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Millionaires Unveiled

311: Net Worth of $10M - From Vending Machines to Selling my Business to Private Equity

Millionaires Unveiled

Jace Mattinson

Investing, Millionaire, Financialplanning, Business, Self-improvement, Education, Finance

4.8872 Ratings

🗓️ 11 September 2023

⏱️ 50 minutes

🧾️ Download transcript

Summary

Chad has a net worth of $10 million. About $1 million is still equity in the firm that bought his business, another $1 million in his boat that he is sailing around on, another $1 million is in his primary residence and the rest is invested in the market between retirement accounts and a brokerage account along with some cash. He is in his early 50's. He started a business in the late 90's and recently sold it and is now retired.

Patriot Day-Please Remember those who lost their lives on September 11.

Transcript

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0:00.0

We didn't really change our lifestyle. You know, we were making decent money before we sold the business.

0:06.2

We didn't really, I don't know, we bought her a sports car, but we did that right before we sold the business and I think our big

0:16.3

purchase was this boat. You know once we got that done we bought the boat a

0:21.4

couple three months later but the reason we sold the business is because we wanted to go live this lifestyle and

0:27.3

Have a little more time with our little freedom with our time right? That's what we were really looking to

0:32.4

accomplish I think that's the, I think that's the

0:35.3

ultimate goal more so than money is the freedom of your time. You know, I'm no different than you know probably the vast majority of your your

0:46.6

listeners and other people out there right that own a small business I just started

0:51.0

business hoping to make enough money where I could you know pay rent and eat and

0:57.3

maybe have a vehicle that Randy sent and you know that kind of stuff I you know that's all you're just trying to survive when you're maybe in your

1:05.4

20s and I kind of got doing that okay and then and then I think I started doing a little bit better than average.

1:13.4

So I was kind of, I don't know, I wouldn't say comfortable, but that's happy.

1:18.3

And I saw a business that sold, there was in the same field as me, right?

1:24.6

And they sold for an absolute grip of cash,

1:28.0

you know, like 17 or 20 million.

1:30.6

It was a ton of dough.

1:32.0

And I'm like, wow, how do I do that? That sounds appealing.

1:37.4

I think you need to understand your exit before you start building a company.

1:43.0

And I met with them for the simple purpose of,

1:48.0

I'd like to understand the value of my company

1:51.0

and I'd like to understand what they're going to want in a to

1:56.6

purchase a company.

...

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