"If You Lost Everything, Would You Start the Same Business?"

0:00Salutations. >> Uh, my name is Jed. Um >> J E D? >> Yes, J E D. And um I made some mistakes before I started following your content and like an idiot I started three businesses. So, I have three businesses. I'm exiting one. >> wives. >> What? Yeah, I know. >> So, um >> Should be illegal. >> I know, it's a problem. So, the main business which is my primary source of revenue, me and my partner very much not on the same page. I'm transitioning an exit right now. I have a large buyout coming and I'm trying to decide do I redo that same business? I'm good at it.

0:33It's my primary source of revenue or do I pour it into one of these other two businesses? And I can give you some more context. >> Okay. >> But what's the business you're selling? >> So, I'm in financial services. >> Okay, great business. >> Yeah, I was the top producing rep like number two out of like 3,000 reps really good. >> just going to tell you right now, do that. If you're two out of 3,000, you're not even 1%. You're like.1 whatever percent. And so, these other things probably sound really sexy and interesting. You can tell me what they are and then I'll tell you that they sound sexy and interesting.

0:59>> Well, so I guess my problem was is like I've got a non-compete, non-solicit I have to relocate. So, it's like I have to move 60 miles away. My whole network has to be set up. >> So, I'll have about a million bucks probably when it's all said and done. So, I have, you know, >> So, you just have to move to a new location? >> So, I if I want to not take a like three-year hiatus, I have to move 60 miles and I'm very regional in my my business. Like all my local it's all local multi-family habitational like So, if I move

1:29>> how to build it. >> Yeah, but it was a six-year process to start all over again, I guess is where where my brain goes is like >> Don't you think you could do it faster the second time? >> Oh, for sure. >> [laughter] >> I could do it in third of the time. So, yeah, so you're 24 months away from a brand new business doing the same thing you do right now except you know all the lessons you learned. >> So, just go for it and >> What are the other two? Just so I can say >> So, yeah, no I I've got Well, I I've got a real estate portfolio and I I feel like I'm really good at real estate too but the problem is capital, right? Like I can buy buy buy but this was insurance did that and create all the deals through a network, and all the contractors and all that. They fed into each other really well, which is why I started it.

2:03>> Heard. >> But, um the problem is is like then you were like, "Well, hyper focus." And I'm always like, "Well, >> I don't think you need to stop real estate. I mean, like I own a bunch of apartment buildings. It but like this is not my main game. Like I've got some money that I'm like, "This is my like if I get become a crippled vegetable, like there's cash flow for everybody." Um but like what's my main game, right? And so, I want to make sure that you're not like trying to make your your side hustle your main hustle. >> Okay. >> Cuz the returns on real estate are not as good as the returns in business, period. Private equity owners are by far much wealthier on average than than real estate. Real estate makes more millionaires, private equity makes more billionaires.

2:35>> Yeah. >> So, low risk, high likelihood business once you gain the skills is always where all the upside is. All right, what's the third one? >> So, well, the third one I did the same thing again where I was like I started a junk removal company to feed more leads into the real estate cuz I was like and it does. So, then but then it's like how far can I move horizontally before I'm losing that vertical integration? Cuz it's like, "Hey, it does provide leads and flips that feed into the real estate and finds deals." So, it's like

3:01>> old ladies and they've got money, so you do the financial services. >> works great. >> We're just >> Well, and part of my question I think is how lateral can I get inside that vertical before I'm losing focus where it's like >> losing focus. >> I know. So, do I just sell it and dump it? I mean, what do you do? >> So, I will give you the unpopular advice that I would give to myself. Uh which is like, do you believe you can win? >> Yeah. >> Then [ __ ] do the thing. Do the main thing. Forget the other stuff. Basically, on some level doing these side hustles is almost like a hedge against your own risk. But you incur more risk because it decreases the likelihood that one sure thing actually is the sure thing. And so, when if I gun to your head I was like, "You have to make money, what would you do?"

3:41>> I'd sell insurance. >> Of course. Then do the thing that you would do when you need to make money and you will make money way more. >> Okay. >> If you are a business owner and you are not growing as fast as you'd like, I'd like to give you a free gift. So, my team and I put together the $100 million scaling road map, 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 into 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 de-confidently 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.