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

Episode Date: March 24, 2022

Shaan Puri (@ShaanVP) and Sam Parr (@TheSamParr) talk about how to identify trends, whether it's possible to get ultra-wealthy from cash flow businesses, why they enjoy doing hood rat stuff, and more. ----- Links: * Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel. * Want more insights like MFM? Check out Shaan's newsletter. ----- Show Notes: (03:00) - Dan Porter (25:00) - The meaning of brand (19:40) - Two side hustle ideas: ballin' doctors and family legacy summit (45:30) - Why big companies have terrible landing pages (01:00:30) - Overtime: Ben's dream and building compounds ----- Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more. ----- Additional episodes you might enjoy: • #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits • #209 Gary Vaynerchuk - Why NFTS Are the Future • #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • ​​​​#218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

Can I pitch you two ideas and you tell me which one do you like better? All right. 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 500K to $2, $2,000, probably within a year or two of your business of doing it. Profile. I like that.

All right. So the first one is I'm going to call it, Baller Doctors. What's Baller Doctors? Baller Doctors is you're going to go to med schools all around the country and you're going to put fucking, you know, ads slash flyers up. And you're going to say, hey, before you graduate, do you want to know how doctors become millionaires?

You know, faster, you know, some, you know, the average doctor becomes a millionaire in 12 years. I can show you how it's done in five. And you basically host a seminar and you definitely, lean into the get rich quick stuff because, you know, people are curious, but you build an enough trust, but you don't bury the lead. You're like, look, even doctors are greedy. Even doctors are greedy. Even doctors like money might be the better name for the seminar. And you're going to host a seminar. And basically, you're just going to break down the business

of most doctors spent all their times with all their time with 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 want to go out, they want to own their in practice or they want to figure out, should I be joining a practice? Should I go to a hospital? Should I, 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 seminar where they just explain, look, here's how it usually goes. You put in this much. It takes you this long. Here's a sample P&L with where your costs look like. Here's how you make money in your practice route. Here's how you could do a group practice. Here's how you join a, if you join a hospital, here's where you are after five years.

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 10 years, all of your student loans are forgiven. You get your money. Yeah. That's amazing. Same if you're a lawyer. If you're a, my sister did it. If you're a lawyer for the government, you get a lot of, you get loan forgiveness. Right. So basically you just do like a personal finance slash business crash course for doctors. And you do that all around the country. And then some percentage of those, they actually are going to go to you for, like you can create, 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 this thing, you know, plus like, you know, whatever. I got all your, I got all your docs and templates and it's all fleshed out in detail. This is, you know, $4,000 and, you know, you could buy that mastermind thing. And with it comes like a coaching call whenever you're ready. You can always hit me up and I'll help you with this stuff. All right.

I can play off this. So let me tell you about this. So there's this blog that I read. called the white coat investor. Have you heard of it? Not that, but I'm in a Facebook group called White Coat Investors, which is, I think, probably the same thing. It's doctor's, 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 just, it's fun. And a lot of my doctor friends read it.

And it's incredibly under monetized. And interestingly, I look at this sheet, like $400,000 a month. Oh my God. I mean, look at this thing. Maybe 600,000, maybe more, I think a lot. But if you look at the traffic source, it's like a good ass mix. Yeah, it's like 600,000. Should we bleep this out?

This is a gem, bro. This is a gym. Why are we giving this gym all? Here, let's find out how much traffic. Here's how you do it. So you go to the very bottom. You see where it says advertised with us? Click it.

Oh, man, this is amazing. So they get, um, a lot of, a million page views a month. So I think, and interestingly, if you go to, I looked at the stats for the fastest growing YouTube creators as well as the fastest growing TikTok creators. And something like three of the top 10 were dentists. And then a couple other were doctors. And it's usually young doctors 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. And they've gotten millions of 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 completely agree with you. I think this could be a good business. I don't think you could do it. I think it'd be real, if you did it full time, you maybe could do it in a year. But yeah, this is a good business. You're part of a white coat investor. 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 77,000 members. I would bet my life, I could make $3 to $5 million 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, pharmacists, and other similar high-income professionals. 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.

I look at me. I look like, obviously, because you're Indian, yeah. Yeah. It's an auto-accept, bro. Yeah. Oh, hurry? Yeah. Right this way. 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 coat 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, DM me or email me or email Sam. And let's do this.

This is a good one. Yeah. And they also have conferences. So they have a white coat investor conference. Right. This is a good. This is, I completely agree with you.

You know who could have crushed this niche and they didn't want to? It was our buddy. What's the YouTuber Ali? What's his last name? Yeah. He could have done this. Yeah. I agree.

Yeah, he chose like a worst market. He's like, I'll teach people how to become YouTube. Like, YouTubers, like, teach doctors how to be better at money. Like, way better. Yeah, that's way better. If you, if you're not passionate about the other. All right.

Okay. Second idea. All right. So it sounds like you like the first one. Here's the second idea. The family. I would say I love the first one. 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, would take on their business and like kind of grow it. Kids maybe, maybe interested, maybe not. The kid kind of feels like,

ah, I should, I guess. That's a smart move. But I just don't care about, you know, where the, you know,

making treadmills or whatever we do, you know, like our family business. So they're kind of one foot in, one foot out. 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 got to 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 boomer own businesses, you're going to offer them an invite to the Family Legacy Summit. It is a two-day conference in Florida where you're going to have. It's got to be Orlando or Jort Lauderdale. Exactly. Like, you know, for obvious reasons. The local. Jort Lauderdale or Orlando. Yeah, we get it. There's got to be a buffet. Understood. Exactly. Exactly. The family legacies of it.

All you can eat. Of course. Yeah. With new balance white sneakers as a sponsor. Oh, loud. So basically. Sandals and socks a lot. Yeah, preferred.

Yeah. Sunday loungewear. No socks. No service. You got to have your socks on with sandals. I'm not getting in. So basically, you invite people out there.

And it's just, 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'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 going to do a couple things. This is now, this is now the door that opens more doors. So you could upsell them some services. So estate planning, accounting, whatever, that sort of thing. You could offer like upsell

masterminds or like a kind of a master's program, which is like for the kid to like take it over or whatever, something like that. You could just buy businesses that like the kid's not going to 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 yeah, it's a way to build a power network in like, one year. You'd have like some amazing connections because there's going to be a guy who owns, you know, a furniture, you know, a wood furniture company in Tennessee that makes $22 million a year. And like those people, you'll be your buddies because you're actually helping them with like 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 Bayshore? He came on our pod. What's his, what's the name of his thing? Permanent equity, I think. Something equity. Permanent equity. He's based out of a collection. He's based out of Columbia, Missouri. He has this conference every year called Capital Camp, which is a great name. 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 Siava, of which I think we're both investors, enduring ventures, is doing a similar thing. Maybe it's a little bit smaller, but it's also newer.

Yeah, and they are buying, like, can we talk about what they bought? They've come on the pod before, and they're pretty public about stuff. So they're buying companies like pool construction companies. So it's like, you know, pools are this, like, amazing business that you could do. And they bought one in like, I think it's called dolphin pools or something like that. They bought it in Arizona. It crushes it. They hired this one operator who's like really good, who took it over from the original owner,

the boomer owner. And basically it's grown like. crazy and that's like one of their cash cows now. And I, and they also bought a internet web like, in the country, like they don't have like AT&T or Time Warner or whatever. They have like local providers

and they bought one of those and it's doing well. And I have family members. So my dad is an entrepreneur and nine of his kids. They bought five different. Yeah, a bunch of them. Internet service providers. And they're all doing, I think, pretty good. 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, and they, he somehow, the, our new brother-in-law is now going to take it over and seeing the turmoil that he had to go through in order to, he was like, well, I spent 40 years building this thing. And I guess if no one that I love wants it, I'm just going to 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 free.

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

Or a third of the country. the biggest wealth transfers of all time is about to happen. It's the like that that group of people when they pass down their inheritance, it's going to, it's like many trillions of dollars, I think. I don't know if that's, that might be hyperbole. But I think it's something like that, some ridiculous number.

And then that's like a lot of people that are just not going to 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 showed me the stats.

They were like, there are this many boomer businesses where 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 too small. Like they're not sexy as a startup and they're too small for big private equity. And so we're going to be like basically like permanent equity where they're going to be, they're just going to buy it and hold these amazing businesses for a very long time.

And they keep doing that one after another. Like I think Sava and Xavier, they've rolled up like almost $100 million of business equity off of a $2 million starting equity amount. Like, we, we, it is crazy. I invested in what, I didn't have a lot of money when I first invested in. But at the time, it was like 10 or 15,000 or something like that that I invested. It was like, that was a big deal for me.

Did I tell you what happened with my investment in it? It's just been like, it's just been growing and growing and growing. No. So they were like, they're like, Sean, like you've helped us like think through this idea. And like, they do like, I like this 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 advisor or like an advisory grant that'll just match your investment.

And I think they thought I was going to do like. You forgot to file the paperwork. No, no, no. I think they thought I was going to put in like 25K or like max or like 20K, something like that. So they're like, okay, cool. You got like 20K of equity. We'll give you 20K worth of advisory shares. But I was like a big believer in what they were doing.

So I put in 200,000. And then they were like, oh. And I was like, look, you don't have to like, I get it. You don't have to give me 200,000 of advisory shares. But Xavier was like, nope, a deal's a deal. And I was like, we didn't sign anything. And like, dude, I'm totally okay with it. But he's like, no, like, we will 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. For this one, like, for this act of goodwill. I am like, I will, I see your goodwill and I raise you 10 times goodwill on my own side. It's going to, that's going to end up being a great, one of your better investments, I would think, depending. I don't know when you got in. Were you both, were you both? Yes, then that's going to, I think it's going to crush. Yeah, exactly. I think already, let's say conservatively, that's probably up 20x, you know, like something like that in valuation.

You think that's up 20x? Yeah, because if they go raise now, they basically have, I don't know, exact numbers, but like somewhere between 25 to 50 million of revenue, the, the, closer to 50 million in revenue from these businesses now that they've acquired off of 2 million in equity. Yeah, that's crazy.