156: Lessons from Losing a Million Dollars with Joshua Wilson

In this episode of the Modern Man Podcast, host Ted speaks with Joshua Wilson, a serial entrepreneur and business acquisition strategist. They discuss Joshua's journey from being a real estate addict to successfully acquiring and transforming businesses

Takeaways

• Joshua Wilson transitioned from real estate to mergers and acquisitions.
• Being equity-rich but cash-poor can be a challenging situation.
• Diversification is crucial for financial stability.
• Taking calculated risks can lead to significant rewards.
• Mental roadblocks often prevent individuals from pursuing opportunities.
• Due diligence is essential when acquiring a business.
• Identifying growth potential in businesses is key to successful acquisitions.
• Entrepreneurship requires resilience and the ability to learn from failures.
• Networking and mentorship can provide valuable insights and opportunities.
• The universe often presents opportunities when you are open to receiving them. Don't do restaurants, just too low margins.
• Niche down as much as you can.
• Immediate cash flow from acquisitions is a key advantage.
• Aligning with investors is crucial for success.
• There is no such thing as a passive business.
• Creating multiple income streams is essential for financial freedom.
• Diversification is necessary to avoid being cash poor.
• Investing in businesses can yield better returns than real estate.
• Understanding the operational side of business is vital for success.
• Parenthood has shaped my perspective on financial independence.

Chapters

00:18 - Introduction to the Modern Man Podcast

01:38 - From Real Estate to Mergers and Acquisitions

03:21 - Understanding Equity Rich and Cash Poor

06:20 - The Importance of Diversification in Business

09:08 - Taking Calculated Risks in Entrepreneurship

12:22 - The Journey of an Entrepreneur: Lessons Learned

15:16 - Overcoming Mental Roadblocks and Fear

18:28 - The Role of Due Diligence in Business Acquisition

21:23 - Identifying Profitable Business Opportunities

24:05 - Niche Down for Success

27:18 - Immediate Cash Flow from Acquisitions

30:25 - Investing with Limited Cash

33:31 - The Reality of Business Ownership

38:58 - Creating Multiple Income Streams

40:52 - Long-Term Vision in M&A

42:45 - Life Lessons from Parenthood

Wilson's Links

Website: https://jwenterprise.co/

Instagram: https://www.instagram.com/therealjoshwilson

Facebook: https://www.facebook.com/realjwilson/

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