Episode of My First Million with Sam Parr and Shaan Puri.
Transcript
Note: This transcript was auto-generated from YouTube captions. It may contain errors and lacks speaker identification. A full Gemini audio transcript will replace this.
Kind: captions Language: en [Music] can i pitch you two ideas and you tell me which one you like better all right these are two kind of like side hustle ideas that i think could turn into something big but they’re businesses that are not hard to do they would immediately make somewhere between 500k to two two and a half million dollars probably within a year or a year or two of your business of doing it profit i like that all right so the first one is i’m gonna call it um baller doctors okay what’s baller doctors baller doctors is you’re gonna go to med schools all around the country and you’re gonna put [ __ ] you know ads slash flyers up and you’re gonna say hey before you graduate do you wanna know how doctors become millionaires um you know faster you know some you know the average doctor becomes a millionaire in 12 years i can show you how it’s done in five and you basically host a seminar and you you definitely lean into the get-rich-quick stuff because you know people are curious but you you build in enough trust but you don’t bury the lead you’re like look even doctors are greedy even doctors agreed even doctors like money might be the the better name for the seminar um and and you’re going to host a seminar and basically you’re just going to break down the business of most doctors spend all their times with their all their time with head and you know heads buried in books and think about customer you know patient care as they should but at the end of the day a lot of these guys want to go out they want to own their own practice or they want to figure out should i be joining a practice should i go to a hospital should i um you know start my own how do i get the money to do that how much money did this make and i think if somebody just made a sort of business in a box uh seminar where they just explained look here’s how it usually goes you put in this much it takes you this long here’s a sample p l with what your costs look like here’s how you make money in your practice route here’s how you could do a group practice here’s how you join a if you join a hospital here’s where you are after five years um like did you know this by the way if you’re a doctor and you work in a non-profit which most hospitals are non-profits for 10 years all of your student loans that’s amazing same if you’re a lawyer if your my sister did it if you’re a lawyer for uh the government you get a lot of you get for loan forgiveness right so basically you just do like a personal finance slash business crash course for doctors and you do that all around the country and then some percentage of those they actually are going to go to you for like you can create there’s they’ll pay for the session or they’ll pay for like the upsell so you might do the session for free and then you say by the way i have like the detailed guide with all of the business like templates in the in this thing uh you know plus like you know whatever i got all your i got all your docs and templates and it’s all fleshed out in detail this is you know four thousand dollars and you know you could buy that mastermind thing and with it comes like a coaching call whenever you’re ready you can always you can always hit me up and i’ll help you with this stuff all right that’s business one i could play off this so let me tell you about this so there’s this blog that i read it’s called the white coat investor have you heard of it not that but i’m in a facebook group called white code investors which is i think probably the same thing it’s dr doctor’s investments so if you go to it you’ll see it’s a little uh stale like it’s probably been around for a while and it gets a lot of traffic i read it because if they just talk about people earning high income and like the like the lifestyle and i just it’s fun and a lot of my doctor friends read it and it’s incredibly under monetized and interestingly you know how much traffic i looked at this sheet like 400 000 a month oh my god i mean look at this thing maybe six maybe six hundred thousand maybe maybe more i think a lot but if you look at the draw the traffic source it’s like a good ass mix yeah it’s like six hundred thousand should we bleep this out this is a gem bro this is a gym why are we why are we giving this gym oh here here let’s find out how much traffic here’s how you do it so you go to the very bottom you see where it says advertise with us click it oh man this is amazing so they get um a million page views a month so i think and interestingly if you go to um i looked at the stats for the fastest growing youtube creators this year as well as the fastest growing tick tock creators and something like three of the top 10 were dentists and then a couple other were doctors and it’s usually young doctors who talk who make jokes and lifestyle content on tick tock all about like the doctor lifestyle so they make jokes out like you and i probably don’t understand but i don’t know maybe like a joke about like sleeping at the hospital or something um and they they’ve gotten millions of follow followers so i think there’s a world where you could do that and sell a high-end membership that’s thousands of dollars and do exactly what you’re saying i like i completely agree with you i think this could be a good business i don’t think you could do it i think it’d be real if you did it full-time you maybe could do it in a year but uh yeah it’s a this is a good business you’re part of a white coat investor yeah i’m looking at their facebook group you’re part of this facebook yeah i love joining random niche facebook groups like this and just see 77 000 members i can i i would bet my life i could make three to five million dollars a year with a facebook group for doctor investors oh it’s a okay listen it’s even better it’s a closed facebook group that gives physicians dentists physical therapists attorneys uh pharmacists and other similar high come high income professionals uh it basically helps them but dude how did you get into this did you tell them that you’re a lawyer yeah i just said i was a doctor but look at me i look like obviously because you’re indian yeah that’s awesome this is uh i agree with you winning winning ideas so if somebody wants to make a play on this white code investor site i would love to you know buy this website and do something with it or if somebody wants to make a group that’s like this and go for it uh dm me or email me or email sam uh and let’s let’s this is a good one yeah and he they also have conferences so they have a uh a uh white coat investor conference right um it’s a this is a good this is i completely agree with you you know who could have crushed this niche and they didn’t want to was our buddy uh what’s the youtuber ollie uh what’s his last name yeah he could have done this yeah i agree um yeah he chose like a worse market he’s like i’ll teach people how to become you like youtubers how to be better at youtube like teach doctors how to be better at money like way better way better if you if you if you’re not passionate about the other one all right okay second all right so it sounds like you like the first one here’s the second idea the family i would say i love the first family legacy summit okay so basically there’s a huge number of businesses that are owned by you know kind of like boomer generation that they would love if their kids would take on their business and like kind of grow it kids maybe maybe interested maybe not the kid kind of feels like i should i guess that’s a smart move but i just don’t care about you know where the you know making treadmills or whatever we do you know like our family business um so they’re kind of one foot in one foot out but but even then they’re like okay the parent’s like all right no problem you don’t have to take it over but like i gotta do something with this and you should know how this works in case i croak and like you know you should know how the books work and like you should know some things so basically what you do is through some kind of cold outreach to uh boomerang businesses you’re gonna offer them an invite to the family legacy summit it is a two-day conference in florida where you’re going to have it’s got to be orlando or jort lauderdale exactly um like you know for obvious reasons the local george lauderdale or orlando yeah we get it there’s gotta be a buffet understood exactly the family legacies of it all you can eat of course yeah with new balance white sneakers as a sponsor out loud [Laughter] yeah sunday loungewear no socks no service you gotta have your socks basically you invite people out there and it’s just education it’s just a give give give maybe there’s some ticket thing to cover the calls maybe of sponsors i think you could cover the whole cost of sponsors but it’s just invite only your business has to be of a certain level of maturity so it’s you know doing over a million dollars a year you’re a family business who’s thought about this question of should we pass it down or not you and your kids come out so they come out and at that you’re going to do a couple things this is now this is now the door that opens more doors so you could upsell them some services so estate planning accounting uh whatever that sort of thing you could um offer like upsell masterminds or like a kind of a master’s program which is like for the kid to like take it over or whatever something like that you could uh just buy businesses that like uh the kid’s not gonna do it this is lead gen for amazing businesses that you could potentially buy out and you sell those leads to private equity or you buy them yourself and um and yeah it’s a way to build a power network in like one year you’d have like some amazing connections because there’s going to be a guy who owns you know a fur you know wood a wood furniture company in tennessee that makes 22 million dollars a year and like those people you’ll be your buddies because you’re actually helping them with like one of their core life problems that they have which is what do i do with my business and this like stinking kid who’s not not taking action do you remember brent bayshore he came on our pod um what’s his what’s the name of his thing permanent equity i think something equity permanent equity he’s based out of columbia missouri he has this conference every year called capital camp which is a great name uh and how is he doing he’s basically doing this is it well he’s buying boomer businesses how’s that going i think it’s going phenomenal i think it’s going absolutely great and our friend sieva of which i think we’re both investors enduring ventures is doing a similar thing um it’s maybe it’s a little bit smaller but it’s just new also newer yeah and they are buying like can we talk about what they bought they’ve come on the pod before uh and they’re pretty public about stuff so they’re buying companies like cool uh pool construction companies so it’s like uh you know pools are this like amazing business that you could you could do and they bought one in like things called dolphin pools or something like that they bought it in arizona it crushes it they hired this one operator who’s like really good who took it over from the the original owner the boomer owner and basically it’s grown like crazy and that’s like one of their cash cows now and i uh and they also bought a internet web like um i got in the country like they don’t have like a t or time warner or whatever they they have like local providers and they bought one of those and it’s doing well and i have family members so my dad is an entrepreneur they bought five different yeah a bunch of internet service providers and they’re all doing i think pretty good um and so my dad owns a small business that none of his family is taking over my father-in-law owns a small business who and it is a really it’s a killer business i mean um and they uh he somehow the uh our new brother-in-law is now gonna take it over and seeing the turmoil that he had to go through in order to he was like well i spent 40 years building this thing and i guess if no one that i love wants it i’m just going to shut it down and it was like kind of tragic and it’s like i’m literally willing to give this to a family member and they can make many millions of dollars a year if they wanted to do this it’s just it’s free you could have it and uh people didn’t want to do it and so i’ve seen this process and it is like an emotional it’s a really it’s a huge challenge and this is very a very interesting market there’s some stats about how many do you know how many boomers are retiring and like that’s some absurd number it’s absurd it’s like it’s like it’s like a quarter of the country like or or a third of the country biggest wealth transfers of all time is about to happen it’s the like that that group of people when they pass down their hair it’s gonna it’s like many trillions of dollars i think i don’t know if that’s that might be hyperbole but i think it’s something like that some ridiculous number and then that’s like a lot of people that are just not gonna have to work but also don’t know what to do with it and similarly there’s many many businesses that was when enduring first pitched it they were like they just showed me the stats they were like there are this many boomer businesses where they want to retire they don’t want to run their business anymore and their kids don’t want to take it over and like those businesses are up for grabs and they’re like too small like they’re not sexy as a startup and they’re too small for big private equity and so we’re going to be like basically like permanent equity where they’re going to be they’re just going to buy it and hold these amazing businesses for a very long time and they keep doing that one after another uh like i think sieve and xavier they’ve rolled up like almost 100 million dollars of business equity off of a two million dollar starting equity amount like we it is crazy i i invested in what i didn’t have a lot of money when i first invested in so but at the time it was like 10 or 15 000 i or something like that that i invested it was like that that was a big deal let me tell you what happened it’s just been like it’s just been growing and growing and growing no so they so they were like they’re like sean like you’ve helped us like think through this idea and like they do like i like the stuff i’ll be helpful along the way so they’re like you know we want to offer you like if you invest we’ll also offer you like an invest an advisor or like like an advisory grant that’ll just match your investment and uh and i think they thought i was gonna do like you forgot to file the paperwork no no no i think they thought i was gonna put in like 25k or like max or like 20k something like that so they’re like okay cool you get like 20k of equity we’ll give you 20k worth of advisory shares but i was like a big believer in what they were doing so i put in 200 000 and then they were like they’re like oh and i was like look you don’t have to like i get it you don’t have to give me 200 000 of advisor shares but xavier was like nope a deal’s a deal and um like i was like we didn’t sign anything and like dude i’m totally okay with it but he’s like no like like we will we’ll honor that and also like i know you’ll like you’ll deliver and so since then i’ve had this like immense desire to deliver on that it was actually the best thing he ever did because he got me to basically work for him for free uh for this one like for this act of goodwill i am like i will i see your goodwill and i raise you ten times goodwill on my own side it’s gonna that’s gonna end up being a great one of your better investments i would think depending on i don’t know when you got in if were you with very we both were you both yes then that’s going to i think it’s going to crash exactly like i think already let’s say conservatively that’s probably up 20 x you know like something like that in valuation you think that’s up 20x because if they go raise now they basically have i don’t know exact numbers but like somewhere between 25 to 50 million of revenue closer to 50 million in revenue from these businesses now um that they’ve acquired off of 2 million in equity you