Unlock the Path to $10,000,000 Net Worth in 3-6 Years – Adam Coffey Reveals How!
Summary
TLDRIn this engaging podcast episode of Brainsky Unleashed, host Thomas interviews private equity expert Adam Coffey, author of the 'Private Equity Handbook' and other bestsellers. Coffey, who has overseen over two billion in exits, debunks myths about private equity, emphasizing its role in wealth creation. He advocates for strategic business investments over long-term ownership, highlighting the potential of 'buy and build' strategies to rapidly grow and sell businesses. Coffey's insights provide a practical guide for entrepreneurs looking to leverage private equity for significant financial gains.
Takeaways
- 😀 Adam Coffey, a bestselling author and expert in private equity, shares his insights on the podcast 'Brainsky Unleashed'.
- 📚 Coffey has written three books: 'Private Equity Handbook', 'Exit Strategy', and 'Empire Builder', and has extensive experience in buying and selling companies.
- 💼 With over 3 billion in total exits, Coffey emphasizes the practical, hands-on approach to private equity rather than just theoretical knowledge.
- 🚀 Private equity is often misunderstood and associated with negative press, but Coffey argues it's a powerful tool for business growth and wealth creation.
- 💡 Coffey advises entrepreneurs to view their businesses as investments with an exit strategy, potentially leading to significant wealth in a shorter timeframe than traditional business models.
- ✈️ He shares his personal experiences, including buying and selling the same company multiple times, to illustrate the potential of private equity for recurring wealth generation.
- 💼 Coffey discusses the importance of having a clear business exit strategy and not treating it as a one-time event, but as a series of opportunities.
- 💹 He explains the concept of 'rollover investments', where entrepreneurs can reinvest a portion of their earnings to grow their businesses with private equity backing.
- 🏢 Coffey suggests targeting small businesses with stable earnings, recurrent revenue, and low capital expenditure as ideal candidates for private equity investment.
- 🔍 He provides practical advice on how to identify and approach potential businesses for acquisition, emphasizing the importance of due diligence and strategic planning.
Q & A
Who is Adam Coffey and what is his expertise?
-Adam Coffey is an all-time bestselling author with three books on private equity, including the 'Private Equity Handbook', 'Exit Strategy', and 'Empire Builder'. He has extensive experience in private equity, having bought and sold 58 companies with over two and a half billion in exits as a CEO.
What is the significance of private equity according to Adam Coffey?
-Adam Coffey views private equity as a crucial market propeller that allows business owners to sell their companies at high multiples. He emphasizes that private equity, with over six trillion in assets under management, is not something to fear but to understand and utilize for business growth and wealth creation.
Why does Adam Coffey recommend buying a business rather than starting from scratch?
-Adam Coffey suggests buying a pre-existing business to avoid the risks associated with startups, such as market attraction and initial capital requirements. A purchased business comes with a history of revenue and earnings, existing customers, and verifiable financials, which can simplify the growth process.
What is the '30-20-10' rule that Adam Coffey mentions?
-The '30-20-10' rule is a financial heuristic Adam Coffey uses to assess the health of a business. It stipulates that a healthy business should have at least 30% gross profit, less than 20% of expenses dedicated to customer acquisition and back-office operations, and generate at least 10% net profit margins.
How does Adam Coffey define a successful exit strategy?
-For Adam Coffey, a successful exit strategy is not a one-time event but an ongoing process. He illustrates this with the concept of multiple 'rest stops' on a wealth creation journey, where an entrepreneur can sell a company multiple times, each time at a higher valuation, thus accumulating wealth more rapidly.
What is the importance of recurrent revenue according to the strategies discussed by Adam Coffey?
-Adam Coffey stresses that recurrent or contracted revenue is more desirable than project-based revenue because it provides a steady, predictable stream of income. This type of revenue minimizes the need to constantly find new customers, which is essential for business stability and growth.
Why does Adam Coffey advocate for investing in 'needs' rather than 'wants'?
-Investing in 'needs' is advised by Adam Coffey because businesses that fulfill necessary requirements are more resilient to economic downturns. People will always need services like pest control or HVAC maintenance, making these businesses more stable and less cyclical compared to those selling non-essential 'wants'.
How does Adam Coffey suggest financing the purchase of a business?
-Adam Coffey recommends using a combination of the owner's rollover equity, commercial loans, and SBA loans to finance business purchases. He also discusses the strategic use of personal capital infusion at later stages to increase returns and control.
What role does private equity play in the growth of an acquired business according to Adam Coffey?
-Private equity, according to Adam Coffey, acts as an accelerator for business growth by providing an unlimited checkbook for acquisitions and expansion. It allows entrepreneurs to buy and scale businesses rapidly without worrying about capital constraints.
How does Adam Coffey propose to find and筛选 business acquisition targets?
-Adam Coffey suggests building a funnel by using databases from state websites or services like Dun & Bradstreet or Grata to find businesses within specific NAICS codes. He then filters these down based on criteria like revenue, earnings, and owner profile to identify potential acquisition targets.
Outlines
🎙️ Podcast Introduction and Guest Welcome
The host of the podcast 'Brainsky Unleashed' enthusiastically introduces the episode, expressing his excitement to have Adam Coffey, a renowned expert in private equity and best-selling author, as a guest. They discuss Adam's extensive experience in the field, having bought and sold 58 companies with over two billion dollars in exits. The conversation sets the stage to delve into the world of private equity and the strategies Adam has used to achieve success.
📚 Private Equity Insights and Entrepreneurial Education
Adam Coffey shares his philosophy on private equity, emphasizing that it is not as daunting as it seems and is, in fact, a crucial component of the market that allows business owners to sell at high multiples. He discusses the importance of education in this field, noting that many business owners, even successful ones, have a limited understanding of private equity. Adam suggests that with the right knowledge, entrepreneurs can leverage private equity to their advantage, securing capital for business growth and wealth generation.
🚀 Private Equity as a Tool for Accelerated Growth and Wealth Creation
The conversation shifts to how private equity can be used strategically by entrepreneurs. Adam Coffey explains that private equity is not just a one-time event but a tool for ongoing wealth creation. He uses the analogy of a pilot planning a flight to illustrate the importance of having a clear destination and plan in business. Adam discusses his approach to building businesses rapidly through strategic acquisitions and the benefits of being a rollover investor, allowing for multiple exits and significant wealth accumulation in a shorter timeframe.
💼 The Importance of Business Selection in Private Equity Strategies
Adam Coffey delves into the specifics of choosing the right business to buy or invest in, using filters like 'needs over wants' and 'recurrent revenue over project-based revenue'. He stresses the importance of low capital expenditure and high free cash flow in a business, which makes it an attractive candidate for private equity investment. The discussion highlights how these factors can stack the odds in favor of success and how to align business acquisition with private equity strategies for optimal growth and profitability.
💼 Financing Strategies for Business Acquisitions
The focus of this section is on how to finance the acquisition of businesses, especially in the context of private equity. Adam Coffey discusses leveraging the cash flow of the acquired business to service debt, the use of seller rollovers to reduce the initial capital outlay, and the strategic use of personal equity in subsequent deals to maximize returns. He also touches on the importance of having a good understanding of EBITDA and how it affects the valuation and financing of businesses.
🌟 Scaling Business Through Strategic Acquisitions
Adam Coffey explains how to scale a business by acquiring others strategically. He discusses the process of buying multiple companies, integrating them, and then selling the conglomerate to private equity firms at a significant profit. The conversation covers how to identify and approach potential acquisitions, the importance of recurrent revenue and low capital expenditures in scaling, and the concept of using other people's money to grow one's business empire efficiently.
💼 The Art of Building a Business Funnel for Strategic Acquisitions
In this segment, Adam Coffey talks about the process of building a business funnel to find suitable acquisition targets. He covers various methods, from using online databases and government websites to hiring business brokers. The discussion emphasizes the importance of filtering and qualifying potential businesses based on specific criteria such as industry, revenue, and the owner's profile. Adam also shares his insights on the sales aspect of reaching out to business owners and the option of outsourcing this task.
🌟 Final Thoughts and Encouragement for Entrepreneurial Success
The podcast concludes with Adam Coffey offering final thoughts and advice to listeners. He encourages calculated risks and the pursuit of entrepreneurial ventures as a path to wealth and success. Adam also invites listeners to engage with him on LinkedIn, offers his books and seminars as resources, and expresses his optimism about the resurgence of entrepreneurial spirit, particularly among the younger generation.
Mindmap
Keywords
💡Private Equity
💡Roll-up Strategy
💡Exit Strategy
💡EBITDA
💡Recruiting Rollover Investors
💡SBA Loans
💡Multiples of Earnings
💡302010 Rule
💡Recurrent Revenue
💡Capital Expenditure
💡Entrepreneurial Wealth Creation
Highlights
Adam Coffey, a private equity expert, shares his insights on the industry.
Coffey is the author of 'Private Equity Handbook', 'Exit Strategy', and 'Empire Builder'.
He has bought and sold 58 companies, with exits over two and a half billion dollars.
Private equity is often misunderstood and perceived negatively due to media portrayal.
Coffey explains the importance of private equity in providing a market for business sales.
He discusses the fear of the unknown and the need for education in private equity.
Private equity can be a tool for entrepreneurs to grow their businesses faster.
Coffey emphasizes the importance of having a clear exit strategy as an entrepreneur.
He shares his experience of selling the same company five times in 13 years.
Coffey advises on how to approach private equity as a means to accelerate business growth.
He explains the concept of 'rollover investors' and how it can benefit entrepreneurs.
Coffey outlines the criteria for choosing a business to buy, focusing on 'needs' over 'wants'.
He discusses the advantages of recurrent revenue versus project-based revenue.
Coffey provides a step-by-step guide on how to finance and buy a business.
He shares his strategy for buying multiple companies and creating a rollup.
Coffey talks about the potential for wealth generation through strategic business investments.
He emphasizes the importance of using other people's money to grow wealth efficiently.
Coffey provides advice on how to build a business funnel and approach potential business owners.
Transcripts
entertainment insights don't take life
too seriously welcome to brainsky
Unleashed hello everyone and welcome to
brainsky Unleashed this today is
probably one of my most favorite podcast
recordings ever I am honored and
thrilled to be with a man who is I would
say probably the daddy of the mac daddy
when it comes to private Equity he is
like the the the hot stepper he is the
lyrical gangster when it comes to
private Equity today on our show we have
all-time bestselling author three books
private Equity handbook exit strategy
Empire Builder we've got Adam coffee
Adam welcome to the show Thomas good to
be here good to see you glad we finally
were able to make this happen get our
schedule synced up hello to all your
listeners out there it's uh it's good to
be here oh man and I'm happy to have you
so we're going to talk about private
Equity today because I have been a fan
of yours since uh meeting you at an
event called uh Mega success uh last
November and I have read your books and
I have been to your seminars and I am
like now a a faithful
disciple of the Adam coffee style
private equity and I'm gonna be doing a
roll up I'm rolling up with Adam coffee
so Le let's talk about that for a minute
first of all for for those of you
uh who are unaware uh Adam you have uh
you have bought and sold 58 companies
you have had how many exits up to over
two billion dollar two and a half
billion in uh in exits but who's
counting no one is counting two and a
half yeah that's that's as CEO you know
total exits I'm over three billion now
um but as CEO two and a half billion
only over three billion so we're not
exactly talking to somebody here who
does theory we're talking to someone who
does
fact I love that I am I I'm definitely a
practitioner you know and I I I have a
lot of f you know I teach in the
academic environment too and I have a
lot of friends who are professors and
and I I chide them from time to time you
know and I I talk about hey in life you
can learn from people who teach Theory
or you can learn from people who have
walked in the shoes you know that you
hope to walk in one day they've walked
on the road you know to success that
you're hoping to uh to follow and and so
I I'm I'm always you know kind of gently
ribbing my my academic friends you know
they're brilliant too in their own
rights but yes I am a practitioner amen
live the dream which means I've made
every mistake a human being can make
over a 21 year run as a CEO you know
throw in 10 years with Jack Welsh at GE
so you're talking 31 years in business
and you know I I've made all those
mistakes and so you don't have to
listeners I am so glad that I have so
much in common with you Adam because I
too have made lots of mistakes lots of
wonderful mistakes which are so
educational so uh let me ask you this
because private Equity tends to scare
the living crap out of people can you
explain to me why is private Equity not
actually the
boogeyman you know great question so I I
I find kind of couple common themes here
what one of them is when we hear about
private Equity we hear about it maybe
it's on the news you know a news story
CNBC we hear something you know where
wherever we hear generally if we hear
about something on TV it's negative
almost never do we get the positive side
of of any industry you know because
because positive news doesn't sell
doesn't get ratings yeah yeah we we we
hear the dirt we hear all the crap you
know and then you hear about you know
horror stories from people at mixers or
ACG events or wherever you happen to be
and and it's like someone had a bad
experience and and and they're talking
about that bad bad experience and so I
I'd say there's the fear of of what we
don't understand what we don't know and
you know haven't been to to my seminars
you know when I talk about private
Equity I generally like to give a 10
question quiz to uh multiple choice real
easy questions um and I give it to a
room full of people and these are not
people who are are unsuccessful these
are business owners these are are
millionaires and uh and Hell In some
cases billionaires and I I've been in
that room and nine figure millionaires
eight figure millionaires billionaires
and and when I give my basic 10 question
quiz Thomas 90% of the room fails
miserably and people who pass generally
get a six six out of 10 and so I know
that while most entrepreneurs have heard
of private equity in fact they have a
very uh rudimentary or just wrong
understanding of what it is and how it
works and so I think as a result of that
we're afraid of what we don't understand
you have to keep something in mind if
you're an entrepreneur the reason why we
have an ability to build a company and
sell it and make a fortune is because
there is this thing out there called
private Equity that props up and creates
a market by which you know we are able
to to sell our businesses for for high
multiples big numbers and you know today
you know private Equity Six Trillion in
assets under management over 8,000 firms
and buy about 50% of all companies
bought and sold on the planet so they're
everywhere you can't hide from them so
instead of sticking your proverbial head
in the sand and ignoring it we need to
get educated because if we get educated
about it as entrepreneurs and business
owners we can learn how it works learn
what it needs to be successful and I
hate to use the word manipulate but we
can feed it what it needs and take from
it what we want which is capital to
invest in our businesses and to generate
wealth you know for our our families
build our Empires and so you know we
need to we need to understand and have a
very good understanding deep
understanding of what private Equity is
and how it works so that we can maximize
its potential in our businesses uh when
we're an entrepreneur now we talk about
that and yet most of us little people
who haven't really swam In The Swim
Lanes of private equity and we'll get to
that because that is a thing and it's
actually one of the most important parts
of your books actually as far as I'm
concerned is explaining things just the
importance of that
but we all think in terms of you know
we've got to build our business we're
going to stay in our business for 30
years we're g or or we're we're just
going to start a business and grow a
business we're gonna buy a business
we're gonna fix a business and we're
going to grow a business but we don't
necessarily think in terms of the way
you frame the the uses and purposes of
private Equity actually generate wealth
so in other words most of us go out I've
done it I'm that guy and bought
themselves or started themselves A
really lovely job but you on the other
hand completely flipped the script and
you could say you too can be an
entrepreneur but instead of having a job
you treat this thing like a very very
important investment that needs to be
worked diligently and that you could
pull out of that investment not in 20
years but in like three and walk away
with far more than you could after 20
years with that dream that you had so
can you kind of go into that a little
bit and explain what yeah and and let me
use a prop so let me go here to my
camera let me just pan up so on the
bottom one you see me flying a World War
II P-51 Mustang and on the top you know
doing an upside down Aeron roll over
Orange County California and then on the
top one I'm flying my my two- seat
Burger Chaser you know off the coast of
Catalina Island you know chasing a
buffalo burger why do I show you those
well for your entrepreneurs and
listeners out there um what do pilots do
we take off but before we take off we
have a destination in mind we know where
we're going and then we deconstruct the
trip you know how much fuel do I need
you know and what are the the air you
know what's the weather like in route
what are the winds a loft and if I get
into trouble what are my backup airports
you know I make all my contingencies so
as a pilot I start with a destination
and then I deconstruct the trip you know
and I mentally prepare I prepare the
aircraft you know and and I I take off
when I'm ready to do that and I I I fly
that Journey you know when you're an
entrepreneur too many business people
just start a company you know or buy a
company and it's like they really don't
have an idea or a sense of where they're
going and so they don't know when
they've arrived and they're unable to
deconstruct the journey and as a result
of that you know we we we spend a lot of
time and no matter how rich we are the
one thing in life we cannot buy is time
so we're wasting time so what well you
know let me use a real life example last
empire that I built um I started with a
platform company had a private Equity
sponsor um and we bought eight companies
we bought eight companies in three years
and then we sold it and you know we got
a four times multiple of invested
capital and then in the next two years I
bought 15 more companies and and so you
know you don't need a long you know or a
lot of time to make something happen you
know I'm out and so the biggest mistake
I think entrepreneurs make is they think
of an exit as a oneandone event so I'm
going to build my business I'm gonna
work in it for 20 years and then some
point I'm going to get old and I'm gonna
sell this puppy and then I'm going to
ride off into the sunset and and I tell
people it's like boy you're missing an
opportunity you know what you think is
the exit you know the the one exit you
know it's a oneandone event I see it as
the first rest stop in the wealth
creation Highway and highways have many
rest stops you got off at the first rest
stop you know I'm I'm glad for you
you're I'm happy you're happy you got a
a wheelbarrow full of gold but my
personal record is selling the same
company five times in 13 years and so I
got five wheelbarrows full of gold you
thought there was only one out there and
and a lot of entrepreneurs that I call
it the accidental arrogance of success
so sometimes they they also think you
know hey if I sell my business I'm
leaving I'm not going to be a rollover
investor or minority shareholder I'm
God's gift to this thing and it's like
no way am I going to partner behind
somebody else who technically can fire
me or tell me what to do I've never had
a boss never gonna have a boss you know
kind of thing and and I think boy you
know that that how arrogant is that
let's look at the the world's richest
two men um you know so I'm thinking Jeff
Bezos I'm thinking Elon musk and you
know last statistics I saw I think Jeff
Bezos owns today around
10.9% of of Amazon which means he's a
minority shareholder which means that
somebody else owns you know owns you
know almost 90% of that company and I
think Elon Musk owns like 133% of Tesla
something like that and so at the end of
the day it's like boy you know private
Equity is a tool I'm a tool for them
they've got limited partners who inv a
lot of money they need returns and so
the private Equity Firm comes with a
checkbook they're looking for an
investment to back they're not looking
to tell me how to run my company they're
looking to to to help me accelerate my
growth and to create returns that they
can pass on to their to their investors
and I look at them and say boy wouldn't
it be great if I never had to worry
about capital and I wanted to buy 23
companies over a 5year period like I did
with my last one you know and spend
hundreds of millions of dollars and I
don't have to sign any personal
guarantees and I don't have to worry
about where that money is going to come
from all I got to do is find the 23
companies to buy and I've got an
unlimited checkbook you know and and boy
wouldn't that be fun if I had an
unlimited checkbook and and I could grow
my business at the fastest Pace possible
and so you know I I think that when we
truly understand private equity and and
how it works and we think of it like a
tool you know it's a tool with a lot of
money it can solve a lot of problems for
us but it can help us accelerate the
growth trajectory of our Empires and I I
usually sit down with an entrepreneur
you know and I'm thinking about buying
his company and and trying to convince
them to join my buy and build and be a
rollover investor and get multiple bites
the apple and I usually build a
spreadsheet and I'll build two rows
across and on one it'll be okay Mr
entrepreneur Mrs entrepreneur what's
your Revenue today what's your your ebit
do your earnings and uh what's what's
your growth rate and so let's roll tape
forward five years how big are you what
kind of multiple do you think you'd sell
for how much do you think we're worth as
an Enterprise then let's roll tape
forward five more years how big are we
you know let's see what we think we
would sell for then and I do that
exercise and then I go up top what if
you sell me your business today and for
every dollar I give you you take 70
cents home you're going to have to pay
some taxes and then you invest it
elsewhere we'll track the return you get
on this investment but you've also got
diversification of your your assets now
you know you're not all invested in a
company you've got some in the company
30% rolled forward and you've taken 70
cents off the table you've invested it
elsewhere Now with an unlimited
checkbook what kind of a growth
trajectory could we achieve well let me
show you what I'm actually doing and
because you get to be a rollover
investor in this thing I buy another
seven eight companies 15 companies
whatever that number is is over the next
5 years this is how big we are now this
is the multiple for which we trade and
here's the return on your rollover
investment oh isn't it interesting how
the second check is bigger than the
first and so now we roll over again 30
cents on a dollar we get another
liquidity event and we grow again using
somebody else's capital and growing as
fast as possible roll out forward
another five years and get another bite
of the Apple third one's bigger than the
second second one's bigger than the
first each time you Diversified you
invested elsewhere we got those returns
as well every time I build that
spreadsheet using their own assumptions
I have never yet done this exercise and
had an entrepreneur make more by staying
100% shareholder and staying independent
the the growth and the the the increase
in the growth rates that happens when we
partner with unlimited Capital you know
with a private Equity Firm really juices
up our own personal returns and so there
is another way to to do this we we just
have to understand how it works know how
the game's played and then and then play
the game that's it boy that was a long
diet Tri I didn't mean to do that on
okay so let's let's kind of boil it down
a little bit right so let's say that you
know myself or my listeners or whoever
they go man Adam I've never heard
anything like this first of all buy the
book read the book buy the book read the
book buy the book read the book and go
see Adam live in February have one more
opportunity to do that just putting that
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allowed profit Max keep your catch but
let's say that we want to do this and we
do not have that that uh unlimited
checkbook yet okay so we want to begin a
an initial rollup and we want to go with
something that is guys with trucks that
that do or guys with trucks that
fix that is your concept and let me
just tell you from my own
experience in business you're right I've
been wrong you're dead right and I can
see why now let's say it's going to be
either um you know Landscaping Pest
Control HVAC something like that
right how do we as the the beginning
stage get in enough to create that
platform experience get the financing in
today's day and age in world and begin
to get that that one rollup started so
we can finally get into a swim lanee
within private Equity well so that that
these are great questions so let's
unpack all of that and uh and and let's
remember so I've been doing this on at
an Institutional shareholder level
building big giant Empires that sell for
hundreds of millions of dollars even
billions of dollars and and I'm now
teaching so after 21 years of doing this
I just got bored of of building one
company and all the Tactical execution
responsibilities I wanted to help the
masses so I started working with small
business and it's been a lot of fun you
know working with people like you and uh
people in the crowd at JT's events and
really helping them learn the advanced
tools that the big boys use and applying
them in a small scale and getting the
same kinds of results just magnitudes
different because of the amount of
investment that that's taking place so
so yes you can do this it works small
just like it works big so now let's
start by unpacking all of this if I'm
going to start one of these Adventures
if I don't own a business today h h how
do I stack the deck in my favor how do I
how do I increase the odds that I'm
going to be successful when I want to do
this and so you know you can be
successful starting any business you
want or buying any business you want but
I want you to be successful so let's
just unpack some quick data 33 million
small businesses in America defined by
the SBA as being 500 employees or less
they employ 99.9 or they represent 99.9%
of all companies in the country they
employe 50 % of the country's Workforce
34 million small businesses lots of them
out there right so only 7% get to a
million only 4% of those get to 10
million only 40% are profitable so a lot
of businesses fail you know five about
50% fail in the first five years how do
I avoid all that risk well first of all
don't do a startup when we do a startup
we've got all this risk you know risk of
can we build the market can we attract
customers did we make good assumptions
did we plan correctly and I need a bunch
of capital to be a startup so I can
avoid all of that by buying a
pre-existing business of whatever size I
Choose You know I like to Target if I'm
an entrepreneur let's buy a company with
$1 million in earnings so it probably
has4 million to five million of Revenue
million in earnings you know that would
be kind of a target range for me and I'm
probably going to have to pay five times
so I'm probably going to pay about five
million for that company let's let's
come back to that for a minute so right
I'm going to buy a small business why
because it's got a history of Revenue a
history of earnings it already has
customers and I can look at its
financials I can see how it's performing
I can apply this thing I call the 302010
rule to make sure it's healthy does it
have at least 30% gross profit are sgna
or customer acquisition and back office
expenses less than 20% am I generating
at least a dime on a dollar in profit
and if I am I can scale that company to
a bill ion Dollar business and the work
that I need to do is very different
because it's not about getting it fixed
or making it right it's simply about how
do I grow how do I grow the revenue and
make this thing bigger and and make it
more profitable along the way so i'
rather buy than build but now when I
think about what kind of companies could
I buy you know there's so many different
companies out there so many different
Industries so I like to apply some some
of my my my atom coffee isms and in my
filters into how we pick this you want
to be successful write this down out
there people let's start by investing in
needs not wants so we want a company
that focuses on providing for a
something that's a need not a want
what's the difference well if I got a
hole in my roof and it's raining outside
and there's water pouring on my head I
have a need to fix that roof but if I'm
going out to a concert on Friday night
and I'm taking my wife and my wife wants
a new purse and she wants a new outfit
um that's a want it's not a need she
doesn't have to have it you know I do
need the roof fix I don't have to have a
new purse you know for my wife you know
I want to give her the new purse she may
argue with that she may find a need just
well you know but if the economy goes
south she doesn't need it and the market
crashes I get laid off I got no money I
still gotta fix the roof still got to
fix the roof but I don't have to buy the
purse you know or buy the new outfit or
buy the the the truck tires for my
monster truck you know out in the
driveway and so it's like needs versus
wants why because as an entrepreneur if
I invest and I focus on a company that
has that takes care of needs I'm going
to be less cyclical when the economy
goes south consumers still need my
product I may slow down like the rest of
the economy but I don't fall as far as
companies and industries that focus on
wants so we want to invest in needs not
wants next up we want recurrent Revenue
not project-based revenue and again I've
made money on any kind of company I'm
just trying to stack the deck in your
favor so needs not wants and then we
want recurrent Revenue you know
contracted Revenue not Project based why
is that important well if a part of my
sgna expense is acquiring a customer
once I get one I want to keep charging
them I want to have an ability to
monetize them over and over and over
again versus a project-based business
where once I take care of the immediate
need then I got to go find a new
customer to take care of a new need you
know for a new customer I want regular
current Revenue so you talked about
Landscape Maintenance you talked about
Pest Control let me use those as two
proxies I have a crew you know and
they're out there and they're they're
they're they're spraying pest you know
they're spraying chemicals around the
perimeter of my house I live in Texas I
got giant bugs here you can put saddles
on these things and ride them around no
bugs get in the house mama's orders you
know make sure we got good Pest Control
service so I sign a contract they
acquire me as a customer and then I give
them my credit card and I forget about
them and they charge me every month I
don't even look at my statement I just
paid a damn bill it's like I it's going
on but it's a need I gotta have it so I
just keep paying it and they can they
can continuously bill in me and they
they show up once a quarter they spray
the house but they bill me monthly they
do that so psychologically the payment's
low but they're only providing service
you know on a quarterly basis and
they're they're they're getting me every
month on my credit card and you buiness
have cash flow in that situation and you
know on the first of the month that
company hits all the credit cards and
the only things they have to worry about
is about every four or five years when a
credit card expires they got to track
down that consumer and say give me the
new credit card depending on which
credit card they're using sometimes even
when they expire the con you know they
see that the credit provider sees it's a
regular recurring Bill and they just let
them to continue to build it even though
the number on the cards changed you know
American Express does that as an example
and so the point of the ex exercise is
I've got all of this revenue and it
comes to me on the first of the month I
don't have to go looking for it and so
if I've got a business focused on needs
and it's got a contract that never
expires never ends then I've got when I
acquire a new customer the revenue is
additive rather than replacement revenue
for a project I just completed so again
we're trying to help your your listeners
stack the odds in their favor needs not
wants contract versus Project based you
know we want we want businesses that are
low capital expenditure um and this is
important because you you know we talked
about how we're going to buy this thing
we got to get back to that now so if I
have a business with low Capital
expenditures so most service businesses
I don't have to go out and build a plant
I don't have to have a bunch of
Machinery you know or a bunch of bunch
of equipment you know essentially if I'm
a Service Company I'm buying trucks I'm
buy pickup trucks and I buy sprayers for
my my pest you know pest control company
and I fill it with chemicals now do you
do you do you do you buy buy the trucks
or do you lease the trucks well so I I I
I buy the trucks not lease them because
it's ebitda friendly to buy things
rather than ex you know have expenses
hit my p&l you know I'm selling ebitda
in the future so I need to learn about
ebitda and I need to learn how to
maximize eitas potential so I don't want
to lease stuff you can do a capital
lease and and and get some similar
benefits to buying but you know
essentially we want to buy things own
things not lease them when I lease them
the payments you know are going to hit
my my operating expense when I own the
asset um you you know it's below the
epot doline where I buy the capital
equipment and so it's epit do friendly
you know that's a a whole I will ask
though does because I mean in some sense
you you're buying a business and you
want C private Equity to buy a business
do you do you buy property or do you
just lease the property as far as oh
private Equity doesn't buy um you so
another good question so you know I I
nothing wrong with you as a business
owner owning the building that you that
you occupy in your business I'll just
tell you that before you sell your
business you want to separate your real
estate from the company put it in a
separate entity and put in place a fair
market lease between your entity that
owns the building and your entity that's
the operating company that's inside
because private Equity firms don't want
to buy real estate you know it's a mix
of asset classes and it requires a great
deal more diligence and and they're it's
not Capital efficient for them to buy
the business so that's one particular
area where they would prefer you know
that you you have you if you own the
building separate it out separate entity
and then charge a fair market rent to
the operating company and then when you
sell the company if you if you don't
stay with it or even if you roll over
and do stay with it you're also going to
have a secondary income stream from the
building yeah from the rents as long as
it's fair market lease in a fair
reasonable term you know then you're
going to have revenue for you know could
be five to seven years you know what
whatever the case may be on your
property which is always good if you're
a landlord so you know at any rate just
going back to this so the the the key
about guys trucks broken stuff guys
trucks fixing things guys trucks doing
things plumbers electricians HVAC you
know Pest Control power washing I mean I
can come up with just Roofing flooring I
can come up with all kinds of different
companies they're not all needs wants
they're not all contracted Revenue but
you know just there's a lot of companies
out there that have low Capital
expenditures they essentially just have
a fleet to pickup trucks and you know a
a small office and you know some
computers and desks and what have you
and and if you find something that's
capital efficient then you have a lot of
free cash flow so if you're buying a
company then you're paying a multiple of
earnings on a million dollars of ebitda
ebitda in a service business is usually
close to what the free cash flow is
which means I now have a million dollars
you know and I can use that million
dollars to service the debt that I need
to buy that business so let me just tell
your listeners real quick how to buy
that $5 million company so first of all
you know million million in earnings I'm
paying four to five times um I'll say
five maybe fair market I'm looking for a
good company maybe I'm looking for a
good company that I can get a little bit
cheaper four four and a half but if I
had to pay five times so I pay five
million for this business how am I going
to pay for this well the first thing I'm
going to do is I'm going to ask the
current owner to become a rollover
investor in this buy and build that
we're talking about doing and so I'm
going to try to convince them to roll
over 30% and so out of that 5 million
1.5 million is rolled forward so I only
need three and a half million now to buy
the business and again if I think about
the just general math if I've got a
million and a half rolled forward this
seller doesn't necessarily know it but
he just became my equity and the SBA
which is probably the easiest it's not
the fastest but it's it is fast I've
done that one yeah probably one of the
easiest ways to do this but I I I'd
start with a Commercial Bank you know
see if I can get a commercial loan lower
interest rate maybe maybe no personal
guarantee SBA I'm going to have to do a
personal guarantee guaranteed um and so
I know but I'm looking for now I need
three and a half million and I've got a
company that has a million dollars in
free cash flow well if I'm borrowing
three and a half million and I'm paying
10% interest and I'm I'm I'm trying to
service this on a long life advertised
loan um you know and and so I probably
am going to need you know just pure
interest I'm going to need 350,000 you
know if it's at 10% um if it's at 12% or
a little bit higher if I get a minimally
advertising loan where where I'm paying
principal back but I'm I'm not paying
being a great deal principle at any rate
I'm probably looking at about
$500,000 a year in payments to buy that
you know to get that and service that $
three and a. half million loan and I've
got what's called a two to1 debt to
equity ratio because I've got a million
dollars in free cash flow and I'm only
needing half of that to pay the debt and
so plus I've got recurrent Revenue low
capital expenditure contracted revenue
and so I can convince you know banks
that hey I've got a very Stable Company
here look at it over the last 5 years
you know and look at how stable it is
it's growing you know it's uh it it's
got a recurrent Revenue stream you know
and I can get some favorable treatment
chances are I can use the cash flow
within the business to borrow against
you know to to service the money that I
need to buy the company once I buy the
first company now I've got 70% Equity
the former owner has 30% Equity now I
buy the next company
and when I repeat this exercise the 30%
the second person rolls over buys less
stock because I value it at the new
company which is now 2 million in
earnings and at a five times it's worth
10 million and so now now a three you
know or A1 and a half million dollar
rollover against a $10 million company
buys a smaller percentage than one and a
half against a $5 million company and so
as I buy this thing it gets easier I
guess my point I'm trying to make is the
hardest company to buy is the first
after the first it just gets
exponentially easier and I can keep
buying companies put them together you
know and so let's just do some some
round numbers just to excite people how
much money could I make doing this and
how long would it take me let's assume I
buy four companies they each have a
million dollars in earnings and I pay $5
million for each company five times so I
bought four million in earnings paid
five times I need 20 million so it's a
service business you know I'm doing Pest
Control I'm doing Landscape Maintenance
I'm doing HVAC whatever I'm doing you
know I'm buying a business that's
healthy that's run good that takes care
of customers that delights customers got
recurrent Revenue low Capital
expenditures High free cash flow it's
growing business you know a lot of the
companies like this that I I work with
you know they grow anywhere from I'll
just say 15 to 30% a year you know and
so I'm putting four companies together I
paid 20 million with a small reasonable
growth rate very quickly 4 million
becomes 6 million you know 4 million
becomes 5 million let's go with six so 4
million becomes 6 million of earnings
you know I now sell that company for
about eight times and I get 32 million
or six times eight I'm sorry 48 million
I got to pay back the original 20
million so I pay back the 20 million
that I owed and I make 28 million
profit H how fast can I do this well and
my last bu Bill years yeah I I bought
eight companies in three years and then
I bought 15 companies in two years so
you know if I have an unlimited
checkbook I can do this really fast if I
don't then I have to work one company at
a time and it takes a little bit longer
not not terribly much longer I just have
to solve for the capital so my my point
in this is I don't have to waste 20
years of my life to generate wealth I
don't need to start something where I've
got a 50% chance of failure I can start
by buying a successful small business
and in today's world I got a news flash
for you right now this is the largest
wealth transfer in human history as Baby
Boomers are retiring selling their
businesses you know or literally dying
and not even even continuing their
business or attempting to sell it 80% of
people who own a business never actually
find a buyer or sell it 34 million small
companies they're a dime a dozen so
while everyone's looking at all of these
companies you're sorting through all the
chaff real quick needs not wants
contracted Revenue you know recurrent
Revenue not Project based you're already
like light years ahead of the rest of
the people out there who haven't heard
this podcast haven't heard me speak
about this before and they don't know
the secret to how to ice it and make
sure that you're successful we go by our
first it's the hardest but we can do
this you know there's Capital out there
that's going to help us and we get that
first deal done the second deal becomes
easier the third deal becomes easier and
and as we put these together quickly we
bought good businesses that are healthy
that are growing and we're helping these
entrepreneurs Escape you know and and
we're we're taking over now the business
we're using our our business Acumen that
we've got from the Fortune 500 world or
the ink just dried on our MBA and we're
ready to now go out there and kill it
and and so we get these businesses to
grow you know at a at a good Pace you
know using the tools that I talk about
in in my books or or teach at the
seminars and you know you can do this
really quickly and and it doesn't take
you know it doesn't take 20 years to
have a net worth of over 10 million or2
million you know and uh en Joy kind of
the decamillionaire club or in this
country over 30 million is how we Define
ultra wealthy and so people who think
that's a pipe dream you can do this in a
matter of just a few years well based on
your math you're talking about anywhere
between three to six years you're
already well into that club correct and
and the great news is you can either
keep going or do it again or while
you're building the first and getting
success start the second oh and then
become a become a Serial entrepreneur
that always has one two or three
companies I got to change my my my math
a little bit my my mentality you know
the profile of the first business I buy
might change now instead of looking for
someone who's 60 years old or older who
wants to retire I'm looking for someone
who's in their 40s you know or 50s and
they still got lots of game left and I'm
going to back them as my CEO and they
are going to be as a rollover investor
going to get that second bite of the
Apple they're still going to be highly
interested and intrigued I teach them
what about what we're going to do I get
them engaged and now i' I call it I've
got my horse and I'm riding my horse and
now while that company is growing I can
double down and look for another one to
do and I can get two or three of these
going at the same time talk about seed
there Adam I mean listen to what you
just said you're basically saying yes
you know you get the first one going and
and and maybe youve finally sold the
first one into private Equity it's now
in its next swim Lane but you kept 30%
and so now you get another bite of that
Apple down the road but while you're
sitting there as a minority investor in
something you can also go back start
another one and now have two things
growing at the same time sure and you
could be in one as a CEO growing it the
second one needs to be a different
industry because we can't compete you
know and I'm going to need a you I'm
going to need a horse you I'm GNA need
somebody that that I can can ride who's
going to go with the business and and so
you can choose how to play this I'm
going to step in take it get to the
payday be a rollover investor put a
bunch of money in the bank and keep
building it because I know it now and I
know to do how to do it and now I've got
an unlimited checkbook so I'm going to
keep going in that industry where you
can be Oz behind the curtain and the
profile of the first company is in their
40s in their 50s still got a lot of game
left I buy that company I teach them
about the buy and build and what's in it
for them they are the one who rides
forward with the company and when I sell
to private Equity hey private Equity
guys I'm just the money you know he's
the guy he's the magic she's the guy or
she's the lady she's the magic I mean
she's guy these days Adam you know
guy these days you
know you said maybe you throw out a
Zinger there it's like I'm in trouble
I'm trouble
already people so so you know but but we
could be Oz behind the curtain and so
the profile of the first company I buy
is I need an entrepreneur who wants to
continue to go with the company they're
going to be the person that actually is
the the front person when we sell the
business and the profile of the second
third and fourth is going to be some
someone who's in their 60s someone who's
approaching you know in their 70s and
they want to retire and they don't have
a a succession plan and and our horse
and that first company becomes the
succession plan they know the industry
they're our expert so they can
assimilate the larger business you know
and we then buy companies two three and
four while that's going I go back to the
next find the next you know industry I'm
going to tackle and I get two or three
of these going at a time and after I get
the first payday Thomas you know so now
I can sell
fun you know and and maybe not 100% of
My Equity because I still like to use
other people's money but if I don't now
do a 30% rollover see when I bought the
first company it was a 30% rollover
because I needed that Equity to pacify
and I didn't have the money and so I
used their Equity to become My Equity
because once they roll over we're
partners and so between us we have 30%
Equity we have a 30% down payment and I
need to finance the rest so I did that
to be shrewd because I end have Capital
once I got Capital maybe I only let them
roll over 10% or 15% and then the other
15% becomes My Equity you know at the
beginning I get the first company done I
still want to use leverage it's
efficient but I can selectively use some
of my War chests that I've just built up
and I can build a model and I can see
boy if I put in an extra I just did this
with an entrepreneur I'm working with
right now just in this week earlier this
week you know so so yesterday and uh and
I I we were doing this exercise and I
said look if you put we built a model if
you put just an extra 750,000 in cash
into this deal instead of zero if you
put 750 instead of the entrepreneur
rolling over 1.5 million let him roll
over 750 you put in 750 extra at the end
of the model you made an extra five
million and on a 750 investment you know
of your Equity is a selective strategic
use of your Equity you get an extra 5
million in return and if you don't you
let that person roll over 30 they get
the extra five million so do you want
that five million you know or not well
if you don't got the 750 you're going to
give it away but if you've got the money
because you've done this now once you've
got 10 million you paid some taxes you
know you got 18 million whatever the
number is that you made on the first go
round I guarantee you it's healthy
because needs not wants contract you
know it's like I I stack the deck in
your favor
when you do this now you know subsequent
times and you selectively insert your
equity in the right spot you can really
juice up your Returns the second time
you do it and so the first time is kind
of your bike on a training wheels and
you're you're you're doing it at a
minimalist fashion because you don't
have Equity but once you're successful
once and you create the equity now I go
to my next bike and I can I can I can
take the training wheels off selectively
Infuse my Capital at the right strategic
points and now I'm juicing up my returns
on the second one and I go back and do a
third and it's like this is a a
reiterative process and once once you
know the mechanics of how to do this
there's no limitation as long as the
companies meet my criteria and as long
as you're doing that you know I you can
do this quickly you can do it often you
can do it repetitively I just spent 21
years doing it and so for someone who's
in their 30s or or 40s
especially focusing on this and trying
to take this concept it will literally
give you generational wealth and then
some because you've got a long enough
Runway to do it or
conversely you can save money and put it
in mutual funds and eventually when you
go to retire you'll have an estest egg
but you will not have what you can
generate over the next 20 to 30 years
based on investing because that
essentially this is this is really what
you're talking about is is is taking
money and investing money very very
wisely you could become a wildly
successful incredibly successful multi
multi multi multi-millionaire you can
become a nine figure entrepreneur nine
figure entrepreneur I mean starting at
30 you might be able to make it to
billion you don't know yeah so you
listen you know I I I tell people all
the time you know a lot of people get
very comfortable in a job you know I
work in a fortune 500 company I like the
big logo when I go to cocktail parties
you know who do you work for I work for
GE or I work for you know Chevrolet or
Ford you know General whatever it's like
you know and and I I I've got a title
you know I've I'm a vice president I'm a
you know I'm a this I'm a that general
manager and you know a lot of people get
very comfortable with that but I I'll
tell you that the true path to wealth
Never Comes by working for someone else
it just doesn't you know how many is a
percent of the entire Fortune 500 world
how many people make a million a year
you know it's almost none and and so I
I'll tell you that you can earn a good
living and you can you can be a
productive member of society working for
someone else but if you want to generate
wealth you know true wealth you want to
fly around on private jets you know you
you you wanna you want to not worry
about balancing a checkbook ever again
in your life you know or or worry about
where where money is going to come from
for my kids' education or my grandkids
education or their kids education it's
like generational wealth comes from
being an entrepreneur and it comes from
being involved in in business and and
buying and selling companies is one
vehicle that we can use and
entrepreneurs you know over the
generations you know have uh you know
for the the last you know few hundred
years here in this country you know
those who started businesses they were
the ones who created something and
something from nothing and they they
became the wealthy families and you can
do that you can still do that in this
country people are doing it every day
and I I kind of feel like I've been
seeing a Resurgence of entrepreneurial
activity I think more and more uh young
people especially are recognizing that I
don't want to work for the man you know
I don't want to you know it's like I
don't want that path that my parents had
you know or my grandparents had I want
to do something different you know I
want to own a business and so I'm seeing
a Resurgence of young people getting
getting involved you know in in doing
things like this and so yeah you know we
can get lucky lightning does strike and
we find our way through this but you can
stack the deck in your favor you can
build a formula that almost guarantees
your success or at least raises the odds
tremendously your favor yeah yeah I mean
you know yeah you you're talking about
young people and I mean one thing that I
find a lot of young people talk about
and I'm not exactly out there in the
college campuses you know polling them
um you know I I do end up talking with a
lot of young people periodically through
my travels and you know they they like
to talk about well you know I'm going to
put this into crypto you know and it
it's
like that it could
work it could you know or you could do
something that probably has a much
better chance of working what you're
suggesting what you're what you're
preaching is something that has a a very
proven track record with a high degree
of uh liability a high degree of um
success and it's not always sexy right
look at the businesses that I've run you
know HVAC commercial laundry I mean
that's not sexy on the top of anyone's
sex I don't know because women like a
man in
uniform my medical service company that
was pretty sexy um you know so you I I I
I'll tell you that you know true wealth
you know doesn't have to be sexy it
doesn't have to be the newest thing you
know there there's a rage going on
around Tik Tok at least I I keep seeing
videos JT keeps sending them to me it's
like you know here's someone with a
master's degree lamenting how you know
how much they make and how much you know
her husband makes who's a plumber right
you know or here you know here you know
plumber makes more than a surgeon you
know over over a 10-year period and you
know it's like you don't have to
reinvent the wheel I don't have to
create the next new tech platform or app
you know or I don't have to experiment I
can go to something that's not sexy
that's been around for a thousand years
get in that industry and I can sexy it
right on up until I'm a decamillionaire
or or an ultra wealthy person and so
it's like sometimes simple is better
simple's easier you know but I do run
people through an exercise so if you
want to also don't forget my filters but
if you also want to then decide okay but
but really I I don't want to do a
laundry company so what what can I do so
I tell people get out a piece of paper
put three columns First Column what are
your skills what are you good at you
know and it's like hey I'm analytical
I'm great at spreadsheets or I'm very
good at at inspiring I'm a great closer
I can sell people you know it's like
what are you good at and then I go to
the next column and I say what are your
passions what do you like to do and then
I look at the third column and I say
what companies what industries would
take advantage of your skills would feed
your passions because life is so much
easier if you wake up in the morning and
you're passionate about what you're
doing you know and it it ties together
what industries what companies would fit
that bill then apply my filters needs
not wants contracted Revenue you know
recurring Revenue not Project based
Revenue run through those iterations and
at the end of the day what you're going
to find is your path you'll find your
your industry of choice and you'll be
have a higher probability of success
you'll have fun doing it and you'll make
a lot of money now how do we begin those
stages so let let's just say
hypothetically you know someone's done
the column they've you know they
understand the the the 302010 rule
they've checked the phone book to make
sure it's you know fractioned enough uh
and and and they know I want to go into
X
industry what is the next step I mean do
they literally just start picking up the
phone or they walk into people's
businesses and say I can to talk to the
owner got to build a funnel so great
question so I I've Got My Chosen
industry I used all my little rules we
just talked about I walked that road I
found my industry and now I have to
build a funnel and so I could build a
funnel many different ways um I could do
if if I'm doing it on the cheap I could
just do Googling I could go to state
websites and try to find out so every
company when they register
create an LLC or an es Corp any company
that registers with the state uses a
nacis code an s i code it's like this is
the industry I'm in it's number 6523 F
right you know whatever whatever that
case is and and it's like they uh you
know I've got my necis code written down
here because I need it all the time it's
541611 that's my necis code and I can go
online and I can buy a database I want
to know every company in the United
States or at least in this state that's
registered under neis
541611 which is Consulting you know you
know business Consulting and and if I if
I buy that database now I've got the top
of my funnel filled um I could go to Dun
and Brad Street I could pay 2500 bucks
for a license to this thing called
Hoovers and I could do the same thing
there you know and um I I I have a
geography in mind I want to get started
close to home I'm in Dallas so I want to
find how many companies have the neckest
code in the industry I'm looking for and
then I got to do some shoe leather type
work I I I need to get on Google I need
to go to companies with websites and try
to figure out are they really doing what
I want to do or did they just use the
knis code it's so broad that it could be
you know any different kind of company
multitude of different companies out
there and so I start then qualifying my
funnel if I got a little bit more money
I might spend 10 grand on a tool called
grata you know and now maybe I'm getting
ownership information this is who owns
the business this is our estimate of the
revenue you know for that business and I
start to then kind of filter my leads
and now at some point I got to start
doing Outreach to people and and I'm
either going to be cold calling them
sending them emails reaching out to them
on LinkedIn you know I have to build the
funnel and then and then sort the funnel
get to a Target you know I typically
would start with thousands of companies
at the top and I'm probably working with
about a hundred that I think are in my
wheelhouse and I'm going to start doing
our Outreach and and start trying to
contact these people and uh so there is
some sales element if I don't want to do
that if I really stink at that I could
hire this thing called a buyid advisor
and I could pay somebody about 55500 a
month to go out and do it for me and
they'll serve me up worm leads I'll pay
them a commission at close because I
bought a company that they brought in
the door and I still have to do
diligence and I still have to build a
relationship but they'll do all the cold
calling stuff that I don't like to do
and I can pay to Outsource that I can
use a tool like grata you know or done
in Brad street you know or just just
trying to find databases online at
government websites and and you know I
can I can this is how I go about doing
this I always develop a filter you know
and my set of filters what does good
look like we don't want to buy fixer
uppers Life's Too Short we only want to
buy good companies that have good
reputations you know and so I'm looking
for Revenue at this size earnings at
this size a profile of who the owner
probably is they're probably in their
60s 70s retiring you know or they're in
their 40s 50s or younger still got some
game left but they understand their
industry and I'm going to show them the
benefits of doing a buy and build and
being the president CEO of the company
that I'm going to build buying three or
four small companies putting them
together and selling them off to private
Equity um and so we developed that
profile you know but that that's kind of
it in a in a nutshell you know we we we
won't I don't have enough time to go
into any more detail really than that
here but you know as we're approaching
the top of the hour here it's it's uh
you know these are my thoughts we can
stack the deck in our favor and and we
can apply some basic rules and tips that
I've learned over my career to
drastically raise the odds of success
for the people out there who want to do
this but you know to those you know to
those who are willing to take the risk
you know come the come The Spoils of of
success you know we get some failures
too but that's why we stack the deck in
our favor all right well Adam as you
said we are coming to the top of the
hour I thank you so much for coming on
the show I would love to be able to do
this again sometime maybe even deeper
level and God willing I'll be able to
discuss some things and and and dig in
areas because I'll be involved in
something like this and and really have
some fun with it but I thank you so much
for coming is there anything else that
you want to tell the audience before we
uh end the show well hey look um my
podcasts if you hear me on an episode
like this they're free uh my books are
cheap I donate my royalties to charity
somewhere up there there they are I got
some books um and you know I teach the
seminar coming up here in February you
can join me there you can work with me
oneon-one a lot of different ways but
reach out to me on LinkedIn LinkedIn is
where you'll find me um and I I'm very
active on on on on LinkedIn so people
reach out to me there all the time you
can go to my website adom
coffee.com um and that's it I look
forward to hearing from your your
listeners good luck to everybody out
there stay safe be happy take risks that
are calculated and enjoy en the ride
boom thank you thank you thanks for
having me
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