Reading the Monogamy vs Polygamy chapter in The Millionaire Fastlane currently.
Was literally worrying yesterday that I might be heading down this path and could use some advice.
I run a highly profitable SaaS company for insurance agents called Agent Autopilot. Made over $500k last year and will exceed that this year.
About to launch our Voice AI product to our audience of 30,000 insurance agents.
This product will most likely scale us to the moon as it solves the problem that all insurance agents (and sales people in general ) hate, which is making the calls.
The voice AI will call the leads and turn them into live transfers for telesales agents. Eventually into appointments for field agents.
The thing is, even when I’m launching a huge marketing campaign on a new product, I rarely work more than 25 hours a week.
I’ve applied many millionaire fastLane principles to my life already.
For me, freedom is being able to be home when my kids get here, being able to go to every game, every field trip, when over the summer they ask if I can with them to the pool, I just go.
I’m free every evening and weekend to spend with my wife and kids. Play video games if I want, board games, go out to dinner with friends.
I serve at my local church, give more to missionaries every year than the median American makes in a year.
I have a good life. A business that is doing north of $100K MRR and is going to scale much larger.
Once I get to a $30-$50M valuation, I will exit.
But I’ve always got to be doing something new or I get bored. I’m great at systems and processes.
I teach kids at our church a class on being a successful entrepreneur. I teach everyone I can what I know.
The principles I understand will apply to any business.
So in the last six months, I decided I wanted to get into business acquisitions.
I wanted to find old boring businesses with absentee owners where I could drop in my marketing and systems and processes to scale the business up and sell it in 2 to 5 years.
Every week I sign 2-4 NDAs, to analyze deals for acquisition.
I’m already in due diligence for a local restaurant. After servicing the debt and promoting some people to be assistant general managers, I will still net $120,000 a year before any improvements are added.
Easily a 500-700% cash on cash return in year 1 alone.
There are already operators in place to run the day today, do the hiring/firing, open close, etc.
I expect a lot of work in the first couple months and then a few hours of week after that for marketing/systems processes.
Also, my wife is a stay at home mom, so she’d be able to help when needed.
I’m looking at purchasing a SaaS docusign competitor. Super small currently. But will generate positive cash flow off the start. Needs no real service and comes with the dev to add features to the roadmap. Plugs into my current tech stack.
Ok lol, that was the intro. My fear is that this will distract me from my bread and butter.
I know I have the time. And I’m not looking for a new “job.” But I’m trying to add wealth by purchasing 1-2 businesses a year, scaling, and then exiting.
It would be an iterative process at scale.
And it fulfills my innate desire to always be doing something new.
I have a great team that does a lot of the stuff in my SaaS that I don’t like doing. On slow weeks, I might only work 10-15 hours a week.
So, the question is: am I far enough along on the fastlane to be messing with business acquisitions OR should I just focus all my attention on my SaaS company?
Was literally worrying yesterday that I might be heading down this path and could use some advice.
I run a highly profitable SaaS company for insurance agents called Agent Autopilot. Made over $500k last year and will exceed that this year.
About to launch our Voice AI product to our audience of 30,000 insurance agents.
This product will most likely scale us to the moon as it solves the problem that all insurance agents (and sales people in general ) hate, which is making the calls.
The voice AI will call the leads and turn them into live transfers for telesales agents. Eventually into appointments for field agents.
The thing is, even when I’m launching a huge marketing campaign on a new product, I rarely work more than 25 hours a week.
I’ve applied many millionaire fastLane principles to my life already.
For me, freedom is being able to be home when my kids get here, being able to go to every game, every field trip, when over the summer they ask if I can with them to the pool, I just go.
I’m free every evening and weekend to spend with my wife and kids. Play video games if I want, board games, go out to dinner with friends.
I serve at my local church, give more to missionaries every year than the median American makes in a year.
I have a good life. A business that is doing north of $100K MRR and is going to scale much larger.
Once I get to a $30-$50M valuation, I will exit.
But I’ve always got to be doing something new or I get bored. I’m great at systems and processes.
I teach kids at our church a class on being a successful entrepreneur. I teach everyone I can what I know.
The principles I understand will apply to any business.
So in the last six months, I decided I wanted to get into business acquisitions.
I wanted to find old boring businesses with absentee owners where I could drop in my marketing and systems and processes to scale the business up and sell it in 2 to 5 years.
Every week I sign 2-4 NDAs, to analyze deals for acquisition.
I’m already in due diligence for a local restaurant. After servicing the debt and promoting some people to be assistant general managers, I will still net $120,000 a year before any improvements are added.
Easily a 500-700% cash on cash return in year 1 alone.
There are already operators in place to run the day today, do the hiring/firing, open close, etc.
I expect a lot of work in the first couple months and then a few hours of week after that for marketing/systems processes.
Also, my wife is a stay at home mom, so she’d be able to help when needed.
I’m looking at purchasing a SaaS docusign competitor. Super small currently. But will generate positive cash flow off the start. Needs no real service and comes with the dev to add features to the roadmap. Plugs into my current tech stack.
Ok lol, that was the intro. My fear is that this will distract me from my bread and butter.
I know I have the time. And I’m not looking for a new “job.” But I’m trying to add wealth by purchasing 1-2 businesses a year, scaling, and then exiting.
It would be an iterative process at scale.
And it fulfills my innate desire to always be doing something new.
I have a great team that does a lot of the stuff in my SaaS that I don’t like doing. On slow weeks, I might only work 10-15 hours a week.
So, the question is: am I far enough along on the fastlane to be messing with business acquisitions OR should I just focus all my attention on my SaaS company?
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