My Worst Day

[Vigilante]

The most important show I have ever recorded and I recorded it for you.

Let me take you inside of my worst day.

‎Mind Your Business Radio Show: My Worst Day. -$1,000,000 And Left To Die on Apple Podcasts

‎Show Mind Your Business Radio Show, Ep My Worst Day. -$1,000,000 And Left To Die - Mar 31, 2023

podcasts.apple.com

My Worst Day. -$1,000,000 And Left To Die

Listen to this episode from Mind Your Business Radio Show on Spotify. This is a rebroadcast of a guest spot Dave did on the Kill Bigger Radio Show with Kyle Keegan. Join Dave as he takes you inside of his worst day. Company lost in a hostile takeover, over $1,000,000 in debt, no job, no income...

open.spotify.com

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[The-J]

Everyone needs to listen to this. I've been having my own difficulties, and when I have dark thoughts, I often think "What would Dave do in this situation, he was WAY more in debt than I am, with WAY bigger expenses"

Glad I got to listen to this again.

Biggest takeaways:

• You will have your worst day and you will survive it.
• When you have your worst day, take a few days to learn to breathe again.
• A strong support system can get you through anything.
• Whenever you enter into a high-stakes agreement, get a lawyer. No matter how expensive the lawyer is, they're worth it.
• Avoid: loading up on consumer debt, matching your lifestyle to your success, and trusting the wrong people.
• A real entrepreneur takes hits and gets back up.

 

[Vigilante]

Everyone needs to listen to this. I've been having my own difficulties, and when I have dark thoughts, I often think "What would Dave do in this situation, he was WAY more in debt than I am, with WAY bigger expenses"

Glad I got to listen to this again.

Biggest takeaways:

• You will have your worst day and you will survive it.
• When you have your worst day, take a few days to learn to breathe again.
• A strong support system can get you through anything.
• Whenever you enter into a high-stakes agreement, get a lawyer. No matter how expensive the lawyer is, they're worth it.
• Avoid: loading up on consumer debt, matching your lifestyle to your success, and trusting the wrong people.
• A real entrepreneur takes hits and gets back up.

You will make it through brother. I know you will. You can.

Some of the old cliches sound like bullshit until you have been through it.

 

[fastlane_dad]

The most important show I have ever recorded and I recorded it for you.

Let me take you inside of my worst day.

‎Mind Your Business Radio Show: My Worst Day. -$1,000,000 And Left To Die on Apple Podcasts

‎Show Mind Your Business Radio Show, Ep My Worst Day. -$1,000,000 And Left To Die - Mar 31, 2023

podcasts.apple.com

My Worst Day. -$1,000,000 And Left To Die

Listen to this episode from Mind Your Business Radio Show on Spotify. This is a rebroadcast of a guest spot Dave did on the Kill Bigger Radio Show with Kyle Keegan. Join Dave as he takes you inside of his worst day. Company lost in a hostile takeover, over $1,000,000 in debt, no job, no income...

open.spotify.com

Thanks for sharing your story. Few questions popped up ...

1. How old were you and how many years into business was this? Sounds like you had quite a bit of experience under your belt given kids in high school / college. How LONG ago was all this?

2. So there were ultimately ZERO responsible parties for what was in essence you getting totally f*cked with nothing left? What happened of your business partner (if I heard you correctly that you had one at the time).

3. **EDIT** This came off as condescending in this post so editing it a bit - wasn't the intention here. I agree that being over leveraged is tough, and can take a lot of perseverance to get out from. Several times in my journey I have been in consumer debt - but none to the level of yours.

4. How long did it take for something to pick up once you started from scratch? Months? Years? What did you do to hold over the payments on everything?

Maybe the business was taken away from you - BUT surely you had a slew of business lessons learned that propelled you on the next journey? Would be curious to hear which of those key lessons stuck with you towards your next venture(s).

-----

I'm still baffled that there was a 'legal' way to steal your business - and no counsel of yours picked up on it, or were held responsible for letting it slip through the cracks.

We had several eyes on our contract when @NeoDialectic and I sold our business to make sure that nothing would slip through the crack -- and even with that there were points of contention that came up along the way -- because of 'word play' that the buyers included. So I'm well aware of how this game goes, and we have definitely wizened as well towards our next sale. The guys on the other end of the table will always be SHARKS, looking to tilt every possible scenario in their favor.

There is definitely nothing certain the world of entrepreneurship - and you must always watch your back no matter what point of the journey you are in.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Vigilante]

Thanks for sharing your story. Few questions popped up ...

1. How old were you and how many years into business was this? Sounds like you had quite a bit of experience under your belt given kids in high school / college. How LONG ago was all this?

2. So there were ultimately ZERO responsible parties for what was in essence you getting totally f*cked with nothing left? What happened of your business partner (if I heard you correctly that you had one at the time).

3. Were you overleveraged to the point that you didn't have 1-5 years of expenses tucked away somewhere? With stay at home wife / kids / 2 houses etc...?

You were literally living paycheck to paycheck at the time ....? (By the way you made it sound) You had a BIG business bringing in significant profits.

There should have been absolutely zero reason to be in that position given were making **great money**. Didn't sound like you were 25 years old at that time...

To me this was the ultimate detriment of why this landed to be your *worst* day here. Have you changed your ways since?

4. How long did it take for something to pick up once you started from scratch? Months? Years? What did you do to hold over the payments on everything?

Maybe the business was taken away from you - BUT surely you had a slew of business lessons learned that propelled you on the next journey? Would be curious to hear which of those key lessons stuck with you towards your next venture(s).

-----

I'm still baffled that there was a 'legal' way to steal your business - and no counsel of yours picked up on it, or were held responsible for letting it slip through the cracks.

We had several eyes on our contract when @NeoDialectic and I sold our business to make sure that nothing would slip through the crack -- and even with that there were points of contention that came up along the way -- because of 'word play' that the buyers included. So I'm well aware of how this game goes, and we have definitely wizened as well towards our next sale. The guys on the other end of the table will always be SHARKS, looking to tilt every possible scenario in their favor.

There is definitely nothing certain the world of entrepreneurship - and you must always watch your back no matter what point of the journey you are in.

1. I was in my late 30's when I started the company. I spent my 20's climbing the corporate ranks and my early 30's as a 1099 bitch for a large product holding company doing license deals with retailers.

2. My business partner was let go at the same time.

3. Yes. I was overleveraged (didn't you catch that?) and fully invested in the hyper expansion. "Have I changed my ways since?" The arrogance of your condescension drips off the question.

My next company was mentioned in Unscripted .

4. I sold one house, defaulted on the other one and got a workout agreement from the bank during a protracted battle over getting a clear title that I eventually was able to catch up through a couple of great consulting gigs as I started my next adventure from scratch. I sold my second company maybe 7 years from the date of the judgment for the defendant in the lawsuit.

5. The integration clause was the fatal flaw in the contract, but the deal was intentionally and professionally structured to strip the company. If the whole thing could have played out slower, and if the business built organically vs. hyper expansion and essentially forced acquisition, it might have had a better outcome. I say might, because hindsight is 20/20.

The story wasn't bared for winners like you to compare yourself to. I'm sure you would have done it better. It's there for struggling entrepreneurs, a lesson of things done wrong, but also of hope in the ashes of defeat.

There are two (or probably many more) differences between you and I :
1. You apparently had a eight figure cashout (my first one was a debacke and second one was barely seven figures and then the long term equity got trapped in a low velocity stock) and
2. I don't have anything to sell to Fastlane members

 

[Kak]

1. I was in my late 30's when I started the company. I spent my 20's climbing the corporate ranks and my early 30's making a ton of money as a 1099 bitch for a large product holding company doing license deals with retailers.

2. My business partner was let go at the same time.

3. Yes. I was overleveraged (didn't you catch that?) and fully invested in the hyper expansion. "Have I changed my ways since?" The arrogance of your condescension drips off the pages. Everyone rush to buy his consulting offer so he can kick you in the balls.

My next company was mentioned in the Millionaire Fastlane .

4. I sold one house, defaulted on the other one and got a workout agreement from the bank during a protracted battle over getting a clear title that I eventually was able to catch up through a couple of great consulting gigs as I started my next adventure from scratch. I sold my second company maybe 7 years from the date of the judgment for the defendant in the lawsuit.

5. The integration clause was the fatal flaw in the contract, but the deal was intentionally and professionally structured to strip the company. If the whole thing could have played out slower, and if the business built organically vs. hyper expansion and essentially forced acquisition, it might have had a better outcome. I say might, because hindsight is 20/20.

The story wasn't bared for winners like you to compare yourself to. I'm sure you would have done it better. It's there for struggling entrepreneurs, a lesson of things done wrong, but also of hope in the ashes of defeat.

There are two (or probably many more) differences between you and I :
1. You apparently had a eight figure cashout (my first one was a debacke and second one was barely seven figures and then the long term equity got trapped in a low velocity stock) and
2. I don't have anything to sell to Fastlane members

Ever since I first heard this story YEARS ago, I have never forgotten it. Every time I’m in a negotiation over contract terms, I think about your story. I have been more careful with contracts ever since.

Almost every contract that you’ll ever see has that “integration clause.”

Your adversary will tell you one thing and the contract will say another.

Back to the trust argument. You can trust someone when you don’t have to trust them.

 

[Vigilante]

The judge actually prohibited us from introducing first hand witness testimony as to extraneous details because "it wasn't included in the contract" including his legal secretary that wanted to testify about other similar deals.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Kak]

Thanks for sharing your story. Few questions popped up ...

1. How old were you and how many years into business was this? Sounds like you had quite a bit of experience under your belt given kids in high school / college. How LONG ago was all this?

2. So there were ultimately ZERO responsible parties for what was in essence you getting totally f*cked with nothing left? What happened of your business partner (if I heard you correctly that you had one at the time).

3. Were you overleveraged to the point that you didn't have 1-5 years of expenses tucked away somewhere? With stay at home wife / kids / 2 houses etc...?

You were literally living paycheck to paycheck at the time ....? (By the way you made it sound) You had a BIG business bringing in significant profits.

There should have been absolutely zero reason to be in that position given were making **great money**. Didn't sound like you were 25 years old at that time...

To me this was the ultimate detriment of why this landed to be your *worst* day here. Have you changed your ways since?

4. How long did it take for something to pick up once you started from scratch? Months? Years? What did you do to hold over the payments on everything?

Maybe the business was taken away from you - BUT surely you had a slew of business lessons learned that propelled you on the next journey? Would be curious to hear which of those key lessons stuck with you towards your next venture(s).

-----

I'm still baffled that there was a 'legal' way to steal your business - and no counsel of yours picked up on it, or were held responsible for letting it slip through the cracks.

We had several eyes on our contract when @NeoDialectic and I sold our business to make sure that nothing would slip through the crack -- and even with that there were points of contention that came up along the way -- because of 'word play' that the buyers included. So I'm well aware of how this game goes, and we have definitely wizened as well towards our next sale. The guys on the other end of the table will always be SHARKS, looking to tilt every possible scenario in their favor.

There is definitely nothing certain the world of entrepreneurship - and you must always watch your back no matter what point of the journey you are in.

This was a cautionary tale of what not to do. A failure in his past that he is admitting to and willing to help others learn from.

He takes responsibility for the complete picture.

I don’t understand the condescension either.

 

[Antifragile]

@fastlane_dad I am not sure if you intended it or not, but your post came out as "how could you be this stupid with this much experience?"

The biggest challenge I have with replies like this isn't the rude nature, hell ... who am I to throw stones? The issue is that forums like this tend to only share the success stories. You are popular here because you sold a company successfully. If you had F*cked it all up with @NeoDialectic there is a better than 50% chance you'd be hustling and never telling anyone about it.

It creates a "benevolent dolphin" illusion

In the book Mistakes Were Made, But Not by Me, Carol Tavris and Elliot Aronson discuss a “benevolent dolphin” problem. Every now and then there is a story about a shipwreck and a person being pushed toward the shore by a dolphin which saves their life.

The authors explain: “It is tempting to conclude that dolphins must really like human beings, enough to save us from drowning. But wait — are dolphins aware that humans don’t swim as well as they do? Are they actually intending to be helpful?

“To answer that question, we would need to know how many shipwrecked sailors have been gently nudged further out to sea by dolphins, there to drown and never be heard from again. We don’t know about those cases because the swimmers don’t live to tell us about their evil-dolphin experiences.

“If we had that information, we might conclude that dolphins are neither benevolent nor evil; they are just being playful.”

Not everyone shares their stories​

Those who do well in businesses share their stories with their friends and the media.

Books on success are written by the survivors in this field.

If you read a book written in the 1990s, you are likely to hear stories about the 1980s, sky-high interest rates and how being creative and hard-working made it possible to not just survive, but to thrive. Similarly, every decade new books talk about careful asset selection, diligent underwriting, etc.

The survivors write the story, not someone whose gone bankrupt!

Unlike sailors who were pushed out to sea by the “benevolent dolphin,” we can find stories and lessons from mistakes made in business if people like @Vigilante share them.

Your comment makes it less likely to ever hear stories like that.

Asking questions, challenging assumptions and studying empirical evidence leads to creative solutions and better results. We need these stories more than the "I sold my business for 8 figures and now provide consulting to fastlane members".


edit: formatting/spelling

 

[BizyDad]

FWIW...

It seems like when one of you has an issue the others need to pile on. I half expect chosen to pop in. Lol. Just an observation. That tends to lead to this adversarial tone that I think no one really wants on the forum, but maybe a couple exceptions.

When I read Fastlanedad's comment, I didn't think anything of it. Rereading it with Vigilantes comment, I totally see where he's coming from.

I think it was just a poorly worded comment.

I've noticed FLD and his partner ND tend to take an approach on threads like this where they ask the OP to provide a little bit more info. To dig a little deeper, to extract some more value from the thread for the benefit of the readers.

I think that's all he was trying to do here.

And yes, there was recent mention of them doing a course, eyeroll, but it's not like others haven't done courses or coaching or any number of other things marketed towards the forum.

Even if he does a course, just based on recent track record, I don't think either of the two are the type to put forum posters down just to prop up a course. Their track record and obvious expertise would be plenty to sell the course, I don't think they're here to put anyone down.

Or maybe I just don't see little Machiavelli's everywhere and I'm the naive one.

Either way, why not let it be an issue for V and FLD to work out?

Side note, when Bizydad is the voice of reason, um... Lol.

Lastly, I want to thank Vigilante for sharing his story. Not many have the intestinal fortitude to put themselves out there like that. Or to go through what you went through and come out the other side. Respect.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[fastlane_dad]

Yes. I was overleveraged (didn't you catch that?) and fully invested in the hyper expansion. "Have I changed my ways since?" The arrogance of your condescension drips off the question.

My next company was mentioned in Unscripted .

It wasn't intended to be condescending! .. maybe poor choice of thought/wording literally spat out what was on top of my mind quickly...

- I spent 1/2 hour this morning listening attentively to your podcast. Even though you mentioned taking on debt, I was more curious to dig into some of the lines of thinking at that time -- and see how it can help other members / me on this board.

It was tough for @NeoDialectic and I to get into that position at any given time starting at a young age - as some of the initial lucrative opportunities in digital marketing taught us quickly that 'the music can stop at any minute' (and stop it did!) - and not to rely on tomorrows paycheck.

This attitude even went into our latest business - as we had some bases covered, but gave up a lot of 'C' (control) to Amazon to run our business. We thought about that every single day. Even though everything was ran above board - we knew that they can cut us off the platform at any minute - and our 8 figure business will evaporate close to overnight, outside of the 'brand' portion that we built.

4. I sold one house, defaulted on the other one and got a workout agreement from the bank during a protracted battle over getting a clear title that I eventually was able to catch up through a couple of great consulting gigs as I started my next adventure from scratch. I sold my second company maybe 7 years from the date of the judgment for the defendant in the lawsuit.

5. The integration clause was the fatal flaw in the contract, but the deal was intentionally and professionally structured to strip the company. If the whole thing could have played out slower, and if the business built organically vs. hyper expansion and essentially forced acquisition, it might have had a better outcome. I say might, because hindsight is 20/20.

The story wasn't bared for winners like you to compare yourself to.
Click to expand...

We still had plenty of mistakes along the way. Several opportunities we got into with 6 figure profits that ended overnight. Brands that were started on Amazon and taken down that we couldn't reinstate - that was easily a 1+MIL/year brand...I can sure have a story book of all the mishaps to share if anyone is interested. The 'winning' is only in hindsight, and even then the story isn't written fully.

I'm sure you would have done it better. It's there for struggling entrepreneurs, a lesson of things done wrong, but also of hope in the ashes of defeat.

Appreciate you sharing - at a time when mostly only 'positives' are highlight online, and no one digs into actions and repercussions of events turned upside down.

There are two (or probably many more) differences between you and I :
1. You apparently had a eight figure cashout (my first one was a debacke and second one was barely seven figures and then the long term equity got trapped in a low velocity stock) and
2. I don't have anything to sell to Fastlane members

I'm not sure what you are insinuating as 'selling' to other Fastlane members. Between @NeoDialectic and I we have poured post after post out of sharing our journey, failures and successes. Lessons learned along the way - and things that should have been done different.

This was a cautionary tale of what not to do. A failure in his past that he is admitting to and willing to help others learn from.

He takes responsibility for the complete picture.

I don’t understand the condescension either.

Not blaming fault - was looking to have an open conversation about certain aspects of the convo that are fascinating, passionate and important to me (personal finance, etc).

You highlight a great story of perseverance, starting over, recreating yourself from the bottom up -- which are all stories of triumph, and what many of us not only deal with but can use more of on this path daily.

 

[fastlane_dad]

FWIW...

It seems like when one of you has an issue the others need to pile on. I half expect chosen to pop in. Lol. Just an observation. That tends to lead to this adversarial tone that I think no one really wants on the forum, but maybe a couple exceptions.

When I read Fastlanedad's comment, I didn't think anything of it. Rereading it with Vigilantes comment, I totally see where he's coming from.

I think it was just a poorly worded comment.

Yep - I can see some of that now that I re-read. My intention was more intellectual curiosity of thoughts rather than 'accusations' in any way...

I've noticed FLD and his partner ND tend to take an approach on threads like this where they ask the OP to provide a little bit more info. To dig a little deeper, to extract some more value from the thread for the benefit of the readers.

That's exactly what I look to do with many posts as to me sometimes the 'meat' is what's found between the lines that I like to dig deeper for ... maybe it comes off as poking sometimes, not sure! I enjoy hearing mindset, lessons, philosophies etc more so than 'actions and events that transpired.'

I think that's all he was trying to do here.

100%

And yes, there was recent mention of them doing a course, eyeroll, but it's not like others haven't done courses or coaching or any number of other things marketed towards the forum. Even if he does a course, just based on recent track record, I don't think either of the two are the type to put forum posters down just to prop up a course. Their track record and obvious expertise would be plenty to sell the course, I don't think they're here to put anyone down.

That's never the intention!! Being in the struggle for 20+ years now it's definitely not an easy road and plenty (i mean plenty) of hickups were made along the way. It gets more humbling the further you go into it...

Or maybe I just don't see little Machiavelli's everywhere and I'm the naive one.

Either way, why not let it be an issue for V and FLD to work out?

Side note, when Bizydad is the voice of reason, um... Lol.

Lastly, I want to thank Vigilante for sharing his story. Not many have the intestinal fortitude to put themselves out there like that. Or to go through what you went through and come out the other side. Respect.

Appreciate the story - and will go easy on my questioning for now !!!

 

[Kak]

It seems like when one of you has an issue the others need to pile on. I half expect chosen to pop in.

I only said I didn’t understand the condescension. I didn’t exactly show up guns a blazing. You know I can turn up the heat if I want to “pile on.”

Nor harm no foul here. I don’t really care other than the fact this story has provided lasting value to me that I didn’t want diminished.

Who knows, maybe I’ve avoided a similar outcome over the years because of the care I now consider my contracts with.

I’m glad it doesn’t seem to be the case.

This “pile” you speak of looks a lot more like benefit of the doubt to me.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[thechosen1]

FWIW...

It seems like when one of you has an issue the others need to pile on. I half expect chosen to pop in. Lol. Just an observation. That tends to lead to this adversarial tone that I think no one really wants on the forum, but maybe a couple exceptions.

When I read Fastlanedad's comment, I didn't think anything of it. Rereading it with Vigilantes comment, I totally see where he's coming from.

I think it was just a poorly worded comment.

I've noticed FLD and his partner ND tend to take an approach on threads like this where they ask the OP to provide a little bit more info. To dig a little deeper, to extract some more value from the thread for the benefit of the readers.

I think that's all he was trying to do here.

And yes, there was recent mention of them doing a course, eyeroll, but it's not like others haven't done courses or coaching or any number of other things marketed towards the forum.

Even if he does a course, just based on recent track record, I don't think either of the two are the type to put forum posters down just to prop up a course. Their track record and obvious expertise would be plenty to sell the course, I don't think they're here to put anyone down.

Or maybe I just don't see little Machiavelli's everywhere and I'm the naive one.

Either way, why not let it be an issue for V and FLD to work out?

Side note, when Bizydad is the voice of reason, um... Lol.

Lastly, I want to thank Vigilante for sharing his story. Not many have the intestinal fortitude to put themselves out there like that. Or to go through what you went through and come out the other side. Respect.

What did I do? I think everyone on this thread has added great value here.

 

[BizyDad]

I only said I didn’t understand the condescension. I didn’t exactly show up guns a blazing. You know I can turn up the heat if I want to “pile on.”

Nor harm no foul here. I don’t really care other than the fact this story has provided lasting value to me that I didn’t want diminished.

Who knows, maybe I’ve avoided a similar outcome over the years because of the care I now consider my contracts with.

I’m glad it doesn’t seem to be the case.

This “pile” you speak of looks a lot more like benefit of the doubt to me.

What did I do? I think everyone on this thread has added great value here.

I was making general points of a pattern that has happened from time to time, and I was trying to crack a joke.

Maybe I sounded too serious in my observation, and maybe I was painting with too broad of strokes. In fact, based on your reactions, I obviously was. My apologies.

I didn't mean anything too serious by it, it was a flippant observation. Which is why I said FWIW. If it is worthless feedback then don't sweat it..

Love you guys, and I agree a lot of value has been given.

 

[Vigilante]

If I could give you my OWN takeaways on my own story :

• Life is going to be messy. Expect problems. Not to the degree I have created them (God willing) but remember that drawing of the straight line towards a Lambo v. a messy crooked line? The path is seldom the manicured path you read about in the success books. There's a reason there's only a few hundred success books on the market at any given time.
• Drive hard, but on the big things, take your time. I allowed an external locus of control dictate the speed at which I made decisions, and I made bad decisions in haste. Slow down. If the deal is good enough, it can survive the extra time you need.
• Own it. Every single path I have taken, I have chosen. I have put myself into precarious positions. Sometimes that causes tremendous break through, so I am not afraid of doing that and I will do it again. I am about to do it again. Complacency and safety doesn't produce break through.
• Get great legal advice. Pay what you need to pay. Remember the phrase surround yourself with people that are smarter than you? I just negotiated the sale of a client's business, and his legal counsel was an imbecile (like mine.) Only by the grace of God did he walk out the door with a $2m check.
• Get cash upfront. I have watched @biophase sell a company or two for cash. For some reason, I have a tendency to give away my companies for a promise, and for a bunch more work. F*ck these workout agreements. The second company literally tried to F*ck me out of a second payment just to see what would happen. The client whose business I just sold? One wire transfer and OUT. Done. Game over. Cash in the bank.
• People suck. People on this forum suck (some, not all). People you might consider friends? Chances are, when the shit hits the fan, they suck. The people I chose to sell my first company to? Wow they were really terrible. I don't believe in the inherent goodness of people. I believe in the inherent goodness of God, but none of us are God. There's no such thing as trust when it comes to business deals. You have no friends. Take a protectionism posture. You know everyone wants a piece of you. Your job is to take care of you.
• When the shit hits the fan, clear your head. Wait until emotions subside. Lets say you get fired tomorrow. Relax. Go to the beach. Chill. Exercise. Decompress. The world can wait a couple days.
• As you may have seen above, there's a biblical example of the 7 years of harvest followed by the 7 years of famine. I can't tell you how much money I have poured through in my life. More than many of you have made. I have made a lot, and spent a lot. The 7 years of famine almost ALWAYS follow the 7 years of harvest.
• In my second exit, I screwed up what Mark Cuban did well. I missed the parlay. If you don't know what a parlay is, look it up. I will write about that some other time. In short, I should have taken the money from that deal and rolled it into an even bigger deal. Mr. Wonderful talks about his money being little soldiers that he sends out to turn into more soldiers. When you DO have a windfall, large or small, take it and turn it into something bigger.
• I concur with @Kak that solopreneurship (what a lot of us did 10 years ago here at the forum) is not really scaleable in Capitalism. Capitalism and The Millionaire Fastlane require scale, and it's tough to scale if you are not working on things that are bigger than you. Separating your time from your income requires a revenue system that needs to work 24-7, and on a scale to affect thousands. If I am a logo designer, I can't possibly design enough logos to get rich. However, I can employ 15 designers (thus the agency v. freelancer discussion elsewhere on the forum). Scale. This ties back to my businesses. My first one was me, an absentee "partner" with a few connections, a legal assistant, a couple of clericals and tons of subcontractors. My second business was literally just me until it sold.
• Never give up.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[mikecarlooch]

What an awesome thread & podcast @Vigilante.

Looking at what you've been through, I look at some of the problems I've had recently that got me stressed out of my mind because of some mistakes I've made.

Compared to what you've been through, I can't imagine it. It makes it feel minuscule, almost like I can't believe I put so much pressure on myself over these little things.

 

[Antifragile]

there's a biblical example of the 7 years of harvest followed by the 7 years of famine. I can't tell you how much money I have poured through in my life. More than many of you have made. I have made a lot, and spent a lot. The 7 years of famine almost ALWAYS follow the 7 years of harvest.

This deserves a podcast, thread of its own, powerful words. True words.

Something I find hard to articulate to people. Life is like that. Good then bad. Bad then good. Some parts of life require faith (not religion, but faith). Faith that you can will your situation to improve. And that it will improve, and there’ll be a great ride for a while.

More than that. I believe that everything that happens happens for a reason and it will serve me. It’s a utopian view that literally everything is there to serve me. How many people will disagree with that? Probably plenty!

But I stand behind it. Every time I had a major “setback”, it turned out (years later) to be good news. Now I try to delay judgment.

Stop… think about a way to take advantage of whatever crap you are facing in life. There is always a way!

Unlike @Vigilante I am not prepared to share my worst day(s) in public. Epic / tragic / scary as it all was. My appreciation for people who do is incredible. It takes more than guts, it takes confidence too. It may be the most helpful thing for young entrepreneurs to hear!

 

[Antifragile]

Dave,

In Canada the “four corners” of legal documents no longer applies. There was a Supreme Court decision maybe 7+ years ago. Now it’s about intent. What was the intent matters more. And if there are other documents or papers that show different intent, it can be applied.

We lived by the 4 corners rule for as far back as I can remember. We leaned it changed when there was a deal we negotiated and the vendor became a real prick. Acted like an a$$ hat. Then made the stupidest error! Imagine a tracked document that’s on version 5 and they picked up our version 3 with a price for their lands being a million less! Then they signed the clean copy! I thought 100% we got our price discount, 4 corners of the agreement and signed. Nope …

Our lawyers pointed out the change… the key there was there were other drafts that clearly show that was a mistake. Worse yet, other clauses that were negotiated had to be reversed too. Basically it opened up the document.

Not sure if there has been any change in the USA on this.

Lastly, I’ll add that even the greatest lawyers miss things. Legal documents are so important that you should attempt to understand every clause yourself.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Vigilante]

Dave,

In Canada the “four corners” of legal documents no longer applies. There was a Supreme Court decision maybe 7+ years ago. Now it’s about intent. What was the intent matters more. And if there are other documents or papers that show different intent, it can be applied.

We lived by the 4 corners rule for as far back as I can remember. We leaned it changed when there was a deal we negotiated and the vendor became a real prick. Acted like an a$$ hat. Then made the stupidest error! Imagine a tracked document that’s on version 5 and they picked up our version 3 with a price for their lands being a million less! Then they signed the clean copy! I thought 100% we got our price discount, 4 corners of the agreement and signed. Nope …

Our lawyers pointed out the change… the key there was there were other drafts that clearly show that was a mistake. Worse yet, other clauses that were negotiated had to be reversed too. Basically it opened up the document.

Not sure if there has been any change in the USA on this.

Lastly, I’ll add that even the greatest lawyers miss things. Legal documents are so important that you should attempt to understand every clause yourself.

Caselaw hasn’t changed in the United States, but that is fantastic news for Canada.

I would tell you, I probably just skipped right past that clause in our haste.

Also contract law in the United States is based state by state, and in the state of Minnesota there is no requirement of good faith or Fairdealing as it pertains to the drafting of an agreement.

Drafting generally favors the non-drafter, but there was no requirement of good faith, or Fairdealing, in Minnesota on behalf of the drafter. Which is also ridiculous. I don’t know if that has changed or not since then.

 

[NeoDialectic]

Thanks for sharing your experience. Many of us have been there, including us, but luckily (for us) not when stakes were as high as yours. We sold to a private equity group and lucky for us, we already had a very negative view of private equity. So we went through the contract with a fine tooth comb. In some regards it is easier when you know your selling to a faceless machine and not a person or owner directly.

Since my name was mentioned, I'll weigh in on what I think happened, based on my extensive time spent with @fastlane_dad . If you look at his post history you will find many posts centered around financial prudence, saving, and building a solid financial foundation from profits to have true freedom. I recognize the point of your podcast was meant to be an inspirational: "If I can make it out of a 1 million dollar hole, you can do it from zero". After speaking with him, I think what happened is that his mind set off alarm bells regarding the financial side of things and that's where his focus went. Your story is not just an inspiration of what hard work can dig you out of, but also an example of why you should try to build a nest egg sooner than later when success comes. (We talk alot about this, and when you're a hammer, everything looks like a nail...right?) So his questions probed for your mindset during that time in regards to savings. It may sound corny, but we are both intensely interested in mindsets people have when certain decisions are made. It helps shape our advice when we encounter people asking for guidance.

Anyways, I'm glad that overall things worked out. They stole your first baby but they couldn't steal your experience and grit!

 

[BizyDad]

Thanks for sharing your experience. Many of us have been there, including us, but luckily (for us) not when stakes were as high as yours. We sold to a private equity group and lucky for us, we already had a very negative view of private equity. So we went through the contract with a fine tooth comb. In some regards it is easier when you know your selling to a faceless machine and not a person or owner directly.

Since my name was mentioned, I'll weigh in on what I think happened, based on my extensive time spent with @fastlane_dad . If you look at his post history you will find many posts centered around financial prudence, saving, and building a solid financial foundation from profits to have true freedom. I recognize the point of your podcast was meant to be an inspirational: "If I can make it out of a 1 million dollar hole, you can do it from zero". After speaking with him, I think what happened is that his mind set off alarm bells regarding the financial side of things and that's where his focus went. Your story is not just an inspiration of what hard work can dig you out of, but also an example of why you should try to build a nest egg sooner than later when success comes. (We talk alot about this, and when you're a hammer, everything looks like a nail...right?) So his questions probed for your mindset during that time in regards to savings. It may sound corny, but we are both intensely interested in mindsets people have when certain decisions are made. It helps shape our advice when we encounter people asking for guidance.

Anyways, I'm glad that overall things worked out. They stole your first baby but they couldn't steal your experience and grit!

FWIW

You know I've noticed when one of you pops in the other pops in and...

Oh nevermind.

Keyboard monkey go bye now.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[NeoDialectic]

FWIW

You know I've noticed when one of you pops in the other pops in and...

Oh nevermind.

Keyboard monkey go bye now.

View attachment 48123

Not much of a conspiracy. I talk to the fool nearly everyday

 

[Bekit]

The most important show I have ever recorded and I recorded it for you.

Let me take you inside of my worst day.

‎Mind Your Business Radio Show: My Worst Day. -$1,000,000 And Left To Die on Apple Podcasts

‎Show Mind Your Business Radio Show, Ep My Worst Day. -$1,000,000 And Left To Die - Mar 31, 2023

podcasts.apple.com

My Worst Day. -$1,000,000 And Left To Die

Listen to this episode from Mind Your Business Radio Show on Spotify. This is a rebroadcast of a guest spot Dave did on the Kill Bigger Radio Show with Kyle Keegan. Join Dave as he takes you inside of his worst day. Company lost in a hostile takeover, over $1,000,000 in debt, no job, no income...

open.spotify.com

Thank you for sharing. I have to say this reassured me quite a lot, as my starting point is only about 1/4 as bad as yours was.

Listening to this gave me hope.

I know that's why you recorded it, so thank you.

You must have been gutted when that happened be to you. I'm glad you didn't give up.

You said it took about 7 years to recover, but that still seems super fast. #ahem fastLANE.

It seems like it must come down to the decisions you you must have made. Making better decisions leads to better outcomes.

What would you say were some of the best decisions you made in the aftermath of that day to get things straightened out?

 

[Vigilante]

Thank you for sharing. I have to say this reassured me quite a lot, as my starting point is only about 1/4 as bad as yours was.

Listening to this gave me hope.

I know that's why you recorded it, so thank you.

You must have been gutted when that happened be to you. I'm glad you didn't give up.

You said it took about 7 years to recover, but that still seems super fast. #ahem fastLANE.

It seems like it must come down to the decisions you you must have made. Making better decisions leads to better outcomes.

What would you say were some of the best decisions you made in the aftermath of that day to get things straightened out?

Tenacity is the single largest ingredient to rebuilding.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Bekit]

Tenacity is the single largest ingredient to rebuilding.

Maybe a better question to ask is to explore the underlying mindset status that permits you to think of good decisions in the first place.

For example, "Don't do free work" is probably a good decision.

But underneath that is a mindset of understanding your true value and that it's worth more than free.

You could be tenacious but slow at making any headway due to slowlame thinking. Yes, that was a typo, and yes, I left it there intentionally, because it is both slow and lame.

But to quickly get yourself out of a deep hole, I feel like it needs a combination of the capacity to come up with a plan plus the tenacity to execute it.

If you're on the morning after the "worst day of your life," and the best thing you can think of is to go put your resume out there and get a job, I guessing what I'm digging for is, what are some better decisions than that and what are the underlying mindset frameworks that support making those good decisions? Curious how that looked for you.

 

[Vigilante]

Maybe a better question to ask is to explore the underlying mindset status that permits you to think of good decisions in the first place.

For example, "Don't do free work" is probably a good decision.

But underneath that is a mindset of understanding your true value and that it's worth more than free.

You could be tenacious but slow at making any headway due to slowlame thinking. Yes, that was a typo, and yes, I left it there intentionally, because it is both slow and lame.

But to quickly get yourself out of a deep hole, I feel like it needs a combination of the capacity to come up with a plan plus the tenacity to execute it.

If you're on the morning after the "worst day of your life," and the best thing you can think of is to go put your resume out there and get a job, I guessing what I'm digging for is, what are some better decisions than that and what are the underlying mindset frameworks that support making those good decisions? Curious how that looked for you.

So what I had to do at that moment is deal with things in waves.

For the first three days I did nothing. That was accidental, but today I might advise that as intentional.

Then I had to deal with the immediate situation. For me, that came in the form of falling back on in industry that I knew pretty well, and could grab a couple of small retainers. Retainers are interesting because you are trading your time for money, but at the same time they are a variable expense for clients.

I couldn’t rebound to a long-term strategy on the heels of this epic collapse. I had to deal with the 6 inches in front of my face first. I had to stabilize things. It’s very hard to deal with a long-term strategy when you are in a short term crisis.

So I had to fight my way out of the crisis first. For some of you, that may mean your job. For some of you, that may mean freelancing. For some of you, that may mean taking whatever income you can get to make sure you keep a roof over your head and food on the table.

I’m not sure you can do anything “ fast lane” while you are in the throes of crisis.

If I started today from zero, before I worked on a business that would change the world. I would work on an immediate term strategy to generate some money. If it were me, I would probably use a eBay to do that because I know how to sell on eBay.

Only after which time things have stabilized in your personal life and with regard to your going forward strategy, can you really sit back and move into the next phase of planning your fast lane.

I don’t even really remember to be honest, but I think it was probably three or four months before I started developing the next business.

I don’t believe six or seven years is a long period of time to develop a seven figure business. I believe now for experienced entrepreneurs you should be able to hit that scale within a couple of years.

I understand that it was made for TV drama but in the second season of undercover billionaire Grant Cardone got a pretty decent business going within maybe 90 days. That’s not a realistic timeframe, but an acceleration of business is possible.

I’ve told a few people what my number is for 2023 and it’s a big number. I am not on pace hit that number today but I will be within a couple weeks.

If I fall short of the target, which I don’t anticipate doing, it will still be more than most of the people on this forum make in a year. The only thing stopping me is me.

I don’t believe in a work life balance. I have a happy home life, but my work is 24 seven 365 in my home life is 24 seven 365. They are not separate buckets. I don’t compartmentalize. I will work until I exceed my own expectations.

After I sold my second company, I thought I was going to retire for a while. I bought some fishing poles. I went fishing for a couple days. Number one, I still have a work out agreement with the company that I sold. Number two, after a couple days of fishing, then what are you going to do?

I’m convinced MJ’s community is a mindset. I’m a little troubled that the traffic pattern has changed in a couple years that I’ve been gone. This place should be jumping 24 seven 365.

We have a ton of work to do. I’m not sure if I adequately answered your question, but it took me a little while to get my legs underneath me again.

If somebody here has recently been fired from a job, the strategy is to take a break, make sure you have a short term plan in place, stabilize,… THEN lock and load.

 

[biophase]

If I could give you my OWN takeaways on my own story :
Get cash upfront. I have watched @biophase sell a company or two for cash. For some reason, I have a tendency to give away my companies for a promise, and for a bunch more work. F*ck these workout agreements. The second company literally tried to F*ck me out of a second payment just to see what would happen. The client whose business I just sold? One wire transfer and OUT. Done. Game over. Cash in the bank.

This was because it was my number 1 priority. I didn’t care about anything else during negotiations. It was all about how much hits my bank account on closing day.

I didn’t want to worry about the business I sold anymore after closing. But if I had an earn out, or still owned a small piece, or had to stay on as an employee, then my brain would have still been tied to the company.

I was willing to take less cash to remove any of these barriers.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[farmer79]

Thanks for this Vigilante. I don’t get exactly what happened though. Am I correct in this interpretation. You had 2 contracts, one of which was an employment contract, and the other was a contract for
the purchase of your business and assets. When they terminated you (contract A) they no longer had to honour contract B?

 

[Saad Khan]

Thanks for this Vigilante. I don’t get exactly what happened though. Am I correct in this interpretation. You had 2 contracts, one of which was an employment contract, and the other was a contract for
the purchase of your business and assets. When they terminated you (contract A) they no longer had to honour contract B?

The employment contract had all the money transfer promises in there. There was a clause of merger and integration in the first contract which basically meant that anything else other than that contract, including the employment contract had no influence over it.

Basically the first contract was immune to any outside intervention. I'm talking from intuition but this is what @Vigilante said in the podcast.