# He Sold at the Perfect Time — Business, Investing & Economic Lessons from Mikey Taylor

An episode of [Earn Your Leisure](https://invisiblenetwork.ai/podcast/1450211392), 8 Feb 2026, 29 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/8dbc4f54-a337-4481-9ef2-b355012b0a3d/bf327366-5aa7-4c23-b10a-b3ea00b2fdf9/audio.mp3?utm_source=Podcast&in_playlist=eac4c628-29cb-469a-b5c8-b355012b0a48

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## Transcript

[0:00] Speaker 1: Well, let's let's bring our guests up, can we please?
[0:06] Speaker 1: Hey man, how's it going?
[0:08] Speaker 2: What a show I came into? Huh fed cheers which
[0:11] Speaker 2: win your self profits? What's going on? Guys?
[0:14] Speaker 3: Hey brother?
[0:15] Speaker 2: How are you? Mister may I'm doing well? Thank you guys.
[0:20] Speaker 1: Yeah. Man, Mikey Taylor entrepreneur, investor, former professional skateboarder turned
[0:27] Speaker 1: civic leader. He built and exited and nationally recognized Brory.
[0:31] Speaker 1: We're gonna be talking about that, selling a company, transitioned
[0:34] Speaker 1: into commercial real estate and private equity, etcetera, etcetera, etcetera.
[0:39] Speaker 1: Extremely accomplished athlete now an extremely accomplished entrepreneur an investor.
[0:45] Speaker 1: Thank you for joining us, Appreciate it.
[0:47] Speaker 2: Thank you for having me. God's been good.
[0:50] Speaker 1: All the time.
[0:51] Speaker 2: How thou treating you?
[0:52] Speaker 1: Man?
[0:54] Speaker 2: You know it's it's busy right now. It's going well though.
[0:58] Speaker 2: We got it under We're doing a pretty good job.
[1:01] Speaker 2: We're saved for clean, got good jobs. We're just trying
[1:04] Speaker 2: to maintain and push forward.
[1:06] Speaker 1: Amen. So I want to we're going to talk about
[1:09] Speaker 1: your transition from an athlete to entrepreneur, but I want
[1:12] Speaker 1: to just go right into it as far as your
[1:14] Speaker 1: decision to actually uh, well, the idea right as far
[1:18] Speaker 1: as going into entrepreneurship, your company got it acquired. So
[1:23] Speaker 1: we just actually, this is perfect time because we just
[1:25] Speaker 1: got finished talking about selling, like when it's when to sell,
[1:29] Speaker 1: when to sell a stock, but also like you know,
[1:32] Speaker 1: very few people have insight on when to sell a company.
[1:35] Speaker 1: So what was the thought process in selling a company?
[1:38] Speaker 1: Can you walk us through that journey?
[1:42] Speaker 2: Yeah, So, first and foremost, we had investors. So anytime
[1:46] Speaker 2: you're going to bring on investors, you're going to have
[1:48] Speaker 2: to answer the question how are they making money? And
[1:51] Speaker 2: you're either going to build a business that pays a
[1:53] Speaker 2: dividend or you're going to build a business that exits.
[1:57] Speaker 2: And so what we did was we got a handful
[2:00] Speaker 2: of offers on the table, and then we had to
[2:03] Speaker 2: make the decision on if we should take more capital
[2:06] Speaker 2: to grow the business to a larger position than to
[2:09] Speaker 2: potentially exit in the future. And that calculation just didn't
[2:13] Speaker 2: really make sense for us. And secondarily, we were looking
[2:16] Speaker 2: at the industry, and at that time in the beer industry,
[2:19] Speaker 2: all the big giants, your miller cores, your anheusers, your
[2:23] Speaker 2: consolations were buying and so we definitely were concerned that
[2:28] Speaker 2: once the big players stopped buying, the multiples went down,
[2:32] Speaker 2: and so we made a calculated decision, and then in hindsight,
[2:35] Speaker 2: we were correct at the timing side. So sometimes it's timing,
[2:39] Speaker 2: sometimes it's luck, and sometimes you're able to see some
[2:42] Speaker 2: of the data and then make a maybe educated decision.
[2:47] Speaker 4: Yeah, after you make the exit, right, a lot of
[2:50] Speaker 4: times people are looking for the next company to build.
[2:53] Speaker 4: You kind of made a pivot and went into real estate.
[2:56] Speaker 4: Like what was that process like for you?
[2:59] Speaker 2: All Right? So I know this is a little bit contrarian,
[3:04] Speaker 2: but I was a little bit scared of lightning striking twice.
[3:08] Speaker 2: And we went into an industry where we were a
[3:11] Speaker 2: little bit of disruptors, and we found a model that worked,
[3:15] Speaker 2: and then a lot of the other companies came in
[3:17] Speaker 2: and started using it, so over time it it wasn't
[3:20] Speaker 2: special anymore. And so I was definitely scared that if
[3:23] Speaker 2: I did it again in the beer space, I was
[3:28] Speaker 2: going to flounder. So I just switched it, went to
[3:31] Speaker 2: another industry, tried to take that model into something nobody
[3:34] Speaker 2: had seen before, and then all of a sudden, it
[3:36] Speaker 2: was blue ocean again. So that was more my framework.
[3:40] Speaker 2: I was just scared of doing the same thing twice.
[3:44] Speaker 1: Well for before you asked that question, because that's actually it.
[3:47] Speaker 1: So that's what you just said. Ian as far as
[3:49] Speaker 1: if you option trading, don't try to run a gambit
[3:52] Speaker 1: of hitting lightning in a bottle twice, right, taking put
[3:55] Speaker 1: to a more conservative index funds. So across disciplines, there's
[4:00] Speaker 1: a lot of the same practices. So I just wanted
[4:04] Speaker 1: to kind of highlight that because that's actually in line
[4:05] Speaker 1: with what you just had mentioned earlier.
[4:08] Speaker 2: Ye. Look, at the end of the day, investing should
[4:10] Speaker 2: be boring, right, we just want to make it exciting.
[4:12] Speaker 2: But when you guys are talking about your buy sell disciplines,
[4:15] Speaker 2: at what point am I a seller? It's really important
[4:18] Speaker 2: to establish that and then hold to it. If you
[4:21] Speaker 2: just do that, you're gonna look back. You're gonna be
[4:23] Speaker 2: in a pretty good spot.
[4:26] Speaker 3: Why do you think most people don't stick to that
[4:27] Speaker 3: discipline of when to exit? And for you personally, what
[4:31] Speaker 3: happens as an athlete? Did you have that made you
[4:34] Speaker 3: incredibly successful as an entrepreneur? That carried over?
[4:38] Speaker 2: Okay, so why don't we do that? Because we're human
[4:40] Speaker 2: and you know, we see opportunity and we get dollar
[4:44] Speaker 2: signs in our eyes, we want more, and that's just
[4:47] Speaker 2: something we have to fight, is that side of us.
[4:50] Speaker 2: For me as an athlete, you know, Number one, I
[4:54] Speaker 2: was doing something I loved and I didn't want it
[4:56] Speaker 2: to end, but the reality was it was going to end.
[4:59] Speaker 2: And how I looked at it was I had sponsors
[5:01] Speaker 2: that paid me while I was relevant, and I just
[5:05] Speaker 2: felt like they controlled my future, and I did not
[5:07] Speaker 2: like that feeling. It's probably similar to just having a
[5:10] Speaker 2: job and your boss basically is the decision maker on
[5:13] Speaker 2: your future, and there's something that's uncomfortable with that. And
[5:17] Speaker 2: so I just tried to put myself in a position
[5:20] Speaker 2: where I didn't have to rely on my sponsors anymore.
[5:24] Speaker 2: And really what that meant is if I can move
[5:26] Speaker 2: out of a position where I was completely dependent on
[5:30] Speaker 2: income and start owning assets that eventually paid me, well,
[5:34] Speaker 2: I felt like I was taking power away from them
[5:36] Speaker 2: and putting them into kind of my future, which I
[5:39] Speaker 2: love that feeling once I accomplished it.
[5:42] Speaker 1: So you led a life that you can write a
[5:45] Speaker 1: book on, you know, your legendary professional athlete in the
[5:49] Speaker 1: realm skating, then you you know, had a business that
[5:52] Speaker 1: was actually successful enough to actually exit. Then you start
[5:55] Speaker 1: to invest in real estate and now you're the mayor
[5:58] Speaker 1: of a city. I am, so, how'd the politics thing
[6:03] Speaker 1: come into play?
[6:06] Speaker 2: That's a good question. Huh. We're going to get to
[6:08] Speaker 2: know each other real good huh. Boys, you know the
[6:12] Speaker 2: the you know the politics. For me, I was always
[6:15] Speaker 2: frustrated by politics. You know, every time I looked at politicians,
[6:19] Speaker 2: they didn't seem like real people to me. They always sold,
[6:21] Speaker 2: they never delivered. It was completely opposite from what you
[6:25] Speaker 2: have to do as an entrepreneur. So I really had
[6:27] Speaker 2: no interest in going into that world. But the only
[6:31] Speaker 2: caveat is if you get involved in the local level
[6:34] Speaker 2: at the city, it's completely different than a lot of
[6:37] Speaker 2: the things we talk about or argue about on the
[6:40] Speaker 2: national side, because the decisions you're making are things that you,
[6:44] Speaker 2: your family, your residents are feeling, and it's actually it
[6:48] Speaker 2: is political in some regard, but I mean, think about
[6:50] Speaker 2: what we're voting on. It's budgets and sidewalks and real estate.
[6:57] Speaker 2: It's things that we actually feel in touch every single day.
[7:01] Speaker 2: And so I felt like I would get involved there,
[7:03] Speaker 2: but that was going to be my ceiling. I never
[7:05] Speaker 2: wanted to do more than this, and so I think
[7:08] Speaker 2: that's probably going to be it. I do this run
[7:10] Speaker 2: and then step out and keep building more companies.
[7:14] Speaker 4: You heard us talking about the new FETCHA. You recently
[7:18] Speaker 4: put up a post that Trump's FED pick could reshape
[7:22] Speaker 4: real estate faster than rate cuts.
[7:24] Speaker 2: Can you break that down? It splaitatility? Okay, so it
[7:30] Speaker 2: really comes down now we will see what I will
[7:33] Speaker 2: be completely transparent with everyone here on. You don't know
[7:37] Speaker 2: what somebody is going to do until they start acting.
[7:39] Speaker 2: So if you know, Wash gets in, we'll see. But
[7:43] Speaker 2: at least his idea is a little bit different than
[7:46] Speaker 2: what the FED has been probably over the last twenty years,
[7:50] Speaker 2: which the FED has become the stabilizer. It's like they
[7:53] Speaker 2: come in and they go, Okay, how do we protect
[7:55] Speaker 2: the market, how do we protect unemployment? And what that
[7:59] Speaker 2: means is when bad things happen, they come in and
[8:01] Speaker 2: save the day. Two thousand and eight was our most
[8:03] Speaker 2: recent well you could call twenty twenty our most recent example,
[8:06] Speaker 2: but two thousand and eight was a big shift. And
[8:09] Speaker 2: what should have happened is a full blown crash. A
[8:12] Speaker 2: lot of those banks should have completely gone under for
[8:15] Speaker 2: the decisions they were making, and the FED covered them.
[8:19] Speaker 2: And so the new potential FED chair has a different outlook.
[8:24] Speaker 2: We'll see if he acts on it. But what it
[8:26] Speaker 2: really is is stay out of it and be the referee.
[8:29] Speaker 2: I'm not going to be the stabilizer. I'm going to
[8:31] Speaker 2: be the referee. And what that means is more potential volatility.
[8:35] Speaker 2: It means things could crash. But if things crash, you
[8:39] Speaker 2: don't have a lot of bubbles created that are held
[8:41] Speaker 2: up by ultimately easy money printing. And so that does
[8:47] Speaker 2: mean there's going to be some pain. So I want
[8:48] Speaker 2: to be careful in saying this. I recognize pain and
[8:52] Speaker 2: that sucks. I don't want things to hurt. But usually
[8:56] Speaker 2: what happens is we try to protect pain on the
[8:58] Speaker 2: front end, and then we put ourselves in a situation
[9:01] Speaker 2: where it's worse for us on the back end. I mean,
[9:04] Speaker 2: look at millennials and gen z and ask them how
[9:06] Speaker 2: everything's going. They're going to tell you it's not going
[9:09] Speaker 2: very well. And I think a lot of that is
[9:11] Speaker 2: because we put ourselves in a situation where things are
[9:14] Speaker 2: so out of reach for so much of us, so
[9:16] Speaker 2: many of us, and I think that's because we've artificially
[9:20] Speaker 2: held up the market beyond what it's actually at. That's
[9:22] Speaker 2: at least my outlook. We'll see what happens from all
[9:25] Speaker 2: of this, though.
[9:26] Speaker 3: Do you think we're too far in the rabbit hole
[9:29] Speaker 3: to fix the changes in the pain that gen Z
[9:32] Speaker 3: may be feeling.
[9:34] Speaker 2: I hope not, I really do. I think probably the
[9:38] Speaker 2: most fair way to say this is there are some
[9:41] Speaker 2: things that could come into play that change everything. Like
[9:44] Speaker 2: you're looking at AI and everything going on there, the
[9:47] Speaker 2: potential for how productive this could be and what that
[9:51] Speaker 2: could mean for GDP growth could put us in a
[9:55] Speaker 2: position where we course correct on some of this other
[9:57] Speaker 2: bureaucracy and you know, support that we've had. We could
[10:02] Speaker 2: right size this thing, that could right size our debt
[10:05] Speaker 2: issue that we're struggling with. But I'm naturally more of
[10:10] Speaker 2: an optimist. I try to find the potential pathway and
[10:15] Speaker 2: focus on that. But there's some things that could come
[10:18] Speaker 2: into play that make it worse as well. I just
[10:20] Speaker 2: know where we're at right now is not healthy. That's
[10:22] Speaker 2: at least my view. What do you guys think? You
[10:24] Speaker 2: guys feel like we're in a healthy spot?
[10:26] Speaker 3: Well, really quick, you said there's some things that can
[10:28] Speaker 3: make it worse. What are some of those roadblocks or
[10:31] Speaker 3: financial asteroids that the audience may not be aware about
[10:34] Speaker 3: that could make it worse.
[10:36] Speaker 2: Okay, so I'm gonna I'll keep this kind of high level.
[10:39] Speaker 2: I'll try to make it pretty simple. If you viewed
[10:43] Speaker 2: America as US as individuals, we all bring in a
[10:46] Speaker 2: certain amount of money, we all spend a certain amount
[10:48] Speaker 2: of money, and there's some debt component. Potentially we are
[10:52] Speaker 2: spending way too much and we are borrowing like crazy
[10:57] Speaker 2: in the inevitable outcome that is bankruptcy. And so there's
[11:02] Speaker 2: a choice that we have to make. Right, if you're
[11:05] Speaker 2: in debt, you have two options to get out of it.
[11:08] Speaker 2: You're to cutback your expenses and put more of your
[11:10] Speaker 2: revenue towards paying off your debt, or you increase your
[11:13] Speaker 2: revenue and pay more of your debt elsewhere. Right, So
[11:16] Speaker 2: it's either growth or pullback for us. I don't think
[11:21] Speaker 2: we can save our way out of this. I think
[11:23] Speaker 2: it has to be a combo. And we've got to
[11:26] Speaker 2: be in a position where we're not giving away the farm.
[11:28] Speaker 2: And I think we've just given away too much. We've
[11:31] Speaker 2: outsourced everything. So I think that's the that's the challenge.
[11:34] Speaker 2: If anyone's a reader in this audience and you know
[11:38] Speaker 2: you want to get caught up on this, read Ray
[11:40] Speaker 2: Dalia's books, the debt crisis and everything he's forecasting. That
[11:44] Speaker 2: is a potential for us that we have to avoid.
[11:48] Speaker 1: Well, how do you think that we have an opportunity
[11:50] Speaker 1: to get out of that? Because nobody wants to, well,
[11:54] Speaker 1: at least the Republicans, they don't want to raise taxes.
[11:58] Speaker 1: The Democrats don't want to cut programs, and the Republicans
[12:02] Speaker 1: don't really want to cut programs too, if you're really
[12:04] Speaker 1: honest about it, because I mean the major programs as
[12:07] Speaker 1: far as military and health benefits and things that really
[12:12] Speaker 1: really caused trillions of dollars to get taken out, there's
[12:17] Speaker 1: no real solution on how to cut that from that.
[12:18] Speaker 1: So if we're not going to cut anything and we're
[12:20] Speaker 1: not going to raise taxes, I mean, what can we
[12:26] Speaker 1: actually do?
[12:27] Speaker 2: Okay, So it's actually really interesting that you brought that up,
[12:30] Speaker 2: because I would say that has been a recent shift
[12:33] Speaker 2: on the Republican party that there's no appetite for cutting
[12:37] Speaker 2: programs there either. I think the fascinating part is it's
[12:41] Speaker 2: the people don't have an appetite for it. If you're
[12:43] Speaker 2: an elected official, what you're supposed to be is a
[12:46] Speaker 2: representation of the people who voted for you. And if
[12:49] Speaker 2: you ran on a platform of we're cutting, you're not
[12:52] Speaker 2: getting elected. And so we're in a tough spot, right,
[12:56] Speaker 2: I think, probably knowing that the only real shot is
[13:00] Speaker 2: control expenses where they're at and grow our way out.
[13:04] Speaker 2: And you know, I think you could make the claim
[13:07] Speaker 2: that AI could get us there, but if the politicians
[13:11] Speaker 2: aren't willing to do it, the only option is growth.
[13:14] Speaker 2: The caveat to that is, are you guys seeing the
[13:18] Speaker 2: percentage of people that are moving into the Independent party? Yeah,
[13:22] Speaker 2: it's massive. It's the largest group we've ever seen in history.
[13:27] Speaker 2: That could be a tell for what's coming politically that
[13:31] Speaker 2: the majority of people don't have faith in either side.
[13:36] Speaker 2: And if we saw a situation where the two party
[13:39] Speaker 2: system didn't control everything, that could be something totally new
[13:44] Speaker 2: for us. But with that said, if I'm trying to
[13:47] Speaker 2: pick the most likely outcome, it's grow your way out
[13:50] Speaker 2: of this.
[13:52] Speaker 1: When you say, oh, just for clarification, when you say
[13:55] Speaker 1: grow your way out of this, what does that actually mean?
[13:57] Speaker 2: Though?
[13:58] Speaker 1: Like as far as on a corporate side, just to
[14:00] Speaker 1: have more corporate profits, because that's not coming back if
[14:03] Speaker 1: we don't tax corporations.
[14:04] Speaker 2: So yeah, yeah, that's a good question. The large corporation
[14:12] Speaker 2: scenario we're in, that's a that's a whole separate conversations. Right.
[14:18] Speaker 2: Just look at it as total revenue into the government. Right,
[14:22] Speaker 2: so every single revenue stream that the government government has,
[14:25] Speaker 2: how do we increase that? And now you can definitely
[14:31] Speaker 2: make the case and I get it that this is
[14:33] Speaker 2: nuanced and there's not enough time for this. But if
[14:36] Speaker 2: companies are growing and taxes are coming in at a
[14:40] Speaker 2: larger dollar amount, well there's the potential for growth. The
[14:44] Speaker 2: large corporations not paying taxes, that that's nuance and there's
[14:49] Speaker 2: caveat to it. The corporations are paying taxes, it's you know,
[14:53] Speaker 2: at what portions are they taking loss? That covers a
[14:57] Speaker 2: lot of it, and you know where to R ANDD go.
[14:59] Speaker 2: Where's the incentive go. That's a separate combo.
[15:05] Speaker 4: You mentioned something you said, after this political run, you're
[15:08] Speaker 4: going back to finding companies owning companies, Which is interesting
[15:12] Speaker 4: because it makes me think of where do you see
[15:16] Speaker 4: or what excites you, what type of company would you
[15:18] Speaker 4: be looking at of the future? Right, it's going to
[15:20] Speaker 4: be looking a little bit different than when you started
[15:22] Speaker 4: your entrepreneurial journey. What companies are the wave of the future?
[15:26] Speaker 4: Which ones excites you? What are you looking for when
[15:28] Speaker 4: you're trying to find one.
[15:29] Speaker 2: Yeah, that's a good question. Now, I heard somebody say,
[15:31] Speaker 2: I'm not sure who it was, but one of you
[15:34] Speaker 2: guys said that you want people to win with their money. Right,
[15:38] Speaker 2: if you're new, we want you to grow your wealth.
[15:40] Speaker 2: Who want you to succeed? That outlook is very much
[15:45] Speaker 2: in alignment with me. I want people to understand how
[15:48] Speaker 2: to manage their money, how to invest it, and put
[15:51] Speaker 2: the you know, let's grow the middle class and let's
[15:54] Speaker 2: grow it upward. So if you're not in the middle
[15:57] Speaker 2: class at let's get you there. If you're in the
[15:58] Speaker 2: middle classes, try to, you know, stend it up. That's
[16:01] Speaker 2: really my focus. That's why we built the business we
[16:04] Speaker 2: have now, you know, all the content we put out
[16:06] Speaker 2: is financial literacy. We have opportunities for people to invest
[16:10] Speaker 2: in real estate with us, whether you're accredited or you're not,
[16:13] Speaker 2: so you can grow your wealth that way. The next
[16:16] Speaker 2: business I start will probably be in some way aligned
[16:19] Speaker 2: with that, I won't tap into a you know, maybe
[16:23] Speaker 2: a tech platform or AI, it'll probably be around how
[16:27] Speaker 2: do I help more people grow what they own?
[16:33] Speaker 3: For the entrepreneurs listening tonight, what matters more to you
[16:36] Speaker 3: the idea or the operator? And if they're looking to scale, like,
[16:40] Speaker 3: what are some must haves in business now that will
[16:44] Speaker 3: allow them to scale?
[16:46] Speaker 2: It's a phenomenal question. Okay. So number one, this is
[16:49] Speaker 2: not to take away from the idea, because the idea
[16:52] Speaker 2: is incredibly important, But there are more good ideas out
[16:56] Speaker 2: there that don't get executed than bad ideas that people
[17:01] Speaker 2: try to drive forward. So there is a pairing. You
[17:04] Speaker 2: have to have a good idea, you have to have
[17:05] Speaker 2: an operator, because if you can't bring the idea to
[17:08] Speaker 2: reality and then you can't scale it, the idea is
[17:11] Speaker 2: almost worthless in some regard. So if you're a visionary
[17:15] Speaker 2: pair with an operator, bring an operator or a team
[17:19] Speaker 2: of operators into the business so that you can actually
[17:23] Speaker 2: track your momentum forward. And then it just becomes a
[17:27] Speaker 2: game of right person, right seat, What seat do you need?
[17:31] Speaker 2: Find the right person and fill it and then track
[17:34] Speaker 2: the progress. The beginning stages are the hardest. So if
[17:38] Speaker 2: you're a solopreneur, it's the hardest to go from one
[17:41] Speaker 2: person to three, and then from three onward. And so
[17:46] Speaker 2: what you're going to have to wrestle with is when
[17:48] Speaker 2: you're the solopreneur, you're making all the money and for
[17:51] Speaker 2: a time you're going to make less then because you're
[17:53] Speaker 2: gonna have to pay somebody else to get involved. You
[17:55] Speaker 2: might have to give somebody equity to get involved. But
[17:59] Speaker 2: two people can further than one. So the idea is
[18:02] Speaker 2: take the hits on the front end, delay your gratification,
[18:06] Speaker 2: build the team, and what you're going to experience on
[18:08] Speaker 2: the back end is going to be much larger.
[18:12] Speaker 1: So let's talk about real estate. Went into commercial real estate,
[18:16] Speaker 1: So you're a real estate investor, but you're also a politician.
[18:19] Speaker 1: So I was interested to see your thoughts on this
[18:22] Speaker 1: is commercial real estate debt because we've been seeing even
[18:25] Speaker 1: in New York, the Chrysler building that they that's in
[18:28] Speaker 1: shambles right now, like so many office buildings when you
[18:31] Speaker 1: think of commercial real estate, at least on the office side,
[18:33] Speaker 1: but a lot of other commercial whether there's even businesses,
[18:39] Speaker 1: they're going online and people are not coming in the
[18:41] Speaker 1: same and everything is changed. So what's your thoughts on
[18:46] Speaker 1: commercial real estate in twenty twenty six?
[18:48] Speaker 2: Okay, so commercial real estate, just for anybody who doesn't
[18:51] Speaker 2: knows a lot of different asset classes, it's office, it's
[18:54] Speaker 2: you know, industrial, warehouse, it's retail, it's commercial. Multifamily. Office
[18:59] Speaker 2: is definitely getting hit the hardest. That will reshape, it
[19:03] Speaker 2: will survive. Even though we're going digital, we have not
[19:07] Speaker 2: mastered how to work as an organization and maintain culture digitally,
[19:12] Speaker 2: and so it's probably going to become somewhat of a hybrid.
[19:15] Speaker 2: And I think that hybrid is going to hold. So
[19:17] Speaker 2: I think there's a buying opportunity on office where you
[19:20] Speaker 2: can buy it an extreme discount. Industrial is going to
[19:23] Speaker 2: be here. You know. Retail, I think is going to
[19:27] Speaker 2: still be here as well. A lot of us wrote
[19:29] Speaker 2: that off in you know, two thousand and nine to
[19:31] Speaker 2: twenty fourteen as e comm started pumping. I think retail
[19:35] Speaker 2: is going to stay because at the end of the day,
[19:37] Speaker 2: we're emotional creatures that like community, We like seeing and feeling,
[19:42] Speaker 2: and so there will be a footprint for that. Multifamily
[19:46] Speaker 2: in a lot of markets is correcting hard right now.
[19:49] Speaker 2: It's a lot of the markets where the regulation is
[19:51] Speaker 2: low and they actually added supply. But here's the thing
[19:54] Speaker 2: to know about commercial commercial real estate values are tied
[19:58] Speaker 2: to interest rates. So when the FED drove rates up
[20:01] Speaker 2: three x, you watched prices come down because of that.
[20:05] Speaker 2: That's very different than how single family works. So we're
[20:09] Speaker 2: just in a moment where there's a buying opportunity. I
[20:11] Speaker 2: think you probably have a year or so of that
[20:14] Speaker 2: and then we'll see things tightened and then we'll go
[20:17] Speaker 2: through the beginning of the cycle again, and it will happen
[20:19] Speaker 2: again and again after that.
[20:21] Speaker 4: The most important thing is that people will need capital.
[20:24] Speaker 4: And you had this thesis on the millennial career crisis
[20:29] Speaker 4: that we had a conversation about that earlier today, and
[20:33] Speaker 4: just where we're headed.
[20:34] Speaker 2: What's your thoughts on how.
[20:36] Speaker 4: We combat it, what can we do to you know,
[20:39] Speaker 4: put a dent in it, because it's a real thing.
[20:41] Speaker 4: Right when we talk about the amount of jobs that
[20:43] Speaker 4: are going to be replaced, yes, some will be created,
[20:45] Speaker 4: but if we don't have income, then we're not going
[20:47] Speaker 4: to be able to invest in residential real estate or
[20:49] Speaker 4: commercial real estate.
[20:51] Speaker 2: Okay, So there's two parts that the millennial career crisis
[20:55] Speaker 2: is real one hundred percent what AI does, and you
[21:00] Speaker 2: know how we're going to make money. I actually think
[21:02] Speaker 2: there's a higher probability that we experience something similar to
[21:06] Speaker 2: the industrial the Industrial revolution, where we see a lot
[21:11] Speaker 2: of new jobs created because of AI. I don't know
[21:15] Speaker 2: if we're all just going to be jobless and you
[21:17] Speaker 2: know something like UBI is going to turn on. Not
[21:21] Speaker 2: saying that doesn't happen, I think that's lower probability. I
[21:24] Speaker 2: think the big issue with the millennials and gen z
[21:27] Speaker 2: is it's housing. It's like, we got fifty to seventy
[21:31] Speaker 2: percent of our income going towards housing, and the price
[21:34] Speaker 2: tag for a first time purchase is so high. The
[21:38] Speaker 2: American dream has taken off the board at that point,
[21:41] Speaker 2: and so I think the conversation for housing is more
[21:45] Speaker 2: what happened and why are we here? I think that
[21:47] Speaker 2: goes back to the old outlook of the FED. We
[21:51] Speaker 2: we have allowed a bubble to be created because we
[21:55] Speaker 2: are trying to artificially support people in and through and
[22:01] Speaker 2: so what does that mean? Number One, you got to
[22:03] Speaker 2: add supply. If our population grows and we're not adding supply,
[22:07] Speaker 2: you're going to watch asset prices increase. You know. Some
[22:10] Speaker 2: of the other things is it's regulation and politicians. You know,
[22:15] Speaker 2: if you're if you're looking at the housing crisis, right,
[22:19] Speaker 2: I think both sides can agree that prices are too
[22:21] Speaker 2: high now. It just becomes what's the solution. And I
[22:26] Speaker 2: would say one group looks at the solution as being
[22:29] Speaker 2: the government. The government needs to come in, They need
[22:31] Speaker 2: to build more regulation, There needs to be rent controls,
[22:35] Speaker 2: there needs to be you know, eviction moratoriums, and that
[22:38] Speaker 2: will bring prices down. The other side views it as government,
[22:43] Speaker 2: get out of the way, let us build. I promise
[22:45] Speaker 2: you we will build too much, and when we do,
[22:48] Speaker 2: you know you're going to experience something like Texas is
[22:50] Speaker 2: right now, prices are dropping at a crazy rate. The
[22:54] Speaker 2: true answer is it's going to land somewhere in the middle.
[22:57] Speaker 2: Like the private market and the policy makers need to
[23:00] Speaker 2: come together and actually speak the same language. They need
[23:03] Speaker 2: to get aligned on what the desired outcome is, which
[23:06] Speaker 2: is more housing, which will bring prices down. And you
[23:10] Speaker 2: haven't seen that happen yet in a lot of the markets.
[23:13] Speaker 2: Some you have, but the majority of markets you haven't yet.
[23:18] Speaker 3: We all have one story of an investment that we
[23:21] Speaker 3: missed out on that we wish we would have been
[23:22] Speaker 3: a part of. Is there an investment that you missed
[23:27] Speaker 3: and investment into, whether it's real estate or a company,
[23:30] Speaker 3: and what's the lesson that you learned from it.
[23:33] Speaker 2: Twenty eleven, one of my friends started talking to me
[23:37] Speaker 2: about bitcoin, and he's telling me about this digital currency
[23:42] Speaker 2: on some website that you could buy and it was
[23:44] Speaker 2: going to be the future. And instead of me asking
[23:48] Speaker 2: him questions to learn about it, I looked at him
[23:51] Speaker 2: and went, bro, you are crazy. That's some black market stuff.
[23:55] Speaker 2: You're gonna lose all your money. And he made an
[23:59] Speaker 2: astronaut nomical amount of money and I waited until twenty
[24:03] Speaker 2: nineteen to buy in. And so the moral of the
[24:06] Speaker 2: story is if somebody is talking about something, treated as
[24:10] Speaker 2: if they have information that you don't have, and ask
[24:14] Speaker 2: questions for you to learn, and that message goes actually
[24:18] Speaker 2: beyond investments. I think we should talk to everyone that way.
[24:24] Speaker 1: Private equity for people that may not be familiar, like
[24:27] Speaker 1: explain you know how, like what's the real metrics? And
[24:31] Speaker 1: in private equity, as far as how companies are evaluated,
[24:33] Speaker 1: who gets money, like you know, what's what's been your
[24:36] Speaker 1: experience of private equity.
[24:37] Speaker 2: Okay, so what private equity means is that you are
[24:42] Speaker 2: getting your capital outside of the public markets. You're not
[24:45] Speaker 2: going to the stock market for capital, and so that
[24:49] Speaker 2: can look like a bunch of institutions or pension funds
[24:52] Speaker 2: are giving you money all the way down to like
[24:54] Speaker 2: what my company is. You can invest with us for
[24:58] Speaker 2: as little as five thousand dollars. So there's a lot
[25:01] Speaker 2: of different ranges of it. Traditional private equity means that
[25:06] Speaker 2: you're buying businesses. The real estate I do is technically
[25:10] Speaker 2: called private equity real estate, but investing in real estate
[25:13] Speaker 2: as a syndication is different than what you're seeing with
[25:16] Speaker 2: a business and what you're seeing over there. The multiples
[25:20] Speaker 2: on traditional private equity are typically going to be three
[25:23] Speaker 2: to five x. And what they're doing is they're buying
[25:27] Speaker 2: a bunch of businesses inside of a certain industry and
[25:31] Speaker 2: they're trying to create efficiency efficiencies in it. They're trying
[25:34] Speaker 2: to drive revenue up, and they're trying to cut expenses back,
[25:38] Speaker 2: and then when they do that at scale, they then
[25:40] Speaker 2: try to offload the portfolio and make money. Now there's
[25:45] Speaker 2: a big problem happening in traditional private equity where they're
[25:48] Speaker 2: buying up small kind of mom and pop type of businesses.
[25:53] Speaker 2: They're running the culture into the ground. The consumer is
[25:56] Speaker 2: getting a product that is not even close to as
[25:58] Speaker 2: good as you're seeing a challenge there. On the real
[26:02] Speaker 2: estate side, what we do is we go try to
[26:04] Speaker 2: find real estate that doesn't exist or is vacant, and
[26:09] Speaker 2: then we pool investors together and then we go in
[26:11] Speaker 2: and we buy it. We usually develop something new, and
[26:14] Speaker 2: when you're developing, you have the opportunity to grow the
[26:17] Speaker 2: value of it, and so that's how we grow wealth.
[26:20] Speaker 2: We just do it as a group as opposed to
[26:23] Speaker 2: an individual.
[26:27] Speaker 4: As you look at your career how it's played out,
[26:29] Speaker 4: obviously you've had different multiples throughout each stage these decades,
[26:33] Speaker 4: I wonder what you define as your legacy, Like, what
[26:37] Speaker 4: do you want it to be looking for? I know
[26:39] Speaker 4: you're a husband, your father, how do you see your
[26:41] Speaker 4: legacy shaping out?
[26:45] Speaker 2: All right, that's a good question. I would say for
[26:51] Speaker 2: anyone who's met me, talk to me, has a relationship
[26:55] Speaker 2: with me, I think the only thing I would want
[26:57] Speaker 2: them to view what I was while I was here
[27:02] Speaker 2: is that I was somebody that they trusted and just
[27:07] Speaker 2: overall was like somebody they could count on. For my kids,
[27:11] Speaker 2: I think it's more about what my wife and I
[27:15] Speaker 2: put into them as opposed to what we leave them.
[27:18] Speaker 2: I'm not saying I don't leave my kids anything, but
[27:21] Speaker 2: I think it's more important that we instill good character
[27:26] Speaker 2: and good values and give them the tools for them
[27:29] Speaker 2: to go on and do their thing, as opposed to
[27:32] Speaker 2: just passing down assets. So that's kind of where we
[27:34] Speaker 2: put more of our attention. I want to build them
[27:36] Speaker 2: up to be, you know, good husbands and good wives
[27:39] Speaker 2: and good fathers and good mothers. But I also want
[27:43] Speaker 2: them to know how money works. So I'm not saying
[27:45] Speaker 2: that to say we don't teach them about money. We
[27:48] Speaker 2: do that as well. I just think that's secondary.
[27:52] Speaker 3: If you can only pick five things that you can
[27:53] Speaker 3: focus on on a daily in your business, which are
[27:57] Speaker 3: those five things that would give you the highest return?
[28:02] Speaker 2: All right? You have to pay attention to sales is
[28:07] Speaker 2: Without sales, there's no revenue that comes in. So sales
[28:10] Speaker 2: is a big one. You got to manage the money correctly.
[28:14] Speaker 2: So having somebody on your accounting team is a necessity.
[28:19] Speaker 2: The tracking of the different pillars of your business. We
[28:23] Speaker 2: use a system called EOS. It's from the book Traction.
[28:27] Speaker 2: So if you're an entrepreneur and you want to learn
[28:29] Speaker 2: how to manage a business correctly, I'd recommend buying that book.
[28:33] Speaker 2: The other one, culture is a really big one. Make
[28:36] Speaker 2: sure that everyone on your team is very clear on
[28:40] Speaker 2: where you're headed, that you're building them up and they're
[28:44] Speaker 2: a part of the organization. And then I probably put last,
[28:47] Speaker 2: which is the kind of what puts all the glue together,
[28:50] Speaker 2: is leadership. Make sure that if you're in a leadership position,
[28:54] Speaker 2: you are not the one that's trying to take all
[28:56] Speaker 2: of the credits or being the star. I really think
[29:00] Speaker 2: a leader is looking at the people next to you
[29:04] Speaker 2: and building them up to be something greater than what
[29:07] Speaker 2: maybe they even realize. And if you have somebody that
[29:10] Speaker 2: you built up and they built a skill set and
[29:12] Speaker 2: they end up leaving your company and working for somebody else,
[29:16] Speaker 2: don't get pissed at that. That's actually a great example
[29:19] Speaker 2: that you did your job as a leader, because at
[29:22] Speaker 2: the end of the day, what you're trying to do
[29:23] Speaker 2: is build people up.
[29:26] Speaker 1: Well, Mikey, thank you for your Tom

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