23:07
Speaker 3: they're entted to they can go to the website, they
23:09
Speaker 3: can hit me up an email. But also there's the
23:13
Speaker 3: book is available to Amazon, but for anybody that's a
23:16
Speaker 3: listener to your show that might get some benefit from it,
23:18
Speaker 3: they can get a.
23:19
Speaker 4: PDF version of it for free. O great.
23:21
Speaker 3: And so if I send you a link tree, they
23:24
Speaker 3: can go. You know, they need to be careful because
23:26
Speaker 3: there's two ways to get it. You can get the
23:27
Speaker 3: free version, or if you click the wrong link, it
23:30
Speaker 3: will take you to Amazon and you can buy.
23:31
Speaker 4: The book.
23:34
Speaker 3: You know, that's all the ways in which people can
23:35
Speaker 3: reach out and you know, WhatsApp, email, they can hit
23:39
Speaker 3: the website, they can go to my personal branded site
23:41
Speaker 3: and get the book. And I'm happy to make that
23:43
Speaker 3: available to any of your listeners.
23:44
Speaker 4: If that helps, all right, perfect well.
23:46
Speaker 2: The link will be in the show notes to this
23:48
Speaker 2: interview on Financial Survival Network dot com. If you've got
23:51
Speaker 2: a question from Mark myself, shoot me an email kl
23:54
Speaker 2: at Kerrie Lets dot com and all we ask is
23:57
Speaker 2: when you're at the site, please sign up for your
23:59
Speaker 2: free newsletter, and over seventy five thousand of you have
24:03
Speaker 2: done that already. Mark, been an absolute pleasure. Wish you
24:07
Speaker 2: the best of luck, good health and talk to you again, so.
24:10
Speaker 3: And Sid to you, my friend, and thank you so
24:11
Speaker 3: much for having me on the show. It's been an
24:13
Speaker 3: absolute privilege for me.
24:14
Speaker 1: Thanks for listening to carry Lets's Financial Survival Network, your
24:18
Speaker 1: solution to today's trying times. For the latest, go to
24:22
Speaker 1: Financialsurvivalnetwork dot com. Financial Survival Network
24:27
Speaker 3: Now more than ever,