Kevin Turn
New Contributor
Good evening,
First off, a big thank you to MJ DeMarco.
I am writing today to briefly introduce myself, and also to discuss a business venture I have embarked on in the past few months.
My name is Kevin and I am 22 years old. I've spent the last two years in the automotive industry selling BMW and Mercedes-Benz, while simultaneously obtaining my bachelors degree in business from Fordham University in NYC.
After reading The Millionaire Fastlane and other inspiring books, my understanding of life, time, and money has been transformed.
As I began thinking forward about what I would like out of my life, I quickly learned that a job is not the answer and that the numbers simply do not add up. (I am also a very hands on person that does not like working on anyone else’s schedule)
I value time more than any other asset. However, the problem is that I also enjoy spending time with my family – traveling, boating, offroading, golfing, hunting, barbequing, hiking, etc.
Basically, I want to earn a comfortable income while having the freedom of time to enjoy the things I truly value most.
Moving on. My business partner/brother (26y.o) and I have developed a plan to create something out of nothing and eventually attain the lifestyle we desire. We are not lazy people, and we are not opposed to working hard for some years before ultimately automating our lives. Over the last six weeks, my brother and I, whom has extensive financial industry experience, have raised over $100,000. Our objective is to raise money (fully transparent) and invest the proceeds into pre-existing, cash flow positive, small businesses which require minimal time/work and have the potential for absentee ownership. We have experienced lawyers and accountants at hand to vet potential businesses and we are interested in gas stations, C-stores/delis, dry cleaners, liquor stores, etc.
Our plan is to repeat this process and own 3-5 business inside of 3-5 years. My brother is largely responsible for investment side business processes and I am more of the operations expert. We have secured our entities in LLCs and are in the process of doing our due diligence and finding the best businesses available via business brokers and www.bizbuysell.com
Buying businesses takes away much of the risk involved compared to start-ups. There is already a proven concept, cash flow, and workforce in place which allows the owner to focus on expanding and improving the business as opposed to the struggles associated with starting a business from scratch. Contingent on buying right.
Part of my reason for posting is that I have not read much about buying businesses on this forum and I am curious to hear other, more experienced, Fastlaner’s opinions.
More recently, I swapped out of my beautiful E350 to drive an ’89 Jeep Wrangler and have left the dealership to work part-time for peanuts, in order to focus on developing this business. It has been a fear-full and stressful past few months yet I am very excited to be at this point in my life.
First off, a big thank you to MJ DeMarco.
I am writing today to briefly introduce myself, and also to discuss a business venture I have embarked on in the past few months.
My name is Kevin and I am 22 years old. I've spent the last two years in the automotive industry selling BMW and Mercedes-Benz, while simultaneously obtaining my bachelors degree in business from Fordham University in NYC.
After reading The Millionaire Fastlane and other inspiring books, my understanding of life, time, and money has been transformed.
As I began thinking forward about what I would like out of my life, I quickly learned that a job is not the answer and that the numbers simply do not add up. (I am also a very hands on person that does not like working on anyone else’s schedule)
I value time more than any other asset. However, the problem is that I also enjoy spending time with my family – traveling, boating, offroading, golfing, hunting, barbequing, hiking, etc.
Basically, I want to earn a comfortable income while having the freedom of time to enjoy the things I truly value most.
Moving on. My business partner/brother (26y.o) and I have developed a plan to create something out of nothing and eventually attain the lifestyle we desire. We are not lazy people, and we are not opposed to working hard for some years before ultimately automating our lives. Over the last six weeks, my brother and I, whom has extensive financial industry experience, have raised over $100,000. Our objective is to raise money (fully transparent) and invest the proceeds into pre-existing, cash flow positive, small businesses which require minimal time/work and have the potential for absentee ownership. We have experienced lawyers and accountants at hand to vet potential businesses and we are interested in gas stations, C-stores/delis, dry cleaners, liquor stores, etc.
Our plan is to repeat this process and own 3-5 business inside of 3-5 years. My brother is largely responsible for investment side business processes and I am more of the operations expert. We have secured our entities in LLCs and are in the process of doing our due diligence and finding the best businesses available via business brokers and www.bizbuysell.com
Buying businesses takes away much of the risk involved compared to start-ups. There is already a proven concept, cash flow, and workforce in place which allows the owner to focus on expanding and improving the business as opposed to the struggles associated with starting a business from scratch. Contingent on buying right.
Part of my reason for posting is that I have not read much about buying businesses on this forum and I am curious to hear other, more experienced, Fastlaner’s opinions.
More recently, I swapped out of my beautiful E350 to drive an ’89 Jeep Wrangler and have left the dealership to work part-time for peanuts, in order to focus on developing this business. It has been a fear-full and stressful past few months yet I am very excited to be at this point in my life.
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