Me being in this in 25 years. I still kind of struggle with that. Looking at P Ls and balance sheets and how to reflect on how much money I need when I'm buying a new company.
Acquiring Minds
$20m Net Worth After 25 Years Buying Businesses
Excerpts · 455 segments · ~1:36:37 long
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It's still really hard for me to do that. Not understanding marketing. I still don't understand marketing, but it took me about 10 years to figure out that I need to hire somebody versus me wasting money on, hey, let's put an ad on TV or on a magazine or something like this and just throwing money at stuff that we had no idea what the return on it was.
So that was a big miss. We wasted a lot of money for 10 years on advertising because we didn't know. We thought we were the subject matter expert.
And it took about 10 years to figure out like, okay, look at yourself in the mirror and figure out what you're good at and have a hard conversation with yourself and then those things you're not good at. We finally figured out we need to hire other people.
And what are you good at, Paul?
I am good at operations. I am good at understanding money in and out on returns and understanding what's going on in the industry and understanding what's going on in my financial statements and insurance, kind of back office stuff, legal stuff I'm very good at. So that's what I'm good at.
And then I've hired other people to fill in those holes of areas where I'm not.
Yeah.
And that's really important. Really important.
Well, it's kind of the. To your point about business buyers thinking they're going to be smarter than the seller. It's. It's easy to think that you can just do everything better than everybody.
Yeah.
And so I think I like that. Anybody who's enterprising enough, I love that.
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