Asking Wealthy Americans How They Got Rich! (Scottsdale)
Summary
TLDRIn this engaging video, the host interviews successful entrepreneurs in Scottsdale, Arizona, seeking insights into their wealth-building journeys. From a Ferrari owner who turned military discipline into a thriving online fitness business to a retired doctor who built a healthcare empire, each story emphasizes the importance of focus, reinvestment, and the value of self-belief. The interviews reveal the secrets to scaling businesses, managing cash flow, and the power of leadership, offering viewers a million-dollar perspective on achieving financial success.
Takeaways
- 🚗 The interviewee owns a Ferrari and is an entrepreneur with an online fitness and nutrition company, aiming to scale to over 100 million in revenue.
- 💼 A key to success mentioned is focusing on marketing and sales to capture demand and operational experience to fulfill the service without breaking the client experience.
- 💰 The advice for scaling a business includes reinvesting in oneself and valuing personal growth over immediate earnings.
- 🤔 The importance of mindset is highlighted, with the notion that being 'mentally rich' can lead to financial success.
- 🏆 A retired doctor turned entrepreneur shared their journey from building a healthcare company to achieving a net worth between $5 and $700 million.
- 🏘️ The doctor emphasized the value of hard work and reinvesting profits back into the business, which contributed to their wealth accumulation.
- 💬 Communication is identified as a superpower for business success, along with the ability to talk to everyone on a regular basis.
- 🌐 An entrepreneur with 40 years of experience stressed the importance of getting the right people on the team and a solid business plan for scaling a business.
- 📈 The significance of managing cash flow effectively was underscored, with the suggestion of maintaining an 18-month cash flow model.
- 🤝 The interviewees agreed that building relationships and surrounding oneself with the right people is crucial for business growth and success.
- 🎯 The military background of one interviewee was highlighted as invaluable in developing leadership and motivation skills that translated into business success.
Q & A
What was the most amount of money made by the entrepreneur in a single year?
-The entrepreneur made about 250 million in a single year.
How long has the Ferrari owner been a business owner?
-The Ferrari owner has been a business owner for 3 years.
What was the entrepreneur's background before becoming successful?
-The entrepreneur was in the military for 22 years and was broke during that time.
What is the secret to looking young according to the 60-year-old entrepreneur?
-The secret to looking young is focus and discipline.
What is the entrepreneur's advice for someone wanting to become a multi-millionaire?
-The entrepreneur advises to bet on oneself, reinvest in oneself, and maintain a rich mindset.
What is the primary business of the entrepreneur who owns a healthcare company?
-The primary business is providing primary care for trauma patients, including surgeries, scar revisions, sight counseling, physical therapy, Cairo, and general medical management.
How did the healthcare entrepreneur fund the start of his business?
-The healthcare entrepreneur self-funded the start of his business without any loans or external investors.
What is the net worth of the healthcare entrepreneur?
-The healthcare entrepreneur's net worth is somewhere between 5 and 700 million dollars.
What was the most significant sacrifice made by the healthcare entrepreneur to build his business?
-The most significant sacrifice was missing out on his children's youth due to working six days a week and taking Sundays off only to nap.
What advice does the entrepreneur with a background in special operations give for overcoming adversity?
-The advice is to practice daily gratitude, meditation, and maintain a positive attitude.
What is the entrepreneur's view on the work ethic of younger generations?
-The entrepreneur believes there is an entitlement issue in younger generations, which he attributes to parenting rather than the individuals themselves.
Outlines
💼 Entrepreneurial Success and Life Transitions
This paragraph features an interview with a successful entrepreneur who owns a Ferrari, revealing insights into their business journey. The individual started as a military man, then transitioned into buying and selling businesses, eventually finding success with an online fitness and nutrition company. They emphasize the importance of focus and discipline as key to their success, and share their ambitious revenue goals, aiming to scale to over 100 million in annual recurring revenue. The interview also touches on the challenges of time management and the sacrifices made for their business growth.
🚀 Scaling Businesses and Overcoming Challenges
The second paragraph delves into the strategies and advice of a seasoned entrepreneur who has scaled businesses from seven to eight figures. They discuss the importance of marketing, sales, and operational efficiency in business growth. The interviewee also shares personal financial advice, emphasizing the value of self-investment and mindset over immediate earnings. The conversation highlights the significance of persistence and self-belief, regardless of age, and the interviewee's journey from a broke military veteran to a successful business owner.
🏆 Insights from a $250 Million Electronics Entrepreneur
In this segment, an interview with a highly successful entrepreneur in the electronics industry is presented. The individual shares their experience scaling a business to $250 million in revenue, emphasizing the importance of having the right people and a solid business plan. They discuss the role of product and distribution, the challenges of starting a business with limited capital, and the difficulties faced by small businesses in obtaining bank loans. The interview concludes with the entrepreneur's views on the entitlement issues of younger generations and the importance of hard work and earning over mere deserving.
🤝 The Art of Sales and Building Lasting Businesses
This paragraph focuses on the sales strategies and business philosophies of a seasoned entrepreneur who has generated millions in revenue. The interviewee differentiates between 'hunters' and 'farmers' in sales, explaining the importance of both in business growth. They discuss the challenges of managing cash flow and the necessity of maintaining an 18-month cash flow model. The entrepreneur also shares their approach to scaling businesses, emphasizing the importance of focus and discipline, and their negotiation advice, which includes securing contracts and maintaining transparency in business dealings.
Mindmap
Keywords
💡Entrepreneur
💡Revenue
💡Scaling
💡Millionaire
💡Investment
💡Cash Flow
💡Focus
💡Discipline
💡Negotiation
💡Wealth Management
💡Mentorship
Highlights
Entrepreneur owning a Ferrari shares insights on business growth, emphasizing the importance of marketing, sales, and operational efficiency.
A business owner reveals scaling a company to eight figures requires focusing on demand capture, conversion, and fulfilling services without breaking the client experience.
The value of self-belief and mindset in achieving financial success, as shared by a multi-millionaire who was once making only $19,000 a year.
A 60-year-old entrepreneur attributes his youthful appearance to focus and discipline, highlighting the significance of these traits in business.
The founder of a healthcare company discusses the importance of reinvesting profits into the business to maintain financial stability and growth.
An entrepreneur with a net worth between $5 and $700 million shares the sacrifices made for business success, including time away from family.
The founder of an online fitness and nutrition company outlines the strategy for scaling a business from seven to eight figures.
A business owner emphasizes the importance of capturing demand and having operational experience to build systems and processes for business growth.
A 43-year-old entrepreneur shares the best financial advice received: to bet on oneself and continuously reinvest in personal growth.
The significance of daily gratitude, meditation, and maintaining a positive attitude as shared by a successful business owner and former military officer.
A business owner with 40 years of experience discusses the challenges of starting a business with no initial capital and the importance of implementing a solid business plan.
The founder of a $250 million electronics business highlights the importance of having the right people and a good business plan for scaling a company.
A discussion on the role of debt in business, with an emphasis on the difficulty of obtaining loans for small businesses and the importance of managing cash flow.
An entrepreneur who scaled his business to $11 million in a single year shares his secret to success: focusing solely on business without compromising on personal life.
A retired doctor turned entrepreneur shares his superpower in business: communication, which he considers crucial for business growth and success.
A business owner emphasizes the importance of leadership and motivation, drawing from his special operations military background to drive business success.
The creator of a successful entrepreneur community, 'The School of Mentors', invites members to connect and learn from multi-millionaires and billionaires.
Transcripts
excuse me ma'am
9282 question for you um will'll take
care of that thank you thank you so much
is this your Ferrari yes it is and what
do you do for living out here in
Scottsville to be able to afford a
Ferrari I'm an entrepreneur how long
have you been a business owner for 3
years 3 years yeah what was the most
amount of money that you've ever made in
a single year so the most amount of
money that we have done will be this
year we'll do about 250 million about
100 million north of 20 million annual
reoccurring Revenue have you ever been
broke before yeah I was in the military
for 22 years man of course I was broke
and what did you do after the military I
started uh buying and selling businesses
what was the most amount of money that
you ever made in a single year 11 mil
how old are you uh just turned 60 you
you're not 60 years old you're yeah 23rd
of July I turned 60 what's the secret to
look at like this is 60 years old that's
crazy Focus man everything's about focus
and discipline how can somebody become a
multi-millionaire in 2024 like
yourself Hard Knock family we just got
to our destination at Fashion Square in
Scottville Arizona one of the richest
cities in the entire country and I'm
going to be going all over to find
multi-millionaires up to people who
built billion dollar companies to figure
out how they became wealthy and the
secret to becoming financially free in
2024 so with that being said let's go
get these interviews question for you
have you ever been broke before no and
what do you do for living out here in
Scottdale I I'm done quick question for
you have you ever been broke before have
I ever been what have you ever been
broke before oh [ __ ] yeah yeah let me
ask you hasn't everybody yeah but what
do you do for living out here in
Scottdale
I don't I'm just visiting right now what
industry I I don't really like social
Med I have a channel I started at UT
Austin I grew up to 6 million followers
what I I started the channel at UT
Austin I grew up to 6 million followers
I I interviewed bus great thank you bro
excuse me sir question for you sir
question for you have you ever owned a
business before yes yeah what what type
of
company all right you guys so as you
guys can see since we are in the
wealthiest city in all of Arizona it is
very hard to get access to these people
to do an interview these people people
understand the value of their time and
they are always on the go out here man
so we're going to do everything we can
to get the best content possible for you
guys so stay tuned because I'm not
leaving this video till I deliver you
guys a million dollars worth of game
let's go get these interviews come on
excuse me sir question for you how old
were you when you became a millionaire
uh 29 29 yep and how old are you now uh
48 and what do you do for living out
here in scottsvale uh I own a Healthcare
company and a couple software companies
and how long have you been an
entrepreneur for I guess my whole career
24 years and what was the lowest point
in your career as an entrepreneur
probably like 10 years years ago I
gambled on the wrong staff and they
burnt me and picked myself back up and
there's nobody you can reinvest into
besides yourself what was your
superpower as a business owner I just
talk to everybody on a regular basis
communication communication for sure so
I'm assuming that you're a salesp person
then no I'm a retired doctor retired
doctor yeah well I own the company now
but I'm the founder and CEO okay so I
guess in terms of Revenue across all
these businesses what has been the most
amount of money that you've ever made a
single year about 100 million $100
million and what are you selling we're
in healthcare so we provide primary care
for trauma patients right so we do
everything we do all the surgeries we do
scar revisions we do sight counseling we
do pt we do Cairo we do just general Med
medical management everything do you
come from money oh no not at all
McDonald's was a cool thing as a kid
like that was like a real treat and
reward how did you change your family's
trajectory like what did you see that
made you want to get really serious
about becoming financially free and
really successful in business my dad
built Custom Homes as a hobby and he
always pointed out everybody in the
neighborhood didn't have a job they
owned something so I think I took that
inside as uh well when I became a doctor
I'm going to own my practice and then
kind of expand it from there how did you
get the money to start your business did
you have to borrow any money or leverage
any capital from I have I'm the only
owner no other banks no other personal
or private Equity nothing it's just me
so you built a $100 million company same
thing well it's worth maybe a billion
now but it's it's yeah we do well what
is your net worth uh it's somewhere
between 5 and 700 million and maybe more
so what did you have to sacrifice to
build a $100 million company oh I never
saw my kids go wake up I never saw them
go to bed I work six days a week I took
Sundays off to take a nap my wife over
here said that everybody said did you
hire him for Facebook cuz we've never
met your husband cuz all he does is work
so uh I think I sa sacrific a lot of my
children's youth but now they're
teenagers and I'm there every day so
it's it's cool and are you guys married
yes let me ask you a question what's the
number one thing that you're the most
proud of about your husband everything
yeah right he's an amazing husband I
mean he's worked harder than everybody
that I've ever seen thank you so much
appreciate that man absolutely Hard
Knock family we just ran into a100
million a year entrepreneur out here who
net worth is in between $5 and $700
million he's in the business of
healthcare but what did he say is one of
the most important financial decisions
that you can make is keeping all the
money back into the business he didn't
have any investors he didn't go into any
debt so he owns that entire business and
he kept the money back into the business
because if you have one bad month as a
business owner and you blow your cash
it's all gone and you could be done so
great interview out here let's go get
this next one and keep this video
rolling come on all right you guys we
got somebody pull up on a Ferrari right
at the valley right here we're going to
go up and see what they were able to do
to be able to afford this car let's go
see what they have to say
excuse me ma'am
9282 question for you um I will take
care of that thank you thank you so much
is this your Ferrari yes it is and what
do you do for living out here in
Scottsville to be able to afford a
Ferrari I'm an entrepreneur how long
have you been a business owner for 3
years 3 years I go all over the country
just asking business owners their best
advice to new entrepreneurs could I ask
you a couple quick questions for the
channel sure awesome so what are you
doing right now in entrepreneurship I
went an online Fitness and Nutrition
Company and you've been in that business
the last 3 years three years yeah so
what was the most amount of money that
you've ever made in a single year so the
most amount of money that we have done
will be this year we'll do north of 20
million annual reoccurring Revenue $2
million 20 million how did and that's
just the start by the way okay cuz we're
going to scale this thing to over 100
million that's incredible I know we can
do it let me first ask you this how did
you scale this company from seven to
eight figures a lot of business owners
they have a great idea they start they
really struggle to scale you specialize
in scaling companies what took your
company from 7 to eight figures first of
all you got to dial in capturing the
demand so marketing and sales is huge if
you you don't have somebody overseeing
and driving the function of marketing
and sales you don't have a business
right but then the the challenges then
that you face as a business owner is not
just capturing the demand and then
converting it but fulfilling the service
so that the client experience doesn't
break so that requires somebody who has
a lot of operational experience to come
in and build systems and process now as
a multiple 8f figure entrepreneur what
was the best financial advice that you
ever receive you have to bet on yourself
you can't focus on what you're making
now so there was a time that only made
$19,000 a year right but here mentally I
was always Rich you know so it's a
mindset you have to take the money that
you're making and continuously reinvest
in yourself and you have to keep doing
that all the way through that's how
you're going to earn more money over
time so you're the best bet that you can
make a lot of people value money over
valuing themselves I value myself over
money which is why I'm so rich how old
are you now 43 how old were you when you
became a millionaire I was actually 40
40 years old so I guess it took me a
long time right so it's never too late
right age is just a number it's all
about how you feel and and that energy
that you have inside but if you were to
go back in time and have a conversation
with your 20-year-old self when you were
starting from zero what's the best
advice that you would give to your
younger self to not give a [ __ ] what
anybody thinks about you you have to
believe in yourself I think when I was
younger I didn't have Relentless belief
in myself and I wasn't Unapologetic
about who I was it took me a long time
to be who I am today you got amazing
advice thank you so much for your time I
apprciate hard family this video has
been crazy so far we're on the way to go
get our next interview right now but
I've got a very special announcement to
make a couple weeks ago we launched our
official entrepreneur Community the
school of mentors we've already hit a th
members and for the people that have
joined they can hop on live calls every
single week to learn from connect with
and get directly mentored by the
multi-millionaires and the billionaires
that I interview on this channel they
can ask them questions about their
career their life and their business so
you do not want to miss out on this
opportunity cuz it's once in a lifetime
to be able to get this access to the
people I interview on this channel every
single week so to join now link down in
the description of this video below
we'll see you on the inside but with
that being said let's go get this next
interview come on excuse me sir question
for you sure have you ever owned a
business before yes probably a dozen or
two yeah and what what industry did you
decide to pursue a career in uh I've
been in a bunch of Industries
Electronics Logistics what was your main
company what was my nobody you ever
heard of yeah just small business well I
started a Channel at the University of
Texas I started the channel oh you're
you're an Austin boy huh yes sir I I
grew the channel to over 6 million
followers I go all over the country just
ask business owners a couple quick
questions can I get just one minute your
I'm trying to get my daughter in a
wheelchair for sure how long have you
been an entrepreneur for 40 years 40
years and do you come do you come from a
lot of money no what did your parents do
uh small business owner I worked in my
father's business uh through uh high
school and college and then he and I
started a business uh in the early 80s
out of that what company did you start
we started it's in the electronics
Industry it's a small little
distributorship in industrial selling
and that's where I've pretty much been
my whole career so in terms of Revenue
what was the most amount of money that
you ever made in a single year we did
Revenue about 250 million in the in the
good years $250 million what's more
important product or distribution It's A
or B and it neither one actually
products can be okay distribution's just
a channel but it's all about how you
implement your plan there's a lot of
great products and a lot of good plans
but you got to implement it right how
did you scale from an 8 to a nine figure
business there's a guy who wrote a book
Collins I believe his name is get the
right people on the bus and it starts
with the right people and then uh it's
about the business plan financing it and
good partners what was your relationship
with debt as a business owner did you
have to borrow money from Banks to start
and grow businesses or how do you yes
yeah yes but it's very hard because
unless you have money they don't loan
you money so trying to get started it's
the one of the biggest problems we have
today is Banks don't loan money to small
businesses so getting started is it's a
very hard I I actually fund some stuff
with small businesses today and it's
it's very very difficult because private
equity and strategic have rolled up
every industry and Banks only give money
to the Insiders and youve sold hundreds
of millions of dollars in Revenue
throughout your career what was your
secret to sales the issue in terms of
selling is there's some sellers that are
um we call them hunters and there's some
sales guys that are farmers do you know
what those are you ever heard those
phrases I haven't heard that before so a
hunter is somebody who goes to look for
new companies new business a farmer is
somebody who gets more business out of
the existing customers so manage your
business it's a combination of both you
got it I got to go grab I appreciate you
how old are you now 62 you look
incredible for 62 and real quick I'm I'm
22 whose generation Works harder yours
than mine well individuals in your
generation do well but as a whole one of
the problems we have is good expression
for you it's in the old days it's always
I earn today it's I deserve not I earn
so entitlement it's a big problem you
see huge problem which isn't necessarily
the kids problem it's the parents for
providing it so the whole thing is
everybody gets a trophy I was a a
chairman of a regional board of
education I got V put it into and I sat
there at the negotiation and I said okay
teachers what we want to do is we have a
bunch of middle schools I want to start
comparing teachers uh uh of English
class and well we don't do that I said
well wait a minute do you teach your
kids that A's are better than B's or
better than C's yeah but not for us it's
part of what we're dealing with right
now yeah thank you take care guys have a
great day my guy's business did $250
million in electronics a very Niche
business but what did he say was the
biggest thing that took him from 8 to N9
figures he referred a book and talked
about getting the right people on the
bus at the end of the day remember this
guys people will take you places that
money can't and if you want to go fast
go bu yourself but if you want to go
further go with people together
phenomenal interview out here in
Scottdale from a $250 million man let's
go get this next one man this video has
been insane come on excuse me sir
question for you have you ever been
broke before been broke yeah yeah dude I
was in the military for 22 years man of
course I was broke and what did you do
after the military I started uh buying
and selling businesses moved overseas
yeah yeah so I ran aviation in Africa
Construction in South America wow so you
in like private Equity Venture Capital
what are you doing right now like yeah
yeah some some VC some private Equity
Investment Banking eight out of 10
businesses they won't make it past 5
years what's the most common mistake
that you see business owners make that
prevents cash flow cash flow cash flow
really simple what is the secret to
managing that cash flow and turn to get
into real wealth having an 18-month cash
flow model and then making sure that
you're staying keeping your head above
water have Revenue is awesome but you
got to have cash flow to keep the keep
the doors open yeah in terms of Revenue
though across all your companies what
was the most amount of money that you
ever made in a single year 11 mil $1
million and how did you scale from seven
to eight figures or what was your secret
to scaling businesses Focus yeah no no
life
balance no family no kids no girlfriends
just business what was the best
financial advice that you ever received
don't lose it don't lose it break that
down how can no make good deals man yeah
yeah yeah nothing is real until you have
a contract always have a contract to
always make sure that you're you're
keeping your hands above table you do
everything transparently you don't do
anything illegal immoral or unethical
you've been at the table with some Heavy
Hitters I'm sure what is your best
negotiation advice for people out there
don't talk past the sale once you've got
the sale done don't keep talking keep
your mouth shut just keep your mouth
shut yeah but what was your secret to
sales and generating millions of dollars
in Revenue over these years I'm not the
sales guy that's my secret is I know my
I know my strengths and I know my
weaknesses so what was your superpower
then as a business owner motivation yeah
leadership leadership yeah Tak taking my
special operations background and being
able to apply it to apply app to
business you so you were special office
in the military yes sir what branch uh
Army were you a ranger army green bra
that's incredible sir how important was
that military background in the business
invaluable yeah I wouldn't have changed
it for anything what was the lowest
point in your career losing friends how
did you overcome that let's say somebody
going through a tough time right now in
life how did you kind of overcome the
adversity that you face in your life in
business and the military daily
gratitude yeah I've got mantras in the
morning that I go through meditation
just staying positive man thank you so
much remember your name Jeff Jeff how
old are you uh just turned 60 you you're
not 60 years old
23rd of July I turned 60 man are are you
serious what's the secret to look at
like this at 60 years old that's crazy
Focus man everything's about focus and
discipline you're 60 today if you were
to go back 40 years ago what advice
would you give to your 20-year-old self
to to have that same blueprint and Roat
to success stay in the fight stay in the
fight stay in the fight man yes sir
thank you my friend you got amazing
advice sir have a good day thank you
hard Kno family that's a wrap on today's
video Scott still was absolutely amazing
again but I want you to like And
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