The Framework I Use to Never Regret a Decision

0:00I got a sports facility in Summerlin, which is beautiful neighborhood. And um we're we're generating about three three and a half million a year. And um about five years ago during COVID, I had an opportunity. I got another small facility in California. >> Mhm. >> So, this facility generate about a million and I really think I can scale this business even further all across America.

0:26>> Okay. >> But my question is not about this. >> Okay. >> My question is about Now I'll tell you what. >> we have to talk. >> [laughter] >> Okay. I'm just kidding. >> 14 years ago >> Yeah. >> This is my 25th year, by the way, here in Vegas. I came from Israel. I I I'm a soccer player. I have no business skills, no education. >> business skills. >> I learned, but I was I was not a business guy. I became a business guy. >> Yeah.

0:49>> Um and um obviously um 14 years ago I did um I opened the first the only professional team here in Vegas. There was no Raiders, no Golden Knights. My team, Las Vegas Legends, was a little bit of me giving back to the sport that gave me everything. >> Okay. >> And I failed miserably. Um four years and at the fourth year, my wife told me it's either the the team or we're divorcing. >> I can feel it.

1:16>> Yeah. >> still I'm still with her 28 years. >> Yeah. >> And here I am with an opportunity to bring the team back. Now, I know how I why I failed. >> Yeah. >> And I know that the the the city is tremendously changed. >> Sure. >> And I got more opportunity. Back then, there was only one arena, the Orleans Arena, blah blah blah. >> Yeah. >> Make the story short. >> Yeah. >> Should I go and do it the right way this time? Um build a brand that I feel that I can make it happen.

1:44Or this is something that if you feel, you know, why you have a good thing going on, why go back to something bad? >> So, you don't have a business question, you have a life question. So, I mean from a from a business perspective, it's actually I think it's fairly black and white. Do the thing like keep expanding the the the the the model that you have right now that's obviously working. Um I'm assuming it's profitable cuz you said okay.

2:11Um and then, you know, we'd go down the like do we want to license, do we want to franchise, do we want to do privately owned? What's you know, what are the unit economics per location? What's grand opening strategy? And kind of going down that path. Um I think that if you were to kind of go off of the the sports the trying to bring the the the sports team back, um it would be a super high risk um very high risk high reward uh play. But again, this is this is there are a couple of like eternal questions for humans or entrepreneurs that there is no right answer for. Like how much risk is the right amount of risk? How much uh should I invest versus how much should I consume today? How long should I push to make something to work before I pivot? Right? Those are eternal questions that there's no right answer for because they're 100% personal. And so like if somebody just had a $330 million exit in cash and then said, "Hey, um I'm going to take 1/3 of each of of this 300 million and put it into three different businesses that all have a 5% chance of working." Most people would say that's a terrible idea.

3:14That's also what Elon did. And so, you know, politics aside, a super risky bet, right? Was that the right move for him? Obviously. But at the time, looked pretty dumb. There's also a number of stories of people who do the exact same thing and just lose it all. Um and so, how much risk is the right amount of risk is a you question. The framework that I would use I I I like the regret minimization framework of looking at 85-year-old me coming back to the present and saying like, "Would I be okay with failing at this business and torpedoing the one that was working so that I could say I had a shot?" Cuz you can't play out, "Oh, I get, you know, the team becomes a billion-dollar company." Well, it's like yeah, duh, that of course we'll do that one, right?

3:55But we have to look at what's the worst case scenario and am I okay with that worst case scenario? If I'm okay with the worst case scenario, then I'm going to take the swing. If I'm not okay, then I just say that I'm not going to sleep with every woman and I will have to get married at some point. >> No, it's true and My mistake last time >> Yeah, yeah. Of course. Um This time I think I can do it with others people money. >> It doesn't matter. It doesn't work. Just time. Just time. It it wouldn't wouldn't work.

4:24That's how I'm getting Go ahead. My HR department hates me. Go ahead. >> [laughter] >> Um My question again here, this time I think I can do it with others people money. You know, last time I invested my own and this time I think I can minimize my personal risk and get other people especially because >> risk is going to be the businesses. Basically the opportunity cost of the growth that you're not going to have less than it's like Like you can use your own money or you can use other people's money. It's not That's not the risk I'm talking about.

4:54The risk is that you already have something that's good and you're going to probably lose it. Just cuz you're going to be You're not going to be focused. You're going to be split. You're going to You're You're basically knowingly walking into this. And so if if you were to do it, I would say go all in if you really want to make it work and just accept the fact that like I'm foregoing what I consider to be a really comfortable lifestyle um because I really want to make this work cuz the likelihood that you make it work with you split is low cuz then you're just going to not make the team work and your existing business is going to go down. So, that's probably not the best choice. It's like if I really believe in this, then go for it or I accept that I might not sleep with every woman and I really like the wife I have and I'm just going to continue to expand this this thing.

5:34You don't really expand your wife, but you get the idea. Expand the marriage. >> And Kat she's not here because she was >> Yeah. >> No, okay. Excellent. >> Cool. Yeah. If you are a business owner and you are not growing as fast as you like, I'd like to give you a free gift. So, my team and I put together the $100 million scaling roadmap, which is basically 200 hours of us looking over all the portfolio companies we've had and what stages of growth they went through and more importantly, where they got stuck and how they got past it. And so, we broke it in these 10 stages and we made this little kind of quiz thing where if you put in your business information, it'll tell you where you're at and the most important part for you, what to do for each of functions of the business across product, marketing, sales, customer success, recruiting, IT, human resources and finance. And so, no matter what you're struggling with, someone else has already struggled with it and solved it. And so, I'd like to give you this thing absolutely free. You can go to acquisition.com/roadmap, plug in your business information and if you want us to actually help you deconstruct the business and you're trying to scale, we'd love to help you out. On the thank you page, you can just book a call with my team and we will look at the business, see if we can help and if we can, we'll invite you out to Vegas and we'll do this in person live.