Why the World’s Most Productive and Successful People Are Buying Businesses and Building Empires | #FFLTV Episode 16

On today’s show, we’re not drinking scotch. { Don’t try this at home, kids. }

We’re going to look at how a travel company can sell more gear. We’re going to take live Facebook comments. And we’re going to talk about buying businesses to build an empire.

So, as an entrepreneur, I am always curious to find the commonalities among some of the world’s most productive and successful people to find out what are the things that they do in common to provide success.

Obviously, this is really common right now. Tim Ferris is really big in finding those common attributes. It’s what his book, Tools of Titans, was all about.

And when it comes to wealth creation, when it comes to building empires, it’s been my observation that building businesses and investing the profits is the fastest way to generate significant wealth. But that investing the profits piece, from what I can tell, the people who build really big empires are investing into other businesses.

When I was young in my career, I had a few cash flowing websites – websites that made a lot of income that I grew over time. And the first thing I wanted as soon as I had a business that was cash flowing enough was to say, “How many of these can I acquire and at what price?”

So, I was buying and selling websites early in my career, even while I was in my college dorm room. And I even taught this as a model of buying websites, ’cause websites were super profitable and you could get them for very little money.

Well, I’ve kind of graduated from that. I haven’t bought and sold websites for several years now. But I have come back to now buying business or investing in other businesses.

Especially businesses that I can impact, businesses that I can actually impact their revenue.

I am often surprised at how few entrepreneurs think about this.

I will publicly say that I’ve had the hardest time building the business of Freedom Fast Lane and Capitalism.com because I’m in the way. I have to show up to do these videos in order for the business to grow. But by selling physical products, or by selling whatever your product is, without your face on it, you can build that as a big, legitimate business.

So, I use this platform as a way for me to talk about the things and spread a message that I want to spread. But I build my wealth by building and buying other companies.

If we look at Warren Buffett, Warren Buffett doesn’t make money being Warren Buffett.

Warren Buffett makes his money being a value investor and buying businesses.

Even on the Freedom Fast Lane Live stage, we have had Gary Vaynerchuk in 2015 talk about how he was going to buy the Jets by buying businesses. And most recently at Freedom Fast Lane Live 2016 we had Nathan Latka talk about how he’s going to own the world by buying businesses.

That methodology, that strategy, I think is the way to build really generational wealth and is something that I’ve been focusing on.

In my January 2017 income report, I said that I’d been part of a recent acquisition of a physical products brand that we plan to grow and keep as a portfolio of brands that will be scaled into the mega-millions and eventually buy me the Cleveland Indians. Of course, obviously.

And I’ll talk about that when all the dust settles and we get everything buttoned up. But that acquisition has been finalized. And I’ll be happy to share more about that acquisition as it becomes appropriate. But that is the next stage for me as an entrepreneur.

I’m always surprised that more entrepreneurs don’t look at buying businesses as a way to get started or to really become a full-time entrepreneur.

Because it’s a lot easier to take something that’s already profitable and scale it than it is to build something from scratch.

So, if you have been watching these videos or you’ve wanted to be an entrepreneur, have you ever thought about buying a business that’s already profitable? The scalability is much faster.

The paychecks come in right away. And you don’t have to be the person coming up with the idea. It is my opinion that once you build a business and have some income that you control, the next step is to invest your profits.

And right now, I think that buying business is the best investment that any entrepreneur can make.

 

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MORE GREAT EPISODES OF FREEDOM FAST LANE TV:
Building Businesses Before You’re Old Enough to Drink & the Future of ‘Work’ | #FFLTV Ep 15
Why Don’t You Like Capitalism? You Told Us, We Listened. Here’s Our Response. | #FFLTV Ep 14
The Evils of Capitalism, Personality of Success and Breaking Through Barriers | #FFLTV Ep 13

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