While on vacation, I didn’t get much work done, just a little bit of emails and communicating with my team over instant messaging. I’m on vacation with my kids so no hard core work was getting done but I did do some light thinking.
Such as how so many people are working for the weekend. My family and I were in Hong Kong for my brother in law’s wedding so there was sufficient notice to all we were coming. This is partly cultural and partly being an entrepreneur as both of my wife Cherry’s parents have their own businesses but they each took maybe one or two days off during our two week stay.
My in laws only see their daughter and grandkids once per year but could only afford 1-2 days off between the wedding of their son and visit from their grandkids.
They did not join us for any of our activities site seeing or the two days we spent at Disney.
On the flip side, my cousin’s wife who retired a year ago from her executive position at one of the big banks. She spent a whole day driving us around, sight seeing, taking us to the beach. She doesn’t have kids but is crazy about kids. She had a job offer from another big bank for an executive position with salary in the 300k zone. Her competing offer was to be a personal chauffeur to her teenage niece who is a competitive swimmer who needs to get to practice before and after school with dreams of going to the Olympics.
Which would you choose? What if money was no object?
She turned the bank down informing them she had a better offer. No stress, no long hours or responsibilities defined by others, no greed.
To me, that’s what investing is all about. Her and my cousin invest in 2nd mortgages. Making money passively so you can do whatever your heart desires. To me that’s living the dream.
Quick announcement before we get to our business buying guest, I’m still getting questions on almost a daily basis on timing real estate, the future of real estate, blockchain and real estate, am I worried about interest rates and bubbles, etc… so come January at my monthly networking meeting I will go over how I see the world and how the research drives my decisions. I am not an economist however I am a multi millionaire investor, I’ve coached multiple multi millionaire investors, and I spend a lot of time around other real estate multi millionaires so hopefully I’ve learnt something along the way. I’ll share the research anyways so you may make your own decisions. So go to http://www.truthaboutrealestateinvesting.ca/meeting/ to get on the invite list.
It seems we’ve all read Rich Dad Poor Dad by Robert Kiyosaki, if you haven’t, please do so before continuing listening :)
Robert Kiyosaki wrote about starting or buying a business instead of getting a job hence I sought out an expert on buying businesses which is how my friend and client Ajay Jain got on the show.
Ajay has his Chartered Accountant designation from India, his MBA from Rotman’s School of Business from the University of Toronto, he’s worked in Merger’s and Acquisitions at CIBC (the department at a bank whose role is grow the business through acquisition for example often time when you see a Canadian Bank in the States, it’s because they bought the local bank).
Ajay is also licensed to work as an agent in brokering the purchase and sale of businesses so he’s here today to share how that works, how he values businesses, and structures deals.
If you’re an existing business owner, pay special attention as Ajay is giving guidance how to increase the value of your business and how to get paid out faster.
To Follow Ajay: