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The James Altucher Show

Wall Street Insane! EP03: Betrayal of the decade!

The James Altucher Show

James Altucher

Education, Business

4.62.7K Ratings

🗓️ 15 July 2022

⏱️ 34 minutes

🧾️ Download transcript

Summary

Another episode of Wall Street Insane! This is probably one of the most stressful stories that I have told. Imagine a company just got offered 40 Million Dollars, MILLION, and the owner refused to sell it because he wanted to "grow and scale" the company. I told everyone this if someone offers you more than 100% of what your company is worth, take it!Dan Kelly, my business partner, Omid Malekan, and I also talked about the betrayal of the decade! The first betrayal that I have seen in my life on how money changes people's attitudes and breaks a 20-year-old friendship after obtaining a large amount of money, literally within days!We also talked about all the stressful things that I had to do, to make sure the deal close!Listen to the episode and tweet at me @jaltucher or Jay, the producer, @jay_yow to let us know if you like this episode!Visit Notepd.com to read more idea lists, or sign up and create your own idea list!My new book Skip The Line is out! Make sure you get a copy wherever you get your new book!Join You Should Run For President 2.0 Facebook Group, and we discuss why should run for president.I write about all my podcasts! Check out the full post and learn what I learned at jamesaltucher.com/podcast.Thanks so much for listening! If you like this episode, please subscribe to "The James Altucher Show" and rate and review wherever you get your podcasts:Apple PodcastsStitcheriHeart RadioSpotify Follow me on Social Media:YouTubeTwitterFacebook ------------What do YOU think of the show? Head to JamesAltucherShow.com/listeners and fill out a short survey that will help us better tailor the podcast to our audience!Are you interested in getting direct answers from James about your question on a podcast? Go to JamesAltucherShow.com/AskAltucher and send in your questions to be answered on the air!------------Visit Notepd.com to read our idea lists & sign up to create your own!My new book, Skip the Line, is out! Make sure you get a copy wherever books are sold!Join the You Should Run for President 2.0 Facebook Group, where we discuss why you should run for President.I write about all my podcasts! Check out the full post and learn what I learned at jamesaltuchershow.com------------Thank you so much for listening! If you like this episode, please rate, review, and subscribe to "The James Altucher Show" wherever you get your podcasts: Apple PodcastsiHeart RadioSpotifyFollow me on social media:YouTubeTwitterFacebookLinkedIn See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0

This isn't your average podcast and he's not your average host.

0:12.6

The James Elfcher Show presents Wall Street Insane.

0:16.9

We've had a couple episodes now talking about guys' experiences.

0:27.7

We've had in just a few years we were in neck deep in the finance business.

0:32.9

We met so many scammers or gray area people like everybody from made-off on down.

0:40.1

But this next one I will start it off. I'll just basically say this guy was a reader of mine

0:46.4

and he wanted to meet. This is all the way back in. I want to say it was a 2003 and he wanted to

0:54.3

own a new one. You were already trading with us. We were day traders and I was writing for a bunch of

0:57.9

sites but most notably the street.com and realmoney.com and Yahoo Finance. This guy wanted to meet.

1:04.9

So I met him. In the course of it, he owned a mental health facility.

1:11.5

Basically they helped kids who were alcoholics. Young people were alcoholics. They had a facility.

1:18.3

They had nurses and doctors on staff. The kids would stay in the bed. The government would

1:23.2

pay for everybody like $130 a night. This whole business was the more beds he had, the more money

1:28.4

he could make. There were always alcoholic kids and supposedly the doctors helped them or nurses

1:35.0

helped them. I was skeptical of that. Anyway, he had just gotten a $10 million offer for his business.

1:40.6

I said, don't take that offer. Let me try to get you more. We started consulting for him.

1:47.8

The three of us basically. Dan, I remember I called you and you said, yeah, let's do this.

1:52.4

We got together. You got a list from your buddy and private equity. You got a list of all the

1:56.3

companies that were buying up mental health facilities in what's called a roll-up. There were some

2:01.1

companies that would buy up a one in each state and then they would combine them and get all the

2:06.4

back office synergies of doing one accounting for everybody instead of 50 different accounting

2:12.7

back offices. They would make more money and then they would go public and on and on. That whole

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