Transcript

Two Side Hustle Ideas, The Top Trait of Successful Entrepreneurs, Building a Compound with your Friends, and More

Can I pitch you two ideas and you tell me which one you like better? Alright, these are two kind of like side hustle ideas that I think could turn into something big, but There are businesses that Are not hard to do. They would immediately make

Somewhere between five hundred K to two and a half million dollars. Probably within a year or a year or two of your business of doing it. Profit. I like that. All right. So the first one is I'm gonna call it um Baller doctors.

What's baller doctors? Baller doctors is you're gonna go to med schools all around the country. And you're gonna Put fucking Yeah. ads slash flyers up and you're gonna say, hey

Before you graduate. Do you want to know how doctors become millionaires? Um You know, faster. You know, w how some m you know, the average doctor becomes a millionaire in twelve years. I can show you how it's done in five.

And you basically host a seminar and you you definitely lean into the get rich quick stuff because you know, people are curious, but you you you build an enough trust But you don't bury the lead. You're like looking doctors are greedy. Even doctors are great. Even doctors like money might be the the better name for the seminar. Um and you're gonna host a seminar and basically you're just gonna break down the business of Most doctors spend all their times with their he all their time with head in you know heads buried in books.

And Think about customer, you know, patient care as they should. But at the end of the day, a lot of these guys wanna go out. They wanna own their own practice or they wanna figure out should I be joining a practice? Should I go to a hospital? Should I Um, you know, start my own. How do I get the money to do that? How much money did this make? And I think if somebody just

made a sort of business in a box uh seminar where they just explained, look. Here's how it usually goes. You put in this much, it takes you this long, here's a sample PL with where your costs look like. Here's how you make money on your practice route. Here's how you could do uh group practice. Here's how you join a ho if you join a hospital, here's where you are after five years. Um

Like, did you know this, by the way? If you're a doctor and you work in a nonprofit, which Most hospitals are nonprofits. For ten years. All of your student loans are forgiven. It's amazing. Same if you're a lawyer. If you're my sister did it. If you're a lawyer for uh the government you get a lot of you get f loan forgiveness. Right. So basically you just do like a personal finance slash business.

crash course for doctors. And you do that around all around the country. And then some percentage of those They actually are gonna go to you for like you can create the there's they'll pay for the session. Or they'll pay for like the upsell. So you might do the session for free. And then you say, by the way, I have like the detailed guide with all of the business like templates in the in this thing.

Uh You know, plus like you know, what whatever, I got all your I got all your docs and templates and it's all fleshed out in detail. This is, you know, four thousand dollars and you know You could buy that mastermind thing. And uh with it comes like a coaching call whenever you're ready. You can always you can always hit me up and I'll help you with this stuff.

All right, I could play off this. So let me tell you about this. So there's this blog that I read. It's called The White Coat Investor. Have you heard of it? Not that, but I'm in a Facebook group called Whitecoat Investors, which is I think probably the same thing. It's Doctor Doctor's Investments. So if you go to it, you'll see it's a little uh stale.

Like it's probably been around for a while. And it gets a lot of traffic. I read it because it they just talk about people earning high income and like the Like the lifestyle and I It's fun. And a lot of my doctor friends read it. And

It's incredibly under monetized. And interestingly how much traffic I looked at this sheet Mm. Like four hundred thousand a month. Oh my god. I mean look at this thing. Maybe six maybe six hundred thousand. Maybe maybe more, I think a lot. But if you look at the dra the traffic source, it's like a good ass miss. Yeah, it's like six hundred thousand.

Should we bleep this out? This is a gem, bro. This is a gem. Why are we why are we giving this gem? Here, let's define how much traffic here's how you do it. So you go to the very bottom, you see where it says advertise with us, click it. So they get um

A million page views a month. So I think And interestingly, if you go to um I looked at the stats for the fastest growing YouTube creators this year as well as the fastest growing TikTok creators.

And something like three of the top ten. Or dentists. And then a couple other were Doctors. And it's usually young doctors who talk all who make jokes and lifestyle content on TikTok.

All about like the doctor lifestyle. So they make jokes that like You and I probably don't understand, but I don't know, maybe like a joke about like sleeping at the hospital or something. Um, and they they've gotten millions of follow followers. So I think there's a world where you could do that and sell a high end membership.

That's thousands of dollars and do exactly what you're saying. I I I completely agree with you. I think this could be a good business. I don't think you could ha do it I think it'd be real if you did it full time, you maybe could do it in a year. But uh yeah, it's a this is a good business. You're part of a White coat investors. Yeah, I'm looking at their Facebook group. You're part of this Facebook group. Yeah, I love joining random niche Facebook groups like this and just see

Seventy seven thousand members. I can I I would bet my life I could make Three to five million dollars a year with a Facebook group for Doctor investors. Oh, it's a okay, listen, it's even better. It's a closed Facebook group that gives

Physicians, dentists, physical therapists, attorneys. Uh pharmacists and other Similar high cum High income professionals. Uh it it basically helps them. But dude.

How did you get into this? Did you tell them that you're a lawyer? Yeah, I just said I was a doctor. Look at me, I look I look like Yeah. Oh. We've been waiting for you. That's awesome. This is a I agree with you. Winning winning idea. So if somebody wants to make a play on this white code investor site, I would love to, you know, buy this website and do something with it. Or if somebody wants to make a group that's like this and go for it, uh DM me or email me or email Sam, uh and let's

This is a good one. Yeah, and he they also have conferences. So they have a uh A uh Whitecoat Investor Conference. Right. Um it's a this is a good this is I completely agree agree with you. You know who could have crushed this niche and they didn't want to was our buddy uh What's the YouTuber Ali? Uh what's his last name?

Yeah, he could have done this. Yeah. I agree. Um yeah, he chose like a worse market. He's like, I'll teach people how to become you like YouTubers how to bet be better at YouTube like Teach doctors how to be better at money.

If you if you if you're not passionate about the other one. All right. Second idea. So it sounds like you like the first one. Here's the second idea. The family legacy Summit.

Okay, so basically there's a huge number of businesses. that are owned by, you know, kind of like Boomer generation. That They would love if their kids What

take on their business and like kind of grow it. Kids may be maybe interested, maybe not. The kid kinda feels like ah, I should, I guess. That's a smart move, but I just don't care about, you know We're the you know, making treadmills or whatever we do, you know, like our family business. Um So they're kind of one foot in, one foot out, but but even then they're like, okay, the parents like all right, no problem, you don't have to take it over, but like

I gotta do something with this and you should know how this works in case I croak and like, you know You should know how the books work and like you should know some things. So basically what you do is through some kind of cold outreach. to uh boom our own businesses.

You're gonna offer them an invite to the Family Legacy Summit. It is a Two day conference in Florida. When you're gonna have It's gotta be our land or George Lauderdale. Exactly. Um Like you know. The local George Lauderdale or Orlando. Yeah, we get it. There's gotta be a buffet. Understood. Exactly.

The family legacies of it. All you can eat. Of course. Yeah with new balance white sneakers and stars. Oh wow. Sandals and socks a lot. Yeah, preferred Sunday loungewear. No socks no service. You gotta have your socks on sandals on the shotgun in. Um So basically you invite people out there and it's just education. It's just a give, give, give. Maybe there's some ticket thing to cover the cost. Maybe you have sponsors. I think you could cover the whole cost with sponsors. But it's just invite only. Your business has to be

of a certain level of maturity. So it's you know, doing over a million dollars a year. you you're a family business who's thought about this question of should we pass it down or not, you and your kids come out. So they come out And at that, you're gonna do a couple of things. This is now this is now the door that opens more doors. So

You could upsell them some services. So estate planning, accounting, uh, whatever, that sort of thing. You could um offer like upsell masterminds or like a kind of a a a master's program, which is like For the kid to like take it over or whatever, something like that. You could uh just buy businesses that like uh the kids not gonna do it. This is lead gen for amazing businesses that you could potentially buy out and you sell those leads to private equity or you buy them yourself.

And um And yeah, it's a way to build a power network in like one year. You'd have like Some amazing connections because There's gonna be a guy who owns, you know, a furni you know, a wood a wood furniture company in Tennessee that makes twenty two million dollars a year. And like those people, you're be your buddies because you're actually helping them with like a c one of their core life problems that they have, which is what do I do with my business and this like stinking kid who's not not taking action.

Do you remember Brent Bay Shore? He came on our pod, um What's his what's the name of his thing? Permanent equity, I think. Something equity. Permanent equity. He's based out of Columbia, Missouri. He has this conference every year called Capital Camp?

Which is a a great name. Uh and How is he doing? He's basically doing this. Is it well, he's buying boomer businesses. How's that going? I think it's going phenomenal.

I think it's going absolutely great. And our friend Cieva, uh, of which I think we're both investors during ventures, is doing a similar thing. Um Maybe it's a little bit smaller, but it's just newer. Yeah, and

They are buying like Can we talk about what they bought? They've come on the pod before Uh, and they're pretty p public about stuff. So they're buying companies like cool uh pool construction companies. So it's like Uh you know, pools are there's like

Amazing business that you can you can do and they bought one in like I think it's called dolphin pools or something like that. They bought it in in Arizona. It crushes it. They they hired this one operator who's like really good, who took it over from the the original owner, the the boomer owner, and basically It's grown like crazy and that's like one of their cash cows now. And I uh and they also bought a internet web like um

I g in the country, like they don't have like A T or Time Warner or whatever. They they have like local providers. And they bought one of those and it's doing well. And I have family members, so my dad's an entrepreneur. They bought five different internet service providers. And they're all doing, I think, pretty good. Um and so my dad owns a small business that none of his family is taking over. My father in law owns a small business.

Who And it is a really it's a Killer business. I mean, um and They uh He somehow the the n our our new brother in law is now gonna take it over.

And Seeing the turmoil that he had to go through in order to he was like, Well, I spent forty years building this thing and I guess if no one that I love wants it, I'm just gonna shut it down. And And it was like Kind of tragic. And it's like I'm literally willing to give this to a family member and they can make many millions of dollars a year if they wanted to do this. It's just it's it's free. You can have it.

And uh people didn't want to do it. And so I've seen this process. And it is like an emotional It's it's a really it's a it's a huge challenge and this is very a very interesting market. There's some stats about how many do you know how many boomers are retiring in like the next number.

It's absurd. It's like it's like it's like a quarter of the the country. Or a or a third of the country. It's the like that that group of people when they pass down their inheritance. It's gonna it's like many trillions of dollars, I think. I don't know if that's that might be hyperbole, but I I think it's something like that. Some ridiculous number. And then that's like a lot of people that are just not gonna have to work, but also don't know what to do with it. And similarly there's Many, many businesses. That was when Enduring first pitched it, they were like They just show me the stats. They're like there are this many boomer businesses.

With They want to retire. They don't want to run their business anymore and their kids don't want to take it over. And like those businesses Are up for grabs and they're like two small like But not sexy as a startup. And they're too small for big private equity.

And so we're gonna be like P basically like permanent equity where they're gonna be They're just gonna buy it and hold these amazing businesses for a very long time and they keep doing that one after another. Uh like I think See you and Xavier, they they've rolled up like

Almost a hundred million dollars of Business equity. off of a two million dollar starting equity amount. Like we Yeah.

It is crazy. I I invested in what I didn't have a lot of money when I first invested in. So but at the time it was like ten or fifteen thousand I or something like that that I invested. It was like a that was a big deal. It's just been like it's just been growing and growing and growing. No. So they so they were like they were like Sean, like you've helped us like think through this idea and like They do, like I like the stuff, I'll be helpful along the way. So they're like, you know, we want to offer you like if you invest, we'll also offer you like an invest uh an advisor or like uh like an advisory grant. That'll just match your investment. And uh

And I think they thought I was gonna do like You forgot to file the paperwork. No, I think they thought I was gonna put in like twenty five K or like max or like twenty K, something like that. So they're like, Okay, cool, you got like twenty K of equity, we'll give you twenty K worth of advisory shares. But I was like a big believer in what they were doing, so I put in two hundred thousand and then they were like They're like, oh, and I was like, look, you don't have to like I get it. You don't have to give me two hundred thousand of advisor shares. But Xavier was like Nope.

A deal's a deal. And um Like I was like, if we didn't sign anything and like, dude, I'm totally okay with it. But he's like no like Like. We will we'll honor that and also like I know you'll like you'll deliver.

And so since then I've had this like immense desire to deliver on that. It was actually the best thing he ever did, because he got me to basically work for him for free. Uh for for this one, like for this act of goodwill, I am like I will s I see your goodwill and I raise you ten times goodwill on my own side. It's gonna That's gonna end up being a a great one of your better investments, I would think. Depending on I don't know when you got in. Uh were you with very beginning. We both were you both Yes. Then that's gonna I think it's gonna crush. Yeah, exactly. Like I I think already let's say conservatively, that's probably up twenty X, you know, like something like that, in valuation.

You think that's up twenty X?'Cause if they go raise now, they basically have I don't know exact numbers, but like Somewhere between twenty five to fifty million of revenue, uh th closer to fift million in revenue from these businesses now. um that they've acquired off of two million in equity. That's crazy.