378: Net Worth Of $37M - Changing a Family Tree: My Dad Never Made More than Minimum Wage Yet All 10 of Us Became Millionaires

Millionaires Unveiled

Jace Mattinson

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

4.8 • 872 Ratings

🗓️ 7 October 2024

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dan is 73 and has a net worth of $37 million. Most of it is in private equity including his business but does have some cash, some investements in the market and some real estate. He shares his background growing up in a large family where all of his siblings became millionaires and how his father's work ethic influenced his success. He went on to become a Navy pilot and later started his own companies. He experienced both successes and challenges, including a recession that led to the loss of his business. He then shifted his focus to investing in private companies, including PlantSnap, an app for plant recognition. The app has seen significant growth and is valued at five times its 12-month sales. Dan shares his journey of building a successful scaffold company and making smart investments. He took in $4 million in outside capital when his company was already successful, allowing him to expand and grow even more. Eventually, he bought back the company from the investors for a fraction of its value. Dan emphasizes the importance of focusing on profitability and maximizing distribution to investors. He has diversified his investments and built a family office with his siblings. Dan plans to retire and is preparing for his ultimate exit by saving and investing in other companies.

Sound Bites

"My dad never earned over minimum wage. He always had side hustles... His motto was, a job worth doing is worth doing well."
"I started my first company manufacturing a housewares product... On the third day, they hired me as an engineering specialist."
"I bought the scaffold company and that was 36 years ago. And I'm still involved with that company."
"Wow, that's amazing."
"We'll take your company from $15 million to many times that."
"You bought your company back for pennies on the dollar."

Transcript

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0:00.0	But we've lost probably $3 million in the stock market from my stupid moose and yeah,
0:08.0	that, not knowing what I'm doing, just thinking I do it and think, and then we have a Black Friday event and we've had that four times to us
0:16.7	where we'd have about a million dollars in the market and in the of equity of gain in the market and then the bottom falls out and I lose it all of my
0:29.2	principle plus that and drops so fast you just can't believe it when it comes down it's the to the millionaires unveil podcast. The show where you'll hear the stories and
0:43.8	interviews of everyday millionaires will unveil their decisions, their
0:47.8	strategies, and their portfolio allocations. Now to your host, J.S. Mattingen.
0:56.0	Welcome back to the episode of Millioners-Inveau
0:58.0	Podcast. This is episode number 378.
1:01.0	In this podcast, we explore the stories behind self-made millionaires and the journeys that took them from humble beginnings to financial success.
1:08.0	In today's episode, we have a fascinating guest, Dan, whose story spans decades of hard work, business acumen, and strategic investments.
1:17.0	Whether you're looking to scale your own business or make your first investment, this episode
1:20.5	is packed with insights that you won't want to miss.
1:23.0	Our conversations are always candid and only edited to be family friendly.
1:26.4	So grab a seat and get ready for a deep dive with Dan.
1:29.2	Yeah, super excited for today's episode with Dan.
1:31.7	He's got a net worth of $37 Dan. He's got now worth of 37 million dollars. He's 73 years old I believe early 70s and most of it about 85% of it is in his current business and other private equity investments.
1:46.1	He does have a little bit in the market, which we get in doing, and he's got some stocks
1:50.0	and holds about a little less than 10% in some cash and then he's got about 15, the remaining
1:56.4	15% or so in real estate.
1:59.9	He had a bunch more in real estate, but he tells a crazy story of getting a out of market offer,
2:06.8	five million dollars more than he thought it was worth, and he sold it, and it ended up selling for ten million more than he sold a four few years later.
2:15.8	So gonna be a great episode with him.
	...

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