$20m Net Worth After 25 Years Buying Businesses

Of owning a small business and getting into that space. Without a doubt. And the lifestyle it, it creates later on the, the other time that I'm spending right now as a small business acquisition consultancy community that I've created over the last couple years. So I've gotten a lot of people that have come over, come to me the last 10 years to kind of see what I've built on buying these…

And I've kind of helped them, you know, without any type of compensation. And I've realized over that last five or ten years that people need me, they need my help because the amount of mistakes that they are making from just general things on setting up their legal entity correctly, they're doing it wrong. It's, it's just fact out, it's just wrong.

Right. So for example, you set up your LLC and you're a single member llc. Well, you're what they call a disregarded entity in the eyes of the IRS and you pay maximum taxation forever. And you don't even. The bad thing is you don't even know that you screwed up until somebody tells you, well, I'll just bring in my wife.

No, that doesn't work either. Right. So all of my companies, I either have a real partner or one of my kids own it a half percent. Don't bring your spouse in because if depending on what state you live in, if you're a community property state like Texas is, you're still a disregarded entity in the eyes of the irs.

So I always say just a good friend, your sister, brother, or if you have any kids, bring in one of your kids for half percent and all of a sudden now your, your tax situation is much better.

But I just bring that up as I saw these people making these mistakes or trying to buy a company for 1.5 that's worth 750 Garand because they don't know how to read a P L or they don't understand what is a valid add back versus what is not a valid add back on coming to an owner's discretionary income.

So I, I felt like I at this point in my life that to answer your question, before I get into why I'm doing this, I make, I make a little bit over $1 million a year in current income and my net worth is probably around 20 million. Okay. So I'm in a situation where I'm 58 years old, I'm never going to retire because I love doing this. And, and, and the small business acquisition community is called…

And that is what wakes me up in the morning now. And I want to help as many people to follow the same path that I did over the last 25 years. Right. I feel like in 10 years, I think my, my wealth would be close to 50 million on some of the things that I've done and some of the investments I make and the real estate that I own.

That's generational wealth. I've got five kids and I can hand off $10 million to each one of those kids upon my death. That is generational wealth.

And, and, and I've already shown them that this is the path that you need to take. And I feel like it's me paying it forward now that the amount of knowledge that I have and then acquired, I feel like I need to pay it forward and help people follow the same path that I've done. So that's the community that I've created and super, super, super passionate about it.

And I feel like I, a thousand, two thousand, five thousand people over the next 10 years that I think I can help them see what I've done and teach them what I've done. I can. I can. That first learning curve of 10 years was so flat that I can teach them what it took me 10 years to learn. I could teach them in three months.