How To Make $100M in 41 Minutes (KEYNOTE)

You are financially free the moment you think like this because you're set free to be able to think about abundance and service to the customer. That's when you are free. And the byproduct of that becomes that you build something of real value and you have financial freedom for life. But you have it the moment your mindset shifts. I don't like to toot my own horn, but I'm going to just for a second. The speech that you're about to watch got a standing ovation from a room of seven, eight and a few nine figure entrepreneurs. In fact, Rich Sheffrin, who has been one of my Internet marketing heroes for years, said it was the best talk that he's seen in 10 years in this industry. Thank you, Rich. That meant a lot to me. This is a keynote that I gave in front of a group of entrepreneurs and marketers, all of whom were fairly successful about growing your net worth by focusing on enterprise value rather than the small short term cash flow things that everybody in our industry talks about. If you focus on the high leverage that things that grow the value of your business rather than the short term things that grow your cash flow, you actually fix both of those things. So I hope you enjoy this keynote. Regardless of if you're starting on your journey or if you're already successful, this is going to help you get to where you want to go a lot faster. Enjoy. I grew up in Cleveland, Ohio, and my mom when I was a kid used to love to drive around the rich neighborhoods and she would look at the big houses. And when I was growing up in Cleveland, a big house was like a $300,000 house. And it was a big city in the 50s. And then the factories went out of business and everybody moved out of the city. And so you have all this old money and these big houses and this big infrastructure, but very low property values. And we were lower middle class. My dad was a teacher, my mom was a single mom or a full time mom until they separated. And my mom would love to just drive through Brunswick, Ohio, Broadview Heights, Ohio, where there are $300,000 houses, and she would say, don't you just want to knock on their door and figure out what they do for a living? And that always stuck with me. She would look at me and say, ryan, this is how the other half lives. And I was always obsessed, even as a kid, what the other half did, what did they do differently than us? Do you have a story like this as a kid? What wondering, what do they do differently? What do they know that I don't know. And I've always asked this question. And so of course, you learn to start a business or to separate your time from your income, and then you go one step further and you realize that rich people invest. And in my experience, entrepreneurs often start businesses because they come from lack or they want a different life. And we tend to get complacent or stuck at these certain checkpoints. And I've always asked the question, what do. What does the other half do? What do the people ahead of me do? And in 2006. 2006. 2006. Wow. In 2006, I started my first ClickBank affiliate site. And I learned a skill set, and I learned search engine optimization, and I learned that first piece of the puzzle separating your time from your income. I tried to invest that money. I was 19 years old. I did not invest it well. And later I took that skill set and I applied to what I would call a real business where I sold real stuff. And four years after starting a business like that, it was a supplement company called Sheer Strength Labs. We ran it for four years. Started with $600. So that sold that to a private equity group four years later for $15 million. Five years from there, earlier this year, about three months ago, I bought that from the private equity group back for $400,000.

So what I learned through this process is that the things that the other half do in our industry are not so mysterious. They're not so. They're not better than us, at least in this case. They very clearly destroyed my business, which was doing $3 million in EBITDA, sold it at a 5x multiple, and then within a few years, it was doing nearly zero. But they used a playbook that I found very interesting. They just used different tools, they had different mindsets, they had different approaches. And so I paid attention here, just like when I was a kid, going, okay, what does the other half do that's different? Because as it turns out, entrepreneurs are actually good at this, and some private equity groups not so good at this. So what if we could take some of their playbook and sprinkle it into what we're doing and elevate the way that we're playing a game. And so that's what I want to share with you today. And using some of these frameworks and mindsets, I hope that it allows you to play a bigger game and what we do it without starting another project, another side thing, or giving up the primary business that you have. In my experience, there's three Types of money. There's cash flow. We're all familiar with what this is. It's profit you can spend. If you don't know what this is, you are in the wrong room. We will not be doing Cash Flow 101 today at the One Hotel. That presentation will be given at the La Quinta Inn down the street.

There's cash flow and then there's wealth. The wealth is the total net worth from your investments. Most entrepreneurs are obsessively focused on cash flow. That's great.

Most of them stop the conversation. There's in the dick measuring contest. That is most masterminds. That is what people are measuring on.

If you're good, you think about wealth. You think about growing your total net worth. You think about investing. You're getting really excited. When everybody's talking about a recession. You're getting ready to buy up everything. You're thinking about 30 year plans, 50 year plans. The cash flow is a way for you to invest for long term wealth.

But the third is enterprise value. That's the value of your business equity. That's what somebody might be willing to pay for your business.

When we talk about.

Elon Musk being worth $200 billion, most of you know he doesn't have that in the bank. That is the value of his companies. That is his enterprise value. That's his net worth. Mark Zuckerberg has lost over $100 billion in the last 18 months. Why? Because Meta stock has gone way down. I think it's way undervalued. That's why he's lost $100 billion. He's okay. He's going to be okay. If you guys are worried about Zucks, he's going to be fine. Because all that changed was the paper value of his net worth. This is why by the way, there will never be a wealth tax. This ridiculous idea that Elizabeth Warren wants to pass about taxing your taxing. No, they can't do it because it's all paper. It's a talking point. It will never happen. We can stop worrying about.

Would be a tax. On paper it doesn't exist. But the enterprise value is really where the richest and wealthiest people put their focus. Most of us, most entrepreneurs only optimize for cash flow. But the more you can focus on enterprise value, the wealthier you will become. And it's really just a shift in mindset. It's a shift in what you prioritize.

So I like to think about it in reverse order. Most people will focus on cash flow, invest the profits and then later, once I'm financially free, I'll build the business that I actually want. That's how most entrepreneurs think. That's better than most. That's good. But if we reverse the order and we think about building a business with enterprise value, and then we invest those profits from either the business or from exiting the business or doing something else that we'll talk about today. If we do those two things and we invest for wealth and for passive income, well, then we'll never have to worry about cash flow ever again. So we can just reverse the priorities and get to where we want to go a lot faster. Haven't you noticed that when you prioritize the things that matter in the long term, we just end up getting better results? But we think, well, just for a while, I'll focus on the short term, and then the long term never comes. So we reverse the order and we focus on building a business with enterprise value, invest those profits, and then we never have to worry about cash flow ever again. So what I do is I help entrepreneurs build compelling brands, get them to 100 sales a day, and then have a multi million dollar exit. So we reverse the order, we prioritize building something that you can sell, and then we have a multimillion dollar exit. This is a clip from a coaching call that I did two weeks ago just for time. I'm not going to show this clip, but basically there's a conversation between two of my students on a call, and they said that the coach, Chad, just invested in Jonas's company. So he is an equity owner and an equity mentor in one of my other students companies. Which is. Which is fun because the full story is that Chad, this guy in the middle, started a business when he joined our community, sold it. He didn't want to be Jeff Bezos. He wanted a quick flip. So within two years, he sold a business for about 2 million bucks, invested the money for passive income, and then he invested in our fund. And our fund invests in the next generation of students coming from our community. And so it was this beautiful moment of just showing. I didn't know it was happening. They just made this announcement. I was like, that's so cool. Because it's exactly what we aimed to build@capitalism.com was that we usher in the next generation. We mentor them, they have an exit, they invest that. They invest it in a lot of people that are the next generation. And so this is our incubator model in which we're fostering these relationships and these exits. And it was a Beautiful highlight of what I do. I mentor these students to have an exit and then they invest and sometimes they invest in the next generation, the next crop of students. I just talked to Chad. Yeah, yeah, yeah, yeah. Okay, so let's talk a little bit about. Since we talk about enterprise value, let's talk a little bit about where we are in the trend of the marketplace. Three trends to any cycle. There is the build period or the boom period where idiots get rich. Everything is new, people are entering the marketplace. Everything is growing. Then we have the consolidation period. And the consolidation period is where winners emerge and the winners start buying up the smaller fish and then we have the bust. People are over leveraged. There's cracks in the armor. People are, the companies that are winning are getting bloated and as a result they get less efficient and they bust. Can anyone guess what cycle we're in right now?

This is not a trick question. Yes, we are in bust right now. We've actually been in bust for some time. Bust happened shortly after Covid. That's when it started. We just were drunk on Federal Reserve.

And since we were drunk on Federal Reserve, we just kept the consolidation going for a little bit. But the bust is here. There's no recession coming. We're in it. We're in an asset price recession. That means that we aren't going to have a huge productivity bust. We're in an asset price recession. Always in every downturn, the most speculative assets go first. Crypto is down 75 to 80%. That is a full retracement. Then you have more speculative investments. That is things like tech stocks. Tech stocks are down a full 70 to 80%. Then you have more conservative assets like dividend paying stock. Some of them are down 30 to 40%. Then you have the most conservative, which is real estate, which is just starting, just starting to come down. We're in it Like Amber, you said yesterday, I've never been an entrepreneur in a recession. Yes, you have right now. Right. So right now, in my opinion is a really great time to start planning for the next build. This is not the time to be selling your business unless you have a very strategic buyer. Right now is the time to start collecting assets for the next build. And so where we are is that everything's going on sale. Ad costs are going to come down, there's going to be fewer competitors, there's less cheap debt. Facebook has lower stock prices and so the ad prices are going to come down. Influencers really cheap right now. They have fewer opportunities, they have fewer sponsors, fewer Appearances. So they're looking for new opportunities. Market share is up for grabs because people are going out of business and people, most importantly, talent is going to become available again. This hiring craze will slow down and we will have talent, very talented people entering the marketplace. So this means that we're in a really good time to start placing the chess pieces for the next build. And that's actually what we need to be thinking about. Not how do we shield against a recession. That's the wrong question. It's how do I pounce when everybody else is bouncing? How do I strike while everybody else is running? That's the question much more interesting and a much more helpful question to ask than how do we brace for the coming doom? No, how do we build during that time when everybody else is afraid and we put ourselves in a position to build real enterprise value? That's the question to ask. Now, if you are, how many of you are info product entrepreneurs, you do content, you sell courses, coaching, any of that, great. So if that's you, then I think the most predictable and sellable business to build enterprise value is to attach a physical products brand to that. And if you have a physical products brand, we'll go through some things that you can tweak or do in order to build more enterprise value so that you have a more sellable business and you can have an eight figure exit. And again, we'll do it without compromising the existing business and we'll do it without taking away your primary cash flow. Now the first step that I walk people through, like the big aha that I tell people, especially new entrepreneurs, is that if you have a brand that does 100 sales a day, that's $100,000 a month, they believe me more when I say 100 sales a day. For some reason, I say 100k a month. 100 sales a day, I can do that. It's the same number.

So 100 sales a day. Here's the big thing. With a clear and unique customer avatar, you have 100 sales a day of a clear customer. That's a sellable business. That's our checkpoint. That's the first step. Now we have built enterprise value. Now we can build to scale that we can add in and do all of the things that we love to do. But this is the checkpoint. This is the first thing. You want to build enterprise value, you want to build a business you can sell, then what we need is 100 sales a day with a very clear customer avatar. Now this is a math formula that I Put in a presentation eight years ago and every time I say it, people are like, amazing. Amazing. 100 sales a day is four products at 25 sales a day. At a $30 price point, that's $3,000 a day, $90,000 a month, $1.1 million. Rich Sheffrin, why are you giggling like a little girl?

He's like, numbers. Oh, my goodness. Data.

100 sales a day, $30, $3,000 a day. It's all it takes. It's all it takes to have a million dollar business that you can sell. And of course we're going to build upon this. Of course we're going to scale this to 10 million. Of course we're going to do that. But this is the formula for building, growing, or attaching a sellable part of your business to whatever it is that you are already doing. The way that I do this is I put entrepreneurs through what I call the owner's model. Now, the owner's model is bringing together three pieces that create a sellable brand. Those three pieces are product, audience and sales channels. Most people who call themselves entrepreneurs are actually just experts at one of these three pieces. They're an audience leader, they're great at sales, or they're a product person. Very rarely is someone more than one of these. This is where you build teams and create partnerships. So most of us get our foot in the door as entrepreneurs by becoming good at one of these. For example, I work with a lot of Amazon entrepreneurs, Amazon based entrepreneurs, and I tell them, if you have an Amazon business, you do not have a real business. You are a sales channel manager. That's it. And, and when your business goes under, you will be hired by another brand. Who needs a great Amazon sales manager if you want to build a sellable brand. We attach excellent product, an audience to the formula. And now we have what I call the owner's model. The reason why I call it the owner's model is something that I learned from an acquaintance of mine. His name is Brian Lee. Brian Lee was the founder of LegalZoom. He was also the founder of Shoedazzle. He was a founder of Art of Sport with late Kobe Bryant. He was the founder of the Honest Company. He was the first investor in Honey, the app that was bought by PayPal. He has $4 billion companies on his resume and he's the most humble man. He's been on my podcast a few times. He's been on our stage and what I noticed about him is that his entire business model is that he just brings together these pieces. And then he's like, call me when you need me.

He's not like up late worrying. He just brings in the pieces and is like, I'm here if you need me. And that's how he creates regular, multimillion dollar, and even billion dollar companies.

So we look at the owner's model. The product is creating four great products for a specific type of person, getting them to minimum 25 sales a day. To have 100 sales a day. The audience is email list, Instagram following high traffic blogs, influencers that you partner with. And of course, sales channel is wherever you're optimizing to get customers. Now, this is the secret, if you will. I create partnerships with each category, so I'm simply the owner. And you can do this in your business. If you want to create a new division or a sellable piece of the business that has enterprise value, we simply need to bring in the partnerships for product, for audience, and for sales channel, and then make sure that it's properly capitalized, has enough funding to be able to do its thing. And that's how you start a business or a new division of the company from scratch that has enterprise value that can be sold without monopolizing your time. It is moving from being an entrepreneur who is good at a certain skill set to into being more of an owner, the owner of the business rather than the operating founder.

Now, I love building relationships for each piece of these because it allows every person to stay in their lane, to stay in their zone. So, for example, a lot of the entrepreneurs that I work with think about, how do I, how do I get, how do I get influencers to talk about me?

Have you offered them equity? Oh, I don't want to give up a piece of my baby. You don't want to give up a piece of your baby for somebody who could put you on the map. Do you think that on it on its founder, Aubrey Marcus cared that Joe Rogan wanted 30% of the company when he started? No. That's why they were able to sell for $300 million, because that gave them the spark. So when the entrepreneur stays in their lane, they put the audience kind of on a pedestal. But if you talk to the audience leaders, the influencers, they're like equity in a company. That's so cool. And so every person, when I bring together partnerships, is able to stay in their lane and contribute the most value. So when we're thinking about enterprise value, we're thinking about how we bring in those three relationships to raise that value, not just what makes the most money in the short term or controlling as much of the pie as possible. Because our goal is to exit. Our goal is to build the most valuable company and the biggest pie possible. That's the focus. So I started a business with $600 and I sold it for 15 million. That's pretty good. That's a good ROI.

You know what my biggest regret is? That I didn't put in more than $600.

When you can create that much ROI. I didn't know, right. I was building what I thought was a cash flow business. I was still learning. I was 26, 27 years old. I had a three month old. I'm thinking about cash flow. I didn't know that I was going to sell it for eight figures. I didn't know what a private equity group was. That there were mysterious people. The greedy 1%. More than 99%. Those greedy entrepreneurs.

Actually, my mentoring program@capitalism.com is called the 1%. It's just giving the finger.

So 600 to 15 million is a great ROI. But if I had known what I know now, I would have done things a little bit differently. I would have started knowing, like, if I had known that I could build something to sell, I would have been way more aggressive at the beginning, doing the things that I knew would build enterprise value. So let's just play with numbers for a second. If at the beginning of a business you raise $250,000 at a $2.5 million valuation, which would be fairly common for a startup run by an entrepreneur who has any successful track record at all, how much equity value have you created?

Very good. You've been hanging out with Rich Sheffrin. You know, numbers. Here come the two Jewish sides. Yeah.

Insert Kanye west joke here. Okay, please don't.

Two point. Yeah, you would create $2.25 million.

On paper. It just exists. And by the way, this is how the big players play. Oh yeah, I now have a company worth two and a half million dollars. By the way, don't ever believe the publications that say what things sell for or are valued at. My best friend in the world sold a company for a whack ton of money. And they were at, they were at the closing table and they asked him, they said, oh, by the way, what do you want the press release to say that you sold the company for? He's like, what? What do you want us to say in the press release? We can make the numbers whatever you want. What do you mean you can make the numbers whatever you want? I mean, we could say that there's an option to buy more shares in six years at a billion dollar valuation. And so we could run the press release that say, up to a billion dollar transaction.

No, it's all paper. It's all paper and headlines. It's 2022. Do you still believe headlines? Right. So you've created $2.25 million on paper in equity value with this valuation. But let's change it. What if we bring in an influencer? We bring in an influencer, we give them 10%, which most people would say, I never give up 10% of my baby. We give them 10% at the beginning, and they have a million followers. Would it be reasonable to say, okay, I have a track record and I've now partnered with an influencer who has a million followers, and they're gonna share it publicly and we're gonna build the company around them. Would it be reasonable that we could now value the company at $5 million? Okay, well, how much value have we created now?

More is the answer. Okay, so let's take it one step further. If then we go recruit a CEO from a competitor who's built a similar business or brand, and we say, how much equity did you get from your last company when it sold? And they say, zero. You say, well, would you like 10% of this new one? We have this partnership with this influencer, and we're raising capital right now. We put them on the board. Now we raise our valuation to $10 million, which, again, very common when you bring in these pieces. An entrepreneur with a track record, a CEO who comes from a competitor in the space, and an influencer on board to spread the word. We now value the company at $10 million. How much equity value have we created? Well, in this way, we now own 70% of a $10 million company, which means that we have $7 million in equity value, plus we've sold 10% of the company to $10 million valuation, which means we have a million dollars in cash in order to build out the operations of the business. Raise your hand if this makes sense. Awesome. Now, when we do this, doesn't it make sense that we might be able to build and scale the business a little bit faster? Doesn't it make sense that we could build something that we could exit a lot faster? Doesn't it make sense that we could stay in the owner's seat without taking 3am calls with manufacturers and suppliers? Because that's been delegated to the CEO who is now building the team, and we're working with the Influencer who is talking about the product line that we've created this in this fun like this, this is capitalism, which is different from entrepreneurship. This is the next level. This is thinking like an owner, thinking strategically. This is building strategic profits.

I got you.

Now, one of the undervalued or overlooked drivers of valuation is the customer that you target.

New entrepreneurs obsess over what they're going to sell and how they're going to sell it. Brands obsess over what people they attract because people buy products.

I was talking with a CBD brand yesterday and they were talking about, you know, we want to grow this thing, you know, low seven figures, want to grow this thing so we can exit. And I said, the first thing that you need to do is stop calling yourself a CBD brand. Because if you're a CBD brand, then you're marketing yourself along with every other CBD brands who is the customer you're attracting. And CBD can be one of the products, one of the ingredients in the product line while you relentlessly serve this person.

Most entrepreneurs, when they're focused on product or how to sell it, they're writing sales letters about cbd. They're not building brands. And so when you're thinking about product, talking about, oh, this features, it's great and it tincture and new Malaysian herb, cures body fat.

Rather than actually acquiring the person, acquiring the customer that will buy from them over and over and over again. But that's how you build enterprise value. Now, if you are a blogger, an influencer, if you have an audience, oftentimes I was on a podcast with Mike Dillard and Mike Dillard was saying, well, I mean, I have an audience, I have a following, but I can't think of a product that would sell to my entire audience except for like shirts and apparel. And I said, you're thinking about it wrong. Instead of thinking about what would attract the entire audience, you need to think about what attracts 5% or 2%, what would create raving fans out of that group. Because remember, we only need 25 people a day to have a million dollar business, which is a sellable business. 25 people a day who buy four things or 100 a day if you've got one thing to sell. And so what would be the thing that would really attract raving fans from a small group? And he started telling me about, well, he had toxic mold and how he.

Whatever you health people do to get rid of toxic mold. And he's like, I don't know anybody that summoned. I'm like, now we have a brand. But this wouldn't be a fit for 95% of my audience. Great. The 5% that do will be your raving fans who will leave reviews, who will share your posts, who will convert, who will buy everything. And that's all we need to have in order to have a multi million dollar business. Doesn't take that many people. We talked about how focusing on people is an overlooked way of building enterprise value. Why does Dollar Shave Club sell for a billion dollars to Gillette?

They're both razors. It was Unilever, not Someone corrected me. Thank you. Thanks, Kevin. Kevin. Nascent is at an event.

Why do they sell for a billion dollars? They were buying the customer base. They were buying the customers. So the people that you attract is the overlooked value. And the easiest way to build that enterprise value over the long term is to focus on customers who are at the beginning of a new journey, starting something new. When I became a father, I started buying things that I didn't know I needed.

A lot of things that I didn't know that I needed, and I'm pretty sure I still don't need. And one of them was strollers. I didn't pay any attention to strollers before I had kids. That was an annoying thing that the breeders pushed up the handicap wrap when they were going into the restaurant. But now that I'm a dad and I buy strollers, I'm like, wow, the turning radius on that thing is amazing. Yours holds two.

And yours is really easy to fold up. I always get my finger cut when I'm trying to put things. And. And so I bought strollers and diaper packs and new bags and breathable mattresses and all kinds of new things. And it became apparent and I bought new brands. This is the transition point. But you can only think about this when you're focusing on people rather than product. But when you're looking at people who are at the beginning of a new journey, that's when they are most open to buying from new brands and. And most open to sales messages. This is when they're weighing benefits and features and all of this. So most of us are comparing ourselves on product. I look at people we can acquire, especially at the beginning of a new journey. You're familiar with the hero's journey. You're familiar with this idea of the hero's journey in your business. Who is the hero? Your customer. Thank you, Rich Sheffrin.

And who are you in the hero's journey? You're the mentor. You're the Guide. Where are your products?

Most people write their sales letters like they're the hero in the story.

But your products are designed to help them overcome the challenges that they will face. Your products are designed to to help the hero overcome their challenges on their journey. What makes them the hero in the story? What makes it easier for them to have the transformation that they are on? When you think like this, you're able to launch products to the audience that builds equity value, not just cash flow. Because now you are speaking in a way that attracts the long term customer base and people who will follow you and speak about you in a way that sounds like a brand, not a product. And when you start communicating in that way, you build equity value, you build enterprise value.

Here's some examples. Dave Asprey sells coffee to biohackers. If Dave wanted to be a coffee company, his second product would have been a dark roast. But it wasn't. It was MCT oil and then Bulletproof vibes and then sun your butthole supplements and then all kinds of stuff. And they'll buy anything because he's marketing to a specific person.

Primal Kitchen. They sold condiments, ketchup, mustard, barbecue sauce. Now they're delicious. But they don't have a $200 million exit to Heinz after four years unless he's marketing to a specific person. A hungry, raving crowd. That was the Paleo Diet. Alex Jones.

He has a raving fan base.

He sells supplements.

To conspiracy theorists.

He has an audience. Thankfully, he doesn't have any enterprise value anymore.

But he did at one time. Black Rifle Coffee is a great example because they literally sell coffee. It's just coffee for gun owning Republicans.

I mean, their literal message is, don't give your money to Starbucks. They're liberal. We shoot guns.

Buy our coffee.

No one has ever said, I love the rich, bold flavor of Black Rifle Coffee.

You're laughing, but you realize this.

I mean, it used to be the best part of waking up was folders in your cup. Now it's, they shoot guns. I want their coffee. This is how brands are built.

Danette May sells chocolate to women in transformation. Cacao Bliss is a great product, but it wouldn't have the following that it has if she wasn't selling to a very specific person.

And talking about it in a way that highlighted the transformation that the hero, the customer was on. So when you start communicating in this way, you build raving fans. You have higher price points, you have higher conversions, but most importantly, you build enterprise value. Have you guys seen this ad? Jeremy's razors. So we were this close. The Daily Wire and I were this close to having a deal with capitalism.com before COVID they went in this direction, much to their credit. They were an eight figure recurring business. The weekend of launch, they didn't even have product. It was pre sales and they had over $10 million in recurring revenue from pre launch. Because they spoke to a person, they had an audience and they launched product. So let's put this into a plan. You don't need to have a new product. You need a specific person to target. Gillette, Dollar Shave Club, Harry's, Jeremy's. They all sell razors, but they have different audiences. Your core product is around what your core person wants to buy, not what your competitors sell. And when you partner with influencers, you now have relationships that target a specific person and your advertising speaks to them directly rather than your product.

When you go to sell your business and have an exit, this would have made me millions of dollars more. Please show up with a term sheet. Tell your buyer this is what I would like to sell my company for. Here are my terms. When people go to sell, they think that the person with the money gets to dictate the terms. But you're the hot girl at the dance. You have the asset. Revenue and profit are just one metric. You can value the business on whatever you want. So show up with your own terms. You'll get the lowest multiple from aggregators and equity groups. You'll get the highest value, the highest multiple from competitors. Now you don't have to sell your business. There's one other option. If you want to have an eight figure exit, the buyer is going to use debt to fund the transaction. You could just take the debt yourself and put it in your pocket. Just like you do in home equity line of credit on your house. You can borrow against your business. All the phones went up on that one. That's great. You can borrow against your business, use the profits to service the debt.

Take a picture of this. It's the step by step formula.

Because the thing to take away from this is when you actually build something of value.

You partner with product, audience capital. You now have a business you can sell.

You're now in the owner's seat to be able to grow something of actual value where you can invest the profits or you can just borrow against the business. Put in your pocket, let it service the debt and then you never need to worry about cash flow ever again. It's at that point, it's actually not at. It's people think when they have an exit, that's when they're financially free. You are financially free the moment you think like this. You are financially free to build something of actual contribution and value because you're set free to be able to think about abundance and service to the customer. That's when you are free and the byproduct of that becomes that you build something of real value.

And you have financial freedom for life. But you have it the moment your mindset shifts. We are entrepreneurs. We are the most powerful people in the world to influence change to impact customers. But as long as you are thinking about what you can extract from the cash flow process, you will limit yourself and hold yourself back from actually creating the change that you want. So when you think like that, this shifts and you are able to create the change that you want to see in this world. And that is our job. Thank you so much for having me. Thank you Amber. Thank you everyone for setting up a wonderful event.