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Acquisition entrepreneurship is more sustainable than starting startups
“Innovation and acquisition coexist together. And it's just sort for me, you know, the real estate analogy is if we always defined real estate investing as only ground up construction. Like, almost all real estate investing is buying existing assets and rehabbing them and improving them. That’s basically what the whole industry is. This was really a way where we could say, hey, let's stop focusing on leaving the walled palace, giving away all of our equity in exchange for money so we can build something that's sustainable through cash flow.”
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Seminal books require both academic and practitioner appeal
“The average book is average. So I was like, if I ever actually write this, I actually wanna write the book that will be the seminal work in the space. And so I spent a lot of time really just trying to be like, how can I walk that line where academics will respect the effort, but also entrepreneurs will be able to implement what I’m actually talking about? I tried to walk that line and satisfy both of those markets.”
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SBA loan changes revolutionized small business acquisitions
“It wasn’t widely known that there was $10,000,000,000,000 in baby boomer assets that were transferring. And so, like, no one's ever said why it was that in 2016, the SBA came out and said, 'Listen. I’m gonna go ahead and allow for 90% loans on these small business acquisitions with no collateral whatsoever. You just have to have a personal guarantee.' When that happened, I actually bought three companies that year, and it was like, I have to get this out.”
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Email lists enable rapid multi-million dollar capital raises
“Today, we talked with Walker Deibel, who does a ton of stuff. He's the author of a famous book called Buy Them Build. We talked about how he sold over a quarter million copies of that book, how he built a category defining book that changed how entrepreneurs think, how he built his newsletter to 300,000 subscribers, and has used that email list to raise $4,000,000 in four hours.”
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Newsletters are the most impactful assets for entrepreneurs
“He believes newsletters are the most impactful asset any entrepreneur can build, and his framework for navigating private capital markets as what he calls the new family office. There was a crazy prediction shared at the end, which is you have about twenty four months left to build the most valuable asset any entrepreneur can have. And if you listen to the end, you'll hear that.”