What It’s Like to Sell Your Business With Andrew Gazdecki

Name: What It’s Like to Sell Your Business With Andrew Gazdecki
Uploaded: 2021-07-30T13:00:33+00:00
Duration: 1 min 1 s
Channel: Sam Parr
Description: In this interview excerpt, Andrew Gazdecki recounts the immediate aftermath of selling his company at age 29. He describes the surreal feeling of a…

30 Jul 2021 · 1 min

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In this interview excerpt, Andrew Gazdecki recounts the immediate aftermath of selling his company at age 29. He describes the surreal feeling of a massive cash deposit hitting his account, questioning its legality, and the contrast with his poor upbringing. His first actions were to hire a wealth manager, move the money into bonds despite not understanding them, and obsessively check his bank balance, even withdrawing a $20 bill just to see the account. The conversation shifts to a similar anecdote from James Hong, who also repeatedly checked his ATM balance for a week after a big payout, highlighting the psychological need to verify the reality of sudden wealth.

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I'm like 29 when I sold the business. So when you go through an acquisition, you have a closing date and then all of a sudden this gigantic amount of money just hits your bank account and you're like, what the fuck did I just do? Is this legal? Like, did I just sell drugs? Some people think you just celebrate and you're like, I made it. Yeah. So I was like the opposite. I grew up poor. So going from like that to an absorbent amount where I'm comfortable, like I was set, like I can literally buy a house cash. The first thing I did was I hired a wealth manager to move all the money out of my my bank account. We just bought bonds. I knew nothing about bonds. And then all of a sudden I'm like, why is there more money? And they're like, yeah, that's how bonds used to work, at least. But I used to go into the bank a few times before that wire and I'd pull out like a $20 bill just so they can see my account.
Similarly, we had this guy James Hong who created Hot or Not on the podcast. He said the same thing. He goes, I used to go to an ATM machine and just put my card in and say print balance and just look at it. He's like, I would just do that like every day for like the first, like, you know, week that it happened and then like go about his day. It just made him happy.