Investment Breakdown - Grant Sells a Business

EP 031: For the past few months, I have been feeling like I'm in a rut when it comes to my health. I am…

- continually getting sick
- going backwards with fitness
- sleeping routine is off

One of the things I know about myself...

When my health and fitness is in a good place, I perform significantly better in all the areas of life that matter.

I’ll bet if I look closely at my financial statements my income will match how healthy I am.

Hence, why I put such a priority on health.
(and maybe you should also)

Anyhow,

A few years back I met a guy who gave me some interesting advice when it comes to life.

I’ll pass on what he shared with me.
As it has served me very well and might be helpful to you also.

“Never let yourself get stale.”

“If you ever spend more than 3 months making no progress in any area of your life, start changing things.”

“You are either growing or dying.”

His view was that we need ‘challenge’ and ‘change’ to keep making progress.

When we don’t provide that challenge to ourselves we get stale and start to degrade.

This doesn't just apply to health but, to every area of life.

If you start getting stale it spreads to the other areas of your life.

If you start getting stale with your health, eventually it will spread to your business and your relationships.

Being this advice has served me in the past I knew it was time to change something.

This past week I have taken up running.

What's interesting is this has absolutely pulled me out of my rut.

While my body is feeling a bit sore, as it’s not used to running, my mindset and overall health have improved dramatically.

My message to you.

Don't let yourself get stale!

In this week’s episode:
○ Grant sells his business.
○ Healthy competition

Prefer to listen or watch?

You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/businessandinvestingcom

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COMMUNITY QUESTIONS

Grant sold one of his companies.

This week's listener question comes from… ME!

After hearing the news that Grant had sold off one of his companies I couldn’t resist but ask him for the details.

Building, buying and selling a company can be an incredible way to build wealth.

Something I know many members of the ‘Business and Investing’ community have or are considering.

Anyhow, the details:

Grant started a serviced office business in Melbourne 5 years ago with 2 friends.
(This is a business they built from scratch.)

Think of it kinda like a co-working office mixed with meeting rooms for hire.

The initial capital outlay was $250,000.

The intent for this business was for it to be a cash flow business distributed to the owners every month.

With the potential for a sale down the road.

On the surface, this business had the potential to be an incredibly high cash flow investment, with very little monthly time needed to keep it going.

Kinda like a gym membership model.

However…

One of the things I noted down, was just how much time it took to get off the ground.
It certainly wasn’t as passive as he had hoped.

Grant also expressed the challenges of having a business with friends.

At times it had put a strain on relationships.
(Though they are still all on good terms.)

This, however, isn’t the biggest takeaway.

The big ‘aha’ moment…

The one that hit home for me (and I suspect many others)...

2nd business syndrome!

The service office business was not anyone's main business.

The 3 friends had it as a side hustle.

No one had the intention of putting a huge time in.

As this business demanded more time from all of them, in order for it to succeed - they had to be pulled away from their main businesses.

It became a distraction for all of them, which they paid for in opportunity cost.

They all would have made more money by focusing on their main businesses instead of the serviced office.

Now, he did make a profit on the sale (which is rare).

And if you want to hear more about Grant selling this business and hear all the juicy details from the man himself, then tune in to the podcast.

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What I am thinking about:

Using healthy competition to achieve your goals faster

I mentioned above that I had taken up running to pull myself out of a rut.

Well, it turns out that Grant has also decided to take up running also.

After one-week things have already become incredibly competitive.

I swear I could feel him on my heels when out for a run today.
(despite him being on the other side of the state)

Just knowing he would be looking at my run stats made me push harder.

It’s also made me hugely accountable for going for a run.
It was hammering down with rain today and I still went out.

We keep it competitive by posting our running stats in slack and comparing who is improving the fastest.
So much so, that I don't want to have to tell him I didn't get out there.

Last night I was sitting on youtube last watching running technique videos.

And… you better believe I bought new runners.

If there is a way for me to create an advantage, I'm looking for it.

I know I'm only doing these extra things because I want to beat Grant.

Making it competitive is helping me achieve my goals faster and has brought a heap of fun to it.

This isn’t the first time Grant and I have used competition to our advantage.

We did it with great success in our wealth building and our businesses.

Having someone to compete with has had a hugely positive impact on the results I have been able to achieve.

Business owners by nature are a competitive bunch.
The key is competing on the things that line up with your goals.

Which begs the question…

How much quicker could you achieve your goals if you added in some healthy competition in the areas that matter?

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UPCOMING

Be on the lookout…

In the coming weeks, we have some experts coming onto the podcast to talk about the economic conditions.

I’m curious to get their take on how the next 24 months will play out.

I’ll be sure to share the key insights and learnings with you in upcoming episodes!


Episode Highlights:
00:00 Welcome!
01:00 Grant sold his business!
06:38 How well Grant’s business did financially
11:57 Grant’s learnings from his experience in the business
16:47 Why defining a problem is the best first step for starting your business
19:22 Should you have multiple businesses?
25:21 What Grant is pondering about
29:50 What’s weighing on Charley’s mind

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