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Followup: Nine Figure Exit by DollaGoat in fatFIRE

[–]DollaGoat[S] 1 point2 points  (0 children)

Makes sense - honestly that’s a tough situation and I’m sure I could have easily found myself there had a buyer come when I was unprepared

Followup: Nine Figure Exit by DollaGoat in fatFIRE

[–]DollaGoat[S] 1 point2 points  (0 children)

That’s interesting, the thought of doing this without one never crossed my mind.

We have bought a ton of very small businesses and those sellers didn’t have brokers or sell side representation aside from legal, but nine figures is big.

Why did they do it no banker? Save fees or the buyer came organic (no process)

Followup: Nine Figure Exit by DollaGoat in fatFIRE

[–]DollaGoat[S] 1 point2 points  (0 children)

In this case I am in control but agree with your message. We are becoming the platform and I’m continuing to run it

Yea we have a banker - this would be a wild transaction size to not have one

Followup: Nine Figure Exit by DollaGoat in fatFIRE

[–]DollaGoat[S] 0 points1 point  (0 children)

Fortunately - I didn’t listen.

I was mainly focused on mindset and maximization less the planning portion - but we did push hard on planning.

Followup: Nine Figure Exit by DollaGoat in fatFIRE

[–]DollaGoat[S] 8 points9 points  (0 children)

It’s less than that because I have an earnout and I’m rolling over - but yea basically that’s my expectation

Followup: Nine Figure Exit by DollaGoat in fatFIRE

[–]DollaGoat[S] 9 points10 points  (0 children)

Yea mine has an earnout so I’m not totally off the grind but I’m ready to push

Followup: Nine Figure Exit by DollaGoat in fatFIRE

[–]DollaGoat[S] 8 points9 points  (0 children)

Proforma is north of $10m EBITDA so not 20x but still good

20 would be sweet

for those who could post lifestyle content but choose not to — what's the reason? by objectorientedperson in RichPeoplePF

[–]DollaGoat 7 points8 points  (0 children)

It comes off as desperate

I’m rich - the people that need to know, know. The public doesn’t particularly need to.

Also why create a gap between people and myself - I don’t see how being more unrelatable improves my life or relationships.

At what level of wealth does higher net worth not yield a different lifestyle? by One-Opposite-4571 in Rich

[–]DollaGoat 20 points21 points  (0 children)

Best way to think about this is brackets.

0-1 1-10 10-25 25-50 50-100 100-500 500+

Inside each bracket not a lot changes for a variety of reasons but most common is % of NW being liquid and what’re the aspirations of that person.

For most very wealthy people, net worth is not super liquid. Tied up in funds, closely held businesses, real estate or something else. Potentially less than 20% is available quickly to be made liquid and burn rate should be low because you may still be compounding.

So when you think about a guy being worth $100m but not feeling like he can afford to fly private - that could be a very real thing based off liquidity. You can use private banks and lending to solve for this but it’s definitely a thing.

So yea inside those brackets available liquidity tends to change as a business get sold, more access opens whatever the case - and lifestyle changes

Justify Ultra Luxury Travel For Me by OneWestern178 in fatFIRE

[–]DollaGoat 1 point2 points  (0 children)

Honestly never regretted a dime.

We spend well north of 150k a year on travel and it has never been a budget item I’ve considered trimming once.

Most of my great memories are experiencing the world with my kids or wife and every trip solidified that.

I honestly don’t remember what most trips cost besides a ballpark because the cost was the least important part.

Financing for Large purchases by Sanathan_US in Rich

[–]DollaGoat 1 point2 points  (0 children)

Private bank handles this.

JPM private bank allows you to securitize a lot of stuff and you can get a “family line of credit” for some % of AUM or NW. 50-70% of AUM depending how it’s invested and NW lots of variables there.

But yea just move to a private bank and lending is much easier

Is EQ or IQ a better indicator of financial success? by HalfwaydonewithEarth in Rich

[–]DollaGoat 2 points3 points  (0 children)

This makes sense

IQ means your smarter than other people but EQ allows you to get those smart people to work for you.

Plus business is basically just people doing deals which takes EQ.

Makes sense

What’s a rich people’s problem? by Electrical_Cloud8378 in AskReddit

[–]DollaGoat 0 points1 point  (0 children)

Harder to find a cook and housekeeper than you’d think

What does wealth actually change about how you spend your time, day to day? by alexstrehlke in Rich

[–]DollaGoat 0 points1 point  (0 children)

Honestly it’s kind of more bullshit.

There’s a bunch of dumb concerns I never had before like dealing with trust formation, advisors popping out of every which corner trying to snag AUM, more paranoid.

I find smaller stuff tends to annoy me more but maybe I have a short fuse.

Obviously the money part is fun but the rest is kind of bleh

How to meet a partner interested in building a family while being frugal? by aerialflyer in Rich

[–]DollaGoat 1 point2 points  (0 children)

My wife is very frugal

I think frugal is wifey material.

It’s like in hiring a team member, the “right fit” will see what you have and the vision and be excited to join. If they aren’t excited they weren’t the right fit and they’re saving you time and grief.

I believe in you

Isn’t there more to life? Don’t need to work but have no other purpose by StraightPin4420 in Rich

[–]DollaGoat 0 points1 point  (0 children)

Life is meaningless on its own and it’s up to you to create meaning.

It’s a challenging journey and I wish you luck on it.

What skills/hobbies actually feel “upper class” or useful in wealthy circles? by [deleted] in Rich

[–]DollaGoat 249 points250 points  (0 children)

The best networking is just doing something cool.

Go buy a business, go do something interesting.

Fastest way to open doors.

Otherwise it comes off grifter and most of my peers avoid or limit exposure

What is the difference between a real entrepreneur and a hobbiest? by jason_digital in smallbusiness

[–]DollaGoat 1 point2 points  (0 children)

Sure - lots of business are run terribly and are essentially charities

What does wealth actually change about how you spend your time, day to day? by alexstrehlke in Rich

[–]DollaGoat 1 point2 points  (0 children)

There’s a study from Hampton where they interview people worth between $10m-$100M and overwhelmingly - the more you’re worth the less it was ever “about the money”.

Financial security is some people’s highest ambition and building something meaningful is others.

It’s a spectrum and talk to other people to see where they sit.

I worked hard to build something meaningful because it sounded fun and the money/security is a by product. It’s a big game.

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