In Episode 42 we have a wide ranging discussion with JW from The Green Swan about his FI path, going into business with family, buying an existing business and much more.
Podcast Episode Summary
- A discussion with JW from The Green Swan about financial independence and busing buying and ownership
- How JW got involved in the FIRE community
- A discussion of life insurance and how much someone in the FI community really needs to think about
- They were already on a path to financial independence even before finding the FI community online
- How JW approached college with the mindset of graduating early
- JW’s dad passed many of the tips and tricks of the FI community to him in his teens
- JW’s relationship with his older brother made a big difference in his FI journey and they long talked about buying a business
- The concepts discussed in the book Rich Dad, Poor Dad and how it could help you get multiple streams of income
- JW and his brothers were saving for many years in anticipation of buying a business
- How they researched the options of buying a business
- How they could step in and grow the business they intended to purchase
- What did they do to fix the culture in the business and reassure their employees about the future of the business
- How did they know they could add value to this or any other company?
- How they structured their legal entity to optimize most efficiently
- They are investigating purchasing a similar business to expand their business
- What does the path look like for each of the four brothers and how have they navigated the sibling dynamic?
- They entered the business with ‘eyes wide open’ to the potential to damage their family relationships
- They built an operating agreement with all potential future possibilities so they could navigate future issues. It was important that they did this from the outset
- The unexpected joys and crazy things that happen when you own a small business with many employees and JW’s examples
- How are they funding a future potential acquisition?
- How do these businesses impact JW’s financial independence number?
- He is calculating his FI number without even considering the income or equity in the businesses
- Hot Seat Questions
- Favorite life hack is listening to podcasts and audio books at 2x speed
- He wishes he would have done ‘house hacking’ like his father did when he was younger
Links from the show:
- The Green Swan
- The FIRE Prowess Score
- The Green Swan on Twitter
- Mr. Money Mustache
- Sunbelt business brokers
- Favorite Blogs:
- iRobot Roomba
Books Mentioned in the Show: