Building a Business That Can Work Without You in It w/ Simon Squibb

0:00The business wasn't built to help them, the business was to help me make money. And so I just changed it. And I said, well, this business is built to help you get rich too. And these are the ways I can help you get rich. If I just try to make myself rich, you don't get as rich. It's one plus one equals 11. In 35 years of doing business, I've never missed payroll. I would have done if I hadn't had the right person in my life at that moment, showing me the difference between right and wrong. Branding is where value is. Build a brand, not a business. People are going to talk about you if you're in the room or not.

0:28and frankly so first thing what's your definition of success like how do you define it well it's changed over the years you know when i was 15 and i i didn't have any money or anywhere to live you know like success was like having enough money to pay for a room to sleep in that's warm at night yeah you know that was success and i remember feeling like it took me eight weeks to go from homeless to having a place to stay and i remember feeling like a success the day i could actually have somewhere to stay so and as i've got older i think you know you fill your own bucket up You get to a point where you're no longer, I got to a point where I'm no longer worrying about money.

1:02I think really I was about 40 when I first felt like I don't have to worry about money anymore. And I think that changed my brain because you come out of fight or flight and you're no longer just trying to survive. Yeah. I remember when I first filled my own bucket and then I thought maybe I need a bigger bucket. Yeah. And I think that happened to me. I tried the bigger bucket things and didn't get any more. Yeah. It was a bigger bucket. Like for me, it's like buying a fancy car. Yeah. you know buying a fancy house and these are all the things that we think are going to break make us happy and i think you know in a way they do and in the way they don't it's temporarily definitely oh definitely well i owned a really nice car and the first week i was like this is amazing and then slowly got a scratch i'd take to the garage i'm like this thing now owns me i'm having to like show it to people to prove somehow i'm successful it's really weird yeah yeah i i do love my cars but i don't drive them to show on social and stuff i drive them because I love that car.

1:57I feel good about, and you know, I think I felt proud about the fact that I could do that for myself. I, I, exactly the same, exactly the same. So, I mean, people say money doesn't buy you happiness. I think the truth is it does if you're already happy. Yeah. I've found money to be a great multiplier. Like fame and money are multipliers. If you're a jerk and you get a lot of money, you're a complete ass by that point. It just multiplies who you are. so you got to that point of filling your own bucket how did it go from there because what was that shift in your brain when you went from fight or flight yeah just to say i think i filled my own bucket and one of the reasons that bucket really filled up big was because i think if you want to get rich you got to help other people get rich yeah so in throughout my kind of career people that work with me have also got rich so if i just try to make myself rich you don't get as rich it's one plus one equals 11 so i think i filled my own bucket but what was great is i feel like i also filled up a lot of other people's buckets so my business partner helen griffiths when we sold the company we both got mega rich but the good news is that she then became my wife so we became partners and we were super rich i think i think i think that's kind of like you know that's the holy grail of it all is like you don't really want to be at the top of the hill on your own you know the view is amazing but then you i'll go back and tell everyone what it was like and And they were like, shut the fuck up.

3:18I don't want to hear about your view. Someone once said to me, you've got to have as many kids as you can afford. Right. I was like, holy shit, I've got five kids. I better pitch. I've got one. And I'm tired. I don't know how you do five. But I think success now, for me now, personally now, if I look back, I'd probably advise the younger me to have this strategy I've got now a bit earlier, which is what problem can I solve in the world as opposed to fill a market gap or do something that I can make money out of. it's like I want to work with people I really like working with I don't want to work with dickheads I want to work on something that matters in my case fix the education system and I want to make money but not just for myself but for everybody around me including the people I'm trying to help so you know I have this crazy philosophy that people hate me saying is I believe everyone could get rich and I actually want everyone to get rich and people are like well if everyone's rich who's going to take out the rubbish robots fucking crappy robots why now it's cheaper for humans to do it the interesting thing is like use that taking out the rubbish example uh there's a company in the united states that hired a bunch of people to take out the trash that wanted to be fit right and they treated it as a fitness thing i like it's about framing yeah the framing of it because if everyone is wealthy and because you know rich is great money wealthy time money all the most things there's always going to be a desire to work humans have an innate need to be doing something we need That's COVID proved.

4:46If we're sitting at home doing nothing, we go mad. We need something to do. And hopefully COVID's shown everyone that. We need a thing to go and do, which is what's scaring me about AI, because a lot of people aren't retraining or preparing for that change because no one's quite sure what it looks like. And no one's being honest. Like my delivery driver, I know my delivery driver who delivered my food to my house this morning. That vehicle in six years time will be driving itself to my house. But no one's telling him that because they need him for the next six years to keep delivering that stuff to their house.

5:15So the truth can't be told because there's mass panic. I think with AI, and it's my way of approaching a lot of things, is just play with it. Just get in and start off cleaning with it. Like pick an app. Even if it's just an app to make music that's AI, at least start learning something. Play with it. Get comfortable. Most people that slag off social media have never leveraged it properly. So most people that are saying how bad it is, how awful it is, most of them don't understand how it actually works. It's the same with AI and all that. If you actually understand how these things work, you can understand how to leverage them for good.

5:47So social media for social good, AI for social good. But if you understand how they work, you can make your world more efficient. It's like having a mobile phone today. People can't imagine not having a mobile phone today. You can remote work. But people have got fearful of technology for some reason. Typically, technology has actually freed humans up. Now, of course, there's always going to be the naysayers saying, well, I'm always on my phone now. Well, yeah, it's still probably better than two hours getting into work and two hours getting home. and sit in an office all day because you've got to go have a desktop.

6:16You know, people don't realize how much freedom this stuff can bring you. But to your point, you have to play with it. Yeah, yeah. I love seeing the photos of everyone going, look, everyone's on their phone. And you go back 50 years, everyone's reading the newspaper. Right, yeah. It's not really changed in a lot of ways. It's just the tech. People have never wanted to talk to each other. It's always been that way. It's great because it removes scarcity. So, you know, when I was a kid, I went to college and you learn that in economics, that's, you know, it's the study of the allocation of scarce resources.

6:45Well, scarcity is a fallacy when you introduce technology because, like, we have a scarcity of food. No, we don't. We can grow food in a high road. Throw so much food away every day. Supermarkets and cafes are throwing tons of food. Well, you and I were young. Do you remember that Time magazine came out and said, we're going to run out of oil in 90 years? Yeah, I remember that. And then we went to mini-cars. We're never going to run out of oil. We're going to be not needing oil before we run out of it. It's your thing. Of course. Exactly, but that's why these things need to be discussed, though, openly and honestly, that we do need to transition.

7:16So AI is going to take people's jobs. It is. And that's great. Exactly. But a dishwashing machine took three people's jobs. I know. And now you put it in a machine and it comes out the other end. Well, those three people can go on and be trained to be great waiters, or they can go on to be trained to be masseuses, or they can go on to be trained to be... Well, go and do what they love. but to your point not retraining is the challenge that's the problem you're gonna have six careers in your lifetime minimum right and i remember when buckminster fuller said that way back when he's you know passed many years ago but he said you're gonna have six careers in your lifetime because on average if you're born after this you're gonna live to 100 140 sort of thing and people seem to think you're gonna do one thing my kids always you know people ask them What do you want to do with your life?

8:06I said, no, no, kid. What do you want to try first? Yeah, exactly. Yeah, yeah. What's stage one, stage two? Stage one for me at 15, I was a gardener. Yeah. Now stage, I think I'm stage five. I'm going to guess. I've done that one more. I'm a tech founder. Yeah. You know, I'm a media owner, media platform owner. I think people do need to frame it that way. It's so true. I think that's why I really hate at school when they ask you, what will you do when you grow up? Because it tries to make you pick a thing. Yeah. And I think the better question is, what problem will you solve? because you can widen your net and do many different things to get around that problem later in life.

8:38You know, like you don't have to do one thing. You don't have to be labelled as a lawyer or a doctor. You can be many things. Yeah. I got friends of mine that were doctors and now they're entrepreneurs. Well, exactly. I've got all the companies and a friend of mine who was a lawyer and now he's a massive property investor. This is what I mean. That's the problem. You're going to have multiple careers and maybe it's six, maybe it's ten. It doesn't really matter. You just got to understand that every five to 10 years, you're probably going to change the thing you're doing today. And if your listeners are business owners, they've also got to watch out because they can also get trapped by their own business.

9:13Oh, yeah. They get the wrong way. Business is the product. Yeah. And you make yourself invaluable in the business, for example, then you can't grow to find out what your next stage is. Yeah. And I had this experience myself. my first company that was really successful, Fluid, it took me 10 years to realize I was no longer the right leader for that company. You know, I think people sometimes are their own worst enemy. So I then realized, I started investing in businesses. I was running a service agency before and I started investing in businesses. I realized my next stage was to become an angel investor.

9:42But I had to start that next stage to let go of the old stage because a lot of people get trapped by their old ways. Yeah, I almost, running Action Coach, 10 years in, I almost burned out. Luckily, my daughter was born and I just decided, you know what, hand it over to my CEO, who was my COO at the time, just hand it over, let him run it and went and be a full-time dad for a few years. And thank God I'd rebuilt my business so that it could work with us. But not enough people are doing that, by the way. I've been on a mission to teach everyone, you've got to build. My definition of a business is a commercial, profitable enterprise that works without you.

10:16Yes. And to be really blunt, and I had to learn this as a young man, if I have to go in there, it's not a business, it's a job, and I work for an idiot. And I just had to learn that my job as the owner was to build people so that the people built the business. It's very liberating as well if you frame it this way. Because otherwise you will build something that traps you like a job traps other people. 100%. And so you've got to make sure that you're building. Now, that doesn't mean to say you basically want to wake up every day with the option to work in your business. So I like working in my business.

10:47I like adding value to my business. But if I walked away today, the strength of whether or not it's a successful business is will it survive around me? Now, by the way, this is in direct conflict with personal brand. Right? It is and it's not. And we'll get into that in just a second. But I want to finish this conversation around building a business that works without you. You do a lot of building your people. You do a lot of making sure your people grow. was that a conscious choice how did that happen i was just tired in the early years of my career of people leaving so i trained people up i mean my first agency business that was you know making a lot of money i i had clients coming out my ears but the talent to execute on the work was hard to hold on to and so first stage was i used to hire you know fresh grads and then i can make them my culture this is my first idea this failed because people come in they're like oh i've had two years experience here but now i want to go work at a big company you know conglomerate or you know jp morgan or whatever and so i lost them i trained them and then i'd lose them so this strategy of getting so then i switched it to people that were working at jp morgan were tired of working in those corporate selfish organizations and then they'd come and work with me and that worked for a while because then they were having a refreshing new experience not in a big conglomerate and then I realized I was still losing people and and it turned out that the basic crux of it was the business wasn't built to help them the business was to help me make money and so I just changed it and I said well this business is built to help you get rich too and these are the ways I can help you get rich of course obviously things like profit share that's one element but equity ownership because I would rather have 51 percent of Facebook than 100 percent of MySpace oh yeah and so this equity thing people get really confused and they're like oh i'm holding on to 100 equity well you've got 100 of the responsibility then just just keep your mind because no one's ever going to care about the business as much as you do if they don't own it yeah and no matter what you say we're part of a team let's do it together you know while you're still the one getting the yeah okay yeah so so you know you've got to pick your lane as an owner of a business and if you want to own 100 you're 100 responsible and if you've got staff turnover problems well you deserve of it yeah so i just changed i started giving equity to people and being like not just saying they're gonna make it along with me i made sure that they did yeah i know like with action coach we're a partnership business we use a franchise model and franchise partnerships all over the world and it's bought me some of the best people and i've had many of them with me 20 and almost 30 years what would they mean i don't think like i meet thousands of people that want to start a business.

13:30And the reality is that it's much better to join with someone else's business because you can save years of your life. But the truth is not enough people give you equity in that business. So it is better you start it yourself because then you get equity. And equity is where the value comes over time, right? I've made all my money from equity. Well, capitalization is the key fundamental for wealth. Cash flow is not going to produce... Pays the bills and allows you to fund a growth of equity. and once you capitalise, then you can recapitalise again. 100%. I mean, you can joke about Elon Musk all you want, but that first capitalisation allowed him to capitalise three major events that then is allowed to capitalise.

14:11And I think he's now an 8 % shareholder in Tesla, so people are stupid. They think that they, Jeff Bezos talked about this. He's a 7 % shareholder on Amazon. You know, you don't have 100%. Nobody who's a billionaire from their business has 100%. It's just dumb. You know, you cannot build a business if you think that way. And you want to build a community. You want a community to own your business. You're also going to need capital if you want to be that big. Yes. You're going to need venture capital or hedge fund capital. You're going to need an investment partner if you want to grow that big.

14:39100%. And the bank is not going to lend you money at that. The only people who are crazy enough to risk with you are the ones who get the payoff from the equity increase. And to loop what you're saying back around, I think the other thing that kind of blew my mind, I wish someone had told me this when I was younger, is that it's actually easier to manage a big business than a small business. Oh, yeah. But people think that running a small business is better because they don't know the difference. When you're running a small business, it's very hard to go on holiday. It's very hard to hire people that really know what they're doing.

15:09And if you stop working, you probably stop earning money. A big business allows you to bring in brilliant people. So fight to build a big business. It's not easy to build a big business, but I think it's so much easier to run a big business. It's worth the pain in the early days to do it. If I take two kids and I take a kid that grew up in, say, Silicon Valley and parents were in Google and they saw all of that around. And then I take a kid who grew up where I did Brisbane, Australia, and ask them to write a business plan. Which one's going to write me a billion dollar business plan? The kid from Silicon Valley thinks a billion size business is just normal.

15:46And that's where I think a lot of us have never been around that size to be able to dream that big sort of thing. So true. I love living in Las Vegas now. And once a year, I invite 10 companies in and I help them all create a billion dollar business plan or at least a billion. And I love doing it in Vegas because I can walk out the door and point out and go, hey, see that? Yeah. That was a billion. See that? That was two billion. See that? That's another billion. I think this environment is so underrated for people to understand whether they're going to be successful. I think there's a couple of important things.

16:23One is the people you end up with. Like my wife, I'm successful today in large part because I've got the right partner. She supports me. She just backed my crazy ideas. And people don't understand how important that is. On Tinder, it should be a profile category. Can you help me be successful? Are you willing to work together to be successful? Yes, exactly. You're willing for the pain along with me. You know, like the second element, I think, is where you are based. So I got lucky. I moved to Hong Kong at 23 years old. And like you said, I look out the window and there's a building that someone in their head came up with the idea.

16:57And it's worth a billion dollars or probably more than that, trillions, in front of me every day. And I just look at that city in particular, Hong Kong, has no natural resources. So it's all built on brainpower. It's all built on someone had an idea, whether it's trading or export or whatever it was, and they made it, and then that generated that wealth. Because that's what people don't understand about entrepreneurship, the people that hate on entrepreneurship. We're not taking wealth out of the economy. We're creating wealth. Well, who creates jobs? Exactly. Entrepreneurs take their entire life savings, and they risk it all to provide jobs and build an economy for the community.

17:33And people go, that's bad? No, that's the best thing ever. That's why I started this event. Totally. To celebrate business owners because I think they get beat up way, way, way too much. Talk about beating up. Social media. Yes. It gets beat up all the time. You can't get beat up on it. I get beat up every day. There's some really great parts about social media. I think that it's one of those things that I get a fact. Sometimes I like playing around with conspiracy theories because it's fun. Most things you can prove whether it's true or not by following where the money goes. because most of it is just about who's making money out of that particular story or that particular lie or that particular take on things.

18:12And let's be honest, today it's Blackstone, State Street and Vanguard. They're the three that are making money out of every day. They damn are. I'm not going to make money out of this podcast, I don't think. I don't know. I might be wrong. But they're probably fine. I'm sure we're putting this on us. I'm sure these phone mics are made by them. Well, I mean, they own all of the social media platforms. Between them, they own, what, 7%, 10%, 20 % of the social media platforms. That's true. Well, the reason they are, you're making them money right now. Yeah. Just listening to this, you're making them money.

18:41But I think, you know, this is the thing. I don't think there's anything wrong with people making money. I think it's important, actually. I think, well, I have this, I honestly believe if we can make, I watched, I went to Hong Kong in 1997. And when Hong Kong's being handed back to the Chinese by the British. And I watched 400 million people come out of poverty into middle class in China. And that's why we don't have a war today. That fact that we, China, not me, China, managed to help 400 million people come out of poverty is the reason China is not at war with America today. It is the reason.

19:17Because people don't want a war because they're absolutely. China is winning because they don't go to war. Yeah, they don't want to spend money on them. They don't spend all of that money on war. They go and spend it all on investing in things. That's the whole political debate. That I've studied a lot about. Soft power is incredibly powerful. They have. you're right but i think this is the thing isn't it like if you want to make a difference in this world you've got to invest in people and things and then if you do that you'll make money and i think there should be nothing wrong with that and again my my conspiracy theory point around social media is it's actually a big leveling up tool so so actually social media as much as it might have people in it that are bad players it's a chance if you're listening to this to break through and beat walmart you i get more views on my social media channel than the bbc right with all their staff and all their broadcast and their tv license income we get more views than them right tell me a time in history okay you can't buy a fucking house forget that you're young can't buy a house joe rogan won the election of course new media like it's not not on tv by going on a podcast that's what i mean this is what i mean but if people are slowly waking up to it but they're not taking action quick enough because what's going to happen is this is this is like the wild wild west it's like the gold rush and you're going to be in the future personal brand and and i have a personal brand is going to eat any other marketing strategy completely up it's it's and it's a big opportunity if you are someone listening to this podcast right now and you want to make something happen you can be the biggest companies in the world if you can go and leverage social a year and then so I put one video up yesterday 60 million views in less than 12 hours 60 million people have heard about my product and what I'm doing for free in fact no no worse than that I made money I made a video it wasn't free you made money it wasn't free people are like it's not free it's not free you're right it's not free I already owned the phone that I recorded it on and then I actually did pay we have to pay the staff but hold on a minute the video itself is making at the moment around 20 000 pounds and my cost of execution is a thousand so my marketing has made me profit plus it's free marketing i don't think people understand though the tick tockification change of social media it used to be you had to have the followers and if you didn't have followers it didn't matter what you did you couldn't blow up now with the interest-based algorithms i can make a video and if it's a great content and a great subject that's timely that people want anyone now that is has been no good at it can still blow up and viral right now a hundred percent right and i think that's the thing but people don't realize that you don't even know you don't even need to over-engineer the video either don't the best videos are ones literally cat on skateboard you know like if you can catch a cat on a skateboard and put it up on TikTok, you'll probably make money.

22:19You know, if your whole life was like, I got skateboard drinking juice, playing the right song. But that's what I mean. It's like, it's sometimes more about creativity than it is about execution of the actual editing and cameras and, you know, and that's true. I've got 14.8 million followers. It's a useful metric from a point of view of like, are we attracting people to our community? I see them as community. So that number is a community. But the actual videos themselves, some get hundreds of millions of views and some get less than 10 ,000 views. You're not getting hundreds of millions unless it gets fed to non-followers.

22:53Right. It's got to be fed to non-followers, which means your followers watch enough of it to show the algorithm. This is a good video. And I want to harp on video for a second. Your genius video, people are still doing photographs and memes and stuff like that. How do we get people to just understand it's video today? It's a bit like, you know, radio didn't die and radio will reach a certain amount. I listen to the radio in the morning when I'm going to take my son off to his forest stuff or whatever. So there's a moment when I listen to radio. So radio didn't die because there will always be a moment when people are listening to it.

23:29I think social media and generally content frameworks. What I've noticed, LinkedIn last week is really now pushing video. If you open up LinkedIn now, it's video. Will they go to 30 minutes though? That's my problem with. Go to 30 minutes. LinkedIn, if you're watching, 30 minutes. Yeah, they'll be listening. I think, will they be listening? And LinkedIn do listen to me because they keep featuring me in their newsletter. So I know they're listening. I think you should never restrict a user. That makes total, if you've got a minute video, you've got a 30 minute video. Again, I have put up a video, two hours and 26 minutes on YouTube.

24:01Everybody told me no more will watch it. And 10 million people have watched that video in the last six months. And so if you can put value into two hours and 26 minutes, you can put it up and people will watch it. but if your value is only one minute, then put up one minute. If you put up a one minute, one video on Tik TOK, you can make money. You put a one minute video up. You won't make money. People don't, they make mistake of making one minute, one minute second to get the money. And that's when the video doesn't do as well. Yeah. Cause that last 15 seconds, no one watched. Exactly. So you, whatever, you know, when it comes to content, you do want to put as much money again, people doing posts about like, I see this all the time, very successful people.

24:40Oh, I've just won this award. I've just won that award. and they feel good putting it up about themselves. No one fucking cares. Well, you can put that in your stories, but don't make it a real post. Exactly. I think people, you know, don't be selfish cunt. Put content up that people value. Maybe you've been speaking Australian. You're welcome. I'm hanging out with a feeling. I'm feeling Australian right now. But people don't realize when they're doing social media, you're actually trying to entertain. Yeah. So you want to put something up that's going to teach someone something, make them laugh, or help them grow.

25:11Yeah, the three E's, entertainment, education, or emotion. Exactly. Exactly. And so, but again, I know. Do all three, actually. If you can do all three. And people can't help themselves. I know someone's going to listen to this right now and they're still going to post, oh, I just, you know, I just won this award. Look, look, maybe you can say how you won the award. You know, that'll be more interesting. The story of what made this happen. Stories, people, stories. Totally. And then how this award has affected your business because that might make people go for an award. Like teach people some.

25:38The story of the customer you served that made the award happen. Exactly. You know, tell a story. The economics around the award. Anything other than you're brilliant. Yeah. You know, like people don't want to hear it. But that's 90 % of content on social media. And then people tell me I don't get any views, don't get any likes. People send me links all the time now. Please like my post. And look at them. I don't like the post. Oh, what if I like the post? Oh, but please, if you like it, more people will watch it. If I like it, I'm endorsing it. And I don't like it. You know, so, yeah. So social media can be used for good.

26:08I think it's the future of social media. I think there's a lot of people using social media for bad, so people need to get in there. The internet is good and bad, right? The history repeats itself. There are a lot of dark things happening on the internet. There's also a lot of really amazing positive things. Someone's raising money right now on GoFundMe to fix problems in an earthquake zone. The internet can do incredible good, but you need to be in the arena making these tools do good. I tell this to people all the time. There's a lot of people lobbying at the moment to ban social media for kids, and I totally understand why.

26:38but i'd say if you put that much energy instead of taking the tool away from kids yeah and why not help them leverage it for good to get in there and put content on tiktok that's going to help those kids that's what i'm doing yeah instead of saying right no kids don't go on tiktok it's really bad for you i'm putting content in there that's helping them yeah my team have asked me to start a a new podcast called my rich uncle all right and it's like all i would do is talk to young people about just pretend I'm your rich uncle who actually gives you advice because every kid needs a rich uncle yeah totally you know they need someone that can tell them the the actual reality of how money is made and how things work and how your first job should be to get a mentor your first job shouldn't be about how much money you make it should be about who you're going to learn from but you're like the uh the the more successful australian version of me because because when we started this five years ago i did a brand profile of myself and basically i am the rich uncle that the my my my brothers and sisters kids respect so they come to say someone i really want to you know i don't want to do my gccs what should i do you're like how do i make money you know like that profile is quite you know who can you turn to you isn't bullshit yeah it's going to tell you the fucking truth it's going to help you understand things from your point of view i built the action coach foundation was built for one purpose and that was to help young people learn that you don't have to leave school and get a job you can leave school and give people a job yeah be don't be an employee be an entrepreneur yeah and because for me i didn't fit in as an employee as a kid like i lost a lot i was i was asked to move on from a lot of positions very early in my career because i didn't know how to be a good employee i just was not but as an entrepreneur, I went, this is where I'm supposed to be.

28:24That didn't work for me. This works for me. So I ask you a question. I get a lot of hate from people who say, I'm saying everyone can be an entrepreneur. Not everyone should be. I think everyone has the ability to if they're given the tools. There's different types of entrepreneurs. There's the Elon Musk's of this world on one extreme, and then you've got people that just want to do a flower business and enjoy it. I will agree with him on one, because my definition of an entrepreneur is probably different to most. A business owner has one business. An entrepreneur buys and sells businesses, has multiple companies.

28:56There's a distinction in my mind. Everyone can be a business owner. Everyone can be self-employed. In this day and age, there is absolutely zero reason why you got a desk and a phone and a laptop, start your own business. Don't even need a laptop. But get good at something though. Yeah, fair. If you want to start your own business. And it could be you're good at buying businesses. You don't even have to be an operator. You can be good at buying businesses. Absolutely. I've taught many people over the years how to buy companies. And in this day and age, in fact, right now is the biggest boom potential for that because you've got baby boomers who own the majority of employer-based businesses.

29:36So companies with employees are owned by people who are wanting to retire right now. Now, most of them won't be able to find a buyer because there's not enough entrepreneurialism in the next generation down and the generation below that. But if you learn how to buy them, you will actually be able to convince that seller to lend you the money to buy their business, vendor financing, because they won't have another buyer. This is financial literacy you're touching on here too. People think they need money to start a business or buy a business. No, you don't. In fact, if you're hungry because you don't have money, more chance you'll be successful than those that have got money and not as hungry.