WEBVTT 1 00:00:00.000 --> 00:00:03.600 Hey you, what's your number one over here, so we're having an awesome start to you 2 00:00:03.600 --> 00:00:04.600 or Thursday. 3 00:00:04.600 --> 00:00:12.760 I'm here at the Hormuzzi Lair taking a quick morning dip to clear my head because that 4 00:00:12.760 --> 00:00:14.920 is what I've been trying to work on and show up better as a leader. 5 00:00:14.920 --> 00:00:16.400 So anyways, I was feeling this. 6 00:00:16.400 --> 00:00:18.520 I wanted to bring it up to you guys. 7 00:00:18.520 --> 00:00:23.920 So I wanted to talk about good advice from good invention people and bad advice from 8 00:00:23.920 --> 00:00:24.920 good people. 9 00:00:24.920 --> 00:00:27.320 And I think it's one of the hardest things that you struggle with as an entrepreneur is 10 00:00:27.320 --> 00:00:28.320 who do you listen to? 11 00:00:28.720 --> 00:00:32.080 Where do you get your information from and how can you test whether or not that information 12 00:00:32.080 --> 00:00:33.800 is valid or good for you to act on? 13 00:00:33.800 --> 00:00:38.480 And so I was talking to a friend earlier this morning who's got six locations and they're 14 00:00:38.480 --> 00:00:43.240 trying to, you know, they're thinking about going into licensing and he's kind of 15 00:00:43.240 --> 00:00:47.360 going back and forth between selling his six locations, keeping them, keeping one of 16 00:00:47.360 --> 00:00:48.360 them, et cetera. 17 00:00:48.360 --> 00:00:50.120 And so he was like, what do you do when you sold your sticks? 18 00:00:50.120 --> 00:00:54.720 And what I wanted to tell you is I actually did what most people would consider in a non-ideal 19 00:00:54.720 --> 00:00:56.040 outcome. 20 00:00:56.040 --> 00:01:00.080 And so what I mean by that is that I got advice from most people to not do a lot of the things 21 00:01:00.080 --> 00:01:01.080 that I've done in my life. 22 00:01:01.080 --> 00:01:02.840 And these were people who had very good intentions. 23 00:01:02.840 --> 00:01:07.280 And so parents, friends, you know, mentors, things like that. 24 00:01:07.280 --> 00:01:12.160 And so, but the decisions that we ended up making ended up being the right decision for 25 00:01:12.160 --> 00:01:13.160 us. 26 00:01:13.160 --> 00:01:17.120 And so like, for example, when I had the gyms that I had, I actually sold five of them 27 00:01:17.120 --> 00:01:18.840 and closed down one of them, right? 28 00:01:18.840 --> 00:01:22.880 And I could have sold all of them and I could have probably bundled them together and 29 00:01:22.960 --> 00:01:26.160 I could have gotten a broker and probably sold for probably three or four times the amount 30 00:01:26.160 --> 00:01:27.480 that I did. 31 00:01:27.480 --> 00:01:33.400 But I'm a big believer in, so I talked yesterday about opportunities and threats. 32 00:01:33.400 --> 00:01:37.080 And when you have an opportunity or you have made the decision to capitalize on a new 33 00:01:37.080 --> 00:01:40.600 thing that you're going to do to go all in on that thing. 34 00:01:40.600 --> 00:01:45.000 And so for me, the added benefit of waiting a year to get the ideal outcome was not as 35 00:01:45.000 --> 00:01:50.880 good as taking a non-ideal outcome but taking a bigger win overall in the macro picture 36 00:01:50.880 --> 00:01:51.880 of life. 37 00:01:51.960 --> 00:01:57.760 And so I think a lot of times people with good intentions will give you advice with a 38 00:01:57.760 --> 00:02:00.040 micro perspective. 39 00:02:00.040 --> 00:02:03.760 And so it's kind of like the advice, like, save your way to being a millionaire, right? 40 00:02:03.760 --> 00:02:06.440 Like never get Starbucks, never out to eat, like all that kind of stuff. 41 00:02:06.440 --> 00:02:10.600 But like, and the thing is is like for somebody who's going to be an employee who's going 42 00:02:10.600 --> 00:02:14.640 to be on a fixed income, that's kind of the only way to do it unless you want to start 43 00:02:14.640 --> 00:02:17.840 making more money on the side, which then means you're entering into like the entrepreneurial 44 00:02:17.840 --> 00:02:18.840 role, right? 45 00:02:18.840 --> 00:02:21.200 And then again, that advice no longer is valid. 46 00:02:21.200 --> 00:02:26.520 And so that's why it's so hard having this big bucket of like, what is good advice versus 47 00:02:26.520 --> 00:02:27.520 bad advice? 48 00:02:27.520 --> 00:02:32.640 Because like, there's really just contextual, is this good advice for me right now? 49 00:02:32.640 --> 00:02:39.400 And so the way that I've always navigated this is looking at it in math terms of opportunity 50 00:02:39.400 --> 00:02:42.760 cost, of how much, and this is really real. 51 00:02:42.760 --> 00:02:46.680 Like this is this is 100% how I weigh out these value equations and honestly how I can 52 00:02:46.680 --> 00:02:50.120 drown out the noise of like my parents saying this is stupid and how mentor are saying 53 00:02:50.120 --> 00:02:52.560 I shouldn't make this call. 54 00:02:52.560 --> 00:02:56.880 But just simply saying how much will I make if I were to start fresh on this new opportunity 55 00:02:56.880 --> 00:03:02.240 or this new thing compared to the current opportunity vehicle that I'm in right now. 56 00:03:02.240 --> 00:03:06.080 And so for them, they were like, you spent the last three and a half years, four years 57 00:03:06.080 --> 00:03:10.360 pouring your soul into building these gyms and making them profitable and all the hardships 58 00:03:10.360 --> 00:03:11.360 and blah, blah, blah. 59 00:03:11.360 --> 00:03:13.000 They're like, how can you just walk away from that? 60 00:03:13.000 --> 00:03:15.760 How can you just, you know, in their minds, throw it away because I was just basically 61 00:03:15.760 --> 00:03:19.480 selling it for like one or one and a half times earnings. 62 00:03:19.480 --> 00:03:22.560 And I was just like, because the thing that I'm going to do next is going to be so much 63 00:03:22.560 --> 00:03:23.880 bigger. 64 00:03:23.880 --> 00:03:26.880 And me waiting a year to do that is going to lose me what I would have made in the first 65 00:03:26.880 --> 00:03:28.080 year of that business. 66 00:03:28.080 --> 00:03:33.320 And lo and behold, when we, you know, when I sold all the gyms, the very next month, 67 00:03:33.320 --> 00:03:36.120 I did two over 200,000 in my first month. 68 00:03:36.120 --> 00:03:40.280 And so I was able to replace, you know, the majority of the income that I had in the first 69 00:03:40.280 --> 00:03:42.760 month of switching to a superior opportunity vehicle. 70 00:03:42.760 --> 00:03:48.000 And so to take this back to like, okay, Alex, what does this mean for me? 71 00:03:48.000 --> 00:03:53.000 A lot of times people have really good intentions and they're not bad people and they give good 72 00:03:53.000 --> 00:03:55.760 advice for most people. 73 00:03:55.760 --> 00:03:58.760 It just may not be the right advice for you right now. 74 00:03:58.760 --> 00:04:03.120 And so I guess what I want to say is like, I want to encourage any of you who are like, 75 00:04:03.120 --> 00:04:08.360 like if you're done with something, then be on land about being done with it. 76 00:04:08.360 --> 00:04:12.440 And that's that that advice has really never disturbed me. 77 00:04:12.440 --> 00:04:16.200 And I do want to make sure that when you're making that kind of decision, you're not making 78 00:04:16.200 --> 00:04:19.720 a permanent decision based on a momentary emotion, for sure. 79 00:04:19.720 --> 00:04:22.920 Like that needs to be a logical decision that you've come to. 80 00:04:22.920 --> 00:04:26.600 But once you've made the decision in a non-emotional, neutral place where you've looked at the 81 00:04:26.600 --> 00:04:30.880 math purely, not not looked at the math with an emotional perspective of like, this could 82 00:04:30.880 --> 00:04:31.880 be amazing. 83 00:04:31.880 --> 00:04:32.880 You know what I mean? 84 00:04:32.880 --> 00:04:33.880 But like really what is realistic? 85 00:04:33.880 --> 00:04:35.400 What are some other people who've done the same path? 86 00:04:35.400 --> 00:04:38.040 You know, what are expected earnings, things like that? 87 00:04:38.040 --> 00:04:41.760 When you, when you make that decision, then go all in. 88 00:04:41.840 --> 00:04:46.880 I sold all of my gyms from beginning to end in 120 days, like from beginning to end, 89 00:04:46.880 --> 00:04:47.960 all of them were closed. 90 00:04:47.960 --> 00:04:49.120 I was out of the leases. 91 00:04:49.120 --> 00:04:52.800 I had cash in hand where payments had started coming for the ones that I did payment, 92 00:04:52.800 --> 00:04:54.920 payment plans for. 93 00:04:54.920 --> 00:04:58.360 And so, and I sold five of them to five different owners. 94 00:04:58.360 --> 00:04:59.960 Actually, that's not true. 95 00:04:59.960 --> 00:05:05.800 I sold three to one owner, I sold one to a competitor, I sold one to a client, and 96 00:05:05.800 --> 00:05:07.080 then I closed one down. 97 00:05:07.080 --> 00:05:09.560 And so, but I mean, I had a very dip, you know what I mean? 98 00:05:09.640 --> 00:05:13.400 I basically was just like, I'm getting, I'm moving on with this. 99 00:05:13.400 --> 00:05:16.680 This is a, this is essentially a fire sale, you know what I mean? 100 00:05:16.680 --> 00:05:19.480 Like, I'm moving on to the next step for me. 101 00:05:19.480 --> 00:05:23.880 And so, if you get to that, and it doesn't have to be with like at the macro level of 102 00:05:23.880 --> 00:05:26.640 your gym, but it can be with any decision, like if you're done with something, be done 103 00:05:26.640 --> 00:05:32.600 with it, trying to then go from like, I'm done to let's get ideal outcome are two very 104 00:05:32.600 --> 00:05:36.880 contradictory feelings, and they're very, two very different action sets that you take 105 00:05:36.880 --> 00:05:38.080 based on that decision. 106 00:05:38.080 --> 00:05:42.440 And usually, if you're looking at the opportunity cost of the time, it's going to take you 107 00:05:42.440 --> 00:05:46.040 between fire sale to ideal outcome, and then you measure how much more you would make 108 00:05:46.040 --> 00:05:49.200 in the new thing that you want to do, or the, you know, whatever the endeavor that you're 109 00:05:49.200 --> 00:05:53.240 trying to take on is, if you can measure that difference and the differential is greater 110 00:05:53.240 --> 00:06:01.360 to doing the thing that you want to do, then it makes math sense to do that and cut ties 111 00:06:01.360 --> 00:06:04.800 with the other one as fast as possible so that you can move in that direction. 112 00:06:07.120 --> 00:06:10.960 Real quick, guys, you guys already know that I don't run any ads on this, and I don't 113 00:06:10.960 --> 00:06:11.960 sell anything. 114 00:06:11.960 --> 00:06:14.520 And so, the only ask that I can ever have if you guys said that you helped me spread 115 00:06:14.520 --> 00:06:18.280 the word so we could not more entrepreneurs, make more money, feed their families, make 116 00:06:18.280 --> 00:06:21.960 better products, and have better experiences for their employees and customers. 117 00:06:21.960 --> 00:06:26.400 And the only way we do that is if you can rate and review and share this podcast. 118 00:06:26.400 --> 00:06:30.000 So, the single thing that I have to do is you can just leave a review, but take 10 seconds 119 00:06:30.000 --> 00:06:33.200 or one type of the thug that would mean the absolute will to me, and more importantly, 120 00:06:33.200 --> 00:06:34.800 it may change the world for someone else. 121 00:06:37.560 --> 00:06:43.320 And so, I just want to give you advice that I didn't get when it comes to making big 122 00:06:43.320 --> 00:06:44.320 moves. 123 00:06:44.320 --> 00:06:49.960 I've always, always moved in the direction of making big moves, making the decision and 124 00:06:49.960 --> 00:06:52.160 executing. 125 00:06:52.160 --> 00:06:55.200 And I'll take time to make the decision, but when the decision is made, it's made and 126 00:06:55.200 --> 00:06:59.880 every day that I don't act on that decision is a day that I become weaker and I become 127 00:06:59.880 --> 00:07:01.040 less certain of myself. 128 00:07:01.040 --> 00:07:04.960 So, it's like, once you have made it, then prove to yourself that you have balls, and 129 00:07:04.960 --> 00:07:09.320 I say that with love to women, you know, that you have big ovaries, whatever. 130 00:07:09.320 --> 00:07:11.040 And that you make the call and you move forward. 131 00:07:11.040 --> 00:07:15.800 And a lot of people who are not entrepreneurial, who are, you know, more security driven, 132 00:07:15.800 --> 00:07:18.240 things like that, will be like, you shouldn't move this fast. 133 00:07:18.240 --> 00:07:23.800 It's not good to do things quickly, you know, you should take more time, you should really 134 00:07:23.800 --> 00:07:24.800 think about this more. 135 00:07:24.800 --> 00:07:27.800 It's like, well, that's just because you're security driven and you sit in your blanket 136 00:07:27.800 --> 00:07:28.800 of comfort. 137 00:07:28.800 --> 00:07:31.520 And you don't realize that there's still an entrepreneur above you who's worried every 138 00:07:31.520 --> 00:07:35.360 day about the business that you're getting paid for, still being there tomorrow. 139 00:07:35.360 --> 00:07:36.360 You know what I mean? 140 00:07:36.360 --> 00:07:38.960 And so, that's just because they live in a false sense of security. 141 00:07:38.960 --> 00:07:42.560 But, and so they play off of rules that don't actually exist. 142 00:07:42.560 --> 00:07:46.040 But for you and I, for those of us who are entrepreneurs, for those people who are taking 143 00:07:46.040 --> 00:07:52.400 the risks, then weigh your decisions, make the decision in a non-emotional place, and then 144 00:07:52.400 --> 00:07:56.120 when you make the decision, go all fucking in and be done with it so that you can look 145 00:07:56.120 --> 00:07:57.640 at the opportunity cost. 146 00:07:57.640 --> 00:08:01.200 Now that being said, if you have a business where I'm just giving you an example, this 147 00:08:01.200 --> 00:08:03.360 may or may not be relevant to some people listening. 148 00:08:03.360 --> 00:08:09.160 But like, let's see you have a business that can sell today for $3 million and, you know, 149 00:08:09.160 --> 00:08:12.800 with a proper process can sell for $10, right? 150 00:08:12.800 --> 00:08:16.040 And the proper process would take an extra, let's say, nine months. 151 00:08:16.040 --> 00:08:21.800 Well, then the equation would be, will I be able to make an extra $7 million in profit 152 00:08:21.800 --> 00:08:25.120 from a new endeavor in that period of time? 153 00:08:25.120 --> 00:08:30.680 And if it doesn't look like that's the case, then you should wait and do the right 154 00:08:30.680 --> 00:08:31.680 process. 155 00:08:31.680 --> 00:08:36.000 But basically what I'm saying is you need to look at the delta between what you can 156 00:08:36.000 --> 00:08:40.680 get in a short period of time, if not saying this is necessarily for an exit, I'm just 157 00:08:40.680 --> 00:08:44.240 using this as an example, it could be anything. 158 00:08:44.240 --> 00:08:47.200 But what you can get in a short period of time compared to what you could get over a longer 159 00:08:47.200 --> 00:08:50.360 period of time, and then what the opportunity cost of doing the other thing that you would 160 00:08:50.360 --> 00:08:53.720 do in that mean time, and whichever one is greater is the one that you should do, and 161 00:08:53.720 --> 00:08:55.520 you should act on that in the moment. 162 00:08:55.520 --> 00:08:58.120 And fucking everyone also tells you otherwise. 163 00:08:58.120 --> 00:09:04.560 That being said, last words of advice, sorry for all the advices this morning. 164 00:09:04.560 --> 00:09:11.880 But don't listen to me if you want to make more than me. 165 00:09:11.880 --> 00:09:15.080 Like, I think one of the most dangerous things in the world is listening to people who make 166 00:09:15.080 --> 00:09:19.120 more than you, rather than listening to people who make what you want to make. 167 00:09:19.120 --> 00:09:21.960 And that's something that I think I've learned as well, because when I was starting out, there 168 00:09:21.960 --> 00:09:24.520 were plenty of people who made a lot more than I did. 169 00:09:24.520 --> 00:09:29.400 But when I look now back on the advice that they gave me, it was based on their view of 170 00:09:29.400 --> 00:09:33.120 the world and the lens that they, how they saw things. 171 00:09:33.120 --> 00:09:38.000 And it wasn't really the best advice, it was just the advice from their perspective. 172 00:09:38.000 --> 00:09:43.080 And so I think that, like, listen to Titans, you know what I mean, listen to the billionaires, 173 00:09:43.080 --> 00:09:47.640 listen to those podcasts, watch those guys talk, because they will be able to give you 174 00:09:47.640 --> 00:09:53.080 perspective from, you know, 10,000 foot view of the things that are really going to drive 175 00:09:53.080 --> 00:09:54.360 the outcomes that you're looking for. 176 00:09:54.360 --> 00:09:59.040 And so, like, don't be afraid to not listen to people if it doesn't feel right for you. 177 00:09:59.040 --> 00:10:02.840 You know, and a lot of times they're just giving you based on the experiences that they 178 00:10:02.840 --> 00:10:04.360 have and they're projecting it onto you. 179 00:10:04.360 --> 00:10:07.960 And I do the same thing to everyone that I'm talking, you know, to everyone who's on 180 00:10:07.960 --> 00:10:08.960 here right now. 181 00:10:08.960 --> 00:10:12.600 Like, I'm just giving you my experiences and how that's worked for me. 182 00:10:12.600 --> 00:10:18.480 There might be another guy who's made 20,000 times more than me who's like, never do that. 183 00:10:18.480 --> 00:10:24.360 But that's just my, my two cents in my angle that has served me well, you know, with 184 00:10:24.360 --> 00:10:25.560 our businesses and whatnot. 185 00:10:25.560 --> 00:10:30.360 So make sure that the people that you're listening to have achieved what you want to achieve, 186 00:10:30.360 --> 00:10:31.360 not just more. 187 00:10:31.360 --> 00:10:34.680 And I know that's a little bit counter to some of the internet marketing culture of like, 188 00:10:34.680 --> 00:10:37.560 you just need to be one step ahead of the people that you're trying to serve. 189 00:10:37.560 --> 00:10:40.880 I think you need to be 20 steps ahead of the people that you want to serve so that you 190 00:10:40.880 --> 00:10:44.480 can actually see the battlefield for not like just the next step, because if you only 191 00:10:44.480 --> 00:10:47.800 see the next step, then you might not know that they would have to backstep that one step 192 00:10:47.800 --> 00:10:49.920 two steps from now. 193 00:10:49.920 --> 00:10:53.320 And so that's where that's where that's where this is kind of coming from is if you can 194 00:10:53.320 --> 00:10:56.240 see what 10 steps ahead looked like, then you can actually figure out how to get there 195 00:10:56.240 --> 00:10:59.200 in six, rather than being one step ahead. 196 00:10:59.200 --> 00:11:03.840 Like I think it maybe works from a, from a selling someone stuff standpoint, but it doesn't 197 00:11:03.840 --> 00:11:06.440 really work from a long term serving that person's standpoint. 198 00:11:06.440 --> 00:11:10.760 So anyways, I hope you all have an amazing Thursday, to all my gym alerts we're getting 199 00:11:10.760 --> 00:11:12.880 on for the diagnostic service afternoon. 200 00:11:12.880 --> 00:11:15.120 I'm so pumped right now. 201 00:11:15.120 --> 00:11:18.120 I love the highest person's getting $2,700 average ticket on the front end for people 202 00:11:18.120 --> 00:11:22.440 walking in from normal promotions, which is really cool with 100% of people going into 203 00:11:22.440 --> 00:11:26.600 recurring at higher average prices with no abandoned hope sales. 204 00:11:26.600 --> 00:11:29.480 So it's really, really game-changing, very excited about it. 205 00:11:29.480 --> 00:11:31.560 And yeah, so I'll see you guys on the call. 206 00:11:31.560 --> 00:11:35.160 Otherwise, lots of love, drop a comment, drop a like if you thought it was valuable. 207 00:11:35.160 --> 00:11:36.760 Otherwise, you can just tell me to go fuck myself. 208 00:11:36.760 --> 00:11:37.760 Alright, lots of love. 209 00:11:37.760 --> 00:11:38.760 Be awesome.