They say 90% of millionaires are made through real estate, but 100% of billioners are made

through private equity. In the next seven years, we got thousands of small businesses that are owned by these baby boomers that are going to be retiring over the next seven years. There are one million businesses for sale in the country right now. Only one in 16 of them will sell. 80,000 businesses will sell them in the next 12 months. 920,000 of them won't. They're not large enough to be enticing to private equity. They don't want to buy up a one or two or

three million dollar company. And the average 12 months, 920,000 of them won't. They're not large enough to be enticing to private equity. They don't

want to buy up a one or two or three million dollar company. And the average Joe doesn't have one or two, three million dollars to buy a company. That creates a lot of fear for business owners that said, well, my business is actually successful. It's better than average, but there's not a huge buying pool and those are the companies that I target. I'm looking for 20x and 30x and 50x multiples.

The fun part is I get to wake up every morning and just ask,

what is an impossible problem in the world I want to try to solve?

Welcome to the Rich Summers Report where we talk real estate, business and. All right, guys, welcome to another episode of the report.

Today, I'm sitting out here in Provo, Utah, with my man, the legend I got Mr. Chris Cone.

Chris, welcome to the show, brother.

Too, man.

Happy to be here.

Yeah, man. I appreciate you having me out to Provo, man, impressed with your whole setup here. Your whole team's been amazing today. And, dude, your guys' energy is just like second to none. Appreciate that. Yeah, man. So, you know, I know a lot of listeners are familiar with you, but a lot of them don't really know your story, me man like what I'm just and I don't know either I'm curious what were you doing before real set

so I wanted to be a doctor. If we were to back up like a long time ago, I come from a family where I have a German immigrant father, had met my mom, had nine kids, big family, I'm number four, and my parents fought about money all the time. And so that really influenced a lot of my decisions on what I wanted to do when I grew up. My dad, he just, he was belt on me. He said, son, get good grades. Go to college. That's the ticket because he didn't have me on a third grade education. So I did that. I worked really hard. I got, you know, I had to put in a lot of effort to get good grades.

There's a lot of that that I had more street smarts, I think, than academia in me. And I remember when I was a teenager, I said, I'm going to be a doctor because I've got to take care of not one family, but two. I'm going to have my own family. And I just had this calling inside. It was a God thing. I'm like I'm going to take care of my parents. Out of all my siblings, I feel like that's my

responsibility. So I needed to have enough money for two families. And when I started going to

college and started taking my pre-med classes, organic chemistry kicked my ass. And I took it again.

I got a worst grade on the second go around. They were grading on a curve. So they were trying to

fail as many people as possible. And it was the first time in my life. It was my young life. But I quit. And I listened to my advisor that said, dude, this doesn't come naturally. You're not going to be happy. So like when I basically quit out of that game, I was like, I remember sitting down and saying, hey, tell me all of my other options in college here. You're like, well, you could be an architect to make 90,000 a year. You could be, you know, a marketing director, make, you know, $80,000 a year.

You could be an architect to make 90,000 a year.

You could be, you know, marketing director, make, you know, $80,000 a year. You could be a psychologist, make $65,000 a year. You could be a teacher, make $42,000 year. As they were running through the numbers. And I'm like, well, doctors seem to make the most money and everything else seems to make less. And I have to supply for two families.

And I remember that day leaving school feeling so deflated because I was like,

I'm wasting my life being here. This is not where I'm supposed to be. A decision was made, which is I have to go outside of the walls of university to find my higher calling and purpose in life. And so when you decided to quit, did you have any sort of game plan in play. Did you know what the next step would be? I was, dude, I was sad. Like I was depressed. I was, I was, I was,

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