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Your Income Cheat Code: How Buying a Business Changes Everything · Making Cents

• 0:00
  There
• 0:00
  is
• 0:00
  a
• 0:00
  wave
• 0:01
  of
• 0:01
  wealth
• 0:01
  ready
• 0:02
  to
• 0:02
  change
• 0:02
  hands
• 0:03
  right
• 0:03
  now,
• 0:03
  and
• 0:03
  most
• 0:04
  people
• 0:04
  don't
• 0:05
  even
• 0:05
  know
• 0:05
  what's
• 0:05
  happening.
• 0:06
  Generation
• 0:06
  of
• 0:07
  baby
• 0:07
  boomers
• 0:07
  built
• 0:08
  their
• 0:08
  businesses
• 0:09
  over
• 0:09
  decades.
• 0:10
  Now
• 0:10
  they're
• 0:11
  ready
• 0:11
  to
• 0:11
  get
• 0:11
  out,
• 0:12
  finally
• 0:12
  retire,
• 0:13
  but
• 0:14
  they
• 0:14
  can't
• 0:14
  find
• 0:15
  buyers.
• 0:16
  Which
• 0:16
  means
• 0:16
  there
• 0:16
  are
• 0:17
  businesses
• 0:17
  sitting
• 0:17
  out
• 0:18
  there
• 0:18
  right
• 0:18
  now
• 0:19
  with
• 0:19
  existing
• 0:20
  customers,
• 0:21
  existing
• 0:21
  income,
• 0:22
  existing
• 0:23
  systems,
• 0:24
  looking
• 0:24
  for
• 0:25
  the
• 0:25
  right
• 0:25
  person
• 0:26
  to
• 0:26
  take
• 0:26
  them
• 0:26
  over.
• 0:27
  Jeremy
• 0:27
  Pak
• 0:28
  has
• 0:28
  ringside
• 0:28
  seats
• 0:29
  to
• 0:29
  all
• 0:29
  of
• 0:29
  this.
• 0:30
  He's
• 0:30
  a
• 0:30
  chartered
• 0:31
  accountant
• 0:31
  and
• 0:32
  the
• 0:32
  managing
• 0:32
  director
• 0:33
  of
• 0:33
  Velocity
• 0:33
  Capital.
• 0:34
  He
• 0:34
  spends
• 0:35
  his
• 0:35
  days
• 0:36
  helping
• 0:36
  New
• 0:36
  Zealanders
• 0:37
  buy
• 0:37
  and
• 0:38
  sell
• 0:38
  businesses
• 0:39
  worth
• 0:39
  millions.
• 0:40
  And
• 0:40
  what
• 0:41
  he's
• 0:41
  learned
• 0:41
  about
• 0:42
  how
• 0:42
  wealth
• 0:42
  actually
• 0:43
  gets
• 0:43
  built
• 0:43
  in
• 0:43
  this
• 0:44
  country
• 0:45
  might
• 0:45
  change
• 0:45
  how
• 0:46
  you
• 0:46
  think
• 0:46
  about
• 0:46
  your
• 0:46
  own
• 0:46
  options.
• 0:47
  A
• 0:47
  lot
• 0:47
  of
• 0:47
  people
• 0:49
  take
• 0:49
  the
• 0:50
  easy
• 0:50
  road
• 0:50
  in
• 0:51
  terms
• 0:51
  of
• 0:52
  salaried
• 0:52
  jobs,
• 0:53
  and
• 0:53
  I've
• 0:53
  done
• 0:54
  that
• 0:54
  myself
• 0:54
  for
• 0:54
  a
• 0:55
  long
• 0:55
  period
• 0:55
  of
• 0:56
  time.
• 0:56
  Owning
• 0:56
  a
• 0:56
  business,
• 0:58
  small
• 0:58
  or
• 0:58
  big,
• 0:58
  can
• 0:59
  be
• 0:59
  a
• 0:59
  really
• 0:59
  good
• 0:59
  opportunity
• 1:00
  for
• 1:00
  wealth
• 1:00
  creation.
• 1:01
  I've
• 1:01
  said
• 1:01
  it
• 1:01
  before,
• 1:02
  I'll
• 1:02
  say
• 1:02
  it
• 1:03
  again.
• 1:03
  Obviously,
• 1:05
  it
• 1:05
  is
• 1:05
  easier
• 1:06
  to
• 1:06
  handle
• 1:06
  your
• 1:06
  money
• 1:07
  well
• 1:07
  if
• 1:07
  you
• 1:07
  have
• 1:08
  more
• 1:08
  of
• 1:08
  it.
• 1:09
  One
• 1:09
  way
• 1:09
  to
• 1:09
  do
• 1:09
  that
• 1:10
  is
• 1:10
  by
• 1:10
  increasing
• 1:11
  your
• 1:11
  income.
• 1:12
  And
• 1:12
  a
• 1:12
  serious
• 1:13
  cheat
• 1:13
  code
• 1:14
  to
• 1:14
  increasing
• 1:14
  your
• 1:15
  income
• 1:15
  can
• 1:16
  be
• 1:16
  running
• 1:16
  a
• 1:16
  business.
• 1:17
  Some
• 1:17
  of
• 1:17
  the
• 1:17
  best
• 1:18
  businesses
• 1:18
  operate
• 1:19
  in
• 1:19
  really
• 1:19
  dirty
• 1:19
  industries.
• 1:20
  Waste
• 1:21
  and
• 1:21
  recycling,
• 1:22
  for
• 1:22
  example.
• 1:23
  One
• 1:23
  man's
• 1:23
  trash
• 1:23
  is
• 1:23
  another
• 1:24
  man's
• 1:24
  treasure.
• 1:24
  All
• 1:25
  right,
• 1:25
  then,
• 1:25
  who
• 1:26
  does
• 1:26
  this
• 1:26
  actually
• 1:26
  work
• 1:27
  for?
• 1:28
  How
• 1:28
  do
• 1:28
  you
• 1:28
  fund
• 1:28
  it?
• 1:29
  And
• 1:29
  what
• 1:29
  do
• 1:29
  you
• 1:29
  need
• 1:30
  to
• 1:30
  know
• 1:30
  before
• 1:30
  you
• 1:31
  start
• 1:31
  looking?
• 1:32
  Maybe
• 1:32
  going
• 1:32
  to
• 1:32
  the
• 1:33
  vendor
• 1:33
  and
• 1:33
  who's
• 1:33
  the
• 1:34
  business
• 1:34
  owner
• 1:34
  and
• 1:34
  saying,
• 1:35
  I
• 1:36
  love
• 1:36
  to
• 1:36
  buy
• 1:36
  the
• 1:36
  business,
• 1:37
  but
• 1:37
  here's
• 1:38
  my
• 1:38
  finance
• 1:38
  capacity.
• 1:39
  Can
• 1:39
  you
• 1:40
  provide
• 1:40
  vendor
• 1:40
  finance?
• 1:41
  So
• 1:41
  welcome
• 1:42
  to
• 1:42
  Making
• 1:42
  Sense.
• 1:43
  It's
• 1:43
  the
• 1:43
  podcast
• 1:44
  people
• 1:44
  who
• 1:44
  want
• 1:44
  financial
• 1:45
  freedom
• 1:45
  without
• 1:46
  giving
• 1:46
  up
• 1:46
  their
• 1:46
  coffee.
• 1:47
  I'm
• 1:47
  Frances
• 1:48
  Cook,
• 1:48
  financial
• 1:48
  journalist
• 1:49
  and
• 1:49
  fellow
• 1:49
  financial
• 1:50
  freedom
• 1:50
  seeker
• 1:51
  who
• 1:51
  makes
• 1:51
  money
• 1:51
  simple
• 1:52
  for
• 1:52
  you.
• 1:53
  And
• 1:53
  today,
• 1:54
  it's
• 1:54
  the
• 1:55
  secret
• 1:55
  wealth
• 1:55
  transfer
• 1:56
  that
• 1:56
  could
• 1:56
  be
• 1:57
  your
• 1:57
  ticket
• 1:58
  to
• 1:58
  earning
• 1:58
  more.
• 1:59
  This
• 1:59
  episode
• 2:00
  of
• 2:00
  Making
• 2:00
  Sense
• 2:01
  is
• 2:01
  supported
• 2:01
  by
• 2:01
  Odoo,
• 2:02
  the
• 2:02
  affordable
• 2:03
  way
• 2:03
  to
• 2:03
  get
• 2:03
  your
• 2:04
  business
• 2:04
  working
• 2:05
  smarter.
• 2:05
  Go
• 2:06
  to
• 2:06
  odoo.com
• 2:07
  that's
• 2:07
  o
• 2:08
  d
• 2:08
  double
• 2:08
  o.com
• 2:09
  for
• 2:09
  more.
• 2:10
  I
• 2:10
  want
• 2:10
  to
• 2:10
  help
• 2:10
  as
• 2:11
  many
• 2:11
  people
• 2:11
  as
• 2:11
  possible
• 2:12
  reach
• 2:12
  financial
• 2:13
  freedom
• 2:13
  by
• 2:13
  taking
• 2:14
  control
• 2:14
  of
• 2:15
  their
• 2:15
  money.
• 2:15
  You
• 2:16
  can
• 2:16
  help
• 2:16
  me
• 2:16
  in
• 2:16
  that
• 2:16
  mission.
• 2:17
  You
• 2:17
  two
• 2:18
  really
• 2:18
  easy
• 2:18
  ways.
• 2:19
  First,
• 2:19
  hit
• 2:20
  subscribe
• 2:20
  wherever
• 2:21
  you
• 2:21
  like
• 2:21
  to
• 2:21
  listen.
• 2:22
  YouTube,
• 2:22
  Spotify,
• 2:23
  Apple
• 2:23
  Podcasts,
• 2:24
  or
• 2:24
  any
• 2:24
  other
• 2:25
  podcast
• 2:25
  player.
• 2:26
  Then
• 2:27
  send
• 2:27
  this
• 2:27
  episode
• 2:27
  to
• 2:28
  a
• 2:28
  friend
• 2:28
  so
• 2:28
  we
• 2:28
  can
• 2:29
  all
• 2:29
  level
• 2:29
  up
• 2:30
  together.
• 2:30
  Then
• 2:30
  the
• 2:31
  show
• 2:31
  grows
• 2:31
  and
• 2:31
  I
• 2:32
  can
• 2:32
  keep
• 2:32
  giving
• 2:32
  you
• 2:32
  the
• 2:33
  money
• 2:33
  info
• 2:34
  that
• 2:34
  makes
• 2:34
  a
• 2:34
  difference
• 2:35
  for
• 2:35
  your
• 2:35
  life.
• 2:36
  Okay,
• 2:36
  back
• 2:37
  to
• 2:37
  it.
• 2:38
  Jeremy,
• 2:38
  welcome
• 2:39
  to
• 2:39
  the
• 2:39
  show.
• 2:39
  It's
• 2:40
  so
• 2:40
  great
• 2:40
  to
• 2:40
  have
• 2:40
  you
• 2:40
  on
• 2:40
  because
• 2:40
  we've
• 2:41
  been
• 2:41
  going
• 2:41
  back
• 2:42
  and
• 2:42
  forth
• 2:42
  on
• 2:42
  this
• 2:43
  and
• 2:43
  this
• 2:43
  topic
• 2:44
  is
• 2:44
  one
• 2:45
  that
• 2:45
  has
• 2:45
  been
• 2:46
  burning
• 2:46
  a
• 2:46
  hole
• 2:47
  in
• 2:47
  my
• 2:47
  brain
• 2:47
  for
• 2:47
  weeks.
• 2:48
  So
• 2:48
  I'm
• 2:48
  really
• 2:48
  pleased
• 2:49
  to
• 2:49
  have
• 2:49
  you
• 2:49
  in.
• 2:50
  You
• 2:50
  have
• 2:51
  a
• 2:51
  really
• 2:51
  interesting
• 2:52
  ringside
• 2:53
  seat
• 2:54
  to
• 2:55
  the
• 2:55
  business
• 2:56
  world.
• 2:57
  Before
• 2:58
  we
• 2:58
  dive
• 2:58
  into
• 2:58
  that
• 2:59
  though,
• 2:59
  as
• 2:59
  you've
• 3:00
  had
• 3:00
  these
• 3:00
  ringside
• 3:01
  seats,
• 3:01
  has
• 3:02
  there
• 3:02
  been
• 3:02
  anything
• 3:02
  that
• 3:02
  has
• 3:03
  surprised
• 3:03
  you
• 3:03
  about
• 3:04
  how
• 3:04
  people
• 3:04
  build
• 3:04
  wealth
• 3:05
  in
• 3:05
  New
• 3:05
  Zealand?
• 3:06
  A
• 3:06
  lot
• 3:06
  of
• 3:06
  people
• 3:08
  take
• 3:08
  the
• 3:09
  easy
• 3:09
  road
• 3:09
  in
• 3:10
  terms
• 3:10
  of
• 3:11
  salaried
• 3:11
  jobs,
• 3:12
  and
• 3:12
  I've
• 3:12
  done
• 3:12
  that
• 3:13
  myself
• 3:13
  for
• 3:13
  a
• 3:14
  long
• 3:14
  period
• 3:14
  of
• 3:14
  time.
• 3:15
  I
• 3:16
  think
• 3:16
  owning
• 3:16
  a
• 3:17
  business,
• 3:18
  small
• 3:18
  or
• 3:18
  big,
• 3:19
  can
• 3:19
  be
• 3:19
  a
• 3:19
  really
• 3:19
  good
• 3:20
  opportunity
• 3:20
  for
• 3:20
  wealth
• 3:20
  creation.
• 3:22
  I
• 3:22
  think
• 3:22
  you
• 3:22
  reach
• 3:22
  a
• 3:23
  point
• 3:23
  where,
• 3:24
  and
• 3:24
  particularly
• 3:25
  in
• 3:25
  the
• 3:25
  last,
• 3:25
  say
• 3:26
  five
• 3:26
  years,
• 3:26
  I've
• 3:26
  seen
• 3:27
  a
• 3:27
  lot
• 3:27
  of
• 3:27
  it
• 3:27
  where
• 3:27
  you
• 3:28
  are
• 3:28
  in
• 3:29
  a
• 3:29
  really
• 3:29
  high
• 3:29
  powered
• 3:30
  corporate
• 3:30
  role
• 3:31
  potentially
• 3:32
  and
• 3:32
  earning
• 3:32
  good
• 3:33
  money,
• 3:34
  but
• 3:34
  then
• 3:34
  getting
• 3:34
  a
• 3:34
  bit
• 3:35
  disillusioned
• 3:35
  with
• 3:36
  the
• 3:36
  usual
• 3:36
  career.
• 3:36
  And
• 3:37
  that
• 3:37
  tends
• 3:37
  to
• 3:37
  be
• 3:37
  a
• 3:38
  tipping
• 3:38
  point,
• 3:38
  a
• 3:38
  bit
• 3:38
  of
• 3:38
  a
• 3:39
  catalyst
• 3:39
  for
• 3:39
  people
• 3:39
  to
• 3:39
  go,
• 3:40
  I
• 3:40
  think
• 3:40
  I
• 3:40
  might
• 3:41
  want
• 3:41
  to
• 3:41
  just
• 3:41
  own
• 3:41
  my
• 3:41
  own
• 3:41
  business
• 3:42
  business
• 3:42
  and
• 3:42
  do
• 3:42
  my
• 3:43
  own
• 3:43
  thing.
• 3:43
  So
• 3:44
  I
• 3:44
  think
• 3:44
  business
• 3:44
  ownership
• 3:45
  is
• 3:45
  a
• 3:45
  really
• 3:45
  good
• 3:45
  way
• 3:45
  to
• 3:46
  create
• 3:46
  wealth.
• 3:46
  I
• 3:47
  mean,
• 3:47
  what
• 3:47
  you've
• 3:47
  described
• 3:48
  there
• 3:48
  is
• 3:48
  kind
• 3:48
  of,
• 3:49
  I'm
• 3:49
  looking
• 3:49
  in
• 3:50
  a
• 3:50
  mirror
• 3:50
  and
• 3:50
  being
• 3:50
  like,
• 3:50
  you
• 3:50
  know,
• 3:51
  what's
• 3:51
  that
• 3:51
  Facebook
• 3:52
  option
• 3:52
  of
• 3:52
  when
• 3:53
  you
• 3:53
  want
• 3:53
  to
• 3:53
  untag
• 3:53
  yourself
• 3:54
  from
• 3:54
  a
• 3:54
  photo
• 3:54
  and
• 3:54
  you're
• 3:54
  like,
• 3:54
  I'm
• 3:55
  in
• 3:55
  this
• 3:55
  picture
• 3:55
  and
• 3:55
  I
• 3:55
  don't
• 3:56
  like
• 3:56
  it.
• 3:56
  That's
• 3:57
  a
• 3:57
  little
• 3:57
  bit
• 3:57
  what
• 3:57
  you
• 3:57
  just
• 3:57
  described
• 3:58
  there
• 3:58
  and
• 3:58
  that's
• 3:58
  how
• 3:59
  I'm
• 3:59
  feeling
• 3:59
  after
• 3:59
  you
• 3:59
  said
• 4:00
  that.
• 4:00
  Because
• 4:00
  I
• 4:00
  was
• 4:00
  definitely
• 4:01
  in
• 4:01
  a
• 4:01
  salaried
• 4:01
  role
• 4:02
  for
• 4:02
  a
• 4:02
  long
• 4:02
  time,
• 4:02
  knew
• 4:02
  I
• 4:03
  could
• 4:03
  earn
• 4:03
  more
• 4:03
  elsewhere.
• 4:04
  It
• 4:04
  took
• 4:05
  things
• 4:05
  going
• 4:05
  quite
• 4:06
  wrong
• 4:06
  with
• 4:06
  that
• 4:06
  sallowed
• 4:07
  role
• 4:07
  for
• 4:07
  me
• 4:07
  to
• 4:07
  be
• 4:07
  like,
• 4:08
  oh,
• 4:08
  maybe
• 4:08
  I
• 4:08
  should
• 4:08
  just
• 4:09
  do
• 4:09
  my
• 4:09
  own
• 4:09
  thing
• 4:09
  and
• 4:09
  it
• 4:09
  could
• 4:10
  work
• 4:10
  out
• 4:10
  better.
• 4:10
  And
• 4:11
  it
• 4:11
  was
• 4:11
  a
• 4:11
  huge
• 4:11
  catalyst
• 4:12
  for
• 4:12
  wealth
• 4:12
  change.
• 4:12
  But
• 4:13
  it
• 4:14
  is
• 4:14
  hard
• 4:15
  stepping
• 4:15
  outside
• 4:16
  that.
• 4:16
  Right.
• 4:16
  Do
• 4:16
  you
• 4:17
  think
• 4:17
  people,
• 4:18
  before
• 4:19
  they
• 4:19
  step
• 4:19
  into
• 4:19
  the
• 4:20
  business
• 4:20
  world,
• 4:20
  underestimate
• 4:22
  how
• 4:23
  much
• 4:23
  you
• 4:23
  can
• 4:24
  change
• 4:25
  your
• 4:25
  income
• 4:26
  level,
• 4:26
  your
• 4:26
  wealth
• 4:26
  building
• 4:27
  opportunity?
• 4:28
  A
• 4:28
  lot
• 4:28
  of
• 4:28
  people
• 4:28
  naturally
• 4:29
  are
• 4:29
  quite
• 4:29
  fearful
• 4:29
  of
• 4:30
  what
• 4:30
  that
• 4:30
  means
• 4:30
  because
• 4:31
  suddenly
• 4:32
  you're
• 4:32
  responsible
• 4:32
  for
• 4:33
  paying
• 4:33
  not
• 4:33
  just
• 4:33
  yourself,
• 4:34
  but
• 4:34
  your
• 4:34
  staff.
• 4:35
  If
• 4:35
  you're
• 4:35
  having
• 4:36
  to
• 4:36
  employ
• 4:36
  other
• 4:36
  people
• 4:37
  to
• 4:37
  generate
• 4:37
  an
• 4:37
  income,
• 4:38
  that's
• 4:39
  a
• 4:39
  really
• 4:39
  scary
• 4:39
  prospect
• 4:40
  for
• 4:40
  a
• 4:40
  lot
• 4:40
  of
• 4:40
  people.
• 4:41
  But
• 4:41
  I
• 4:41
  think
• 4:42
  going
• 4:42
  into
• 4:43
  a
• 4:43
  business
• 4:43
  and
• 4:44
  buying
• 4:44
  a
• 4:44
  business
• 4:44
  is
• 4:45
  very
• 4:45
  different
• 4:45
  from
• 4:45
  starting
• 4:46
  up
• 4:46
  your
• 4:46
  own
• 4:46
  business.
• 4:48
  If
• 4:48
  you
• 4:48
  look
• 4:48
  at
• 4:48
  the
• 4:48
  startup
• 4:49
  space,
• 4:49
  there's
• 4:49
  a
• 4:49
  lot
• 4:50
  of
• 4:50
  great
• 4:50
  ideas,
• 4:51
  but
• 4:52
  then
• 4:52
  getting
• 4:53
  product
• 4:53
  market
• 4:53
  fit,
• 4:54
  as
• 4:54
  they
• 4:54
  call
• 4:54
  it,
• 4:55
  and
• 4:55
  going
• 4:56
  through
• 4:56
  a
• 4:56
  couple
• 4:56
  of
• 4:56
  evolutions
• 4:57
  of
• 4:57
  that
• 4:57
  in
• 4:57
  some
• 4:57
  cases
• 4:58
  can
• 4:58
  Be
• 4:59
  quite
• 4:59
  a
• 4:59
  long
• 4:59
  timeframe
• 5:00
  between
• 5:01
  when
• 5:01
  you
• 5:01
  come
• 5:01
  up
• 5:01
  with
• 5:01
  an
• 5:02
  idea
• 5:02
  and
• 5:02
  actually
• 5:03
  generating
• 5:03
  a
• 5:03
  profit
• 5:04
  and
• 5:04
  enough
• 5:04
  of
• 5:04
  a
• 5:05
  profit
• 5:05
  to
• 5:05
  actually
• 5:06
  pay
• 5:06
  yourself
• 5:06
  a
• 5:06
  modest
• 5:07
  salary.
• 5:07
  I've
• 5:08
  talked
• 5:08
  to
• 5:08
  a
• 5:08
  few
• 5:08
  people
• 5:08
  and
• 5:09
  they
• 5:09
  have
• 5:09
  different
• 5:09
  sort
• 5:09
  of
• 5:09
  ideas,
• 5:10
  but
• 5:11
  a
• 5:11
  lot
• 5:11
  of
• 5:11
  people
• 5:11
  say
• 5:12
  if
• 5:12
  you're
• 5:12
  starting
• 5:13
  something
• 5:13
  from
• 5:13
  scratch,
• 5:14
  often
• 5:15
  you
• 5:15
  should
• 5:15
  wait
• 5:15
  anywhere
• 5:16
  from
• 5:16
  two
• 5:16
  to
• 5:16
  five
• 5:17
  years
• 5:17
  before
• 5:17
  you're
• 5:18
  expecting
• 5:18
  to
• 5:18
  turn
• 5:19
  profitable.
• 5:19
  What
• 5:19
  do
• 5:20
  you
• 5:20
  think
• 5:20
  of
• 5:20
  those
• 5:20
  sorts
• 5:20
  of
• 5:20
  timelines?
• 5:21
  Honestly,
• 5:22
  quite
• 5:22
  realistic.
• 5:23
  I
• 5:23
  think
• 5:23
  some
• 5:23
  people
• 5:24
  are
• 5:24
  really,
• 5:24
  really
• 5:25
  lucky.
• 5:26
  A
• 5:26
  service
• 5:27
  is
• 5:27
  very
• 5:27
  different
• 5:27
  from
• 5:28
  a
• 5:28
  product
• 5:28
  and
• 5:29
  a
• 5:29
  service
• 5:29
  based
• 5:29
  business
• 5:30
  can
• 5:30
  be
• 5:31
  quite
• 5:31
  cash
• 5:31
  flow
• 5:32
  positive
• 5:32
  and
• 5:33
  quite
• 5:33
  lucrative.
• 5:34
  But
• 5:34
  again,
• 5:35
  in
• 5:35
  terms
• 5:35
  of
• 5:36
  the
• 5:36
  business
• 5:36
  model
• 5:37
  and
• 5:37
  the
• 5:37
  way
• 5:37
  that
• 5:37
  works,
• 5:38
  you
• 5:38
  reach
• 5:39
  capacity
• 5:39
  constraints,
• 5:40
  you
• 5:40
  need
• 5:40
  more
• 5:40
  people
• 5:41
  to
• 5:42
  generate
• 5:42
  income
• 5:43
  versus
• 5:43
  a
• 5:44
  product.
• 5:44
  And
• 5:44
  there's
• 5:44
  really
• 5:45
  good
• 5:45
  examples
• 5:45
  like
• 5:46
  the
• 5:46
  guy
• 5:46
  that
• 5:46
  developed
• 5:47
  the
• 5:47
  shopping
• 5:48
  bag
• 5:48
  carrier.
• 5:49
  Fantastic
• 5:49
  example
• 5:50
  of
• 5:50
  all
• 5:50
  right,
• 5:50
  I've
• 5:51
  got
• 5:51
  a
• 5:51
  great
• 5:51
  idea,
• 5:52
  I
• 5:52
  can
• 5:52
  see
• 5:52
  a
• 5:52
  problem,
• 5:53
  gets
• 5:54
  some
• 5:54
  funding,
• 5:54
  gets
• 5:55
  some
• 5:55
  help,
• 5:55
  goes
• 5:55
  out,
• 5:55
  prototypes
• 5:56
  a
• 5:56
  couple
• 5:56
  of
• 5:57
  times,
• 5:57
  fantastic
• 5:58
  success
• 5:58
  story.
• 5:59
  So
• 5:59
  you
• 6:00
  can
• 6:00
  do
• 6:00
  it,
• 6:00
  you
• 6:01
  can
• 6:01
  do
• 6:01
  it
• 6:01
  much
• 6:02
  faster
• 6:02
  than
• 6:02
  two
• 6:03
  years.
• 6:04
  It
• 6:04
  does
• 6:04
  require
• 6:05
  a
• 6:05
  lot
• 6:05
  of
• 6:06
  determination,
• 6:07
  grit
• 6:07
  and
• 6:08
  just
• 6:08
  resilience.
• 6:08
  You
• 6:09
  just
• 6:09
  got
• 6:09
  to
• 6:09
  double
• 6:09
  down
• 6:10
  and
• 6:10
  believe
• 6:10
  in
• 6:10
  yourself.
• 6:11
  A
• 6:11
  lot
• 6:12
  of
• 6:12
  people
• 6:12
  have
• 6:12
  those
• 6:12
  self
• 6:13
  limiting
• 6:13
  beliefs
• 6:13
  around
• 6:14
  what
• 6:15
  they're
• 6:15
  capable
• 6:15
  of
• 6:15
  doing.
• 6:16
  I
• 6:16
  think
• 6:17
  in
• 6:17
  the
• 6:17
  context
• 6:18
  of
• 6:19
  a
• 6:19
  40
• 6:19
  year
• 6:20
  working
• 6:20
  life
• 6:20
  in
• 6:20
  the
• 6:20
  traditional
• 6:21
  sense,
• 6:22
  just
• 6:22
  quitting
• 6:23
  a
• 6:23
  job
• 6:23
  and
• 6:23
  giving
• 6:24
  it
• 6:24
  a
• 6:24
  go
• 6:24
  for
• 6:24
  six
• 6:24
  to
• 6:25
  12
• 6:25
  months,
• 6:26
  you'll
• 6:26
  know
• 6:26
  if
• 6:26
  you're
• 6:27
  a
• 6:27
  business
• 6:27
  owner
• 6:27
  or
• 6:27
  not.
• 6:28
  Well,
• 6:28
  I
• 6:28
  think
• 6:29
  as
• 6:29
  well,
• 6:29
  from
• 6:30
  the
• 6:30
  experience
• 6:30
  that
• 6:31
  you've
• 6:31
  had
• 6:31
  and
• 6:32
  the
• 6:32
  area
• 6:32
  of
• 6:32
  the
• 6:32
  business
• 6:33
  world
• 6:33
  that
• 6:33
  you
• 6:33
  play
• 6:33
  in
• 6:34
  it,
• 6:34
  probably
• 6:35
  you
• 6:35
  end
• 6:35
  up
• 6:36
  in
• 6:36
  the
• 6:36
  place
• 6:36
  that
• 6:36
  you
• 6:36
  think
• 6:36
  has
• 6:37
  the
• 6:37
  most
• 6:37
  potential.
• 6:37
  Right.
• 6:38
  So
• 6:38
  you
• 6:38
  help
• 6:38
  people
• 6:39
  buy
• 6:40
  existing
• 6:41
  businesses
• 6:42
  or
• 6:42
  at
• 6:42
  least
• 6:43
  we
• 6:43
  were
• 6:43
  talking
• 6:43
  about
• 6:43
  it
• 6:44
  off
• 6:44
  camera
• 6:44
  before
• 6:44
  and
• 6:45
  I
• 6:45
  described
• 6:45
  you
• 6:45
  as
• 6:45
  a
• 6:46
  little
• 6:46
  bit
• 6:46
  of
• 6:46
  a
• 6:46
  matchmaker.
• 6:48
  So
• 6:48
  run
• 6:48
  me
• 6:49
  through
• 6:49
  what
• 6:49
  you
• 6:49
  actually
• 6:50
  do
• 6:50
  and
• 6:50
  then
• 6:51
  we'll
• 6:51
  talk
• 6:51
  about
• 6:51
  sort
• 6:51
  of
• 6:51
  the
• 6:51
  potential
• 6:52
  in
• 6:52
  there.
• 6:53
  The
• 6:53
  business
• 6:53
  broker
• 6:54
  world
• 6:55
  tends
• 6:55
  to
• 6:55
  involve
• 6:56
  here's
• 6:57
  a
• 6:57
  business
• 6:57
  owner
• 6:58
  that
• 6:58
  wants
• 6:58
  to
• 6:58
  sell
• 6:58
  their
• 6:58
  business
• 6:59
  and
• 7:01
  they'll
• 7:01
  put
• 7:01
  some
• 7:02
  advertisements
• 7:02
  together
• 7:03
  and
• 7:03
  put
• 7:04
  it
• 7:04
  on
• 7:04
  a
• 7:04
  website
• 7:04
  and
• 7:05
  to
• 7:05
  the
• 7:05
  newspaper
• 7:06
  and
• 7:06
  email
• 7:06
  a
• 7:06
  database.
• 7:07
  And
• 7:08
  I
• 7:08
  characterize
• 7:09
  that
• 7:09
  as
• 7:09
  like
• 7:09
  B2C
• 7:10
  business
• 7:10
  to
• 7:11
  consumer.
• 7:11
  What
• 7:12
  I
• 7:12
  do
• 7:12
  that's
• 7:12
  completely
• 7:13
  different
• 7:13
  and
• 7:13
  counter
• 7:14
  to
• 7:14
  that
• 7:14
  is
• 7:15
  we're
• 7:15
  on
• 7:15
  a
• 7:15
  very
• 7:15
  tight
• 7:16
  closed
• 7:16
  process.
• 7:17
  It's
• 7:17
  always
• 7:17
  confidential
• 7:18
  and
• 7:18
  we
• 7:18
  identify
• 7:19
  domestically
• 7:20
  and
• 7:20
  importantly
• 7:20
  internationally
• 7:22
  who
• 7:22
  the
• 7:22
  potential
• 7:22
  buyers
• 7:23
  are
• 7:23
  in
• 7:23
  terms
• 7:23
  of
• 7:23
  the
• 7:23
  buyer
• 7:24
  universe.
• 7:25
  What
• 7:25
  I'll
• 7:25
  do
• 7:25
  is
• 7:25
  I'll
• 7:25
  help
• 7:26
  a
• 7:26
  business
• 7:26
  owner
• 7:26
  to
• 7:27
  usually
• 7:29
  three,
• 7:29
  four
• 7:29
  years
• 7:30
  in
• 7:30
  advance
• 7:31
  prepare
• 7:32
  a
• 7:32
  business
• 7:32
  for
• 7:32
  sale.
• 7:33
  Generally
• 7:34
  that
• 7:34
  can
• 7:34
  be
• 7:35
  a
• 7:35
  full
• 7:35
  blown
• 7:36
  vendor
• 7:36
  due
• 7:36
  diligence
• 7:37
  exercise.
• 7:38
  So
• 7:38
  effectively
• 7:38
  coming
• 7:39
  in
• 7:39
  and
• 7:39
  auditing
• 7:39
  your
• 7:40
  own
• 7:40
  business,
• 7:41
  all
• 7:41
  your
• 7:42
  legal
• 7:42
  records,
• 7:43
  contracts
• 7:43
  with
• 7:43
  customers,
• 7:44
  supplier
• 7:44
  and
• 7:44
  staff,
• 7:46
  looking
• 7:46
  at
• 7:46
  your
• 7:47
  business
• 7:47
  model,
• 7:47
  where
• 7:47
  are
• 7:48
  the
• 7:48
  growth
• 7:48
  opportunities?
• 7:48
  How
• 7:49
  do
• 7:49
  you
• 7:49
  realize
• 7:49
  that?
• 7:50
  Sometimes
• 7:50
  that
• 7:50
  involves
• 7:51
  introducing
• 7:52
  outside
• 7:53
  subject
• 7:53
  matter
• 7:53
  experts,
• 7:55
  supply
• 7:55
  chain
• 7:55
  management,
• 7:56
  consultancies,
• 7:58
  digitization,
• 7:59
  e
• 7:59
  commerce
• 7:59
  experts
• 8:00
  to
• 8:00
  help
• 8:00
  you,
• 8:01
  whatever
• 8:02
  the
• 8:02
  growth
• 8:02
  paths
• 8:03
  are
• 8:03
  or
• 8:03
  the
• 8:03
  growth
• 8:03
  pillars
• 8:04
  are.
• 8:04
  And
• 8:04
  then
• 8:04
  when
• 8:05
  you
• 8:05
  are
• 8:05
  ready
• 8:05
  to
• 8:05
  sell,
• 8:06
  basically
• 8:06
  the
• 8:06
  whole
• 8:07
  negotiation
• 8:07
  process
• 8:08
  right
• 8:08
  through
• 8:08
  to
• 8:09
  the
• 8:09
  successful
• 8:10
  sale
• 8:10
  of
• 8:10
  the
• 8:10
  business,
• 8:11
  Most
• 8:11
  people
• 8:12
  really
• 8:12
  underestimate
• 8:13
  the
• 8:13
  amount
• 8:13
  of
• 8:13
  time
• 8:14
  that's
• 8:14
  involved
• 8:14
  in
• 8:14
  that.
• 8:15
  And
• 8:15
  it's
• 8:16
  generally
• 8:16
  a
• 8:17
  6
• 8:17
  to
• 8:17
  12
• 8:18
  month
• 8:18
  process
• 8:19
  in
• 8:19
  most
• 8:19
  cases
• 8:20
  now
• 8:20
  it
• 8:20
  tends
• 8:20
  to
• 8:20
  be
• 8:20
  about
• 8:21
  a
• 8:21
  12
• 8:21
  month
• 8:21
  process,
• 8:22
  which
• 8:22
  I
• 8:22
  think
• 8:22
  a
• 8:23
  lot
• 8:23
  of
• 8:23
  people
• 8:23
  fail
• 8:23
  to
• 8:23
  realize.
• 8:24
  But
• 8:24
  what
• 8:25
  really
• 8:25
  catches
• 8:26
  me
• 8:26
  on
• 8:26
  this
• 8:26
  because
• 8:26
  I've
• 8:27
  had
• 8:27
  so
• 8:27
  many
• 8:27
  conversations
• 8:28
  with
• 8:28
  people
• 8:28
  in
• 8:29
  passing.
• 8:29
  So
• 8:29
  this
• 8:30
  is
• 8:30
  why
• 8:30
  I
• 8:30
  was
• 8:30
  excited
• 8:30
  to
• 8:30
  get
• 8:30
  you
• 8:31
  to
• 8:31
  sit
• 8:31
  on
• 8:31
  the
• 8:31
  couch
• 8:31
  and
• 8:32
  actually
• 8:32
  have
• 8:32
  a
• 8:32
  conversation
• 8:33
  on
• 8:33
  the
• 8:33
  record.
• 8:34
  Because
• 8:35
  there
• 8:35
  is
• 8:35
  this
• 8:36
  wave,
• 8:37
  I
• 8:37
  have
• 8:37
  been
• 8:37
  told,
• 8:38
  of
• 8:39
  boomers
• 8:39
  who
• 8:40
  have
• 8:41
  had
• 8:41
  businesses
• 8:42
  often
• 8:42
  quite
• 8:43
  successful
• 8:44
  and
• 8:44
  are
• 8:44
  looking
• 8:45
  to
• 8:45
  retire.
• 8:45
  And
• 8:46
  part
• 8:46
  of
• 8:46
  that
• 8:46
  retirement
• 8:46
  plan
• 8:47
  is
• 8:47
  to
• 8:47
  sell
• 8:47
  the
• 8:48
  business.
• 8:48
  Not
• 8:48
  just
• 8:49
  exit
• 8:49
  it,
• 8:49
  but
• 8:49
  sell
• 8:49
  it,
• 8:50
  have
• 8:50
  someone
• 8:50
  else
• 8:51
  take
• 8:51
  over
• 8:51
  and
• 8:51
  keep
• 8:51
  running
• 8:51
  what
• 8:52
  is
• 8:52
  still
• 8:52
  a
• 8:52
  successful
• 8:52
  business.
• 8:53
  They're
• 8:53
  just
• 8:53
  tired
• 8:54
  and
• 8:54
  want
• 8:54
  to
• 8:54
  kick
• 8:54
  back
• 8:55
  and
• 8:56
  yet
• 8:56
  often
• 8:57
  quite
• 8:57
  struggling
• 8:58
  to
• 8:58
  find
• 8:59
  buyers
• 9:00
  or
• 9:00
  people
• 9:00
  who
• 9:00
  want
• 9:00
  to
• 9:01
  take
• 9:01
  it
• 9:01
  over.
• 9:02
  So
• 9:03
  does
• 9:03
  that
• 9:03
  match
• 9:03
  what
• 9:04
  you're
• 9:04
  seeing?
• 9:05
  Absolutely.
• 9:05
  So
• 9:06
  I
• 9:06
  think,
• 9:06
  and
• 9:06
  I
• 9:07
  use
• 9:07
  this
• 9:07
  term
• 9:07
  affectionately,
• 9:08
  the
• 9:08
  boomers
• 9:08
  and
• 9:08
  I
• 9:08
  think
• 9:09
  other
• 9:09
  people
• 9:09
  do
• 9:09
  as
• 9:09
  well.
• 9:10
  When
• 9:11
  you
• 9:11
  look
• 9:11
  at
• 9:11
  the
• 9:11
  demographics,
• 9:12
  you've
• 9:12
  got
• 9:12
  mid-50s,
• 9:14
  they're
• 9:15
  generally
• 9:16
  too
• 9:16
  young
• 9:16
  to
• 9:16
  retire,
• 9:17
  most
• 9:17
  of
• 9:17
  their
• 9:17
  friends
• 9:18
  haven't
• 9:18
  retired.
• 9:19
  There's
• 9:19
  only
• 9:19
  so
• 9:20
  much
• 9:20
  traveling
• 9:20
  and
• 9:21
  sporting
• 9:22
  and
• 9:22
  other
• 9:23
  extracurricular
• 9:24
  pursuits
• 9:24
  you
• 9:24
  can
• 9:24
  do
• 9:24
  with
• 9:25
  your
• 9:25
  spouse.
• 9:25
  So
• 9:25
  who
• 9:25
  are
• 9:25
  you
• 9:25
  going
• 9:26
  to
• 9:26
  spend
• 9:26
  your
• 9:26
  time
• 9:26
  with
• 9:26
  and
• 9:26
  what
• 9:27
  do
• 9:27
  you
• 9:27
  want
• 9:27
  to
• 9:27
  do?
• 9:28
  And
• 9:28
  a
• 9:28
  lot
• 9:28
  of
• 9:29
  my
• 9:29
  friends
• 9:29
  who've
• 9:29
  had
• 9:29
  parents
• 9:30
  that
• 9:30
  have
• 9:30
  retired
• 9:31
  early
• 9:31
  in
• 9:31
  their
• 9:31
  50s
• 9:32
  realise
• 9:33
  that
• 9:33
  their
• 9:33
  parents
• 9:33
  have
• 9:34
  retired
• 9:34
  too
• 9:34
  early
• 9:35
  and
• 9:35
  they
• 9:35
  subsequently
• 9:36
  go
• 9:36
  back
• 9:36
  and
• 9:36
  buy
• 9:36
  another
• 9:36
  business
• 9:37
  or
• 9:37
  start
• 9:37
  up
• 9:37
  their
• 9:38
  next
• 9:38
  venture,
• 9:39
  Classic,
• 9:39
  because
• 9:40
  they
• 9:40
  realize
• 9:40
  that
• 9:40
  I've
• 9:41
  still
• 9:41
  got
• 9:41
  more
• 9:41
  to
• 9:41
  give.
• 9:42
  Then
• 9:42
  you've
• 9:42
  got
• 9:43
  your
• 9:43
  mid-60s,
• 9:44
  which
• 9:44
  tends
• 9:45
  to
• 9:45
  be
• 9:46
  good
• 9:47
  health,
• 9:47
  good
• 9:48
  wealth,
• 9:48
  generally
• 9:49
  got
• 9:49
  grandchildren
• 9:50
  as
• 9:50
  well.
• 9:50
  They
• 9:51
  want
• 9:51
  to
• 9:51
  spend
• 9:51
  some
• 9:51
  time
• 9:51
  and
• 9:52
  do
• 9:52
  some
• 9:52
  travel.
• 9:53
  And
• 9:53
  that's
• 9:54
  really
• 9:54
  the
• 9:54
  critical
• 9:55
  period
• 9:55
  where
• 9:55
  they
• 9:56
  make
• 9:56
  a
• 9:56
  decision
• 9:56
  to
• 9:56
  sell.
• 9:57
  And
• 9:57
  then
• 9:58
  what
• 9:58
  I
• 9:58
  see
• 9:58
  happen
• 9:59
  in
• 9:59
  the
• 9:59
  70s
• 10:00
  and
• 10:00
  80s
• 10:00
  is
• 10:01
  people
• 10:01
  tend
• 10:01
  to
• 10:01
  hold
• 10:01
  onto
• 10:02
  the
• 10:02
  business
• 10:02
  a
• 10:02
  bit
• 10:02
  more
• 10:03
  than
• 10:03
  they
• 10:03
  ordinarily
• 10:04
  would.
• 10:05
  They
• 10:05
  do
• 10:05
  that,
• 10:05
  I
• 10:06
  think
• 10:06
  primarily
• 10:07
  as
• 10:07
  you
• 10:08
  get
• 10:08
  older,
• 10:08
  naturally
• 10:09
  People
• 10:09
  start
• 10:10
  to
• 10:10
  die.
• 10:10
  It's
• 10:10
  an
• 10:10
  unfortunate
• 10:11
  consequence
• 10:12
  of
• 10:12
  living
• 10:12
  right.
• 10:14
  So
• 10:15
  they
• 10:16
  hold
• 10:16
  onto
• 10:16
  the
• 10:16
  business
• 10:17
  because
• 10:18
  that
• 10:18
  social
• 10:19
  network
• 10:19
  is
• 10:19
  incredibly
• 10:20
  important
• 10:20
  to
• 10:20
  them.
• 10:21
  It's
• 10:22
  the
• 10:22
  customers,
• 10:23
  the
• 10:23
  suppliers,
• 10:23
  the
• 10:23
  staff
• 10:24
  that
• 10:25
  takes
• 10:25
  up
• 10:25
  off
• 10:27
  the
• 10:27
  people
• 10:27
  that
• 10:27
  aren't
• 10:27
  in
• 10:27
  your
• 10:28
  life
• 10:28
  anymore.
• 10:29
  So
• 10:29
  they
• 10:29
  hold
• 10:29
  onto
• 10:30
  it
• 10:30
  and
• 10:30
  sometimes
• 10:30
  hold
• 10:31
  on
• 10:31
  too
• 10:31
  long.
• 10:32
  Sometimes
• 10:32
  the
• 10:33
  business
• 10:33
  can
• 10:33
  deteriorate
• 10:34
  over
• 10:34
  time
• 10:34
  because
• 10:34
  they're
• 10:35
  not
• 10:35
  continuing
• 10:36
  to
• 10:36
  invest
• 10:36
  in
• 10:36
  the
• 10:36
  business
• 10:37
  and
• 10:37
  grow
• 10:37
  the
• 10:37
  business.
• 10:37
  And
• 10:38
  it
• 10:38
  talks
• 10:38
  to
• 10:38
  that
• 10:38
  point
• 10:39
  that
• 10:39
  you
• 10:39
  raised
• 10:39
  before
• 10:39
  about
• 10:40
  productivity.
• 10:42
  So
• 10:43
  it's
• 10:43
  a
• 10:43
  cash
• 10:44
  cow.
• 10:44
  You
• 10:44
  milk
• 10:44
  the
• 10:45
  cash
• 10:45
  cow.
• 10:45
  Why
• 10:45
  reinvest
• 10:46
  back
• 10:46
  into
• 10:46
  the
• 10:47
  business
• 10:47
  or
• 10:47
  leave
• 10:47
  that
• 10:47
  for
• 10:48
  someone
• 10:48
  else?
• 10:49
  But
• 10:49
  what
• 10:49
  happens
• 10:50
  around
• 10:50
  that
• 10:50
  age
• 10:51
  and
• 10:51
  stage
• 10:51
  is
• 10:52
  the
• 10:52
  business
• 10:52
  can
• 10:53
  really
• 10:53
  steadily
• 10:53
  deteriorate
• 10:55
  if
• 10:56
  you're
• 10:56
  not
• 10:56
  careful
• 10:57
  and
• 10:57
  if
• 10:57
  you're
• 10:57
  not
• 10:57
  continuing
• 10:58
  to
• 10:58
  invest.
• 10:58
  And
• 10:58
  then
• 10:59
  it
• 10:59
  becomes
• 11:00
  a
• 11:00
  business
• 11:00
  that's
• 11:01
  not
• 11:01
  particularly
• 11:01
  attractive
• 11:02
  and
• 11:03
  you
• 11:03
  actually
• 11:03
  need
• 11:03
  to
• 11:04
  really
• 11:04
  get
• 11:05
  in
• 11:05
  there
• 11:05
  and
• 11:05
  change
• 11:05
  things
• 11:06
  up
• 11:06
  to
• 11:06
  make
• 11:06
  it
• 11:06
  more
• 11:07
  attractive
• 11:07
  to
• 11:08
  potential
• 11:08
  buyers.
• 11:09
  Interesting,
• 11:10
  because
• 11:11
  one
• 11:11
  of
• 11:11
  the
• 11:11
  things
• 11:11
  that
• 11:12
  makes
• 11:12
  me
• 11:12
  think
• 11:13
  when
• 11:13
  I'm
• 11:13
  thinking
• 11:13
  about
• 11:13
  this
• 11:14
  trend
• 11:14
  is
• 11:15
  there
• 11:15
  has
• 11:15
  been
• 11:15
  a
• 11:16
  lot
• 11:16
  of
• 11:17
  very
• 11:17
  good
• 11:17
  discussion
• 11:18
  about
• 11:18
  the
• 11:19
  intergenerational
• 11:20
  wealth
• 11:20
  disparities
• 11:22
  and
• 11:22
  how
• 11:22
  young
• 11:23
  people
• 11:23
  find
• 11:23
  it
• 11:23
  hard
• 11:23
  to
• 11:24
  get
• 11:24
  ahead.
• 11:24
  And
• 11:25
  this
• 11:25
  to
• 11:25
  me
• 11:26
  strikes
• 11:26
  me
• 11:27
  as
• 11:27
  potentially
• 11:28
  a
• 11:28
  lever
• 11:29
  that
• 11:30
  is
• 11:30
  able
• 11:31
  to
• 11:31
  be
• 11:31
  pulled
• 11:31
  or
• 11:31
  an
• 11:32
  area
• 11:32
  that
• 11:32
  you
• 11:32
  can
• 11:32
  point
• 11:33
  people
• 11:33
  out
• 11:33
  and
• 11:33
  say
• 11:33
  there's
• 11:34
  an
• 11:34
  opportunity
• 11:34
  here
• 11:35
  that
• 11:35
  maybe
• 11:36
  people
• 11:36
  are
• 11:36
  missing,
• 11:37
  that
• 11:37
  you
• 11:37
  can
• 11:38
  step
• 11:39
  up
• 11:39
  in
• 11:39
  a
• 11:40
  way.
• 11:40
  What
• 11:41
  do
• 11:41
  you
• 11:41
  think?
• 11:41
  Do
• 11:42
  you
• 11:42
  think
• 11:42
  there's
• 11:42
  a
• 11:42
  possibility
• 11:43
  here
• 11:44
  for
• 11:45
  people
• 11:45
  to
• 11:45
  step
• 11:46
  into
• 11:47
  income
• 11:47
  generating
• 11:48
  opportunities,
• 11:48
  wealth
• 11:49
  generating
• 11:49
  opportunities?
• 11:50
  There's
• 11:51
  maybe
• 11:51
  being
• 11:52
  missed
• 11:52
  because
• 11:52
  we
• 11:53
  often
• 11:53
  think
• 11:53
  of
• 11:53
  starting
• 11:54
  businesses
• 11:54
  instead
• 11:54
  of
• 11:54
  buying
• 11:55
  them.
• 11:55
  There's
• 11:56
  loads
• 11:56
  of
• 11:56
  people
• 11:56
  that
• 11:56
  would
• 11:57
  like
• 11:57
  to
• 11:57
  very
• 11:58
  aspirationally
• 11:59
  buy
• 12:00
  a
• 12:00
  business
• 12:00
  that's
• 12:00
  fully
• 12:01
  managed,
• 12:02
  delivering
• 12:03
  a
• 12:03
  million
• 12:03
  dollars
• 12:04
  profit
• 12:04
  a
• 12:04
  year.
• 12:05
  There's
• 12:05
  no
• 12:05
  risk.
• 12:06
  And
• 12:07
  whenever
• 12:08
  I've
• 12:08
  got
• 12:08
  a
• 12:08
  business
• 12:08
  like
• 12:09
  that
• 12:09
  that
• 12:09
  meets
• 12:09
  those
• 12:09
  high
• 12:10
  level
• 12:10
  criteria,
• 12:11
  there's
• 12:11
  100
• 12:11
  plus
• 12:12
  people
• 12:12
  clamoring
• 12:12
  around.
• 12:12
  I
• 12:13
  was
• 12:13
  gonna
• 12:13
  say
• 12:13
  sign
• 12:13
  me
• 12:13
  up.
• 12:14
  Sign
• 12:14
  me
• 12:15
  up.
• 12:15
  Sounds
• 12:16
  great.
• 12:16
  And
• 12:16
  a
• 12:17
  lot
• 12:17
  of
• 12:17
  people
• 12:17
  go,
• 12:17
  why
• 12:17
  is
• 12:18
  the
• 12:18
  business
• 12:18
  owner
• 12:18
  selling?
• 12:19
  Well,
• 12:20
  if
• 12:20
  they're
• 12:20
  on
• 12:21
  the
• 12:21
  golf
• 12:21
  course
• 12:21
  and
• 12:22
  they
• 12:22
  get
• 12:22
  a
• 12:23
  mobile
• 12:23
  call
• 12:23
  and
• 12:24
  on
• 12:24
  their
• 12:24
  backswing
• 12:25
  of
• 12:25
  the
• 12:25
  17th
• 12:25
  hole,
• 12:26
  we
• 12:26
  don't
• 12:26
  have
• 12:26
  enough
• 12:26
  money
• 12:27
  for
• 12:27
  payroll.
• 12:27
  Right.
• 12:28
  You're
• 12:28
  still
• 12:28
  responsible
• 12:29
  for
• 12:29
  the
• 12:30
  business.
• 12:31
  I
• 12:31
  think
• 12:31
  that
• 12:32
  phased
• 12:33
  buy
• 12:33
  in
• 12:33
  approach
• 12:33
  or
• 12:33
  staged
• 12:34
  transaction
• 12:35
  where
• 12:35
  you
• 12:35
  can
• 12:35
  buy
• 12:35
  a
• 12:36
  percentage
• 12:36
  of
• 12:36
  the
• 12:36
  business
• 12:36
  and
• 12:37
  work
• 12:37
  in
• 12:37
  it,
• 12:37
  is
• 12:38
  a
• 12:38
  really
• 12:38
  good
• 12:38
  approach.
• 12:39
  Not
• 12:39
  appropriate
• 12:39
  for
• 12:39
  every
• 12:40
  business
• 12:40
  and
• 12:40
  every
• 12:41
  individual,
• 12:41
  but
• 12:42
  it
• 12:42
  can
• 12:43
  work.
• 12:43
  People
• 12:43
  need
• 12:44
  to
• 12:44
  have
• 12:44
  those
• 12:44
  conversations
• 12:45
  early
• 12:45
  and
• 12:46
  start
• 12:46
  working
• 12:46
  with
• 12:48
  your
• 12:48
  existing
• 12:48
  staff.
• 12:49
  There's
• 12:49
  always
• 12:49
  a
• 12:49
  Great
• 12:49
  pool
• 12:50
  of
• 12:50
  people
• 12:50
  to
• 12:50
  have
• 12:50
  those
• 12:50
  conversations
• 12:51
  with.
• 12:52
  Some
• 12:52
  people
• 12:52
  go
• 12:52
  through
• 12:53
  two
• 12:53
  or
• 12:53
  three
• 12:54
  generations
• 12:55
  of
• 12:55
  a
• 12:55
  management
• 12:55
  team
• 12:56
  buying
• 12:56
  in.
• 12:56
  I
• 12:56
  think
• 12:57
  we're
• 12:57
  starting
• 12:57
  to
• 12:58
  see
• 12:58
  some
• 12:59
  second
• 12:59
  and
• 12:59
  third
• 12:59
  generation
• 13:00
  management
• 13:00
  teams
• 13:01
  buying
• 13:01
  in
• 13:01
  now.
• 13:01
  One
• 13:02
  of
• 13:02
  the
• 13:02
  big
• 13:02
  things
• 13:02
  is
• 13:03
  I
• 13:03
  capture
• 13:03
  this
• 13:04
  in
• 13:04
  my
• 13:04
  CRM
• 13:04
  to
• 13:05
  say,
• 13:05
  look,
• 13:05
  when
• 13:05
  are
• 13:06
  people
• 13:06
  planning
• 13:06
  on
• 13:06
  selling
• 13:07
  and
• 13:07
  why?
• 13:08
  And
• 13:08
  I
• 13:08
  can
• 13:09
  see
• 13:09
  on
• 13:09
  a
• 13:09
  fiscal
• 13:10
  year
• 13:10
  basis
• 13:10
  when
• 13:11
  the
• 13:12
  wave
• 13:12
  starts
• 13:13
  to
• 13:13
  come.
• 13:13
  I
• 13:14
  think
• 13:14
  next
• 13:14
  year
• 13:14
  we're
• 13:14
  going
• 13:14
  to
• 13:15
  see
• 13:15
  about
• 13:15
  a
• 13:15
  threefold
• 13:15
  increase.
• 13:16
  I
• 13:17
  was
• 13:17
  expecting
• 13:17
  it
• 13:17
  to
• 13:17
  happen
• 13:18
  this
• 13:18
  year,
• 13:18
  but
• 13:18
  the
• 13:18
  Iran
• 13:19
  conflict
• 13:19
  has
• 13:19
  kind
• 13:19
  of
• 13:19
  nailed
• 13:20
  a
• 13:20
  few
• 13:20
  things
• 13:20
  down.
• 13:21
  An
• 13:22
  election
• 13:22
  year
• 13:22
  always
• 13:23
  creates
• 13:23
  uncertainty,
• 13:24
  but
• 13:24
  next
• 13:24
  year
• 13:25
  about
• 13:25
  a
• 13:25
  threefold
• 13:26
  increase
• 13:26
  in
• 13:26
  transaction
• 13:27
  volumes
• 13:27
  and
• 13:28
  businesses
• 13:28
  being
• 13:28
  sold.
• 13:29
  I
• 13:29
  think
• 13:29
  what
• 13:29
  that
• 13:29
  will
• 13:30
  mean
• 13:30
  is
• 13:31
  if
• 13:31
  you
• 13:31
  genuinely
• 13:32
  want
• 13:32
  to
• 13:32
  be
• 13:32
  selling
• 13:33
  your
• 13:33
  business
• 13:34
  and
• 13:34
  there's
• 13:34
  a
• 13:34
  finite
• 13:35
  pool
• 13:35
  of
• 13:35
  potential
• 13:36
  buyers
• 13:37
  domestically
• 13:37
  that
• 13:38
  want
• 13:38
  to
• 13:38
  buy
• 13:38
  it
• 13:39
  and
• 13:39
  they
• 13:39
  may
• 13:39
  not
• 13:40
  have
• 13:40
  enough
• 13:40
  finance
• 13:41
  to
• 13:41
  buy
• 13:41
  all
• 13:41
  of
• 13:41
  it
• 13:41
  with
• 13:42
  their
• 13:42
  own
• 13:42
  sources
• 13:43
  of
• 13:43
  capital,
• 13:44
  wealth
• 13:44
  and
• 13:44
  equity,
• 13:45
  they're
• 13:46
  going
• 13:46
  to
• 13:46
  need
• 13:46
  to
• 13:46
  rely
• 13:47
  on
• 13:47
  you
• 13:47
  as
• 13:47
  the
• 13:47
  business
• 13:48
  owner
• 13:48
  financing
• 13:49
  it
• 13:49
  or
• 13:49
  finding
• 13:50
  other
• 13:50
  sources
• 13:51
  of
• 13:51
  wealth
• 13:51
  from
• 13:51
  family,
• 13:52
  friends,
• 13:53
  whatnot,
• 13:53
  business
• 13:54
  syndicates,
• 13:55
  to
• 13:55
  facilitate
• 13:56
  the
• 13:56
  transaction.
• 13:57
  So
• 13:57
  I
• 13:57
  think
• 13:57
  business
• 13:58
  owners
• 13:58
  are
• 13:58
  going
• 13:58
  to
• 13:58
  have
• 13:59
  a
• 14:00
  quite
• 14:00
  confronting
• 14:00
  wake
• 14:01
  up
• 14:01
  call
• 14:01
  in
• 14:01
  2,
• 14:01
  3
• 14:02
  years
• 14:02
  time
• 14:02
  when
• 14:03
  they're
• 14:03
  all
• 14:03
  trying
• 14:04
  to
• 14:04
  sell
• 14:04
  their
• 14:04
  businesses.
• 14:06
  And
• 14:06
  well,
• 14:07
  you
• 14:07
  can't
• 14:07
  all
• 14:08
  sell
• 14:08
  to
• 14:09
  each
• 14:09
  other
• 14:09
  now
• 14:10
  as
• 14:10
  direct
• 14:10
  competitors
• 14:11
  in
• 14:11
  an
• 14:11
  industry
• 14:12
  environment,
• 14:12
  particularly
• 14:13
  because
• 14:13
  of
• 14:13
  Commerce
• 14:14
  Commission
• 14:14
  considerations.
• 14:15
  So
• 14:16
  you're
• 14:16
  going
• 14:16
  to
• 14:16
  need
• 14:16
  to
• 14:16
  open
• 14:17
  it
• 14:17
  up
• 14:17
  to
• 14:18
  financial
• 14:18
  buyers,
• 14:19
  people
• 14:19
  with
• 14:19
  money
• 14:20
  that
• 14:20
  want
• 14:20
  to
• 14:20
  buy
• 14:20
  it
• 14:21
  and
• 14:21
  may
• 14:21
  not
• 14:21
  necessarily
• 14:22
  have
• 14:22
  the
• 14:22
  means.
• 14:23
  I
• 14:23
  want
• 14:23
  to
• 14:23
  pick
• 14:23
  up
• 14:24
  on
• 14:24
  something
• 14:24
  you
• 14:24
  mentioned
• 14:24
  there
• 14:25
  in
• 14:25
  terms
• 14:25
  of
• 14:25
  looking
• 14:25
  amongst
• 14:26
  your
• 14:26
  staff
• 14:27
  for
• 14:27
  potential
• 14:28
  buyers.
• 14:28
  That's
• 14:29
  a
• 14:29
  really
• 14:29
  interesting
• 14:30
  one
• 14:30
  that
• 14:30
  I
• 14:30
  hadn't
• 14:31
  thought
• 14:31
  of.
• 14:32
  So
• 14:32
  if
• 14:32
  we
• 14:33
  even
• 14:33
  flip
• 14:34
  that
• 14:34
  for
• 14:34
  a
• 14:34
  moment
• 14:35
  because
• 14:35
  so
• 14:35
  many
• 14:36
  businesses
• 14:36
  in
• 14:36
  New
• 14:36
  Zealand
• 14:37
  are
• 14:37
  small
• 14:37
  to
• 14:37
  medium
• 14:38
  businesses.
• 14:39
  If
• 14:39
  someone
• 14:39
  is
• 14:40
  working
• 14:41
  in
• 14:41
  a
• 14:41
  business
• 14:42
  and
• 14:42
  thinking,
• 14:43
  I
• 14:44
  feel
• 14:44
  like
• 14:44
  I
• 14:44
  could
• 14:44
  run
• 14:44
  this
• 14:44
  one
• 14:45
  day,
• 14:45
  the
• 14:45
  owner
• 14:46
  is
• 14:46
  getting
• 14:47
  a
• 14:47
  bit
• 14:47
  older.
• 14:48
  Not
• 14:48
  to
• 14:48
  make
• 14:48
  assumptions
• 14:49
  about
• 14:49
  your
• 14:49
  boss.
• 14:49
  Be
• 14:50
  careful
• 14:50
  how
• 14:50
  you
• 14:50
  have
• 14:50
  these
• 14:50
  conversations,
• 14:51
  but
• 14:52
  do
• 14:52
  you
• 14:52
  think
• 14:52
  that's
• 14:53
  a
• 14:53
  conversation
• 14:55
  worth
• 14:55
  having
• 14:55
  of
• 14:56
  saying,
• 14:56
  hey,
• 14:57
  I'd
• 14:57
  like
• 14:57
  to
• 14:57
  step
• 14:57
  up
• 14:58
  within
• 14:58
  this
• 14:58
  business?
• 14:59
  Absolutely.
• 15:01
  I
• 15:01
  think
• 15:01
  a
• 15:02
  lot
• 15:02
  of
• 15:02
  people,
• 15:03
  if
• 15:03
  you're
• 15:03
  in
• 15:03
  a
• 15:03
  salaried
• 15:04
  role,
• 15:05
  are
• 15:05
  kind
• 15:05
  of
• 15:05
  afraid
• 15:06
  to
• 15:06
  have
• 15:06
  that
• 15:06
  conversation.
• 15:07
  But
• 15:07
  I
• 15:07
  think
• 15:07
  you
• 15:08
  do
• 15:08
  need
• 15:08
  to
• 15:08
  do
• 15:08
  it
• 15:08
  justice
• 15:09
  and
• 15:09
  actually
• 15:10
  have
• 15:10
  the
• 15:10
  initiative
• 15:11
  to
• 15:11
  hand
• 15:11
  raise
• 15:12
  and
• 15:12
  say,
• 15:12
  yes,
• 15:12
  I
• 15:12
  do
• 15:13
  want
• 15:13
  this.
• 15:14
  And
• 15:14
  if
• 15:14
  you
• 15:14
  show
• 15:14
  that
• 15:15
  initiative,
• 15:15
  I
• 15:15
  think
• 15:16
  you'll
• 15:16
  be
• 15:16
  surprised
• 15:16
  at
• 15:16
  the
• 15:17
  reciprocity.
• 15:18
  Business
• 15:18
  owners
• 15:18
  generally
• 15:20
  feel
• 15:20
  the
• 15:20
  burden
• 15:21
  of
• 15:21
  running
• 15:21
  a
• 15:21
  business
• 15:22
  and
• 15:22
  if
• 15:22
  that
• 15:22
  load
• 15:23
  can
• 15:23
  be
• 15:23
  shared
• 15:24
  and
• 15:24
  you
• 15:24
  can
• 15:25
  buy
• 15:25
  into
• 15:25
  the
• 15:25
  business
• 15:26
  as
• 15:26
  a
• 15:27
  minority
• 15:27
  shareholder,
• 15:28
  10,
• 15:28
  15,
• 15:29
  20,
• 15:29
  30%
• 15:30
  and
• 15:31
  step
• 15:31
  that
• 15:31
  up
• 15:31
  over
• 15:31
  time.
• 15:32
  That's
• 15:32
  a
• 15:32
  really
• 15:32
  good
• 15:33
  option
• 15:33
  for
• 15:33
  a
• 15:33
  lot
• 15:33
  of
• 15:33
  businesses
• 15:34
  and
• 15:35
  a
• 15:35
  great
• 15:35
  opportunity
• 15:35
  for
• 15:36
  people
• 15:36
  to
• 15:36
  step
• 15:37
  into
• 15:37
  a
• 15:38
  good
• 15:38
  business
• 15:38
  that
• 15:39
  they
• 15:39
  know
• 15:39
  intimately
• 15:40
  rather
• 15:40
  than,
• 15:41
  ah,
• 15:42
  I've
• 15:42
  had
• 15:42
  a
• 15:42
  guts
• 15:42
  full,
• 15:43
  I'm
• 15:43
  going
• 15:43
  to
• 15:43
  set
• 15:43
  up
• 15:43
  shop
• 15:44
  somewhere
• 15:44
  else
• 15:44
  and
• 15:44
  do
• 15:44
  my
• 15:45
  own
• 15:45
  thing.
• 15:45
  You're
• 15:45
  starting
• 15:46
  from
• 15:46
  scratch.
• 15:46
  Starting
• 15:47
  from
• 15:47
  scratch.
• 15:47
  So
• 15:47
  buying
• 15:48
  a
• 15:48
  business
• 15:48
  is
• 15:48
  a
• 15:49
  really
• 15:49
  good
• 15:49
  way
• 15:49
  of
• 15:50
  creating
• 15:50
  wealth.
• 15:50
  You
• 15:51
  mentioned
• 15:51
  there
• 15:51
  the
• 15:51
  finances,
• 15:52
  which
• 15:52
  I
• 15:52
  think
• 15:53
  is
• 15:53
  a
• 15:53
  really
• 15:53
  good
• 15:54
  point,
• 15:54
  because
• 15:54
  I
• 15:55
  think
• 15:55
  a
• 15:55
  lot
• 15:55
  of
• 15:55
  people
• 15:56
  will
• 15:56
  be
• 15:56
  listening
• 15:56
  to
• 15:56
  this
• 15:56
  and
• 15:56
  saying,
• 15:57
  you
• 15:57
  know,
• 15:57
  yeah,
• 15:58
  of
• 15:58
  course,
• 15:58
  I'd
• 15:58
  love
• 15:58
  to
• 15:58
  do
• 15:58
  that,
• 15:59
  but,
• 15:59
  you
• 15:59
  know,
• 15:59
  where
• 15:59
  do
• 15:59
  I
• 15:59
  find
• 15:59
  the
• 16:00
  funds
• 16:00
  which
• 16:01
  fair.
• 16:02
  When
• 16:03
  people
• 16:03
  are
• 16:03
  thinking
• 16:04
  if
• 16:04
  they
• 16:04
  would
• 16:04
  like
• 16:04
  to
• 16:05
  step
• 16:05
  into
• 16:05
  this
• 16:05
  sort
• 16:05
  of
• 16:06
  business
• 16:07
  role
• 16:07
  and,
• 16:08
  you
• 16:09
  know,
• 16:09
  maybe
• 16:09
  skip
• 16:09
  a
• 16:10
  couple
• 16:10
  of
• 16:10
  steps
• 16:10
  by
• 16:11
  buying
• 16:11
  into
• 16:11
  an
• 16:11
  existing
• 16:12
  successful
• 16:13
  business,
• 16:14
  where
• 16:14
  do
• 16:14
  you
• 16:15
  get
• 16:15
  the
• 16:15
  cash?
• 16:15
  How
• 16:15
  do
• 16:16
  you
• 16:16
  make
• 16:16
  that
• 16:16
  work?
• 16:17
  Well,
• 16:17
  look,
• 16:18
  a
• 16:18
  lot
• 16:18
  of
• 16:18
  people
• 16:18
  don't
• 16:19
  have
• 16:19
  the
• 16:20
  luxury
• 16:20
  of
• 16:20
  family
• 16:21
  and
• 16:21
  friends
• 16:22
  with
• 16:22
  money.
• 16:23
  Right.
• 16:23
  Generally,
• 16:24
  the
• 16:24
  way
• 16:24
  that
• 16:24
  the
• 16:25
  banks
• 16:25
  would
• 16:25
  approach
• 16:25
  it,
• 16:25
  if
• 16:26
  you
• 16:26
  own
• 16:26
  your
• 16:26
  own
• 16:26
  property
• 16:27
  as
• 16:27
  an
• 16:27
  owner
• 16:27
  occupier
• 16:28
  and
• 16:28
  you're
• 16:29
  consistently
• 16:29
  meeting
• 16:29
  your
• 16:30
  mortgage
• 16:30
  payments
• 16:30
  and
• 16:30
  paying
• 16:31
  down
• 16:31
  your
• 16:31
  mortgage
• 16:31
  over
• 16:31
  time.
• 16:32
  It
• 16:33
  used
• 16:33
  to
• 16:33
  be,
• 16:34
  say
• 16:34
  your
• 16:34
  property
• 16:35
  in
• 16:35
  Auckland
• 16:35
  was
• 16:35
  worth
• 16:36
  a
• 16:36
  million
• 16:36
  dollars
• 16:36
  and
• 16:37
  you
• 16:37
  had
• 16:37
  a
• 16:38
  $500,000
• 16:39
  mortgage,
• 16:40
  the
• 16:40
  bank
• 16:40
  would
• 16:40
  let
• 16:40
  you
• 16:41
  step
• 16:41
  back
• 16:41
  up
• 16:41
  to
• 16:42
  80%
• 16:42
  of
• 16:42
  the
• 16:42
  value.
• 16:43
  So
• 16:43
  you'd
• 16:43
  be
• 16:44
  able
• 16:44
  to
• 16:44
  draw
• 16:44
  on
• 16:45
  300,000
• 16:46
  of
• 16:46
  capital
• 16:46
  to
• 16:47
  buy
• 16:47
  a
• 16:47
  business.
• 16:48
  And
• 16:48
  then
• 16:48
  it's,
• 16:49
  how
• 16:49
  do
• 16:50
  we
• 16:50
  make
• 16:50
  that
• 16:51
  roll
• 16:51
  up
• 16:51
  to
• 16:51
  something
• 16:52
  bigger
• 16:52
  in
• 16:52
  terms
• 16:52
  of
• 16:53
  the
• 16:53
  purchase
• 16:53
  price?
• 16:54
  So
• 16:55
  it
• 16:55
  may
• 16:55
  be
• 16:55
  going
• 16:56
  to
• 16:56
  the
• 16:56
  vendor
• 16:56
  and
• 16:56
  who's
• 16:57
  the
• 16:57
  business
• 16:57
  owner
• 16:57
  and
• 16:58
  saying,
• 16:59
  I
• 16:59
  love
• 16:59
  to
• 16:59
  buy
• 16:59
  the
• 17:00
  business,
• 17:00
  but
• 17:01
  here's
• 17:01
  my
• 17:01
  finance
• 17:02
  capacity.
• 17:03
  Can
• 17:03
  you
• 17:03
  provide
• 17:03
  vendor
• 17:04
  finance,
• 17:04
  which
• 17:04
  is
• 17:05
  a
• 17:05
  way
• 17:05
  of
• 17:05
  bridging
• 17:05
  that
• 17:05
  valuation
• 17:06
  gap?
• 17:06
  The
• 17:07
  vendor
• 17:08
  loans
• 17:08
  you
• 17:08
  the
• 17:08
  money
• 17:09
  effectively
• 17:10
  subordinate
• 17:10
  to
• 17:11
  the
• 17:11
  banks.
• 17:11
  The
• 17:11
  bank
• 17:11
  has
• 17:12
  priority
• 17:12
  over
• 17:12
  all
• 17:12
  the
• 17:13
  assets
• 17:13
  and
• 17:13
  everything
• 17:13
  else.
• 17:14
  And
• 17:14
  the
• 17:15
  vendor
• 17:15
  has
• 17:16
  vendor
• 17:16
  finance.
• 17:18
  The
• 17:18
  buyer,
• 17:19
  as
• 17:19
  the
• 17:20
  individual
• 17:20
  is
• 17:20
  going
• 17:20
  to
• 17:20
  pay
• 17:21
  back
• 17:21
  the
• 17:21
  business
• 17:21
  owner.
• 17:22
  But
• 17:22
  it's
• 17:22
  going
• 17:23
  to
• 17:23
  be
• 17:23
  over
• 17:23
  time.
• 17:24
  It
• 17:24
  can
• 17:24
  be
• 17:25
  one
• 17:25
  year,
• 17:26
  it
• 17:26
  can
• 17:26
  be
• 17:26
  five
• 17:26
  years,
• 17:27
  and
• 17:27
  it's
• 17:27
  generally
• 17:27
  at
• 17:28
  a
• 17:28
  higher
• 17:28
  interest
• 17:28
  rate.
• 17:29
  Yeah.
• 17:30
  How
• 17:30
  do
• 17:30
  you
• 17:30
  work
• 17:31
  out
• 17:31
  the
• 17:31
  numbers
• 17:31
  on
• 17:31
  that?
• 17:32
  Because
• 17:32
  obviously,
• 17:32
  a
• 17:32
  lot
• 17:32
  of
• 17:32
  times
• 17:33
  if
• 17:33
  you're
• 17:33
  interested
• 17:33
  in
• 17:33
  business,
• 17:34
  they'll
• 17:34
  open
• 17:34
  up
• 17:35
  the
• 17:35
  books
• 17:35
  to
• 17:35
  you,
• 17:35
  you
• 17:36
  can
• 17:36
  have
• 17:36
  a
• 17:36
  little
• 17:36
  look
• 17:36
  at,
• 17:36
  you
• 17:36
  know,
• 17:37
  profit
• 17:37
  and
• 17:37
  loss,
• 17:37
  all
• 17:37
  that
• 17:38
  good
• 17:38
  stuff,
• 17:39
  and
• 17:39
  you
• 17:40
  would
• 17:40
  hopefully
• 17:40
  work
• 17:41
  out
• 17:41
  sort
• 17:41
  of
• 17:42
  some
• 17:42
  sort
• 17:42
  of
• 17:43
  percentage
• 17:44
  return.
• 17:44
  Right.
• 17:45
  So
• 17:45
  are
• 17:45
  you
• 17:45
  comparing
• 17:46
  that
• 17:46
  against
• 17:47
  if
• 17:48
  you're
• 17:48
  getting
• 17:48
  into
• 17:48
  this,
• 17:48
  it's
• 17:48
  almost
• 17:49
  certainly
• 17:49
  going
• 17:49
  to
• 17:49
  require
• 17:50
  some
• 17:50
  sort
• 17:50
  of
• 17:50
  finance.
• 17:50
  Right,
• 17:51
  so
• 17:51
  is
• 17:51
  that
• 17:51
  what
• 17:51
  you're
• 17:51
  comparing
• 17:52
  those
• 17:52
  sorts
• 17:52
  of
• 17:52
  numbers?
• 17:53
  Yeah,
• 17:53
  absolutely.
• 17:54
  Like
• 17:54
  a
• 17:55
  lot
• 17:55
  of
• 17:55
  business
• 17:55
  owners
• 17:55
  and
• 17:56
  this
• 17:56
  is
• 17:56
  why,
• 17:57
  particularly
• 17:57
  over
• 17:57
  the
• 17:57
  last
• 17:57
  couple
• 17:58
  of
• 17:58
  years
• 17:58
  when
• 17:58
  the
• 17:58
  market
• 17:59
  has
• 17:59
  turned
• 17:59
  and
• 17:59
  it's.
• 18:00
  It's
• 18:00
  been
• 18:00
  tougher
• 18:00
  economic
• 18:01
  conditions,
• 18:02
  people
• 18:02
  are
• 18:03
  really
• 18:03
  sweating
• 18:03
  it
• 18:03
  out
• 18:03
  there.
• 18:03
  They're
• 18:04
  doing
• 18:04
  it
• 18:04
  really
• 18:04
  hard
• 18:06
  and
• 18:07
  they're
• 18:07
  having
• 18:07
  to
• 18:07
  let
• 18:08
  staff
• 18:08
  go
• 18:08
  and
• 18:08
  make
• 18:09
  restructures
• 18:09
  to
• 18:09
  make
• 18:10
  the
• 18:10
  finances
• 18:10
  work
• 18:11
  because
• 18:11
  they've
• 18:12
  taken
• 18:12
  on
• 18:12
  debt
• 18:12
  to
• 18:13
  invest
• 18:14
  in
• 18:14
  plant
• 18:14
  and
• 18:14
  equipment
• 18:15
  to
• 18:15
  hire
• 18:16
  new
• 18:16
  staff
• 18:16
  when
• 18:16
  they
• 18:17
  thought
• 18:17
  the
• 18:17
  market
• 18:17
  was
• 18:17
  turning
• 18:18
  at
• 18:18
  the
• 18:18
  start
• 18:18
  of
• 18:18
  this
• 18:18
  year.
• 18:19
  There's
• 18:19
  green
• 18:20
  shoots
• 18:20
  and
• 18:20
  now
• 18:21
  not
• 18:21
  so
• 18:22
  much
• 18:22
  at
• 18:22
  the
• 18:22
  moment.
• 18:23
  You've
• 18:23
  got
• 18:23
  to
• 18:23
  make
• 18:24
  some
• 18:24
  hard
• 18:24
  decisions
• 18:24
  as
• 18:24
  a
• 18:25
  business
• 18:25
  owner,
• 18:25
  I
• 18:25
  think
• 18:26
  making
• 18:26
  it
• 18:26
  stack
• 18:27
  up
• 18:27
  financially
• 18:27
  in
• 18:28
  terms
• 18:28
  of
• 18:29
  what
• 18:29
  you
• 18:29
  have
• 18:29
  available
• 18:29
  to
• 18:30
  you
• 18:30
  to
• 18:30
  buy
• 18:30
  the
• 18:30
  business
• 18:31
  versus
• 18:31
  what
• 18:31
  it's
• 18:31
  worth,
• 18:33
  that
• 18:33
  is
• 18:33
  really
• 18:34
  dealt
• 18:34
  with
• 18:34
  by
• 18:35
  a
• 18:35
  business
• 18:35
  finance
• 18:36
  broker.
• 18:36
  So
• 18:36
  someone
• 18:36
  who
• 18:37
  can
• 18:37
  actually
• 18:37
  specialize
• 18:38
  in
• 18:39
  providing
• 18:39
  business
• 18:40
  finance
• 18:40
  for
• 18:41
  these
• 18:41
  kind
• 18:41
  of
• 18:41
  transactions,
• 18:42
  who
• 18:42
  can
• 18:43
  help
• 18:43
  you
• 18:43
  to
• 18:44
  really
• 18:45
  syndicate
• 18:45
  the
• 18:45
  opportunity,
• 18:46
  they'll
• 18:46
  put
• 18:46
  it
• 18:46
  out
• 18:46
  to
• 18:47
  some
• 18:47
  tier
• 18:47
  one
• 18:47
  banks,
• 18:48
  bnz,
• 18:48
  asb,
• 18:49
  et
• 18:49
  cetera,
• 18:50
  potentially
• 18:50
  some
• 18:50
  tier
• 18:51
  two
• 18:51
  lenders
• 18:51
  to
• 18:52
  say,
• 18:52
  look,
• 18:52
  what
• 18:52
  does
• 18:52
  a
• 18:52
  finance
• 18:53
  package
• 18:53
  for
• 18:53
  this
• 18:53
  look
• 18:54
  like
• 18:55
  based
• 18:55
  on
• 18:55
  the
• 18:55
  steel
• 18:56
  structure?
• 18:57
  And
• 18:57
  then
• 18:57
  they'll
• 18:57
  come
• 18:57
  back
• 18:58
  and
• 18:58
  say,
• 18:58
  right,
• 18:58
  here
• 18:59
  are
• 18:59
  the
• 18:59
  proposed
• 18:59
  terms.
• 19:00
  This
• 19:00
  episode
• 19:01
  of
• 19:01
  Making
• 19:01
  Sense
• 19:02
  is
• 19:02
  supported
• 19:02
  by
• 19:02
  Odoo
• 19:03
  because
• 19:03
  they're
• 19:04
  all
• 19:04
  about
• 19:04
  making
• 19:04
  business
• 19:05
  smarter,
• 19:06
  easier
• 19:06
  to
• 19:06
  manage
• 19:07
  and
• 19:07
  more
• 19:07
  affordable.
• 19:08
  Odoo
• 19:09
  is
• 19:09
  a
• 19:09
  software
• 19:09
  platform
• 19:10
  that
• 19:10
  gives
• 19:10
  you
• 19:10
  access
• 19:11
  to
• 19:11
  over
• 19:11
  70
• 19:12
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• 19:13
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• 19:13
  help
• 19:13
  you
• 19:13
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• 19:13
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• 19:14
  website,
• 19:14
  accounting,
• 19:15
  invoicing,
• 19:16
  sales,
• 19:17
  inventory
• 19:17
  and
• 19:18
  way
• 19:18
  more.
• 19:19
  But
• 19:19
  instead
• 19:19
  of
• 19:20
  death
• 19:20
  by
• 19:20
  a
• 19:20
  thousand
• 19:21
  cuts,
• 19:21
  where
• 19:22
  you
• 19:22
  pay
• 19:22
  for
• 19:22
  all
• 19:22
  of
• 19:23
  those
• 19:23
  apps
• 19:23
  individually,
• 19:24
  it's
• 19:24
  just
• 19:25
  one
• 19:25
  affordable
• 19:26
  subscription
• 19:27
  which
• 19:27
  starts
• 19:27
  from
• 19:28
  $34.40
• 19:29
  Aussie
• 19:29
  dollars
• 19:30
  per
• 19:30
  user
• 19:31
  per
• 19:31
  month.
• 19:32
  It's
• 19:32
  not
• 19:32
  just
• 19:33
  about
• 19:33
  the
• 19:33
  cost
• 19:34
  either.
• 19:34
  It's
• 19:35
  having
• 19:35
  all
• 19:35
  of
• 19:35
  those
• 19:36
  apps
• 19:36
  in
• 19:36
  one
• 19:37
  integrated
• 19:37
  dashboard
• 19:38
  to
• 19:38
  make
• 19:38
  your
• 19:39
  business
• 19:39
  or
• 19:39
  side
• 19:39
  hustle
• 19:40
  possible.
• 19:41
  Let
• 19:41
  your
• 19:41
  software
• 19:42
  work
• 19:42
  for
• 19:42
  you
• 19:43
  so
• 19:43
  you
• 19:43
  can
• 19:44
  handle
• 19:44
  the
• 19:44
  important
• 19:44
  stuff.
• 19:46
  Try
• 19:46
  Odoo
• 19:46
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• 19:46
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• 19:47
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• 19:47
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• 19:47
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• 19:48
  No
• 19:48
  card
• 19:48
  details
• 19:49
  required.
• 19:50
  That's
• 19:50
  odoo.com
• 19:52
  for
• 19:52
  more
• 19:53
  quick
• 19:53
  interruption
• 19:54
  to
• 19:54
  say.
• 19:54
  If
• 19:54
  you're
• 19:54
  enjoying
• 19:55
  this
• 19:55
  episode,
• 19:55
  you'll
• 19:56
  love
• 19:56
  the
• 19:56
  Market
• 19:57
  Memo,
• 19:57
  my
• 19:58
  weekly
• 19:58
  newsletter
• 19:59
  where
• 19:59
  I
• 19:59
  teach
• 19:59
  you
• 19:59
  how
• 20:00
  to
• 20:00
  actually
• 20:00
  invest.
• 20:01
  No
• 20:01
  jargon,
• 20:02
  no
• 20:02
  spreadsheets,
• 20:03
  just
• 20:03
  real
• 20:04
  talk
• 20:04
  about
• 20:04
  shares
• 20:05
  and
• 20:05
  how
• 20:05
  to
• 20:06
  make
• 20:06
  your
• 20:06
  money
• 20:06
  work
• 20:07
  for
• 20:07
  you.
• 20:07
  It's
• 20:07
  the
• 20:08
  thing
• 20:08
  I
• 20:08
  wish
• 20:08
  I'd
• 20:08
  had
• 20:09
  when
• 20:09
  I
• 20:09
  was
• 20:09
  starting
• 20:10
  out.
• 20:10
  You
• 20:10
  can
• 20:10
  sign
• 20:11
  up
• 20:11
  for
• 20:11
  free
• 20:12
  at
• 20:12
  Franciscook
• 20:13
  Co
• 20:13
  NZ
• 20:14
  Invest.
• 20:15
  That's
• 20:15
  Franciscook
• 20:16
  Co
• 20:17
  NZ
• 20:18
  Invest.
• 20:18
  But
• 20:19
  don't
• 20:19
  worry,
• 20:19
  I'll
• 20:19
  put
• 20:20
  the
• 20:20
  link
• 20:20
  in
• 20:20
  the
• 20:20
  show
• 20:21
  notes
• 20:21
  and
• 20:21
  the
• 20:21
  description
• 20:22
  of
• 20:22
  this
• 20:22
  podcast.
• 20:23
  All
• 20:24
  right,
• 20:24
  back
• 20:24
  to
• 20:24
  it.
• 20:26
  When
• 20:26
  times
• 20:26
  get
• 20:27
  tough,
• 20:27
  like
• 20:28
  they
• 20:28
  certainly
• 20:28
  are
• 20:28
  right
• 20:29
  now,
• 20:29
  people
• 20:30
  might
• 20:30
  be
• 20:30
  listening
• 20:30
  to
• 20:30
  this
• 20:30
  and
• 20:31
  thinking,
• 20:31
  well,
• 20:32
  it
• 20:32
  sounds
• 20:32
  pretty
• 20:33
  hard
• 20:33
  to
• 20:33
  be
• 20:33
  a
• 20:33
  business
• 20:33
  owner,
• 20:34
  actually.
• 20:35
  What
• 20:35
  do
• 20:35
  you
• 20:35
  see
• 20:36
  that
• 20:36
  makes
• 20:36
  the
• 20:36
  difference
• 20:36
  between
• 20:37
  the
• 20:37
  businesses
• 20:38
  and
• 20:38
  the
• 20:38
  business
• 20:38
  owners
• 20:40
  that
• 20:40
  do
• 20:40
  well
• 20:41
  at
• 20:41
  times
• 20:41
  like
• 20:41
  this
• 20:42
  and
• 20:42
  the
• 20:42
  ones
• 20:42
  that
• 20:42
  maybe
• 20:43
  don't,.
• 20:44
  The
• 20:44
  business
• 20:44
  owners
• 20:45
  that
• 20:45
  stick
• 20:46
  their
• 20:46
  head
• 20:46
  in
• 20:46
  the
• 20:46
  sand
• 20:47
  don't
• 20:47
  engage
• 20:47
  with
• 20:48
  the
• 20:48
  bank,
• 20:49
  don't
• 20:49
  engage
• 20:49
  with
• 20:50
  outside
• 20:50
  lenders
• 20:51
  and
• 20:51
  suppliers
• 20:52
  and
• 20:52
  everything
• 20:52
  else.
• 20:53
  Unfortunately,
• 20:54
  a
• 20:54
  lot
• 20:54
  of
• 20:54
  times
• 20:55
  they
• 20:55
  do
• 20:55
  go
• 20:55
  into
• 20:56
  liquidation
• 20:56
  or
• 20:56
  receivership.
• 20:57
  The
• 20:58
  ones
• 20:58
  that
• 20:58
  are
• 20:58
  more
• 20:59
  aggressive
• 20:59
  will
• 20:59
  start
• 21:00
  really
• 21:00
  doubling
• 21:01
  down
• 21:01
  and
• 21:01
  saying,
• 21:02
  look,
• 21:02
  I'll
• 21:02
  make
• 21:03
  some
• 21:03
  difficult
• 21:04
  decisions.
• 21:05
  I'll
• 21:05
  sell
• 21:05
  my
• 21:05
  own
• 21:06
  personal
• 21:06
  car
• 21:07
  and
• 21:07
  I'll
• 21:08
  double
• 21:08
  down
• 21:09
  and
• 21:09
  I'll
• 21:09
  lease
• 21:10
  the
• 21:10
  car
• 21:10
  because
• 21:10
  that
• 21:11
  frees
• 21:11
  up,
• 21:11
  look,
• 21:12
  $50,000
• 21:12
  worth
• 21:13
  of
• 21:13
  cash.
• 21:13
  And
• 21:13
  that
• 21:13
  $50,000
• 21:14
  worth
• 21:14
  of
• 21:15
  cash
• 21:15
  in
• 21:15
  terms
• 21:15
  of
• 21:16
  selling
• 21:16
  my
• 21:16
  vehicle
• 21:17
  and
• 21:17
  leasing
• 21:17
  it
• 21:17
  back
• 21:17
  is
• 21:18
  enough
• 21:18
  to
• 21:18
  get
• 21:18
  through
• 21:18
  this
• 21:19
  difficult
• 21:19
  period.
• 21:20
  So
• 21:21
  unfortunately,
• 21:21
  you
• 21:22
  do
• 21:22
  have
• 21:22
  to
• 21:22
  start
• 21:23
  stepping
• 21:23
  down
• 21:23
  staff,
• 21:25
  going
• 21:25
  through
• 21:25
  restructuring
• 21:26
  processes,
• 21:27
  which
• 21:27
  doesn't
• 21:27
  come
• 21:27
  easy
• 21:28
  because
• 21:29
  the
• 21:29
  people
• 21:29
  that
• 21:29
  are
• 21:30
  left,
• 21:30
  it's
• 21:30
  survivor
• 21:31
  bias
• 21:31
  and
• 21:31
  guilt,
• 21:32
  that's
• 21:32
  really
• 21:32
  hard.
• 21:33
  And
• 21:34
  as
• 21:34
  an
• 21:34
  organization,
• 21:35
  that's
• 21:35
  a
• 21:35
  really
• 21:35
  hard
• 21:36
  thing
• 21:36
  to
• 21:36
  work
• 21:36
  through,
• 21:37
  really
• 21:37
  repositioning
• 21:38
  people
• 21:38
  and
• 21:38
  saying,
• 21:39
  look,
• 21:39
  can
• 21:39
  we
• 21:39
  step
• 21:40
  down
• 21:40
  from
• 21:40
  40
• 21:40
  hours
• 21:40
  a
• 21:41
  week
• 21:41
  down
• 21:41
  to
• 21:41
  30?
• 21:42
  Do
• 21:43
  you
• 21:43
  want
• 21:43
  to
• 21:43
  take
• 21:43
  some
• 21:44
  agreed
• 21:44
  leave
• 21:45
  without
• 21:45
  pay?
• 21:45
  Do
• 21:45
  you
• 21:46
  want
• 21:46
  to
• 21:46
  do
• 21:46
  this?
• 21:47
  Back
• 21:48
  in
• 21:48
  2008,
• 21:48
  when
• 21:49
  the
• 21:49
  global
• 21:49
  financial
• 21:50
  crisis
• 21:50
  hit,
• 21:51
  the
• 21:51
  big
• 21:52
  four
• 21:52
  firms
• 21:52
  and
• 21:52
  other
• 21:53
  professional
• 21:53
  services
• 21:54
  firms
• 21:54
  were
• 21:54
  saying,
• 21:54
  hey,
• 21:55
  look,
• 21:55
  we
• 21:55
  had
• 21:55
  100
• 21:56
  people
• 21:56
  starting
• 21:56
  on
• 21:57
  as
• 21:57
  summer
• 21:57
  interns
• 21:58
  or
• 21:58
  as
• 21:58
  year
• 21:59
  one
• 21:59
  associates.
• 22:00
  Just
• 22:01
  give
• 22:01
  you
• 22:01
  10%
• 22:01
  and
• 22:01
  you
• 22:02
  can
• 22:02
  start
• 22:02
  next
• 22:02
  year.
• 22:03
  We'll
• 22:03
  give
• 22:03
  you
• 22:03
  10%
• 22:04
  of
• 22:04
  your
• 22:04
  starting
• 22:04
  salary.
• 22:05
  We'll
• 22:05
  pay
• 22:05
  you
• 22:05
  for
• 22:06
  this
• 22:06
  year.
• 22:06
  But
• 22:06
  how
• 22:07
  about
• 22:07
  you
• 22:07
  start
• 22:07
  a
• 22:07
  year
• 22:08
  from
• 22:08
  now?
• 22:09
  Going
• 22:09
  back
• 22:09
  to
• 22:09
  some
• 22:09
  of
• 22:10
  those
• 22:10
  old
• 22:10
  playbooks
• 22:11
  is
• 22:11
  probably
• 22:12
  a
• 22:12
  really
• 22:12
  good
• 22:12
  decision
• 22:13
  and
• 22:14
  actually
• 22:15
  not
• 22:15
  being
• 22:15
  the
• 22:16
  only
• 22:16
  one
• 22:16
  that
• 22:16
  comes
• 22:16
  up
• 22:16
  with
• 22:17
  the
• 22:17
  ideas.
• 22:17
  If
• 22:17
  you
• 22:18
  want
• 22:18
  to,
• 22:18
  you
• 22:18
  can
• 22:18
  go
• 22:19
  to
• 22:19
  business
• 22:19
  mentors,
• 22:20
  New
• 22:20
  Zealand
• 22:20
  and
• 22:21
  business
• 22:21
  coaches
• 22:22
  and
• 22:22
  a
• 22:22
  range
• 22:23
  of
• 22:23
  people.
• 22:23
  In
• 22:24
  terms
• 22:24
  of
• 22:24
  trusted
• 22:24
  advisors,
• 22:25
  your
• 22:25
  accountant
• 22:26
  and
• 22:26
  your
• 22:26
  lawyer
• 22:27
  are
• 22:28
  perfect
• 22:28
  for
• 22:28
  this
• 22:28
  kind
• 22:29
  of
• 22:29
  conversation.
• 22:30
  Look,
• 22:30
  if
• 22:30
  you
• 22:30
  ask
• 22:31
  for
• 22:31
  help,
• 22:31
  you'll
• 22:31
  get
• 22:31
  help.
• 22:32
  If
• 22:32
  you
• 22:32
  stick
• 22:32
  your
• 22:32
  head
• 22:32
  in
• 22:33
  the
• 22:33
  sand,
• 22:33
  you
• 22:34
  can
• 22:34
  end
• 22:34
  up
• 22:34
  in
• 22:34
  pretty
• 22:35
  dire
• 22:35
  straits.
• 22:36
  Yeah,
• 22:36
  yeah.
• 22:37
  And
• 22:37
  I
• 22:37
  think
• 22:37
  that
• 22:37
  applies
• 22:38
  to
• 22:38
  so
• 22:38
  much
• 22:38
  of
• 22:38
  our
• 22:39
  money
• 22:39
  lives
• 22:40
  that
• 22:40
  things
• 22:41
  can
• 22:41
  get
• 22:41
  tough
• 22:41
  for
• 22:42
  reasons
• 22:43
  totally
• 22:43
  out
• 22:43
  of
• 22:43
  your
• 22:43
  control
• 22:44
  at
• 22:44
  various
• 22:45
  points.
• 22:45
  And
• 22:46
  I
• 22:46
  think
• 22:47
  always
• 22:47
  Just
• 22:47
  looking
• 22:48
  for
• 22:48
  what
• 22:48
  can
• 22:48
  I
• 22:48
  control
• 22:49
  right
• 22:49
  now
• 22:50
  and
• 22:50
  what
• 22:50
  can
• 22:51
  I
• 22:51
  actively
• 22:51
  do
• 22:52
  is
• 22:53
  always
• 22:54
  a
• 22:54
  better
• 22:54
  option
• 22:55
  than
• 22:55
  just
• 22:55
  like,
• 22:55
  I
• 22:56
  really
• 22:56
  hope
• 22:56
  this
• 22:56
  doesn't
• 22:57
  get
• 22:57
  worse
• 22:57
  and
• 22:57
  let's
• 22:57
  just
• 22:58
  sit
• 22:58
  tight.
• 22:59
  I've
• 23:00
  not
• 23:00
  seen
• 23:00
  that
• 23:00
  work
• 23:00
  out
• 23:01
  many
• 23:01
  times.
• 23:03
  Are
• 23:03
  there
• 23:03
  certain
• 23:04
  types
• 23:04
  of
• 23:04
  businesses
• 23:05
  that
• 23:05
  you
• 23:05
  think
• 23:06
  do
• 23:06
  really
• 23:06
  well
• 23:07
  here
• 23:07
  and
• 23:08
  are
• 23:08
  more
• 23:08
  of
• 23:08
  an
• 23:09
  opportunity?
• 23:09
  If
• 23:09
  someone
• 23:10
  is
• 23:10
  thinking,
• 23:10
  yeah,
• 23:11
  I
• 23:11
  would
• 23:11
  like
• 23:12
  to
• 23:13
  step
• 23:13
  into
• 23:13
  this
• 23:14
  realm
• 23:14
  and
• 23:14
  it
• 23:14
  is,
• 23:15
  you
• 23:15
  know,
• 23:16
  not
• 23:16
  just
• 23:16
  that
• 23:16
  I'm
• 23:17
  interested
• 23:17
  in
• 23:17
  being
• 23:17
  a
• 23:17
  business
• 23:17
  owner,
• 23:18
  I'm
• 23:18
  interested
• 23:18
  in
• 23:18
  being
• 23:18
  a
• 23:19
  business
• 23:19
  owner
• 23:19
  because
• 23:19
  I
• 23:19
  want
• 23:19
  to
• 23:20
  grow
• 23:20
  my
• 23:20
  wealth.
• 23:21
  So
• 23:21
  are
• 23:22
  there
• 23:22
  certain
• 23:22
  types
• 23:23
  of
• 23:23
  businesses
• 23:23
  that
• 23:24
  tend
• 23:24
  to
• 23:24
  do
• 23:24
  really
• 23:24
  well
• 23:25
  here.
• 23:25
  In
• 23:25
  New
• 23:25
  Zealand
• 23:26
  I've
• 23:26
  got
• 23:26
  a
• 23:26
  penchant
• 23:27
  for
• 23:28
  wholesale
• 23:29
  and
• 23:29
  import
• 23:29
  distribution
• 23:30
  businesses.
• 23:30
  It's
• 23:31
  a
• 23:31
  very
• 23:31
  simple
• 23:31
  business
• 23:32
  model
• 23:32
  where
• 23:33
  you're
• 23:33
  importing
• 23:34
  a
• 23:34
  product
• 23:34
  from
• 23:34
  someone
• 23:34
  else
• 23:35
  and
• 23:35
  matching
• 23:35
  it
• 23:36
  to
• 23:36
  customers
• 23:36
  in
• 23:36
  the
• 23:36
  country.
• 23:37
  Right.
• 23:38
  Very
• 23:38
  predictable.
• 23:39
  You
• 23:39
  can
• 23:39
  jump
• 23:39
  on
• 23:40
  a
• 23:40
  Google
• 23:40
  Maps
• 23:40
  and
• 23:41
  mark
• 23:42
  out
• 23:42
  the
• 23:42
  area
• 23:43
  on
• 23:43
  Google
• 23:44
  Maps
• 23:44
  of
• 23:44
  a
• 23:44
  given
• 23:45
  business
• 23:45
  and
• 23:45
  go,
• 23:46
  right,
• 23:46
  that's
• 23:46
  an
• 23:46
  importer.
• 23:47
  Here's
• 23:48
  the
• 23:48
  square
• 23:48
  meters
• 23:48
  it
• 23:49
  operates
• 23:49
  from
• 23:49
  and
• 23:50
  quite
• 23:50
  quickly
• 23:51
  deduce,
• 23:51
  here's
• 23:52
  the
• 23:52
  number
• 23:52
  of
• 23:52
  staff,
• 23:53
  here's
• 23:53
  the
• 23:53
  top
• 23:54
  line
• 23:54
  revenue,
• 23:55
  here's
• 23:55
  the
• 23:55
  profit
• 23:56
  and
• 23:57
  then
• 23:57
  look
• 23:57
  at
• 23:57
  that
• 23:57
  and
• 23:57
  go
• 23:58
  right,
• 23:58
  here's
• 23:59
  the
• 23:59
  customers
• 23:59
  it
• 24:00
  serves.
• 24:01
  Can
• 24:01
  we
• 24:01
  introduce
• 24:02
  more
• 24:02
  products
• 24:03
  to
• 24:03
  those
• 24:03
  same
• 24:03
  customers?
• 24:04
  Can
• 24:05
  we
• 24:05
  introduce
• 24:05
  those
• 24:06
  same
• 24:06
  products
• 24:07
  to
• 24:07
  different
• 24:07
  customers?
• 24:09
  And
• 24:09
  just
• 24:09
  think
• 24:09
  creatively
• 24:10
  around
• 24:11
  what
• 24:11
  is
• 24:12
  really
• 24:12
  a
• 24:12
  very
• 24:12
  simple
• 24:13
  business
• 24:13
  model
• 24:14
  to
• 24:14
  grow
• 24:14
  the
• 24:14
  business
• 24:15
  that
• 24:15
  is
• 24:15
  quite
• 24:16
  good.
• 24:16
  What
• 24:16
  about
• 24:16
  any
• 24:17
  that
• 24:17
  aren't
• 24:17
  good?
• 24:18
  I
• 24:18
  don't
• 24:18
  think
• 24:19
  there's
• 24:19
  any
• 24:19
  businesses
• 24:20
  that
• 24:20
  aren't
• 24:20
  necessarily
• 24:21
  good.
• 24:22
  They're
• 24:22
  neither
• 24:22
  good
• 24:22
  nor
• 24:23
  bad.
• 24:23
  In
• 24:23
  fact,
• 24:24
  some
• 24:24
  of
• 24:24
  the
• 24:24
  best
• 24:25
  businesses
• 24:25
  operate
• 24:26
  in
• 24:26
  really
• 24:26
  dirty
• 24:27
  industries.
• 24:28
  Waste
• 24:28
  and
• 24:28
  recycling
• 24:29
  for
• 24:29
  example.
• 24:30
  One
• 24:30
  man's
• 24:30
  trash
• 24:30
  is
• 24:31
  another
• 24:31
  man's
• 24:31
  treasure.
• 24:31
  There's
• 24:32
  a
• 24:32
  lot
• 24:32
  of
• 24:32
  listed
• 24:33
  businesses
• 24:33
  that
• 24:33
  do
• 24:34
  very
• 24:34
  well
• 24:34
  in
• 24:34
  the
• 24:34
  waste
• 24:35
  management
• 24:35
  sector.
• 24:36
  Do
• 24:36
  you
• 24:36
  think
• 24:36
  there
• 24:36
  are
• 24:37
  any
• 24:37
  businesses
• 24:37
  that
• 24:38
  are
• 24:38
  overhyped?
• 24:39
  Because
• 24:39
  this
• 24:40
  might
• 24:40
  be
• 24:40
  my
• 24:40
  own
• 24:40
  bias
• 24:41
  showing
• 24:41
  because
• 24:41
  people
• 24:41
  talk
• 24:42
  to
• 24:42
  me
• 24:42
  about
• 24:42
  this
• 24:42
  a
• 24:42
  lot
• 24:43
  because
• 24:43
  I'm
• 24:44
  obviously
• 24:44
  very
• 24:45
  much
• 24:45
  in
• 24:45
  the
• 24:45
  digital
• 24:46
  space.
• 24:46
  Not
• 24:46
  all
• 24:46
  of
• 24:47
  my
• 24:47
  business
• 24:47
  is
• 24:47
  digital
• 24:48
  but
• 24:48
  it's
• 24:49
  very
• 24:49
  online,
• 24:50
  it's
• 24:50
  very
• 24:52
  social
• 24:53
  media
• 24:53
  and
• 24:54
  the
• 24:54
  Internet.
• 24:55
  And
• 24:55
  so
• 24:55
  people
• 24:56
  talk
• 24:56
  to
• 24:56
  me
• 24:56
  about
• 24:56
  that
• 24:56
  a
• 24:56
  lot
• 24:57
  and
• 24:57
  will
• 24:57
  often
• 24:57
  say
• 24:58
  I'm
• 24:58
  really
• 24:58
  interested
• 24:58
  in
• 24:59
  trying
• 24:59
  X,
• 24:59
  Y
• 24:59
  and
• 25:00
  Z.
• 25:01
  And
• 25:02
  I'm
• 25:02
  sort
• 25:03
  of
• 25:03
  of
• 25:03
  the
• 25:03
  perspective,
• 25:03
  obviously
• 25:04
  I'm
• 25:04
  in
• 25:04
  this
• 25:05
  business
• 25:05
  because
• 25:05
  I
• 25:05
  think
• 25:05
  there's
• 25:06
  huge
• 25:06
  potential
• 25:06
  and
• 25:07
  obviously
• 25:08
  so
• 25:08
  far
• 25:09
  so
• 25:09
  good.
• 25:09
  Right.
• 25:09
  I'm
• 25:09
  still
• 25:10
  here
• 25:10
  two
• 25:10
  years
• 25:10
  later,
• 25:11
  great.
• 25:12
  But
• 25:13
  when
• 25:13
  I
• 25:13
  look
• 25:14
  at
• 25:14
  it
• 25:14
  and
• 25:14
  I
• 25:14
  sort
• 25:15
  of
• 25:15
  assess
• 25:15
  it
• 25:15
  as
• 25:15
  a
• 25:16
  business
• 25:16
  model,
• 25:17
  you
• 25:17
  can
• 25:17
  do
• 25:18
  so
• 25:18
  much
• 25:19
  digitally
• 25:19
  and
• 25:19
  online,
• 25:20
  you
• 25:20
  can
• 25:20
  build
• 25:21
  really
• 25:21
  fast,
• 25:22
  so
• 25:22
  can
• 25:23
  everyone
• 25:23
  else.
• 25:24
  You
• 25:24
  know,
• 25:24
  there's
• 25:25
  not
• 25:25
  much
• 25:25
  of
• 25:25
  a
• 25:25
  moat
• 25:26
  around
• 25:26
  your
• 25:26
  business,
• 25:27
  you
• 25:27
  know,
• 25:27
  so
• 25:28
  you
• 25:28
  can
• 25:28
  build
• 25:28
  really
• 25:29
  fast.
• 25:29
  You
• 25:29
  have
• 25:29
  a
• 25:30
  lot
• 25:30
  of
• 25:31
  amazing
• 25:32
  sort
• 25:33
  of
• 25:33
  softwares
• 25:33
  that
• 25:33
  can
• 25:34
  help
• 25:34
  you
• 25:34
  do
• 25:34
  great
• 25:35
  things
• 25:35
  and
• 25:35
  reach
• 25:35
  new
• 25:36
  people
• 25:36
  these
• 25:36
  days.
• 25:37
  But
• 25:37
  again,
• 25:37
  so
• 25:37
  can
• 25:38
  everyone
• 25:38
  else.
• 25:38
  And
• 25:39
  so
• 25:39
  when
• 25:39
  there's
• 25:40
  less
• 25:40
  competition
• 25:41
  and
• 25:41
  when
• 25:42
  there's
• 25:42
  less
• 25:42
  barriers
• 25:43
  to
• 25:43
  you,
• 25:43
  so
• 25:43
  there
• 25:43
  is
• 25:44
  to
• 25:44
  everyone
• 25:44
  else.
• 25:44
  And
• 25:45
  you
• 25:45
  know,
• 25:45
  you
• 25:45
  mentioned
• 25:46
  the
• 25:46
  import
• 25:46
  business.
• 25:47
  That's
• 25:47
  maybe
• 25:48
  a
• 25:48
  little
• 25:48
  trickier
• 25:48
  to
• 25:49
  set
• 25:49
  up,
• 25:50
  but
• 25:50
  so
• 25:51
  it
• 25:51
  is
• 25:51
  for
• 25:51
  everyone
• 25:51
  else.
• 25:52
  And
• 25:52
  so
• 25:52
  you
• 25:52
  have
• 25:52
  to
• 25:53
  kind
• 25:53
  of
• 25:53
  weigh
• 25:53
  up
• 25:53
  these
• 25:54
  things
• 25:54
  of
• 25:54
  what
• 25:55
  do
• 25:55
  I
• 25:55
  think
• 25:55
  is
• 25:55
  a
• 25:55
  good
• 25:56
  opportunity,
• 25:56
  what
• 25:57
  am
• 25:57
  I
• 25:58
  uniquely
• 25:58
  skilled
• 25:58
  at?
• 25:59
  And
• 25:59
  also
• 26:00
  what
• 26:01
  might
• 26:02
  everyone
• 26:02
  else
• 26:03
  also
• 26:03
  be
• 26:03
  skilled
• 26:04
  at?
• 26:04
  Right.
• 26:04
  So.
• 26:05
  So
• 26:05
  I
• 26:05
  think
• 26:05
  despite
• 26:06
  me
• 26:06
  being
• 26:06
  in
• 26:06
  this
• 26:06
  area,
• 26:07
  that
• 26:07
  I
• 26:07
  think
• 26:07
  some
• 26:07
  of
• 26:07
  the
• 26:07
  online
• 26:08
  businesses
• 26:08
  can
• 26:08
  be
• 26:09
  overhyped.
• 26:09
  Is
• 26:10
  there
• 26:10
  anywhere
• 26:10
  that
• 26:10
  strikes
• 26:11
  you
• 26:11
  similarly?
• 26:12
  I
• 26:12
  think
• 26:13
  in
• 26:13
  terms
• 26:13
  of
• 26:13
  the
• 26:13
  venture
• 26:14
  capital
• 26:14
  space,
• 26:15
  what
• 26:16
  you
• 26:16
  look
• 26:16
  at
• 26:16
  when
• 26:17
  you're
• 26:17
  talking
• 26:17
  about
• 26:17
  online
• 26:18
  and
• 26:18
  e
• 26:18
  commerce
• 26:18
  businesses,
• 26:19
  New
• 26:19
  Zealand's
• 26:20
  done
• 26:20
  exceptionally
• 26:20
  well
• 26:21
  and
• 26:22
  in
• 26:23
  some
• 26:23
  cases
• 26:23
  some
• 26:23
  bootstrap
• 26:24
  founders
• 26:25
  just
• 26:25
  absolutely
• 26:26
  going
• 26:26
  global
• 26:27
  with
• 26:27
  virtually
• 26:28
  no
• 26:28
  equity
• 26:29
  investors
• 26:29
  and
• 26:29
  outside
• 26:30
  funding,
• 26:31
  huge
• 26:32
  success
• 26:32
  stories,
• 26:33
  those
• 26:33
  kind
• 26:34
  of
• 26:34
  businesses
• 26:35
  can
• 26:35
  do
• 26:36
  really,
• 26:36
  really
• 26:36
  well.
• 26:37
  I
• 26:37
  think
• 26:37
  when
• 26:37
  you're
• 26:38
  competing
• 26:38
  on
• 26:38
  a
• 26:38
  global
• 26:38
  stage,
• 26:40
  there's
• 26:40
  always
• 26:40
  gonna
• 26:41
  be
• 26:41
  people
• 26:41
  that
• 26:41
  copycat
• 26:42
  and
• 26:42
  emulate.
• 26:44
  Really
• 26:44
  good
• 26:44
  example
• 26:44
  would
• 26:45
  be
• 26:45
  when
• 26:45
  I
• 26:45
  was
• 26:45
  living
• 26:46
  in
• 26:46
  the
• 26:46
  UK
• 26:46
  for
• 26:46
  about
• 26:47
  six
• 26:47
  years,
• 26:47
  there
• 26:47
  was
• 26:47
  a
• 26:47
  mattress
• 26:48
  company
• 26:48
  and
• 26:48
  effectively
• 26:49
  here's
• 26:50
  a
• 26:50
  drop
• 26:51
  shipped
• 26:51
  mattress
• 26:52
  straight
• 26:52
  to
• 26:53
  your
• 26:53
  door
• 26:54
  that
• 26:54
  you
• 26:54
  can
• 26:54
  just
• 26:55
  unfurl
• 26:56
  in
• 26:56
  your
• 26:57
  apartment.
• 26:57
  And
• 26:58
  what
• 26:58
  was
• 26:58
  with
• 26:58
  the
• 26:58
  mattresses?
• 26:59
  It
• 26:59
  was
• 26:59
  such
• 26:59
  a
• 26:59
  thing.
• 27:00
  It
• 27:01
  was
• 27:01
  Eve
• 27:01
  and
• 27:01
  Casper.
• 27:02
  And
• 27:02
  so
• 27:03
  I
• 27:03
  think
• 27:03
  it
• 27:03
  was
• 27:03
  Eve
• 27:04
  that
• 27:04
  started
• 27:04
  in
• 27:05
  the
• 27:05
  UK
• 27:05
  only
• 27:05
  as
• 27:06
  Single
• 27:06
  Market
• 27:06
  and
• 27:07
  Casper
• 27:08
  basically
• 27:08
  did
• 27:08
  us
• 27:09
  and
• 27:09
  within
• 27:09
  six
• 27:09
  months,
• 27:10
  complete
• 27:10
  copycat
• 27:11
  model
• 27:12
  and
• 27:12
  doubled
• 27:13
  down
• 27:13
  and
• 27:13
  went
• 27:13
  global.
• 27:14
  And
• 27:14
  that
• 27:14
  was
• 27:14
  the
• 27:14
  only
• 27:15
  reason
• 27:15
  why
• 27:15
  they
• 27:15
  came
• 27:15
  out
• 27:15
  ahead
• 27:16
  because
• 27:17
  rather
• 27:17
  than
• 27:17
  focus
• 27:17
  on
• 27:18
  single
• 27:18
  market,
• 27:18
  they
• 27:19
  went
• 27:19
  global
• 27:19
  first
• 27:20
  and
• 27:21
  had
• 27:21
  deeper
• 27:21
  pockets.
• 27:22
  Right.
• 27:22
  So
• 27:22
  you
• 27:22
  just
• 27:23
  drive
• 27:23
  your
• 27:23
  competitor
• 27:24
  out.
• 27:24
  So
• 27:25
  in
• 27:25
  some
• 27:25
  cases
• 27:25
  that
• 27:26
  first
• 27:26
  mover
• 27:26
  advantage,
• 27:28
  you
• 27:28
  need
• 27:28
  to
• 27:28
  back
• 27:28
  it
• 27:28
  up
• 27:29
  with
• 27:29
  capital
• 27:30
  to
• 27:30
  be
• 27:30
  able
• 27:30
  to
• 27:30
  create
• 27:31
  a
• 27:31
  moat.
• 27:32
  Because
• 27:33
  without
• 27:33
  data,
• 27:33
  without
• 27:34
  customers,
• 27:35
  without
• 27:35
  supply
• 27:35
  relationships,
• 27:36
  without
• 27:36
  all
• 27:37
  those
• 27:37
  sources
• 27:38
  of
• 27:38
  intellectual
• 27:39
  property
• 27:39
  and
• 27:39
  intrinsic
• 27:40
  value,
• 27:40
  you
• 27:41
  don't
• 27:41
  really
• 27:41
  have
• 27:42
  that.
• 27:42
  So
• 27:42
  you
• 27:43
  need
• 27:43
  to
• 27:43
  accelerate
• 27:43
  faster.
• 27:45
  Venture
• 27:45
  capital
• 27:45
  is
• 27:46
  a
• 27:46
  really
• 27:46
  good
• 27:46
  way
• 27:46
  of
• 27:46
  doing
• 27:47
  that.
• 27:47
  But
• 27:48
  a
• 27:48
  lot
• 27:48
  of
• 27:48
  those
• 27:48
  businesses
• 27:49
  do
• 27:49
  fail.
• 27:49
  I
• 27:50
  think
• 27:50
  when
• 27:50
  you're
• 27:50
  talking
• 27:51
  about
• 27:51
  digital
• 27:52
  and
• 27:52
  E
• 27:52
  commerce,
• 27:53
  again,
• 27:54
  lower
• 27:54
  barriers
• 27:54
  to
• 27:55
  entry,
• 27:55
  you
• 27:55
  can.
• 27:56
  Here's
• 27:56
  a
• 27:57
  website
• 27:57
  that
• 27:57
  I
• 27:57
  want
• 27:57
  to
• 27:57
  emulate.
• 27:58
  Boof.
• 27:59
  Two
• 27:59
  minutes
• 27:59
  later
• 28:00
  Here's
• 28:00
  a
• 28:01
  sparkling
• 28:02
  gleaming
• 28:02
  one
• 28:02
  that
• 28:03
  looks
• 28:03
  on
• 28:04
  the
• 28:04
  face
• 28:04
  of
• 28:04
  it,
• 28:04
  completely
• 28:05
  different,
• 28:05
  but
• 28:06
  same
• 28:07
  business.
• 28:07
  Right.
• 28:08
  So
• 28:08
  the
• 28:09
  barriers
• 28:09
  are
• 28:09
  a
• 28:10
  lot
• 28:10
  weaker
• 28:11
  and
• 28:11
  then
• 28:11
  you're
• 28:11
  also
• 28:12
  at
• 28:12
  the
• 28:13
  mercy
• 28:13
  of
• 28:13
  social
• 28:13
  media
• 28:14
  giants.
• 28:15
  So
• 28:16
  came
• 28:16
  up
• 28:16
  on
• 28:17
  my
• 28:17
  LinkedIn
• 28:17
  feed
• 28:18
  yesterday
• 28:18
  or
• 28:18
  the
• 28:18
  day
• 28:19
  before,
• 28:20
  there
• 28:20
  was
• 28:20
  an
• 28:20
  accountant
• 28:20
  that
• 28:21
  had
• 28:21
  25
• 28:21
  different
• 28:22
  accounts
• 28:24
  on
• 28:24
  LinkedIn,
• 28:25
  Facebook,
• 28:25
  Instagram.
• 28:27
  Not
• 28:27
  only
• 28:27
  did
• 28:27
  they
• 28:27
  cancel
• 28:28
  and
• 28:29
  permanently
• 28:29
  delete
• 28:30
  without
• 28:31
  any
• 28:31
  right
• 28:31
  of
• 28:31
  recourse
• 28:32
  all
• 28:32
  of
• 28:32
  her
• 28:33
  accounts,
• 28:34
  also
• 28:34
  her
• 28:35
  sister
• 28:35
  and
• 28:35
  her
• 28:35
  sister's
• 28:36
  business
• 28:37
  because
• 28:37
  they
• 28:38
  were
• 28:38
  associated.
• 28:39
  What
• 28:40
  did
• 28:40
  she
• 28:40
  do?
• 28:40
  Nothing.
• 28:41
  Nothing.
• 28:41
  She
• 28:41
  was
• 28:41
  an
• 28:42
  accountant.
• 28:43
  Oh,
• 28:44
  no.
• 28:44
  I
• 28:44
  just
• 28:44
  went,
• 28:45
  oh,
• 28:45
  wow.
• 28:48
  There's
• 28:49
  been
• 28:50
  loads
• 28:50
  of
• 28:51
  really
• 28:51
  scary
• 28:52
  stories.
• 28:52
  No,
• 28:52
  it's
• 28:53
  gone
• 28:53
  right.
• 28:54
  It's
• 28:54
  gone
• 28:55
  so
• 28:55
  exactly
• 28:56
  right.
• 28:56
  In
• 28:57
  one
• 28:57
  sense,
• 28:58
  you
• 28:58
  capture
• 28:58
  that
• 28:59
  premium
• 28:59
  because
• 28:59
  you're
• 28:59
  owning
• 29:00
  the
• 29:00
  customer
• 29:00
  relationship,
• 29:01
  but
• 29:01
  you're
• 29:01
  doing
• 29:02
  it
• 29:02
  on
• 29:02
  someone
• 29:02
  else's
• 29:03
  platform.
• 29:04
  So
• 29:05
  that's
• 29:05
  why
• 29:06
  you
• 29:06
  generally
• 29:06
  want
• 29:06
  to
• 29:07
  own
• 29:07
  that
• 29:07
  whole
• 29:07
  value
• 29:08
  chain
• 29:08
  around.
• 29:09
  If
• 29:09
  you're
• 29:09
  doing
• 29:09
  E
• 29:09
  commerce,
• 29:10
  you
• 29:10
  want
• 29:11
  to
• 29:11
  have
• 29:11
  your
• 29:11
  own
• 29:11
  platform,
• 29:12
  you
• 29:12
  want
• 29:12
  to
• 29:12
  have
• 29:13
  that
• 29:13
  direct
• 29:13
  customer
• 29:13
  relationship.
• 29:14
  People
• 29:15
  think
• 29:15
  about,
• 29:15
  oh
• 29:15
  yeah,
• 29:16
  we're
• 29:16
  an
• 29:16
  E
• 29:16
  commerce
• 29:17
  business.
• 29:17
  Do
• 29:17
  you
• 29:18
  have
• 29:18
  in
• 29:19
  your
• 29:19
  supplier
• 29:19
  agreements
• 29:21
  a
• 29:21
  non
• 29:21
  compete
• 29:22
  and
• 29:22
  full
• 29:22
  ownership
• 29:23
  of
• 29:23
  the
• 29:23
  intellectual
• 29:23
  property
• 29:24
  because
• 29:25
  your
• 29:25
  Chinese
• 29:25
  supplier
• 29:26
  could
• 29:26
  go,
• 29:27
  hey,
• 29:27
  this
• 29:28
  business
• 29:28
  is
• 29:28
  going
• 29:29
  absolutely
• 29:29
  gangbusters.
• 29:30
  Like
• 29:31
  5,
• 29:31
  10
• 29:32
  mil
• 29:32
  of
• 29:32
  revenue
• 29:32
  in
• 29:33
  New
• 29:33
  Zealand.
• 29:34
  Wow.
• 29:35
  Don't
• 29:35
  worry
• 29:35
  about
• 29:35
  supplying
• 29:36
  this
• 29:36
  business
• 29:36
  anymore.
• 29:37
  We'll
• 29:37
  just
• 29:37
  go
• 29:37
  direct
• 29:38
  ourselves
• 29:38
  because
• 29:39
  we're
• 29:39
  making
• 29:39
  the
• 29:39
  product.
• 29:40
  All
• 29:40
  we're
• 29:40
  doing
• 29:40
  is
• 29:41
  creating
• 29:41
  a
• 29:41
  shop
• 29:41
  front
• 29:42
  now.
• 29:42
  And
• 29:42
  suddenly
• 29:43
  your
• 29:43
  business
• 29:43
  evaporates
• 29:44
  overnight.
• 29:45
  It's
• 29:45
  about
• 29:45
  making
• 29:45
  sure
• 29:46
  from
• 29:46
  a
• 29:46
  legal
• 29:46
  perspective
• 29:46
  you've
• 29:47
  got
• 29:47
  the
• 29:47
  right
• 29:47
  protections
• 29:48
  there
• 29:48
  so
• 29:48
  that
• 29:49
  you
• 29:49
  can't
• 29:49
  really
• 29:50
  get
• 29:50
  undone.
• 29:51
  I
• 29:51
  don't
• 29:51
  think
• 29:51
  there's
• 29:52
  necessarily
• 29:53
  one
• 29:53
  business
• 29:54
  model
• 29:54
  that's
• 29:54
  better
• 29:55
  than
• 29:55
  the
• 29:55
  other.
• 29:55
  It's
• 29:55
  just
• 29:55
  about
• 29:56
  finding
• 29:56
  something
• 29:56
  that
• 29:57
  you're
• 29:57
  excited
• 29:57
  about
• 29:58
  that
• 29:58
  you
• 29:58
  think's
• 29:59
  a
• 29:59
  great
• 29:59
  idea.
• 30:00
  And
• 30:00
  like
• 30:00
  I
• 30:00
  said,
• 30:00
  giving
• 30:01
  it
• 30:01
  a
• 30:01
  go.
• 30:01
  Yeah.
• 30:02
  You
• 30:02
  can
• 30:02
  start
• 30:02
  a
• 30:03
  business
• 30:03
  with
• 30:03
  very
• 30:03
  low
• 30:04
  barriers
• 30:05
  to
• 30:05
  entry.
• 30:05
  Right.
• 30:06
  Register
• 30:07
  a
• 30:07
  business
• 30:07
  for
• 30:07
  $150
• 30:08
  on
• 30:08
  the
• 30:08
  company's
• 30:09
  office,
• 30:10
  put
• 30:10
  up
• 30:10
  a
• 30:10
  website,
• 30:12
  do
• 30:12
  some
• 30:12
  ads.
• 30:13
  All
• 30:14
  right.
• 30:14
  There's
• 30:15
  people
• 30:15
  that
• 30:15
  actually
• 30:15
  want
• 30:15
  this
• 30:16
  product.
• 30:16
  All
• 30:16
  right,
• 30:16
  Go
• 30:16
  and
• 30:17
  find
• 30:17
  the
• 30:17
  product.
• 30:18
  Right.
• 30:19
  Put
• 30:19
  them
• 30:19
  on
• 30:19
  a
• 30:19
  wait
• 30:19
  list
• 30:20
  and
• 30:20
  we'll
• 30:21
  be
• 30:21
  back
• 30:21
  to
• 30:21
  you
• 30:21
  in
• 30:21
  six
• 30:21
  weeks.
• 30:22
  We'll
• 30:22
  go
• 30:22
  and
• 30:22
  find
• 30:22
  the
• 30:22
  product.
• 30:23
  Yeah.
• 30:23
  Okay,
• 30:24
  so
• 30:24
  if
• 30:24
  you
• 30:24
  were
• 30:24
  talking
• 30:24
  to
• 30:25
  someone
• 30:25
  and
• 30:25
  they
• 30:26
  were
• 30:26
  saying,
• 30:27
  I'd
• 30:27
  really
• 30:27
  like
• 30:27
  to
• 30:28
  become
• 30:28
  a
• 30:28
  business
• 30:28
  owner
• 30:29
  and
• 30:29
  I'm
• 30:29
  weighing
• 30:30
  up
• 30:30
  whether
• 30:31
  I
• 30:31
  start
• 30:31
  a
• 30:31
  business
• 30:31
  or
• 30:32
  buy
• 30:32
  one,
• 30:33
  what
• 30:33
  sort
• 30:33
  of
• 30:34
  things
• 30:34
  would
• 30:34
  you
• 30:35
  walk
• 30:35
  them
• 30:35
  through
• 30:36
  to
• 30:36
  think
• 30:36
  about?
• 30:37
  A
• 30:37
  lot
• 30:37
  of
• 30:37
  people
• 30:38
  aren't
• 30:39
  Good
• 30:39
  business
• 30:40
  owners.
• 30:40
  And
• 30:41
  I'll
• 30:41
  say
• 30:41
  that
• 30:41
  right,
• 30:42
  because
• 30:42
  I've
• 30:42
  seen
• 30:43
  it
• 30:43
  a
• 30:43
  lot.
• 30:43
  And
• 30:44
  the
• 30:44
  reality
• 30:44
  is,
• 30:45
  the
• 30:45
  harsh
• 30:45
  reality,
• 30:46
  a
• 30:46
  lot
• 30:46
  of
• 30:46
  businesses
• 30:47
  will
• 30:47
  fail
• 30:48
  before
• 30:48
  year
• 30:48
  two
• 30:49
  or
• 30:49
  year
• 30:49
  three,
• 30:50
  more
• 30:51
  than
• 30:51
  50%.
• 30:52
  Sometimes
• 30:53
  it's
• 30:54
  not
• 30:54
  understanding
• 30:55
  your
• 30:55
  finances,
• 30:56
  sometimes
• 30:56
  it's
• 30:56
  not
• 30:57
  understanding
• 30:57
  your
• 30:57
  product,
• 30:58
  not
• 30:58
  understanding
• 30:59
  your
• 30:59
  customer.
• 31:00
  So
• 31:00
  you
• 31:00
  go
• 31:00
  and
• 31:00
  buy
• 31:01
  a
• 31:01
  whole
• 31:01
  lot
• 31:01
  of
• 31:01
  stock
• 31:01
  because
• 31:02
  you
• 31:02
  think
• 31:02
  this
• 31:02
  is
• 31:02
  a
• 31:02
  great
• 31:02
  idea.
• 31:04
  But
• 31:04
  then
• 31:05
  you
• 31:05
  haven't
• 31:05
  figured
• 31:06
  out
• 31:06
  a
• 31:06
  way
• 31:06
  of
• 31:06
  getting
• 31:06
  that
• 31:06
  into
• 31:07
  the
• 31:07
  hands
• 31:07
  of
• 31:07
  customers
• 31:09
  or
• 31:10
  worse
• 31:10
  again,
• 31:11
  the
• 31:11
  customers
• 31:12
  don't
• 31:12
  actually
• 31:12
  want
• 31:12
  it.
• 31:12
  You
• 31:13
  don't
• 31:13
  have
• 31:13
  any
• 31:13
  customers
• 31:14
  now.
• 31:14
  You've
• 31:14
  just
• 31:14
  got
• 31:14
  a
• 31:14
  whole
• 31:15
  lot
• 31:15
  of
• 31:15
  stock
• 31:15
  that's
• 31:15
  unsalable.
• 31:17
  So
• 31:18
  actually
• 31:18
  thinking
• 31:19
  through
• 31:19
  and
• 31:20
  running
• 31:20
  yourself
• 31:21
  through
• 31:21
  a
• 31:21
  process
• 31:21
  to
• 31:22
  make
• 31:22
  sure
• 31:22
  it's
• 31:22
  the
• 31:22
  right
• 31:23
  kind
• 31:23
  of
• 31:23
  business.
• 31:24
  So
• 31:24
  like
• 31:24
  a
• 31:24
  minimum
• 31:25
  viable
• 31:25
  product,
• 31:26
  testing
• 31:26
  out
• 31:26
  your
• 31:26
  theory,
• 31:27
  a
• 31:27
  lot
• 31:27
  of
• 31:28
  pointing
• 31:28
  and
• 31:28
  shooting
• 31:29
  before
• 31:29
  you
• 31:29
  buy
• 31:29
  the
• 31:29
  big
• 31:29
  cannon
• 31:30
  and
• 31:30
  go
• 31:30
  all
• 31:30
  in,
• 31:31
  I
• 31:31
  think
• 31:31
  getting
• 31:32
  the
• 31:32
  right
• 31:32
  support
• 31:33
  network
• 31:33
  around
• 31:33
  you.
• 31:34
  So
• 31:34
  people
• 31:35
  are
• 31:35
  really
• 31:35
  fearful
• 31:35
  of
• 31:36
  testing
• 31:36
  out
• 31:36
  their
• 31:36
  ideas
• 31:37
  with
• 31:37
  people
• 31:37
  and
• 31:37
  saying,
• 31:37
  hey,
• 31:38
  I've
• 31:38
  been
• 31:38
  thinking
• 31:38
  about
• 31:38
  this,
• 31:39
  what
• 31:40
  do
• 31:40
  you
• 31:40
  think?
• 31:40
  Fearful
• 31:41
  that,
• 31:41
  oh,
• 31:41
  someone
• 31:42
  else
• 31:42
  is
• 31:42
  going
• 31:42
  to
• 31:42
  sit
• 31:42
  up
• 31:42
  in
• 31:43
  competition
• 31:43
  with
• 31:43
  you?
• 31:44
  Well,
• 31:44
  if
• 31:44
  they're
• 31:44
  a
• 31:45
  friend,
• 31:45
  why
• 31:46
  would
• 31:46
  they
• 31:46
  do.
• 31:46
  That's
• 31:48
  point
• 31:49
  one.
• 31:49
  Also
• 31:50
  back
• 31:50
  yourself
• 31:50
  to
• 31:51
  do
• 31:51
  it
• 31:51
  better.
• 31:51
  Absolutely
• 31:52
  right.
• 31:54
  You've
• 31:55
  got
• 31:55
  to
• 31:55
  trust
• 31:55
  other
• 31:55
  people.
• 31:56
  A
• 31:57
  lot
• 31:57
  of,
• 31:57
  like
• 31:57
  venture
• 31:57
  capital
• 31:58
  firms
• 31:58
  and
• 31:59
  so
• 31:59
  on,
• 31:59
  they
• 32:00
  weren't
• 32:00
  signing
• 32:00
  NDAs,
• 32:01
  and
• 32:01
  the
• 32:01
  NDAs
• 32:02
  practically
• 32:02
  aren't
• 32:03
  worth
• 32:03
  the
• 32:03
  paper
• 32:03
  they're
• 32:03
  written
• 32:04
  on.
• 32:04
  You're
• 32:05
  coming
• 32:05
  to
• 32:05
  them
• 32:05
  with
• 32:05
  an
• 32:05
  idea.
• 32:07
  You're
• 32:07
  coming
• 32:07
  to
• 32:07
  them
• 32:08
  because
• 32:08
  you
• 32:08
  don't
• 32:08
  have
• 32:09
  money
• 32:09
  to
• 32:09
  realize
• 32:09
  this.
• 32:10
  And
• 32:10
  you
• 32:11
  don't
• 32:11
  quite
• 32:11
  know
• 32:12
  if
• 32:12
  it's
• 32:12
  the
• 32:13
  right
• 32:13
  idea
• 32:13
  yet
• 32:13
  either.
• 32:14
  So
• 32:16
  you
• 32:16
  really
• 32:16
  do
• 32:16
  need
• 32:17
  to
• 32:17
  sense
• 32:17
  check
• 32:18
  it
• 32:18
  with
• 32:18
  a
• 32:18
  lot
• 32:18
  of
• 32:18
  people
• 32:19
  before
• 32:19
  you
• 32:20
  really
• 32:20
  make
• 32:20
  a
• 32:20
  go
• 32:20
  of
• 32:21
  it.
• 32:21
  I
• 32:21
  remember
• 32:22
  talking
• 32:22
  to
• 32:22
  someone
• 32:23
  once,
• 32:23
  they
• 32:23
  were
• 32:23
  saying
• 32:24
  that
• 32:24
  they
• 32:24
  could
• 32:24
  always
• 32:24
  tell
• 32:25
  when
• 32:25
  someone
• 32:25
  was
• 32:26
  a
• 32:26
  new
• 32:26
  entrepreneur
• 32:28
  because
• 32:28
  when
• 32:28
  they
• 32:28
  were
• 32:29
  looking
• 32:29
  for
• 32:29
  investors
• 32:30
  and
• 32:31
  they
• 32:31
  were
• 32:31
  having
• 32:32
  these
• 32:32
  conversations,
• 32:33
  they
• 32:33
  would
• 32:33
  bring
• 32:34
  along
• 32:34
  something
• 32:34
  like
• 32:34
  an
• 32:35
  NDA.
• 32:37
  And
• 32:37
  they
• 32:38
  were
• 32:38
  saying
• 32:39
  the
• 32:39
  idea,
• 32:40
  while
• 32:41
  yes,
• 32:41
  is
• 32:42
  important
• 32:42
  and
• 32:43
  valuable,
• 32:44
  that's
• 32:44
  not
• 32:45
  the
• 32:45
  valuable
• 32:45
  bit.
• 32:47
  Anyone
• 32:47
  can
• 32:47
  have
• 32:47
  an
• 32:48
  idea.
• 32:48
  Most
• 32:49
  people
• 32:49
  have
• 32:49
  had
• 32:49
  an
• 32:50
  idea
• 32:50
  and
• 32:50
  said,
• 32:51
  if
• 32:51
  I
• 32:51
  was
• 32:51
  going
• 32:51
  to
• 32:51
  get
• 32:52
  into
• 32:52
  business,
• 32:52
  I'd
• 32:52
  do
• 32:52
  this.
• 32:54
  But
• 32:54
  did
• 32:54
  you?
• 32:55
  Because
• 32:56
  that's
• 32:56
  the
• 32:56
  hard
• 32:56
  part
• 32:57
  you
• 32:58
  actually
• 32:58
  gotta
• 32:58
  do.
• 32:59
  To
• 32:59
  do
• 32:59
  it
• 33:00
  is
• 33:00
  the
• 33:00
  hard
• 33:01
  part
• 33:01
  to
• 33:02
  sit
• 33:02
  down
• 33:02
  and
• 33:02
  go,
• 33:03
  okay,
• 33:03
  I'm
• 33:04
  now
• 33:04
  gonna
• 33:04
  make
• 33:04
  that
• 33:04
  work
• 33:04
  by
• 33:05
  doing
• 33:05
  this.
• 33:05
  I'm
• 33:06
  gonna
• 33:06
  start
• 33:06
  putting
• 33:06
  time
• 33:07
  into
• 33:07
  that.
• 33:07
  I'm
• 33:08
  gonna
• 33:08
  invest
• 33:08
  my
• 33:08
  money
• 33:08
  into
• 33:09
  this.
• 33:10
  That
• 33:10
  having
• 33:10
  the
• 33:11
  idea
• 33:11
  is
• 33:11
  good
• 33:11
  and
• 33:11
  great
• 33:12
  and
• 33:12
  sure
• 33:12
  Important,
• 33:13
  but
• 33:13
  executing
• 33:14
  on
• 33:14
  it
• 33:15
  is
• 33:15
  80
• 33:15
  to
• 33:16
  90%
• 33:16
  of
• 33:16
  it.
• 33:18
  And
• 33:18
  so
• 33:19
  to
• 33:19
  bring
• 33:19
  along
• 33:19
  the
• 33:20
  NDA
• 33:20
  was
• 33:20
  a
• 33:20
  bit
• 33:20
  like,
• 33:21
  ah,
• 33:21
  you
• 33:21
  know,
• 33:22
  you
• 33:22
  don't
• 33:22
  know
• 33:22
  what
• 33:22
  the
• 33:22
  hard
• 33:22
  bit
• 33:23
  is
• 33:23
  yet.
• 33:25
  I
• 33:25
  mean
• 33:25
  it's
• 33:26
  a
• 33:26
  double
• 33:26
  edged
• 33:26
  sword
• 33:27
  because
• 33:27
  a
• 33:27
  lot
• 33:27
  of
• 33:28
  and
• 33:28
  particularly
• 33:28
  larger
• 33:29
  overseas
• 33:30
  venture
• 33:30
  capital
• 33:30
  firms
• 33:31
  have
• 33:31
  entrepreneurs
• 33:32
  in
• 33:32
  residents
• 33:33
  eirs
• 33:34
  who
• 33:34
  are,
• 33:34
  they've
• 33:35
  gone
• 33:35
  through
• 33:35
  one
• 33:35
  or
• 33:36
  two
• 33:36
  or
• 33:36
  three
• 33:36
  exits,
• 33:37
  they've
• 33:38
  started
• 33:38
  a
• 33:39
  business,
• 33:39
  scaled
• 33:39
  it
• 33:39
  up,
• 33:40
  grown
• 33:40
  it,
• 33:40
  exited
• 33:42
  and
• 33:42
  done
• 33:42
  it
• 33:42
  two
• 33:42
  or
• 33:43
  three
• 33:43
  times
• 33:43
  over.
• 33:43
  Great,
• 33:44
  you're
• 33:44
  the
• 33:44
  right
• 33:45
  person.
• 33:45
  Now
• 33:45
  we
• 33:45
  just
• 33:45
  need
• 33:46
  to
• 33:46
  marry
• 33:46
  you
• 33:46
  with
• 33:46
  the
• 33:46
  right
• 33:46
  idea.
• 33:47
  The
• 33:47
  reality
• 33:48
  is
• 33:48
  these
• 33:48
  venture
• 33:48
  capital
• 33:49
  firms,
• 33:50
  they
• 33:50
  have
• 33:50
  money
• 33:51
  to
• 33:51
  deploy
• 33:52
  and
• 33:52
  networks
• 33:52
  to
• 33:53
  assist.
• 33:54
  They
• 33:54
  do
• 33:54
  not
• 33:54
  want
• 33:54
  to
• 33:55
  be
• 33:55
  operating
• 33:55
  a
• 33:55
  business.
• 33:56
  That
• 33:57
  is
• 33:57
  what
• 33:57
  they're
• 33:57
  trying
• 33:57
  to
• 33:58
  avoid
• 33:58
  at
• 33:58
  all
• 33:58
  costs.
• 34:00
  Yeah,
• 34:00
  that
• 34:00
  makes
• 34:01
  a
• 34:01
  lot
• 34:01
  of
• 34:01
  sense.
• 34:02
  Flip
• 34:02
  side
• 34:02
  of
• 34:02
  that,
• 34:03
  if
• 34:03
  someone
• 34:03
  is
• 34:03
  interested
• 34:04
  in
• 34:04
  buying
• 34:04
  a
• 34:04
  business
• 34:05
  and
• 34:05
  they
• 34:05
  think
• 34:05
  I
• 34:05
  want
• 34:06
  to
• 34:06
  step
• 34:06
  straight
• 34:07
  into
• 34:07
  it
• 34:08
  in
• 34:08
  the
• 34:08
  mid
• 34:08
  flow,
• 34:09
  you
• 34:09
  know
• 34:09
  that
• 34:10
  this
• 34:10
  has
• 34:10
  already
• 34:10
  got
• 34:12
  customers,
• 34:12
  there's
• 34:13
  a
• 34:13
  system
• 34:13
  in
• 34:13
  place,
• 34:14
  but
• 34:14
  I
• 34:14
  think
• 34:15
  I
• 34:15
  could
• 34:15
  scale
• 34:15
  it
• 34:16
  up
• 34:16
  and
• 34:16
  turn
• 34:16
  it
• 34:16
  into
• 34:16
  something
• 34:16
  even
• 34:17
  more.
• 34:19
  When
• 34:19
  you're
• 34:19
  thinking
• 34:20
  about
• 34:20
  that
• 34:21
  and
• 34:21
  looking
• 34:21
  for
• 34:22
  a
• 34:22
  good
• 34:22
  place
• 34:23
  to
• 34:23
  try
• 34:23
  that
• 34:24
  strategy,
• 34:24
  are
• 34:25
  there
• 34:25
  good
• 34:25
  ways
• 34:25
  to
• 34:26
  stress
• 34:26
  test
• 34:27
  businesses
• 34:27
  that
• 34:28
  you're
• 34:28
  interested
• 34:28
  in?
• 34:29
  In
• 34:29
  most
• 34:29
  cases
• 34:30
  you
• 34:30
  can.
• 34:31
  And
• 34:31
  this
• 34:31
  is
• 34:31
  something
• 34:32
  that
• 34:32
  kind
• 34:32
  of
• 34:32
  gets
• 34:32
  overlooked
• 34:33
  in
• 34:33
  the
• 34:34
  business
• 34:34
  broker
• 34:35
  part
• 34:35
  of
• 34:35
  the
• 34:35
  market.
• 34:36
  It
• 34:36
  certainly
• 34:36
  happens
• 34:37
  a
• 34:37
  lot
• 34:37
  at
• 34:37
  the
• 34:37
  like
• 34:37
  B2B
• 34:38
  M&A
• 34:39
  space.
• 34:39
  You
• 34:39
  have
• 34:39
  management
• 34:40
  presentations
• 34:41
  where
• 34:41
  you're
• 34:41
  dealing
• 34:41
  with
• 34:41
  the
• 34:42
  buyers
• 34:42
  and
• 34:43
  it's
• 34:43
  a
• 34:43
  customized
• 34:44
  presentation
• 34:45
  to
• 34:45
  highlight
• 34:46
  the
• 34:46
  opportunity
• 34:46
  and
• 34:47
  also
• 34:47
  address
• 34:47
  some
• 34:47
  of
• 34:47
  the
• 34:47
  risks
• 34:48
  that
• 34:48
  the
• 34:48
  buyers
• 34:48
  are
• 34:49
  perceiving,
• 34:50
  et
• 34:50
  cetera,
• 34:50
  et
• 34:51
  cetera.
• 34:52
  But
• 34:52
  generally
• 34:53
  the
• 34:53
  business
• 34:53
  broker
• 34:54
  into
• 34:54
  the
• 34:54
  market,
• 34:54
  you
• 34:54
  can
• 34:55
  sit
• 34:55
  down
• 34:55
  with
• 34:55
  the
• 34:55
  business
• 34:55
  owner
• 34:56
  and
• 34:56
  say
• 34:57
  why
• 34:57
  haven't
• 34:57
  you
• 34:57
  done
• 34:57
  this?
• 34:58
  Or
• 34:58
  what
• 34:58
  do
• 34:59
  you
• 34:59
  think
• 34:59
  about
• 34:59
  this?
• 34:59
  And
• 35:00
  they'll
• 35:00
  give
• 35:00
  you
• 35:01
  some
• 35:01
  pretty
• 35:01
  quick
• 35:02
  education
• 35:02
  and
• 35:02
  schooling
• 35:03
  lessons
• 35:03
  about
• 35:03
  why
• 35:04
  that's
• 35:04
  a
• 35:05
  terrible
• 35:05
  idea.
• 35:05
  Because
• 35:06
  if
• 35:06
  you're
• 35:06
  a
• 35:06
  wholesaler
• 35:07
  and
• 35:07
  you're
• 35:07
  doing
• 35:07
  E
• 35:08
  commerce,
• 35:09
  you're
• 35:09
  shooting
• 35:09
  your
• 35:09
  own
• 35:10
  customers
• 35:10
  in
• 35:10
  the
• 35:10
  foot
• 35:11
  because
• 35:11
  you're
• 35:12
  cannibalizing
• 35:13
  their
• 35:13
  market.
• 35:13
  Right.
• 35:14
  They
• 35:14
  own
• 35:14
  the
• 35:15
  consumer
• 35:15
  part
• 35:16
  of
• 35:16
  the
• 35:16
  market.
• 35:17
  You're
• 35:17
  selling
• 35:17
  to
• 35:18
  the
• 35:18
  customer.
• 35:19
  So
• 35:20
  there's
• 35:20
  rookie
• 35:21
  mistakes
• 35:21
  that
• 35:21
  people
• 35:21
  make.
• 35:22
  And
• 35:22
  look,
• 35:23
  those
• 35:23
  confidential
• 35:24
  discussions
• 35:25
  are
• 35:25
  there
• 35:25
  and
• 35:26
  you've
• 35:26
  got
• 35:26
  the
• 35:26
  opportunity
• 35:26
  to
• 35:27
  ask
• 35:27
  those
• 35:27
  kind
• 35:27
  of
• 35:28
  questions
• 35:28
  and
• 35:28
  go
• 35:28
  right,
• 35:29
  here's
• 35:29
  what
• 35:29
  I'm
• 35:30
  thinking,
• 35:30
  would
• 35:31
  this
• 35:31
  or
• 35:31
  would
• 35:31
  this
• 35:31
  not
• 35:32
  work?
• 35:32
  And
• 35:33
  really
• 35:35
  going
• 35:35
  there
• 35:35
  with
• 35:36
  a
• 35:36
  really
• 35:36
  curious
• 35:37
  mindset
• 35:38
  and
• 35:38
  asking
• 35:38
  the
• 35:38
  right
• 35:39
  questions.
• 35:40
  And
• 35:40
  in
• 35:41
  some
• 35:41
  cases
• 35:41
  if
• 35:41
  you're
• 35:41
  lucky,
• 35:42
  you
• 35:42
  can
• 35:42
  do
• 35:42
  that
• 35:43
  two
• 35:43
  or
• 35:43
  three
• 35:44
  times
• 35:44
  over.
• 35:44
  And
• 35:44
  definitely
• 35:45
  during
• 35:45
  the
• 35:45
  due
• 35:46
  diligence
• 35:46
  process
• 35:47
  to
• 35:47
  really
• 35:48
  not
• 35:48
  only
• 35:49
  satisfy
• 35:49
  yourself
• 35:50
  that
• 35:50
  the
• 35:50
  business
• 35:50
  is
• 35:51
  right,
• 35:51
  but
• 35:52
  after
• 35:52
  you
• 35:53
  take
• 35:53
  over,
• 35:53
  really
• 35:54
  start
• 35:54
  accelerating
• 35:55
  that
• 35:56
  next
• 35:56
  growth
• 35:56
  trajectory
• 35:57
  after
• 35:57
  you've
• 35:57
  bought
• 35:58
  it,
• 35:58
  the
• 35:58
  due
• 35:58
  diligence
• 35:59
  period.
• 35:59
  A
• 35:59
  lot
• 35:59
  of
• 36:00
  people
• 36:00
  go
• 36:00
  in
• 36:00
  very
• 36:01
  risk
• 36:01
  focused,
• 36:01
  which
• 36:01
  is
• 36:02
  the
• 36:02
  right
• 36:02
  approach.
• 36:03
  But
• 36:03
  also
• 36:04
  you
• 36:04
  need
• 36:05
  to
• 36:05
  be
• 36:05
  thinking
• 36:05
  about
• 36:05
  the
• 36:06
  growth
• 36:06
  and
• 36:06
  how
• 36:06
  do
• 36:06
  we
• 36:06
  realize
• 36:07
  those
• 36:07
  growth
• 36:07
  opportunities.
• 36:08
  So
• 36:08
  that's
• 36:08
  an
• 36:08
  opportunity
• 36:09
  to
• 36:09
  stress
• 36:09
  test
• 36:10
  your
• 36:11
  assumptions,
• 36:11
  your
• 36:12
  hypothesis
• 36:12
  and
• 36:13
  see
• 36:13
  is
• 36:14
  that
• 36:14
  gonna
• 36:14
  work.
• 36:15
  I
• 36:15
  think
• 36:15
  one
• 36:16
  of
• 36:16
  the
• 36:16
  other
• 36:16
  things
• 36:16
  that's
• 36:16
  come
• 36:17
  up
• 36:17
  in
• 36:17
  this
• 36:18
  conversation
• 36:19
  is
• 36:19
  the
• 36:21
  stamina
• 36:21
  it
• 36:21
  takes
• 36:22
  frankly
• 36:23
  to
• 36:23
  run
• 36:23
  a
• 36:23
  business.
• 36:24
  It
• 36:24
  is
• 36:24
  quite
• 36:25
  different
• 36:25
  from
• 36:25
  having
• 36:25
  a
• 36:25
  job.
• 36:26
  It
• 36:26
  is
• 36:26
  very
• 36:27
  different.
• 36:27
  Right.
• 36:28
  So
• 36:28
  if
• 36:28
  someone
• 36:29
  is
• 36:29
  thinking
• 36:29
  about
• 36:29
  this
• 36:29
  and
• 36:29
  thinking,
• 36:30
  I'd
• 36:30
  love
• 36:30
  it,
• 36:30
  I'm
• 36:31
  just,
• 36:31
  I
• 36:32
  want
• 36:32
  to
• 36:33
  figure
• 36:33
  out
• 36:33
  if
• 36:33
  I'm
• 36:33
  cut
• 36:33
  out
• 36:34
  for
• 36:34
  it.
• 36:34
  Beyond
• 36:35
  the
• 36:35
  numbers,
• 36:35
  how
• 36:36
  do
• 36:36
  you
• 36:36
  figure
• 36:36
  out
• 36:36
  if
• 36:36
  you've
• 36:37
  got
• 36:37
  the
• 36:37
  stamina
• 36:37
  for
• 36:37
  this?
• 36:38
  We've
• 36:38
  all
• 36:38
  got
• 36:39
  24
• 36:39
  hours
• 36:39
  in
• 36:39
  a
• 36:39
  day.
• 36:40
  You
• 36:40
  and
• 36:40
  I
• 36:40
  are
• 36:40
  very
• 36:40
  similar
• 36:41
  in
• 36:41
  terms
• 36:41
  of
• 36:42
  age
• 36:42
  and
• 36:42
  stage
• 36:42
  and
• 36:43
  family
• 36:43
  situation.
• 36:44
  You've
• 36:44
  got
• 36:44
  a
• 36:45
  four
• 36:45
  year
• 36:45
  old
• 36:45
  and
• 36:45
  a
• 36:46
  two
• 36:46
  year
• 36:46
  old
• 36:46
  and
• 36:46
  I've
• 36:47
  got
• 36:47
  a
• 36:47
  four
• 36:47
  year
• 36:47
  old
• 36:47
  and
• 36:47
  a
• 36:47
  three
• 36:48
  year
• 36:48
  old.
• 36:48
  So
• 36:49
  we
• 36:49
  have
• 36:49
  no
• 36:49
  stamina.
• 36:49
  Basically
• 36:50
  we're
• 36:50
  just
• 36:51
  stamina
• 36:51
  all
• 36:51
  the
• 36:51
  time.
• 36:52
  Two
• 36:52
  coffees
• 36:52
  a
• 36:52
  day
• 36:53
  each
• 36:53
  and
• 36:53
  we're
• 36:53
  going
• 36:53
  for
• 36:54
  it.
• 36:54
  You've
• 36:54
  got
• 36:54
  to
• 36:55
  have
• 36:55
  the
• 36:55
  right
• 36:55
  risk
• 36:55
  appetite
• 36:56
  and
• 36:56
  you've
• 36:56
  got
• 36:56
  to
• 36:56
  get
• 36:57
  used
• 36:57
  to
• 36:57
  taking
• 36:57
  risks.
• 36:58
  A
• 36:59
  lot
• 36:59
  of
• 36:59
  business
• 36:59
  owners
• 37:00
  have
• 37:00
  a
• 37:00
  different
• 37:01
  risk
• 37:01
  appetite
• 37:02
  that
• 37:02
  can
• 37:03
  be
• 37:03
  learned.
• 37:04
  I
• 37:04
  would
• 37:04
  say
• 37:04
  that
• 37:05
  I
• 37:05
  am
• 37:05
  someone
• 37:06
  who
• 37:07
  a
• 37:07
  few
• 37:07
  episodes
• 37:08
  back
• 37:08
  I
• 37:08
  was
• 37:08
  saying
• 37:09
  I'm
• 37:09
  an
• 37:09
  aggressive
• 37:09
  investor,
• 37:10
  but
• 37:11
  my
• 37:11
  guest
• 37:11
  called
• 37:11
  me
• 37:12
  a
• 37:12
  passive
• 37:12
  aggressive
• 37:12
  investor,
• 37:13
  which
• 37:13
  I
• 37:13
  loved,
• 37:13
  and
• 37:13
  I'm
• 37:14
  going
• 37:14
  to
• 37:14
  use
• 37:14
  that
• 37:14
  now.
• 37:14
  I
• 37:14
  should
• 37:15
  really
• 37:15
  turn
• 37:15
  that
• 37:15
  into
• 37:15
  the
• 37:15
  tagline
• 37:16
  for
• 37:16
  the
• 37:16
  pod
• 37:16
  because
• 37:18
  I
• 37:19
  can
• 37:19
  be
• 37:19
  very
• 37:19
  aggressive
• 37:20
  within
• 37:22
  certain
• 37:22
  boundaries
• 37:23
  of
• 37:23
  what
• 37:24
  I
• 37:24
  believe
• 37:24
  to
• 37:24
  be
• 37:24
  true.
• 37:25
  I
• 37:25
  am
• 37:26
  not
• 37:26
  someone
• 37:26
  who
• 37:26
  goes
• 37:27
  into
• 37:27
  crypto
• 37:27
  or
• 37:28
  anything
• 37:28
  like
• 37:28
  that,
• 37:28
  but
• 37:29
  I
• 37:29
  am
• 37:29
  someone
• 37:29
  who
• 37:30
  is
• 37:30
  fine
• 37:31
  with
• 37:31
  going
• 37:31
  hard
• 37:32
  on
• 37:32
  the
• 37:32
  share
• 37:32
  market,
• 37:33
  which
• 37:33
  would
• 37:34
  scare
• 37:34
  some
• 37:35
  people
• 37:35
  in
• 37:35
  terms
• 37:35
  of
• 37:36
  sometimes
• 37:36
  my
• 37:36
  percentage
• 37:37
  allocation.
• 37:38
  It
• 37:38
  started
• 37:38
  with
• 37:38
  investing,
• 37:39
  but
• 37:39
  I've
• 37:39
  taken
• 37:40
  that
• 37:40
  approach
• 37:40
  to
• 37:40
  a
• 37:40
  lot
• 37:40
  of
• 37:41
  life
• 37:41
  as
• 37:41
  I
• 37:41
  have
• 37:42
  scaled
• 37:43
  up
• 37:43
  some
• 37:43
  of
• 37:44
  these
• 37:44
  moves
• 37:45
  and
• 37:45
  tried
• 37:45
  things
• 37:46
  and
• 37:46
  figured
• 37:46
  out,
• 37:46
  oh,
• 37:46
  didn't
• 37:47
  die,
• 37:47
  let's
• 37:48
  try
• 37:48
  it
• 37:48
  again.
• 37:49
  And
• 37:50
  I
• 37:51
  run
• 37:51
  this
• 37:51
  business
• 37:51
  with
• 37:51
  my
• 37:52
  husband,
• 37:52
  right.
• 37:52
  He's
• 37:53
  very
• 37:53
  much
• 37:53
  more
• 37:53
  cautious
• 37:54
  person
• 37:54
  than
• 37:54
  I
• 37:54
  am,
• 37:54
  will
• 37:55
  sometimes
• 37:55
  run
• 37:55
  into
• 37:55
  roadblocks
• 37:56
  in
• 37:56
  the
• 37:56
  business
• 37:57
  and
• 37:57
  he'll
• 37:57
  be
• 37:57
  like,
• 37:57
  I
• 37:57
  don't
• 37:57
  think
• 37:58
  we
• 37:58
  should
• 37:58
  do
• 37:58
  this.
• 37:58
  There's
• 37:59
  a
• 37:59
  real
• 37:59
  risk
• 37:59
  of
• 37:59
  it
• 37:59
  going
• 37:59
  wrong.
• 38:00
  And
• 38:00
  I've
• 38:00
  Literally
• 38:01
  turned
• 38:01
  to
• 38:01
  him
• 38:01
  and
• 38:01
  said,
• 38:02
  I
• 38:02
  back
• 38:02
  my
• 38:03
  ability
• 38:03
  to
• 38:03
  earn
• 38:03
  more
• 38:03
  money
• 38:04
  and
• 38:04
  to
• 38:04
  cover
• 38:04
  that
• 38:05
  and
• 38:05
  it'll
• 38:05
  be
• 38:05
  fine.
• 38:07
  He's
• 38:07
  just
• 38:07
  like,.
• 38:10
  We
• 38:10
  all
• 38:10
  have
• 38:10
  those
• 38:11
  conversations
• 38:11
  at
• 38:11
  home.
• 38:12
  He's,
• 38:12
  I'm
• 38:13
  glad
• 38:13
  you're
• 38:13
  so
• 38:13
  confident.
• 38:14
  I
• 38:14
  am
• 38:14
  not.
• 38:15
  But
• 38:15
  it's
• 38:15
  a
• 38:15
  really
• 38:16
  good
• 38:16
  marriage
• 38:16
  in
• 38:16
  terms
• 38:17
  of
• 38:17
  he
• 38:17
  pulls
• 38:17
  me
• 38:17
  back
• 38:17
  from
• 38:18
  being
• 38:18
  overconfident,
• 38:20
  whereas
• 38:20
  I
• 38:20
  really
• 38:21
  have
• 38:21
  developed
• 38:21
  over
• 38:22
  time
• 38:22
  a
• 38:23
  much
• 38:23
  stronger
• 38:23
  risk
• 38:24
  appetite
• 38:24
  than
• 38:24
  I
• 38:25
  ever
• 38:25
  would
• 38:25
  have
• 38:25
  thought.
• 38:26
  And
• 38:26
  me
• 38:26
  five
• 38:27
  years
• 38:27
  ago
• 38:27
  would
• 38:27
  never
• 38:27
  be
• 38:28
  here
• 38:28
  in
• 38:28
  this
• 38:28
  business
• 38:29
  making
• 38:29
  some
• 38:29
  of
• 38:29
  the
• 38:29
  moves
• 38:30
  I
• 38:30
  am
• 38:30
  behind
• 38:30
  the
• 38:31
  scenes.
• 38:32
  And
• 38:32
  I
• 38:32
  think
• 38:33
  that
• 38:33
  is
• 38:33
  something
• 38:33
  over
• 38:34
  time
• 38:35
  that
• 38:36
  if
• 38:36
  someone
• 38:36
  is
• 38:36
  listening
• 38:37
  to
• 38:37
  this
• 38:37
  and
• 38:37
  thinking
• 38:37
  business
• 38:38
  sounds
• 38:38
  hard.
• 38:40
  Risk
• 38:40
  and
• 38:40
  reward
• 38:40
  is
• 38:40
  always
• 38:41
  linked
• 38:41
  in
• 38:41
  the
• 38:41
  money
• 38:42
  world.
• 38:42
  Right.
• 38:42
  And
• 38:43
  I
• 38:43
  think
• 38:43
  you
• 38:44
  start
• 38:44
  with
• 38:44
  taking
• 38:44
  a
• 38:44
  couple
• 38:45
  of
• 38:45
  riskier
• 38:45
  steps,
• 38:46
  testing
• 38:47
  that
• 38:47
  out,
• 38:47
  teaching
• 38:48
  yourself
• 38:48
  you
• 38:48
  didn't
• 38:49
  die,
• 38:49
  and
• 38:49
  you
• 38:50
  can
• 38:50
  learn
• 38:51
  those
• 38:51
  risk
• 38:52
  appetites
• 38:53
  within
• 38:53
  certain
• 38:53
  boundaries.
• 38:54
  Right.
• 38:54
  You're
• 38:55
  never
• 38:55
  going
• 38:55
  totally
• 38:56
  crazy,
• 38:56
  but
• 38:57
  you're
• 38:57
  learning
• 38:57
  to
• 38:57
  take
• 38:57
  calculated
• 38:58
  risks.
• 38:59
  There
• 38:59
  we
• 38:59
  go.
• 38:59
  I
• 39:00
  spoke
• 39:00
  for
• 39:00
  a
• 39:00
  long
• 39:00
  time
• 39:00
  to
• 39:01
  get
• 39:01
  to
• 39:01
  the
• 39:01
  landing
• 39:01
  point.
• 39:02
  Calculated
• 39:03
  risks.
• 39:03
  I
• 39:03
  think
• 39:03
  that's
• 39:04
  the
• 39:04
  point.
• 39:04
  Right?
• 39:04
  Completely
• 39:05
  agree.
• 39:05
  I
• 39:06
  think
• 39:06
  a
• 39:06
  really
• 39:06
  safe
• 39:07
  way
• 39:07
  of
• 39:07
  doing
• 39:07
  that
• 39:07
  in
• 39:08
  the
• 39:08
  confines
• 39:08
  of
• 39:08
  employment
• 39:09
  is
• 39:10
  hand
• 39:10
  raising
• 39:10
  and
• 39:10
  saying,
• 39:11
  hey,
• 39:11
  look,
• 39:12
  you're
• 39:12
  one
• 39:12
  up
• 39:13
  or
• 39:13
  you're
• 39:13
  CEO
• 39:14
  or
• 39:14
  the
• 39:14
  owner
• 39:15
  of
• 39:15
  the
• 39:15
  business,
• 39:15
  hey,
• 39:16
  what
• 39:16
  are
• 39:16
  you
• 39:16
  struggling
• 39:17
  with?
• 39:18
  What
• 39:18
  kind
• 39:18
  of
• 39:18
  challenges
• 39:19
  are
• 39:19
  you
• 39:19
  having?
• 39:19
  How
• 39:20
  can
• 39:20
  I
• 39:20
  help?
• 39:21
  Right.
• 39:22
  And
• 39:23
  all
• 39:23
  right,
• 39:23
  what
• 39:23
  do
• 39:23
  we
• 39:24
  need
• 39:24
  to
• 39:24
  do
• 39:25
  to
• 39:25
  grow
• 39:25
  the
• 39:25
  business
• 39:26
  to
• 39:26
  fix
• 39:26
  this
• 39:26
  issue?
• 39:27
  And
• 39:28
  taking
• 39:28
  some
• 39:28
  ownership
• 39:30
  of
• 39:30
  a
• 39:30
  problem
• 39:30
  and
• 39:30
  coming
• 39:31
  up
• 39:31
  with
• 39:31
  a
• 39:31
  solution
• 39:32
  will
• 39:32
  help
• 39:33
  you
• 39:33
  step
• 39:33
  outside
• 39:33
  of
• 39:34
  your
• 39:34
  comfort
• 39:34
  zone.
• 39:34
  It's
• 39:35
  just
• 39:35
  about
• 39:35
  flexing
• 39:36
  the
• 39:36
  muscle,
• 39:36
  and
• 39:36
  the
• 39:36
  more
• 39:37
  time
• 39:37
  you
• 39:37
  flex
• 39:37
  it,
• 39:38
  adaption.
• 39:39
  So
• 39:39
  you
• 39:40
  do
• 39:40
  need
• 39:40
  to
• 39:40
  take
• 39:40
  risks
• 39:41
  to
• 39:42
  the
• 39:42
  point
• 39:42
  that
• 39:42
  you're
• 39:43
  comfortable
• 39:44
  giving
• 39:44
  it
• 39:44
  a
• 39:44
  go,
• 39:45
  stepping
• 39:45
  out,
• 39:45
  doing
• 39:45
  your
• 39:46
  own
• 39:46
  thing
• 39:46
  or
• 39:46
  buying
• 39:46
  a
• 39:47
  business
• 39:47
  and
• 39:48
  really
• 39:48
  backing
• 39:48
  yourself.
• 39:49
  Yeah.
• 39:50
  All
• 39:50
  right.
• 39:51
  What
• 39:51
  is
• 39:51
  something
• 39:52
  that
• 39:52
  you
• 39:52
  wish
• 39:52
  more
• 39:53
  people
• 39:53
  understood
• 39:53
  about
• 39:53
  the
• 39:54
  business
• 39:54
  world?
• 39:55
  Number
• 39:55
  one,
• 39:55
  is
• 39:56
  lonely
• 39:56
  at
• 39:56
  the
• 39:56
  top.
• 39:57
  Number
• 39:57
  two,
• 39:58
  there's
• 39:58
  a
• 39:58
  lot
• 39:58
  more
• 39:58
  help
• 39:59
  than
• 39:59
  you
• 39:59
  realize.
• 40:00
  There's
• 40:01
  a
• 40:01
  lot
• 40:01
  of
• 40:01
  forums
• 40:02
  and
• 40:02
  networks
• 40:03
  that
• 40:03
  you
• 40:03
  can
• 40:03
  tap
• 40:04
  into
• 40:05
  that
• 40:05
  people
• 40:06
  just
• 40:06
  are
• 40:07
  afraid
• 40:07
  of.
• 40:08
  Business
• 40:08
  coaches
• 40:09
  can
• 40:10
  operate
• 40:10
  across
• 40:10
  a
• 40:10
  range
• 40:11
  of
• 40:11
  different
• 40:11
  industries,
• 40:12
  industry
• 40:12
  agnostic
• 40:13
  as
• 40:13
  I
• 40:13
  am,
• 40:14
  and
• 40:15
  provide
• 40:16
  some
• 40:16
  really
• 40:16
  meaningful
• 40:17
  value.
• 40:18
  Business
• 40:18
  owners
• 40:19
  tend
• 40:19
  to
• 40:19
  be
• 40:20
  quite
• 40:21
  apprehensive
• 40:22
  about
• 40:22
  introducing
• 40:23
  cost
• 40:23
  into
• 40:24
  the
• 40:24
  business
• 40:25
  and
• 40:25
  conflank
• 40:25
  cost
• 40:26
  with
• 40:26
  value.
• 40:28
  And
• 40:28
  I've
• 40:29
  seen
• 40:29
  many
• 40:30
  business
• 40:30
  owners
• 40:31
  meaningfully
• 40:32
  engage
• 40:32
  with
• 40:33
  outside
• 40:34
  consultants
• 40:34
  or
• 40:35
  business
• 40:35
  coaches,
• 40:36
  and
• 40:36
  the
• 40:36
  payback's
• 40:37
  pretty
• 40:37
  quick.
• 40:38
  Sometimes
• 40:38
  three
• 40:39
  months,
• 40:39
  sometimes
• 40:40
  it's
• 40:40
  nine
• 40:40
  to
• 40:41
  12
• 40:41
  months.
• 40:42
  And
• 40:42
  then
• 40:43
  you
• 40:43
  start
• 40:43
  seeing
• 40:44
  some
• 40:44
  pretty
• 40:44
  Powerful
• 40:44
  change
• 40:45
  in
• 40:45
  the
• 40:45
  business.
• 40:46
  Businesses
• 40:47
  reach
• 40:47
  a
• 40:47
  scale
• 40:48
  where
• 40:48
  it
• 40:49
  reaches
• 40:49
  a
• 40:49
  happy
• 40:49
  place
• 40:49
  where
• 40:50
  the
• 40:50
  business
• 40:50
  owner
• 40:50
  doesn't
• 40:51
  want
• 40:51
  to
• 40:51
  take
• 40:51
  it
• 40:51
  on
• 40:51
  that
• 40:51
  next
• 40:51
  leg
• 40:52
  of
• 40:52
  journey
• 40:53
  and
• 40:54
  they
• 40:54
  get
• 40:55
  to
• 40:55
  the
• 40:55
  point
• 40:55
  that
• 40:55
  they
• 40:56
  just
• 40:56
  want
• 40:56
  to
• 40:56
  milk
• 40:56
  the
• 40:56
  cash
• 40:57
  cow
• 40:57
  and
• 40:57
  that's
• 40:57
  perfectly
• 40:58
  fine.
• 40:58
  There's
• 40:58
  nothing
• 40:58
  wrong
• 40:59
  with
• 40:59
  that.
• 40:59
  In
• 41:00
  the
• 41:00
  context
• 41:00
  of
• 41:01
  getting
• 41:01
  ready
• 41:01
  to
• 41:01
  sell
• 41:02
  the
• 41:02
  business
• 41:02
  and
• 41:03
  planning
• 41:03
  for
• 41:03
  that
• 41:03
  exit
• 41:04
  journey,
• 41:05
  you
• 41:05
  do
• 41:05
  need
• 41:06
  to
• 41:06
  have
• 41:06
  the
• 41:06
  right
• 41:06
  group
• 41:07
  of
• 41:07
  people
• 41:07
  around
• 41:08
  you
• 41:09
  to
• 41:09
  help
• 41:09
  you
• 41:09
  on
• 41:10
  the
• 41:10
  journey
• 41:10
  because
• 41:11
  it
• 41:11
  is
• 41:11
  lonely
• 41:11
  at
• 41:12
  the
• 41:12
  top.
• 41:12
  It's
• 41:12
  interesting
• 41:13
  when
• 41:13
  I
• 41:13
  was
• 41:14
  listening
• 41:14
  to
• 41:15
  a
• 41:15
  podcaster
• 41:16
  who
• 41:16
  I
• 41:16
  really
• 41:17
  enjoy.
• 41:17
  I'm
• 41:18
  deep
• 41:18
  down
• 41:18
  the
• 41:18
  Prof.
• 41:18
  G.
• 41:19
  Rabbit
• 41:20
  hole.
• 41:20
  If
• 41:20
  anyone
• 41:20
  else
• 41:20
  listens
• 41:21
  to
• 41:21
  him.
• 41:21
  Prof.
• 41:21
  G.
• 41:22
  Oh,
• 41:22
  he's
• 41:22
  great.
• 41:24
  And
• 41:24
  I
• 41:24
  think
• 41:25
  his
• 41:25
  actual
• 41:25
  name
• 41:25
  is
• 41:25
  Scott
• 41:26
  Galloway,
• 41:26
  but
• 41:26
  he's
• 41:27
  really
• 41:27
  good
• 41:27
  on
• 41:27
  the
• 41:27
  branding.
• 41:28
  He's
• 41:28
  just
• 41:28
  Prof.
• 41:28
  G,
• 41:28
  in
• 41:29
  my
• 41:29
  mind,
• 41:29
  American
• 41:30
  investor
• 41:31
  and
• 41:32
  business
• 41:32
  owner.
• 41:33
  And
• 41:33
  he
• 41:34
  was
• 41:34
  talking
• 41:34
  about
• 41:35
  how
• 41:36
  he
• 41:36
  really
• 41:36
  prides
• 41:37
  himself
• 41:38
  in
• 41:38
  hiring
• 41:39
  the
• 41:39
  right
• 41:39
  people
• 41:40
  because
• 41:40
  he
• 41:41
  is
• 41:41
  prolific,
• 41:41
  he
• 41:42
  is
• 41:42
  everywhere
• 41:42
  and
• 41:43
  people
• 41:43
  will
• 41:43
  say
• 41:43
  things
• 41:43
  to
• 41:44
  him
• 41:44
  like,
• 41:44
  oh,
• 41:44
  I
• 41:44
  love
• 41:44
  those
• 41:44
  cartoons
• 41:45
  you
• 41:45
  produce.
• 41:45
  And
• 41:46
  he's
• 41:46
  like,
• 41:46
  I
• 41:46
  don't
• 41:46
  produce
• 41:47
  cartoons.
• 41:47
  I
• 41:48
  can't
• 41:48
  draw
• 41:48
  anything
• 41:49
  to
• 41:49
  save
• 41:49
  my
• 41:49
  life.
• 41:49
  I
• 41:49
  have
• 41:50
  people
• 41:50
  who
• 41:50
  work
• 41:50
  for
• 41:50
  me
• 41:51
  who
• 41:51
  take
• 41:51
  the
• 41:51
  things
• 41:51
  that
• 41:51
  I
• 41:51
  say
• 41:52
  elsewhere
• 41:52
  and
• 41:52
  turn
• 41:52
  it
• 41:52
  into
• 41:53
  a
• 41:53
  good
• 41:53
  cartoon
• 41:53
  for
• 41:53
  people
• 41:54
  who
• 41:54
  enjoy
• 41:54
  that
• 41:54
  stuff.
• 41:55
  And
• 41:55
  I've
• 41:55
  hired
• 41:55
  really
• 41:56
  well
• 41:57
  and
• 41:57
  he's
• 41:58
  built
• 41:58
  a
• 41:58
  huge
• 41:58
  business
• 41:59
  based
• 41:59
  on
• 41:59
  that.
• 41:59
  And
• 41:59
  that
• 42:00
  really
• 42:00
  stuck
• 42:00
  with
• 42:00
  me
• 42:00
  as
• 42:00
  well
• 42:01
  because
• 42:01
  it
• 42:01
  is
• 42:01
  terrifying
• 42:02
  to
• 42:02
  sign
• 42:02
  up
• 42:02
  to
• 42:02
  new
• 42:02
  costs,
• 42:03
  but
• 42:03
  it
• 42:03
  can
• 42:03
  open
• 42:04
  up
• 42:04
  new
• 42:04
  things.
• 42:05
  And
• 42:06
  I
• 42:06
  think
• 42:06
  your
• 42:06
  point
• 42:06
  about
• 42:06
  the
• 42:06
  mentorship
• 42:07
  and
• 42:07
  the
• 42:07
  coaching
• 42:08
  as
• 42:08
  well,
• 42:09
  there
• 42:09
  are
• 42:09
  ways
• 42:09
  you
• 42:10
  can
• 42:10
  start
• 42:10
  that
• 42:10
  for
• 42:11
  less
• 42:11
  money,
• 42:11
  but
• 42:12
  investing
• 42:12
  in
• 42:12
  your
• 42:12
  own
• 42:13
  knowledge
• 42:13
  and
• 42:14
  your
• 42:14
  own
• 42:14
  networks,
• 42:15
  Huge.
• 42:16
  Right.
• 42:16
  I
• 42:16
  mean,
• 42:16
  business
• 42:17
  is
• 42:17
  based
• 42:17
  on
• 42:17
  people.
• 42:18
  Yeah.
• 42:18
  The
• 42:18
  New
• 42:18
  Zealand
• 42:19
  network
• 42:19
  is
• 42:19
  actually
• 42:19
  relatively
• 42:20
  small
• 42:20
  in
• 42:20
  the
• 42:21
  scheme
• 42:21
  of
• 42:21
  things.
• 42:21
  Right.
• 42:21
  We
• 42:22
  all
• 42:22
  know
• 42:22
  each
• 42:22
  other
• 42:22
  in
• 42:23
  some
• 42:23
  way,
• 42:23
  shape
• 42:23
  or
• 42:23
  form.
• 42:24
  One
• 42:24
  degree
• 42:24
  of
• 42:24
  separation.
• 42:25
  But
• 42:26
  the
• 42:27
  fantastic
• 42:27
  news
• 42:28
  about
• 42:28
  that
• 42:28
  is
• 42:29
  everyone
• 42:29
  is
• 42:29
  happy
• 42:30
  to
• 42:30
  help.
• 42:31
  Very,
• 42:31
  very,
• 42:31
  very
• 42:32
  happy
• 42:32
  to
• 42:32
  help
• 42:33
  and
• 42:33
  engage
• 42:34
  and
• 42:34
  see
• 42:34
  what
• 42:34
  they
• 42:34
  can
• 42:35
  do
• 42:35
  to
• 42:36
  whatever
• 42:36
  the
• 42:36
  situation
• 42:37
  is.
• 42:38
  It
• 42:38
  may
• 42:38
  not
• 42:38
  be
• 42:39
  I
• 42:39
  can
• 42:39
  help
• 42:40
  you.
• 42:40
  It's
• 42:40
  I
• 42:40
  know
• 42:40
  someone
• 42:41
  or
• 42:41
  I
• 42:41
  think
• 42:41
  I
• 42:42
  know
• 42:42
  someone
• 42:42
  who
• 42:42
  might
• 42:42
  know
• 42:43
  someone.
• 42:43
  And
• 42:44
  it's
• 42:44
  often
• 42:44
  that
• 42:45
  two
• 42:45
  or
• 42:45
  even
• 42:46
  six
• 42:46
  degree
• 42:46
  of
• 42:46
  separation
• 42:47
  that
• 42:48
  can
• 42:48
  just
• 42:48
  deliver
• 42:49
  some
• 42:49
  absolutely
• 42:50
  out
• 42:50
  of
• 42:50
  the
• 42:50
  world
• 42:51
  outcomes.
• 42:52
  Yeah.
• 42:53
  Yeah.
• 42:53
  Let
• 42:54
  me
• 42:54
  know
• 42:54
  your
• 42:54
  thoughts
• 42:54
  on
• 42:55
  this.
• 42:55
  Because
• 42:56
  I
• 42:56
  think
• 42:57
  when
• 42:57
  I
• 42:57
  talk
• 42:57
  to
• 42:58
  people
• 42:58
  who
• 42:58
  aren't
• 42:59
  running
• 42:59
  a
• 43:00
  business
• 43:00
  that
• 43:01
  one
• 43:01
  of
• 43:01
  the
• 43:01
  misconceptions
• 43:02
  is
• 43:03
  that
• 43:03
  the
• 43:03
  business
• 43:03
  world
• 43:03
  must
• 43:03
  be
• 43:04
  very
• 43:04
  backbite
• 43:04
  y
• 43:04
  And
• 43:05
  I
• 43:05
  found
• 43:05
  very
• 43:05
  much
• 43:06
  the
• 43:06
  opposite.
• 43:06
  There
• 43:06
  are
• 43:06
  exceptions,
• 43:08
  but
• 43:08
  I've
• 43:09
  found
• 43:09
  that
• 43:09
  most
• 43:09
  people
• 43:09
  love
• 43:10
  being
• 43:10
  involved
• 43:10
  in
• 43:11
  success,
• 43:11
  so
• 43:11
  if
• 43:11
  they
• 43:12
  see
• 43:12
  you
• 43:12
  doing
• 43:12
  well
• 43:12
  and
• 43:13
  they
• 43:13
  think
• 43:13
  they
• 43:13
  can
• 43:13
  help
• 43:14
  in
• 43:14
  some
• 43:14
  way,
• 43:14
  they
• 43:15
  actually
• 43:15
  love
• 43:15
  jumping
• 43:15
  in
• 43:15
  and
• 43:15
  being
• 43:16
  like,
• 43:16
  hey,
• 43:16
  can
• 43:16
  I
• 43:16
  introduce
• 43:16
  you
• 43:17
  to
• 43:17
  someone?
• 43:17
  They
• 43:18
  find
• 43:18
  it
• 43:18
  quite
• 43:18
  exciting.
• 43:19
  Has
• 43:19
  that
• 43:19
  been
• 43:19
  something
• 43:19
  you've
• 43:20
  found
• 43:20
  too?
• 43:20
  Yeah.
• 43:21
  Completely
• 43:21
  agree
• 43:21
  with
• 43:21
  what
• 43:21
  you're
• 43:22
  describing.
• 43:22
  I
• 43:22
  mean,
• 43:22
  there
• 43:23
  is
• 43:23
  in
• 43:23
  some
• 43:23
  cases
• 43:24
  really
• 43:24
  intense
• 43:24
  rivalry
• 43:25
  in
• 43:25
  some
• 43:25
  industries
• 43:26
  and
• 43:26
  in
• 43:26
  others,
• 43:27
  frenemies.
• 43:28
  Right.
• 43:28
  We
• 43:28
  are
• 43:28
  personal
• 43:29
  friends
• 43:29
  despite
• 43:30
  working
• 43:31
  as
• 43:31
  directly
• 43:32
  competing
• 43:32
  businesses,
• 43:33
  and
• 43:33
  we
• 43:34
  socialise
• 43:34
  outside
• 43:34
  of
• 43:35
  business
• 43:35
  as
• 43:35
  well,
• 43:35
  which
• 43:36
  is
• 43:36
  bizarre
• 43:37
  and
• 43:37
  red
• 43:37
  flag,
• 43:37
  perhaps
• 43:38
  cartel
• 43:38
  behavior
• 43:39
  or
• 43:39
  something
• 43:39
  like
• 43:39
  that.
• 43:40
  But
• 43:41
  there's
• 43:41
  lots
• 43:41
  of
• 43:41
  people
• 43:42
  in
• 43:42
  business
• 43:42
  and
• 43:44
  you
• 43:44
  need
• 43:45
  to
• 43:45
  keep
• 43:45
  a
• 43:45
  really
• 43:45
  open
• 43:46
  mind
• 43:46
  around
• 43:47
  who
• 43:47
  can
• 43:48
  help
• 43:48
  you.
• 43:48
  And
• 43:48
  I
• 43:49
  think
• 43:49
  even
• 43:49
  if
• 43:49
  people
• 43:50
  are
• 43:50
  worried
• 43:50
  about
• 43:50
  competitors,
• 43:51
  which
• 43:51
  depending
• 43:51
  on
• 43:52
  the
• 43:52
  industry
• 43:52
  may
• 43:52
  or
• 43:52
  may
• 43:52
  not
• 43:53
  be
• 43:53
  an
• 43:53
  issue,
• 43:54
  you
• 43:54
  can
• 43:54
  often
• 43:54
  find
• 43:54
  people
• 43:55
  with
• 43:55
  a
• 43:55
  similar
• 43:55
  business
• 43:56
  structure
• 43:56
  in
• 43:57
  a
• 43:57
  different
• 43:57
  industry.
• 43:58
  Absolutely.
• 43:58
  And
• 43:59
  that's
• 43:59
  been
• 44:00
  an
• 44:00
  amazing
• 44:01
  one
• 44:01
  for
• 44:01
  me.
• 44:02
  Like,
• 44:02
  I
• 44:03
  will
• 44:03
  sometimes
• 44:04
  talk
• 44:04
  to
• 44:04
  other
• 44:05
  podcasters,
• 44:06
  but
• 44:06
  they're
• 44:06
  in
• 44:06
  a
• 44:07
  totally
• 44:07
  different
• 44:08
  subject
• 44:08
  area.
• 44:09
  So
• 44:09
  we
• 44:09
  are
• 44:10
  not
• 44:10
  competitors.
• 44:10
  We
• 44:11
  do
• 44:11
  not
• 44:11
  have
• 44:11
  the
• 44:11
  same
• 44:12
  audience,
• 44:12
  but
• 44:13
  we
• 44:13
  have
• 44:13
  so
• 44:13
  much
• 44:14
  information
• 44:14
  that
• 44:14
  we
• 44:14
  can
• 44:15
  use
• 44:15
  to
• 44:15
  help
• 44:15
  each
• 44:15
  other,
• 44:16
  you
• 44:16
  know?
• 44:16
  Exactly.
• 44:17
  Or
• 44:17
  other
• 44:17
  people
• 44:18
  in
• 44:18
  the
• 44:18
  personal
• 44:18
  finance
• 44:19
  space
• 44:20
  who
• 44:20
  aren't
• 44:20
  in
• 44:20
  the
• 44:20
  media
• 44:21
  space.
• 44:21
  Again,
• 44:22
  we're
• 44:22
  not
• 44:23
  competitors,
• 44:24
  so
• 44:24
  that
• 44:24
  really
• 44:24
  takes
• 44:25
  the
• 44:25
  pressure
• 44:25
  off
• 44:25
  there.
• 44:26
  I've
• 44:26
  found
• 44:26
  that
• 44:26
  quite
• 44:26
  a
• 44:27
  useful
• 44:27
  tactic.
• 44:27
  Look,
• 44:28
  if
• 44:28
  there
• 44:28
  was
• 44:28
  one
• 44:29
  thing
• 44:29
  that
• 44:30
  people
• 44:30
  were
• 44:30
  listening
• 44:31
  to
• 44:31
  this
• 44:31
  conversation
• 44:32
  and
• 44:32
  there
• 44:32
  was
• 44:32
  one
• 44:32
  thing
• 44:33
  that
• 44:33
  people
• 44:33
  took
• 44:34
  from
• 44:34
  it,
• 44:34
  what
• 44:35
  do
• 44:35
  you
• 44:35
  hope
• 44:35
  that
• 44:35
  would
• 44:35
  be?
• 44:36
  I
• 44:36
  think
• 44:36
  Kiwis
• 44:37
  need
• 44:37
  to
• 44:37
  believe
• 44:38
  in
• 44:38
  themselves.
• 44:39
  Fundamentally,
• 44:41
  you
• 44:41
  need
• 44:41
  to
• 44:41
  believe
• 44:42
  in
• 44:42
  yourself.
• 44:43
  If
• 44:43
  you
• 44:43
  change
• 44:43
  your
• 44:44
  mindset,
• 44:45
  mindset
• 44:46
  will
• 44:46
  get
• 44:46
  you
• 44:46
  mindset
• 44:47
  and
• 44:47
  attitude
• 44:47
  will
• 44:48
  get
• 44:48
  you
• 44:49
  50,
• 44:50
  60%
• 44:50
  of
• 44:50
  the
• 44:51
  way
• 44:51
  there.
• 44:51
  If
• 44:51
  you
• 44:52
  can
• 44:52
  get
• 44:52
  over
• 44:52
  the
• 44:52
  mental
• 44:54
  limiting
• 44:54
  self
• 44:55
  beliefs,
• 44:55
  the
• 44:55
  hurdles,
• 44:56
  realize
• 44:57
  that
• 44:57
  there
• 44:57
  are
• 44:57
  people
• 44:58
  out
• 44:58
  there
• 44:58
  who
• 44:58
  will
• 44:58
  help
• 44:58
  you.
• 45:00
  You
• 45:00
  can
• 45:00
  do
• 45:01
  some
• 45:01
  pretty
• 45:01
  powerful
• 45:01
  things.
• 45:02
  I
• 45:03
  so
• 45:03
  agree.
• 45:04
  Thank
• 45:04
  you
• 45:04
  so
• 45:05
  much.
• 45:05
  What
• 45:05
  a
• 45:05
  great
• 45:05
  note
• 45:05
  to
• 45:06
  leave
• 45:06
  it
• 45:06
  on.
• 45:06
  Jeremy
• 45:07
  Pack.
• 45:07
  Come
• 45:07
  back
• 45:08
  in
• 45:08
  any
• 45:08
  day
• 45:09
  now
• 45:09
  if
• 45:09
  this
• 45:09
  episode
• 45:10
  was
• 45:10
  helpful
• 45:10
  to
• 45:10
  you,
• 45:11
  so
• 45:11
  send
• 45:11
  it
• 45:11
  to
• 45:11
  a
• 45:11
  friend.
• 45:12
  We
• 45:12
  can
• 45:12
  all
• 45:12
  level
• 45:12
  up
• 45:12
  with
• 45:12
  our
• 45:13
  money
• 45:13
  together.
• 45:13
  Until
• 45:13
  next
• 45:14
  time,
• 45:14
  have
• 45:14
  a
• 45:14
  great
• 45:15
  day.
• 45:16
  This
• 45:17
  podcast
• 45:17
  can
• 45:17
  only
• 45:18
  give
• 45:18
  you
• 45:18
  general
• 45:18
  information
• 45:19
  about
• 45:19
  how
• 45:20
  things
• 45:20
  work
• 45:20
  in
• 45:20
  most
• 45:21
  situations.
• 45:22
  It's
• 45:22
  not
• 45:22
  individual
• 45:23
  financial
• 45:23
  advice.
• 45:24
  If
• 45:24
  you're
• 45:25
  after
• 45:25
  that,
• 45:25
  a
• 45:25
  financial
• 45:26
  advisor
• 45:26
  is
• 45:27
  always
• 45:27
  the
• 45:27
  best
• 45:27
  bet.