You know, can you help me? What would you do if you were me and listening to their guidance and support and college was a very, a transitional time for me. I always got good grades, I worked really hard.
Acquiring Minds
The $60k Acquisition that Grew to a $77m Exit
Excerpts · 306 segments · ~1:10:57 long
Short excerpts only — hear the full conversation on the publisher's site.
I was never the smartest kid in the room, but to me grades were more of a competition. Like I'm not gonna, I'm not gonna fail. I want to be at, you know, at the top and, and compete with these other kids.
And, and so I, as I went through college, it, it helped me kind of get more comfortable around people that had financial success. And so, and I never really was, I was never exposed to that. I mean we had people flying in on, you know, jets to watch a small football game and you know, we're thinking about how can we get gas money to go there to, for my mom to see us.
So, and she was at every game. So I had a great support network. So I get out of, I get out of college and immediately land a job in financial services and, and I, I actually build up a nice book of business that another advisor.
Within 18 months I had sold that practice to, to another advisor in our office. And at the time it was, you know, a big check for me. I was like, I can't believe I just did this.
And this was in the, in the mid-90s, right before the Olympics were coming to Atlanta. And I thought I was, you know, untouchable. I, I had a giant ego and I like I can build anything and make this work.
And so I went down to Atlanta and to, to buy some real estate to transform it into kind of properties for, for, for Olympics. For the Olympics that were upcoming. That is a whole other story.
That is probably a whole other podcast. But long story short, I ended up losing everything that I had made and I had a two year non compete to go back into that industry. So I couldn't go back into something that I really knew and was successful at.
Can I stop you here with a. Couple of follow up? Sure. First of all, how much money are we talking?
Understanding that you were in your early 20s, so it wasn't huge, but it was big for you at the time. How much was it? I don't recall. It was a, it was an adult number for me at the time. It was financed over a two year time frame.
So it was like an earn out out. So as long as those clients stayed, I got a piece of their production and so it was an Income stream for me really to, to go out and do what I really wanted to do. But I failed miserably.
And it was probably the most humble and humiliating time of my life. I'm young, 20, probably 25, I believe I was at the time. And I actually had to move back home.
Want what comes before or after? Hear the full episode on the publisher's site ↗