Getting Your Time Back While Growing Profits

How does what you're going to talk.

About here differ, Relate to.

Because there was a lot of things about buying companies which you've been doing a lot. We've been doing a lot. Like, how does this kind of thing tie into that? Just to connect some of that.

I feel like this is a kind of an evolution of that. So the other stuff is focused on acquiring. And how do you not. And it's not no money down. I don't like no money down because it's really hard to get a deal. No money down. But that's worth a crap. But you can do no money out of pocket.

$88 million deals being no money out of pocket.

No money out of pocket. So you can get. The key is that very often you're exchanging a significant amount of money, but you're not having to come out of your own pocket for it. So that's an important distinction because it takes you out of the biz op.

And into actual deals, into real business stuff.

So this is more. I mean, it's a little hard to explain, so maybe you guys can help me explain the difference. But. But it is the evolution of that, and it's something I've been doing for about 18 months now. And so I'm going to share with you kind of what it's done for me, and I think it can do it for you because I've watched, literally we have hundreds of people now who have sent us info saying how they've acquired companies with no money out of pocket. And. And it's really, really cool. And they're real businesses. Like, they're not crappy little businesses. It's not turnaround. It's actual profitable businesses. So any of you that haven't gone through that or aren't doing that, you're really missing out.

And we have some stuff available for War Room members.

Right.

Like, it's in your thing. So let us. If you don't know that, let Deanna know. Let us know you.

You have it.

So.

All right. Clap for Roland, everybody.

Yeah.

This is really awkward. Yeah.

How much more successful would you be if you had lunch once a week with insanely successful entrepreneurs who share their biggest secrets on how they think and achieve success? Grab your seat at the table because this is business lunch with Roland Frazier and Ryan Deiss.

Yeah. So I just kind of want to share with you. I don't have any slides for it. I only have notes because it's just. I'm just trying to put together the thoughts on how to explain it. So any Clarity that you want. Feel free to ask me questions, any thoughts or insights that you have. I definitely appreciate them. So over the last 18 months, I have kind of changed the way I look at consulting and how I look at people who say, can I pick your brain? And the reason that it changed is because it's been really profitable. So over the last 18 months on the side, I've used this. It's been an extra, extra 35 million in equity in deals. That is real value. And it's been a little over a million, five, fifty in cash on the side. Not doing anything different than I did before, except having a whole lot more time. And. And I really, really. I think it's been a. A big quality of life enhancer. So prior to this, this was actually when I was. I was starting to think about this at the Park City War Room back in. I guess it was 2019, seems like forever ago. And I was looking at my goals for 2020 and trying to say, how am I gonna do what I wanna do for 2020 when I don't have any time? And so to me, it was kind of like, how can I be more productive and where is my time going? So I started just kind of looking back on my calendar and the stuff I was doing and all that. And what I found was that I was answering a whole lot of questions from people who were asking me, can I pick your brain? Has anybody ever asked you in the last 90 days, raise your hand if somebody said, can I pick your brain in the last 90 days? Okay, the ones that didn't raise your hand, don't talk to them because they obviously have nothing to say. Now that's. So that's something I used to hate. And I would joke with my friends and my wife and I say, you know, yeah, I mean, I hate it when people ask, can they pick my brain? It sounds very painful and should probably be illegal. And yet people do all the time. And then the other versions of that are, do you get asked for consulting? Do you get asked to hop on a call? Do people say, can I give you equity in my company or will you invest in my company? Do people say, will you go to lunch? Can I buy you a coffee? All of those things to me, and the other one was the dead on one was, do you do coaching or consulting? And I always said, no. And I always just said, let me help you with the time that I've got available. But what I found was then I was sacrificing the ability to do really meaningful things because I was helping people for free who, most of whom didn't take the advice. They didn't do anything because they didn't have any skin in the game, they hadn't invested. So I just said, okay, here's what I'm going to do going forward. And I decided this at War Room and in Park City and I said, I'm going to start responding with a standard reply to everybody that asks that and I'm going to tell them basically this. And so I have a text replacement in my phone now, so I can just go into any message anywhere and I hit the text replacement and it says thanks first name. I would love the opportunity to work together with you to help you with that. The way I do that is with a half day, up to 4 hour consultation with most clients. Start with a 2 hour initial meeting where we can address all your most pressing issues and create an action plan for working through and resolving them. Then have two to four follow up meetings of 30 to 60 minutes each where we can adjust the strategy and actions as needed. The investment is $25,000 and after our initial meeting we can decide if it makes sense to work together further. Let me know if this sounds like a fit and I'll send you the one page agreement and wiring instructions and if not, no worries. So here's the deal. I didn't want people to get mad at me and say he's a greedy bastard. I mean, not that that's not a compliment, but I didn't want people to get mad at me because I wasn't doing that. I just said, look, here's the deal, I don't have a lot of time. And so I prioritize people who want to consult and they actually get more out of it because they're investing in themselves. So my reply that's evolved from haphazard to just being a text replacement. So hit a couple of things and then reply to everyone on social email everywhere that asks me for that kind of stuff. Well, at War Room I did that for the first time and I, I picked a number out of thin air. It was $18,000 until January of 2020 that I charged and then I raised it because I had too many people. And it, I was getting ready to go on and do a talk just like this and I sent off some, some guy from Australia sent me a thing and said, you know, hey, do you do consulting or can I buy an hour of your time? And so for the first time ever, I was like, yes, the way I do that, blah, blah, blah, Blah. Figured I'd never hear from him again. Went, did my talk, got off, checked messages, awesome. Here's my email. Send the agreement and I'll send the wire. Okay. I assume he's full of shit. So I sent the agreement and went and did another talk and came back and he sent me a picture of the wire confirmation. I was like, well, that's really cool. That's $18,000 I would not have had and I would normally do this for free anyway. So I'm changing this. But the other thing I know is that he's actually going to do something because there's no way he's going to pay $18,000 and not take the advice. So I raised it to 25. I did 42 of them in 2020 and I've done 23 of them, I think, this year so far. It's not that I want to be a consultant, nor do I recommend that you be a consultant, because to me it's dollars for hours. No matter how high the hourly rate you're getting is, do it. If you have a purpose, if there's something that this is gonna lead to beyond just let's meet and talk. For me, it's, I want equity in deals. And so I think it's a. Interesting way to go about doing this. Like I said, the money, it was good. The other two cool things is somebody from Stanford called me and asked if I would be willing to consult with them on one of the projects that they were doing with the university. And I ended up doing that. And we talked and I got appointed to the advisory board for global projects for Stanford University. Then I got appointed to a steering committee for a family office project they're doing right now. So now I have, I'm on the Stanford website now. So that's good credibility for me. And I got introduced to a guy named Michael Loeb. Michael is a billionaire dude that owns the house that's in the series billions that Axe has, if you're familiar with that series at all. So I have a call with him. He found out about this, this model of kind of having a no raise private equity fund, which I'll explain in a little bit more detail. And had somebody call me up and said he wanted to talk to me today about how he can work with me in his business to do that. So, like, this is really cool for an elevation into credibility with other organizations, institutions like Stanford or how higher level people, because he said, I'm investing 3 to 5 million dollars on average into deals. And most of them don't work out. If I could figure out how not to have to do that, then that'd be a really big thing for me. And obviously he's doing pretty well. So this all fits into a few things that I talk about, the short and the long, because this is something that you can do now that will allow you to have income today and, and also be working towards equity for the long run. Because the equity that I've got, I probably won't realize cash from it for a few years, but that's very typical. Right. But I've also got the consulting income up front. So it also goes. It's the short and the long, the income versus wealth. It's escaping from dancing bearism. Right. So you're not trading your dollars for hours. And it also goes to another concept that I'm really big on called Barbell investing, which I think the first place I saw it was maybe Antifragile, which is a great book that everybody should read. But the idea behind Barbell investing is, is that on one end of the spectrum that you're not doing anything in the middle, basically, that on one end of the spectrum there's conservative investments that you can make and that's really where you should have most of your cash. But the concept is not 90% basically of your wealth in conservative stuff. Because the biggest common thing that costs people wealth is loss. So if you can avoid loss and have capital preservation, that's good. But then how do you ever make a bunch of money? Well, on the farther end of the spectrum, on the far right of the Barbell, you invest 10% of your assets, whatever that might be, which includes your time and your effort into things that are small bets that have huge upside. So. So to me, that's where I am. I have a ton of money in cash. So a typical investment advisor, not Jim, would say, that's idiotic, you're stupid. I have it in cash because then I can take advantage of opportunities that are the once in a lifetime opportunity that come about two or three times a year. I find on average that need cash. And then I've got other conservative investments there like real estate and such. But on the other end, I've got all these equity deals in companies. So if when you start thinking about doing things this way and you think about, well, I can actually be my own private equity fund, I can be my own private equity fund if I think about what do I have that is a non cash asset that might be valuable to somebody else. And so I'll talk About some of those in a little bit. The other possible solutions, right? That if you don't like the idea of consulting and you just want to get back your time, just ask people to follow up in the future. And 99% of them will not. I tell everybody that wants to interview me for a podcast or hop on a call or anything when I have extra time, I say, look, I'm fully committed right now. So right now I'm telling people, talk to me in November. Almost nobody does. Almost nobody does. So, like, you can be a good human being without offending anybody just by asking people to follow up with you because most of them aren't going to do it. You can do what Greg Reed does. Greg I spoke at a little thing at his house a couple days ago and he said it was funny because we were talking about this and he pulled out this big cardboard shield that had a purple crayon drawn giant squid on it. And I'm like, what the heck is that? And he said, well, you know, a lot of people ask me to meet with them, but I won't do it unless they have some skin in the game. So I asked them to draw a giant shield with a purple squid drawn in crayon on it. This is really awesome. That's so random. And he had like, you know, it was like whatever he happens to think of at the time. So he had a bunch of other things too. So you can do that as well. But my point is, is that if they don't have skin in the game, the skin in the game can be as if you're. If you don't want to charge money or don't feel comfortable consulting, just tell everybody that asks for your help to follow up with you two months later. Because most of them won't. That means those people aren't serious to me, right? Or have them draw purple squid. That's good too. Lot of effort or pay you money because you're worth it and you're wasting a lot of your time if you don't have some filter to get. Just the people who are serious.

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