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The MULTI-MILLIONAIRE SECRETS Nobody Shares That You CAN COPY! | Alex Hormozi — Transcript

by Lewis Howes · 31,707 words · 4,621 segments · language en · Watch on YouTube

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0:00i think the single greatest
0:01differentiator between
0:02the poor and the middle class middle
0:04class and rich rich and the truly
0:06wealthy
0:07is i think you gotta have a dream the
0:09school of greatness
0:11please welcome
0:13now what's the difference between
0:14someone who's
0:15selling all the time and someone who's
0:17never selling and doing a disservice
0:19because they don't offer
0:21someone to buy something when they know
0:22like okay i have this coaching program
0:24or this course or this thing where i
0:26know you can get value if you took
0:27action but maybe they shy away from it
0:30because they want to focus on brands so
0:31much and not be the sales person
0:35but then it's actually doing a
0:36disservice yes because they're not in
0:37your program so i think it actually has
0:40less to do with the ratio of how much
0:42they're selling versus
0:43serving in their content
0:45but more so the ratio of selling and
0:47serving overall because most times
0:49because of this like we were talking
0:50before this about the internet marketing
0:51space in general is that most people's
0:54products are not serving they're not
0:56terrible right they're terrible and so
0:58what happens is like it is the most
0:59right hook of right hooks possible
1:01because like you just lose a ton of
1:03goodwill with the thing apple doesn't
1:06lose goodwill when they come out with an
1:07iphone everyone's just excited about it
1:09and they use the iphone they tell their
1:10friends
1:11so the difference is in the goodwill
1:14that comes with the quality of the
1:15product and so i think that's where the
1:16issue is it's not like do i sell or do i
1:18not sell it's just is the thing that i'm
1:20selling and the vast majority of people
1:22are pitching all the time are natural
1:23promoters not product people right and
1:26so like most times the greatest product
1:27people like naval had this quote that i
1:29really like he said you're only selling
1:31because you don't know how to market and
1:33you only market because you don't know
1:34how to build a product
1:35because like the best products market
1:36and sell themselves now obviously if
1:38you're steve jobs or elon musk it's like
1:40you build amazing products and then you
1:42back them with unbelievable marketing
1:44and then you have an army of sales
1:45people that that you know are selling
1:47for you so it's like then you have them
1:48all and then you have you know a
1:49trillion dollars yeah yeah yeah but like
1:52just just being exceptional any of those
1:53will make you money but you get the
1:56multiplicative you know compounding
1:57effect if you're good at two or three of
1:59them right were you always
2:01uh good at making money or was there a
2:03time where you were like man i'm just
2:05broke struggling and trying to figure
2:06this thing out
2:08it depends on like how much we're
2:10defining you know i mean like right out
2:11of co i finished i finished college in
2:12three years and then did the management
2:14consulting path and so like out of
2:15college i was making like 50 000 right
2:17right um and i lived in baltimore so
2:19like my cost of living was like five
2:21dollars and so
2:23so i was able to save a bunch of money
2:24so i i saved fifty thousand dollars in
2:26two years wow living there and that's
2:28what i was able to start my my uh gym
2:30with did you understand
2:33money when you were in your teens or
2:34growing up or did you feel like you were
2:36scared of it or it was scarce
2:38or are you thinking oh this i'm not
2:40really worried about money it'll come
2:41when i'm ready
2:43i was always i've always been a saver
2:45i've always been a saver not a huge
2:47spender
2:48i i think part of it is because i don't
2:49get a lot of like when i pay a dollar i
2:52feel something different and most times
2:53if i buy something i don't feel any
2:54different so i don't get a lot of
2:55utility spending right i just don't get
2:57a lot from it i think i've been aware of
2:59that for a long time and so like if you
3:01don't spend a lot and you make even a
3:02normal amount of money for a decent
3:04amount of time you end up having a lot
3:06um and my my income went up i would say
3:09that there's definitely elements of
3:10scarcity that i
3:11that i just believed in for a long time
3:13really yeah i mean around competition
3:15was one tell me about it what was that
3:17about so like when i had you know when i
3:19had my gyms for example this is you know
3:21almost a decade ago you know i was so
3:23concerned with the guy down the street
3:24was
3:25marketing is he copying my ads like i
3:27used to get so obsessed with this stuff
3:29and like
3:30it just so doesn't matter like at all
3:33like you
3:34he could copy
3:35and we could both have really big
3:37successful gyms it's not like there's a
3:38lack of people who need to get a chance
3:40right right
3:41and then even then it's like we're only
3:42talking about a five-mile radius not
3:44like the rest of the world like it's
3:45there's just like you know orders of
3:47magnitude of thinking in terms of scale
3:48that i was just like completely like
3:50aloof what happens when we focus on
3:52competition so much what happens to our
3:55ability to scale grow our creativity our
3:58money-making abilities i think you
4:00become emotionally reactive to the
4:02activities of the other person and so
4:04you're truly focused on nothing that
4:06adds value
4:07and so it's because of it's not the
4:08competition like competitors don't put
4:10you out of business but you obsessing
4:11over competitors does right what should
4:14people be doing instead of obsessing
4:16over competition it's all customers it's
4:18all just being because like if you can
4:20get
4:20you know there's a billionaire in my in
4:22my building who um he was asking anybody
4:24he's like if you had one thing that you
4:26could tell someone uh if they wanted to
4:28build you know a company like yours and
4:29he said your customer must absolutely
4:31love your product a lot of people just
4:34underestimate the amount of effort it
4:35takes to go from good to great
4:37uh in product or service it's like
4:40if you've ever been to like the
4:42difference between a five-star
4:43restaurant and a four-star restaurant
4:45you know looks like 20 percent but it's
4:4710 times the effort you know what i mean
4:49the difference between like a one
4:50michelin star and a two michelin star
4:51restaurant is an ocean right right and
4:54so i think
4:55like i use the book as the example
4:57because it's an easy one to reference
4:59most people try and just write a book
5:00and then once the final word is done
5:02they're like send it to the editor edit
5:04it cool and let's ship it out but like
5:06that book i rewrote five times end to
5:09end the whole thing and each time the
5:11goal was to make it shorter it's like
5:13how can i say this in fewer words how
5:14can i say this in less words and um
5:17and in doing that and the same thing
5:18happened with jim launch with that
5:19product is that every time we created a
5:212.0 or 3.0 or 4.0
5:23we made it shorter how could we make it
5:24easier to consume and then also that was
5:26the reason we wrote the book about the
5:27value equation it's like what is value
5:28right how do we define that and so if
5:30we're customer focused we can obsess on
5:32value and then have a very iterative
5:34approach and i think that you came from
5:36the internet marketing world like and i
5:38talked i i've given this in like a
5:40couple of like closed door masterminds
5:42where i'm like guys like you all say
5:44that your product's amazing i'm like
5:46what's your crc what's your chs what's
5:48your nps scores what are your ttvs and
5:51they're like huh i'm like well if i ask
5:53you your cpm your cpl your your cost per
5:55book call your cost of acquisition like
5:57all of these things you could rather
5:58lose off in two seconds and like so you
6:00guys say that your product's amazing and
6:02yet you don't measure a single metric
6:04around product wow and so focusing on
6:06that right yeah so they just so the
6:08thing is like if we can get that part
6:09right then you get so much
6:11si because if we can just get each
6:12customer to get one more customer
6:14then we get our
6:16our return on ad spend doubles right but
6:18then if you think about what your
6:20contribution margin is on that extra
6:22customer if you don't have to spend the
6:23cost of acquisition
6:25so much of that drops to the bottom line
6:26and then the company just becomes so
6:28much more profitable yeah just by like
6:29tiny levers that we do here like how can
6:31we take you know with i think we were
6:33talking earlier about our publishing
6:34business
6:35we're like okay publishing is something
6:36that takes a long time to do
6:38how can we figure out ttv is time to
6:39value so how can we figure out some sort
6:41of experience or some sort of win
6:43someone can have in the first seven days
6:45like how can we get them a dollar is
6:46there anything that we can do to
6:48launching their book yeah exactly like
6:49something some proof of concept and we
6:51were able to figure out how to we're
6:52talking about mini you know minibook get
6:54that going in a very short period of
6:56time so that people could just and we're
6:58like hey guys this is an mvp this isn't
6:59your perfect product we just want to
7:00prove to you that it works and so then
7:02they get one dollar in their account
7:03they're like and we're like you are now
7:05getting some momentum yeah yeah and now
7:06you have that identity shift that
7:07happens just like i just made money on
7:08the internet like yeah you did
7:10now let's do a real book that's like
7:12really good like we don't this is not
7:13the product but this is proof of concept
7:15and so that was like a a more creative
7:17one we had to do but like in other
7:18businesses it's like how can we always
7:20drag forward at least some sort of big
7:23win so we get the emotional buy-in to
7:24then fin you know fall through like when
7:26we had the gyms way back in the day i
7:28would run people through like a six week
7:29really aggressive diet in the beginning
7:31and that was because even though the
7:34sustainable weight loss
7:35is it takes a much longer period of time
7:37you know etc the slower you lose it the
7:40longer it sticks off
7:42but the faster you lose in the beginning
7:44the more likely you are to stick with it
7:46interesting so you get this emotional
7:47buy-in and you're like cool okay we just
7:49did a lot of weight loss in six weeks i
7:51need you to chill for six right and then
7:53but now they believed us because we had
7:55just delivered you know a big win kind
7:57of results exactly quickly yeah and so
7:59it's like we know how to do it but now
8:01we're like you can trust that we do know
8:02how but now let's just maintain for six
8:04weeks get your hormones back make sure
8:06everything's good hunky dory but a
8:07little more muscle because you lost them
8:08during this kind of aggressive cut yeah
8:10and then kind of then we'll get into a
8:11more sustainable phase right so it's
8:13just how can we drag that forward and i
8:14think that level of obsession the way
8:16people obsess about promotion if they
8:18obsess the same way about product the
8:20amount of profit they would make as a
8:22result of that
8:23is just like it's huge and those are
8:25sellable businesses the marketing driven
8:26businesses do not have nearly the
8:28enterprise value that the product driven
8:29businesses do so would you say the key
8:31to going from good to great is obsessing
8:33on product great product greatness 100
8:36what is what if someone you know they
8:38have any product the physical product
8:39digital product coaching is software and
8:41they're watching and listening
8:43what should they be thinking about to
8:45making the product that much better
8:47they've put a lot of time and energy
8:49launching and building it they've got
8:50sales
8:51maybe they've had it for a year or two
8:53how do they break it all down and it
8:55says is it 20 different factors is it
8:57like just do these three things and it's
8:59going to improve the quality of product
9:01what should they think about it's a
9:02really good question so there's like
9:04three different angles i want to take
9:06so one is like what i talked about in
9:08the book which is like the value
9:09equation so what it's like so there's
9:11four variables in the value equation the
9:12first one is the dream outcome which is
9:14is the thing that i'm delivering
9:15fundamentally valuable and this is
9:17especially for people probably more so
9:18who are trying like starting out in
9:19their in their like entrepreneurial
9:21career you want to map draw it out for
9:22me too if you want to sure well hold it
9:24up for people yeah so you've got you've
9:26got your dream outcome so i'll just put
9:27dream here
9:29right you've got dream outcome which is
9:30the first variable
9:31the second variable is the perceived
9:34likelihood of achievement
9:36and so the idea is and i'll give you an
9:38example of this if you have let's say
9:40you wanted to get plastic surgery
9:41whatever
9:42and is that what you did with your
9:44calves
9:45that's exactly right
9:47if if you wanted to get plastic surgery
9:49and you had the option of two guys who
9:51are gonna do the surgery one guy is done
9:52ten thousand surgeries and one guy is
9:54fresh out of medical school this is his
9:56first surgery which guy would you go
9:57with probably ten thousand it might even
9:59take this guy half the time to do the
10:00surgery is this guy and double the price
10:02right so we might and it's double the
10:04price why because of the perceived
10:06likelihood of achievement we believe
10:07that when we pay this man we are more
10:09likely to achieve what we want even
10:11though the work is the same probably
10:12longer on this side but our perception
10:14of what we are going to get in a real
10:16way increases prior to purchase which is
10:18the same reason that if you have like 20
10:20people who told you that this restaurant
10:22is amazing you're willing to pay way
10:24more even though you haven't experienced
10:25it yet because it's the perceived
10:27likelihood of getting the outcome to
10:29rewind on the dream outcome uh this is
10:31more a commentary that how is it that
10:34you have a 50 000 you can you can solve
10:36the same problem let's say weight loss
10:37because everybody understands that one
10:38if i'm trying to help somebody lose
10:40weight there's 50 000 solutions and
10:41there's five dollar solutions there's
10:43free solutions right 50 000 solutions
10:45you can get liposuction right and get a
10:47full body lift and whatever in a day
10:48right
10:49or you can get an ebook you know for
10:52five bucks so the question is why are
10:54these two things you know more valuable
10:56and that again goes to perceived
10:58achievement but if i went from the
10:59weight loss to let's say making money
11:02if i had two things in general all the
11:03things in the making money category will
11:05be will be priced higher because there's
11:07a more direct roi yeah so that's why
11:09between categories stream outcome as a
11:11category can be higher or lower but then
11:13once you're within a category it's the
11:15other three variables so perceive
11:16likelihood of achievements number one of
11:17the other three variables the next
11:19variable is underneath which is the
11:22time delay so between when i pay and
11:24when i get
11:25what's my delay there right so if i were
11:27to say using the weight loss example if
11:29you swipe your credit card and you look
11:30down at your stomach and you just have
11:32abs
11:33how valuable you'll pay a lot for that
11:34exactly and all we did was just decrease
11:37the time delay and so let's say in a b2b
11:38example if you had a marketing agency
11:40for example and normally it's like okay
11:42you guys need to send me all this
11:43creative and we got to get everything
11:45spun up and it's going to take us you
11:47know 45 days to really get everything
11:49you know ramp we got to build a funnel
11:50and handle apollo out right and then
11:52let's do a different example we're on
11:53the same call the guy says cool we're
11:55going to get you going and you hang up
11:58the phone and your phone rings with the
12:00prospect
12:01that's pretty big even if it's the exact
12:03same thing the pr 45 days from now your
12:06phone rings the prospect today your
12:07phone rings the prospect how different
12:09is the perception of value
12:11phenomenally different which is why the
12:12time delay is such a huge piece which is
12:14why time to value we're referencing
12:16earlier is such a huge part of
12:17increasing the perceived value of the
12:19product
12:20and so that's the time delay that's the
12:21third yep and then the fourth one is
12:24effort and sacrifice and so effort and
12:26sacrifice are two sides of the same coin
12:27so effort as i define it are things that
12:29you must begin doing that you do not
12:31want to do that you did not have to do
12:33prior to the purchase
12:35give me an example if i have to wake up
12:37early to go to the gym that would be
12:39effort that is something that i now have
12:41to do
12:42and so sacrifice i use as the equal
12:44opposite which is what do i have to stop
12:46doing that i want to do yeah that i that
12:49i would continue to doing continue doing
12:50if i didn't have to stop eating
12:52milkshakes at midnight yes and even in
12:54the b2b example with the marketing
12:55agency well now what do i have to do i
12:57have to start making this content i have
12:58to start hopping on meetings every week
13:00we have to start looking over these
13:01metrics like the higher these people i
13:03got to worry about right and so
13:04oftentimes especially like businesses
13:06they think that their price is the most
13:07expensive thing that they have in the
13:09cost and it's not so think about this if
13:12you've ever asked someone hey i'll give
13:14you my service for free and they said no
13:17it's because there are other costs that
13:19you're not taking to consideration which
13:20also means a lot of times your price has
13:23far more wiggle room in it than you
13:24think it does and if you can decrease
13:27a much bigger hidden cost
13:30by asking for more money and you can
13:32solve a hidden cost you can make more
13:34money and improve their experience at
13:36the same time right and that's when you
13:37just make oodles and noodles of money
13:39when does someone
13:40know so this is a good degree concept
13:42right what we should be focusing on is
13:44kind of these this main
13:46analogy and factor when does someone
13:49understand
13:51a lot of people talk about their worth
13:52like i'm worth this i deserve this
13:55whether they're an employee or they're
13:56an entrepreneur and they want to price
13:58something yeah
13:59when
14:00should they be thinking about their
14:01worth and
14:03increasing their rates whether as an
14:05employee or as an entrepreneur how do
14:07they know because you're only worth what
14:08people are willing to pay so how do you
14:10get people to
14:11pay what you believe you're worth
14:14so
14:15i think there's three variables that
14:17come into like how much you can charge
14:19right
14:20the first one is value or perceived
14:22value from the prospect value
14:24so perceive value the second one is how
14:27good you are negotiating which would
14:30become which i put that are persuading
14:32you could probably put that as just
14:33persuasion in general that's because if
14:34it's if it's a job you might be
14:36negotiating if it's a customer you might
14:38be negotiating to but it's persuasion in
14:40general and that's a whole skill to
14:41develop on its own 100 and the third one
14:43is um
14:45how unique it is so that there's no easy
14:47alternative
14:48right and so if like for example let's
14:50say i provide something that's really
14:51valuable i'm unbelievable at selling
14:54rare and then another guy is willing to
14:56just do all the same stuff for just less
14:58right right and so it's being
15:00de-commoditized let's talk about in the
15:02book too is that people have to be able
15:04to they cannot and the goal should be
15:06with our our services that we have that
15:07no one can hold up our service and
15:09somebody else's and say these two are
15:10similar enough i'll pick the cheaper one
15:13and so the goal is how can we
15:14differentiate ourselves in enough ways
15:16by looking at the value equation and
15:18thinking what are all the things that
15:19are making this take longer and how can
15:20i remove them what are all the efforts
15:22and sacrifices even these micro things
15:24these nuances that make things more
15:26difficult and so like the kings of this
15:28if you look at uh like amazon right like
15:31the biggest companies in the world
15:33i'll reverse the small companies that
15:35are out there they always focus on the
15:37first two things let me let me promise
15:39something really big let me show you all
15:40these testimonials and that's all they
15:42do just promote these things it's
15:43amazing
15:44listen to sammy it's amazing listen to
15:46tommy right that's all they do
15:48but the biggest companies in the world
15:49focus on the bottom side of the equation
15:50which is how can we make things faster
15:51and how can we make things more
15:52effortless like netflix destroyed
15:54blockbuster not because they
15:56fundamentally changed the product at all
15:58all they did was they made it happen
15:59immediately and from the comfort of your
16:01home right and so they just dramatically
16:03decreased the cost and effort that was
16:05associated with watching movies and boom
16:06they blew up right and so like uh jason
16:09fladley and he's a friend he said you
16:11know one of the easiest business models
16:12in the world is just look at what
16:13everyone else is doing and do it in half
16:14the time
16:16right like that it's a simple like
16:17people like what do i do for business
16:19just look what like if someone you know
16:21like can cut your lawn in whatever
16:22amount of time you clean houses so you
16:24can clean houses in less time because
16:25it's just less inconvenience when when
16:27people when you're there in their house
16:28less time and less money or same money
16:30same money yeah or more money you know
16:32like it depends on what are the what are
16:33the hidden costs so like probably like
16:35with cleaning what are they hitting what
16:36are all the things that people hate
16:38scheduling is probably a pain right uh
16:40hearing the noise is probably a pain
16:42like silent cleaners right
16:45right like what are like you you list
16:46this out and that's we outlined that in
16:48the book of like the process of thinking
16:49through this but what are all the pains
16:51and problems that your customers
16:53complained to you about and so like the
16:55goal is always in in the support tickets
16:57so when you talk about like obsessing
16:58about a customer right it's let's go
17:00through all the comments on the videos
17:02right let's go through all of the
17:04support tickets that are coming in and
17:06those complaints inside of the
17:07complaints sure like
17:09what you don't want to do is say like
17:11well these guys are all victims because
17:12then you lose all the power as a
17:14business owner by just blaming them
17:16so if you just accept all of it it's
17:17like these are all like as long as the
17:19thing that they're saying is not false
17:21if it's unreasonable then let's see if
17:22we can figure it out maybe no one else
17:24has figured out how to do this but we
17:25might as well try yeah right and so i
17:27think if if you can approach it with
17:28like very open hands of like when you
17:30accept the feedback it gives you the
17:32goal to really create huge breakthroughs
17:35in products and services were you always
17:37open to the feedback from customers or
17:40when did you learn to be like when did
17:41you learn to be like okay
17:43this sounds like a victim conversation
17:45but there's something here where this
17:47person's struggling and if i can make it
17:49more effortless it's gonna be a better
17:50product for that person
17:52i think it's just taken time and i think
17:54it's because i think a lot of it i think
17:55is um is really beating down your ego
17:58and i think like in a lot of ways with
18:00business in my opinion ego is the enemy
18:02because it gives us too much confidence
18:03when we don't deserve it
18:05when did you start beating down your ego
18:06i mean i've been trying to do it since i
18:08was 19.
18:09um it's just been a very slow process
18:12i just i just realized that it was the
18:13root of all the unhappiness that i had
18:15and like everything that i had was in
18:16comparison to other people with for no
18:18reason and like you know i've obviously
18:20adopted some perspectives we'll probably
18:21get into later but that are contrarian
18:24in nature in terms of like how we live
18:26but not
18:28just
18:29there's no benefit to ego
18:31there's just none and then i have a
18:33different thing that i've been thinking
18:34about recently i'm excited to share with
18:35you sure um so there's you've probably
18:38heard this but there's a lot of evidence
18:39that points to with mitochondrial dna
18:41that we go back to like one one woman
18:44birthed like the mitochondrial dna of
18:46all humans just comes like tracks back
18:48to one one woman right
18:50and so i think that that's interesting
18:51within the context of legacy because
18:52people talk about legacy and they want
18:54to like
18:54like leave something for their for their
18:57progeny
18:58and we we love our
19:00sideways family members right
19:03what do you mean like oh yeah yeah like
19:05you're a family yeah exactly
19:07but like if we all came from the same
19:10mitochondrial dna right
19:12then
19:13then we like not to be like weird and
19:16huggy huggy love you but like family 100
19:18yeah of course i find that really
19:20fascinating it's just like it's like a
19:22super distant cousin and and this is why
19:24that's why when i met you for the first
19:26time yeah what did i do when i met you
19:28deep long hug deep long hug oh yeah and
19:30i'd do this was a triple hug it was a
19:31triple because you you i i broke you up
19:33twice i was like bring it in bro
19:40there's a reason i do that is because um
19:43oh that's the thing i didn't know well i
19:44mean i i mean that's a
19:46unless it's somewhere where it's like
19:48maybe someone who's older that doesn't
19:50want to be hugged or you know your wife
19:52i'm going to give a quicker i'm not
19:53going to be grabbing so yeah
19:55but it's uh you know it's a respectful
19:57you know understanding the human being
19:58in front of you doing your best to
19:59respect it but with you i knew i could
20:01just hug you and it's going to make you
20:02uncomfortable
20:04and it's going to make you uncomfortable
20:05but but for me i don't know if i'm ever
20:07going to see you again i don't know if
20:08i'm going to see you tomorrow or or
20:10anyone tomorrow totally and so why not
20:13embrace people with you know a three to
20:15five 10 second awkward hug yeah and let
20:17people know that you really appreciate
20:19the moment when you're present yeah
20:21that's what i try to do that's what i
20:22try to focus on but um you know and if
20:24we're all distant cousins yeah then why
20:27not treat each other that way the best
20:28way possible you know and i didn't and i
20:30didn't mean to launch all the way there
20:31because i'll go right back to ego so i
20:33can screw this back otherwise we'll go
20:35in that direction um but yeah so i think
20:37because all this comparison is like well
20:39if i were comparing myself to a family
20:40member would i feel the same way and if
20:41if all these people were on the same
20:42side as me because we're all family
20:44would i still feel like i would because
20:45i've just tried to attack it from a
20:46logical perspective of like how many
20:48different ways can i try and defuse this
20:49bomb and i think there's a lot of keys
20:51and you just unlock tiny pieces of it
20:53and you can just
20:54uh try you know piece by piece i don't
20:56think anyone ever conquers it but yeah
20:57or you know
20:58just hopefully i can over time get
21:01better and this i used to be very
21:02competitive as well as an athlete that's
21:04all i thought about was winning it's
21:05like i had to win to feel like i was
21:07worthy or i was good enough or i was
21:09talented enough or and if i didn't win
21:12that i wasn't reaching my goal of
21:14winning the championship or the prize or
21:16whatever it was
21:18and i took that into business for many
21:20years and i felt like i needed to
21:21compete with other people and then it's
21:23funny when i started this show
21:26almost 10 years ago i was like it can't
21:28be about me it needs to be about
21:30collaboration yeah in order for this to
21:32really grow and scale and change lives
21:34and impact people it can't just be
21:36the lewis house show all day long yeah
21:39one i'm not smart enough i don't have
21:40all the answers i'm not as talented as
21:41you shorter guys are way smarter
21:44that's why you're so much more brilliant
21:46um you know and i was like i got to
21:48bring on the smart people and create a
21:49safe space
21:51i could bring all the tall guys off
21:52right now i'll just catch it right like
21:53everything all my audience will get
21:54taller as a result
21:56but uh it's funny because when i started
21:58to shift that the eagle goes back into
22:00still comparing and ranking some of
22:02these things and i was like okay when i
22:03started to shift that
22:05it's when
22:06i you know the platform and the
22:08community started to expand because i
22:10made it about shining the light on
22:11others yeah you know and doing my best
22:14to shine the light on others and when
22:16you do that when you shine the light on
22:17an idea or a mentor that taught you
22:19something usually good things come back
22:21so
22:22that's interesting so when did you start
22:23to shed this ego mentality
22:26i mean i started attacking when i was
22:2819. 19. how are you now 32 32. yeah um
22:32and i think i have like 40 percent less
22:34ego than i did
22:36yeah so and how do you have
22:38how do you diminish the ego as you
22:41continue to scale and exit these big
22:43companies and build your brand and get
22:45more and more attention and known how do
22:47you
22:48bring it back down to the humility i
22:51think it's linking the two
22:52so it's trying to link these good things
22:54are happening because i'm decreasing
22:56this thing that's smart and so that way
22:58i can associ i can have a positive
22:59reinforcing association with the success
23:01that actually that would normally
23:03amplify you know the wrong character
23:05yeah what do you think would happen if
23:07your ego
23:08was at the highest level right now i
23:10think a lot of people would i mean a lot
23:11more people would not like it like i
23:14mean i don't think the message would get
23:16across because to be fair i think the
23:17message would
23:19stop
23:19it would the spread would happen much
23:21slower or not at all because the message
23:24would change because the message
23:25wouldn't be about the message it would
23:26be about me
23:27and i think that i think that probably
23:29the reason that this has grown so much
23:30is because you've you've tried to quiet
23:32yourself in
23:34so that the message and the idea can
23:36spread to as many people as possible and
23:38you put the message on the pedestal
23:39rather than lewis on the page of course
23:41and i think your audience realizes yeah
23:43that's interesting so what do you think
23:44you were making 50k the first couple
23:46years out of college
23:48you saved 50k within two years which is
23:50amazing so you were disciplined yeah
23:52what was the
23:53the habit or the switch from one year to
23:56the next
23:58that started to bring in more abundance
24:00financially not in a incremental 20 but
24:02it was like boom this was 5x 10x what
24:05was that habit or mindset shift for you
24:08that started to develop more income so
24:10um there's like the the science and the
24:12art kind of both sides so like the
24:14science side is just the leverage so the
24:17amount of money you make is proportional
24:18the amount of leverage you employ in
24:19your life and so you know four types of
24:21leverage this is not mine this isn't of
24:22all robicons but i'll just say that yeah
24:24so you've got labor i call collect i use
24:26four c's because it's easier for me to
24:28remember he says labor i say
24:29collaboration so funny that you said
24:30that earlier yeah but it's just getting
24:32other people to basically use their time
24:34right for your cause
24:36the second level of leverage is other
24:38people's money is getting people to
24:39invest in your thing
24:41and then the next two are so these two
24:43are permissionless the first one's like
24:45you need to get someone's permission to
24:46work for you and you get someone's
24:47permission to get you give you their
24:48money the other two are permission lists
24:50so you can do them on your own one is
24:52media which is what you have here
24:53because the cost of making one video and
24:56having one person see it versus a
24:57million people see is the same cost yeah
24:59right and then the other is code right
25:01so i say content in code so there's my
25:02four c so collaboration capital content
25:04code and both of those are not binaries
25:06it's not
25:07am i using other people am i not using
25:09other people it's to what extent am i
25:11using other people am i do i use other
25:13people's money yes or no no it's how
25:15much of other people's money am i using
25:17and so each of these are continuums not
25:18binaries so like somebody could just use
25:20other people's money and be a
25:21billionaire because of the extent they
25:23use it but those are the types of
25:24leverage that exist and so
25:26as my income went up it was by
25:28proportion of the amount of leverage i
25:30was employing really how are you what of
25:31these four were you leveraging the most
25:33so in the beginning i had no leverage
25:34because i was an employee right i was
25:35using my own time the next thing that i
25:37started doing was i became self-employed
25:39right so i had a little online training
25:41business that i started in between my
25:43quitting my job and and starting the gym
25:46um and so when i started the gym i
25:47started getting labor was the first
25:50people yeah not a lot of it but i got
25:51some of it and so that gave me that
25:53first next year i went from part-time
25:54interns
25:57a month to i think about 30 000 a month
25:59um so that was the that was the big jump
26:01is just i had a team you know i made a
26:02small team but i had a team right now
26:04that's overall in revenue that's not
26:06your take no exact sales you might have
26:08been losing money yeah right
26:11we made we i made a i made i was
26:12probably making 20 000 a month at that
26:14point for yourself yes after expenses
26:16and team and everything yeah that was
26:18then and then what did that feel like
26:19going from 5 to 20. did that make you
26:21feel something different was there a
26:23shift inside of you when you took that
26:24action because for me when i started
26:26this it was all about vanquishing my
26:28father so it was all about
26:30i was middle eastern father only child
26:32so like i was raised by a single dad it
26:34was just me and him that was it for the
26:36vast majority of my life and so he's
26:38middle eastern came here the thousand
26:40dollars became a doctor he was a doctor
26:42came here learned english from watching
26:44television you know what i mean has the
26:45american success story absolutely that's
26:47amazing and so i was born here though
26:49speaking on the language too french was
26:51my first actually there's a whole story
26:52around it but anyways but yeah french is
26:54here yeah how many languages you speak
26:56that's the best one i
26:58i'll just leave it at that
27:00but all of it was about making him proud
27:02right um
27:04that's what you did you set out to do
27:05that that's what i was trying to do and
27:06then i think that throughout my like
27:08adolescence i realized that it was
27:09something that was always going to be
27:10withheld from me so it didn't matter
27:12what it was the goal post would always
27:14move so that it would never be proud
27:15enough right it was just it was because
27:17he wanted the most out of me and so like
27:19if i got let's say you know a 99 on a
27:21test it wasn't congratulations what'd
27:23you get wrong oh man right and that was
27:24always what it was that's okay like i'm
27:26yeah we're cool i'm very happy with my
27:27life yeah yeah and i realized that and
27:29so this desire to gain approval turn
27:31into a very deep anger
27:34and so towards the world him yourself
27:37other people mostly him mostly him um
27:41and most like him and myself probably
27:43split probably 50 50. you know
27:46and um and so it was like my earlier
27:49i'll say quote success
27:51was purely
27:53fueled by rage like it wasn't it wasn't
27:55like it was it was rage you know what i
27:57mean i was in the same boat yeah yeah
27:58and it was like and i but there was
28:00probably some element of me that's like
28:02almost enjoyed the suffering because
28:04then like i just would get in the space
28:06when when you ask like how did i feel
28:08yes by getting the extra 20 000 a month
28:11first my goal was to
28:14make as much as my dad
28:16and then it was to make more than my dad
28:19and then it was to make more than my dad
28:20had ever made his whole life
28:22wow and so once i had done that
28:24the
28:25the
28:26i wanted the success to be
28:29unquestionable like yeah it couldn't
28:31there couldn't be a but there couldn't
28:32be an asterisk it had to be so
28:34undeniable
28:36that
28:37that vanquishing was the word right and
28:39so
28:40for a five year period after i quit my
28:42job my dad did not support he didn't
28:44support me quitting my job why not
28:46even though they were making money and
28:48building a business and because
28:50he didn't he's like you're what are you
28:52a gym owner like he's like you went to
28:54vanderbilt you were on a management
28:55consulting correct youth like you got
28:57you know you got above harvard's mid
28:58score for your you could have had an
28:59incredible career of course right right
29:02gym owner doesn't sell well in cocktail
29:04parties right right what are you would
29:05you uh you know he's uh he's figuring
29:06himself out yeah he's doing this little
29:08gym as a side thing yeah we'll snap out
29:10right and so
29:11you know i mean i made plenty of
29:12mistakes too when i had the gym so it
29:14wasn't like all you know sunshine and
29:15rainbows for me like i had a lot of
29:16mess-ups that i did i got in bad
29:18partnerships i mean like all the things
29:19that you could possibly do and over that
29:21five-year period
29:22of me scaling to six locations with my
29:24with my facilities at the end of that
29:26whole thing i ended up losing it all
29:28really yeah lost everything six
29:31locations lost the whole business well i
29:33sold it i sold five of them i shut one
29:34of them down um because i wanted to
29:36start doing this gym launch thing which
29:37would be like flying around doing
29:39turnarounds because i started that's
29:40when i met layla um but you find a gym
29:42that's kind of like not succeeding in
29:44trying to fly in yeah when you do a
29:46makeover yeah exactly bar rescue scene
29:48right like same exact thing she's on a
29:50tv show with it
29:52believe me
29:53the many regrets i have right that would
29:54have been an awesome one we did 32
29:56turnarounds wow it was almost two years
29:58yeah and so um we we we started doing
30:00that anyways i lost everything um
30:03because i took all the sale money and i
30:04put it into my last location and then
30:06the partner that i had there siphon the
30:08money out
30:09because i was like yeah like well i'll
30:10put all the money from the sale of these
30:11gems into this thing like it doesn't
30:13matter um it was my own mistake it was
30:15on me um
30:16but it was even then it was you know
30:20we'll see you know we'll see how like
30:21this isn't real like we'll see and then
30:23once i started
30:24once gym launch really started taking
30:26off it wasn't until i think we did like
30:2817 million in ebitda like profit take
30:30home um in one year in one year
30:33that my dad i was 27. that's crazy
30:38my dad my dad called me and he's like
30:40are you sitting down i remember like at
30:41this point like we were like not talking
30:43too much you know maybe every few months
30:45it'd be like a five minute phone call
30:47and so i was like
30:49sure yeah i got time what's up and he's
30:51like you're going to want to hear this
30:52and i was like okay what he was like i'm
30:55sorry
30:56and it was first time you'd ever
30:57apologize to me in my life and what's
31:00interesting to me though is that it
31:01didn't feel like anything i didn't care
31:03why not
31:05because i had stopped caring about what
31:06he thought about me a long time ago
31:08and it was like when i quit my job was
31:09the day that like i i accepted dying to
31:12my father because because very much to
31:14me at that point was i was i was really
31:16really sad at that point in my life when
31:17i had the job because i had really done
31:18everything that he had wanted me i
31:20finished vanderbilt in three years
31:22as president of fraternity uh i had won
31:26writing awards i'd done like a bunch
31:27like i'd done everything you know i was
31:29in i was vice president of the
31:30powerlifting team like yeah every club
31:32all the stuff i could possibly finish
31:34yet while still being president and did
31:36it in three years right and got a
31:38management consulting job that was like
31:39a good job
31:40had all the credibility and it just i
31:43knew it wasn't enough and i knew that
31:45and so i knew that the choice for me was
31:47that i either had to die to him or i had
31:49to die to myself wow and that was
31:51ultimately like the choice that that i
31:54put in front of myself and that was
31:56whenever i was like
31:57maybe i should just get i was like die
31:59to him or daddy you and so that was what
32:01gave me the the
32:02the confidence to to break that and then
32:06i physically moved because i couldn't be
32:08in the same area wow so i actually went
32:1023 at this point yeah
32:12so i called my dad when i was like in
32:14ohio and i'm from baltimore so i'm like
32:17it was for you i called him when i was
32:19there and i was like hey by the way i'm
32:22doing the gym thing
32:23he was like okay he's like why don't you
32:25come over we'll talk about it because he
32:26knew because he knew that like if he
32:27came over with enough battering i would
32:29be like fine i know this is a smart
32:31thing i'll take the g you know i'll
32:34apply to you know booth and harvard
32:35whatever and i'll get the i'll do that
32:36whole thing
32:37and that because that was a cycle i just
32:39kept doing that and i was just like no
32:40i'm not going to do it so i was like
32:42well i can't i'm in ohio he was like
32:43what do you mean
32:44and then the tone totally shifted and he
32:46was like you always do these crazy
32:47things you're always like he's like
32:49you're never balanced it's always
32:50extreme with you there's no middle path
32:53and so anyways i you know i did that
32:55five years gyms lost it all anyways and
32:57then started
32:58and it started jim launch and then
32:59that's one and then that really took off
33:01sure and then um but when he called me
33:03and he apologized um and this is where i
33:05like you know i'm ashamed of myself but
33:07like i could have just let it lie and
33:09been like thanks appreciate it you know
33:12what'd you do instead um
33:14instead i said i was like you know when
33:16people get up on stage and they're like
33:18hey you know they get awards and they're
33:19like hey mom and dad i just want to say
33:21thanks so much for always believing me i
33:22was like i won't say that oh my gosh i
33:24was like because you never did i was
33:26like the only time you accepted me i was
33:27like is once every other person on this
33:29planet had accepted it too oh my gosh
33:31man and so
33:33that's so i said that's intense on the
33:35phone he said that yeah what do you say
33:36to that he said well we'll see how long
33:38it lasts oh my gosh so that was he was
33:41still kind of in competition with yeah
33:43and to be fair when he apologized he
33:44said you know i'm sorry he said but in
33:46my defense if it had been in my time i
33:48would have been right
33:49and so you know um but all that to say
33:51like i should have just said like
33:52appreciate the apology you know thank
33:54you because
33:56you know
33:56tony robbins said something that i
33:57thought was really impactful was like
33:59for the vast majority of my life it's
34:01been like
34:03how my father shaped me or whatever
34:06but rather than thinking like
34:08what what can i use from this dynamic
34:11like what gift do i have yeah like from
34:12his mother
34:14kind of like beating him or whatever
34:15yeah exactly like what do i like what do
34:16i you know they're blaming for the good
34:18right and so like i have so many things
34:20to blame for good from that and i'm very
34:21very happy with my life that is why 20
34:24000 a month didn't feel significant to
34:25me because the goal that i had my
34:26expectations
34:28weren't to make money my expectation was
34:30that i had to make more than he had ever
34:31made and so i had a very big vacuum to
34:34drive towards which i think in a lot of
34:36ways was a gift because like i blew past
34:39a hundred thousand five hundred thousand
34:40a month million a month like i blew past
34:41those things because like it was never
34:43about having enough money for me
34:45it was about
34:46feeding this monster
34:48but once i got there
34:50i realized that what i had done was set
34:52up a game
34:53to win by my father's rules
34:56and so then i and you could never win
34:58right and to be fair would i want to win
35:00a game that i was wasn't for me
35:02it was making you suffer sure you're
35:04playing the wrong game i'm playing his
35:05game yeah and so i did win but i wanted
35:07his game not much right right and so
35:09that was kind of what i think making
35:10that realization was it was kind of the
35:12slow shift that happened from there so
35:14when you won the financial game or the
35:16game of like i've made more than you in
35:18a month or a year then you made your
35:20whole lifetime
35:22how did that make you feel and when did
35:23you realize you needed to start playing
35:25a different game and what would that
35:26game become okay there's three questions
35:28there what was the first one how did it
35:30make you feel the moment you crossed the
35:32finish line of the game of making so
35:34much more than he'd ever made
35:36in a short amount of time relief because
35:38we actually got our relationship back
35:40um not like you know i wouldn't say we
35:42have like sunshine and rainbow but like
35:44we have a functioning relationship um i
35:46would say it's role-based like i'm a
35:47[ __ ] you know yes but what happened was
35:49we are both very like strong
35:51personalities
35:52and it wasn't until
35:54i think that he accepted me as off in
35:56our relationship that we were able to
35:58kind of like move forward again because
35:59before that my because my my dad's uh
36:03he's a doctor so he's always had you
36:04know like decent money and i wanted to
36:06be beholden to no one you know excluding
36:08including him like i didn't want his
36:10money right i didn't want anything you
36:11know right and so i think i had to
36:13establish my own i'd like really plant
36:16my own flag to be
36:17seen as a man in his eyes and so i think
36:19once that happened i think i thought
36:21there was some level of like there's no
36:22conflict here anymore like this is
36:24undeniable
36:26yeah this is beyond reproach yes i have
36:29a
36:29attractive wife who's really nice and
36:31awesome i have a business myself i'm in
36:34good shape and if you think about it
36:35like the way i mean i'm just being
36:36really real with you i blame my father
36:38for the many things that that i have
36:39become in a lot of ways right because
36:42everything that was not perfect was
36:44criticized right and so like i've had a
36:47six-pack since i was 15. wow and it was
36:49because he used to always criticize
36:50everyone who was overweight and being
36:52that they're undisciplined and they
36:53don't they don't try hard right and then
36:55i've you know like and then it was like
36:56about having pretty good nice everything
36:59perfect women right yes not just pretty
37:01but like everything has to be perfect
37:03right and then and then making lots and
37:04lots of money and so it's like all of
37:05these elements i had to max out
37:08to again win at that game and but my
37:11whole life was designed to be
37:12bulletproof was that so that i just
37:14wouldn't be criticized and so that was
37:16because that was what i just i knew that
37:18if i could criticize myself harder than
37:20anyone could then if they did say
37:22anything it was never as mean as what i
37:24would say to me what's the meanest thing
37:26you say to yourself oh like
37:30it's all around just not being good
37:32enough right now i mean oh not now not
37:34now but i was like
37:36and it was it was about being to be fair
37:37that the actual thing would just be
37:38being weak
37:40ensued is all about strength mentally
37:42emotionally physically
37:43financially everything just weak
37:45that's how you felt yes you felt
37:47powerless for you most your 20 teens and
37:4920s
37:50for sure
37:51and so everything that i did was to
37:53counteract that right like what can i do
37:56as big and strong as i can get yeah yeah
37:58i'm going to make as much money as
37:59possible i'll have all the women i
38:00didn't get yeah exactly 100 and that was
38:02and so i pushed against that to try and
38:05to quell that you know that that need or
38:07that desire that feeling did it satiate
38:09that need when you had all those things
38:13yes and no
38:14yes because when i got there it forced
38:17me to change my perspective the
38:18perspective is what changed the way i
38:20felt basically realizing that those
38:22things were never going to solve
38:23anything is what allowed me to but and
38:26les brown i think says this where he
38:28says like
38:29everyone knows that money doesn't
38:31money doesn't make happening but
38:32everyone's like i'll see for myself
38:34yeah and so i think it was one of those
38:36like i had to cross all the like
38:38and i'd say this not as a as a slight to
38:40anyone else but like i had to check off
38:41the easy ones from the list which is
38:43like from getting in shape getting the
38:44good wife getting the money in the
38:46business all that stuff like those are
38:48circumstantial that means i can push
38:49with enough effort i can change my
38:51conditions i can change my surroundings
38:52in my environment and if i can change
38:54those things will they make me feel
38:55better and so i think once i knew beyond
38:58a shadow of a doubt that that couldn't
38:59that didn't work right um maybe they
39:01helped me maybe they helped in some ways
39:03but not the internal
39:05ways so what did you have to shift your
39:07perspective or what was that shift yeah
39:09where you could still have it all
39:11and then have it all internally as well
39:13i think that the whole ego death concept
39:15that we were talking about the very
39:16beginning i try not to talk about this
39:18too much because i think it's it's um a
39:20lot of people find take offense to it
39:21and i don't mean it that way i sure this
39:23is just what worked for me and not as a
39:26criticism of any anyone else's beliefs
39:28for me the idea that there was no such
39:31thing as legacy that when i died
39:33eventually everything that i had would
39:35become dust
39:36and that anything expanded over a long
39:38enough time horizon disappears right
39:40which if you are like christian for
39:41example it's the whole book of
39:42ecclesiastes um
39:45if you
39:46and i think the realization of that
39:48allowed me to quiet my ego
39:50a lot
39:52so that i could be more present in the
39:54idea that like this moment will only be
39:57here in my mind and anything that i do
40:00here will not last
40:02and so
40:04it shifted how i worked it shifted how i
40:06saw relationships and a lot of my
40:09thinking is around like my 85 year old
40:10self i feel like my number one mentor is
40:12like my fictitious 85 year old self
40:14because it's the only person that i
40:16really believe has my best interest at
40:17heart and it's no ulterior motive
40:20and so there's this there's this tweet
40:22that i had that went pretty viral but it
40:23was like
40:25listening to a billionaire or a
40:27millionaire i'll just use that like when
40:29i was in my 20s i wanted to be a
40:30millionaire and when i was a millionaire
40:33i wanted to be in my 20s
40:35and so
40:36the idea that my future self would trade
40:39all the money he had to be poor and 20
40:42again
40:43made me really reanalyze how i saw
40:46living life in the moment if i literally
40:49in the future will value my present
40:50moment more than the achievement of the
40:51thing that i'm i'm seeking right now in
40:53the present
40:55then something's something's off because
40:57even my future self knows that because
40:58right now i would pay all the money i
41:00have to get 10 years back
41:01because nobody was thinking about it and
41:03so then
41:04all of what i'm going to achieve in the
41:05next 10 years i would happily give up to
41:07be right where i am right now
41:10and so i think thinking about that
41:12really shifted a lot for me because it
41:14helped me
41:15quiet i'm not saying eliminate but quiet
41:17some of the thoughts that are more ego
41:19driven
41:20because the ego always wants to like
41:22separate and isolate from others and
41:24prove that it's better
41:26and if i know that it will all be dust
41:28there is no better because we're all
41:30going to be dust and so in that same way
41:31if like if we're all going to be dust
41:32destined we're all siblings
41:34like two very strong frames for me at
41:36least
41:37it helped me quiet that aspect and i
41:39think in that way i was able i think
41:42asking like people but like i think i
41:44was able to show up better as a leader i
41:45was better able to show up better as a
41:46husband um show up better like to make
41:49content things like that like i don't
41:50think i could have made the stuff we
41:52make now
41:54five years ago because i still think it
41:56would have been more it would have been
41:57to proving something yes it was
42:00perfect numbers proving 100 percent of
42:02improving proving someone
42:04proving a fictitious foe wrong
42:06right right they're all talking about
42:08right right no one cares about you
42:10exactly and so that was really it's like
42:12i had to shift from like no one cares
42:14about you two
42:16like
42:17i really want to have a shirt that says
42:18no lives matter but i feel like it would
42:20give away
42:21no like no one cares about you yeah yeah
42:24but i feel but i think there's like a
42:25lot of like meat to that where it's like
42:27if we can because in that way we are all
42:29equal and so us i think it's almost the
42:31most egalitarian perspective is that
42:33like in the end we will all be dust yeah
42:36and so i think in that way that's like
42:37we have these exchanges that we have um
42:40and in some ways it makes it more
42:41beautiful
42:42why do you think so many people care
42:43about power and respect
42:46so much it usually was withheld from
42:48them i think i think the things that we
42:50are that were withheld from us are the
42:51things that usually we seek the most
42:53i think how many how many really
42:55successful guys have daddy issues you
42:58don't mean
42:59so many yeah and so it's like okay well
43:01i didn't get his respect so i'm gonna
43:03have to compensate with my circumstances
43:05with my environment so that everyone
43:07respects me and some people do that
43:09through fear some people do that for
43:10violence some people do that through
43:11success it really just depends what
43:12vehicle you choose but like the i feel
43:14like the deep need is the same yeah
43:16there's something like i can't remember
43:18the statistic but the a number of
43:20u.s presidents
43:23a big number of them like grew up
43:24without a father or their father died
43:27early in their life
43:28and there was i can't remember the
43:30status like 30 or 40 or something of
43:32like the us presidents
43:34lost their father or didn't have a
43:36father or something like that early on
43:38and it's like well you know now they're
43:40going to go prove something or go to be
43:42something you know to
43:44what about the
43:46the habits that you learned of
43:48the wealthy people once you started to
43:50really earn and scale your wealth were
43:53you studying wealth or were you just
43:55fixated on like how do i get one more
43:56customer and increase my prices make
43:58better product
43:59what did you learn about the habits of
44:01the rich
44:02i haven't learned much about the habits
44:03of the rich at all to be very candid
44:05with you i think that maybe there are
44:07some beliefs that because like my dad
44:08was a doctor i wouldn't say he was like
44:10you know ultra wealthy but like we lived
44:11in upper middle class you know lifestyle
44:13but
44:14in terms of like wealth as i think you
44:16and i would probably understand it i
44:17didn't know anything about that and i
44:19don't think i've ever really studied it
44:20very much i would say that my heroes now
44:22like i started studying wealth after i
44:24became wealthy
44:25so like what did you learn about it
44:27afterwards and what do wealthy people do
44:28that you think poor people don't do they
44:31pick higher leverage opportunities in a
44:32sentence so like poor rich dad poor dad
44:35like poor dad says get a job
44:37poor dad says get a higher paying job
44:40like rich dad says like and the thing is
44:41there's so many innate beliefs that seem
44:44commonplace it's like well of course you
44:46don't mean like well of course you know
44:47and you know you buy some real estate
44:49and you know it'll appreciate over time
44:50before you invest in some stocks like
44:52yeah of course
44:53but like
44:54poor dads just don't say that and so you
44:56have to like learn that i think and i
44:58didn't so i'm grateful in that i didn't
44:59have to learn that because i heard that
45:01just was of course yeah once you have
45:03some money like of course you don't
45:04spend your whole income of course you
45:06don't and so there's a lot of of course
45:08you don't that i think i i inherited
45:10just by being like a saving father but
45:12there's also some upper middle-class
45:14people who don't save anything so like
45:15right but i think my dad did a lot of i
45:17think he helped a lot with like money
45:19hygiene
45:20i've had a lot of really good money
45:21hygiene from my dad
45:23the big the big breakthrough that i had
45:24for me was when i stopped focusing on
45:26and this is going to sound backwards but
45:28when i started my gyms i was all about
45:29building the business right and
45:33when i built the biggest companies that
45:34i've had and now recently sold and now
45:36we have our portfolio it was about how
45:38do we make the most money
45:41and i know that sounds completely
45:42backwards but the only way that you can
45:43make the most money
45:45is to provide an exceptional
45:47valued service and charge a ton of money
45:50for it and because i optimized around
45:52making money i started going through for
45:55low capital expense businesses because i
45:57had lost everything after that five-year
45:58stint and so i was like never again am i
46:01going to reinvest every dollar from the
46:03business back into the business because
46:06i've lost it before so when i started
46:08the next business and every business
46:10i've had thereafter like we take
46:11dividends every month and we do that
46:13because you don't wait till there's an
46:15exit 10 years later i mean put all your
46:16money in i'd love to do both yeah yeah
46:18why not both sure right and so that
46:20would take a dividend and get a bigger
46:21course yeah but not just put money in
46:23and wait and get no money back 100 and
46:26the thing is is and this was a fallacy i
46:27had because people always talk about
46:29like reinvesting in their business but i
46:31realized that that just meant that they
46:32weren't making profit and so
46:34and so the vast majority of businesses
46:36even the software world is somewhat
46:37shifting in this um
46:39but they want to see profit and then
46:41even better is if you have net free cash
46:42flow which is just a fancy word for the
46:44amount of money that you can take out
46:44every month after
46:46making necessary investments in the
46:47business and so i wanted to have
46:49businesses that pumped cash flow uh
46:52because i lost it all before and so i
46:54think there's a lot of like every every
46:56one of my business seasons i've i would
46:57say i've had three
46:59business seasons i had my gym ownership
47:01period i had my
47:03turnaround and early gym launch day
47:05period and then i had prestigious labs
47:07the licensing business in allen that was
47:09like my last season where you exited
47:11yeah
47:12yeah and then i'd say like now we're in
47:14we're in our this their third season i
47:16guess so
47:17brick and mortar gyms licensing
47:19supplements and software and then you
47:22know third season is what we have now
47:24and each of those
47:25has a huge huge magnitude of leverage
47:28that was added to it
47:29and so you know this like gym launcher
47:31started on accident in that i was like
47:33this might be a way that i could make
47:34money because people were like hey
47:35you're doing this pretty well for your
47:36own jibs can you help me determine what
47:38it was yeah like can you teach me what
47:39you've done
47:40it was exactly all right let me go in
47:42here and oh i just helped them double
47:43their revenue in 60 days yeah maybe i'm
47:45good at this i'll go people pay me more
47:47for that then they'll pay me to help
47:48them lose 20 pounds right and so that
47:49was the big that was when i went from b
47:50to b to c to b to b yes um and then from
47:53there to be honest it was just going up
47:56another another order of magnitude
47:58because now instead of just building the
47:59one business now we're building lots of
48:01businesses at the same time and so
48:04that's kind of like why acquisition.com
48:06i think has a much higher you know his
48:08his bigger feet for lack of sure right
48:10and so what do you look for when you're
48:12you're acquiring a business or investing
48:14in a business that has cash flow and
48:15what businesses have the best cash flow
48:19so this will be relevant for everybody
48:20in the audience and also hits on what we
48:22were talking about with the wealth thing
48:23like wealthy people choose higher
48:25leverage opportunities and we went over
48:26what leverage was earlier um the best
48:28businesses especially in an inflationary
48:30period are businesses that have low
48:32capital expenses okay um and that's
48:34because if you have some examples yeah
48:36so i'll give you opposite examples to
48:37make and then i'll drive it so the
48:39something that does have high capital
48:41expense which is what you would not want
48:42to get into would be like stuff that has
48:44lots of inventory stuff that has lots of
48:46supply chain lots of manufacturing heavy
48:48equipment things where you have to
48:50constantly buy more stuff in order to
48:51increase capacity right
48:53a low capital expense businesses are
48:55things like services right services uh
48:58you know digital businesses
48:59software is mixed because sometimes the
49:01development team can be considered a
49:03capital expense it really depends on how
49:04you build the dev team but the idea is
49:06that if you can
49:08produce 10 times more units without
49:11phenomenally changing the
49:13the cost basis then you will have a
49:16business that has lower capital yes and
49:18so that's what you like and most of
49:20those types of businesses produce more
49:22cash flow have more pricing power and so
49:24i mean that's what warren buffett
49:25invests in right it's high you know like
49:27um
49:28insurance geico right there's no capital
49:31it's risk they're literally assessing
49:33risk error it's math like the business
49:36is math like if you really think it's
49:37just math is the entire business of
49:39insurance and what's crazy just a side
49:41note is that a great way of figuring out
49:43the highest leverage businesses that
49:45exist is looking the business has been
49:46here the longest
49:48insurance has been here since before
49:50world the world wars right thank you the
49:52banks have been around forever right jp
49:54morgan was in 1800s wow right the the
49:57biggest insurance companies they're all
49:58100 plus years old they're found in the
50:011800s and so when you have a business
50:03that's lasted that long to me that's a
50:05great breadcrumb of like this thing has
50:07to print money because it means that
50:09they were able to still keep making
50:10money through wars through families
50:11depressions all of it and they were
50:14still able to keep going and so i think
50:16that when people are like when you look
50:17at all the like many of the biggest
50:19businesses that exist they have
50:20phenomenal gross margins i don't want to
50:22get too like
50:23you know business terms here but like
50:26the the gross margin is how much
50:27incremental cost it is to make a new
50:30an extra widget right and so like a pill
50:32for example costs 100 million dollars to
50:34make the first pill and then every pill
50:36after that costs a penny right sure and
50:38so the gross margin on the pill is very
50:40high because if they sell each pill for
50:4110 they cost them a penny those are
50:43great margins and most people who are
50:45small business owners or people who are
50:46trying to get into small business price
50:47like small business owners they say well
50:49it cost me a dollar i'll sell it for
50:51three or i'll sell it for two but if
50:53you're already starting on like a fifty
50:55percent gross margin it's very very hard
50:57to make money because think about like
50:58that's at 100 you're already at half and
51:00then you have the rest of everyone else
51:02you have to pay off that extra 50. very
51:04hard to do and so like i'll give a
51:06couple rules of thumb if anyone wants
51:07this but like if you're if you're
51:08building a service-based business for us
51:10i would i
51:11by all means i have to get gross margins
51:14above 80 which means five times the cost
51:16of goods so if it cost me 100 a month
51:18the minimum i'll charge is 500
51:20right and so that also gets you to think
51:23about business differently which is
51:24not necessarily even how much can i
51:26charge but how can i provide value and
51:28make it cost this little to me how can i
51:29be as efficient as possible and if you
51:31think about what technology does over
51:32time is technology takes something
51:35that's valuable and makes the cost of
51:37delivering it less
51:38and so that's what happens is a lot of
51:40people are able to have access to things
51:41that were once only for the wealthy but
51:43now become for the common man because
51:45the cost basis decreases as a result of
51:47technology and so technology is we see
51:49it you know like we can create
51:50technology but you can also have
51:52technological um breakthroughs just
51:54through process in your own business
51:56it's like and that's where niching down
51:58and being very specific about the avatar
52:00becomes important especially when you're
52:01starting because then you can productize
52:03the service because if you're doing
52:04everything custom which most people when
52:05they're starting out do
52:06it becomes really difficult to become
52:07efficient and it's really difficult
52:08because a very little margin right or
52:10you have to charge huge fees which most
52:12people are too afraid to do and so the
52:14flip side is if i do the same thing over
52:16and over and over again i will get
52:17better and more efficient at it and i'll
52:19know how to do it faster and quicker and
52:20cheaper and i specifically choose this
52:23type of customer so that i can have more
52:25margin because
52:26there are millions of even this one
52:28specific type of avatar
52:30and then from there i can take the gross
52:32margin the extra cash that i have and i
52:34can hire the best people i can invest in
52:35marketing but when you have such little
52:37margin to work off of it's very
52:38difficult to make money yeah it's so
52:40hard to grow that's interesting what do
52:42you think it's going to be harder or
52:43easier to become wealthy and start
52:46businesses over the next few years
52:48with everything that's happened in the
52:49last couple years and where this whole
52:50great you know
52:522030 agenda is coming and all these
52:54different things are happening the war
52:56and all the you know there might be
52:57another pandemic whatever it might be do
52:59you think it's gonna be easier or harder
53:00to make money i think technology in
53:02general makes things easier for most
53:04people i mean because at the end of the
53:05day it's just it's it's increased access
53:08for more people yeah and so i think to
53:09reach more people yeah at any moment
53:11yeah if i were just to use history as a
53:13as a as a guide business has only gotten
53:16easier to get into it's got
53:18more competitive and easier to get into
53:20and so i think that what happens is just
53:22the arena gets bigger so you got more
53:23gladiators so it's more competitive but
53:26more people can walk in and so i think
53:28but it but for the world in general
53:30the more people you have fighting to
53:32make
53:33amazing products and services the better
53:35it is for society yeah but the
53:37downstream effect of that is that in a
53:39capitalist system it is a winner take
53:40all for most for for many not all but
53:43for many businesses and just by the
53:45nature of it that does create social
53:48disarray and it's just but the thing is
53:50is like it's still the best system that
53:51we have we don't have a perfect system
53:53because the other systems remove
53:54incentive and humans have driven by
53:56incentive yeah even the survivorship
53:58bias like every mlm in the world exists
54:00off the fact that there's that one guy
54:01who makes 500 000 a month selling shake
54:03mix and the other five million shake
54:05mixed producers are like someday one
54:07yeah
54:08yeah and it's just survivorship bias
54:09right but that's why the whole
54:10capitalist machine works so i think
54:12they're like figuring out some sort of a
54:14you know
54:15creative way like my i
54:17put this in my
54:19on my youtube channel um but like the
54:21idea of having 100 death tax
54:24i thought was like
54:26take down like the income taxes and all
54:27the stuff but like the thing that
54:29creates the conglomerate at the top is
54:31that
54:31if let's say let's say i have a hundred
54:34billion dollars right that's interesting
54:36and if 500 billion i'm probably pretty
54:38good at managing it because that's why i
54:39have a hundred billion so let's say you
54:40gave me 15 years holding it yeah you're
54:42not using it yeah let's say i gained 15
54:44on my assets so make 15 billion dollars
54:47right on my assets
54:49it is so hard for anyone to
54:52to make that up in a lifetime with just
54:55the one and like that might be my kid
54:57who gains 15 and the next year he gains
54:5920 like and so it the compounding effect
55:01of the wealth is across generational is
55:04where i think it gets crazy but if there
55:07were a hundred percent death tax because
55:09obviously this is aligned with my belief
55:10that all of it disappears anyways um so
55:13this is obviously alex's two cents in
55:14the world um but it's just basically
55:17dramatically lower the income income
55:19taxes i think income taxes should be
55:20like as close to zero as possible and
55:22then make the capital gains taxes higher
55:24because that's only going to really
55:24affect the well if you really want to
55:25think about it right because people who
55:26if you make with your hands
55:28awesome right if you make on your assets
55:30that's the stuff that has has infinite
55:32leverage with with time so if you trade
55:34the most expensive thing for your money
55:36then i feel like you should get taxed
55:37less than if you trade no time for your
55:39money sure this is like a weird thought
55:41experiment what do you think would
55:41happen if it was 100 death tax
55:44i think that billionaires would become
55:45far more giving
55:46and as they approach the end they know
55:48they can't keep it and i also think it
55:49would change the way the game is played
55:51because if you know because this is the
55:53analogy that i like
55:55i haven't heard it anywhere else i think
55:56it's mine
55:58but if you were to imagine life as a
56:00poker game right and we everybody you
56:02know grows up 18 years old they can go
56:03into the casino they get a chip or 21
56:05whatever age you can pay and then you
56:07get it you get a chip and then you sit
56:08down at the table and you're dealt cards
56:09right there's all the other players
56:10around the table and depending on the
56:12cards you're dealt and the skill you
56:14have
56:15you begin to amass chips right
56:17and the difference between this
56:19fictitious
56:20you know casino and the casino of life
56:22is that in the real world you can amass
56:25chips you cash out you have a big wad of
56:27money you walk out the door
56:29but in the casino of life when the grim
56:31reaper taps you and tells you it tells
56:32you it's time
56:34you have to get out from the table but
56:35your chips stay on the table and they
56:36push them to the middle to be
56:37distributed by everybody else and
56:39continue to get played for it and that's
56:41when you realize that it was a fake game
56:42with rules that never mattered to begin
56:43with and so i bought this piece of land
56:45in austin it was just huge it was like a
56:47big really really nice lot and i
56:50remember thinking to myself like
56:52this yeah i got me some land right
56:55yeah i have that tree to that thing on
56:57the rise
56:58right
56:59and then i thought to myself i was like
57:00well the guy before me thought the same
57:02thing
57:03and the guy before him thought the same
57:05thing and the guy before him thought the
57:07same thing and i was like and we've
57:09literally still been looking at the
57:10exact same piece of dirt and it's just
57:12been cycled even if it was father to son
57:14even if it was family to whatever like
57:16that like death taxes everyone 100
57:19like
57:20even if the government doesn't death
57:21taxes everybody 100 and then time taxes
57:24your money to infinity because like
57:26people are like i want to build a legacy
57:28it's like that's even just with like
57:29within americana you know within the
57:31times of america but like you go a
57:33thousand years and there's never been
57:34the same superpower over a thousand year
57:35period right and so we're like i'm gonna
57:36leave a legacy it's like but that would
57:38be like you know let's say an ancient
57:40greek saying i'm going to leave a legacy
57:42for my kids when like they might change
57:43their currency by you know xyz year and
57:46there's so many things and i've had a
57:48real experience with this because my
57:50great great grandfather was a ruler in
57:52iran which is where we're from
57:55we got uh kicked out because we were
57:56loyal to the shah back in the day
57:58which is why my dad came to us
58:00and so despite that my great grand great
58:03grandfather um had like 400 wives
58:06ruler very very really yeah very very
58:08wealthy different time different
58:09different culture very very well he's a
58:11ruler right yeah yeah all the money all
58:13the women all that everything literally
58:15a ruler right
58:17and
58:18it doesn't matter and here i am i'm not
58:19even that many generations separated
58:21from him right even that you don't have
58:23all that wealth you don't have that land
58:24yeah right
58:26and so like the idea that we're going to
58:28somehow esc
58:29because the desire for legacy is the
58:31desire to cheat death like that's what
58:33it stems from it's like we don't want to
58:34die we want to last forever so we want
58:36to make something that is impermanent
58:37and so we fool ourselves into thinking
58:39that the accolades and the material
58:41success in the books we write whatever
58:42are going to last forever and they're
58:44probably not right and so like i mean
58:47the sun's going to disappear at some
58:48point right like if we don't do anything
58:51before then like at the very least
58:52that's going to happen and so if that is
58:54the inevitable outcome i think it shifts
58:56the way people
58:58think and i think that's when you start
58:59changing i mean tony robbins talks about
59:00like global global belief systems and
59:02that's why if someone like adopts a new
59:04religious belief like everything changes
59:06because the reasons they do and the way
59:07they believe the world works changes and
59:09so i think that if they did do 100 death
59:12tax it would be a really interesting way
59:14to see the downstream effects of how it
59:15would change the way the players played
59:17the game what do you think would happen
59:18if all the billionaires started
59:19distributing their wealth sooner
59:21i think or would they be as hungry to be
59:24and driven to push and build and
59:26innovate yes to generate the wealth if
59:29they knew i got to give this away
59:30anyways quickly i think they would well
59:32i think it's because it's i think it's i
59:34think i'm going to say something that
59:35might sound bad but
59:37um
59:38i think winners win
59:39because of who they are
59:41and so i think it's like sales guys like
59:43you can have an incentive or a comp plan
59:44they just want to win but they are sales
59:46people and if i get on the phone
59:48i want to sell because of who i am not
59:51because the comp the cop has the ticket
59:52to get me to say yes to the deal but it
59:54will not change my activity i will do it
59:56because i love to sell right and so i
59:58think billionaires get there because
59:59they love the game like you don't get to
1:00:01a billion without just because you
1:00:02obviously don't need it for you you stop
1:00:04needing it for you millions and millions
1:00:05ago right and so you do it just because
1:00:06you love the game
1:00:08what i do think the reason that i like
1:00:09that solution is because
1:00:12uh elon musk said this but uh private
1:00:15enterprise is ten times as efficient a
1:00:16capital allocation compared to the
1:00:18government right so every dollar that
1:00:19private private enterprise spends it's
1:00:21ten times more efficient and so
1:00:23it is like if if we were to death tax a
1:00:25hundred percent so whatever you
1:00:26accumulate while you're alive it just
1:00:27goes back like and the thing is it's not
1:00:29that it would go back into the system
1:00:30through the government it would if you
1:00:32were lazy
1:00:33but most people knowing the government
1:00:34was going to take it the less efficient
1:00:36vehicle at the end of your life you
1:00:38would then start thinking about how can
1:00:39i allocate this money efficiently
1:00:41and so what i think what would happen is
1:00:42you'd create far more ingenuity and
1:00:44innovation around social enterprise
1:00:46um before they die solving problems
1:00:48knowing that the wealth would eventually
1:00:50disappear
1:00:52so like it's more there's this backstop
1:00:53that no one wants to hit and so i think
1:00:56what happened is they would change their
1:00:57behavior before hitting the back side i
1:00:58don't think a lot of people just be
1:00:59dumping their billion to the government
1:01:00i think just knowing that they had to
1:01:03would then just trigger them to yeah
1:01:05yeah that would be you know that's
1:01:06alex's two cents of the world which is
1:01:08obviously different what's uh and you
1:01:10just had a big exit right last year what
1:01:12was that for how much
1:01:13it was 46.46 million so when that enters
1:01:16your account
1:01:18what did you expect would happen what
1:01:20did happen and what
1:01:22can you teach other people about what
1:01:25they should expect to happen when they
1:01:26have a big exit
1:01:28so i will say that i i did not feel the
1:01:30money i did feel the loss of cash flow
1:01:32because i had this you know i had
1:01:34measured myself off cash flow for since
1:01:36now you don't have any right you got a
1:01:38big chunk yeah no money coming in every
1:01:40month so i actually felt interested and
1:01:42i probably still still feel
1:01:44poorer
1:01:46now than i did before the exit that's
1:01:48interesting because the cash flow is
1:01:49going down now i
1:01:51i know that the acquisition.com is going
1:01:53to be i think significantly bigger than
1:01:55sure than those companies were um but in
1:01:57the interim i definitely did not feel
1:02:00any better after that um i am happy that
1:02:03i did it because i do think i'm in the
1:02:05right you know vehicle doing what we're
1:02:06doing now making the books making the
1:02:08youtube channels the the twitters
1:02:10the social medias all of them but
1:02:13the cash flow is what i felt
1:02:15and because i'd taken dividends my whole
1:02:17life the amount of money that we got out
1:02:19was pretty much about what we already
1:02:20had anyways right so it was not
1:02:22life-changing in any way um it didn't
1:02:24change how i lived at all
1:02:26um like not at all we didn't we didn't
1:02:28have any big like what are you gonna buy
1:02:30i was like well i could you know i'm
1:02:32happy already yeah i could buy a hundred
1:02:33lambos before the sale yeah i mean like
1:02:35that wasn't good and i never bought them
1:02:36in and i never did so like you know
1:02:38because i i don't get a lot of out of
1:02:40that um what else was different losing
1:02:43losing the team is hard yeah um because
1:02:45when you sell a company you sell the you
1:02:47sell the people like that's something
1:02:48that people connections because it
1:02:49sounds bad yeah but you sell you sell
1:02:51the organism you sell the system the
1:02:54people yeah the process
1:02:56and everything 100 and so that was that
1:02:58was hard because there's definitely
1:02:59times now that we're building
1:03:00acquisitions.com where i'm like man i
1:03:02wish i had so-and-so oh
1:03:04i already taught this person everything
1:03:05i'd like to have to do it again so yeah
1:03:07there is a but there's also some level
1:03:09of beauty to it because now that i'm
1:03:11doing acquisition.com
1:03:13um i have a different appreciation for
1:03:16what i'm doing because every other time
1:03:19that i've started something
1:03:21it has been from a place of lack it has
1:03:23been from uh like well this is what's
1:03:25going to not make me bore you know what
1:03:26i mean like the gyms was all about that
1:03:28and then i lost it all so the second
1:03:30time was all about that again wow so
1:03:32this time i'm starting not like that and
1:03:35i know what it got like before we sold
1:03:37the companies last year i spent
1:03:38basically 12 months not doing anything
1:03:40because i wasn't required in the
1:03:41business like it truly it ran
1:03:43and so
1:03:44i had a lot like it was very impressive
1:03:46exactly it was very depressing for me
1:03:48what happens if we don't have a purpose
1:03:51i mean you you find one
1:03:53yeah you know what i mean and so for me
1:03:55but you're in a depressed state even
1:03:56though you have i mean i'm sure you're
1:03:58fine but you're emotionally mentally
1:04:00like what am i doing every day exactly
1:04:01i've never go to the gym for so long
1:04:03right can i go out to dinner yeah like
1:04:05what else are you gonna eat every meal i
1:04:06want i can travel okay now what after
1:04:09three months of that
1:04:10you to have some mission you have some
1:04:12purpose right even though you have the
1:04:14money yeah your safety you have
1:04:16everything yeah security but it wasn't
1:04:18fulfilling 100
1:04:20and so that was that was 12 straight
1:04:22months and it was because we were going
1:04:23through a sales process so
1:04:25you can't start new initiatives because
1:04:27i'm in the middle of a sale
1:04:28um and you don't want to like make any
1:04:30massive new hires
1:04:32and so you just basically have to just
1:04:33like maintain
1:04:35and the whole time you're wondering i
1:04:36hope this deal goes through because if
1:04:38it doesn't then you just wasted a year
1:04:39just doing nothing and then you might
1:04:40have to do it again so it was just it
1:04:43was it was a super
1:04:44super it was one of the most emotionally
1:04:47tiring years of my life because it's
1:04:49always like this is about to happen it's
1:04:50not going to happen the deal's on the
1:04:51table the deal's off the tape like
1:04:53there's all of this drama that's
1:04:54happening constantly and i also one of
1:04:57the things that sucked that i didn't
1:04:59like was
1:05:00as soon as i had made the decision to
1:05:01sell
1:05:03or that i was going to entertain the
1:05:05idea of selling
1:05:06and this is a mistake i made
1:05:08everything became about satisfying a
1:05:10fictitious overlord of like what will
1:05:13they think about this move well how
1:05:14would they value this and i started
1:05:16thinking
1:05:17whatever acquirer
1:05:20who whatever private equity was going to
1:05:21buy the company like how are they going
1:05:22to see this are they going to value this
1:05:24or is this a waste and so what happened
1:05:26was i started making the private equity
1:05:27buyer my customer
1:05:30and that was a mistake and so i think
1:05:32that like
1:05:33at the end of the day and now that and
1:05:35what happened was interestingly we
1:05:37started the sales process because my
1:05:38wife and i were beat down like we were
1:05:39just very tired of you know we've been
1:05:41in gyms for almost 10 years you know at
1:05:43that point not to say that
1:05:44that's not a good thing but like
1:05:45whatever we it we wanted of course we're
1:05:47ready we're ready but in order for us to
1:05:49sell it and make it a sellable business
1:05:50we had to fix all the things that we
1:05:52were wrong
1:05:53right and so we took a year before the
1:05:56year
1:05:57so it's like 20 20 years exactly yeah so
1:05:59it took two years basically one year to
1:06:01like fix everything and then one year to
1:06:03sell it but the thing is it's just like
1:06:04when you have a house that you like fix
1:06:06up before you get ready to sell it by
1:06:07the time your budget's up you're like i
1:06:08love this this is amazing i just fixed
1:06:10all these all the problems i fixed now
1:06:11i've got more cash flow it's more
1:06:13efficient you know we've got where's the
1:06:14tax going exactly
1:06:17and so it was again a very like mind
1:06:19trip experience where i'm like well
1:06:20maybe i should just hold it as an asset
1:06:22that just produces cash flow yeah
1:06:24uncle warren never sells anything like
1:06:26selling is what makes you rich keeping
1:06:27is what makes you wealthy like you know
1:06:28i'm like i've got all these kind of
1:06:30things in the back of my mind but i
1:06:31think ultimately like i think no matter
1:06:33what we had done we would have been fine
1:06:34but i think for me right now i think the
1:06:36likelihood that the choice if i had two
1:06:38alternate realities which i don't have
1:06:39to play in i think that the choice will
1:06:41ultimately yield more impact for more
1:06:43people
1:06:44i would not have the attention to do
1:06:45acquisition.com and the media stuff that
1:06:47we're doing right now i wouldn't be here
1:06:48just straight i wouldn't be focused on
1:06:50your gyms yeah or the yeah exactly on
1:06:51those companies that weren't in that
1:06:53portfolio and acquisition.com would
1:06:55still be a side thing but it probably
1:06:56wouldn't be the main thing
1:06:58um whereas now it is 100 of my attention
1:07:00and the companies are killing it and um
1:07:03i feel
1:07:04renewed you mentioned you'd always
1:07:06created something from a lack yeah but
1:07:09now it sounds like there's a different
1:07:10intention for why you're building
1:07:12something what happens when people shift
1:07:14their intention yeah from scarcity lack
1:07:17mindset to
1:07:19growth impact service whatever it might
1:07:21be that you're coming from i'm so
1:07:22excited for this question um so i think
1:07:25the biggest thing that changes is time
1:07:26horizon time horizon what is time
1:07:29horizon and i think the single greatest
1:07:31differentiator between
1:07:33the poor and the middle class middle
1:07:35class and rich rich and the truly
1:07:36wealthy
1:07:37is how they see time
1:07:39and if you think about money as simply a
1:07:41condensed unit of time right that's all
1:07:43money is like you trade it for time i
1:07:45mean you can trade time for money so
1:07:46like it is they're almost equivalent
1:07:48units and
1:07:49the people who know how to master their
1:07:51time the most mean that they know how to
1:07:52master their money the most right and so
1:07:54really if you want to master to the
1:07:56original question of like how do wealthy
1:07:57people come off these because they match
1:07:59their time and so
1:08:01time horizon is just like the
1:08:02perspective from which we see what we
1:08:04want to achieve
1:08:05and so if i am doing if i'm building a
1:08:08company from the place of like i believe
1:08:10that this company should exist i believe
1:08:12this problem is worth solving
1:08:14and that is where you start it from
1:08:17then you build it differently versus
1:08:19versus i need to make money i need to
1:08:21make money this week i need to make
1:08:22money tomorrow because what can i go
1:08:23make money with exactly and so i think
1:08:25like i mean you've built this amazing
1:08:27brand here
1:08:28if if people were able to
1:08:31not ask for 12 months and just serve
1:08:34dude this is what i did when i launched
1:08:36this because i literally sold another
1:08:38company i didn't make that much but i
1:08:40had enough for like two years to live
1:08:41yeah i was living pretty frugal i wasn't
1:08:43like
1:08:44i never bought anything fancy it was
1:08:46like you know
1:08:47whatever food and travel maybe right
1:08:49yeah but i was still sleeping on couches
1:08:51back then you know just because i wanted
1:08:52to save i want to spend it on
1:08:55hotels i didn't start spending hotel
1:08:57rooms until about four or five years ago
1:08:59i would always find a way who do i know
1:09:00in that town and crash on anyway side
1:09:02note but when i launched school of
1:09:04greatness 10 years ago i remember saying
1:09:06i'm gonna do this for one year because i
1:09:08i wish i had access to this i wish this
1:09:11was a thing that i could go listen to
1:09:13yeah in the world to teach me yeah and
1:09:15i'm not gonna try to make money like i'm
1:09:17gonna do it for a year yeah
1:09:19all in but i'm not going to try to make
1:09:21money i don't want to make money i mean
1:09:22if the money came great
1:09:24but it wasn't my intention it was just
1:09:26how can i create the best
1:09:28content to serve people on the things
1:09:30that i wish i would have learned in
1:09:30school growing up yes the school of
1:09:32greatness yeah and after one year i was
1:09:35like man this thing's really starting to
1:09:36take off yeah you know but it wasn't
1:09:39based on how do i make as much money
1:09:40totally it was how do i create something
1:09:42that could really make a lasting change
1:09:44yeah
1:09:45and
1:09:45that intention is what's made me
1:09:47sustainable for 10 years
1:09:50loving the process totally so when
1:09:52people come from a place where i'm
1:09:53hearing you say when they come from a
1:09:54place of that intention of service or
1:09:57because this needs to be in the world
1:09:58art art exists not to do something it
1:10:00exists to exist right it's like no one
1:10:02says why did you paint that it's like
1:10:04because it needed to come out you needed
1:10:06to have to express it exactly and so i
1:10:08think that if people chose their
1:10:09businesses that way i think and don't be
1:10:13wrong i'm all about making money like by
1:10:14all means go get your bag as much as you
1:10:16can yeah by all means but i think that
1:10:18what it does is it ends up freeing you
1:10:19to then make your real
1:10:21impact because then you can start the
1:10:23whatever the next thing and hopefully
1:10:25your first thing is that thing but
1:10:26realistically it probably isn't and all
1:10:27you have to do is look at every
1:10:28entrepreneur that's really wealthy the
1:10:29amount of graveyard businesses they have
1:10:31in their bag right right and so like
1:10:33right now if you're listening and you're
1:10:34like i'm not sure if this is the perfect
1:10:36business idea let me just save you the
1:10:37time it's not because look at every
1:10:39other person who has been ultra
1:10:40successful they have 10 failed business
1:10:42ideas so just like just start so you can
1:10:43just start notching off the bad
1:10:45businesses right
1:10:47but extending the time horizon i think
1:10:49only happens if you do shift the
1:10:51intention through which you're building
1:10:53it or you're just unbelievably
1:10:55self-disciplined but i think it's easier
1:10:57to just like start at it with the right
1:10:59heart because
1:11:00small tangent but i think it'll be worth
1:11:02it is that the reason that most people
1:11:04aren't successful in my opinion is that
1:11:06they sacrifice global benefit for local
1:11:08benefit and that happens in all areas of
1:11:10life you eat the piece of cake because
1:11:11you have an acute local benefit versus
1:11:13the global benefit of a six-pack that
1:11:15lasts for a very long time or better
1:11:16health etc right
1:11:18instant gratification as opposed to
1:11:20delayed gratification yes exactly and i
1:11:23just i like saying global i just like
1:11:24saying local versus global because it it
1:11:26happens in an organization for example
1:11:28sales guys don't want to put the notes
1:11:30in the thing because it's a pain in the
1:11:32butt to put the notes in the crm but
1:11:35finance needs the notes customer service
1:11:36needs the both success needs like all of
1:11:38these other departments need those notes
1:11:41for all the other things that we're
1:11:42going to do and so it's a local cost but
1:11:44for a global benefit and so
1:11:46i think if people were able to delay
1:11:48that immediate gratification which is
1:11:50like this is the nature of success
1:11:52i think it was funny man there was this
1:11:54study that was done i can't remember it
1:11:56it's the marshmallow test or the other
1:11:58okay god i can talk about the
1:11:59marshmallow test okay so fun fun one
1:12:02with that with the marshmallow test is
1:12:04measuring
1:12:05how long
1:12:06they delay for the marshmallow
1:12:09so
1:12:09at what point does it not make sense if
1:12:11they say you can get one because because
1:12:13they like everyone simplifies the
1:12:15experiment which is like if i give you a
1:12:16marshmallow one now or you can get two
1:12:18later right but what if two is in a year
1:12:21yeah you're like i don't care i'll take
1:12:22the one now right so then the next
1:12:24question i would have is like
1:12:26if you were to test kids and then say at
1:12:28what point the global versus local
1:12:30crosses would be and then track the kids
1:12:32who had the longest
1:12:34marshmallow waiting period because then
1:12:36you could measure how long the most
1:12:37successful property of life yeah really
1:12:39interesting just total side note but the
1:12:41three things that i think were in common
1:12:42of the ultra successful were uh inflated
1:12:45sense of self
1:12:46as in they thought that they like they
1:12:47deserved big things they want to go
1:12:49after big things they believed in
1:12:50themselves right
1:12:52inferiority never being good enough
1:12:55and impulse control
1:12:56those are the three factors of the most
1:12:58successful they're like when they did a
1:12:59common factors analysis like these
1:13:01people think they believe that they can
1:13:02achieve all this amazing stuff and then
1:13:04it's just it's an amazing paradox
1:13:06because at the same time they think
1:13:08they're not good enough and they're
1:13:09insecure about whether they they can
1:13:11achieve it
1:13:12and
1:13:13they have impulse control
1:13:15and so it's like if you have a plan
1:13:16right and they just they and they stay
1:13:18focused on the thing and
1:13:20what i like i'd say the biggest
1:13:22breakthroughs that i've had i think that
1:13:24will create a lot of the wealth that we
1:13:25will have in the future
1:13:27is
1:13:28is really a deep understanding of how
1:13:30long long is and shooting with the
1:13:33intention of like i'm only bringing this
1:13:35up because my youtube guy said it he's
1:13:37like i've never had somebody who
1:13:38actually started it i was like we'll see
1:13:39what we do in five years
1:13:41i was like we'll measure that and he was
1:13:43like
1:13:43no one has literally ever said that to
1:13:45me it was like as long as i see progress
1:13:47i'm good because everyone wants results
1:13:48in like two months yeah yeah like if
1:13:51we're making if we're going this way i'm
1:13:53cool i don't need to say like that's
1:13:54good enough for most people if if they
1:13:57could extend the time rise because like
1:13:58i'll give you another hack you can know
1:14:00how wealthy someone is based on the time
1:14:02horizons they speak in
1:14:04give an example so if someone's talking
1:14:05about how they're trying to make you
1:14:06know make money this today
1:14:09hey let me hold 20 for today
1:14:11you know how you know how poor they are
1:14:13i have to say poor like you know
1:14:15right if someone's talking about what
1:14:16they're going to make this week or this
1:14:18month
1:14:19or this quarter or this year or this
1:14:22decade
1:14:23think about how different the people are
1:14:24who are talking in those time horizons
1:14:26and so i think that if we can shift the
1:14:28time horizon that we think in
1:14:31then we gain more leverage over our time
1:14:33which we then know we will compound into
1:14:35money yes because i think if you can
1:14:37master the time you master the money
1:14:40that's
1:14:44uh you've been married for how long
1:14:47or five years five years in a
1:14:48relationship or six years or something
1:14:50six years of relationship five years
1:14:51married this is something i've been on
1:14:53curious about a different decades of my
1:14:55life right i'm 39 now just turned 39 in
1:14:58march and
1:15:00in my 20s
1:15:01i didn't think it was i was like how
1:15:04is it possible to be with one human
1:15:05being for the rest of your life right
1:15:07yeah like there's so much adrenaline and
1:15:09testosterone and just you know desire
1:15:11you know i was thinking from a place of
1:15:13desire not from a place of
1:15:15i don't know from a spiritual foundation
1:15:17let's say right more of a sexual desire
1:15:21and i would study these different men
1:15:23over the years
1:15:24and the ones that i really respected
1:15:26were the ones who had
1:15:27amazing long-term relationships and who
1:15:30had
1:15:31healthy businesses that impacted people
1:15:34in positive ways and had you know
1:15:36semi-healthy families in general right
1:15:38i'm curious
1:15:40why did you decide to get married i
1:15:41guess at 25 60. i was yeah 20 she was 23
1:15:46or 24 and i was 26 or 27. okay
1:15:50why decide to get married in your 20s
1:15:52yeah
1:15:53and how has that been
1:15:55beneficial towards your inner peace your
1:15:58health
1:16:00and your wealth yeah so i think getting
1:16:02married um is a great hack for making
1:16:05money
1:16:06um
1:16:07i have a lot of thoughts on this uh
1:16:09first one is because at least if you're
1:16:11anything like me
1:16:12probably 80 of my attention went to
1:16:14chasing tail and so
1:16:16getting all of that attention back
1:16:17automatically just makes you more money
1:16:19right all your energy is spread out 100
1:16:21percent you're doing that it's spread
1:16:22all over the place and so that was
1:16:24that's just like honestly just getting
1:16:25into a relationship accomplishes that
1:16:28going from a relationship to marriage
1:16:29though was really surprising to me
1:16:31because i was i would say fairly against
1:16:33marriage for most of everything and
1:16:36it's by happenstance leyland i got
1:16:37married almost like as a dare and then
1:16:39we're still married and it's been
1:16:40awesome um
1:16:42totally like we'll get into another time
1:16:45but when i when we did get married it
1:16:47was actually really interesting and
1:16:49maybe this is just my own personal
1:16:50experience but i felt this very sincere
1:16:52shift of knowing
1:16:54it felt secure
1:16:56even the long term i'm like why do we
1:16:57need a government body why do we need
1:16:59someone why do we need an external party
1:17:01to validate our relationship sign a
1:17:03document from the government yeah but
1:17:05there is some level of commitment that
1:17:06comes with it that makes it more stable
1:17:10and
1:17:11knowing that it was like oh she's in it
1:17:13with me
1:17:15just knowing the barrier to exit was
1:17:16significantly higher for both of us i
1:17:19think increased our commitment to the
1:17:20relationship
1:17:22but
1:17:23it gave me so much more stability for
1:17:25risk taking in a lot of ways knowing
1:17:27that she was there knowing she had my
1:17:29back and you know i was texting a um a
1:17:32buddy of mine who was
1:17:34who was living the fast life yes oh
1:17:36girls every other night yeah yeah and it
1:17:38was like how do you know what do you how
1:17:40do you think through this and i thought
1:17:42about it and um i think that when you
1:17:43get into the into the committed
1:17:45relationship or marriage um
1:17:47you trade novelty for loyalty
1:17:50and for me that to me loyalty i i was
1:17:54trying to define this for myself but
1:17:55like
1:17:56for me loyalty matters more than love or
1:17:58is a form of love or the one that i
1:18:00value the most
1:18:02and then as a secondary because i was
1:18:04trying to define like what like whenever
1:18:06someone says like what is love right
1:18:08like if you actually like start trying
1:18:09to peel the word back
1:18:11most people just describe
1:18:13activities that people who are in love
1:18:15do
1:18:16well it means and then they use a
1:18:18laundry list of activities and so the
1:18:20best definition i have
1:18:22i know this is this made out there
1:18:24is
1:18:25of how much like measuring love
1:18:27is how much are you willing to endure to
1:18:30keep it
1:18:31and so if you have a relationship with
1:18:33someone and like and i would say love
1:18:34and liking to me is the same thing
1:18:36because it's really difficult to
1:18:37differentiate between the two if you
1:18:38have a relationship with someone and
1:18:40you're not really willing to like let's
1:18:41say wait 30 minutes later to go to
1:18:43dinner with them probably have very
1:18:45little liking in there right
1:18:48if you have kids you're probably willing
1:18:50to do a lot for them and so
1:18:53like i'll give you an example that a
1:18:54friend of mine said he was like man
1:18:57he must love he's like if you have a car
1:18:58that you've been working on all the time
1:18:59like a lot of guys like tinker with must
1:19:01love that car right muslim that that
1:19:02thing's a piece of crap he must love
1:19:04that thing it barely runs because of
1:19:07what he's willing to put up with
1:19:09and so it's kind of interesting when you
1:19:10think like you can measure love by your
1:19:12willingness to to
1:19:14to sacrifice or endure in order to keep
1:19:17it do you think we should endure a toxic
1:19:19relationship though or something that's
1:19:21no not
1:19:22adding value equally or or putting forth
1:19:25a level of effort to be fair the toxic
1:19:28relationship i'll use the quotes here
1:19:29because defining toxic would be another
1:19:31call another
1:19:32another video right
1:19:35i think that there are there are moments
1:19:36in relationships that are negative
1:19:38but if you loved someone a lot
1:19:42because you had a lot of benefit so
1:19:44going the other direction right like but
1:19:46if it's more toxic than it is then you
1:19:47wouldn't put up with it right so then
1:19:49is it worth is it worth is it worth
1:19:51putting up with anyone having a negative
1:19:53experience it depends on what you have
1:19:55to gain
1:19:56right and the more you love someone the
1:19:58longer you're willing to wait for
1:19:59another positive reinforcement so if i
1:20:02meet somebody and i have a negative
1:20:03experience immediately i'm probably done
1:20:05right right if i meet someone and i have
1:20:07positive the next day positive two days
1:20:09later positive a week later the next one
1:20:12i might be willing to wait two weeks and
1:20:13then four weeks and this is really just
1:20:15becomes a question of human conditioning
1:20:16rather than love not to get like i love
1:20:18this stuff but um but anyway i can get
1:20:20us back to marriage but uh
1:20:22but marrying layla gave me a lot of the
1:20:23security that i needed to make take the
1:20:26big risks and knowing that she had my
1:20:27back
1:20:28and laila and i have very uncommon views
1:20:31on marriage what's the i guess unique
1:20:34views on marriage you guys have so most
1:20:36people get married because they feel a
1:20:37chemical attraction yes
1:20:39and then they just wait right until
1:20:41eventually it's been long enough and it
1:20:42goes away yeah and they're like i guess
1:20:44we should get married right yeah
1:20:46we had the first date
1:20:49we talked for four hours about business
1:20:52all business
1:20:53and at the end of the day i said you
1:20:54should quit your job and work for me i
1:20:56was like was it a date or was this a
1:20:58date okay it wasn't just like a casual
1:20:59encounter it was a 100 tinder date it
1:21:01was bumble but it was a date bubble date
1:21:03yeah
1:21:04and all business all night the whole
1:21:06thing we walked for four hours just
1:21:07talking about business and the variant
1:21:09said you've got to like quit your job
1:21:10and work for me and she said no i just
1:21:12made it not quite your job and date or
1:21:14date me but i thought your job would
1:21:15work for me and i said listen even if i
1:21:17don't come with a deal like this needs
1:21:19to make sense for you like this is how
1:21:20much i'd pay i was just like this how
1:21:22much i pay you this how much you'd make
1:21:23like you should totally work for me um
1:21:25and she said no but i kept working on
1:21:27her and eventually three weeks later she
1:21:28quit her job and she joined me and we
1:21:30hung out every day after that one and we
1:21:33did not have a super chemically
1:21:36sexuality not at all
1:21:38we just like doing the same stuff and we
1:21:40both wanted the same outcome and so at
1:21:43least as i see it it's like you have to
1:21:44have an aligned mission of what you want
1:21:46to accomplish in life
1:21:48values of how you want to get there
1:21:50and then ideally there's like bonus
1:21:53bonus points for similar interests dude
1:21:56it's so funny to say that because i say
1:21:57that
1:21:58you know from all the mistakes i've made
1:22:00in the previous relationships that are
1:22:02all my mistakes
1:22:03it all comes to values vision and
1:22:05lifestyle
1:22:06and having shared alignment it doesn't
1:22:07have to be 100 but it's like an
1:22:09alignment and values vision and
1:22:11lifestyle yeah
1:22:12not in
1:22:13you know if you have the sexual
1:22:15chemistry which we do which is great but
1:22:17not using that as the main value the
1:22:20sexual chemicals yeah because in two
1:22:23five ten years they may not be there but
1:22:25if you don't have the values of vision
1:22:26and lifestyle which you call values
1:22:28missions
1:22:29because it's all business risk mission
1:22:31is that what we're trying to accomplish
1:22:32value is how we're going to get there
1:22:34and then interest is like what do we
1:22:35want to spend exactly yeah that's so
1:22:37funny yeah so that's that's what i think
1:22:39and if you have those things
1:22:41you
1:22:42you create a relationship in my opinion
1:22:44at least this has been my human
1:22:45experience um it becomes very difficult
1:22:48to get out of and i say that
1:22:50intentionally in that like the best way
1:22:52to stay married is to figure out how to
1:22:54stay married
1:22:55and so like well let's stack all the
1:22:57chips in our favors like we like doing
1:22:59the same stuff we like talking about the
1:23:00same things and then i think in a very
1:23:02important way if you if those three
1:23:04things are aligned you will get exposed
1:23:06to the same stimuli
1:23:08and if you expose the same stimuli
1:23:09you'll have the same adaptations
1:23:11provided you have the same values
1:23:13so if we get this exposure and we both
1:23:15have the same values we'll both grow in
1:23:17the same way where i think what happens
1:23:18for many people is they're opposite
1:23:20sides and they attract right and what
1:23:23happens is you get on this you probably
1:23:25are esther perel yeah
1:23:26i just had her on a week ago
1:23:28i'll just stop right now go ahead yeah
1:23:30yeah well now i feel silly quote
1:23:34my understanding of meeting captivity is
1:23:35you've got familiarity right and and
1:23:37you've got for us a variety and then
1:23:38familiarity because this is how i do it
1:23:41and and so in the beginning you've
1:23:42everything's so new and exciting there's
1:23:44all this variety right
1:23:46and then you get to know each other and
1:23:47it gets better and better cause you're
1:23:48like oh my god this is amazing it's
1:23:49amazing it's amazing but then all of a
1:23:51sudden you keep going and then your
1:23:52siblings and your roommates right and so
1:23:56it's not like she says you know a uh a
1:23:58problem to be solved but a dichotomy to
1:24:00be managed between familiarity and
1:24:02variety and um one of the interesting
1:24:04things um with with our relationship is
1:24:06that we have so many ways to be familiar
1:24:08so for us based on that like so you need
1:24:10to create more variety yes how do you
1:24:12guys do that because you talk about all
1:24:14the same things you do the same thing
1:24:15all day long how do you create variety
1:24:17it's a great question
1:24:18besides the multiple
1:24:20businesses
1:24:21all the business boards just you're not
1:24:23doing the multiple people oh no we're
1:24:24not doing that no no no i think would
1:24:26stop
1:24:27um
1:24:28no but i think the the variety piece
1:24:30comes in
1:24:31through
1:24:33deliberate
1:24:34creation of room to be missed
1:24:37space entities if you think about this
1:24:39away for a week yes and you're gonna go
1:24:41with your
1:24:42friends or family and i'm not going to
1:24:44be there you know how much you like
1:24:45someone more when you see them after not
1:24:46seeing them for a week it's so good
1:24:47isn't that weird best feeling right
1:24:49isn't that weird yeah so it's like we
1:24:50can create that deliberately
1:24:52so the longing exactly and so it's like
1:24:54if we can like physically separate
1:24:56ourselves in terms of when we work so we
1:24:57work on separate sides of the house
1:25:00uh we only come together for food so we
1:25:02eat and then we go back and
1:25:05uh ideally we're not on any of the same
1:25:06meetings because the last thing i want
1:25:07to do at the end of the day sit down and
1:25:08say like how's your day just kidding i
1:25:10was there the whole time right right
1:25:12yeah so it's ideally so you work
1:25:14together but you don't yes you work in
1:25:16the same company but you're not on calls
1:25:18all day long together hand in hand right
1:25:20and we can accomplish and so that way
1:25:22when we talk it's like two business
1:25:23colleagues that are both after the same
1:25:25thing that both believe in getting there
1:25:26the same way and we're talking about our
1:25:27unique things that are interesting for
1:25:29me that she wants you might want my
1:25:31perspective on and i'm like hey i'm
1:25:32thinking about this hook or this message
1:25:34or what do you think about this and we
1:25:35can bounce on it but because we didn't
1:25:38share every moment of the day it gives
1:25:40us that ability to have variety
1:25:42but i think esther said this so yeah but
1:25:45the couples that um have that do do star
1:25:48businesses together maybe misquoting two
1:25:50research things anyways
1:25:52couples that start business together
1:25:54have
1:25:55uh
1:25:56a 10 divorce rate
1:25:58if you start and make a dollar in a
1:26:00business together wow and i think it's
1:26:01like birthing a child except in order to
1:26:03do a business i think it's harder than
1:26:05having kids and people like you don't
1:26:07know that because you don't have kids
1:26:08it's true
1:26:09but i do know that there's a lot of
1:26:11people who have both there's more people
1:26:14who have kids that have businesses who
1:26:15started together
1:26:17and i think that there's some magic
1:26:19in that because it's like birthing an
1:26:20idea but you both got to agree on what
1:26:22you're going to create so you're not
1:26:23leading up to biology or living up to
1:26:25choice
1:26:26do you guys ever fight or argue
1:26:29sure
1:26:30like i would i would say we don't have
1:26:32what i would consider like
1:26:33real fights low observer yeah yeah i
1:26:36mean minor arguments but i'm sure that
1:26:38like the many common miscommunications
1:26:40that can happen as humans sure sure hey
1:26:42you said this that
1:26:44did is this what you meant
1:26:47no no there's i was like if there's two
1:26:49ways to take it and one way makes you
1:26:50really angry the other one doesn't i
1:26:51meant the other one
1:26:52yeah whatever you're angry about
1:26:55round up that's like just round up for
1:26:56me what's the thing you love about her
1:26:59the most
1:27:00she's made of steel
1:27:03she's um play is just unbreakable
1:27:06so like i'll tell you the two moments in
1:27:07in our marriage that like or we weren't
1:27:09married yet but the two moments that
1:27:11like defined her to me
1:27:13so one was in we're probably nine months
1:27:16into dating
1:27:17um or maybe not i mean maybe like six
1:27:19months into we're six months into dating
1:27:21and i lost everything again standard
1:27:23standard alex move right just lose
1:27:25everything and
1:27:26she had to go launch a gym and she had
1:27:28to absolutely crush it and i was so
1:27:29stressed out at this moment in time i
1:27:31had
1:27:32the six gyms
1:27:33i had
1:27:34a chiropractor agency a dentist agency
1:27:38i had that and i had the launch business
1:27:39where we're actually like flying out and
1:27:41doing launches
1:27:43i think i had one more thing i can't
1:27:44remember what it was but those was eight
1:27:45different businesses that i was owning i
1:27:47made no money obviously because i had
1:27:48eight businesses right
1:27:50and
1:27:51i was just i was
1:27:53too stressed to function that was the
1:27:55only way i could describe it is like i
1:27:56was not present at all ever i was just
1:27:59thin i just i was so spread then
1:28:02she walked in the office one day i
1:28:03didn't look up and she was like do you
1:28:05want me to be here
1:28:07and uh
1:28:08and i was like you can do whatever you
1:28:09want and
1:28:11she was like well are you
1:28:13do you want to break up and i was like
1:28:15yeah that's fine really
1:28:17and so
1:28:19she said okay that's fine um
1:28:21you know and she'd quit her job to do
1:28:23this with me so it had been five months
1:28:25like she'd quit every she'd build up a
1:28:27personal training business that was
1:28:28doing really well and she got rid of all
1:28:30our clients so she could come do these
1:28:31launches wow five months in
1:28:34i i was like you know i can't whatever
1:28:36and so she
1:28:37went to hawaii to do this launch which
1:28:40was going to be a really big launch and
1:28:41i was betting big on this thing because
1:28:43so she's still working with you but not
1:28:45in a relationship with you yeah so we've
1:28:46actually like work is is the thing that
1:28:48was our first language it came naturally
1:28:50to us
1:28:51and so she went there and i had i think
1:28:53i lost all the money for the seventh
1:28:55reason in a row right and i had like 10
1:28:57grand left and we needed to make a
1:28:59hundred thousand dollars in that month
1:29:01or i was going to get behind so
1:29:04i it was 10 grand to get her there for
1:29:0530 days in a while because hotels are
1:29:06insane
1:29:07and i was like you you need to crush
1:29:10this even though we just broke up oh my
1:29:12gosh you need to crush this
1:29:14like you need to crush this that's like
1:29:16all i can say
1:29:17and she flew there and she said every
1:29:19sales record that we had
1:29:21when she got there and did a hundred and
1:29:23something thousand in cash collected and
1:29:24she killed it and when she came back um
1:29:27i had a coach that i was like meeting
1:29:29with during the the time she was gone he
1:29:31was like
1:29:33look at the stats of your life he's like
1:29:35are you in better shape now that she's
1:29:36here he's like are you making more money
1:29:37now that she's here are you like and to
1:29:39be fair like
1:29:40in general i was still doing better
1:29:42because i had started the launch
1:29:43business like i was you know um
1:29:46i was like yeah and he's like i think
1:29:48she's a very good thing in your life and
1:29:50i was like okay so anyway she came back
1:29:51and she crushed it
1:29:53when virtually every other person that i
1:29:54know would have either not gone like
1:29:57screw you i'm out of this or just wilted
1:29:59under the pressure because i put a lot i
1:30:00was like you need i was like this is the
1:30:02last money i have like you have to crush
1:30:03this and i don't care about you
1:30:04intimately anymore yeah
1:30:06and i don't get it
1:30:07and so she killed it and then she came
1:30:10back and then two or three months later
1:30:11of course i lost all that money again um
1:30:16and then
1:30:17and so then at this point now we're
1:30:18sleeping at her parents house
1:30:20and you're not in a relationship no
1:30:22we're so we got back together she came
1:30:23back so she came back got back together
1:30:24yeah i was like i was like you're
1:30:26awesome like you used to talk when
1:30:27everything else was crumbling like
1:30:29let's keep doing this yeah and so
1:30:32this leads me probably to probably the
1:30:33core point of layla is that
1:30:36and i i don't know if it's all
1:30:37relationships but at least the way this
1:30:38one is compared to every other
1:30:40relationship i've had is that i
1:30:41respected her first
1:30:43and i don't think i had that's so key
1:30:45like i don't and i say this not as any
1:30:49i've loved a lot of people in the past
1:30:52but i don't think i respected them to
1:30:54the same degree and i think part of that
1:30:55is because it was harder for me to
1:30:57respect them because i didn't have a
1:30:59shared arena to witness it it would be
1:31:01like maybe for me i might not have been
1:31:03able to respect an athlete maybe maybe
1:31:05because it's just not a game i
1:31:06understand as well as like a business
1:31:08game sure i'm maybe just saying that i
1:31:10can appreciate excellence who knows but
1:31:12um i respected her and her opinion
1:31:15mattered to me a lot of times i would
1:31:16feel like
1:31:17someone's opinion like like yeah it
1:31:19matters but like
1:31:20hey i'm going to do what i'm going to do
1:31:22my opinion matters more her opinion i
1:31:25valued equally or even higher than mine
1:31:27in many occasions because i trust her
1:31:28gut she's an amazing instinct with
1:31:30people especially um
1:31:32and so i respected her first and the
1:31:34second time that happened was i'm
1:31:35sleeping in her parents house
1:31:37winner that i am um
1:31:39he's 24 25 20. no i'm 27. yeah 26 or 27.
1:31:44sleeping her brown she's 23 24
1:31:46and um
1:31:48they gave me like the spare kid's
1:31:50bedroom so i'm like in this little desk
1:31:52you know i mean like with a little chair
1:31:53like crap tub and i'm like this is like
1:31:56make believe except it's a real business
1:31:58um
1:31:59and we had this horrible day where we
1:32:01lost like 150 000
1:32:04and it was and i just saved like
1:32:05everything was turning around everything
1:32:06was turning around for us
1:32:08we lived there just to like kind of save
1:32:09some money yeah yeah but the first month
1:32:11of getting rid of all those businesses
1:32:13that i had and just focusing just on gym
1:32:14launch we did a hundred thousand we did
1:32:15two hundred thousand three hundred
1:32:16thousand so like things were turning
1:32:18around and i was like okay this is
1:32:19happening and then we got 150 000
1:32:21refunds which is pretty much all the
1:32:22profit i made and it was because
1:32:24a couple of the gyms that we had
1:32:26launched basically told all the
1:32:27customers to refund and then sign back
1:32:29up through them for half the price oh my
1:32:30god so it's like i go to a gym we pay
1:32:32for everything the hotels the flights
1:32:34the marketing the sales guy then let's
1:32:37say we saw 100 people at 500 bucks we
1:32:38make thousand dollars right just for
1:32:40example
1:32:41they would say hey 100 people now that
1:32:43they're gone that's annoying
1:32:45yeah that's messed up it was it was a
1:32:47flawed model you know i mean like and i
1:32:48could i could lament it but i was not
1:32:50operating within the context of like
1:32:51human incentive
1:32:52there was a huge incentive to not be
1:32:54ethical right and so
1:32:56we we lost 150 000 which was all my
1:32:58savings again
1:32:59um
1:33:00and i at that moment i had already lost
1:33:02everything like three times since i'd
1:33:04been with her it had been like 11 months
1:33:06at this point i think at that point 10
1:33:08months because we got married in maine
1:33:09it was 13 months since we had met
1:33:11and so i just looked at her and i'm like
1:33:13in her parents you know room or whatever
1:33:15and i said listen um
1:33:18i'm a sinking ship and uh if you want to
1:33:20get out i was like i will have absolute
1:33:22respect for you we will be like we're
1:33:24cool like
1:33:26i will hold nothing against you because
1:33:29i like i clearly am not good at this
1:33:32um and that's where she was like i would
1:33:34sleep with you under a bridge if it came
1:33:35to that and so that was when
1:33:38that was before you're married or yeah
1:33:39it was before we were married and so
1:33:40that was when and that like you know i
1:33:42think the the dedication in that book
1:33:44says uh or actually well i might be
1:33:47spoiling it but then i think the next
1:33:48book says you saw the light in me it's a
1:33:50it's a it's a strong uh my writer died i
1:33:52couldn't do this without you yeah
1:33:54that's right
1:33:56it's a it's a very meaningful thing but
1:33:57i but i don't know if i would have done
1:33:59it without her you know what i mean and
1:34:00um
1:34:02and so anyways all that to say she stood
1:34:04tall when everything else was was
1:34:05crumbling around me and for that she has
1:34:07my eternal respect wow and so as a
1:34:09result of that
1:34:11that security knowing that she like even
1:34:13when she didn't have to she was there
1:34:16and she chose to be there alongside me
1:34:18because she believed that we could do
1:34:20this
1:34:21even when i ran out of belief i think
1:34:24for that that's
1:34:26and that's and to be fair that was the
1:34:27first 11 months of our relationship
1:34:30and so like since we got married it's
1:34:31been super easy yeah really easy it has
1:34:33been like literally nothing was harder
1:34:35than the first year of our relationship
1:34:37i i want to i mean sorry
1:34:39no that's great i'm assuming you want to
1:34:41call yourself a marriage expert by any
1:34:43means but you've been married five years
1:34:44you've you've
1:34:47also know you know you have a lot of
1:34:49respect for
1:34:50older men who've been married for a long
1:34:52time you've i'm sure interviewed them
1:34:53and have mentors in that space
1:34:56uh what do you think
1:34:58makes a strong marriage last
1:35:00more respect or love
1:35:03i mean
1:35:04you know where i'm going with this one
1:35:05um respect because i think that respect
1:35:07is based on logic
1:35:10love less so and so
1:35:12i'll say it i'll say it differently i
1:35:13think that love has a lot a strong
1:35:14emotional component some days like some
1:35:16days you feel like you love someone more
1:35:17than other days right
1:35:19but respect
1:35:21doesn't change as much
1:35:22because it's based on facts it's based
1:35:24on evidence it's based on i the story i
1:35:26just told you will not change that
1:35:27happened right
1:35:29and so when emotions fade logic remains
1:35:33which is why i'm a big fan of logical
1:35:35selling which is when someone is trying
1:35:37to make a decision i do want to give
1:35:39them the logical reasons for why they
1:35:40should do that because when the emotions
1:35:41do fade which they inevitably do about
1:35:43the decision that they made what will
1:35:45remain is the logic and the logic will
1:35:47carry you through the dips
1:35:49but if you don't have a logical reason
1:35:51to be together then when the emotions
1:35:52fade that's when you have no reason to
1:35:55be together because the emotions are on
1:35:56and there's no logic
1:35:58right and so i think that for the
1:35:59long-term relationship that's why the
1:36:02mission the values and the interests
1:36:03there's a lot of logical reasons for us
1:36:05to stay together we have a million
1:36:07logical reasons together we're partners
1:36:08in the business we love the same
1:36:10lifestyle we're both in the fitness like
1:36:11yeah and and so we have all these huge
1:36:14stack of reasons
1:36:15um for why we should stay together and i
1:36:17think that if we can stack the reasons
1:36:18and as a funny side note with the length
1:36:20of marriage the average
1:36:22married person spends uh two hours a day
1:36:25together 45 of that is watching
1:36:27television average marriage
1:36:3035 24 24 minutes of that is housework
1:36:33and then 35 minutes
1:36:34oh
1:36:35sorry uh 35 minutes is eating
1:36:38and so 45 25 before so there's like 20
1:36:41minutes that's not that of the two hours
1:36:43that is just being with someone
1:36:45and so we have spent every hour of every
1:36:47day of the day together for six years
1:36:49and so i feel like in that way we've had
1:36:52more we've had a 50-year marriage right
1:36:55from a time time perspective uh but
1:36:57anyways just and and these where do you
1:36:59think you'd be without
1:37:00her or
1:37:01a marriage like hers that has supported
1:37:04you and thrived do you think it'd be as
1:37:06financially successful do you think it'd
1:37:08be
1:37:08you'd have more time to build your
1:37:10businesses or you feel like you'd have
1:37:11scattered energy with
1:37:13lifestyle choices
1:37:14i don't know yeah i don't know if i
1:37:16would have learned the lessons that
1:37:18she's taught me that like if i had so if
1:37:21i had a similar marriage to the one that
1:37:23i have i think it would be the same if i
1:37:26didn't have a similar marriage to this
1:37:28one
1:37:29i think i think i would have figured out
1:37:31the money thing was too important to me
1:37:32for me not to figure it out i think it
1:37:34was just too important to me
1:37:37because you had the discipline yeah yeah
1:37:38and i and the fitness thing that was
1:37:40alright that was always on lock and so
1:37:42like the missing piece i still probably
1:37:44would have had that longing to figure
1:37:45out because i do because to your point
1:37:46like all the people that i respect
1:37:48have been in
1:37:4920 or 30 or 40 or 50 year marriages and
1:37:52i think there's something about
1:37:53character it speaks to someone's
1:37:55character when they've done something
1:37:56like that and i think that was something
1:37:58that i wanted to have yeah
1:38:01what do you think you're 32 now yeah
1:38:03what do you think
1:38:05when you hit 40 the three biggest
1:38:07lessons will be that you will have
1:38:09learned
1:38:10or that you
1:38:11if you could go into the future because
1:38:12you're really good at thinking
1:38:14yourself
1:38:15and your 40 year old self was looking at
1:38:17you right now or in a room with you
1:38:18talking to you yeah and he said here are
1:38:20the three things you're really going to
1:38:21need to learn yeah and try not to make
1:38:24these mistakes what would those three
1:38:25lessons be do you think if you could go
1:38:27in the future well the first one that
1:38:28jumped out at me was patience works so
1:38:30that would be the first i think i would
1:38:32have continuous reinforcement on the
1:38:34fact that the longer i wait for things
1:38:36the better they are
1:38:37the second one would be define your
1:38:39terms
1:38:40socrates says wisdom begins with a
1:38:42definition of terms and so a lot of
1:38:43people make these goals but they don't
1:38:45know what the goal means and so they're
1:38:46like i want to be healthy like what does
1:38:48that mean i want to be happy what does
1:38:50that mean right like we have to define
1:38:51our terms before we start trying to
1:38:53attack them and breaking them down which
1:38:54is why like you've heard in my stuff i i
1:38:56tend to define terms a lot
1:38:59so i think a definition of terms is is
1:39:02have to define your terms and then third
1:39:04one of lessons that um
1:39:07i think would probably still be because
1:39:09whenever i talk to my 85 worlds my my
1:39:11therapy sessions with myself
1:39:14it's always just remembering to smell
1:39:16the flowers more
1:39:17because
1:39:18if i'm
1:39:1920 years old and or 30 years old and i
1:39:22would trade all the millions i have to
1:39:23be 20
1:39:24again then that is the lesson so
1:39:28i would trade everything that i have
1:39:29when i'm 40 to be 32
1:39:31and so it's just like reminding myself
1:39:33enjoy this now this moment yeah because
1:39:35i would trade everything to be here when
1:39:37i'm 40. right so like if i can just if i
1:39:40can just even get a tenth of that
1:39:43uh awareness in the present moment if i
1:39:45can bring 10 of that future awareness to
1:39:47the present moment that would be a
1:39:48success for me can you break down really
1:39:52how to sell someone or how to enroll
1:39:54someone in your product or service
1:39:56who has a reason why they don't want to
1:39:58sign up
1:39:59yes
1:40:00so
1:40:01the the baseline assumption is this
1:40:03person wants what you have and so that's
1:40:05why like at the beginning of every sale
1:40:07you're always asking what problem are we
1:40:08solving right like why are you here what
1:40:10do you want
1:40:11and sometimes you have to like ask that
1:40:13question a lot of different ways to get
1:40:14someone actually answer it because like
1:40:15if someone says well i just want to find
1:40:16out more it's like they're not actually
1:40:17here to find out more they're here
1:40:18because they want to solve a problem so
1:40:20i'm just saying what problem are you
1:40:21solving it's an easier way to get to the
1:40:23core of the matter and so once they
1:40:24admit they have a problem then we can so
1:40:26so how you approach it then i'll give
1:40:28you the back of i'll give you the back
1:40:29of napkin before i give you the talk
1:40:31about earlier so
1:40:32the back of napkin sales scripting
1:40:34process that i have is called closer and
1:40:36so it's an acronym it's easier to
1:40:37remember so the first thing to see is
1:40:38clarify why they're there all right
1:40:40we've got to clarify why are you here
1:40:41right what brought you in today why did
1:40:43you respond to the ad why did you take
1:40:44time to take this call whatever it is
1:40:45right clarify we're there and keep
1:40:46asking so you get the right answer if
1:40:48it's just information it's like you're
1:40:49not hopping on 20 calls a day taking
1:40:50information all right no of course not
1:40:51okay however we saw cool got that
1:40:53then l is label them with a problem
1:40:56right so that's where you're really
1:40:57repeating back to them so let me just
1:40:58get this straight so you're here because
1:40:59you're trying to lose weight
1:41:01and you are struggling to do so at
1:41:03current is that correct awesome okay
1:41:05great then i think you're gonna like
1:41:06what we have so tell me so then we go to
1:41:08o so c-l-o closer oh is overview their
1:41:11past experiences or past pains so it's
1:41:13like well tell me what you've done so
1:41:14far to try and accomplish this i'm
1:41:15assuming that's not the first person
1:41:16you've talked to i'm assuming this isn't
1:41:17the first moment you realize you wanted
1:41:18to lose weight or you wanted to xyz
1:41:20right and so
1:41:22then we go through what i call the pain
1:41:23cycle which is like okay what did you do
1:41:25you tried this and this worked for you
1:41:27what was good about it what was bad
1:41:28about it great what else have you done
1:41:30and you go back through and each time
1:41:31it's like and each time you affirm the
1:41:33person you're like that must have been
1:41:34hard appreciate you sharing that just
1:41:36affirming and giving them positive
1:41:37reinforcement throughout the
1:41:38conversation and that's just building
1:41:40rapport 101 right i understand how you
1:41:42feel i felt the same way my sister was
1:41:43like that too i totally get where you're
1:41:44coming from i know that's difficult blah
1:41:45blah blah right oh
1:41:47s is then we saw the vacation so now
1:41:49that we've exhausted all the pain
1:41:50they're in the thick of the pain of
1:41:52remembering all the times they fail
1:41:53you're like you know what given
1:41:54everything you said i think you're gonna
1:41:55be perfect for what we have can i can i
1:41:58tell you about it so you get permission
1:42:00to sell right and then when you sell i
1:42:01like to have three main points that i
1:42:02hit um and i think it's because people
1:42:04remember threes very well um i know
1:42:07you've seen russell stuff with webinar
1:42:08like threes are remembered well
1:42:11think for same thing with values in a
1:42:12company i think three people remember
1:42:14it's easy to triangulate ideas right
1:42:17and so when we sell the points the key a
1:42:20big part of this is not actually
1:42:21explaining the features this is obvious
1:42:23but i like giving short anecdotes that
1:42:26are easy to remember so if i would say a
1:42:28word like we offer accountability for
1:42:31whatever program you sell right
1:42:33and that doesn't mean anything to anyone
1:42:35so i want to give a quick story or
1:42:36anecdote to explain the concept it's
1:42:38like all right well we have you know
1:42:39three types of accountability we've got
1:42:41peer-to-peer accountability which is
1:42:42people are gonna be walking with you
1:42:44shoulder to shoulder you're gonna have
1:42:46uh
1:42:46uh alumni accountability which people
1:42:48have already finished but they're
1:42:50they're just 12 weeks or 12 months ahead
1:42:51of you and they're cheering you on from
1:42:52the finish line and then you have expert
1:42:54accountability you have people who've
1:42:55helped a thousand people just like you
1:42:57get to where you want to go all right so
1:42:58those are the three levels of
1:42:59accountability if that doesn't make any
1:43:00sense do you have a
1:43:02jif did you have a kid or were you ever
1:43:04a child that always gets a laugh they're
1:43:05like i was kidding you're like well
1:43:06remember when your parents just tell you
1:43:07to brush your teeth and you want to
1:43:08brush your teeth i don't want to brush
1:43:09my teeth right like of course but then
1:43:11every night you'd still go brush your
1:43:12teeth even though you moaned about it
1:43:14do you brush your teeth now you're like
1:43:16yeah well that's an example of external
1:43:19accountability turning into internal
1:43:21habit
1:43:22and so what we're going to do is we're
1:43:23going to be the initial parent until you
1:43:25brush your teeth but we're going to be
1:43:27able to transition to getting that
1:43:28internal combustion engine going by the
1:43:30end of this so that you're brushing your
1:43:31own teeth right right you can use the
1:43:32same thing with the seat belt there's a
1:43:33million examples you can use sure and so
1:43:35that would be a quick whatever that was
1:43:3690 second anecdote to explain point one
1:43:39and the same thing for point two point
1:43:40three that you have of like it's kind of
1:43:42like and then you explain a little
1:43:43epiphany bridge or the story of how you
1:43:45realize that's important and then they
1:43:47would say like that make sense yes boom
1:43:49you move to the second point make sense
1:43:51yes move to the third point and then
1:43:53it's then you go for the closes like
1:43:55well given x y and z i will tell you
1:43:57this is extremely expensive and the
1:43:59reason we say that is because it's even
1:44:01better than a price anchor
1:44:03because extremely expensive
1:44:05for everyone is expensive if i said
1:44:07hey louis it's it's five hundred dollars
1:44:10just kidding it's a hundred dollars you
1:44:11might have thought 500 and 100 were both
1:44:13cheap right but if i said it's really
1:44:15expensive
1:44:17whatever i say next is going to either
1:44:19be actually expensive for you in which
1:44:21case i braced you yeah which is actually
1:44:23more likely to close the sale or it will
1:44:26be less than what you perceive as
1:44:27expensive and you're like oh great
1:44:29because the problem that most people try
1:44:30and do when they sell is they try and
1:44:31minimize the thing they say next but it
1:44:32actually has a counter active effect you
1:44:35say it's actually not that much it's
1:44:36only yeah right but when you say that
1:44:39when you say only that all of a sudden
1:44:40people expect low and then you rip their
1:44:42expectations and so it's much better to
1:44:45set expectations here but people are
1:44:46afraid of doing that but that's not how
1:44:48psychology works so you set expectations
1:44:50sky high you anchor and then when you
1:44:53say reality it either matches the braced
1:44:55person or it's much lower which most
1:44:57cases it is right interesting it's
1:44:59really expensive does that work for
1:45:01webinar sales to mass or is that only
1:45:03better with one-to-one sales calls
1:45:06on webinars interesting but one-on-one
1:45:09i'm curious if that also converts well i
1:45:11do know that from the infomercial world
1:45:13you price anchor high so it would make
1:45:14sense to me that it's like i would
1:45:16imagine it would still work the same way
1:45:17it's like guys it's super expensive for
1:45:18guys it's not five thousand dollars
1:45:20right then you work your way down right
1:45:22and then when we do end up saying hey
1:45:24it's expensive we want to make sure that
1:45:25we're selling to goal
1:45:27um and the point there is that some
1:45:28people sell a program but people don't
1:45:29buy programs to buy results and so the
1:45:31idea is we want to as closely as
1:45:33possible sell the outcome that someone
1:45:35desires and the same it sounds obvious
1:45:37but people don't do it you know like a
1:45:39lot of these like well duh but but no
1:45:41one does it right
1:45:42and so like in the weight loss example i
1:45:45realized that people didn't want to buy
1:45:46memberships no one's like i want to buy
1:45:47a membership of course not they want to
1:45:48lose weight and so what we did was we
1:45:50shifted our selling style in the gyms
1:45:51and the fitness programs to how many
1:45:53pounds they needed to lose so we'd say
1:45:55okay cool you need to lose 36 pounds
1:45:57based on our calculations it's going to
1:45:58take 36 weeks for us to get there and
1:46:00it'll take another 50 of that time
1:46:02to basically re-stabilize you get your
1:46:04metabolism back up and now you're eating
1:46:05the same amount at a lower weight that
1:46:06sounds cool great and so now it's going
1:46:08to be a 52-week program it's i will tell
1:46:10you it's very expensive but it's
1:46:12normally you know whatever 500 a week
1:46:14but instead it's only 150 a week
1:46:17interesting fair enough and then when we
1:46:19get into closing questions i always
1:46:21prefer neutral or negative questions
1:46:23because it's if i said sounds amazing
1:46:25a lot of people would be like well it's
1:46:26not amazing
1:46:27but if i said fair enough yeah then it's
1:46:30much easier to get someone say well yeah
1:46:31it's fair so it's like how low can i
1:46:33make the thing that they're agreeing to
1:46:35and then the negative version of that
1:46:36which uh chris voss talks about in the
1:46:39negotiations what's the difference is no
1:46:40base questions yeah right it's just like
1:46:42that's not so bad is it or right or yeah
1:46:44you wouldn't be opposed to moving
1:46:45forward would it be totally crazy if we
1:46:46move forward today would be totally
1:46:48crazy we started you on monday
1:46:50like all those well it's not crazy okay
1:46:51cool let's do it yeah and so and then at
1:46:53that point let's say lucy says no right
1:46:56to whatever the thing we're selling
1:46:57now we we begin the e of closer which is
1:47:01explain away their concerns so c clarify
1:47:04l label o overview their past
1:47:06experiences s cell which is the three
1:47:07anecdotes that you're gonna tell and
1:47:09then you present the price and then at
1:47:11that point hopefully you they say yes
1:47:13but in in the world of sales no is the
1:47:15job
1:47:16knows the job
1:47:18they say yes then you wouldn't be
1:47:19necessary right and so no like selling
1:47:22is everything that you do before you
1:47:24present price
1:47:25closing is what you do after
1:47:29and obstacles are what come up before
1:47:32you present price that's when you
1:47:33disagree with the prospect objections
1:47:36are what happen after you present price
1:47:38when they disagree with you all right
1:47:39well it's all the money and all the time
1:47:41i don't have let me check with my spouse
1:47:43et cetera and so obstacles you want to
1:47:45you want to resolve as many of those as
1:47:47you can before because they become
1:47:50bigger scarier monsters of objections
1:47:52after you present the price
1:47:54right
1:47:55and so
1:47:56like that example i gave earlier with
1:47:57the information when someone says i just
1:47:58want to find out a little bit more
1:47:59information that's an obstacle like
1:48:01someone's presenting the first five
1:48:02seconds they're already telling you an
1:48:03obstacle like you have to confront it
1:48:05and so a lot of people are like well you
1:48:06know i think it's my potassium slow
1:48:08right you're like
1:48:10is it though
1:48:12because like you know there's a lot of
1:48:14people in africa and none of them have
1:48:15stubborn body fat right right because
1:48:17they're actually starving right but so
1:48:18you would think that they have true
1:48:20starvation mode but they're but they
1:48:22look like they're starving so what do
1:48:23you think it is you know like and then
1:48:25you can get into it most people really
1:48:26offended about that though but you get
1:48:27it's an extreme example
1:48:28so once we get to that point they say no
1:48:31or i have to think about so there's
1:48:32three circles and and this took me
1:48:34actually a really long time to think
1:48:35through
1:48:36because i've gone through a zillion
1:48:37different you know books and things on
1:48:39sales um ironically after i already knew
1:48:41how to sell not before which is just
1:48:43kind of funny but different people had
1:48:45different like grant had i think
1:48:46decision maker stall money those are the
1:48:49these like those are the three that you
1:48:50always have to overcome which is like i
1:48:51need to think about it i need to talk to
1:48:53my spouse or it's money right that was
1:48:54those are history barry from sage she
1:48:57has five she has
1:48:59uh time money
1:49:00uh
1:49:01time money spouse fear shame
1:49:04interesting i was like that's cool noted
1:49:07um and then belford has his the 310s and
1:49:09like there's there's a number of
1:49:11different ones it's like there has to be
1:49:13and they may all disagree with me on
1:49:14this so who knows but there has to be a
1:49:16unifying truth here right because
1:49:17everybody has their own buckets and
1:49:18there's obviously some elements of each
1:49:20of these
1:49:20and so
1:49:21i pulled back from albert ellis who is
1:49:24one of the fathers of cbt cognitive
1:49:26behavioral therapy he said and
1:49:27originally he had like 17 and then 11
1:49:29and they had nine and they had seven
1:49:31needed three reasons that people upset
1:49:32themselves he just kept
1:49:34boiling it down and the three that he
1:49:35came up with are that people blame their
1:49:37circumstances
1:49:39they blame other people for their
1:49:41unhappiness and then they blame
1:49:42themselves
1:49:44and so
1:49:45when we are confronted with an
1:49:47objection
1:49:49underneath the pretense that the person
1:49:51has already admitted they want the thing
1:49:52that you have and the thing you have
1:49:54would solve their problem so that has to
1:49:55be there if we have that then we have to
1:49:58walk through three concentric rings of
1:50:00power
1:50:01and so the first thing that people do is
1:50:03they blame their circumstances so
1:50:04they're casting their power to something
1:50:06else they're saying it's because of
1:50:08time
1:50:09the money or the money right and then
1:50:11you know with the money if you were
1:50:12selling a b2b thing i would say well
1:50:14what's the difference between a
1:50:15self-made billionaire that starts at
1:50:16zero and you
1:50:18it's not resources it's resourcefulness
1:50:21right then you can tell a story if you
1:50:22want to reinforce the point but the
1:50:23other day like if you were resourceful
1:50:25you can make it so the question is if
1:50:26you were to die tomorrow and you needed
1:50:28to come up with the amount of money for
1:50:29this thing how did you do it you figured
1:50:30out exactly so what we need to do is
1:50:32figure out how to tap into those
1:50:33resources right so the mobile you go
1:50:35into that thing right and so each of
1:50:36these come in your insecurities your
1:50:38fears your people saying no judging you
1:50:40and you just taking action and yes
1:50:43risking and so underneath the
1:50:44circumstances i have three big buckets
1:50:46so you've got time
1:50:47you've got money and you've got what i
1:50:49call fit which is actually an
1:50:51association with identity so usually it
1:50:53might be like well i want to i use
1:50:54weight loss because everybody
1:50:55understands it um i want to lose
1:50:57uh i don't i want to lose weight but i
1:50:58don't eat broccoli your prank has
1:51:00broccoli on it like you know what i
1:51:01don't like cardio though
1:51:03and so that is that's where you just go
1:51:05through like you got to change the
1:51:06change right and there's a whole script
1:51:07around yeah it's like you can't you
1:51:08can't not change any of the variables
1:51:10because the end of the day like you know
1:51:11i used to have weight loss clients who
1:51:13would say like well can we make this
1:51:15this the breakfast because this is what
1:51:16i already eat i'm like well that
1:51:17breakfast got you that body so we got to
1:51:19change something right right right gotta
1:51:20change the change right and so we'd walk
1:51:21through and i'm like maybe maybe you're
1:51:23not heavy enough maybe this isn't enough
1:51:25pain for you right and then they're like
1:51:26why don't you put on 50 more pounds
1:51:28right and then you'll finally make it
1:51:29yeah exactly yeah and all of a sudden
1:51:30they're like no no i'm like all right
1:51:31well then maybe today is the day yeah
1:51:33right so time money um and each of those
1:51:36has three so like time is three which i
1:51:38go macro micro when then uh which is
1:51:41this right right yeah yeah and then you
1:51:43know money
1:51:45i could go through when the ticket yeah
1:51:46yeah yeah i would go through too many of
1:51:48them sure sure but that's circumstances
1:51:49right
1:51:50the next level and this is peeling back
1:51:52an onion so if you're a salesperson or
1:51:54you're selling someone and they blame
1:51:55money or they blame time where they
1:51:56blame the fit of your specific program
1:51:58understand that you're actually talking
1:52:00to someone two steps away from being in
1:52:02power
1:52:03and so making the decision yes and so if
1:52:05we believe ourselves as a sales people
1:52:07to be coaches first because that's what
1:52:09we're really in serving the customer the
1:52:11goal of the sale is not to get the
1:52:12person to buy and this is a huge thing
1:52:14for most salespeople everyone has to
1:52:16understand the goal is not to get the
1:52:17person to buy the goal is to get them to
1:52:19decide
1:52:20if you get someone to decide then you
1:52:22have already given them power more power
1:52:24than they've ever had in a very long
1:52:25time probably and i guarantee you that
1:52:27you will make more money and you will
1:52:28also disassociate success in selling
1:52:30from purchases
1:52:32you will also get more purchases
1:52:34but if you do it this way then you won't
1:52:36have an ego that's invested in being
1:52:38right because it's not about you it's
1:52:40about them right we get them to admit
1:52:42that it's not it's never been about
1:52:44having enough time because it's about
1:52:45priorities we all have the same 24 hours
1:52:47and you know what if you're really busy
1:52:48now do you think you're ever going to be
1:52:49busy in the future well yes i do well do
1:52:51you want it to be permanent well i do
1:52:52want it to be well if you're going to be
1:52:53busy in the future and you're busy today
1:52:54then you might as well start now when
1:52:55you get the most support because you're
1:52:56already busy right if you learn how to
1:52:57do it when you're busy you'll know how
1:52:59to do it again when you're busy in the
1:53:00future that way you'll stick with it
1:53:01makes sense great time's over done right
1:53:03and so each of that's one of the three
1:53:05for time right
1:53:06you've drilled a lot of these
1:53:08and so
1:53:09and so the next one is other people with
1:53:11other people a lot of times it's spouse
1:53:13often right and so you know i kind of
1:53:16walk through a process which is
1:53:18you know are they aware of the fact that
1:53:19you're struggling with this
1:53:21yes
1:53:22do they approve of the struggle
1:53:24well they don't i mean they're like well
1:53:25i mean no they're not not proving of the
1:53:27struggle say well then why would they be
1:53:28against them they already don't approve
1:53:29of right well and if the rules were
1:53:31reversed would you be support in support
1:53:33of them
1:53:35and usually they'll say yes to that most
1:53:37times like well then why would they be
1:53:38against and if you're anything like my
1:53:39wife i would do everything i possibly
1:53:41could to support her and i think she
1:53:42would do the same is that the same that
1:53:44you have there with you with your
1:53:45relationship yes or no cool finally i'll
1:53:48walk through it's like honestly just
1:53:50listen to you you know tom i think um i
1:53:53think you're asking for permission when
1:53:55you should be asking for support and the
1:53:56reality is let's play this out right
1:53:58let's play this out let's say that you
1:53:59don't do this program whatever it is
1:54:01right let's play it out and
1:54:0412 months from now you're more negative
1:54:05situation currently more overweight more
1:54:07poor whatever
1:54:09and if you keep doing that
1:54:11who are you going to blame
1:54:13for your circle is going to be you
1:54:15should be her
1:54:16it's her
1:54:18so is that fair to her is that fair to
1:54:19your marriage no so i think what we need
1:54:21to be looking for is support not
1:54:22permission and so what we're going to do
1:54:24then we then we tone comes up and we're
1:54:26like so we're going to do is we're going
1:54:28to take control we're going to take the
1:54:29power you have to make the decision for
1:54:31you and then she will support you and
1:54:33what you have to do is when you show up
1:54:34with her you're like listen i've wanted
1:54:35to be an entrepreneur all my life
1:54:37who knew that there wasn't an
1:54:38entrepreneur school and you go through
1:54:40that you know like just like doctors go
1:54:41to school but no one for me and instead
1:54:42of being a hundred thousand dollars it's
1:54:44only ten thousand dollars and other
1:54:45people and i'm not gonna moan about how
1:54:47i'm not making money because i'm
1:54:48actually supported with other people and
1:54:49i'm committing to being more present
1:54:50here to be a better wife or be a better
1:54:52husband be better you know spouse to be
1:54:54a better mother to our kids and you give
1:54:57them the script to tell the other person
1:54:59and at the very end you say at the end
1:55:00of the day sometimes like i said we have
1:55:02our three day no sweat guarantee so for
1:55:04some reason you go home and your husband
1:55:06says listen sweetie i want you to i
1:55:08don't want you to be healthy i want you
1:55:09to keep the extra weight on i want you
1:55:11to live 10 years shorter i want you to
1:55:12pull up those sweatpants and reach your
1:55:14bag into those cheetos and get them all
1:55:16orange and fingery and spread it over
1:55:17there and teach our kids not
1:55:19generational health
1:55:20and if and have you know early diabetes
1:55:22if your husband says that to me by all
1:55:24means
1:55:27and usually at this point they're
1:55:28cracking up
1:55:29and that's why report matters a lot with
1:55:31selling on the upfront
1:55:32which the whole goal is there is to find
1:55:34some some similar ground because sure if
1:55:36you're in paris and you find out
1:55:37somebody else is from the same city as
1:55:38you you think they're amazing if you're
1:55:40in the same city you don't care that all
1:55:41they're from right so it's just like how
1:55:43can we find some similarities because
1:55:44people really are persuaded more by
1:55:46people that they find similarities with
1:55:47wow so the idea is how can we find those
1:55:49but anyways all that to say
1:55:51when you are selling
1:55:53first people will confront you with time
1:55:55money or fit
1:55:57and you have to be prepared to know that
1:55:58you might have two more
1:56:00layers you have to go through so you
1:56:01might have to peel back that first layer
1:56:02and then they hit you with the spouse
1:56:04which is do they approve
1:56:06if the role is reversed
1:56:08and then uh you're asking for support
1:56:10not permission right and then you go
1:56:12three day notified guarantee right and
1:56:14then the last level here
1:56:16is self right and what people do here is
1:56:19they avoid so what we're trying to
1:56:20conquer is avoidance so now and here's
1:56:22the good news is that when someone says
1:56:24i need to think about it i'm not sure
1:56:25we're talking to the decision maker
1:56:27mm-hmm that's amazing yes that's
1:56:29like you're the decision maker yeah this
1:56:31is amazing this is great news for sales
1:56:32people because they should be like oh my
1:56:34god they're not giving me a money
1:56:35they're not giving me time they're not
1:56:36giving me spouse they're just saying
1:56:37they don't need to they need to think
1:56:38about it
1:56:39well what's your main concern
1:56:41right
1:56:42tell me what you're thinking about
1:56:44what are the variables that you're going
1:56:45to use to make the decision
1:56:46let's walk out together because the end
1:56:48of the day you don't need time to make
1:56:50decisions you need information i'm the
1:56:51only source of information you got so
1:56:52what what do you what are your questions
1:56:53about
1:56:54right and you keep going and then from
1:56:56here all we're trying to do is
1:56:57understanding the variables that they
1:56:58use to make the decision and if they
1:57:00don't know them which they usually don't
1:57:02we say do you know what it what it takes
1:57:03to make the decision about this
1:57:05and then you actually physically walk
1:57:06them through confronting the decision if
1:57:08they're not sure about you're like
1:57:09listen i use this all the time it's
1:57:10called the rocking chair clothes it's
1:57:12like let's be real
1:57:13you're not going to go and actually like
1:57:14sit on your rocking chair on the balcony
1:57:16and be like hmm am i going to do this
1:57:18program of course not right you're going
1:57:20to get in your car and your mom's going
1:57:21to call you and got a kids and you got
1:57:22the laundry and you got dinner and you
1:57:24got all these other things you got to do
1:57:26and then five days from now
1:57:28you're gonna have some moment we either
1:57:29put your pants on you check your bank
1:57:30account whatever the thing is that we're
1:57:32selling and you'll be like
1:57:34shoot i really should have done that
1:57:35thing and in that moment you have made
1:57:37the decision so you might as well do it
1:57:39today when you have all the information
1:57:40you've got all the momentum because
1:57:41you're six inches from gold right you
1:57:43don't want to be the guy who because
1:57:44like let's think about what we've
1:57:45already done i know you want to do it
1:57:46because you're already here right you
1:57:48saw the ad you put in your number you
1:57:49set a time you scheduled it you drove in
1:57:51your car if it was here or you showed up
1:57:52on zoom even when you're in the middle
1:57:53of a work week you did all this stuff
1:57:55and you spent an hour on the phone with
1:57:56me up at this point
1:57:57you're this far
1:58:00and do you think that maybe the reason
1:58:01that you have that you're on this call
1:58:02today is because you haven't been able
1:58:04to pull the trigger in the past
1:58:05and then usually they'll come up with
1:58:07something like well you know what i
1:58:08tried a program like this before and i
1:58:10failed and i don't want to fail again
1:58:11which then you go into like burn you
1:58:12twice which is
1:58:14well
1:58:14totally makes sense and i understand
1:58:15that i'm really sorry they had to go
1:58:16through that well did you ever date
1:58:18anybody in middle school or high school
1:58:20well yeah are you married to that person
1:58:22if you are they are then you can still
1:58:23sit but it never yeah
1:58:26they're like no i'm like imagine if you
1:58:27would go on your first sixth grade
1:58:28boyfriend or girlfriend
1:58:30and after that you swore off men or
1:58:32women after that one breakup
1:58:34that'd be ridiculous right
1:58:36what's the same thing here because the
1:58:37thing is is if you had a bad experience
1:58:39you're gonna let that person burn you
1:58:40twice first time when they were with you
1:58:42and now when they're preventing you from
1:58:43doing the thing you really do need to do
1:58:45or for preventing you from being meeting
1:58:46the person you need to meet right right
1:58:48and so don't give that situation more
1:58:49power that already has had only let it
1:58:51burn you once not twice
1:58:53right and so then we walk through we
1:58:54just have to confront the decision and
1:58:56so at the end of the day
1:58:57does do you believe that the product is
1:58:59going to get you to where you want to go
1:59:01the way you want to get there because
1:59:02that's the second part that i learned
1:59:03later in sales is that some people
1:59:05want to lose weight but they want to
1:59:07lose weight their way um
1:59:09and i'll say we learned it another time
1:59:11but like for sure we found that out
1:59:12because we would get people who didn't
1:59:13want to sign up for membership so we'd
1:59:14invite them to a free nutrition
1:59:16consultation and they would spend four
1:59:17times as much money on supplements as
1:59:19they would on the membership because
1:59:20they still wanted to eat or they didn't
1:59:22want to train weight yeah yeah they just
1:59:23want to lose weight they're right away
1:59:24yeah so the first thing that we need to
1:59:26learn
1:59:27is these are the yeses that we need from
1:59:29them yeah so it's like listen if you
1:59:30don't have a decision i'll tell you what
1:59:31the variables are right now number one
1:59:32do you believe the product or service
1:59:33that we have to get you to where you
1:59:34want to go the way you want to get there
1:59:36yes okay do you want to work with me or
1:59:38us
1:59:40yes or no yeah yeah like yes okay
1:59:42do you know someone
1:59:44who has or do you have access to the
1:59:46amount of money to start the program
1:59:48yes or no
1:59:49if it's yes then let's go
1:59:51we just made the decision together
1:59:52mm-hmm how much better do you feel like
1:59:54you're just like
1:59:55wow okay i feel i feel much better
1:59:57awesome card you want to use them and
1:59:59boom so a lot of it is just the ability
2:00:00to get them to decide confront yes
2:00:02exactly confront the decision and then
2:00:04if someone's like still wishy-washy on
2:00:06it the easiest and best questions and
2:00:08sales in my opinion are what are you
2:00:09afraid of
2:00:10if you sign up what are you afraid of
2:00:11having happen
2:00:13right i lose my money or i don't lose
2:00:14the weight yeah right exactly well then
2:00:16what do you think would have to happen
2:00:17in order for that to happen right
2:00:19well i don't show up i don't do the work
2:00:21yeah well then what would you need to
2:00:23see in order to feel like that wasn't
2:00:25going to happen because at the end of
2:00:26the day you do know you need to work out
2:00:27and do all this stuff to lose weight
2:00:28right right okay so that's fixed so then
2:00:30what would you need to see from us to
2:00:31make sure that you feel good about
2:00:32taking the decision because like you can
2:00:34just always just take it apart and get
2:00:36to the point where like you know what if
2:00:37someone just texted me it's like well
2:00:38that's part of the program right right
2:00:40this is the weekly check-in yeah totally
2:00:43and we do have that yeah what do you
2:00:44know oh i didn't know that okay
2:00:45fantastic let's get you because
2:00:46sometimes you can't mention every single
2:00:47feature you possibly have on every sale
2:00:49which is one of the benefits of 101 and
2:00:50one of the drawbacks right it's like you
2:00:52can cater it but at the same time you
2:00:53don't want to take the whole
2:00:54whole time and i'll give you i'll give
2:00:55everybody the audience two really easy
2:00:56ones if you're starting your business
2:00:58yeah number one is the reason clothes
2:00:59which i use all the time which is
2:01:01whatever reason they tell you that they
2:01:02don't want to do it is the very reason
2:01:03they should do it like i don't want to
2:01:05do it because like i think my you know
2:01:06my spouse is really controlling i think
2:01:08the reason that you should do it is
2:01:09because your spouse is really
2:01:10controlling because you need control of
2:01:11your life wow i think that i don't have
2:01:12time to do it i think that that's the
2:01:14very reason that you should be doing
2:01:15that you need to get your time back
2:01:16right because you're trying to do this
2:01:17business program right and currently are
2:01:19you working all day they're going to say
2:01:20yes because everyone thinks they're
2:01:21working all day you're like you're
2:01:23working all day okay well then obviously
2:01:25what you're doing now isn't working
2:01:27right
2:01:28so the first thing we're going to do is
2:01:29cut out all the stuff that's not working
2:01:30and then you're going to have all this
2:01:31time to do the program
2:01:32that's micro so the macro is the one i
2:01:34said earlier micros that's the second
2:01:35one for for time there you go um
2:01:38for everyone in the audience
2:01:40and so with the reason close it's just
2:01:41whatever reason they present with just
2:01:42say totally understand you don't have
2:01:44money that's the how long do you want
2:01:45that to be an excuse of why you can't do
2:01:46things in your life that's the very
2:01:48reason you should be doing this more
2:01:49than anyone right it's like when someone
2:01:51says um
2:01:53this is a lot of money to me right this
2:01:55is really expensive and then you would
2:01:56normally say like this is a lot to you
2:01:57right and they say yeah like well you
2:01:59know what
2:02:00that's the perfect reason to do it
2:02:01because there's people every single day
2:02:02who come in here and they buy this thing
2:02:04and the money means nothing to them
2:02:06but the thing that makes success the
2:02:07thing that makes you successful
2:02:10is that this is a lot of money to you
2:02:12and the only reason that this won't work
2:02:13is if you don't do the work and if this
2:02:15means a lot to you then you're more
2:02:17likely to be successful than anyone else
2:02:18here wow
2:02:20and so when you say that it's true yeah
2:02:23and it helps overcome the because a lot
2:02:24of times like i spent a lot of money
2:02:27early on by percentage of my net worth
2:02:28on on skills and acquisition education
2:02:30and it is scary but it's 100 what you
2:02:32need to do when you're starting out it's
2:02:34the fastest route to getting to where
2:02:35you want to go is buying the lessons
2:02:36from people ahead of you
2:02:38and so that's the reason clothes you can
2:02:40use in all those different situations
2:02:41and the other one is one that i'm
2:02:43working on i'm trying to figure out like
2:02:44a skeleton key for closing because it's
2:02:45something like i just love this stuff
2:02:47but it's like a hypothetical close
2:02:50so whatever they present with
2:02:52you get a hypothetical yes and then you
2:02:53and then you walk backwards so
2:02:55if someone's like i'm just not sure
2:02:57you just say well if the program were
2:02:59perfect would you do it they're like
2:03:00well yeah i would do it if it were
2:03:02perfect you're like cool then what's the
2:03:03difference between what we've gotten
2:03:04perfect right
2:03:06and usually they can't generate many
2:03:07ideas anyways and they're like i don't a
2:03:09lot of times they're like well i don't
2:03:10know and you're like right so then it's
2:03:11not that so let's talk about what's
2:03:13really like worrying you what are you
2:03:15afraid of right and then we can then we
2:03:16can confront the real stuff right the
2:03:18fears the insecurities total doubt same
2:03:20thing with but like you can use that for
2:03:21any of them it's like i don't have time
2:03:22well if you did have time would you do
2:03:23it okay well how much time would so that
2:03:25if you did have so they get the yes it's
2:03:27like well how much time do you think you
2:03:28need and then they're gonna say
2:03:29something like did you know that it's
2:03:30actually one-tenth of that is what
2:03:31you're actually gonna need oh i didn't
2:03:32know that and we already got the yes
2:03:35so they're already committed with
2:03:36commitment and consistency they're
2:03:37already committed to the yes that they
2:03:38just said
2:03:40and so it's really hard that if they
2:03:41it's like cool if you have the time
2:03:42would you do it
2:03:43yes cool now now they gave us one
2:03:46problem to solve and all we have to do
2:03:47especially if you sell services yeah
2:03:49it's like cool then oh so all i have to
2:03:51do is solve this one problem for you
2:03:53because i just got you to say yes
2:03:54because you that also ties them down to
2:03:56not any other objections right they
2:03:58still might but it's much harder for
2:04:00them to to go back on that no yeah yeah
2:04:03now one of the things that
2:04:05i've heard you talk about a lot and also
2:04:06you just shared right here is developing
2:04:08skills and acquiring skills over over
2:04:11over the last decade that's something
2:04:14that i've been obsessed with since i was
2:04:16a teenager is acquiring skills because i
2:04:17didn't feel like i wasn't enough i
2:04:19wasn't smart enough talented enough all
2:04:20those things so i wanted to become
2:04:22those things by acquiring those skills
2:04:25and investing in them what would you say
2:04:26are the three main skills if you could
2:04:28only learn three to reach your first
2:04:30million
2:04:31what would those be well i mean the
2:04:33reach the first one is you just have to
2:04:34sell something to someone
2:04:36so it's just sales sales it's just sales
2:04:39you can just make a million just doing
2:04:40sales like you don't even have to sell
2:04:41your own products you can just do a
2:04:42million dollars just selling right and
2:04:45in order to make more in sales you sell
2:04:46stuff that's more expensive that's it
2:04:48like
2:04:49if what is this like learn how to sell
2:04:51and then find the most expensive thing
2:04:53you possibly can to sell and then sell
2:04:54that that's how using it that's it and
2:04:56i'll tell this to everybody who's like
2:04:57not sure
2:04:59the more expensive it is the easier to
2:05:00sell really why is that because you're
2:05:02dealing with better people like you've
2:05:04probably had a consulting client that
2:05:05pays you 50 grand is like oh yeah by the
2:05:06way i sent the wire yesterday yeah
2:05:08whereas the 50 person's like well what
2:05:10exactly am i going to be getting with
2:05:11this program here i mean it's just it's
2:05:13a different person you know i mean
2:05:14you're dealing with a different avatar
2:05:16and
2:05:17from an actual selling perspective
2:05:18almost every sale is the same regardless
2:05:20so you might as well just do the sales
2:05:21that you're getting paid five thousand
2:05:22dollars for rather than sales you're
2:05:23getting twenty dollars for right like i
2:05:25learned and the the one thing that i
2:05:27will say is that if you're starting out
2:05:28with the intention to develop the the
2:05:31skill of sales
2:05:33selling the highest volume environment
2:05:34possible
2:05:36that's why a lot of i think some of the
2:05:37best sales people are fitness people
2:05:39because so many people every you know
2:05:41you work at a la fitness you get 25
2:05:43memberships a day that you're you're i
2:05:45mean you're sitting on 25 consults a day
2:05:47and i did that for five years you know
2:05:48four years every now 20 plus consults
2:05:51every i was an early fitness at my own
2:05:52gym but like so like you get you there's
2:05:55just so much unconscious competence that
2:05:57you develop at that point like and those
2:05:59those the time and the money like those
2:06:01things become so ingrained in second
2:06:03nature yeah and your language patterns
2:06:05that um and it and it gives you power in
2:06:07all different areas of your life
2:06:09so
2:06:10sales is number one you might want to
2:06:12develop the skill in a high volume
2:06:13environment but understand that that's
2:06:14not you might make some money doing that
2:06:16but the goal will then be to
2:06:18sell
2:06:20massive buildings sell super expensive
2:06:22cars sell yachts sell jet sell you know
2:06:25i mean like sell huge software packages
2:06:27to enterprise software like all of these
2:06:29are roles that you can make 400 a
2:06:31million dollars a year doing so that's
2:06:34that's where you you know you want if
2:06:35you and that's a million income not even
2:06:36gross that's a million income
2:06:38um but if you just want to like make a
2:06:40million dollars just reverse out a
2:06:42million dollars and just do it looking
2:06:44at daily so it's you know 3 300 a day
2:06:46whatever roughly um and so at that point
2:06:49it's like okay well i can sell
2:06:51three 1500 things you know and i'll be
2:06:53over it and i can sell one five thousand
2:06:55dollar thing
2:06:57i can sell you know i mean and or you
2:06:58could sell
2:06:593 300 things and it's just which of
2:07:01those sounds easier they're different
2:07:03you know and i will say that i have this
2:07:05desire maybe in the future to like look
2:07:07at some sort of entrepreneurial
2:07:08personality type where like i do believe
2:07:10that businesses are extension of the
2:07:11entrepreneur in terms of like their
2:07:13personality their thumbprint is on it
2:07:14based on just how it works and so like
2:07:16i've met guys who do super high volume
2:07:18really low ticket transaction
2:07:20um and they they're a little different
2:07:23than the guys who sell ultra high ticket
2:07:25like service based stuff and so yeah
2:07:27it's and so i think and i've seen people
2:07:29really successful on both sides um but i
2:07:31do think that the more expensive the
2:07:33ticket in general the the less
2:07:34operational complexity there is you
2:07:36still have to take if you're going to
2:07:37take 10 sales calls you might might as
2:07:39well make them worth all exactly
2:07:41exactly right i have two final questions
2:07:44for you but before i ask them i want
2:07:45people to get your book it's really
2:07:47inspiring 100 million offers
2:07:50how to make offers so good people feel
2:07:52stupid saying no which is a great
2:07:54tagline as well so make sure you guys
2:07:55get a few copies of this
2:07:57um and also go to
2:07:59acquisition.com right which is the main
2:08:02business that you're running right now
2:08:03acquisition.com so when's the right time
2:08:05to acquire business if you're a small it
2:08:07depends on whether you're going for
2:08:09majority or minority that's the huge
2:08:10that's the huge lever here so there's
2:08:12the
2:08:13what you're trying to buy and then
2:08:14there's the life cycle of the business
2:08:16so it's like if you're trying to buy a
2:08:17majority then you want to get it before
2:08:19its peak right and you want to have it
2:08:21when it's already established the good
2:08:22leadership team and you want to make
2:08:23sure that you can pull the entrepreneur
2:08:24out it still functions like that's how
2:08:25we're able to sell the companies that we
2:08:26had and that's what we do with
2:08:27acquisition.com companies that we
2:08:29actually so we buy minority minority
2:08:31yeah exactly so we buy what's minorities
2:08:3310 20 30 20 30 is usually the is the
2:08:36stakes that like we we need to be
2:08:38invested enough to care um and usually
2:08:40the companies are between three and i
2:08:42think 36 million is the is the biggest
2:08:44one so three we don't really have any
2:08:46threes i think the smallest one we have
2:08:47right now is six but six million to
2:08:4835-ish million is the it's kind of the
2:08:50range and we have seven companies in the
2:08:52portfolio and so
2:08:54um
2:08:54for those companies you know
2:08:56we buy them because we think they can
2:08:57get better we think we can grow them and
2:08:59we think that we can put a team in place
2:09:01and we can
2:09:02transition from face-based branding to a
2:09:05brand-based business so that it is
2:09:07sellable and then what happens is
2:09:09interesting there is that we might
2:09:10triple the revenue the business but we
2:09:12might 30x the enterprise value because
2:09:14it's not valuable if you're just
2:09:16you know johnny johnny teacher or
2:09:18whatever which we do mostly internet
2:09:19businesses because we know how to
2:09:21transition from being the personality
2:09:23brand who teaches some sort of niche
2:09:24skill like we talked about earlier
2:09:26into
2:09:27teaching the same thing but being like
2:09:29salon university or being plumber u or
2:09:32gym launch you know like those are all
2:09:34like very specific niche skills that
2:09:36provide real value that's history um two
2:09:38people so we're almost the entire
2:09:40portfolio except for one is e-learning
2:09:42um and that's because we're huge
2:09:43education people i like the business i
2:09:45also like the impact the market
2:09:48yeah i love the cash flow it's a low
2:09:49capex business it it's very inflation
2:09:52responsive in that like we can always
2:09:53adjust prices very easily um
2:09:56it has there's there's real impact on
2:09:57people's lives compared to like a
2:09:59four-year degree you've got a great
2:10:00price anchor and alternative and i think
2:10:02the education my thesis is that
2:10:03education is becoming increasingly
2:10:04fragmented just like media has and it's
2:10:06just catching up the fact that all of
2:10:08these quote gurus exist
2:10:10is a telltale sign that more and more
2:10:12people are not going to college because
2:10:13they don't see the value and i think
2:10:14they're right in that in that assessment
2:10:16and so rather than spend a hundred
2:10:17thousand two hundred thousand dollars or
2:10:18four years or fifty thousand dollars
2:10:19over four years you could spend a a a
2:10:22quarter of that
2:10:23way more yeah a way more tactical
2:10:25training that can replace your entire
2:10:27income and so um
2:10:29in terms of for us we we look for
2:10:31companies that are growing that are cash
2:10:32flow positive that are typically
2:10:34e-learning or internet businesses that
2:10:35have that have really good products so
2:10:37ideally somebody who really knows who is
2:10:39good at the thing that they teach which
2:10:40is silly but you also know that there's
2:10:42lots of people who don't have that and
2:10:44if we have those things we on average
2:10:46triple the profit of the business within
2:10:47a year anyway so we're very like when we
2:10:50have the when we have our very narrowly
2:10:52defined avatar which is doing three
2:10:53million or more so 250 a month or higher
2:10:55um that's just to be considered usually
2:10:57they're at like the usually like
2:10:59five to a million a month 500 000 a
2:11:01month is usually when you take them on
2:11:02um
2:11:03that's
2:11:04that's our sweet spot and then we can
2:11:05buy it we can ramp them and then
2:11:07um with regards to majority it kind of
2:11:09goes back to like i personally i think
2:11:12long term we're going to try and figure
2:11:13out a way to maybe raise a fund so i can
2:11:15help all of the founders
2:11:17take some cash on the table and maybe do
2:11:19some sort of
2:11:20conglomeration thing because it's all
2:11:22you're learning which would be cool or
2:11:24you know we might have them sell off
2:11:25individually
2:11:27it's really up to the founder because
2:11:28we're and this is kind of cool for me
2:11:30because like i'm really just there to
2:11:31support them um and we recruit the key
2:11:33players for them and because we have the
2:11:35reputation we have we have so much more
2:11:37reach and leverage we can find the
2:11:38people that will help them so much
2:11:40easier than they can and so that's how
2:11:42we can build these things into
2:11:43enterprises so quickly and we can get
2:11:45outsized returns and so that's that's
2:11:46what we do that's cool and do you guys
2:11:48teach also how people can acquire a
2:11:50company on your site as well we don't no
2:11:53the the the courses on the site
2:11:55correspond with the books so the book
2:11:57has a free course that comes with it
2:11:58it's on the site you can go through it
2:12:00as all the downloads everything the book
2:12:01the ebook is 99 cents on kindle yup i
2:12:04think it has it has five thousand i
2:12:06think five star reviews on amazon um
2:12:08who's counting you know anybody yeah
2:12:09who's good
2:12:10um it's but it's 99 cents i wanted to
2:12:13make it exactly for anyone i think that
2:12:14the hard copy is a little more yeah um
2:12:16but you know i wanted to like i've got
2:12:18people from like nigeria
2:12:20being like i could afford this thing so
2:12:21much so that's um and i know they're
2:12:23probably never going to be on
2:12:24acquisition.com right right um but yeah
2:12:26if you're a ua space company and you're
2:12:28elearning we're always happy to see how
2:12:30we can do it we'll have to have you come
2:12:31on next another time if you guys want
2:12:32wanted to come back on to talk about how
2:12:34to acquire a smaller company
2:12:37and teach that process then let me know
2:12:39in the comments below on youtube uh if
2:12:42you're interested in learning that but
2:12:43acquisition.com alex for mosey
2:12:47on instagram twitter
2:12:49and youtube your youtube is blown up
2:12:51your facebook as well but you're doing
2:12:53what daily almost daily youtube now you
2:12:56shorts shorts yeah we do the shorts
2:12:58daily on instagram tic tac
2:13:00youtube uh we're on twitter we have a
2:13:03podcast that's actually grown a lot oh
2:13:06wow yeah it's it's what's the podcast
2:13:08called i don't even know the game the
2:13:09game okay i see more your youtube stuff
2:13:11yeah it's the game yeah the game is the
2:13:13podcast it's just me just just talk
2:13:15about whatever check that out it's
2:13:17they're they're same style as youtube in
2:13:18terms of short short share like
2:13:2010-minute stuff yeah exactly and yeah
2:13:22then we also have the linkedin we're
2:13:23we're we're everywhere i'm trying to be
2:13:24louisiana twitter twitter's everybody
2:13:26the twitters yeah the twitterverse and
2:13:27the metaverse i love it yes make sure
2:13:29you follow you everywhere we'll have it
2:13:30all linked up this is a question i asked
2:13:32everyone at the end called the three
2:13:34truths so imagine it is your last day
2:13:36and maybe you've surpassed 85 maybe
2:13:38you're 120 or something extended to life
2:13:41as long as you can
2:13:43and uh you've lived your life you've
2:13:44accomplished the things you want to even
2:13:46though they don't matter anymore
2:13:48you've made all the money but you've
2:13:49given it all away because it doesn't
2:13:50matter anymore
2:13:52um
2:13:53and no one has access to your content or
2:13:55information for whatever reason it goes
2:13:57with you everything
2:13:59the books the videos all this stuff goes
2:14:01with you this interview is gone
2:14:03uh and you can only share three things
2:14:04with the world three lessons that you've
2:14:06learned from your entire life yeah what
2:14:08would be those three lessons or three
2:14:10truths that you would share
2:14:12give first and without expectation
2:14:15and you'll get more than you can imagine
2:14:17in all
2:14:18aspects of life
2:14:21one
2:14:22if you can't do it forever
2:14:24don't do it for a day and probably
2:14:26something to the extent of
2:14:29if nothing matters
2:14:30then you get to decide what matters so
2:14:32use the power wisely mm-hmm that's good
2:14:35man i want to acknowledge you alex for
2:14:37your
2:14:38growth and your and your ego death
2:14:41and the constant journey of that yes i'm
2:14:44sure you know i'm on the same journey
2:14:47um
2:14:47and it's uh but your acknowledgement of
2:14:49it your ability to look yourself in the
2:14:51mirror and see okay here's what's
2:14:53working what's not working and how do i
2:14:55continue to develop that
2:14:56and now you're this stage where it
2:14:58really feels like you're trying to
2:15:00create add as much value as possible to
2:15:02as many people as possible yeah through
2:15:03your books your content and your
2:15:05information so i really acknowledge you
2:15:06for the the example you're creating for
2:15:09your
2:15:12your really uniqueness you're being a
2:15:13hundred percent who you are i mean
2:15:15you're in like the basement with your
2:15:16wife either with like just like you
2:15:18don't care
2:15:19necessarily about what you look or
2:15:21whatever you know you just want to add
2:15:22the value and not think about what are
2:15:24people saying about me but how can i
2:15:26make it about others which i think is
2:15:28really inspiring uh example that you're
2:15:30leading from so i want to acknowledge
2:15:31you for that man and um hopefully we'll
2:15:34have you back on for more times
2:15:36but uh final question what's your
2:15:37definition of greatness
2:15:39when reality exceeds expectations
2:15:43oh man alex thanks
2:15:45good stuff good stuff you end up broke
2:15:47you end up struggling financially and
2:15:49you you can never figure out why so the
2:15:51first thing is
2:15:53what is it that you want to achieve in
2:15:55your life financially
2:15:57and then you have to go out and figure
2:15:58it out yourself because unfortunately
2:16:00school will never teach you the stuff so
2:16:02you didn't learn this in high school or
2:16:03university of michigan or no

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