How to get rich fast in english Part-1

 How to get rich fast in english Part-1

 the week he graduated from oxford he
came to me
make a long story short he left he went
and did what i told him
he made 400 million at 20. if
free cash flow meets debt service
that's it that's all you need to know
if you started a business on ebay or
whatever business and you've gone from
zero to five thousand
revenue that's geometric growth because
you've gone from zero to five thousand
if you've gone from zero to fifty
thousand or a hundred thousand that's
geometric growth
that's no different than bibos elon
bill gates steve jobs but then what
happens
you start worrying about the money you
made and you stop
playing to win and you start playing not
to lose
and there's no there's there's no
comparison between playing not to lose
and playing to win you start coveting
your assets
like an old hand sitting on her eggs
those of you that have started a
business understand geometric growth the
only thing i did
is i never stopped for 10 years 120
hours a week
sleeping at bus stations sleeping at
airports so now how do you make money
you need to love something so it's not
work you got to be able to put in
long long hours and not consider it work
you've got to make a lot of sacrifices
you can't be going to your sweet 16
whatever
you can't be going to i mean that's just
there's not time for that
if elon musk and all these guys and
myself we all slept in our office the
first 10 years of our businesses
slept in the office you know success
leaves clues kids
and they're all tough as nails some of
you will say they're ruthless
i would have to tend to agree with some
of the guys are ruthless some people
have said
i started the same dell corporation
started if i had been in the computer
business i would have been the first
trillionaire on the planet
but they also say dan you're a weenie
you're too easy now these are the big
boys
if i'm too easy and i'm a weenie
which equates to a snowflake where
enough does that leave you
if i'm a weenie stroke snowflake
where does that leave you find something
you love find something you're
passionate about
and then work your ass off and practice
practice practice
there's more money out there right now
than ever in the history of time
interest rates it's like they're giving
away money the interest rates are so low
and on my website if free cash flow
meets debt service that's it that's all
you need to know
free cash flow meets debt service most
of you wouldn't know a deal for
the groin that's why you can't get them
financed
that's why they don't work on my website
there's how do i get the fin money one
link and
deal flow how do i get deal flow why are
those two links the least
clicked upon on my website because if
you know how to get the money
and you know where to get a deal then
you've got no more excuses so hardly
anybody ever looks at those
links you would rather read 400 books
just jerk around
and pretend and be a wannabe that's a
sad commentary
30 40 years ago people took it seriously
the week he graduated from oxford
he came to me make a long story short
he left he went and did what i told him
he made 400 million
at 20. when you buy a company and you
follow the model
first uh first most important thing is a
motivated seller
and then the motivated seller helps you
structure the deal
around commercial lending meaning
regular banks but if they have
their own debt structure if they have a
strong banking relationship
one one of the three or four banks you
you interview and remember you're
interviewing the financial institutions
and there's this is on my side the board
we have taken the decision to review all
our professional relationships
including banking currently we have a
deposit relationship
meaning we deposit money and we may or
may not get service this is all on the
site
okay one of the banks that you will
consider to do the deal with
is his own his or hers own bank because
you don't have to reinvent the wheel if
it's the bank of
the acquisition candidate they already
know the business because they've been
banking them
three five seven ten years the best
credits on the planet are dennis
the second best credits on the planet
are veterinaries and it's
hard for a kid to slam i don't mean
physically
now i meant physically when i did it but
it's hard for a 20 year old
to talk back or up to a 40 or 50 or 60
year old
that's just because that's how you were
raised leadership starts at the
beginning
the board governs you lead it's really
important
the board of directors the dream team as
we call them
govern corporate governance etc but
you're the leader
josh was slapping not physically he was
pushing these guys around when he's 17
18
19. he saw what he looks like he looks
15.
you can do it his only claim to fame
other than the 15-speed bike
he was an eagle scout and his father
is a west point graduate the senior army
officer and his mother is a psychologist
who read the book by spock
so a few things fell in his favor he
understood discipline
he kind of understood leadership and his
mother
raised him by that book that i say is
the bible
and dental practices have 20 30 margin
gross margin and why do i want you to
have 20 30
gross margin because very few people in
this room could manage their way out of
a wet paper bag
and i want bigger margins so you have
more wiggle room if you
cup it's easier to buy revenue than
create revenue from the bottom first of
all anybody that started the business
the first 50
000 or 500 thousand from zero is
geometric growth
now when you buy a business it's got a
million dollars in revenue
i'm using a small number and you take it
to a bank
the bank knows when you say
this is d risk revenue
meaning you don't know how much the
person that the founder of that business
spent to create that first million
dollars you're not paying
for the 5 million that he started as a
startup
to do the 1 million the banks
intellectually understand
oh it's de-risked because you're buying
the top-line revenue
and when you also use the other this is
the other thing that's on my site is
that
we will never bring you a deal that
doesn't pencil
free cash flow will always cover debt
service
all of a sudden you're in a different
league most of you in this room wouldn't
know a good deal of a in the ass
and when you say that to the banks all
of a sudden you're a player
you're not a contender anymore so
to the extent that you can find
businesses that already have existing
cash flow
the answer is terrific and you're you're
not buying turnaround situations
the weakest link in the qla formula is
you
and you're building up like a sand
castle your
industry experts your ceo your cfo
your chairman your big accounting firm
and your big law firm but you're the
weak link at the end of the first deal
you're going to have
60 70 percent of the deal but you
remember
d you've already de-risked the revenue
it's really important and people you
know we have 30 some gigs
of free information and that's not
counting all the youtube i don't
mean it's not shipping all the youtube
stuff
you have about a hundred gigs if you go
through
two two guarantees if you go through all
100 gigs
you'll be 10 with 10 million dollars in
18 months
if you make 2 000 cold calls you'll be
worth uh
10 million dollars in six months a cold
call meaning
you talk to a decision maker
an owner not a flabby kitted
secretary and not a receptionist you
don't leave a
message you talk to a decision maker 2
000 cold calls and you'll be rich
guaranteed but you won't make 20 calls
josh kim made 300 calls afking day
it's not by accident the little skinny
teenager in this conjet plane
andrew carnegie had four rules of
success
financial motive must prevail financial
motive must prevail
financial motor must prevail financial
motor must prevail
so one is financial motor must prevail
okay
the second thing is laser beam focus and
in my judgment the third from my
experience with all the
the big hitters that i've been
privileged to be around is
being obsessed because being obsessed
ocd is
is more than laser beam focus being
obsessed
is being sick and i am still at 74.
pretty sick that my challenge is i have
to live vicariously through you now
so i'm doing what your parents picked up
but
you you're so you're slow i'm i'm asked
if you started
on uh the first of uh september or
whatever month you want to
how long would it take me to do all the
things that i tell you
that takes three to seven years 30 to 45
days
45 days of everything up we have guys
doing it now
and 45 60 75 days and they can't find
their ass with little hands tied behind
them
but they're making the calls and they're
you know
all the stuff's on the website the
youtube stuff
is golden 25 000 kids come to hollywood
every year brand new
with stars in their eyes from kansas and
new jersey
one person makes it business
250 000 kids start businesses every year
in america
one makes it to the big time meaning
billions like a zuckerberg
maybe nine make it to what i would call
the second league you'd call it the
first league but i'd call it the second
league
because they're trying to do deals that
aren't real deals
the beauty of the qla model now standing
the simplicity
is that you don't need anything other
than somebody that wants to sell
as much as you want to buy the ideal
customer
ideal person they tease me in the
industry and motivated seller depending
is the wife just had a stroke and is in
a wheelchair
and the husband is spitting up blood
from the emphysema now that's a goddamn
motivated seller
now see you don't know that there
are millions of motivated sellers like
that because you've never looked
when you go and offer your board free
founders equity
that's free equity in the founding new
co company
they will they will be all over you like
a cheap suit
because they've worked for all these big
companies
linkedin is the best sales tool that was
ever invented for this program
linkedin because all uh two or five or
seven million people on linkedin have
one thing in common
they want to make money and you want
people that are about to retire or
already recently retired
and they can't make ends meet very few
people
can make ends meet meaning they live
paycheck to paycheck
and i wasn't josh kim's chairman
although he didn't ask me but i i
i wanted him to do it because i i could
see talent
but when a 17 18 19 year old kid asked a
65 year old
former managing partner for the
southwestern united states for the
health care for pwc
to be the chairman why would that 64
year old guy even listen to him
because he's one step above broke more
than you
and that's a tragedy because the system
doesn't work
anymore it just bloody doesn't work
if it worked all you kids wouldn't be
here
now when people come to me i'm the last
saloon in the last town on the edge of
the earth and the
earth is flat you've tried everything
known to man
and it didn't work nobody tells you
you're two thousand cold calls away from
being rich
because all the guys that you know their
names don't want to
tell you that but we got this 69 a
quarter program and we got this and that
my sales training was calling everybody
in the white pages in manhattan
everybody a lot of people in manhattan
in those days about 9 million and by the
time i went to the
white pages i was making 50 60 grand now
this is in the early 70s
50 60 70 grand a month not a lot of
money but the 70
did all right and then my sales manager
bob oh you went through that kid
here's the yellow page it's called every
sucker in the yellow pages
by the time i was doing that i was
making a 100 150
hundred grand a month nineteen seventy
four
seventy five seventy six not a lot of
money i know chump change do you guys
i had two drivers two roles extended
around 27 years old
but it's all when we reverse engineered
how i made all my money and we put it
in a seminar and now online it's all

there
you