May 22, 2024 • 40 mins
Ever wondered how to steer your business through the treacherous rapids of growth and financial management? This week, I'm joined by Chris Younger from Class VI Partners, who shares invaluable insights on navigating these challenges. Our discussion kicks off with a look into the firm's compelling backstory and how they emerged stronger from the pandemic's upheaval. Chris brings to light the critical role of entrepreneurship in the U.S. economy and the gaps in our education system that fail to ignite the entrepreneurial flame. We also dissect the unique hurdles family-owned businesses encounter, revealing strategies to improve business value and enhance the owner's lifestyle—all seasoned with anecdotes from my own entrepreneurial ventures.
Embarking on your own business adventure isn't just about the bright ideas and the breakthrough moments; it's also about facing the mountain of administrative work that can easily overshadow your day. Chris and I break down the hidden time sinks that can catch many novice entrepreneurs off guard, from the relentless flow of emails to the intricacies of introductions. We share the importance of a thorough understanding of your business and the sacrifices needed to fuel growth. This episode promises a no-holds-barred look at the grit required to reach the summit of success and the often overlooked blood, sweat, and tears that get you there.
As we draw the map from business expansion to the ultimate sale, Chris elucidates the pivotal role of investment banks in ensuring you receive the full value of your hard-won empire. We navigate through the complexities of the sale process, transitioning into wealth management, and the indispensable pre-transaction planning that safeguards and optimizes your wealth. Celebrating the entrepreneurial drive, especially among first-generation Americans, we also cast a light on the financial snares, like state tax planning, that can significantly influence your proceeds. For anyone with a side hustle burning to become the main event, this episode is your beacon to making that passion your profession.
As you're inspired to embark on your side hustle journey after listening to this episode, you might wonder where to start or how to make your vision a reality. With a team of experienced marketing professionals and a track record of helping clients achieve their dreams, we are ready to assist you in reaching your goals. To find out more, visit www.reversedout.com.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:04):
Welcome to Side Hustle City and thanks for
joining us.
Our goal is to help you connectto real people who found
success turning their sidehustle into a main hustle, and
we hope you can too.
I'm Adam Kaler.
I'm joined by Kyle Stevie, myco-host.
Let's get started.
All right guys.
(00:24):
Welcome back to the SolidHustle City podcast, Today's
special guest, Chris Younger.
Chris, welcome to the show.
Thanks so much, Adam,Appreciate it.
Yeah, so class, is it?
Six partners?
Is that what this is?
Speaker 2 (00:37):
That is Yep, named after the most difficult rapids
where you're going to need aguide or bad things are going to
happen.
I figured that was it?
Speaker 1 (00:44):
I picked that up kind of from the website here.
I really like how you guysintegrated some of those visuals
into the story and like usethose metaphors.
Speaker 2 (00:51):
It was really cool yeah we uh, uh, long story, but
uh, during COVID my partner andI probably had too much to drink
and came up with a new name, sowe had, we had to had to
rebrand.
Speaker 1 (01:07):
Oh, you had to do some rebranding.
Okay, well, hey say ClassicsPartners, pretty cool.
So yeah, it's a tough, bumpyroad.
If you have a business and youwant to sell it or you want to
raise money, I mean anything infinance when it comes to having
a business can be very difficult.
And yeah, somebody who's beendealing with banks for years
they can be a real pain in thebutt.
But you have to work with them.
(01:28):
You have to sometimes raisecapital in order to grow your
business and hire people and doall that good stuff.
So your company I mean we weretalking earlier I mean you guys
kind of do it all.
Speaker 2 (01:42):
Well, we've focused on entrepreneurs the whole time
family-owned businesses andwe've really just tried to meet
their needs as we've identifiedthem, whether that's transaction
needs or preparation needs, ormanaging money on the back end,
finding growth capital orproviding growth capital.
It's a lot of fun, I like tosay.
(02:05):
Just like Warren Buffett, I tapdance into work every day
because I get to work withentrepreneurs.
So it's been a lot of fun.
Speaker 1 (02:11):
That's my whole thing .
I love it, man.
So one of the reasons westarted this podcast in the
first place was because therewas so much negativity around
capitalism and business ownersand I just couldn't stand it
anymore and I said you know whatthese people are making an
entire generation sad?
And here we are in a countrythat I mean, there's no better
(02:34):
place to be than the UnitedStates if you want to be an
entrepreneur and if you're here.
So many people don't takeadvantage of the opportunities
that you have here.
They just I think it's theschool system.
I think people just don't teachpeople how to start, that that
it's even an option.
You think you got to work anine to five job, chris?
Speaker 2 (02:53):
I totally agree.
Our mission is to empower thatentrepreneurial spirit, for
exact reasons that you'veidentified, which is, you know,
but for those entrepreneurs,willingness to take really
outsized risks and put it all onthe line, basically keep all
the chips on red over and overand over again.
You know, we don't have thecountry that we have, we don't
(03:14):
have the economy that we have,we don't have the hiring that we
have.
It's just lots of benefitsaccrue from people's willingness
to take those risks and reallyreally put it all out there.
Speaker 1 (03:27):
Yeah, and you, you say you work with mostly family
businesses.
What do you see?
What?
First of all?
Why family businesses?
And then what do you seeconsistently with family
businesses?
That they all, they all dowrong, maybe, and then maybe
what they do right.
Speaker 2 (03:43):
Well, I would say, by the time a business gets to us,
right, so they've, they're paststartup phase, they're in their
growth phase.
Sometimes it might be second orthird generation, but by the
time they've gotten to usthey're clearly doing a lot of
stuff right.
They are, they've understoodtheir market.
They clearly understand theircustomers.
They are likely differentiatedin some way in their market.
(04:07):
Where we sometimes seebusinesses kind of run astray is
when they're either focused ontoo many things.
I think most entrepreneurs arevery, very creative people.
That's both an asset andpotentially a liability.
So just helping them narrow thefocus a little bit and really
dial in what they've got to getdone in order to reach their
(04:29):
goals, I think is pretty helpful.
The second area where we seebusinesses, an area where we
think they could benefit a greatdeal, is that business is just
way too dependent on the owner.
That owner is usually the topsalesperson.
They're the top innovator,maybe they run operations key to
(04:50):
client service, whatever it is.
The business is just way toodependent on them, and that not
only makes for a tougher lifefor them, it also makes the
business a lot less valuable,and so if they can fix that, not
only will their life get a lotbetter.
You know, sometimes thatpressure to sell goes away
because now they've got abusiness that's serving them
(05:11):
instead of them being a slave toit.
Speaker 1 (05:13):
Oh, that's, I'm telling you.
I've I've had, you know, beeninvolved in businesses that have
sold to big companies.
I was co-founder of a companythat did that.
I've, at the same time, beenrunning an ad agency, which is
essentially a lifestyle businessfor me.
I'd love to grow it and sell it, but I'm in that world and I'm
sure a lot of people are in thesame world where it's like, hey,
(05:35):
I could grow up, but where it'slike, you know, I can kind of
come and go as I want.
You know, I'm making plenty ofmoney at it, uh, but it's
nobody's going to want to buy itbecause it's me.
It's really.
It's really a uh, a glorifiedfreelance business, and I'm sure
you you get that all the time.
(05:56):
I don't know how many agenciesor digital businesses you work
with, but that seems to be thecase with a lot of people that I
know as well.
Speaker 2 (06:04):
No, we know your industry pretty well and that's
exactly the case, right?
And I think where entrepreneurscan make a mistake is not
clarifying in their own mindwhat they want out of the
business.
Hey, there's nothing wrong withhaving a lifestyle business
where you basically are workingwhen you want.
You're earning the amount ofmoney that you want to earn.
(06:24):
It's really working when youwant.
You're earning the amount ofmoney that you want to earn.
It's it's really working foryou.
Oftentimes, people grow becausethey think they have to grow
and then they start to get stuckright Because if you're growing
and you're not building thatteam, you're going to make
yourself pretty miserablebecause there's going to be your
.
The number of hours in the dayis not going to be able to keep
up with the demands that thebusiness has on you as an
(06:46):
entrepreneur and that type ofbusiness.
Speaker 1 (06:48):
Well, and how do you get over that hump?
I've had several people thatare accountants on the show that
say you know, hey, I see thesame stuff all the time from
everybody.
But I think from theentrepreneur's perspective,
there's this thing where thisfear of hiring people.
You really can't grow thebusiness unless you bring people
(07:09):
.
Now in my business I couldmaybe bring on another firm,
maybe an offshore team, to dodev work or to do design work or
something like that, but theadministrative tasks start to
pile up and you really need towork your way out of the
day-to-day operations and reallybe the person who maybe sells
(07:29):
the business.
You've got to get processes inplace.
If you're going to sell yourbusiness, you have to have a
machine.
Speaker 2 (07:36):
Yep, it's got to be predictable, scalable.
You know you got to de-risk itin a lot of ways in order to
make it valuable.
And we do an exercise with ourclients we call it the 80 to 20
exercise where we really we askour clients track your time for
two or three weeks.
Where are you spending yourtime?
Oftentimes, just that exercisein and of itself is illuminating
(07:57):
to them.
But then we ask them toclassify their activities into
certain buckets and then havethem rank it right, their
activities into certain buckets,and then have them rank it
right.
Of the activities that you'redoing, what do you enjoy the
most?
Let's keep those at the top ofthe list.
The activities that you don'tenjoy, let's put those at the
bottom of the list and let'sfigure out do we either get rid
of them, meaning we're not goingto do them, or do we find
(08:20):
somebody to delegate those to?
Who likes to do that kind ofthing?
Second thing we ask them is ofthose activities, what's adding
the most value to the business?
Because successful businessesrun by an entrepreneur are
successful for a reason.
There is something that thatentrepreneur is likely
particularly good at.
What happens as the businessgrows is they do less and less
(08:44):
and less and less of that as theadministrative burdens, you
know, mount and they've got todivert their attention away.
So that's another piece to lookat.
And then the final piece is hey, what is adding the most value
to the business?
Right?
So what are the things youenjoy, what are the things that
you're particularly good at andwhat's adding the most value to
(09:04):
the business?
Because if there's stuff thatyou're doing that's not adding a
lot of value, let's get rid ofthose.
Once you do that exercise andyou highlight, for that
entrepreneur the 80-20 ruleabsolutely applies.
20% of their time is beingspent on the highest value stuff
that they enjoy the most andstuff that they're really good
at.
And our job is all right.
How much more could you make asa business if we could get rid
(09:28):
of just 20 or 30% of that, 80%of activities that you're not
particularly enjoying?
And it's once we do that alight bulb goes off and then
they start to understand how youcan make a business scalable,
serve you better and just putyou in a much better spot as an
entrepreneur.
But unfortunately, businessowners, they're taking the trash
(09:54):
out, they're cleaning up thekitchen, they're doing
everything, and that time couldbe much better spent, and when
that time is much better spent,that's going to be beneficial
for the business, it's going tobe beneficial for the
entrepreneur and it's going tomake the business more valuable.
Speaker 1 (10:08):
Yeah, 100%.
I mean you've got to haveprocesses in place.
I mean McDonald's is a process,right, like these, these
businesses, all the franchises.
As a matter of fact, I justspoke to a franchise expert
yesterday.
He's a broker and you know theythere's I don't know thousands
of franchises nine tenths ofthose, right and there'll be
(10:29):
maybe a hundred that they'lleven consider.
And they have to interview youand find out, like, what do you
like to do?
What do you want to do?
That?
You know what's your experienceRight?
Have you been an executivebefore?
Are you?
You know, what is it that youlike to do?
Have you worked in a fast foodrestaurant before?
Have you worked in a cleaningbusiness before?
So they want to find out whatyou actually enjoy doing the
(10:51):
cleaning business before.
So they want to find out whatyou actually enjoy doing, how
much time you have to actuallydo that kind of stuff and really
that process of trying tofigure out what you want to do
as a franchise.
People don't even go throughthat before they start their own
businesses.
Speaker 2 (11:02):
Right, right.
Well, a lot of times Iinterviewed a bunch of our
clients during COVID and didn'thave anything else to do because
no deals were happening and wasasking them about that story of
when they started theirbusiness.
And so many of those businesseswere started because they got
fired from a job and needed todo something or they just didn't
(11:24):
want to work for somebody else.
A lot of people believe there'sthis big master plan for a lot
of these businesses and in fact,it just turns out that people
are pursuing things that theywant to do.
And again, if you're doingthose things that you like, odds
are you're going to be prettygood at it, right, and odds are
that it's going to add somevalue to your customers.
(11:44):
And when you can maximize thattime spent, that's really good
for the business.
And so when you, when you cando that and you can identify hey
, we still have all these otheractivities that that add value
to the business, well, let's gofind somebody who's good at
those, cause they're likelygoing to enjoy those.
My favorite example in mybusiness we're we're regulated,
(12:06):
we were regulated by the SEC andFINRA and compliance is it's.
It's like paper cuts over andover again for me.
Oh, it's the worst, oh, it'sterrible.
So, but there are people wholove to do that.
So the best day of you know, myjob here was when we found a
compliance person to take careof all that.
Speaker 1 (12:23):
Oh my God, it was awesome.
It was awesome, yes, yeah, oh,I would hate hate.
I oh, I would hate hate.
I mean, and that's one of thosethings people don't understand
you, those are things you'renever going to get your money
back on, right, there's there'scertain things.
The emails you send out everyday you mentioned track your
time.
I mean, I always tell peoplelook 15 minutes.
Every single email you get is15 minutes of your time At least
(12:45):
.
Like you've got to comprehendit.
Read it and comprehend it, thencome up with some way to send
something back.
I just got one today, an introto some guy who's got an idea,
probably wants investment money,and you know I had to read it
Right and then I had to figureout what's going on.
He sent me a deck.
I'm looking at the deck.
You know, and you know it'sprobably 20 minutes of my time
(13:05):
today that I spent just lookingat this guy's thing, that I
wasn't expecting that emailtoday, but there's 20 minutes of
my day that I can't get backnow.
Speaker 2 (13:12):
Right, Yep, yep, and that happens over and over, and,
over and over again, right, asa as an entrepreneur.
And so just helping thatentrepreneur get focused right
and appreciate and understandwhere they're driving the most
value and then just holding themaccountable to that.
Hey, you know we we talkedabout getting more time spent
doing this.
(13:33):
How's it going?
Right?
You know this, next two orthree weeks, how are you doing?
And again, if you can getpeople back into that flow zone
for them, they're going to be ina much better spot.
Speaker 1 (13:42):
Yeah Well, and people leave their company thinking
and I've had this problem andtell me if you've heard this
before from you, know me, thepeople in my industry and other
industries.
So I used to work with a lot ofpeople in the ad agency world
and they thought you know what Icould leave charge with the ad
agencies charging and I'll justyou know.
(14:03):
When they start adding thingsup in their head, they're like
I'm just going to design logosall day, or I'm going to design
websites all day, and they startadding it up and figuring out
how much money they can make.
And oh, eight hours a day I'lljust be designing logos.
No, no, no.
Half of the day, if not more,is going to be administrative
stuff.
It's going to be going tonetworking events, it's going to
be going to reading throughemails.
Like I said, it's going to bedoing things you're never going
(14:24):
to get paid for, even when youfirst start out, if two or three
hours out of your day is evenbillable.
Speaker 2 (14:31):
Well, think about the life cycle of cash in a
business.
You got to sell it, you got todeliver it, you got to collect
it.
Well, the selling and thecollecting, that doesn't make
any money, right, it's thedelivery that's going to make
you money.
And, to your point,particularly right as you start
(14:52):
to get busier.
It's a big burden and it's notwhat people signed up for?
Speaker 1 (14:53):
No, it's not In QuickBooks.
I mean you got to understandhow to be an accountant.
I mean, when you're asolopreneur, you got to
understand all these littleroles and you probably don't
have the money to hire somebodyright away.
Like you said, some of thesepeople started their businesses
when they got fired.
Speaker 2 (15:09):
Exactly, exactly.
They don't have that breadth ofexperience that's going to be
necessary to run a business.
Speaker 1 (15:15):
No, and they don't have the capital.
And then, as you get going, sayyour business is successful,
you've, you're making a decentliving, you're able to survive
on that.
In order to grow the business,a lot of times you have to
understand sales.
You have to understand, or youbring in a salesperson and most
salespeople don't want to jumpin your business If uh, you know
, if they're only going to getpaid commission, everybody's
(15:36):
like oh, I'm going to just hirea salesperson and pay them
commission.
Well, they don't want that.
A lot of them want a salary andthen a commission.
And here you are, a little oneperson agency trying to grow or
whatever.
And and how do you do that?
Right, there's always that.
Speaker 2 (15:55):
There's that, that next level requires a skilled
salesperson in a lot ofcompanies in order to even grow
Well, and that's why I thinkthis is true for a lot of our
clients who started theircompanies.
You know there's a good two,three, four years where you're
not making a bunch of money.
You are reinvesting, you'reputting the money back into the
business to hire people, to fundworking capital, and a lot of
(16:16):
people don't understand that.
I mean my business partner andI.
When we started this business,we probably went three or four
years without making any money.
Yeah, Because you got to gosell it, you got to deliver it,
you got to get deals closed.
It takes a long time to do thatand people I'm not sure people
appreciate just kind of whatkind of sacrifice that requires.
Speaker 1 (16:35):
Oh no, they they discount that sacrifice all the
time.
Uh, they totally do, and Ithink they think that once your
business is successful,everything you just got lucky or
you know whatever excuse theywant to tell themselves for them
not doing it.
But it's tough, it really is,and there's a lot of things you,
you have to figure out and alot of times people do that on
their own and it's a shame,because I know there are
(16:57):
resources out there to takecompanies from that beginning
stage to where you guys startworking with them.
What are some resources or somethings that, or maybe
organizations or books thatyou've read that entrepreneurs
can use, so they don't do the?
I mean it's, every entrepreneurdeals with the same thing.
(17:19):
It's crazy that nothing changesand it's like there is, there
are patterns to these things andpeople think that it is unique
to them.
So don't they?
I mean, it's, it's true.
And what do you?
What do you recommend forpeople?
Is there something out therethat people could read, like, if
they're thinking about becomingan entrepreneur, to get to the
stage where you're going tostart working with them?
Speaker 2 (17:41):
There's a great book out there called the E-Myth,
which is all about how abusiness owner de-levers the
business from themselves and uh,and it's a.
It's a.
I thought it was a great bookon just how to think and
conceptualize that.
The other organization thatwe're we're deeply involved with
we've got four or five of ourteam as members as Vistage,
(18:04):
which is a CEO kind of peergroup, and I'm a big fan of peer
groups, whether it's Vistage orYPO or any of the other ones
industry peer groups because, toyour point, every other
entrepreneur is going throughthe same stuff and usually
within that group of peers,somebody has been through
exactly what you're goingthrough and you know, as Charlie
(18:25):
Munger used to say he's WarrenBuffett's partner.
He used to say you know, it'sonly the fools among us who
learn solely from our ownexperience.
You're much smarter, right, ifyou can learn from somebody
else's failures and that's thebenefit of interacting with
other entrepreneurs and that's agreat.
Like I said, whether it'sVistage or another group there's
several of them out there, butwe highly recommend that.
Speaker 1 (18:55):
Yeah, I mean I think there's a lot of people out
there too that are hesitant togo to those types of groups like
the B&I groups.
And those are those are forearlier, I would say stage
people to the B&I groups andthen you know the, the vistages
of the world, or when you're.
I can't remember what the entryis for that, but it's a certain
amount a million a year orsomething like that, in revenue.
But yeah, there's some barrierto it.
I know that.
But the B&I groups are outthere.
(19:17):
I mean there could be someoverlap.
They're only allowed to havelike one company in a certain
kind of industry.
But you're right.
I mean there's chambers ofcommerce.
You know there's probablymultiple.
There may be one in your county, there may be one in your city,
there may be several citiesaround you that each have their
own.
Speaker 2 (19:33):
But it'd be a good idea when you're starting out
just to get out there and letpeople know that you exist Well
and find a mentor, find somebodywho has been there and done it
and is willing to spend sometime with you.
Be thoughtful about their time,don't abuse it.
But having somebody who hasalready gone through what you're
going through is very, veryhelpful, and one of the things
(19:56):
that we do quite a bit with ourclients is just network them
with other successfulentrepreneurs so that they can
they just benefit from all thatgray hair that those guys you
know got, got the hard way.
Speaker 1 (20:10):
And it's probably hilarious when these people come
in and they ask these questionslike it's just them that's
dealing with it, and these guys,probably laughing inside, just
don't want to say anything butreally go like, oh my God, yeah,
I didn't, I know, I know thisstory.
Don't worry, I got you.
I'll tell you exactly what todo.
Well, explain your business alittle bit, how it's structured,
who you work with, who's yourtarget.
(20:32):
You know, who do you want tosee come through the door?
Speaker 2 (20:36):
Sure.
So our business, it's a littlecomplicated but we have and it's
all designed around theentrepreneur.
So we have an investment bankso that manages transactions on
behalf of entrepreneurs.
So when they're ready to sell,ready to raise capital, we'll
tell their story to the market,manage that process, manage the
negotiations, et cetera.
(20:56):
Ahead of that or prior to that,we have a consulting group we
call Pathfinder and that'sreally designed to get
businesses ready in that year tofive years before they're going
to have a capital event.
We've got all kinds of expertson our staff.
We've got a Six Sigma Black Belt, we've got folks with expertise
in sales, we have expertise infinance and we provide that to
(21:18):
those entrepreneurs to help themmake their businesses more
scalable, more predictable andthen more valuable.
Then on the back end, we have afamily office, multifamily
office, where we've got about100 families that we work with.
We manage about a billiondollars for them.
They've all been through ourinvestment bank or most of them
have been through our investmentbank.
(21:39):
And then we've got a small fundwhere we provide some growth
capital to some of thosePathfinder clients who would
benefit from growth capital, andthat's funded by growth capital
to some of those Pathfinderclients who would benefit from
growth capital, and that'sfunded by us and by some of our
family office members.
So it's we've really just tried, over the history 20 year
history of our business reallyjust to build services for the
entrepreneur.
That we've identified could adda lot of value to them and it's
(22:03):
been a it's just been a greattime.
Identified could add a lot ofvalue to them and it's been a.
Speaker 1 (22:06):
It's just been a great time.
Yeah, explain you we weretalking before the show the
different types of services youoffer.
I mean people don't reallyunderstand the difference
between, like, what is a familyoffice, what is a hedge fund,
what is a.
You know they don't understandthe difference between those
different kinds of groups.
Explain some of the I guesspieces that you've integrated
(22:26):
into your business and explainwhat those do.
Speaker 2 (22:29):
Sure, sure, on the family office side, we're really
.
We manage money for them, sowe'll help them invest in public
securities and privatesecurities.
It's really designed to helpthem identify.
All right, what are yourpriorities?
What's important to you?
What are your goals?
What kind of timeframe are wetalking about?
(22:50):
All right, let's design aninvestment strategy that's going
to dock up to that reallynicely, and then we monitor that
constantly.
How are we doing?
How are we measuring up?
What are the challenges thatwe're having?
How are we going to overcomethose?
The investment bank is really.
It's when, when a business isgoing to be sold.
Our opinion is the best way todo that is you want as many
(23:13):
buyers as you can get to thetable.
The more competition for thatbusiness, the better, and so
that's what the investment bankdoes.
We work with that businessowner to develop their story.
Then we take that story out toa curated list of potential
buyers.
That's custom right.
Every, every client's differentand then we tell the story,
(23:33):
that client story, to thosebuyers and then solicit bids and
then manage a deal processwhich is complex.
There's a lot that can go wrong.
You know, we've been fortunateto do a lot of transactions, so
I think we've seen most of thebad movies and you know we've
been fortunate to do a lot oftransactions.
So I think we've seen most ofthe bad movies and you know, not
quite sure, every once in awhile I get surprised with
another one.
But and then the Pathfinderbusiness is really just
(23:54):
consulting.
It is we.
We sit with that entrepreneur,we analyze their business, we
help them understand from abuyer's perspective.
Hey, here's how a buyer isgoing to see your strategy, your
team, your, you know yourfinancials and here's what
they're going to like and here'swhat they're not going to like.
All right, let's talk about howwe might change that story in
(24:17):
the future such that yourbusiness is worth a lot more and
that transaction is easier toexecute.
Speaker 1 (24:21):
Yeah, now, what I like about what you're talking
about is you're helping peoplefrom early on all the way past
their exit.
So they exit, they have a nicelittle capital event.
Now they've got money and whenwe sold our business it was a
pretty large transaction.
I didn't know what to do withthis money.
I had people calling me that Ididn't even know Once they saw
(24:44):
it in the paper and everythingand the transaction amount.
I had eight financial advisorscalling me.
Oh yeah, people that I hadn'ttalked to in years were reaching
out.
I mean it was wild.
Do you offer some?
And this is important.
People don't think about this,but you almost need protected
from these people.
And if, if you can work withsomebody early on, like you guys
, who make sure that you've gotthe legal stuff in place because
(25:08):
I mean, you know, going out andfinding people that can make
sure that you don't get screwedover by this sell by one of
these buyers is very important.
And then, yep, you freak outlike if you've never had money
before and then all of a sudden,you get a check for a few
million bucks, you're like whoa,like what do I do?
Speaker 2 (25:24):
Yeah, I always look at our job.
As for those entrepreneurs thathave sold their business, our
job is to make sure they neverhave to work again if they don't
want to.
Oh yeah, and and so, and Ialways tell entrepreneurs look,
you've taken more financial riskin your life than most people
will take in their entirelifetime, and so you know, a job
(25:47):
on the on the wealth managementside is really how do we reduce
cost, reduce the tax burden and, you know, protect that money
so that you, so that you do,don't have to work again.
But it's, I will say, one ofthe reasons we started the
family office I was talkingabout to this about today at
lunch, was it's the whole wealthmanagement industry is is not a
(26:10):
great industry, um, and itthere's a lot of conflicts,
right?
So you know, you get a financialadvisor who's got incentives to
sell you certain products,whether that's insurance or
their own funds or some managedfund, and those have a lot of
fees, you know.
So when we started ours, I, youknow, I told our team.
I said we're never going totake a dime from anybody other
(26:31):
than the client, right, our feesare just to the client.
That way there's never aconflict.
You know if, if we recommendsomething to a client, it's
because we believe it's the bestproduct, not because, hey,
we're getting the biggestcommission from that product,
and so, and the other piece,that another reason why we
started it is because most ofthese entrepreneurs they're not
attractive to a Goldman Sachs ora JP Morgan or a Morgan Stanley
(26:54):
before they have theirliquidity event.
(27:18):
They're obviously just like youmentioned.
They're obviously veryattractive after they get their
money, but it's actually beforethe transaction when you can
make stuff happen Tax planning,estate planning, planning for
your kids and wealth which is abig topic that we deal with
quite a bit, thinking aboutcharitable giving, all of that
stuff.
There's a well, you're going tomiss those opportunities, and
so that's why we started.
It was how do we, how do wehelp these entrepreneurs?
Right, we respect what they'redoing, but they're not getting a
great level of service outthere in the market.
Speaker 1 (27:34):
Well, chris, I should have moved to another state two
years before we sold.
That's what I should have done.
I should have got a uh, anapartment in Tennessee or
something uh, because it wouldhave been a lot cheaper than
what I paid in state taxes if Iwould have moved to a no-tax
state.
Speaker 2 (27:54):
I didn't understand any of this stuff.
It's funny that you mentionedthat we had a client sold his
business for quite a bit ofmoney almost half a billion
dollars and he I won't say thestate that he lived in, but it
cost him about 50 million instate taxes that he could have
saved by moving a couple ofyears earlier.
Speaker 1 (28:08):
Yeah, it was just- had to be in the coast, it had
to be one of the coastal states.
Speaker 2 (28:13):
Exactly, exactly.
One of the big ones.
Speaker 1 (28:15):
Yeah, oh, I bet, I bet they need a lot of money.
They do.
They've got a lot of thingsthey want to support with, uh,
with your money, uh, so, exactly, well, what do you?
What do you see?
Who's the average person Like?
What would you?
Because I think here's theproblem A lot of young people
don't want to start a businessbecause they don't have any
(28:37):
patients, right, they don't havepatients for this stuff.
The guys that are here sellingthese businesses the, the, the,
the families that are sellingthese businesses these
businesses have been around forgenerations or they've.
If it's a person that juststarted it this year, it's
probably a high growth business,but it could be an electrical
contractor.
They've been growing thesebusinesses over the years.
(28:58):
It takes time to do this right.
It's not something that justhappens overnight and people
want everything overnightnowadays.
Who usually comes in the door?
Speaker 2 (29:08):
So our I mean our average transaction size for a
sale is about 75 million.
So these are businesses thatare pretty mature.
They've been around, you know,will do deals as small as 15 or
20 million, and then, obviously,this one we just did, which was
a half a billion, the.
These are businesses that arepretty well put together, but,
to your point, you know, almostall these businesses are at
(29:31):
least 20 years old, and that'swhy I always tell I think if
you're starting a business andyour principal goal is just to
make money, that's going to be abig mistake for you, because
it's going to be a while untilyou make serious money with a
new business.
You need to love what you'redoing, right, you need to really
(29:52):
enjoy the work and you've gotto be passionate about the work
and about the mission and aboutyour clients, because if that's
not there, trust me, you're notgoing to have enough stamina to
last until the business startsto make real money.
And so it is a, you know, notjust a patience game, but I
think it's also just apriorities game.
What?
Why are we doing this Right?
(30:13):
What's, what's the goal here?
And if, if, the primary goal isjust to make money, my guess is
they're.
They're probably going to fail.
They're going to be unhappy.
Speaker 1 (30:21):
Well, and you've seen enough of these.
I mean, do you see, Well, andyou've seen less and less people
(30:46):
who are qualified to run abusiness for all the reasons you
just gave?
Speaker 2 (30:52):
Likely right.
The, I think the I mean wecould have a long conversation
about hey, there are lots offactors that are making starting
a business tougher in someregards and a lot of factors
that are making it easier insome regards.
Right At lunch, I was talkingto this guy.
(31:13):
We were talking about theimpact of artificial
intelligence and he was talkingto a guy who used to run a
newspaper.
And the guy said you know, thisnewspaper had a staff of 80 to
100 people.
And he said with AI and what'savailable, I could start that
business today with three peopleand run it and be successful.
So I think, on the one hand,with technology, we've made
(31:37):
things a lot easier.
With access to information,we've made things a lot easier.
On the other hand, I mean, as Italked about, I deal with a lot
of regulatory hurdles and itseems like every year there's
another one Right, and thatcould be from whether it's what
we do on a regulatory front orit could be just hey, the state
(31:58):
in which you operate decides.
We're going to, we're going tochange the regulations under
which you operate, we're goingto change your taxes, we're
going to change the requirementsto, actually, if you employ
more than 50 people.
Here's what we're going to puton you.
It's that kind of stuff andsometimes I wish that more
legislators understood what ittakes to open, run and grow a
(32:22):
business, and maybe then they'dhave a little bit more.
You know empathy for whatbusiness owners go through, but
I mean, I've talked to a lot ofbusiness owners that you know
where they basically justconcluded.
You know what.
It's just too hard, so I'm notgoing to do this anymore.
Speaker 1 (32:38):
Real sad.
Yeah, it's ridiculous.
Speaker 2 (32:41):
I mean it's like it's what's made this country great,
that's right, and then you can.
Speaker 1 (32:45):
You're going to have other places catching up with us
and you know what the crazything is to me?
It's like, you see, people I'vegot a lot of friends who are
first generation Americans allentrepreneurs, they come over
here and they kick butt.
Their dad, mom, came over here,broke their backs to give them a
better life.
A lot of times they wereentrepreneurs too, you know,
(33:11):
maybe weren't super successful,but they make sure their kids
get a proper education, maybesend them to business school,
and then those kids then becomewildly successful entrepreneurs.
I mean, Vivek Ramaswamy is fromthe West side over here in
Cincinnati.
He's a perfect example ofsomebody.
Comes over here Jeff Bezos,Elon Musk, you know all these
guys that they come over here,their parents.
They set a really good exampleand they say look, take
(33:31):
advantage of what you have inthis country.
We didn't have that sameopportunity, Do it.
Those are the people that arewildly successful.
I'm sure you've met a bunch ofthem.
Speaker 2 (33:42):
Oh for sure, For sure .
A bunch of them.
Oh for sure For sure.
No, it's to the point.
I feel like they appreciatewhat this country has to offer
and appreciate the opportunitiesright, because I don't.
Sometimes I feel like peopledon't understand just how
fortunate we are in this countrythat you can start a business
(34:02):
and you can be really successfulif you're willing to put the
work in.
Speaker 1 (34:05):
Yeah, and how life-changing is this.
I mean, what have?
You can be really successful ifyou're willing to put the work
in.
Yeah, and how life changing isthis?
I mean?
What have you seen?
This transformation?
If you could talk to youngpeople right now and say, hey
look, you can work until you're65 years old or you can do this
what would you say to them?
I mean, it's to me.
It's like the idea of workingfor someone else, making someone
(34:27):
else rich until I'm 65 yearsold and then I leave with a gold
watch.
That's not exciting to me.
I'd rather take the risk.
I'd rather do something, notlook back on my life someday and
be like you know what I wish Iwould have done that.
Speaker 2 (34:42):
Right, we all regret what we didn't do more than what
we did do so over life.
I think it's.
It's interesting because a lotof times I'll have an
entrepreneurament thepersistence, the discipline, the
willingness to put off a rewardfor a long time to really run a
(35:18):
company.
Usually how those conversationsgo is they think they want to
be a business owner, but thenwhen the reality hits that hey,
by the way, you're on the hookfor the loan, you're going to be
the first person in and thelast person to leave, you're the
last person to get paid, right,if things aren't working, that
(35:48):
realization strikes when a lotof people just say you know what
, I'm not up for that.
I want at least what they thinkis a more secure job.
You know, I want.
I can't take that kind of riskand, and I think let's look
everybody to each their own, butit is a for you and me.
That would you know, that wouldkill us, right To to have to
work for somebody else.
And, uh, because, just becauseof the level of passion and
(36:12):
commitment that we have, right,we want to, we want to go grow
something, um, and, but not, noteverybody wants to do that, and
that's, that's fine.
Um, I think it's just moreidentifying for you personally.
Well, what do you want?
Right, cause it's uh and that'sthe great thing about this
country as well Right People getto do what they want.
Speaker 1 (36:30):
That's right.
You have the option.
Nobody's telling you you can'tdo anything.
So right, I mean look at thisteam you built on the website
here.
I mean you guys have.
I mean this is not a couplepeople, this is.
I mean you've got a significantand I'm looking at these folks
and some of the credentials.
I mean this is an impressiveteam of people that you got here
(36:51):
.
Speaker 2 (36:52):
I am one of the luckiest people alive to have
the team that we have reallyreally humbled, that they joined
us, and I guess that I'm justreally really lucky.
We have an unbelievable team ofpeople who are not just smart
but they're hardworking, they'recommitted to clients, they're
they're doing the right thing,they're collaborative.
(37:13):
They work really well with eachother.
Um, it's, uh, it's what makesthe job that I have, uh, you
know, one of the best in theworld.
Speaker 1 (37:20):
It's amazing, and you get to uh be in Denver.
Is that where you guys are at?
Speaker 2 (37:23):
Is that where you guys are at, I get to be, yeah,
yeah, absolutely 330 days ofsunshine, adam.
Speaker 1 (37:28):
I've been there a few times.
One of my, one of my, ourmarketing director at the
company we sold.
He moved there and he startedup a new company, an Airbnb kind
of based company, and he wasthere for a long time and he
just bounces around the countrynow and does whatever he wants,
but he loved it.
He's just because he's a runner, so every day he's just like oh
(37:54):
yeah, just go out.
Speaker 2 (37:54):
I mean, you know, every day it's beautiful
practically.
I mean a little cold sometimes,but sunny, you know, oh, it's,
uh, uh, yeah, we like to keep upthat facade right that it's a
super cold in colorado.
You know, you don't want, youdon't want to move here, keep
them out, keep them out.
Speaker 1 (38:03):
we got that in cincinnati.
We don't want people to knowthis is like, uh, it a big small
city, right, but you know, Iwent to Miami University.
Speaker 2 (38:11):
Oh, so you know you know all about the Cincinnati.
Speaker 1 (38:13):
Yeah, I got six stitches right here at
McCullough Hospital for yeah,getting into it at Miami
University one time, two thirtyin the morning I'm bleeding on
their floor.
It took about an hour for asurgeon to get there to tie me
up but I had my problems back inthe day.
It is what it is, chris, I'msure you've seen it too.
(38:38):
I really appreciate you being onthe show.
Tell people how they can reachout to you guys.
If they fit the profile, ifthey're interested in maybe
selling their business at somepoint, explain to people how
they can reach out to you.
Speaker 2 (38:49):
For sure.
Our website is wwwclass6.com,and they can reach me at Chris
at class6partnerscom as well,and you know we do a lot.
We give a lot of advice awayfor free just because we want to
(39:10):
help entrepreneurs, and sowe're always happy to talk to an
entrepreneur and see if we canbe helpful.
Speaker 1 (39:13):
Well, you've been doing it on this show, so I
really appreciate it.
Thanks so much.
Speaker 2 (39:17):
Same to you, yeah, same to you.
Speaker 1 (39:18):
I'm trying, man, I'm trying we got to get people out
here, man.
We got to boost the economy.
Look at this GDP number.
I mean it's sad Like we gotdebt.
Debt to GDP.
We got to get some moreentrepreneurs in here,
Absolutely A hundred percent.
All right, Chris, I'll see you.
All right, yeah, Take care.
Thanks for joining us on thisweek's episode of Side Hustle
City.
Well, you've heard from ourguests.
(39:38):
Now let's hear from you.
Join our community on Facebook,Side Hustle City.
It's a group where people shareideas, share their
inspirational stories andmotivate each other to be
successful and turn their sidehustle into their main hustle.
We'll see you there and we'llsee you next week on the show,
Thank you.
Speaker 2 (39:58):
Bye.
Welcome to Side Hustle City and thanks for
joining us.
Our goal is to help you connectto real people who found
success turning their sidehustle into a main hustle, and
we hope you can too.
I'm Adam Kaler.
I'm joined by Kyle Stevie, myco-host.
Let's get started.
All right guys.
(00:24):
Welcome back to the SolidHustle City podcast, Today's
special guest, Chris Younger.
Chris, welcome to the show.
Thanks so much, Adam,Appreciate it.
Yeah, so class, is it?
Six partners?
Is that what this is?
Speaker 2 (00:37):
That is Yep, named after the most difficult rapids
where you're going to need aguide or bad things are going to
happen.
I figured that was it?
Speaker 1 (00:44):
I picked that up kind of from the website here.
I really like how you guysintegrated some of those visuals
into the story and like usethose metaphors.
Speaker 2 (00:51):
It was really cool yeah we uh, uh, long story, but
uh, during COVID my partner andI probably had too much to drink
and came up with a new name, sowe had, we had to had to
rebrand.
Speaker 1 (01:07):
Oh, you had to do some rebranding.
Okay, well, hey say ClassicsPartners, pretty cool.
So yeah, it's a tough, bumpyroad.
If you have a business and youwant to sell it or you want to
raise money, I mean anything infinance when it comes to having
a business can be very difficult.
And yeah, somebody who's beendealing with banks for years
they can be a real pain in thebutt.
But you have to work with them.
(01:28):
You have to sometimes raisecapital in order to grow your
business and hire people and doall that good stuff.
So your company I mean we weretalking earlier I mean you guys
kind of do it all.
Speaker 2 (01:42):
Well, we've focused on entrepreneurs the whole time
family-owned businesses andwe've really just tried to meet
their needs as we've identifiedthem, whether that's transaction
needs or preparation needs, ormanaging money on the back end,
finding growth capital orproviding growth capital.
It's a lot of fun, I like tosay.
(02:05):
Just like Warren Buffett, I tapdance into work every day
because I get to work withentrepreneurs.
So it's been a lot of fun.
Speaker 1 (02:11):
That's my whole thing .
I love it, man.
So one of the reasons westarted this podcast in the
first place was because therewas so much negativity around
capitalism and business ownersand I just couldn't stand it
anymore and I said you know whatthese people are making an
entire generation sad?
And here we are in a countrythat I mean, there's no better
(02:34):
place to be than the UnitedStates if you want to be an
entrepreneur and if you're here.
So many people don't takeadvantage of the opportunities
that you have here.
They just I think it's theschool system.
I think people just don't teachpeople how to start, that that
it's even an option.
You think you got to work anine to five job, chris?
Speaker 2 (02:53):
I totally agree.
Our mission is to empower thatentrepreneurial spirit, for
exact reasons that you'veidentified, which is, you know,
but for those entrepreneurs,willingness to take really
outsized risks and put it all onthe line, basically keep all
the chips on red over and overand over again.
You know, we don't have thecountry that we have, we don't
(03:14):
have the economy that we have,we don't have the hiring that we
have.
It's just lots of benefitsaccrue from people's willingness
to take those risks and reallyreally put it all out there.
Speaker 1 (03:27):
Yeah, and you, you say you work with mostly family
businesses.
What do you see?
What?
First of all?
Why family businesses?
And then what do you seeconsistently with family
businesses?
That they all, they all dowrong, maybe, and then maybe
what they do right.
Speaker 2 (03:43):
Well, I would say, by the time a business gets to us,
right, so they've, they're paststartup phase, they're in their
growth phase.
Sometimes it might be second orthird generation, but by the
time they've gotten to usthey're clearly doing a lot of
stuff right.
They are, they've understoodtheir market.
They clearly understand theircustomers.
They are likely differentiatedin some way in their market.
(04:07):
Where we sometimes seebusinesses kind of run astray is
when they're either focused ontoo many things.
I think most entrepreneurs arevery, very creative people.
That's both an asset andpotentially a liability.
So just helping them narrow thefocus a little bit and really
dial in what they've got to getdone in order to reach their
(04:29):
goals, I think is pretty helpful.
The second area where we seebusinesses, an area where we
think they could benefit a greatdeal, is that business is just
way too dependent on the owner.
That owner is usually the topsalesperson.
They're the top innovator,maybe they run operations key to
(04:50):
client service, whatever it is.
The business is just way toodependent on them, and that not
only makes for a tougher lifefor them, it also makes the
business a lot less valuable,and so if they can fix that, not
only will their life get a lotbetter.
You know, sometimes thatpressure to sell goes away
because now they've got abusiness that's serving them
(05:11):
instead of them being a slave toit.
Speaker 1 (05:13):
Oh, that's, I'm telling you.
I've I've had, you know, beeninvolved in businesses that have
sold to big companies.
I was co-founder of a companythat did that.
I've, at the same time, beenrunning an ad agency, which is
essentially a lifestyle businessfor me.
I'd love to grow it and sell it, but I'm in that world and I'm
sure a lot of people are in thesame world where it's like, hey,
(05:35):
I could grow up, but where it'slike, you know, I can kind of
come and go as I want.
You know, I'm making plenty ofmoney at it, uh, but it's
nobody's going to want to buy itbecause it's me.
It's really.
It's really a uh, a glorifiedfreelance business, and I'm sure
you you get that all the time.
(05:56):
I don't know how many agenciesor digital businesses you work
with, but that seems to be thecase with a lot of people that I
know as well.
Speaker 2 (06:04):
No, we know your industry pretty well and that's
exactly the case, right?
And I think where entrepreneurscan make a mistake is not
clarifying in their own mindwhat they want out of the
business.
Hey, there's nothing wrong withhaving a lifestyle business
where you basically are workingwhen you want.
You're earning the amount ofmoney that you want to earn.
(06:24):
It's really working when youwant.
You're earning the amount ofmoney that you want to earn.
It's it's really working foryou.
Oftentimes, people grow becausethey think they have to grow
and then they start to get stuckright Because if you're growing
and you're not building thatteam, you're going to make
yourself pretty miserablebecause there's going to be your
.
The number of hours in the dayis not going to be able to keep
up with the demands that thebusiness has on you as an
(06:46):
entrepreneur and that type ofbusiness.
Speaker 1 (06:48):
Well, and how do you get over that hump?
I've had several people thatare accountants on the show that
say you know, hey, I see thesame stuff all the time from
everybody.
But I think from theentrepreneur's perspective,
there's this thing where thisfear of hiring people.
You really can't grow thebusiness unless you bring people
(07:09):
.
Now in my business I couldmaybe bring on another firm,
maybe an offshore team, to dodev work or to do design work or
something like that, but theadministrative tasks start to
pile up and you really need towork your way out of the
day-to-day operations and reallybe the person who maybe sells
(07:29):
the business.
You've got to get processes inplace.
If you're going to sell yourbusiness, you have to have a
machine.
Speaker 2 (07:36):
Yep, it's got to be predictable, scalable.
You know you got to de-risk itin a lot of ways in order to
make it valuable.
And we do an exercise with ourclients we call it the 80 to 20
exercise where we really we askour clients track your time for
two or three weeks.
Where are you spending yourtime?
Oftentimes, just that exercisein and of itself is illuminating
(07:57):
to them.
But then we ask them toclassify their activities into
certain buckets and then havethem rank it right, their
activities into certain buckets,and then have them rank it
right.
Of the activities that you'redoing, what do you enjoy the
most?
Let's keep those at the top ofthe list.
The activities that you don'tenjoy, let's put those at the
bottom of the list and let'sfigure out do we either get rid
of them, meaning we're not goingto do them, or do we find
(08:20):
somebody to delegate those to?
Who likes to do that kind ofthing?
Second thing we ask them is ofthose activities, what's adding
the most value to the business?
Because successful businessesrun by an entrepreneur are
successful for a reason.
There is something that thatentrepreneur is likely
particularly good at.
What happens as the businessgrows is they do less and less
(08:44):
and less and less of that as theadministrative burdens, you
know, mount and they've got todivert their attention away.
So that's another piece to lookat.
And then the final piece is hey, what is adding the most value
to the business?
Right?
So what are the things youenjoy, what are the things that
you're particularly good at andwhat's adding the most value to
(09:04):
the business?
Because if there's stuff thatyou're doing that's not adding a
lot of value, let's get rid ofthose.
Once you do that exercise andyou highlight, for that
entrepreneur the 80-20 ruleabsolutely applies.
20% of their time is beingspent on the highest value stuff
that they enjoy the most andstuff that they're really good
at.
And our job is all right.
How much more could you make asa business if we could get rid
(09:28):
of just 20 or 30% of that, 80%of activities that you're not
particularly enjoying?
And it's once we do that alight bulb goes off and then
they start to understand how youcan make a business scalable,
serve you better and just putyou in a much better spot as an
entrepreneur.
But unfortunately, businessowners, they're taking the trash
(09:54):
out, they're cleaning up thekitchen, they're doing
everything, and that time couldbe much better spent, and when
that time is much better spent,that's going to be beneficial
for the business, it's going tobe beneficial for the
entrepreneur and it's going tomake the business more valuable.
Speaker 1 (10:08):
Yeah, 100%.
I mean you've got to haveprocesses in place.
I mean McDonald's is a process,right, like these, these
businesses, all the franchises.
As a matter of fact, I justspoke to a franchise expert
yesterday.
He's a broker and you know theythere's I don't know thousands
of franchises nine tenths ofthose, right and there'll be
(10:29):
maybe a hundred that they'lleven consider.
And they have to interview youand find out, like, what do you
like to do?
What do you want to do?
That?
You know what's your experienceRight?
Have you been an executivebefore?
Are you?
You know, what is it that youlike to do?
Have you worked in a fast foodrestaurant before?
Have you worked in a cleaningbusiness before?
So they want to find out whatyou actually enjoy doing the
(10:51):
cleaning business before.
So they want to find out whatyou actually enjoy doing, how
much time you have to actuallydo that kind of stuff and really
that process of trying tofigure out what you want to do
as a franchise.
People don't even go throughthat before they start their own
businesses.
Speaker 2 (11:02):
Right, right.
Well, a lot of times Iinterviewed a bunch of our
clients during COVID and didn'thave anything else to do because
no deals were happening and wasasking them about that story of
when they started theirbusiness.
And so many of those businesseswere started because they got
fired from a job and needed todo something or they just didn't
(11:24):
want to work for somebody else.
A lot of people believe there'sthis big master plan for a lot
of these businesses and in fact,it just turns out that people
are pursuing things that theywant to do.
And again, if you're doingthose things that you like, odds
are you're going to be prettygood at it, right, and odds are
that it's going to add somevalue to your customers.
(11:44):
And when you can maximize thattime spent, that's really good
for the business.
And so when you, when you cando that and you can identify hey
, we still have all these otheractivities that that add value
to the business, well, let's gofind somebody who's good at
those, cause they're likelygoing to enjoy those.
My favorite example in mybusiness we're we're regulated,
(12:06):
we were regulated by the SEC andFINRA and compliance is it's.
It's like paper cuts over andover again for me.
Oh, it's the worst, oh, it'sterrible.
So, but there are people wholove to do that.
So the best day of you know, myjob here was when we found a
compliance person to take careof all that.
Speaker 1 (12:23):
Oh my God, it was awesome.
It was awesome, yes, yeah, oh,I would hate hate.
I oh, I would hate hate.
I mean, and that's one of thosethings people don't understand
you, those are things you'renever going to get your money
back on, right, there's there'scertain things.
The emails you send out everyday you mentioned track your
time.
I mean, I always tell peoplelook 15 minutes.
Every single email you get is15 minutes of your time At least
(12:45):
.
Like you've got to comprehendit.
Read it and comprehend it, thencome up with some way to send
something back.
I just got one today, an introto some guy who's got an idea,
probably wants investment money,and you know I had to read it
Right and then I had to figureout what's going on.
He sent me a deck.
I'm looking at the deck.
You know, and you know it'sprobably 20 minutes of my time
(13:05):
today that I spent just lookingat this guy's thing, that I
wasn't expecting that emailtoday, but there's 20 minutes of
my day that I can't get backnow.
Speaker 2 (13:12):
Right, Yep, yep, and that happens over and over, and,
over and over again, right, asa as an entrepreneur.
And so just helping thatentrepreneur get focused right
and appreciate and understandwhere they're driving the most
value and then just holding themaccountable to that.
Hey, you know we we talkedabout getting more time spent
doing this.
(13:33):
How's it going?
Right?
You know this, next two orthree weeks, how are you doing?
And again, if you can getpeople back into that flow zone
for them, they're going to be ina much better spot.
Speaker 1 (13:42):
Yeah Well, and people leave their company thinking
and I've had this problem andtell me if you've heard this
before from you, know me, thepeople in my industry and other
industries.
So I used to work with a lot ofpeople in the ad agency world
and they thought you know what Icould leave charge with the ad
agencies charging and I'll justyou know.
(14:03):
When they start adding thingsup in their head, they're like
I'm just going to design logosall day, or I'm going to design
websites all day, and they startadding it up and figuring out
how much money they can make.
And oh, eight hours a day I'lljust be designing logos.
No, no, no.
Half of the day, if not more,is going to be administrative
stuff.
It's going to be going tonetworking events, it's going to
be going to reading throughemails.
Like I said, it's going to bedoing things you're never going
(14:24):
to get paid for, even when youfirst start out, if two or three
hours out of your day is evenbillable.
Speaker 2 (14:31):
Well, think about the life cycle of cash in a
business.
You got to sell it, you got todeliver it, you got to collect
it.
Well, the selling and thecollecting, that doesn't make
any money, right, it's thedelivery that's going to make
you money.
And, to your point,particularly right as you start
(14:52):
to get busier.
It's a big burden and it's notwhat people signed up for?
Speaker 1 (14:53):
No, it's not In QuickBooks.
I mean you got to understandhow to be an accountant.
I mean, when you're asolopreneur, you got to
understand all these littleroles and you probably don't
have the money to hire somebodyright away.
Like you said, some of thesepeople started their businesses
when they got fired.
Speaker 2 (15:09):
Exactly, exactly.
They don't have that breadth ofexperience that's going to be
necessary to run a business.
Speaker 1 (15:15):
No, and they don't have the capital.
And then, as you get going, sayyour business is successful,
you've, you're making a decentliving, you're able to survive
on that.
In order to grow the business,a lot of times you have to
understand sales.
You have to understand, or youbring in a salesperson and most
salespeople don't want to jumpin your business If uh, you know
, if they're only going to getpaid commission, everybody's
(15:36):
like oh, I'm going to just hirea salesperson and pay them
commission.
Well, they don't want that.
A lot of them want a salary andthen a commission.
And here you are, a little oneperson agency trying to grow or
whatever.
And and how do you do that?
Right, there's always that.
Speaker 2 (15:55):
There's that, that next level requires a skilled
salesperson in a lot ofcompanies in order to even grow
Well, and that's why I thinkthis is true for a lot of our
clients who started theircompanies.
You know there's a good two,three, four years where you're
not making a bunch of money.
You are reinvesting, you'reputting the money back into the
business to hire people, to fundworking capital, and a lot of
(16:16):
people don't understand that.
I mean my business partner andI.
When we started this business,we probably went three or four
years without making any money.
Yeah, Because you got to gosell it, you got to deliver it,
you got to get deals closed.
It takes a long time to do thatand people I'm not sure people
appreciate just kind of whatkind of sacrifice that requires.
Speaker 1 (16:35):
Oh no, they they discount that sacrifice all the
time.
Uh, they totally do, and Ithink they think that once your
business is successful,everything you just got lucky or
you know whatever excuse theywant to tell themselves for them
not doing it.
But it's tough, it really is,and there's a lot of things you,
you have to figure out and alot of times people do that on
their own and it's a shame,because I know there are
(16:57):
resources out there to takecompanies from that beginning
stage to where you guys startworking with them.
What are some resources or somethings that, or maybe
organizations or books thatyou've read that entrepreneurs
can use, so they don't do the?
I mean it's, every entrepreneurdeals with the same thing.
(17:19):
It's crazy that nothing changesand it's like there is, there
are patterns to these things andpeople think that it is unique
to them.
So don't they?
I mean, it's, it's true.
And what do you?
What do you recommend forpeople?
Is there something out therethat people could read, like, if
they're thinking about becomingan entrepreneur, to get to the
stage where you're going tostart working with them?
Speaker 2 (17:41):
There's a great book out there called the E-Myth,
which is all about how abusiness owner de-levers the
business from themselves and uh,and it's a.
It's a.
I thought it was a great bookon just how to think and
conceptualize that.
The other organization thatwe're we're deeply involved with
we've got four or five of ourteam as members as Vistage,
(18:04):
which is a CEO kind of peergroup, and I'm a big fan of peer
groups, whether it's Vistage orYPO or any of the other ones
industry peer groups because, toyour point, every other
entrepreneur is going throughthe same stuff and usually
within that group of peers,somebody has been through
exactly what you're goingthrough and you know, as Charlie
(18:25):
Munger used to say he's WarrenBuffett's partner.
He used to say you know, it'sonly the fools among us who
learn solely from our ownexperience.
You're much smarter, right, ifyou can learn from somebody
else's failures and that's thebenefit of interacting with
other entrepreneurs and that's agreat.
Like I said, whether it'sVistage or another group there's
several of them out there, butwe highly recommend that.
Speaker 1 (18:55):
Yeah, I mean I think there's a lot of people out
there too that are hesitant togo to those types of groups like
the B&I groups.
And those are those are forearlier, I would say stage
people to the B&I groups andthen you know the, the vistages
of the world, or when you're.
I can't remember what the entryis for that, but it's a certain
amount a million a year orsomething like that, in revenue.
But yeah, there's some barrierto it.
I know that.
But the B&I groups are outthere.
(19:17):
I mean there could be someoverlap.
They're only allowed to havelike one company in a certain
kind of industry.
But you're right.
I mean there's chambers ofcommerce.
You know there's probablymultiple.
There may be one in your county, there may be one in your city,
there may be several citiesaround you that each have their
own.
Speaker 2 (19:33):
But it'd be a good idea when you're starting out
just to get out there and letpeople know that you exist Well
and find a mentor, find somebodywho has been there and done it
and is willing to spend sometime with you.
Be thoughtful about their time,don't abuse it.
But having somebody who hasalready gone through what you're
going through is very, veryhelpful, and one of the things
(19:56):
that we do quite a bit with ourclients is just network them
with other successfulentrepreneurs so that they can
they just benefit from all thatgray hair that those guys you
know got, got the hard way.
Speaker 1 (20:10):
And it's probably hilarious when these people come
in and they ask these questionslike it's just them that's
dealing with it, and these guys,probably laughing inside, just
don't want to say anything butreally go like, oh my God, yeah,
I didn't, I know, I know thisstory.
Don't worry, I got you.
I'll tell you exactly what todo.
Well, explain your business alittle bit, how it's structured,
who you work with, who's yourtarget.
(20:32):
You know, who do you want tosee come through the door?
Speaker 2 (20:36):
Sure.
So our business, it's a littlecomplicated but we have and it's
all designed around theentrepreneur.
So we have an investment bankso that manages transactions on
behalf of entrepreneurs.
So when they're ready to sell,ready to raise capital, we'll
tell their story to the market,manage that process, manage the
negotiations, et cetera.
(20:56):
Ahead of that or prior to that,we have a consulting group we
call Pathfinder and that'sreally designed to get
businesses ready in that year tofive years before they're going
to have a capital event.
We've got all kinds of expertson our staff.
We've got a Six Sigma Black Belt, we've got folks with expertise
in sales, we have expertise infinance and we provide that to
(21:18):
those entrepreneurs to help themmake their businesses more
scalable, more predictable andthen more valuable.
Then on the back end, we have afamily office, multifamily
office, where we've got about100 families that we work with.
We manage about a billiondollars for them.
They've all been through ourinvestment bank or most of them
have been through our investmentbank.
(21:39):
And then we've got a small fundwhere we provide some growth
capital to some of thosePathfinder clients who would
benefit from growth capital, andthat's funded by growth capital
to some of those Pathfinderclients who would benefit from
growth capital, and that'sfunded by us and by some of our
family office members.
So it's we've really just tried, over the history 20 year
history of our business reallyjust to build services for the
entrepreneur.
That we've identified could adda lot of value to them and it's
(22:03):
been a it's just been a greattime.
Identified could add a lot ofvalue to them and it's been a.
Speaker 1 (22:06):
It's just been a great time.
Yeah, explain you we weretalking before the show the
different types of services youoffer.
I mean people don't reallyunderstand the difference
between, like, what is a familyoffice, what is a hedge fund,
what is a.
You know they don't understandthe difference between those
different kinds of groups.
Explain some of the I guesspieces that you've integrated
(22:26):
into your business and explainwhat those do.
Speaker 2 (22:29):
Sure, sure, on the family office side, we're really
.
We manage money for them, sowe'll help them invest in public
securities and privatesecurities.
It's really designed to helpthem identify.
All right, what are yourpriorities?
What's important to you?
What are your goals?
What kind of timeframe are wetalking about?
(22:50):
All right, let's design aninvestment strategy that's going
to dock up to that reallynicely, and then we monitor that
constantly.
How are we doing?
How are we measuring up?
What are the challenges thatwe're having?
How are we going to overcomethose?
The investment bank is really.
It's when, when a business isgoing to be sold.
Our opinion is the best way todo that is you want as many
(23:13):
buyers as you can get to thetable.
The more competition for thatbusiness, the better, and so
that's what the investment bankdoes.
We work with that businessowner to develop their story.
Then we take that story out toa curated list of potential
buyers.
That's custom right.
Every, every client's differentand then we tell the story,
(23:33):
that client story, to thosebuyers and then solicit bids and
then manage a deal processwhich is complex.
There's a lot that can go wrong.
You know, we've been fortunateto do a lot of transactions, so
I think we've seen most of thebad movies and you know we've
been fortunate to do a lot oftransactions.
So I think we've seen most ofthe bad movies and you know, not
quite sure, every once in awhile I get surprised with
another one.
But and then the Pathfinderbusiness is really just
(23:54):
consulting.
It is we.
We sit with that entrepreneur,we analyze their business, we
help them understand from abuyer's perspective.
Hey, here's how a buyer isgoing to see your strategy, your
team, your, you know yourfinancials and here's what
they're going to like and here'swhat they're not going to like.
All right, let's talk about howwe might change that story in
(24:17):
the future such that yourbusiness is worth a lot more and
that transaction is easier toexecute.
Speaker 1 (24:21):
Yeah, now, what I like about what you're talking
about is you're helping peoplefrom early on all the way past
their exit.
So they exit, they have a nicelittle capital event.
Now they've got money and whenwe sold our business it was a
pretty large transaction.
I didn't know what to do withthis money.
I had people calling me that Ididn't even know Once they saw
(24:44):
it in the paper and everythingand the transaction amount.
I had eight financial advisorscalling me.
Oh yeah, people that I hadn'ttalked to in years were reaching
out.
I mean it was wild.
Do you offer some?
And this is important.
People don't think about this,but you almost need protected
from these people.
And if, if you can work withsomebody early on, like you guys
, who make sure that you've gotthe legal stuff in place because
(25:08):
I mean, you know, going out andfinding people that can make
sure that you don't get screwedover by this sell by one of
these buyers is very important.
And then, yep, you freak outlike if you've never had money
before and then all of a sudden,you get a check for a few
million bucks, you're like whoa,like what do I do?
Speaker 2 (25:24):
Yeah, I always look at our job.
As for those entrepreneurs thathave sold their business, our
job is to make sure they neverhave to work again if they don't
want to.
Oh yeah, and and so, and Ialways tell entrepreneurs look,
you've taken more financial riskin your life than most people
will take in their entirelifetime, and so you know, a job
(25:47):
on the on the wealth managementside is really how do we reduce
cost, reduce the tax burden and, you know, protect that money
so that you, so that you do,don't have to work again.
But it's, I will say, one ofthe reasons we started the
family office I was talkingabout to this about today at
lunch, was it's the whole wealthmanagement industry is is not a
(26:10):
great industry, um, and itthere's a lot of conflicts,
right?
So you know, you get a financialadvisor who's got incentives to
sell you certain products,whether that's insurance or
their own funds or some managedfund, and those have a lot of
fees, you know.
So when we started ours, I, youknow, I told our team.
I said we're never going totake a dime from anybody other
(26:31):
than the client, right, our feesare just to the client.
That way there's never aconflict.
You know if, if we recommendsomething to a client, it's
because we believe it's the bestproduct, not because, hey,
we're getting the biggestcommission from that product,
and so, and the other piece,that another reason why we
started it is because most ofthese entrepreneurs they're not
attractive to a Goldman Sachs ora JP Morgan or a Morgan Stanley
(26:54):
before they have theirliquidity event.
(27:18):
They're obviously just like youmentioned.
They're obviously veryattractive after they get their
money, but it's actually beforethe transaction when you can
make stuff happen Tax planning,estate planning, planning for
your kids and wealth which is abig topic that we deal with
quite a bit, thinking aboutcharitable giving, all of that
stuff.
There's a well, you're going tomiss those opportunities, and
so that's why we started.
It was how do we, how do wehelp these entrepreneurs?
Right, we respect what they'redoing, but they're not getting a
great level of service outthere in the market.
Speaker 1 (27:34):
Well, chris, I should have moved to another state two
years before we sold.
That's what I should have done.
I should have got a uh, anapartment in Tennessee or
something uh, because it wouldhave been a lot cheaper than
what I paid in state taxes if Iwould have moved to a no-tax
state.
Speaker 2 (27:54):
I didn't understand any of this stuff.
It's funny that you mentionedthat we had a client sold his
business for quite a bit ofmoney almost half a billion
dollars and he I won't say thestate that he lived in, but it
cost him about 50 million instate taxes that he could have
saved by moving a couple ofyears earlier.
Speaker 1 (28:08):
Yeah, it was just- had to be in the coast, it had
to be one of the coastal states.
Speaker 2 (28:13):
Exactly, exactly.
One of the big ones.
Speaker 1 (28:15):
Yeah, oh, I bet, I bet they need a lot of money.
They do.
They've got a lot of thingsthey want to support with, uh,
with your money, uh, so, exactly, well, what do you?
What do you see?
Who's the average person Like?
What would you?
Because I think here's theproblem A lot of young people
don't want to start a businessbecause they don't have any
(28:37):
patients, right, they don't havepatients for this stuff.
The guys that are here sellingthese businesses the, the, the,
the families that are sellingthese businesses these
businesses have been around forgenerations or they've.
If it's a person that juststarted it this year, it's
probably a high growth business,but it could be an electrical
contractor.
They've been growing thesebusinesses over the years.
(28:58):
It takes time to do this right.
It's not something that justhappens overnight and people
want everything overnightnowadays.
Who usually comes in the door?
Speaker 2 (29:08):
So our I mean our average transaction size for a
sale is about 75 million.
So these are businesses thatare pretty mature.
They've been around, you know,will do deals as small as 15 or
20 million, and then, obviously,this one we just did, which was
a half a billion, the.
These are businesses that arepretty well put together, but,
to your point, you know, almostall these businesses are at
(29:31):
least 20 years old, and that'swhy I always tell I think if
you're starting a business andyour principal goal is just to
make money, that's going to be abig mistake for you, because
it's going to be a while untilyou make serious money with a
new business.
You need to love what you'redoing, right, you need to really
(29:52):
enjoy the work and you've gotto be passionate about the work
and about the mission and aboutyour clients, because if that's
not there, trust me, you're notgoing to have enough stamina to
last until the business startsto make real money.
And so it is a, you know, notjust a patience game, but I
think it's also just apriorities game.
What?
Why are we doing this Right?
(30:13):
What's, what's the goal here?
And if, if, the primary goal isjust to make money, my guess is
they're.
They're probably going to fail.
They're going to be unhappy.
Speaker 1 (30:21):
Well, and you've seen enough of these.
I mean, do you see, Well, andyou've seen less and less people
(30:46):
who are qualified to run abusiness for all the reasons you
just gave?
Speaker 2 (30:52):
Likely right.
The, I think the I mean wecould have a long conversation
about hey, there are lots offactors that are making starting
a business tougher in someregards and a lot of factors
that are making it easier insome regards.
Right At lunch, I was talkingto this guy.
(31:13):
We were talking about theimpact of artificial
intelligence and he was talkingto a guy who used to run a
newspaper.
And the guy said you know, thisnewspaper had a staff of 80 to
100 people.
And he said with AI and what'savailable, I could start that
business today with three peopleand run it and be successful.
So I think, on the one hand,with technology, we've made
(31:37):
things a lot easier.
With access to information,we've made things a lot easier.
On the other hand, I mean, as Italked about, I deal with a lot
of regulatory hurdles and itseems like every year there's
another one Right, and thatcould be from whether it's what
we do on a regulatory front orit could be just hey, the state
(31:58):
in which you operate decides.
We're going to, we're going tochange the regulations under
which you operate, we're goingto change your taxes, we're
going to change the requirementsto, actually, if you employ
more than 50 people.
Here's what we're going to puton you.
It's that kind of stuff andsometimes I wish that more
legislators understood what ittakes to open, run and grow a
(32:22):
business, and maybe then they'dhave a little bit more.
You know empathy for whatbusiness owners go through, but
I mean, I've talked to a lot ofbusiness owners that you know
where they basically justconcluded.
You know what.
It's just too hard, so I'm notgoing to do this anymore.
Speaker 1 (32:38):
Real sad.
Yeah, it's ridiculous.
Speaker 2 (32:41):
I mean it's like it's what's made this country great,
that's right, and then you can.
Speaker 1 (32:45):
You're going to have other places catching up with us
and you know what the crazything is to me?
It's like, you see, people I'vegot a lot of friends who are
first generation Americans allentrepreneurs, they come over
here and they kick butt.
Their dad, mom, came over here,broke their backs to give them a
better life.
A lot of times they wereentrepreneurs too, you know,
(33:11):
maybe weren't super successful,but they make sure their kids
get a proper education, maybesend them to business school,
and then those kids then becomewildly successful entrepreneurs.
I mean, Vivek Ramaswamy is fromthe West side over here in
Cincinnati.
He's a perfect example ofsomebody.
Comes over here Jeff Bezos,Elon Musk, you know all these
guys that they come over here,their parents.
They set a really good exampleand they say look, take
(33:31):
advantage of what you have inthis country.
We didn't have that sameopportunity, Do it.
Those are the people that arewildly successful.
I'm sure you've met a bunch ofthem.
Speaker 2 (33:42):
Oh for sure, For sure .
A bunch of them.
Oh for sure For sure.
No, it's to the point.
I feel like they appreciatewhat this country has to offer
and appreciate the opportunitiesright, because I don't.
Sometimes I feel like peopledon't understand just how
fortunate we are in this countrythat you can start a business
(34:02):
and you can be really successfulif you're willing to put the
work in.
Speaker 1 (34:05):
Yeah, and how life-changing is this.
I mean, what have?
You can be really successful ifyou're willing to put the work
in.
Yeah, and how life changing isthis?
I mean?
What have you seen?
This transformation?
If you could talk to youngpeople right now and say, hey
look, you can work until you're65 years old or you can do this
what would you say to them?
I mean, it's to me.
It's like the idea of workingfor someone else, making someone
(34:27):
else rich until I'm 65 yearsold and then I leave with a gold
watch.
That's not exciting to me.
I'd rather take the risk.
I'd rather do something, notlook back on my life someday and
be like you know what I wish Iwould have done that.
Speaker 2 (34:42):
Right, we all regret what we didn't do more than what
we did do so over life.
I think it's.
It's interesting because a lotof times I'll have an
entrepreneurament thepersistence, the discipline, the
willingness to put off a rewardfor a long time to really run a
(35:18):
company.
Usually how those conversationsgo is they think they want to
be a business owner, but thenwhen the reality hits that hey,
by the way, you're on the hookfor the loan, you're going to be
the first person in and thelast person to leave, you're the
last person to get paid, right,if things aren't working, that
(35:48):
realization strikes when a lotof people just say you know what
, I'm not up for that.
I want at least what they thinkis a more secure job.
You know, I want.
I can't take that kind of riskand, and I think let's look
everybody to each their own, butit is a for you and me.
That would you know, that wouldkill us, right To to have to
work for somebody else.
And, uh, because, just becauseof the level of passion and
(36:12):
commitment that we have, right,we want to, we want to go grow
something, um, and, but not, noteverybody wants to do that, and
that's, that's fine.
Um, I think it's just moreidentifying for you personally.
Well, what do you want?
Right, cause it's uh and that'sthe great thing about this
country as well Right People getto do what they want.
Speaker 1 (36:30):
That's right.
You have the option.
Nobody's telling you you can'tdo anything.
So right, I mean look at thisteam you built on the website
here.
I mean you guys have.
I mean this is not a couplepeople, this is.
I mean you've got a significantand I'm looking at these folks
and some of the credentials.
I mean this is an impressiveteam of people that you got here
(36:51):
.
Speaker 2 (36:52):
I am one of the luckiest people alive to have
the team that we have reallyreally humbled, that they joined
us, and I guess that I'm justreally really lucky.
We have an unbelievable team ofpeople who are not just smart
but they're hardworking, they'recommitted to clients, they're
they're doing the right thing,they're collaborative.
(37:13):
They work really well with eachother.
Um, it's, uh, it's what makesthe job that I have, uh, you
know, one of the best in theworld.
Speaker 1 (37:20):
It's amazing, and you get to uh be in Denver.
Is that where you guys are at?
Speaker 2 (37:23):
Is that where you guys are at, I get to be, yeah,
yeah, absolutely 330 days ofsunshine, adam.
Speaker 1 (37:28):
I've been there a few times.
One of my, one of my, ourmarketing director at the
company we sold.
He moved there and he startedup a new company, an Airbnb kind
of based company, and he wasthere for a long time and he
just bounces around the countrynow and does whatever he wants,
but he loved it.
He's just because he's a runner, so every day he's just like oh
(37:54):
yeah, just go out.
Speaker 2 (37:54):
I mean, you know, every day it's beautiful
practically.
I mean a little cold sometimes,but sunny, you know, oh, it's,
uh, uh, yeah, we like to keep upthat facade right that it's a
super cold in colorado.
You know, you don't want, youdon't want to move here, keep
them out, keep them out.
Speaker 1 (38:03):
we got that in cincinnati.
We don't want people to knowthis is like, uh, it a big small
city, right, but you know, Iwent to Miami University.
Speaker 2 (38:11):
Oh, so you know you know all about the Cincinnati.
Speaker 1 (38:13):
Yeah, I got six stitches right here at
McCullough Hospital for yeah,getting into it at Miami
University one time, two thirtyin the morning I'm bleeding on
their floor.
It took about an hour for asurgeon to get there to tie me
up but I had my problems back inthe day.
It is what it is, chris, I'msure you've seen it too.
(38:38):
I really appreciate you being onthe show.
Tell people how they can reachout to you guys.
If they fit the profile, ifthey're interested in maybe
selling their business at somepoint, explain to people how
they can reach out to you.
Speaker 2 (38:49):
For sure.
Our website is wwwclass6.com,and they can reach me at Chris
at class6partnerscom as well,and you know we do a lot.
We give a lot of advice awayfor free just because we want to
(39:10):
help entrepreneurs, and sowe're always happy to talk to an
entrepreneur and see if we canbe helpful.
Speaker 1 (39:13):
Well, you've been doing it on this show, so I
really appreciate it.
Thanks so much.
Speaker 2 (39:17):
Same to you, yeah, same to you.
Speaker 1 (39:18):
I'm trying, man, I'm trying we got to get people out
here, man.
We got to boost the economy.
Look at this GDP number.
I mean it's sad Like we gotdebt.
Debt to GDP.
We got to get some moreentrepreneurs in here,
Absolutely A hundred percent.
All right, Chris, I'll see you.
All right, yeah, Take care.
Thanks for joining us on thisweek's episode of Side Hustle
City.
Well, you've heard from ourguests.
(39:38):
Now let's hear from you.
Join our community on Facebook,Side Hustle City.
It's a group where people shareideas, share their
inspirational stories andmotivate each other to be
successful and turn their sidehustle into their main hustle.
We'll see you there and we'llsee you next week on the show,
Thank you.
Speaker 2 (39:58):
Bye.
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