#169 - How Entrepreneurs Should Actually Think About Money | Patrick Rogers (Elkridge Advisors)

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Wealth is not something to be ashamed of.

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Creating true wealth is something to be very proud of because what does wealth give you?

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Wealth gives you the ability, resources to do amazing things in the world.

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All right, y'all.

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Hey, welcome back for another episode of the necessary entrepreneur.

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And as we start to dive deeper into this brand and expose you and myself to people of,
either greater capability and expanding it beyond traditional entrepreneurship, um we have

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a lot to learn.

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And today's going to be another one of those.

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So today is a Patrick Rogers.

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You know, a lot of times people with these basic names of Patrick and a Rogers, it's like,
man, is it going to be depth to it today?

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There's going to be.

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um So Patrick, he's the owner of Elkridge advisors of

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course, another name that seems Elkridge Advisors.

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I promise you all, he is not this simple, but he works closely with entrepreneurs and
business owners to bring clarity to financial decision-making, helping them think more

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strategically about growth, risk, and long-term outcomes.

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His work sits at an intersection of money and mindset, especially for founders navigating
scale, uncertainty, and big decisions.

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I'm personally looking forward to a practical ground and conversation.

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about how entrepreneurs can build financial strength without losing momentum.

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Welcome Patrick Rogers.

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Man, m how was that intro for who you are and representing what you're doing, what you're
building?

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Man, that was fantastic.

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I barely recognized myself.

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ah Why did so many people are like, man, what's your history?

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Where'd you come from and all that stuff?

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But why did go back to 2017, 2018, when you really dipped your toes in this world of
entrepreneurship, as we talk about your business and how you're helping entrepreneurs.

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ah Why did you do that?

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Cause I think we dig too much into who we are and where we came from, but it's like, why'd
you do it?

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What caused you?

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Cause then we're going to talk about how hard it is, what the steps it took, what all the
failure looks like.

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and then how you can, what you've learned, how your business can then help other
entrepreneurs.

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Why'd you do this?

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Because we're gonna talk about today about these things, but you have to be resilient and
you have to have stick to it and this, have to do all these things and you probably have

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to learn new skills and develop self help.

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You have to have a different mental mindset from being an employee.

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Why did you do this?

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And then A, did you know what it was gonna be?

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Yeah, man.

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Great.

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question.

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Um, why did I do what I'm doing now?

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Why did I make the leap into entrepreneurship?

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Um, for me, it was, is all about freedom, Mark.

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was, was, I knew from very early age, I knew that I was not put on this earth to work for
another man and that, that we, as people were, were not meant to do that.

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And so, you know, when you think about people's lives and this hit me hard with my dad, my
dad would go, he'd wake up every morning at five o'clock.

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hop on a train in Philly, leave at six o'clock in the morning, get into Philly at seven,
work till six o'clock at night, be home at seven, whatever, eat dinner and go to bed.

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Like that is not the way I live to live a life, right?

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And he did what he had to do.

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He provided, right?

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Was able to get me off to where I needed to be.

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But like, when we look at life, it's all about freedom.

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It's all about, was not meant to work for another person for the rest of my life.

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And we have bigger things to.

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to do in life.

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have a purpose over and above just existing and breeding children, right?

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So uh what kind of led me down this path is Navy over to, uh so I started like trying to,
I think I started probably 20 businesses before I actually found the one that allowed me

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to make the leap.

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And it wasn't even mergers and acquisitions in 2017 at that time.

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It was finally doing business coaching to the point where it replaced my full-time income.

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that I was working for the man and I went into business coaching and consulting.

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And it's interesting story kind of just, keep going with it.

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That's okay.

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Is what led me into mergers and acquisitions was.

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And actually one of my clients in 2017 business coaching clients.

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up to that point for the, so, so while I owned a property management company, I kind of
got steered into just naturally got steered into doing business coaching for, a whole

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nother reason, but.

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I've loved helping people be successful.

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love changing their lives.

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And so I was helping CEOs up to that point grow organically.

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Right.

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So I work with the CEO once a week.

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We're talking about their team.

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We're talking about marketing, sales, whatever, but it's all internal stuff.

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It's not, I mean, it's external from sales and marketing and clients and all of that, but
not inorganic growth.

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So we're not doing business acquisitions.

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So in 2017, one of my clients came to me and said, Hey, I want to buy

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Uh, there's a company, he was doing 4 million annual revenue at the time.

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And one of his buddies owned a business.

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was doing 6 million.

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And he said, Hey, I want to buy this company.

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My buddy wants to sell it to me.

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Can you help me do it?

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was like, well, I've done acquisitions, but very small compared to this.

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So we pulled in an M and a expert.

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And this is what put to put me down this path of, of M and a is within six months, my
client went from making 450, know, 450 K a year to 1.2.

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by acquiring this other company, you know, basically 1.1, 1.2 within six months.

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Right.

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And so that's when it hit me.

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It's like, okay, yeah, you know, all this stuff I've been doing, we've been having
success.

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We're doing great things with other business owners, you know, 10, 20, 30, 40 % growth.

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But this is 200, 300 % growth in six months.

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And so the concept now is to do that over and over again.

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Right.

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We want to create true generational wealth.

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That's what the wealthy do.

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They acquire assets on a repeated basis, specifically businesses.

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Um, I'm thinking about this exponential growth cause it's a comparison of you were
training people how to do it organically and that's just take your own business, go deeper

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in your customer and market and brand.

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You write, do some more, um, client acquisition build from within.

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And that's a grind.

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We all know it is right.

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And then you all of a sudden wait, there's an exponential thing happening.

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That must be the old physics background that the mass starts going off in your head.

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Right.

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And you're really starting to think, a minute, we're putting in 50, 60, 70, 80 hours a
week, organically growing.

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We could take that same amount of time, 40, 50, 60, 70 hours a week, and we can two or
three X our income in 12 months.

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Yeah.

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Yeah.

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And, and you know, the big, the paradigm shift is it's a reframe for business owners
because up to this point, most business owners, when they think about business, they think

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about exactly what I was coaching them on.

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They think about, I have to get a new operations manager.

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Um, you know, sales, need, we need to develop this new sales thing, client retention, uh,
internal, we need to upgrade and buy this equipment.

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We need to do a new marketing thing, whatever, right?

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All internal stuff.

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It's a paradigm shift.

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It's a reframe and to think about business in a different way.

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And what we need to think about is how do I, first of all, my first step as a CEO is I
need to replace myself.

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I need to get it so somebody else is running that business first.

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Whatever is your baby, that your baby.

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And here's the challenge.

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We all have egos, man.

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We all got egos.

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We think nobody else can do it as good as good as I can.

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That's what I think.

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Right.

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And it's a huge limiting belief and it's going to cost you millions and millions and
millions of dollars.

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So the first thing is work a lot of, believe me, there's actually a lot of limiting
beliefs and internal work that some CEOs used to have to go through.

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And I used to have to coach them through that.

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So the first thing is to allow yourself to replace yourself, get out of your own way.

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And then you just really start focusing on acquiring other companies.

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Hmm.

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Um, isn't it funny that we have these to your point, egos and self-limiting beliefs?

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I mean, you put those together.

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That's so contradictory.

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We have these big egos that we can conquer the world and then we're self-limiting.

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But the fascinating thing is, I don't know why every one of us running a business can't
look around and say, wait a minute.

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I can't be the only one because there's other really successful businesses in my same
segment.

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There's obviously people running those.

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Yeah.

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Yeah.

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Right.

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And probably a lot bigger.

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Yeah, so when you were doing business coaching and consulting, take it.

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The reason why I want to go back is because those same problems and environments that you
were coaching then, they still exist today.

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As you look back, what were some of the one or two consistent problems?

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Because I want to highlight that the issues and problems that a lot of, you're talking
about, you said three to 4 million.

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There seems to be this three to $5 million revenue segment that people have a tough time
breaking out of.

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It's really weird.

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It doesn't even matter the part of the country, but go back to one or two of the things
that you reflect now on where people are stuck.

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You were coaching those CEOs.

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Is there an area or two, maybe you just go back to this, well, it's all about your own
mindset.

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It's about self-limiting beliefs, but is there some practical things?

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Is there about bench strength?

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Is it about developing people?

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Is it better leadership skills?

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there one or two things that really stick out that you're like, man, this is really people
struggle in this segment of entrepreneurship and business that needs to be conquered that

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they consistently dealt with.

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Yeah, Mark, you hit the nail on the head.

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That three to five million range is, is really critical for a number of reasons.

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People get stuck there for that exact reason because I kind of like to think of business
as a wheel, right?

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If I, if I have a wheel here, right, you got the, you got the frame on the outside and you
have the spokes and in the middle of that wheel is the hub of the wheel, right?

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If you pull the hub of the wheel out, the tire falls apart, right?

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Well, three to five million, or I'll just say under five million.

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under three million definitely most businesses, the hub of that wheel is the owner.

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Right.

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And if you pull that owner out, the wheel falls apart, the spokes fall apart.

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Right.

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So when, once you start getting above two, two and a half million and it's industry
dependence, for some, might be more, someone might be less.

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Right.

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But the goal is to remove that owner, the hub and turn it into a business operating
system.

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So a business operating system.

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That's also run with a people first mentality.

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Right.

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So, so you make decisions in the business, not just strategically, but you're also making
decisions based on people.

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And what does a people first organization mean?

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So, so it needs to, so, so a people first organization with the business operating system,
just like everything else, you start from the top.

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You need to have, first of all, develop a true north of the business.

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And I know, you know, everybody talks about, mission, vision, company commitments, core
values, right?

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Most people don't do it right.

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Most people go and they set up those, you know, they get all excited.

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I have a vision.

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have a mission.

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I have company values, but they don't do anything with them.

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They do that.

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They go through an exercise and then it sits on the wall.

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The best, and if you've read Good to Great, if you've read any of the great books out
there, you know that the best leaders out there take that information and they become a

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parent of that information.

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Like literally, the best CEOs, the best leaders, they are constantly talking about their
core values.

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They're making decisions in the business based on their core values.

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So first of all, you start from a true north, the mission, the vision, the company
commitments.

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And now once you've identified that, you start working backwards and you make sure that
everybody in the organization, number one, knows exactly why they're there.

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They know exactly why they're there.

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They know exactly how what they do on a daily basis contributes to the overall mission,
vision, and they're expected to, you know, align within the company core commitments, core

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values.

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A lot of people may overlook that, but it's a very powerful thing.

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It's a sense of belonging.

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It's a sense of needed.

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You're needed here.

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Right.

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And then over and above that, how do we create that people first business operating
system?

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Everybody needs to.

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feel like they have a purpose there.

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So the purpose is aligned, but now we have to have growth.

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Us as human beings, we have to have growth if you're not growing or dying, right?

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So we create a system where the business or excuse me, the person, the employee knows
exactly what they need to do to get to the next step, right?

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So they see a ladder and they see that they're, you here's where I'm going in my business.

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my, or excuse me, my, my career, my first step here, I'm going to get promoted to this if
I do X, Y, Z.

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And then here I can go here and I'll make this much if I do X, Y, Z.

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And so they see that ladder.

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So they're motivated.

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They're motivated to do great things.

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They have ownership.

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have responsibility to the true north of the business.

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And then there's accountability around it.

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Every person has at least two KPIs, key performance indicators.

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And there's accountability and there's public accountability.

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have a team scoreboard.

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So there's all these things that, foundational things that are created.

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And then you, you couple that all together with routine quarterly meetings where we have a
new strategy.

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And then we have weekly meetings where we have accountability around continuous
improvement.

220
00:13:55,971 --> 00:14:01,995
All of that replaces what the owner has been doing on a much, you know, a much different
level.

221
00:14:01,995 --> 00:14:02,775
Right.

222
00:14:03,097 --> 00:14:08,491
So I'm hearing this and saying the majority of those businesses have not implemented this
type of strategy.

223
00:14:08,491 --> 00:14:09,492
Exactly.

224
00:14:09,492 --> 00:14:20,109
And so, so without that kind of a system to kind of bring it back home, right, without
that kind of a system, the owner can't get out of their own way and they'll get the stop

225
00:14:20,109 --> 00:14:22,381
at three, four, five million.

226
00:14:22,381 --> 00:14:32,168
And, and that kind of a system is what you need to have to be able to have a legitimate
professional sales and marketing program in place.

227
00:14:32,168 --> 00:14:37,135
Because tip it, most baby boomer businesses, most baby boomer businesses, they don't

228
00:14:37,135 --> 00:14:38,795
They, don't have any of that stuff.

229
00:14:38,795 --> 00:14:42,975
And if you ask that boomer who was looking to retire in the near future, he didn't need
that.

230
00:14:42,975 --> 00:14:43,575
Why?

231
00:14:43,575 --> 00:14:47,095
Because they didn't have any kind of a formal marketing system.

232
00:14:47,095 --> 00:14:49,315
Most of these guys do a lot of referral, referral.

233
00:14:49,315 --> 00:14:58,515
And this is one of the core things about our M and A program and our growth and scaling
program is that most of the, or one of the opportunities is that most of these businesses.

234
00:14:59,055 --> 00:15:03,515
They didn't have any kind of, uh, it was all referral based marketing.

235
00:15:03,515 --> 00:15:05,959
So they might grow 5 % per year.

236
00:15:05,967 --> 00:15:06,637
But that's okay.

237
00:15:06,637 --> 00:15:08,229
The baby boomer didn't want that though.

238
00:15:08,229 --> 00:15:11,751
He's had, he's been owned this business for 30, 40 years.

239
00:15:11,751 --> 00:15:22,419
He's complacent for him to turn it around, him or her to turn it around to something that
would grow fast, 30, 40, 50 % growth would require a lot of effort.

240
00:15:22,419 --> 00:15:24,311
And so they just stay kind of stagnant.

241
00:15:24,311 --> 00:15:26,462
They get some new clients, they lose some clients.

242
00:15:26,462 --> 00:15:28,464
They're in that three to $5 million range.

243
00:15:28,464 --> 00:15:33,377
So what we do is when we work with these companies, we come in, we acquire them.

244
00:15:33,391 --> 00:15:36,342
The first thing is we work on the back end of that business.

245
00:15:36,342 --> 00:15:37,903
We get it ready for scale.

246
00:15:37,903 --> 00:15:40,274
We put in the business operating system.

247
00:15:40,274 --> 00:15:43,695
We create a people first environment.

248
00:15:43,956 --> 00:15:46,287
We might even have to do some things on the product.

249
00:15:46,287 --> 00:15:50,659
We may have to look at the unique value proposition, pricing strategy, all of that stuff.

250
00:15:50,659 --> 00:15:55,921
But once that's in place, now you have a business operating system that's ready for scale.

251
00:15:55,921 --> 00:16:00,205
Then you go and turn on your sales and marketing engines and you fire away.

252
00:16:00,205 --> 00:16:00,635
Yeah.

253
00:16:00,635 --> 00:16:03,556
So there's the opportunity, you know, I'm in the real estate business, right?

254
00:16:03,556 --> 00:16:11,979
You were in property management as I built also a foundation of net worth on acquiring
real estate, this term value add.

255
00:16:11,979 --> 00:16:18,701
lot of people don't, if you know what that word is, you're buying something for less than
what it potentially could be with some improvement.

256
00:16:18,781 --> 00:16:19,091
Right?

257
00:16:19,091 --> 00:16:25,143
So you're, you're, you're acquiring an asset at its current low value, but then there's
something you can do to the property.

258
00:16:25,143 --> 00:16:26,155
You can lease it up.

259
00:16:26,155 --> 00:16:30,795
You can improve it that by doing that, the values X you're doing the same thing with
companies.

260
00:16:31,439 --> 00:16:32,659
Absolutely.

261
00:16:32,659 --> 00:16:33,079
Yes.

262
00:16:33,079 --> 00:16:33,419
Yes.

263
00:16:33,419 --> 00:16:34,719
That's exactly what we do.

264
00:16:34,719 --> 00:16:35,619
We do.

265
00:16:35,719 --> 00:16:37,039
And there's a, there's a couple of others.

266
00:16:37,039 --> 00:16:42,979
So, so how do we buy a company and create enterprise value, right?

267
00:16:42,979 --> 00:16:47,119
You can create enterprise value by doing things like you said.

268
00:16:47,179 --> 00:16:48,899
Um, well, okay.

269
00:16:48,899 --> 00:16:50,179
So the value of a business, right?

270
00:16:50,179 --> 00:16:55,879
Just from a high level standpoint, the value of a business is equal to EBITDA times some
kind of a multiple, right?

271
00:16:55,879 --> 00:16:56,431
Yeah.

272
00:16:56,431 --> 00:16:59,643
uh One and a half to five, who knows the industry.

273
00:16:59,643 --> 00:17:06,107
Take some AI business now, might value a stock at 10 or 20, but that bubble will pop at
some point.

274
00:17:06,107 --> 00:17:08,759
But let's just go two to five.

275
00:17:09,017 --> 00:17:10,108
Yeah, yeah, whatever.

276
00:17:10,108 --> 00:17:12,790
It's industry dependent, but it's also size dependent too.

277
00:17:12,790 --> 00:17:16,652
So, so if you have a real small business, that multiple is going to be really small.

278
00:17:16,652 --> 00:17:19,194
A bigger business is going to demand to hire multiple.

279
00:17:19,194 --> 00:17:25,398
So there's things that you can do on that front to increase the multiple.

280
00:17:25,418 --> 00:17:29,201
And there's things you can do to increase obviously the profit, right?

281
00:17:29,201 --> 00:17:34,194
But one of the, one of the things that we really focus on is, what's called a roll up
strategy.

282
00:17:34,194 --> 00:17:36,666
And that's, and that's multiple arbitrage.

283
00:17:36,866 --> 00:17:38,287
And when.

284
00:17:38,287 --> 00:17:40,347
We're a small company.

285
00:17:40,587 --> 00:17:46,547
Uh, we're only attracting non-professional buyers, typically other buyers that are smaller
companies.

286
00:17:46,547 --> 00:17:48,647
And so the multiple small, right?

287
00:17:48,647 --> 00:17:53,147
So for example, let's say it's, um, a company doing, you know, $3 million.

288
00:17:53,487 --> 00:17:59,447
You know, let's say it's, you know, I don't know, 500,000 in EBITDA something like that's
just an easy number, right?

289
00:17:59,447 --> 00:18:02,567
Maybe it's like a $2 million company, 500,000 EBITDA.

290
00:18:03,215 --> 00:18:06,946
ah The multiple for that to acquire that company maybe is a three, right?

291
00:18:06,946 --> 00:18:09,839
So let's say you pick it up for 1.5 million, right?

292
00:18:09,839 --> 00:18:17,303
Well, you can create enterprise value out of thin air utilizing a roll up strategy or
multiple arbitrage.

293
00:18:17,303 --> 00:18:20,264
So what you do is you acquire 10 of those companies.

294
00:18:20,264 --> 00:18:26,368
Let's just say theoretically you bought 10 of those companies, but you don't even grow
them.

295
00:18:26,368 --> 00:18:27,798
You don't do anything on the backend.

296
00:18:27,798 --> 00:18:29,810
You just put them under one umbrella.

297
00:18:29,810 --> 00:18:32,931
Just by putting them under one entity itself,

298
00:18:33,399 --> 00:18:38,442
You now are going to attract a higher level of buyer, a more professional grade buyer.

299
00:18:38,442 --> 00:18:42,504
And those are called private equity companies or maybe a strategic buyer.

300
00:18:42,504 --> 00:18:48,587
But here's the thing, what ends up happening is remember what I said, the multiple is
mainly dependent on the size of the company.

301
00:18:49,128 --> 00:18:53,230
So a company this small, we bought it, it was a multiple of three.

302
00:18:53,230 --> 00:18:57,042
So 500,000 EBITDA times three equals 1.5 million.

303
00:18:57,042 --> 00:18:59,113
Well, I went out and bought 10 of those.

304
00:18:59,113 --> 00:19:03,535
So I spent 15 million, but I put them under one umbrella.

305
00:19:03,535 --> 00:19:06,795
So it was 500,000 of EBITDA times 10.

306
00:19:06,795 --> 00:19:08,975
now have 5 million in EBITDA.

307
00:19:08,975 --> 00:19:11,035
That multiples like a six.

308
00:19:11,489 --> 00:19:12,931
Wow, that's awesome.

309
00:19:12,931 --> 00:19:18,794
So the value, the enterprise value went from 15 million to 30 million.

310
00:19:19,275 --> 00:19:21,916
Now it's not, it's easy, but it's not simple, right?

311
00:19:21,916 --> 00:19:30,101
There's a lot of work and ideally those businesses all have a common structure.

312
00:19:30,101 --> 00:19:31,531
They have a common operation.

313
00:19:31,531 --> 00:19:33,092
You know, they're doing things similar, right?

314
00:19:33,092 --> 00:19:34,833
So you have to, there's a lot of coordination there.

315
00:19:34,833 --> 00:19:36,804
You don't necessarily have to have a brand though.

316
00:19:36,804 --> 00:19:38,385
You don't have to be all the same brand.

317
00:19:38,385 --> 00:19:42,047
They can keep their own branding depending on the private equity you sell to.

318
00:19:42,201 --> 00:19:44,852
So that, so for me, that was huge.

319
00:19:44,852 --> 00:19:46,413
Once I learned that this existed, right?

320
00:19:46,413 --> 00:19:51,125
Because everything we knew before this is, business, I you know, I'm going to get a new
sales guy.

321
00:19:51,125 --> 00:19:55,767
I'm going to do marketing, this product, this, that it's all internal to your company.

322
00:19:55,767 --> 00:20:05,861
And when you start backing up and start realizing that this exists, you start figuring
out, okay, I need to replace myself so that I can focus on, yeah, I'll still do be

323
00:20:05,861 --> 00:20:11,373
involved with high level for my company, but I need to replace myself so that I can focus
on acquiring.

324
00:20:11,373 --> 00:20:12,847
multiple companies.

325
00:20:12,847 --> 00:20:21,487
What's the best approach to yes, they want to employ a Patrick Rogers to be their
strategic advisor and their M and a guy, but what's the approach if I'm freeing up my time

326
00:20:21,487 --> 00:20:29,547
as a CEO and actually just went to Boston and hung out with another real estate guy, it
was all about M and a, it was all about acquiring other brokerages and right.

327
00:20:29,547 --> 00:20:39,187
And so he's doing a lot more of it and he's realized too, he can do traditional recruiting
or he can grow at 40 and 50, 60 agents at a time by these acquisitions, right?

328
00:20:39,187 --> 00:20:41,807
And he's learned a ton and

329
00:20:41,807 --> 00:20:44,907
He opened up the playbook specifically about this industry.

330
00:20:44,907 --> 00:20:48,487
Here's everything they've learned from their 10 acquisitions, not just about M &A.

331
00:20:48,487 --> 00:20:49,567
So they're specific.

332
00:20:49,567 --> 00:20:51,547
There's all specific things to learn about these industries.

333
00:20:51,547 --> 00:20:53,847
That's the brilliance and the value of you, right?

334
00:20:53,847 --> 00:20:59,187
The things that you've learned that on your first three or four or five that you're to
have to learn and make a lot of mistakes on.

335
00:21:00,387 --> 00:21:04,827
When you're looking at, if I'm freeing up all my time as a CEO, I'm making an argument.

336
00:21:04,827 --> 00:21:06,367
I'm a relationship guy.

337
00:21:06,707 --> 00:21:10,947
I'm, I guess I'm assuming that I need to be out here creating relationships.

338
00:21:10,947 --> 00:21:17,158
to start targeting these businesses on who do I want to partner with instead of acquire,
right?

339
00:21:17,158 --> 00:21:21,445
um And I'm assuming that's where the time has to be spent.

340
00:21:21,527 --> 00:21:24,491
Building these relationships out in the marketplace or no.

341
00:21:25,847 --> 00:21:27,709
Yes and no.

342
00:21:27,709 --> 00:21:32,795
uh You know, I would ultimately say yes.

343
00:21:32,795 --> 00:21:40,303
so when we first started doing this, we got most of our, and you're referring just, just
being able to find the businesses to acquire.

344
00:21:40,303 --> 00:21:47,224
But then, and it's striking up a conversation and who to talk to and see if it's a product
market fit with all your businesses.

345
00:21:47,224 --> 00:21:50,429
It's to go out and spend time finding them.

346
00:21:51,053 --> 00:21:51,644
Yeah.

347
00:21:51,644 --> 00:21:54,370
Well, there's two different kinds of deals out there.

348
00:21:54,370 --> 00:21:56,855
There's one deal, which is an on-market deal.

349
00:21:56,855 --> 00:21:59,129
So it's represented by a broker.

350
00:21:59,129 --> 00:22:02,883
The off-marketer of the best, Patrick Rogers, the off-marketer of the best.

351
00:22:02,883 --> 00:22:03,943
There you go, man.

352
00:22:03,943 --> 00:22:06,735
You got your on market and you got your off market, right?

353
00:22:06,735 --> 00:22:14,248
So we're going for off market and as much as we can, we'd still do on market just
depending, right?

354
00:22:14,248 --> 00:22:19,320
So, so we'll do an on market if it's either a with an investment banker.

355
00:22:19,320 --> 00:22:26,253
And there's a difference between a broker and a broker is a realtor that sells business,
right?

356
00:22:26,593 --> 00:22:31,071
You can probably market, you know, no offense, but you know, it's hit or miss.

357
00:22:31,071 --> 00:22:33,505
You don't have to hesitate, just come in.

358
00:22:33,505 --> 00:22:33,916
is.

359
00:22:33,916 --> 00:22:43,475
Some brokers have their head up there, you know what, and other brokers actually take time
and consider it their craft and actually do it right and know how to price the business.

360
00:22:43,475 --> 00:22:53,235
What we find is most brokers are 30 to 40 % overpriced of what will actually get qualified
with a lender to even be able to fund the deal.

361
00:22:53,235 --> 00:22:55,557
And so, you know, we see that a lot.

362
00:22:55,557 --> 00:22:58,179
So if we work with a broker, typically,

363
00:22:58,383 --> 00:23:02,463
depending on the brokerage, but typically it's going to be something that has what I call
season.

364
00:23:02,463 --> 00:23:04,703
The business has been, it's been on the market.

365
00:23:04,703 --> 00:23:05,703
It's went into LOI.

366
00:23:05,703 --> 00:23:08,843
It's been kicked out of LOI as letter of intent.

367
00:23:09,143 --> 00:23:18,423
Uh, it got kicked out because it went to the lender, the financial institution to get a
loan and they, they underwriting disapproved it because it's not going to cashflow.

368
00:23:18,423 --> 00:23:25,463
And they said, well, I'll prove you, but you need to come to the table with another
$600,000 in addition to the 250,000 you're putting out, right?

369
00:23:28,087 --> 00:23:28,947
It falls out.

370
00:23:28,947 --> 00:23:32,461
then the, then the seller is like, okay, well then the broker comes to us.

371
00:23:32,461 --> 00:23:35,833
Well, you know, this, that, so let's take the price down.

372
00:23:35,833 --> 00:23:40,657
the, so the price has to generally drop two or three times before we get interested or get
involved.

373
00:23:40,657 --> 00:23:44,401
Um, and then there's investment bankers and they're a different breed.

374
00:23:44,401 --> 00:23:46,422
There's, those are companies out there that are there.

375
00:23:46,422 --> 00:23:49,805
Those are professional and A people who know how to price a business.

376
00:23:49,805 --> 00:23:53,348
So we'll work with those, um, all day long love them.

377
00:23:53,348 --> 00:23:57,187
Um, and even better than that is off market deals.

378
00:23:57,187 --> 00:24:03,712
because now there's no representation from even investment banker and off market deals.

379
00:24:04,173 --> 00:24:04,973
They're great.

380
00:24:04,973 --> 00:24:07,675
They're fantastic, but they're hard to find.

381
00:24:08,316 --> 00:24:14,501
so, what we do is we go out and we're doing massive email marketing.

382
00:24:14,501 --> 00:24:17,103
Like if I would, I mean, how many,

383
00:24:17,692 --> 00:24:23,704
I can't tell you how many calls, text messages and emails I get on a daily basis now.

384
00:24:23,704 --> 00:24:25,867
Do you want to sell your business?

385
00:24:26,169 --> 00:24:27,229
It's insane.

386
00:24:27,823 --> 00:24:28,323
Yeah.

387
00:24:28,323 --> 00:24:29,043
Yeah.

388
00:24:29,043 --> 00:24:30,443
So, so you're getting out.

389
00:24:30,443 --> 00:24:33,703
so emails, we're doing LinkedIn strategy for our clients.

390
00:24:33,703 --> 00:24:35,583
So, so our clients partner with us.

391
00:24:35,583 --> 00:24:41,363
We have our team gets into their LinkedIn, which is nice because, you know, a lot of times
if you're in, if you're in Cincinnati, right.

392
00:24:41,363 --> 00:24:44,643
And we want to buy a business in Cincinnati, your LinkedIn is already in Cincinnati.

393
00:24:44,643 --> 00:24:50,563
So we hop in there and we, and so there's a level of trust that's, that's, that's there.

394
00:24:50,623 --> 00:24:54,563
And then, you know, I'll come back to the investment bankers just real quick.

395
00:24:54,563 --> 00:24:55,577
It is that.

396
00:24:55,577 --> 00:24:59,460
Those are really good too, because sometimes we'll get what's called a pocket listing.

397
00:24:59,460 --> 00:25:01,112
know you've heard this before, right?

398
00:25:01,112 --> 00:25:10,751
And so listing, once you develop those relationships and CPAs are great for this too, you
know, tax attorneys, you develop these relationships and they know that you're going to

399
00:25:10,751 --> 00:25:11,841
carry forward on it.

400
00:25:11,841 --> 00:25:14,444
You say what you do, you do what you say, all that kind of stuff.

401
00:25:14,444 --> 00:25:18,238
And they trust that if they send you something, you're going to actually make it, make it
happen.

402
00:25:18,238 --> 00:25:18,808
Right.

403
00:25:18,808 --> 00:25:20,930
Or let you know one way or the other.

404
00:25:21,070 --> 00:25:21,691
And so.

405
00:25:21,691 --> 00:25:22,123
m

406
00:25:22,123 --> 00:25:25,117
And have uh they also pseudo underwritten the deal as well?

407
00:25:25,117 --> 00:25:28,471
They're bringing it to you pretty much saying, know we can get this done.

408
00:25:28,493 --> 00:25:28,743
Yeah.

409
00:25:28,743 --> 00:25:30,507
And that's a beautiful thing about investment bankers.

410
00:25:30,507 --> 00:25:35,317
Like to your point is they're actually getting in and looking at it on a much level.

411
00:25:35,317 --> 00:25:38,823
They know what to look for compared to some of the brokers on the market.

412
00:25:40,275 --> 00:25:48,717
Um, so on your website, I'm glad you, I think you almost said a curse word, but you
didn't, but you actually refer to that as some of your basic principles, right?

413
00:25:48,717 --> 00:25:56,279
You're not allowed to hang around with me much then, because I might drive a word or two,
but what, what, of the things on your websites, one of the three significant, um,

414
00:25:56,279 --> 00:25:59,280
statements, it says focus on returns.

415
00:25:59,320 --> 00:26:04,882
It says, if we believe a specific course of action leads to higher, higher ROI for our
clients, we pursue it.

416
00:26:04,882 --> 00:26:06,282
If not, we don't.

417
00:26:06,282 --> 00:26:09,203
This principle is the basis for every decision we make.

418
00:26:09,455 --> 00:26:10,495
Absolutely.

419
00:26:10,876 --> 00:26:11,296
Yeah.

420
00:26:11,296 --> 00:26:12,496
Yeah, absolutely.

421
00:26:12,496 --> 00:26:25,212
And that again, that really comes back to, you know, some, some, we also understand, we
want to understand to each one of our clients that we talk with, we need to understand

422
00:26:25,212 --> 00:26:26,842
what's important right now.

423
00:26:27,183 --> 00:26:30,679
Is it, is it upfront cashflow, immediate cashflow that's important?

424
00:26:30,679 --> 00:26:33,115
Are you okay with long-term, long-term game?

425
00:26:33,115 --> 00:26:37,431
Cause sometimes there's some deals, some decisions that we're going to make that

426
00:26:37,431 --> 00:26:40,234
will work for some clients and will not work for some other clients.

427
00:26:40,234 --> 00:26:49,001
So, but yeah, ultimately when, when, the day is done, everything we do revolves around the
return on investment for our clients.

428
00:26:49,382 --> 00:26:57,539
And so it could be something that maybe, maybe makes us a lot of money now or a little bit
of money now and a lot more down vice versa.

429
00:26:57,539 --> 00:27:00,381
But if it's the right answer for the client, we're going to do it.

430
00:27:01,985 --> 00:27:12,128
Isn't it funny that if you go back to, know these stories of all these elite gurus, but
you know, back when old Charlie and, and Warren and you know, when Warren Buffett met

431
00:27:12,128 --> 00:27:14,561
Charlie Munger who passed away.

432
00:27:16,653 --> 00:27:19,784
Warren was buying companies and tearing them apart.

433
00:27:20,265 --> 00:27:21,186
What was left over.

434
00:27:21,186 --> 00:27:25,348
So he was buying these bad companies, but he went in and saw that I can make some money on
them.

435
00:27:25,348 --> 00:27:30,690
And he gives credit to Charlie Munger to slow him down and say, listen, I think this is
the wrong strategy.

436
00:27:30,911 --> 00:27:37,514
You should actually go buy good companies for a fair price instead of stealing bad
companies.

437
00:27:38,355 --> 00:27:38,595
Right?

438
00:27:38,595 --> 00:27:45,119
What does that do with a mindset in this and A and world saying that there's a different
way to evaluate these different companies?

439
00:27:45,119 --> 00:27:45,773
Because.

440
00:27:45,773 --> 00:27:53,712
You could take a company in the same industry and we might say, well, this company, either
this is the multiple, but it might be a different multiple based upon the company.

441
00:27:54,254 --> 00:27:55,115
Is that true?

442
00:27:55,115 --> 00:27:57,878
Like, cause if you take a profit, profit is not the same.

443
00:27:57,878 --> 00:28:00,772
If it's a bad company or if it's a well-run company, is that true?

444
00:28:00,772 --> 00:28:02,313
Or do you disagree with that?

445
00:28:02,925 --> 00:28:04,555
No, that's a 100 % truth.

446
00:28:04,555 --> 00:28:11,978
em So when it comes to that multiple that, you you take two separate companies, right?

447
00:28:12,178 --> 00:28:18,060
And again, the value of any company value is equal to EBITDA times some kind of a
multiple.

448
00:28:18,060 --> 00:28:23,241
So now we have two companies, company A and company B that have the same exact profit.

449
00:28:23,301 --> 00:28:29,513
You could have one company that has almost twice as much value as the other company with
the same profit.

450
00:28:29,801 --> 00:28:34,285
And so the things that we're looking at there is there's so much that goes into it,

451
00:28:34,285 --> 00:28:35,966
Balance sheet, all types of stuff, right?

452
00:28:35,966 --> 00:28:37,139
I there's so much.

453
00:28:37,139 --> 00:28:37,679
Yeah.

454
00:28:37,679 --> 00:28:38,710
What's their trajectory?

455
00:28:38,710 --> 00:28:40,040
Are they on an upward trajectory?

456
00:28:40,040 --> 00:28:41,281
Are they on a downward trajectory?

457
00:28:41,281 --> 00:28:41,962
That's huge.

458
00:28:41,962 --> 00:28:44,843
uh How involved is the owner?

459
00:28:44,843 --> 00:28:48,805
the business operating system set up such the owner's not doing anything?

460
00:28:48,886 --> 00:28:50,116
How much of that profit?

461
00:28:50,116 --> 00:28:51,967
This is another big one.

462
00:28:51,967 --> 00:28:57,240
you know, obviously, you know, as you know, we do &A services for people.

463
00:28:57,240 --> 00:29:01,262
So we find and acquire the companies, but we also grow and scale the companies as well.

464
00:29:01,262 --> 00:29:03,784
So a lot of our clients, they don't do anything.

465
00:29:03,784 --> 00:29:04,794
They're just investors.

466
00:29:04,794 --> 00:29:06,037
then, so we have an arm that

467
00:29:06,037 --> 00:29:08,913
that acquires it and we have an arm that grows and scales it.

468
00:29:08,955 --> 00:29:15,791
But um one of the things is that, oh gosh, I forgot what I was.

469
00:29:15,791 --> 00:29:16,293
Yeah, that's right.

470
00:29:16,293 --> 00:29:19,749
No, we were I think we're talking about the value of companies and taking two companies.

471
00:29:19,749 --> 00:29:20,335
Yeah.

472
00:29:20,335 --> 00:29:21,035
yeah.

473
00:29:21,035 --> 00:29:21,235
Yeah.

474
00:29:21,235 --> 00:29:22,495
The two values of company.

475
00:29:22,495 --> 00:29:26,135
you, so you have company A and company B the same profit.

476
00:29:26,215 --> 00:29:38,735
And so when we acquire that company, um, if one company doesn't have, and so, so this is
where I was talking about is when it comes to exiting a company, anybody out there, if you

477
00:29:38,735 --> 00:29:42,035
have a company and you don't have what's called recurring revenue.

478
00:29:42,355 --> 00:29:47,935
Um, and this is the, this could be a huge difference in value to company A has no
recurring revenue.

479
00:29:47,935 --> 00:29:49,165
Company B has.

480
00:29:49,165 --> 00:29:50,435
a lot of recurring revenue.

481
00:29:50,435 --> 00:29:56,948
what that is, you know, let's just say 50 to 80 % of that revenue or profit is due to
recurring.

482
00:29:56,948 --> 00:30:08,222
So you don't have to sell every time it's on like a, you know, it's an annual contract or
whatever versus this company here every year they have to go out and acquire new clients

483
00:30:08,282 --> 00:30:11,567
to make sure that they hit that nut, right?

484
00:30:11,567 --> 00:30:17,865
And if that comes from the person who owns the business and that's gonna be a vacuum when
that happens.

485
00:30:17,865 --> 00:30:19,366
a whole nother, that's a whole nother game.

486
00:30:19,366 --> 00:30:19,585
Yeah.

487
00:30:19,585 --> 00:30:21,658
was just talking to, you know, forget even that part of that.

488
00:30:21,658 --> 00:30:23,920
I'm just talking about recurring revenue versus non.

489
00:30:23,920 --> 00:30:30,015
So that's what we were talking about is, is profits are not the same, you know, company A
and company B.

490
00:30:30,015 --> 00:30:32,957
That's another one is, is that huge recurring revenue.

491
00:30:32,957 --> 00:30:38,821
Other things that you look at in a company to maximize the value when you sell it is the
bookkeeping.

492
00:30:39,002 --> 00:30:45,397
If I take, I, we have to turn down so many companies that we look at acquiring, even
though they're

493
00:30:45,397 --> 00:30:58,521
on paper profitable, but because they didn't have clean accounting and they didn't have,
um, taxes that were done in accordance with what the profit statement on their, their, you

494
00:30:58,521 --> 00:31:07,033
know, their internal financial says, whenever you have that discrepancy, you have, you
have a company that's not going to be able to, it's not lendable.

495
00:31:07,033 --> 00:31:07,783
It's very hard.

496
00:31:07,783 --> 00:31:08,473
It's more difficult.

497
00:31:08,473 --> 00:31:09,394
It makes it very hard.

498
00:31:09,394 --> 00:31:14,255
so that's one thing anybody can look at when they're looking to exit is.

499
00:31:14,297 --> 00:31:18,049
to maximize their value and make it so you can sell is to clean up your bookkeeping.

500
00:31:18,049 --> 00:31:21,850
Make sure it's on, it's being done in accordance with gap principles.

501
00:31:22,210 --> 00:31:25,982
Stop doing the ad backs for two years before you sell or minimize it.

502
00:31:25,982 --> 00:31:26,262
Right.

503
00:31:26,262 --> 00:31:33,575
And you want to make that internal P and L, you know, whatever your net profit line is
matched with what you're putting on your 1120.

504
00:31:33,575 --> 00:31:34,416
Right.

505
00:31:34,416 --> 00:31:36,977
You have those match and everything is on the up and up.

506
00:31:36,977 --> 00:31:42,839
You're to be able to claim the maximum enterprise value when you sell and it's going to be
able to get funded.

507
00:31:43,321 --> 00:31:51,884
So when people work with you, I'm sure that you have clients that does anybody come to you
and say, Hey, a new relationship, say we're looking to acquire 10 companies at this

508
00:31:51,884 --> 00:31:53,067
revenue in this segment.

509
00:31:53,067 --> 00:31:56,582
Will you guys go out and find the businesses and take care of the entire transaction?

510
00:31:56,582 --> 00:31:58,955
Like, that in the scope of what you do?

511
00:31:59,213 --> 00:32:00,143
Yeah, yeah, you bet.

512
00:32:00,143 --> 00:32:01,204
Absolutely.

513
00:32:01,244 --> 00:32:06,556
So part of, part of what we do is, and this is, I thank goodness for my partner, Robert
injuries.

514
00:32:06,556 --> 00:32:09,757
Uh, he's actually in Romania and the guy's phenomenal.

515
00:32:09,757 --> 00:32:11,238
actually had him on my podcast.

516
00:32:11,238 --> 00:32:18,017
used to do, a podcast a few years ago, had him on the podcast and he shared with me what
he's been doing for the last 20 years.

517
00:32:18,017 --> 00:32:29,035
And for the last 20 years, he has been coming into his clients and completely autonomizing
the business and taking over and putting in a, putting in that business system for people.

518
00:32:29,103 --> 00:32:30,483
So I've been coaching people to do it.

519
00:32:30,483 --> 00:32:32,864
He's been doing it for people and that's why we partnered.

520
00:32:32,864 --> 00:32:36,975
such a, it's a, it's fantastic match, but that's exactly it.

521
00:32:36,975 --> 00:32:44,007
So now we have, uh we have our clients inside of Elkridge advisors.

522
00:32:44,007 --> 00:32:44,787
He's done that.

523
00:32:44,787 --> 00:32:45,747
He's created that.

524
00:32:45,747 --> 00:32:48,018
Autonomized, business.

525
00:32:48,018 --> 00:32:49,538
So it's completely scalable.

526
00:32:49,538 --> 00:32:52,529
So we are infinitely scalable within our business.

527
00:32:52,669 --> 00:32:55,990
And so now any company that we go into, we just do the same thing.

528
00:32:55,990 --> 00:32:59,063
So we have the processes, procedures.

529
00:32:59,063 --> 00:33:04,648
and everything built up that business system for how to autonomize a company.

530
00:33:04,648 --> 00:33:07,310
Well, we've done that in our business, right?

531
00:33:07,310 --> 00:33:10,822
So the same thing that we're preaching to other people we've already done inside our
business.

532
00:33:10,822 --> 00:33:14,635
we already have the infinite, you know, scalable system in place.

533
00:33:14,671 --> 00:33:14,971
All right.

534
00:33:14,971 --> 00:33:20,313
Speak to people who want to be, um, they want to acquire these companies.

535
00:33:20,613 --> 00:33:23,714
Let's say someone has never been an entrepreneur before.

536
00:33:24,274 --> 00:33:26,615
They had a really successful corporate career.

537
00:33:26,615 --> 00:33:28,065
have a 401k.

538
00:33:28,065 --> 00:33:30,275
They might have a million or two in net worth.

539
00:33:30,616 --> 00:33:39,328
Speak to me about the level of success or failure of that person acquiring a business when
they're a first time entrepreneur versus building it.

540
00:33:39,328 --> 00:33:40,619
Do you have any experience here?

541
00:33:40,619 --> 00:33:41,899
Where's your mind go?

542
00:33:42,511 --> 00:33:42,731
Yeah.

543
00:33:42,731 --> 00:33:47,111
So my mind immediately gets brought to a lot of our clients.

544
00:33:47,111 --> 00:33:56,611
A lot of our clients are actually, I'd say it's 50-50 between existing business owners who
want to scale and grow through acquisition.

545
00:33:56,611 --> 00:34:07,231
And the other 50 or whatever percentage is corporate executives, know, professional men or
women who have had their 20, 30 year run.

546
00:34:07,311 --> 00:34:11,331
They're making 200, 300, 400,000 a year.

547
00:34:12,265 --> 00:34:14,255
And it's very successful, right?

548
00:34:14,255 --> 00:34:17,796
Maybe they have a net worth of somewhere between two to $5 million.

549
00:34:18,557 --> 00:34:19,207
But guess what?

550
00:34:19,207 --> 00:34:20,817
They're still in the grind.

551
00:34:21,257 --> 00:34:23,118
You know, they're still in corporate America.

552
00:34:23,118 --> 00:34:25,378
They're still waking up at five in the morning.

553
00:34:25,378 --> 00:34:34,940
They're still, you know, maybe working for a boss they don't appreciate or, or there, or
even if they're not, but they're just still doing the grind and they, they've come to a

554
00:34:34,940 --> 00:34:35,661
maturity level.

555
00:34:35,661 --> 00:34:38,621
And this happens a lot of times when we get in our forties, right?

556
00:34:38,621 --> 00:34:41,542
Maybe forties, fifties is.

557
00:34:41,571 --> 00:34:48,275
We start to really understand, okay, I've been spending my entire career, even though it's
very rewarding.

558
00:34:48,896 --> 00:34:53,039
I've raised my kids, you know, they're getting close to being, you know, moving on.

559
00:34:53,039 --> 00:34:54,980
I don't need to put as much attention there.

560
00:34:54,980 --> 00:35:00,463
can start thinking about how do I create wealth for myself now?

561
00:35:01,404 --> 00:35:03,216
And I have the assets to do it.

562
00:35:03,216 --> 00:35:03,516
Right.

563
00:35:03,516 --> 00:35:06,528
So that that's a major thing is I don't have as much time with the kids.

564
00:35:06,528 --> 00:35:11,691
And this, kind of, this avatar kind of fits a lot of, a lot of our clients where it makes
sense.

565
00:35:11,961 --> 00:35:16,514
They've got the $300, $400,000 to put down on a business.

566
00:35:16,694 --> 00:35:25,640
Whereas before they didn't, they have a little bit more bandwidth and they're starting to
think about, okay, when I'm done and my kids are off in college, I don't have to stay here

567
00:35:25,640 --> 00:35:25,971
anymore.

568
00:35:25,971 --> 00:35:27,302
I can maybe move wherever I want.

569
00:35:27,302 --> 00:35:31,144
I want to start traveling with my wife or my husband or whatever that is.

570
00:35:31,765 --> 00:35:35,487
But, man, I've never done this before.

571
00:35:35,487 --> 00:35:38,309
I've never grown or scaled a company myself.

572
00:35:38,309 --> 00:35:41,167
So I know how to do, I know how to lead people.

573
00:35:41,167 --> 00:35:48,307
So there's a lot of unknown that comes into business ownership that we're able to help
people bridge that gap.

574
00:35:48,347 --> 00:35:59,427
So now we work with them, they have the assets, they basically become, it's almost like a
small private equity company in a sense, because for that client, they become the money

575
00:35:59,427 --> 00:36:00,287
partner.

576
00:36:00,867 --> 00:36:04,727
It's the loans in their name and the businesses in their name, they own it.

577
00:36:04,727 --> 00:36:10,615
And we come in, we find the business, we help them, we do the 100 % done for you acquiring
it.

578
00:36:10,615 --> 00:36:12,928
And then we grow and scale the company for them.

579
00:36:12,928 --> 00:36:15,601
And they're just involved on a quarterly basis.

580
00:36:15,601 --> 00:36:25,821
And so we take, we remove all of the, the gaps that were there between what they're doing
now and being able to have that, that, uh, business ownership.

581
00:36:26,319 --> 00:36:28,271
Is this a not to dig too deep here?

582
00:36:28,271 --> 00:36:33,245
I'm sure that when you renew clients on, but is this an equity position that you guys take
to grow the business?

583
00:36:33,245 --> 00:36:35,747
I'm assuming that's what it is in a lot of these scenarios.

584
00:36:35,747 --> 00:36:37,037
Yeah, yeah, you bet.

585
00:36:37,037 --> 00:36:47,550
take, you know, just depending on the scenario we take it, we take a small equity slice
and then, and then, you know, we are, you know, a traditional and a firm mark, a

586
00:36:47,550 --> 00:36:59,263
traditional and a firm will do something like five, you know, 10 % whatever of, uh, as a
success feed to help somebody acquire a company, traditional and a firms, that's where

587
00:36:59,263 --> 00:37:00,004
they stop, right?

588
00:37:00,004 --> 00:37:01,914
They don't help them grow and scale.

589
00:37:01,914 --> 00:37:05,625
Um, and so we,

590
00:37:05,625 --> 00:37:12,741
take that number down to almost nothing and then we partner with people on their growth
and the scale of it, right?

591
00:37:12,821 --> 00:37:19,607
Our clients all have the decision-making, 100%, they have the decision-making capability.

592
00:37:19,607 --> 00:37:25,011
We are the general managers, the operators of the business in growing and scaling it.

593
00:37:26,435 --> 00:37:30,678
The, you talked about an autonomous company.

594
00:37:31,499 --> 00:37:37,243
What hits in my brain is this hot topic of passive income.

595
00:37:37,243 --> 00:37:40,034
And I love pushing back on it because I look at the trajectory of my wife.

596
00:37:40,034 --> 00:37:43,087
I might be the example on how not to do it because I hustle and grind it.

597
00:37:43,087 --> 00:37:46,889
But a lot of people do look at the success I've had and say, that's really successful.

598
00:37:46,889 --> 00:37:48,791
I pushed back as I say, Hey, I'm not there yet.

599
00:37:48,791 --> 00:37:49,761
However,

600
00:37:51,299 --> 00:37:55,860
There's nothing about my businesses that are passive and we could make an argument that
I'm doing it wrong.

601
00:37:55,860 --> 00:38:04,133
have awesome leaders in my company, but it doesn't feel like I'm the spoke in the wheel
because I have multiple businesses and those wouldn't be growing if I was the, if I was

602
00:38:04,133 --> 00:38:05,483
the middle hub and all.

603
00:38:05,483 --> 00:38:05,853
Right.

604
00:38:05,853 --> 00:38:06,143
Right.

605
00:38:06,143 --> 00:38:13,105
So, but I'm still essential, but if I weren't plugged in, the business would lose
something.

606
00:38:13,105 --> 00:38:19,867
And I think same thing with Steve jobs, pull a Steve jobs out of a company, pull an Elon
Musk out of his company.

607
00:38:19,867 --> 00:38:27,011
What they've talked about is what would happen on the stock hits of the companies he leads
if you pull an Elon Musk out.

608
00:38:27,492 --> 00:38:36,447
tell me what autonomous is and how that connects to if we're sitting here, if we're
talking about passive, because I can't imagine like I'll go to Europe for two weeks, but

609
00:38:36,447 --> 00:38:38,128
you hear, I'm going to say a name.

610
00:38:38,128 --> 00:38:39,049
I didn't even mean to do this.

611
00:38:39,049 --> 00:38:45,042
And I try not to from the book, but before he was in politics, people read this book
called the art of the deal.

612
00:38:45,043 --> 00:38:45,473
Sure.

613
00:38:45,473 --> 00:38:50,443
And I'm wanting to say the guy's name because it's just so toxic now and how people
respond to just politics.

614
00:38:50,443 --> 00:38:58,047
But, um, he talks about his businesses started to suffer when he spent too much time in
Europe.

615
00:38:59,961 --> 00:39:00,162
Yeah.

616
00:39:00,162 --> 00:39:02,028
So talk about this autonomous.

617
00:39:02,028 --> 00:39:03,283
Am I, are we talking passive?

618
00:39:03,283 --> 00:39:04,797
What are we talking about here?

619
00:39:05,047 --> 00:39:05,327
Yeah.

620
00:39:05,327 --> 00:39:06,088
Yeah.

621
00:39:06,088 --> 00:39:06,798
Great question.

622
00:39:06,798 --> 00:39:11,871
So, so our partners, we still want them to be involved.

623
00:39:12,412 --> 00:39:14,274
A as much as they want to be, right?

624
00:39:14,274 --> 00:39:17,016
Because there's some people that just have that innate desire.

625
00:39:17,016 --> 00:39:18,226
need, I want to be involved.

626
00:39:18,226 --> 00:39:19,417
I want to be connected to it.

627
00:39:19,417 --> 00:39:26,112
So what we ask is at a minimum, they're there for the annual meetings and the annual
strategy meeting.

628
00:39:26,112 --> 00:39:27,643
That's a, you know, it's a two day event.

629
00:39:27,643 --> 00:39:33,325
You know, we spend a day and a half, uh, working on the strategy and then, you know, half
day doing something fun.

630
00:39:33,325 --> 00:39:35,676
And then the quarterly meetings are every 90 days.

631
00:39:35,676 --> 00:39:39,818
so we ask our partners to still be involved.

632
00:39:40,318 --> 00:39:51,863
However, what we're coming, what we're talking about here is when it makes, when it comes
to making strategic decisions, when it comes to how to really grow the company.

633
00:39:51,863 --> 00:39:58,766
Well, between Robert and myself, we have over 50 years of B2B, B2C experience.

634
00:39:58,766 --> 00:40:01,487
We know we've been through it.

635
00:40:01,487 --> 00:40:01,927
Right.

636
00:40:01,927 --> 00:40:03,407
We've made the mistakes already.

637
00:40:03,407 --> 00:40:05,447
We've already hired the wrong companies.

638
00:40:05,447 --> 00:40:07,347
We've already done all of that wrong.

639
00:40:07,347 --> 00:40:16,367
So we have now strategic companies that Robert and I are both owners of that we've been
able to help mold.

640
00:40:16,367 --> 00:40:17,827
One's an AI company.

641
00:40:17,827 --> 00:40:20,287
We have an AI software company that we're putting in all of our companies.

642
00:40:20,287 --> 00:40:20,967
It's phenomenal.

643
00:40:20,967 --> 00:40:26,067
We have a business operating system, like a project management, like a, like a Monday.

644
00:40:26,127 --> 00:40:27,127
We have another company.

645
00:40:27,127 --> 00:40:28,227
It's a marketing company.

646
00:40:28,227 --> 00:40:28,775
So.

647
00:40:29,621 --> 00:40:35,293
All of those things, instead of having to kind of reinvent the wheel, right?

648
00:40:35,293 --> 00:40:36,633
We've been there.

649
00:40:36,653 --> 00:40:40,694
And so we're heavily involved in every aspect of the business.

650
00:40:40,694 --> 00:40:43,925
So we have someone that runs the business on a day-to-day level, right?

651
00:40:43,925 --> 00:40:45,135
Just like you do.

652
00:40:45,296 --> 00:40:47,086
And then we oversee everything else.

653
00:40:47,086 --> 00:40:57,549
And as we grow and scale, just like any other company, we already have the infrastructure
in place to put other people in as we grow and scale to replace us.

654
00:40:57,689 --> 00:40:58,729
to make those decisions.

655
00:40:58,729 --> 00:41:02,460
And these are going to be people with X years of business experience.

656
00:41:02,460 --> 00:41:05,081
And so it's a very, very scalable event.

657
00:41:05,081 --> 00:41:15,995
So, number one, we have things in place to make sure that we have, like you, Mark, if you
take two weeks off, sometimes you could, too much of that in a row, you can start seeing

658
00:41:15,995 --> 00:41:16,525
an issue.

659
00:41:16,525 --> 00:41:23,181
um But also we invite our partners to be very involved in the direction of the business.

660
00:41:23,181 --> 00:41:23,491
Hmm.

661
00:41:23,491 --> 00:41:37,481
Um, what are you guys, I'm envisioning you talk about being a fly on the wall between you
and your partner about the true intentions of the business conversations, what you're

662
00:41:37,481 --> 00:41:40,193
trying to do, your purpose, your why.

663
00:41:42,447 --> 00:41:43,648
Where's that weigh in?

664
00:41:45,679 --> 00:41:47,580
Well, interesting question.

665
00:41:48,320 --> 00:41:51,181
My answer is probably not going to be what you'll expect.

666
00:41:51,181 --> 00:41:55,703
Robert and I are both uh religious and very spiritual.

667
00:41:56,723 --> 00:42:02,286
My purpose in life has absolutely nothing to do with what I'm doing right now.

668
00:42:02,286 --> 00:42:02,736
It does.

669
00:42:02,736 --> 00:42:07,388
It has nothing to do with mergers and acquisitions per se in business.

670
00:42:07,868 --> 00:42:15,851
My purpose in life is that this infrastructure, Elk Ridge Advisors, is going to create
absolute freedom.

671
00:42:16,043 --> 00:42:25,168
And it's going to allow the kind of the relation to it is it's going to empower and create
Christian and spiritual millionaires.

672
00:42:25,228 --> 00:42:26,508
That's my goal.

673
00:42:26,949 --> 00:42:30,851
Now then, how does that bridge into what the real purpose is?

674
00:42:30,851 --> 00:42:38,715
I know that my real purpose in life is to help elevate the consciousness of men and women
altogether.

675
00:42:38,916 --> 00:42:42,017
And so what does that really mean?

676
00:42:42,017 --> 00:42:45,487
That means driving as many people on this earth towards

677
00:42:45,487 --> 00:42:47,847
pure love that I can.

678
00:42:48,108 --> 00:42:51,749
And so this is the financial aspect of it.

679
00:42:51,749 --> 00:43:00,431
to, cause as you know, you've read enough books, you know that the wealth is not something
to be ashamed of.

680
00:43:00,431 --> 00:43:04,362
Creating true wealth is something to be very proud of because what does wealth give you?

681
00:43:04,362 --> 00:43:09,314
Wealth gives you the ability, resources to do amazing things in the world.

682
00:43:09,314 --> 00:43:13,095
And so the right people with wealth can do amazing things.

683
00:43:13,095 --> 00:43:14,427
So number one,

684
00:43:14,427 --> 00:43:15,909
I said it wasn't really connected.

685
00:43:15,909 --> 00:43:22,748
kind of is because it's going to bridge me and connect me to other people and I'm going to
help them become very wealthy.

686
00:43:22,748 --> 00:43:29,528
And these are very, very good people who all are aligned in that front that we want to do
really good things on this earth.

687
00:43:29,528 --> 00:43:32,661
And then, and it's also going to give me the freedom to do.

688
00:43:33,391 --> 00:43:37,883
Um, yeah, when I ask questions like that, you're right.

689
00:43:37,883 --> 00:43:39,975
It's always like, Hey, you're not going to have the answer.

690
00:43:39,975 --> 00:43:45,597
Isn't going to be expected, but I don't think, but I think that's the source of the
question is.

691
00:43:46,318 --> 00:43:50,320
Cause we all have these deep seated, what we feel is our purpose.

692
00:43:50,821 --> 00:44:00,386
And I think that letting that out more and being true to what that is for all of us, if
we're honest, you're going to attract your people and you're going to write.

693
00:44:00,386 --> 00:44:02,647
I think that's really important because.

694
00:44:02,871 --> 00:44:14,772
Sometimes what I found is like you could have the most altruistic purpose and reason in
the world and go out here and make a difference, but that might just not connect with

695
00:44:14,772 --> 00:44:15,132
someone.

696
00:44:15,132 --> 00:44:19,967
And if it doesn't, I think we should be honest and transparent to say, this is who I am.

697
00:44:19,967 --> 00:44:22,589
And this is what's going to show up as I'm leading these businesses.

698
00:44:22,589 --> 00:44:24,871
Know what, know what you're getting into.

699
00:44:24,871 --> 00:44:26,363
And this is what we're going to build.

700
00:44:26,363 --> 00:44:29,195
And so I think too often people are worried about

701
00:44:30,743 --> 00:44:35,659
not showing the world who they are because the people that don't want to be a part of it,
think that's the actual wrong approach.

702
00:44:35,863 --> 00:44:36,727
Hmm.

703
00:44:36,727 --> 00:44:38,061
Yeah, I love it.

704
00:44:38,061 --> 00:44:40,362
Well, because it's because it's not even a negative way.

705
00:44:40,362 --> 00:44:41,782
It's not that we're to be exposed.

706
00:44:41,782 --> 00:44:44,233
They're going to find out what we're all about anyway.

707
00:44:44,233 --> 00:44:44,753
Sure.

708
00:44:44,753 --> 00:44:45,003
Sure.

709
00:44:45,003 --> 00:44:45,203
Right.

710
00:44:45,203 --> 00:44:54,936
And so I think, don't be afraid of what you believe, what your purpose is, what you're
trying to accomplish, because there's enough people for all of us to follow and do our

711
00:44:54,936 --> 00:44:55,636
thing with us.

712
00:44:55,636 --> 00:45:04,968
em And, if, your purpose is aligned with helping them change their lives and wherever
that's founded for, you know, your, your Christian morals and your beliefs and what that

713
00:45:04,968 --> 00:45:05,608
purpose is.

714
00:45:05,608 --> 00:45:07,959
Listen, they're a massive.

715
00:45:07,959 --> 00:45:12,271
amount of people that you can help change your life that completely identify with that.

716
00:45:12,271 --> 00:45:14,171
And I couldn't agree more.

717
00:45:14,171 --> 00:45:14,651
100%.

718
00:45:14,651 --> 00:45:14,959
Yeah.

719
00:45:14,959 --> 00:45:19,733
And I don't think, and what's funny is like that doesn't have to be my purpose, right?

720
00:45:19,733 --> 00:45:20,444
It's funny.

721
00:45:20,444 --> 00:45:21,655
It doesn't have to be.

722
00:45:21,655 --> 00:45:30,232
And I think that being able to be in a room with people that can have conversations that
say that's unique and different.

723
00:45:30,232 --> 00:45:31,633
It's not really what I align with.

724
00:45:31,633 --> 00:45:38,749
However, go crush it and do it because if it's aligned with doing good and helping people,
I think that's what we're trying to do anyway.

725
00:45:40,783 --> 00:45:42,244
At least the good ones, you know?

726
00:45:42,244 --> 00:45:43,465
Yeah.

727
00:45:43,465 --> 00:45:45,286
And let the bad ones be exposed anyway.

728
00:45:45,286 --> 00:45:47,885
So, yeah, they will.

729
00:45:47,885 --> 00:45:48,348
They'll get it.

730
00:45:48,348 --> 00:45:51,240
And I think, um, I don't, I don't think that we need to be out here.

731
00:45:51,240 --> 00:45:54,512
I don't have anything to prove to anybody else that isn't trying to do something big with
us.

732
00:45:54,512 --> 00:45:56,874
So, um, what do you think?

733
00:45:56,874 --> 00:45:57,534
where's this in?

734
00:45:57,534 --> 00:46:00,176
So we're here at one o'clock, 11, 10 o'clock your time.

735
00:46:00,176 --> 00:46:00,887
We got to run.

736
00:46:00,887 --> 00:46:01,477
do too.

737
00:46:01,477 --> 00:46:05,270
Um, what do you think this is all worth?

738
00:46:05,270 --> 00:46:10,663
Like, I know you're the spirituality and you know, Christian that stuff matters to you.

739
00:46:10,863 --> 00:46:16,343
Is there anything beyond that at the end of our lives that really matters?

740
00:46:16,343 --> 00:46:22,943
And I'm, and I'm not trying to be all woo woo and stuff, but about this business, because
we spend all this time we're sitting here talking, we engage with entrepreneurs, we

741
00:46:22,943 --> 00:46:24,803
travel, you help build businesses.

742
00:46:24,983 --> 00:46:27,242
Are we doing it just because that's what we're supposed to be doing now?

743
00:46:27,242 --> 00:46:30,983
Or is there a bigger, is there a bigger purpose to this?

744
00:46:31,323 --> 00:46:34,403
Other than what you already talked about, about your beliefs.

745
00:46:35,523 --> 00:46:38,783
get, know, when we're 60 years old, when we're 70 years old, mean,

746
00:46:38,829 --> 00:46:39,739
Yeah.

747
00:46:40,040 --> 00:46:41,001
You know, it's interesting.

748
00:46:41,001 --> 00:46:49,460
I just had this conversation, uh, just the other day with my daughter is I've spent most
of my life, right.

749
00:46:49,460 --> 00:47:00,021
Chasing that dream, chasing that business, you know, why to change the generational
downwind of, of, for my children to do all the stuff that I talked about, right.

750
00:47:00,302 --> 00:47:02,093
But when the day is done.

751
00:47:03,737 --> 00:47:14,892
You know, it starts hitting you that it's all about the relationships, you know, the, the,
presence, the power of presence, you know, Eckhart Tolle type stuff, right?

752
00:47:14,892 --> 00:47:29,357
The, the, the power of being here and now, and just giving every situation, every
opportunity with every person, just giving pure love and, and attention to it and,

753
00:47:29,357 --> 00:47:31,198
fostering those relationships, man.

754
00:47:31,198 --> 00:47:33,569
When the day is done, that's all we have.

755
00:47:33,849 --> 00:47:34,759
How we have.

756
00:47:34,831 --> 00:47:35,491
Hmm.

757
00:47:35,491 --> 00:47:35,851
All right.

758
00:47:35,851 --> 00:47:36,611
That's good.

759
00:47:36,611 --> 00:47:40,431
We, um, I like, talked a little bit of philosophy, right?

760
00:47:40,431 --> 00:47:42,431
We talked business acquisitions.

761
00:47:42,431 --> 00:47:45,991
Um, I think, um, we talked about a guy named Greg Reed, right?

762
00:47:45,991 --> 00:47:47,171
We both connected with a little bit.

763
00:47:47,171 --> 00:47:49,211
He's been on in the past with secret knock.

764
00:47:49,211 --> 00:47:54,391
Um, and we talked about before the podcast that you're in San Diego and you laugh at all
of us that have bad weather.

765
00:47:54,391 --> 00:47:55,047
know.

766
00:47:55,065 --> 00:47:55,776
There you go.

767
00:47:55,776 --> 00:47:56,797
you go.

768
00:47:57,979 --> 00:47:59,652
Click out sailing in December, man.

769
00:47:59,652 --> 00:48:00,742
It's all good.

770
00:48:00,877 --> 00:48:01,419
There you go.

771
00:48:01,419 --> 00:48:06,528
See, you just keep on, you keep on dropping the needles in the doll, man.

772
00:48:06,528 --> 00:48:07,318
You're just torturing.

773
00:48:07,318 --> 00:48:09,012
that's an invitation mark.

774
00:48:09,345 --> 00:48:12,067
On the invitation to sale in December in the winter.

775
00:48:12,067 --> 00:48:13,339
All right.

776
00:48:13,339 --> 00:48:20,285
Um, Patrick Rogers, elk, elk ridge advisors, really and a strategy, helping people build
their businesses, change their lives.

777
00:48:20,285 --> 00:48:23,467
I'm assuming making impacts all around the communities that you touch.

778
00:48:24,153 --> 00:48:24,571
Love it, man.

779
00:48:24,571 --> 00:48:25,199
Thank you.

780
00:48:25,199 --> 00:48:25,575
All right, man.

781
00:48:25,575 --> 00:48:26,654
Thanks for being on.