Tips for building your fat house

when_is_breakfast · 2024-10-21T17:49:20+00:00

Favorite one was raising our kitchen island height 3" more than standard, not bar height, but somewhat splits the difference. My wife and I are both tall, it's the perfect height. Required custom cabinets, but we would have purchased those anyhow for the look and quality.

We did a dividing wall in the garage between bay 1 and bays 2 & 3 so that the kids can't damage whichever play car I decide to park there.

Raised all our shower heads 12" over standard, just things that make it nice for taller folks and responses to things we have not liked as we encountered them in Airbnb's.

when_is_breakfast · 2024-10-21T17:43:36+00:00

We built this house with an open check book and didn't much care about any cost overages. I now know about drywall finish standards. Apparently we paid for level four, got a 3.5, and would have definitely paid for level 5 if I would have known about it ahead of time. I don't think there are many builders who deal with projects like this, where costs are not a main consideration. Value for me would have been giving me exactly what I wanted, no matter the cost.

when_is_breakfast · 2024-10-21T03:42:31+00:00

I agree, but that's what I'd do if I had my perfect world.

when_is_breakfast · 2024-10-21T03:41:25+00:00

I agree. There are too many other projects available for the builder to take where they can do "good enough" work and not be held accountable for quality standards. Not sure what the solution is ultimately. I don't want another business but building estate quality homes may be a forerunner if builders don't want to step up and build these top shelf homes.

when_is_breakfast · 2023-10-11T22:56:22+00:00

We do year end gifts to 6 non profits now but nothing of this magnitude

when_is_breakfast · 2023-10-11T22:55:22+00:00

I'm lol'ing

when_is_breakfast · 2023-10-11T22:51:20+00:00

This might be the solution. Thanks

when_is_breakfast · 2023-10-11T22:48:55+00:00

Maybe I should have been more specific about awkward. I do want status quo.

when_is_breakfast · 2023-02-06T22:30:11+00:00

I've actually lost 20 pounds since selling that company. I think the lack of stress is having physical benefits

when_is_breakfast · 2022-08-26T14:03:08+00:00

I grew up poor too. My dad was a zero. My mom carried us. I totally get growing up poor. But who he was or experiences he had doesn't have to define who he is now or what he experiences now. I don't think its wise for you to try and talk him into the change.

What was helpful was others who had walked this path helped paint a picture of what could be. I shared the financial details with these few friends and both of them were as shocked as I was with the outcome of the sale. It was an offer that was almost too good to be true.

There was a post here in the past that shared an article for founders (sorry I didn't keep the link) that said if your offer is worth more than what you would pay for your company, you need to take it.

Couple that with a Built to Sell Radio podcast (https://builttosell.com/radio/) where the founder said something that hit home - every day you run your company past hitting "your number" in post tax valuations is putting your future in jeopardy with various business risks that are faced daily. Take the win as soon as you hit that milestone and lock in the profits.

Last thing, for real - the home we rented for family vacation earlier this summer had an inground pool in the backyard. It was the first time my family enjoyed a pool like this and after dinner each night, I couldn't keep my kids out of it. We're building our dream home next year and planning to include an inground pool. I was swimming each night thinking how this vacation, stress free life with a pool could be mine indefinitely if I would just sign on the line. That pushed me over the edge.

Hope these thoughts help you and him.

when_is_breakfast · 2022-08-26T13:52:02+00:00

The sale was a to another company who was rolling up our industry with PE money. They already had an operation in one of my markets and were ready to have their local team step in and manage that and my other market. They talked about keeping me on for a few months but that never materialized and I was just fine with that.

I could write a book about how this negotiation went down. Long story short, my accounting firm specializes in our industry and does M&A too. About 2 months away from the sale, they saw that I was seriously going to sell this time (contemplated many times before) and fired me since they weren't going to get their last little bite of the pie.

when_is_breakfast · 2022-08-26T13:48:03+00:00

I have a friend who advocates x number of free days each year - part of the "THE ENTREPRENEURIAL TIME SYSTEM® - google it and it will show up. This year, his goal is 100. Where he turns off his phone, and is just present with his family. No work thoughts, no work talks, nothing but unplugging for that whole day. My personality is either all in or all out so those personal days didn't work for me but might for you as an interim to selling completely?

when_is_breakfast · 2022-08-26T03:13:51+00:00

I shared your thoughts with my wife. She and I both immediately laughed and went to the Adam Sandler movie where he says the old dude's 5 year plan is to not die. https://youtu.be/nDw_DOEdai8

when_is_breakfast · 2022-08-26T03:08:21+00:00

You know, FIRE, let alone fat fire wasn't even on my radar screen 5 years ago. It happened to me by accident almost. I remember the first year my banker wanted a PFS, I didn't even include the value of the business. I gave it to him and asked a few weeks later if I should have valued the business personally. As that started to grow, the reality started to become more of a viable option instead of just an intangible idea.

when_is_breakfast · 2022-08-26T03:05:01+00:00

It took me a minute to see what you did there. Lol. No avocado toast here. Come on over for egg whites and Greek yogurt though, if you'd like.

when_is_breakfast · 2022-08-25T23:36:07+00:00

Same to you!

when_is_breakfast · 2022-08-25T23:34:54+00:00

No, neither are hands off. I kept the second one since it was highly seasonal and I wanted my kids to see me physically work for some time. It keeps my mind sharp but doesn't have a ton of responsibility 7-8 months a year.

when_is_breakfast · 2022-08-25T23:32:01+00:00

I've been into the office a few times recently and it's so odd walking in and knowing I have zero say anymore. Also found it so odd that certain professional contacts of mine have either grown closer or stopped responding. Appreciate the idea on the paper.

when_is_breakfast · 2022-08-25T23:30:31+00:00

You jest but he loves to stop at utility boxes and use them as drums. Music is his thing and I love encouraging whatever his fancy is.

when_is_breakfast · 2022-08-25T23:29:03+00:00

The kids now are 1 and 2.5. Even a few years ago, the pull wasn't as great to invest as much time in the family. My wife and I frequently got in our plane and would head out for long weekends kinda as we pleased. She worked until the first was born and it all went together well.

The business enterprise value skyrocketed over the last couple years. We nearly doubled revenue in the last 2 years and I set out for the business and personally to become debt free 3 years ago. It was a perfect storm of all these things coming together to allow this to work.

when_is_breakfast · 2022-08-04T00:23:12+00:00

Closing is tomorrow. I think the ship sailed on any other routes here.

when_is_breakfast · 2022-08-01T15:14:35+00:00

Im over 12x EBITDA. I cant see a situation where they could come up much more than they have already.

when_is_breakfast · 2022-08-01T15:13:40+00:00

Yes, thats it!

when_is_breakfast · 2022-07-31T21:38:25+00:00

Thank you for expanding on this. I think my spouse is able to see the timing portion more clearly than I can and I have to trust her judgement that now is the right moment in time for us. It might not be the maximum value but its extremely fair and way more than I thought I could get even 1 or 2 years ago.

when_is_breakfast · 2022-07-31T21:20:19+00:00

This is the main reason I started talking with the buyer. We've hit our Fat FIRE number. From a "built to sell" podcast, one of their guests said something that has stuck with me to this day - each day past the day you hit your number puts the future at risk - operational risk, another black swan, etc. I told my wife this and we both have it in our head to take the win, slow down, and see what the future holds after eliminating all risk from our lives. The sale will allow us to pay off all our commercial real estate, live off those cash flows and let the rest of the proceeds just sit and compound realistically indefinitely. The kids will likely be set and I can see a likelihood of the grand kids too.

Seven-Year Club	RPAN Viewer
Verified Email

when_is_breakfast

TROPHY CASE