Peaceful Profits Podcast Ep. 29 - 9 Things I Tell My Kids About Business
Synopsis:
In this heartfelt episode, Mike Shreeve of Peaceful Profits shares the nine principles he teaches his kids about entrepreneurship—why most shouldn’t start a business, the power of stubborn persistence, practicing failure, building a support circle, charging to be the best (not the cheapest), working on yourself, investing in assets you control, and planning an exit.
It’s candid, practical wisdom you can apply today, with nods to Peaceful Profits coaching, Peaceful Profits services, and the mindset behind Peaceful Profits training programs.
Expect real talk, zero fluff, and strategies you’ll want to pass on.
Transcript:
9 Things I Tell My Kids About Business
[00:00:00] Hello, my friends. Hope you're doing well. My name is Mike Shreeve here. Thank you so much for listening to today's episode. We're going to be talking about the nine things that I tell my kids about business, and I'm specifying kids because, in life, you sometimes give people you love different advice than people who are maybe paying you in a professional capacity.
So I thought it would be fun to share with you the conversations, the discussions, the principles that I'm trying to teach my kids. These are the dinner table conversations. And my kids are young right now, and I'm trying to instill in them As much information about what I do for a [00:00:30] living as I possibly can.
I want to share the experiences that I've had, like any good parent. And and I've got a few core ideas that I want to make sure, that when they're grown and they're off in the world, they understand from the standpoint of what did dad do and is it something I should do too. And so I'm going to share that with you.
There's not a lot of strategic advice here. This is mostly principle based stuff. The kind of people I want my kids to become based off of what I do for a living and that experience I've had. So here we go. Number one. The first thing that I tell my kids is don't do it. Do not start a business.[00:01:00]
And there's two reasons why. Number one is because starting a business is very difficult. It's above average difficulty level when compared to other ways to make a living. And number two is there is that initial muck phase. That initial muck phase is some of you may be in it right now. It's the first few years of owning your business.
Everything is hard. Civilians, people who don't own a business, they just go have a regular job and go about their lives. They experience less in a [00:01:30] year than a business person in the first few years of their business experience in a month. In terms of conflict, you've got haters. You've got customers upset with product.
You've got clients who are going, doing their thing. Clients being clients. You've got the difficulty and stress of the ups and downs of financial Either stability or instability. There's risk involved. There's putting yourself outside of your comfort zone. There's an absolute encyclopedia of stuff you have to learn.
And if you don't learn it fast enough, the money doesn't come in. And if you don't have the money coming [00:02:00] in in one month, a business owner experiences more than a civilian does in an entire year. And you can argue until you are blue in the face with me about that. I've been doing this for so long. I have a lot of good friends who have regular jobs.
I am telling you, what I experience in a monthly basis ain't even it's ten times what a person with a job experiences over a year. And that takes a toll on a person that takes a toll on a person. Now, the good news is that muck period where that's all very stressful and difficult and hard to deal with is only in the beginning of your business.
[00:02:30] And it's only in the beginning of your business because in the beginning of your business, you're not good at all at dealing with that because you're new. By definition, you just haven't had the practice. You haven't had the opportunity to learn from your mistakes. You haven't had the opportunity to download that entire cycle encyclopedia.
So the first few years of your business are going to be challenging and they're going to take a toll. I started my business in 2007. I gave up some of the best years of my life going through an above average experience of stress, challenge, et cetera. Okay, that's just a true statement, and I want my [00:03:00] kids to understand that I liken it to the medical training process in the U.
S. Now, I am not saying I'm a smart as a doctor or business owners are smart as a doctor. To be frank, I'm dumb as a rock. There's only one personality trait that's helped me to get here, and I'll talk about it here in a second, but it's not smart. That got me here, right? But the medical training process goes like this.
You want to be a doctor? Mhm. Four years of undergraduate, four years of medical school, plus residency, which can be three, six plus years. That whole time, you're making very little money, if any money at all. Residency is absolutely brutal, depending on the specialty [00:03:30] that you choose. It's also very low paid, working very long hours.
And you give up the best job. years of your youth in pursuit of becoming something called a doctor and the supposed benefits of being a doctor. There's a trend amongst doctors of telling their kids it's just not worth it anymore. There's a, malpractice insurance and medical systems all messed up and they, people are waking up to this idea that maybe giving up the best years of your life isn't really worth it as like it used to be and et cetera, et cetera.
So there's a growing trend amongst doctors of telling their kids don't do it. And that's the same thing that I tell my [00:04:00] kids. I see that those first couple of years, it's exactly like a medical residency. You're low paid, it's very stressful, you feel like you're in over your head. There is a point where that ends, and you become a professional business owner.
You develop the competency where it's no longer that difficult and that hard, and you can do more, more easily, and the stress does subside, and etc. But those first few years, you do have to go through that. It's why, when I'm advising newer business owners and they're thinking that something's wrong with them because [00:04:30] it's hard or something's wrong with the system because it's hard, you have to just remind them, no, you're learning to be a business owner.
And at first, you're not good at it. Unfortunately, the thing that you've chosen to not be good at is directly tied to your income. So you're going to have that additional stress and you just have to keep going and et cetera, et cetera. So I tell them don't do it because it has a very, there's a toll you have to pay and you have to pay it for a couple of years.
And, for me, it was during some of the best years of my life, everyone else was out having fun and gaining [00:05:00] experiences and doing all sorts of things. I was trying to become good at business. So I want them to understand that is what I paid to get to where I'm at now. The second reason I tell my kids don't do it is because if they listen to me tell them not to do it for years and years, and they still do it and they still want to do it, then that proves to me they have everything it takes to be successful in business.
Because like I said, I didn't get here because I'm smart. I'm here because I'm stubborn because I am [00:05:30] persistent and I have found that to be a common trait amongst every single successful client I've had. Every single successful coach or mentor I've ever worked with. When it comes to business, the prevailing characteristic.
That the number one characteristic for being successful in business is stubbornness and persistence. It's not brains. It's not talent. It's not looks. It's not any of those things. It's what makes business an incredibly level playing field. Anyone can do it if they are willing to be more stubborn and persistent [00:06:00] about reaching whatever that goal is they have within business.
And that's really all it takes. So if I tell my kids all these years, don't do it. I'm telling you, don't do it. The price is too big. And they come back and they say I'm still going to do it, dad. Then I'm going to say, fantastic. I'm going to support you. I love you so much. You have what it takes. You are stubborn and persistent.
Let's do this. And that, that is just the honest truth. It's easy to glamorize it when you're trying to sell a product or sell a service like this is, and you read all the copy and you read all the VSL, but it really comes down to picking it and doing it until it works. Not if it works, that is the key.
And so I want to make sure that if my kids go into it, [00:06:30] they are, they have that commitment and that personality to be able to do that. Otherwise, let me think about it. If and this is beyond business. Even if you're an artist, if you're a novelist, if you're a musician and someone you care and trust about says you shouldn't do it and you fold, then you weren't, you probably weren't going to do it anyways, right?
Because the world is so much more harsh than people who truly care about you. So the lesson I try to teach my kids. [00:07:00] Is it's a huge sacrifice. And if you're going to do it, you have to be unbelievably stubborn and persistent, which leads me then to the next thing I try to teach them, which is if you do it for something other than money, because money is worth significantly less than you think it is.
And if your driving reason behind running, owning, starting a business is the pursuit of something that is worth less than you think it is, you'll go through that entire process only to be left empty. [00:07:30] Because you have achieved something and then you realize it's not actually worth as much as you thought it's worth.
Let me give you an example. Two weeks ago, the money that I took to the gas station was worth almost 50 percent more than it is today. Because gas prices are raised, are going up so high where I live. Add on top of that, inflation. Add on top of that just the general realization that more and more of what we can buy with money is getting cheaper.
Sort of trending towards less quality, even the things that we buy built [00:08:00] in obsolescence and, cheaper, et cetera, et cetera. The stuff we buy doesn't last as long and et cetera. So there's this trend towards money as a general rule, becoming worth less and less through time. And so if your guiding star is this thing that is dwindling in value, you are racing in a race.
You can't win. You will never be able to get the money fast enough. for it to not have lost value in the pursuit of getting it. So what do I teach my kids? You have to [00:08:30] do something that you actually want to do, not just benefit from big difference between pursuing something because it's actually the thing you want to do versus the thing that has the benefit you think you want because the benefit is never guaranteed.
Forget about the fact that money loses value. The benefit isn't guaranteed. I know plenty of people who work very hard in business and it just didn't work out. That is a reality. So you have to at least pursue it for a reason that you want to do the thing. Now, what does it [00:09:00] matter why you want to do it?
And in my opinion, the answer is no. Maybe you want to do it because you just can't deal with authority and I'm not going to have a boss. I'm going to do it the way I want. And that's totally fine. Maybe you want to do it because it is your quote unquote passion. Maybe it is that part doesn't matter.
Your, why you do it isn't actually as important as doing it because you want to do it. The only thing I tell my kids is just don't do it for money. Because it's not guaranteed, the sacrifice is very big, and if you [00:09:30] pursue that path, you are pursuing A path where the reward is dwindling in value every single day and will continue even beyond the current situation that we're in.
It just as a general rule, money dwindles in value. The third thing that I teach my kids is that they need to practice not quitting. Practice not quitting. So it's this reinforcement of being persistent and stubborn and learning that persistence is a choice. Being stubborn is a choice. I'll give you an example.
I don't care [00:10:00] if my kids want to read books all day or they want to play baseball all day or they want to do gardening or that it doesn't matter to me what they do, what they are not allowed to do is start something and stop in the middle. They're never allowed to quit in the middle. If they started a book, they have to finish the book.
If they started a baseball season, they have to finish the baseball season. If they started a gardening project, they have to see the gardening project all the way through. And it's simply an exercise in teaching them not to quit in the [00:10:30] middle. It doesn't matter if they quit afterwards. That's fine. I can't tell you how many business ideas I've quit after I ran it through a full cycle.
Now let me give you an example in terms of business. A lot of people try outbound prospecting, right? Cold emails, Facebook, whatever, LinkedIn. What's the first thing they do? They send 200 messages and then they quit. 1, 000 messages and they quit. That, in my mind, isn't a full cycle. Until you have 5, 000 connections on LinkedIn, you haven't even completed a full cycle.
Until you have 5, 000 friends on Facebook, you haven't completed a full cycle. You are [00:11:00] quitting in the middle. Before you've even seen the thing through to the end. And that's why I try to teach my kids because if they've gotten past the fact that I told them not to be in business and they're still going to be in business, I need to make sure that they at least know how to see things through to the end.
Because that, if they can't, if they can't do that, then what I am doing is I'm allowing my kids to start a business completely unskilled in Something that will keep them from so much pain because a lot of the pain and you can look at your own life, probably a lot of the pain that you're experiencing in [00:11:30] your own business life has to do with the fact that you start and stop stuff all the time.
You quit in the middle. You don't see things through. And I say that because that's how it was when I was first starting, right? A lot of starting, stopping, starting, stopping until I realized that you have to see it through an entire cycle. Okay, so I want to make sure that my kids are learning to practice not quitting.
They don't even have to be good on the baseball team. They don't even have to like the book. They don't even have to, their garden doesn't have to be successful. It's just about not quitting as a habit, as a practice, as a philosophy, as a principle. The next thing I want them [00:12:00] to practice is failing.
I want them to practice failing because there is a whole subset of just dealing with failure emotionally, mentally, logistically, that. Again, civilians who jump into the world of business, it's a shock. Most civilians I know have not dealt with real failure. They may say I was at work and, I like got fired one time or, I, one time I had this project at work and nobody liked it and that was a failure.
That's not failure. Failure is [00:12:30] you charge the client a bunch of money, you messed up in a big way, and now that client is coming after you. In whatever way, maybe they're just very angry. Maybe, they're saying all sorts of mean, nasty things about you, et cetera. That is failure. You dumped a bunch of money into something you thought was going to work and you over leveraged yourself because you were so convinced that this was the thing that's going to work.
And it not only failed, but it blew up in your face. And now, let's say you hired people to be a part of it and now it's not actually going to go forward. And [00:13:00] that is failure. Okay, so I don't want my kids to go through that kind of failure as their first real failure. That is quite the jump and it's what scares and hurts a lot of entrepreneurs.
They've never experienced real failure in their life before. They've never actually put themselves outside their comfort zone and gotten themselves to a point where it would actually sting. It would actually hurt if they fail. Something negative would actually happen if they messed up. That's real failure.
When there's an actual price to be paid, an actual cost to the [00:13:30] failure, If failure, if your only experience of failure is within your comfort zone, that's not really failure. Not in the sense that we're talking about here when it comes to business. Business failures are real. They have very sincere consequences.
It stings a lot to fail for reels in business. And so I don't want my kids to go from never failing to all of a sudden they have this massive failure because it can trick your brain. You can say something must be wrong with you, right? If your whole life experiences, you've never really, truly failed. [00:14:00] And then you actually have a failure for the first time, what do you think your brain's gonna tell you?
Think your brain's gonna tell you based off of the history of our life, this is just how life is. No, they're gonna say, whoa, you messed up. You did something wrong. You are a terrible person. Maybe this isn't for you. Maybe, you never should do this again, and et cetera. And the problem is that's not true.
That's not actually how life works, unless you're in a sheltered bubble. If you're in a sheltered bubble of comfort zone, then it might be possible to go through life without ever actually truly failing where there are consequences for the failure. [00:14:30] But the reality is if you're a business owner, you can't stay in a comfort sheltered, your comfort zone bubble.
You have to get out there. You have to be proactive. You have to take risks. You have to, you can't wait for things to happen. You have to go make them happen. And by definition, that increases your exposure to failure, which by definition means you're going to fail more often. So getting comfortable with failure, think about what I'm saying here, getting comfortable with pissed off clients, [00:15:00] getting comfortable with losing lots of money, getting comfortable with this, with things not working out, not gritting your teeth and I'll get through it, but literally being comfortable in that experience is key.
to long term sustainability in business. I've been doing this now since 2007. I'm recording this in 2022. I've been around for a minute, which means I've made a lot of mistakes. Some [00:15:30] shocking mistakes. Mistakes where I look back and think, what was I thinking? That was a terrible idea. Or, man, I really dropped the ball on that.
Or, I really messed up. That's what it's going to happen to you if it hasn't already. That's a, that's part of being a human being. No guru is going to tell you that because they need to keep their bright, shiny, squeaky clean. Everything they ever touch is gold. But that's not true either.
Trust me, I've worked for these gurus. I've seen the mistakes they've made. And they are big, just like everybody else's. So what you have to understand, if you yourself are going through this process [00:16:00] and you've made mistakes and you've had failures, congratulations, welcome to business. Now, you have to go through the process of learning to be comfortable with it.
What I want to do for my kids is help them to be comfortable now, when they're young, when they're still developing ideas about the world. I want them to go out into the world and realize that failure is as much a part of being a human being as waking up in the morning and taking a breath. It's just part of the human experience.
Just like any other part of it. I want them to be comfortable. Not anxious, not uptight, not [00:16:30] scared. Just, okay this is part of life. This is what I'm dealing with today. Number five. The thing I try to teach my kids is that they need a tight circle of trusted people. They need a support system.
No business owner is a lone wolf. At least not the ones that stick around for a long time. There's this mentality especially in internet marketing sometimes where It's, do it all yourself and pull yourself up by your bootstraps and, be the solo entrepreneur and by yourself and all your lonely.
That is such a poisonous, [00:17:00] detrimental, backwards way of thinking. It sounds cheesy, but business is a team sport. The more people you can have supporting you, the better. Because here's the reality. There are literal armies of people who are ready to tear you down. It's true. You don't believe me?
Run a Facebook ad. Run a Facebook ad selling your stuff, and you will find out that there are people who wish you ill, there are people who think you are the worst person on planet Earth etc. Not to mention the customers and the clients and the etc. Now, you may think I might just [00:17:30] sound a little bit paranoid and perhaps it's a paranoia grown from experience, but you may have already started to see that.
That if you're trying to take on the world, if you're trying to deal with all of your clients problems, all of your customers problems, all of your audience's problems, all of your haters problems by yourself. And you think that every problem your client has, every problem your customer has, every problem your audience has, every problem your hater has is like them coming to you with a bucket and [00:18:00] dipping from your well, how fast do you think your well is going to dry up pretty dang fast by probably 10 o'clock in the morning, every single day, so what you have to do is you have to build a support system and a support team. that fills your bucket up faster than the world can take from it. And that's what I want to teach my kids. So not just if they're in business, but just in life in general, build the support system. And here's the real big thing I try to teach my kids.
You have to actively build that system. That support team is [00:18:30] something you create sitting around on your hands, waiting for other people to care about you, waiting for other people to come to your aid. That's not how it works. You have to ask, you have to You have to then in return support those people, right?
It can't be a one way street. So there's a whole thing that we talk about my family just about building up those tight circle of trusted people. And it's not even about us versus them, right? We're not talking about starting a cold or anything like that. It's more of if you want to do something called build a business, which is to go out into the world and help as many people as you possibly can.
That's what business is. [00:19:00] You have to understand that has a cost to you as a person and you have to pay that cost every single day. So you need to be able to have a system of support in which that cost doesn't break you. Okay, because it can you can wear yourself out taking care of everybody else and their problems So build a system of support and you'll be fine, right?
Again, it's one of those things that you know, there's because people can't monetize that and turn that into a course It's undertaught in the world of entrepreneurship And so you have all these entrepreneurs out there thinking that the key to success in their business is a certain marketing tactic [00:19:30] When in reality what they may need specifically is just a little bit more support And they'd be fine.
That kind of situation. Okay. The next thing that I try to teach my kids is don't be the cheapest, be the best shortcuts. Don't work. You don't want to be the person that is the lowest price in the market because it never works out. And really the lesson that we, that that, cause they're kids, they don't understand cheapest versus the most expensive.
What I'm trying to teach them is how to give themselves the space to do something [00:20:00] good. We teach them how to say no, when they realize it's not something they can actually do. We teach them how to value themselves. We teach them how to Commit to things only when they can see how to best go forward or through that thing.
Does that make sense? So to put it into business terms, don't take on clients you can't help. Learn to say no and set boundaries. Make sure that you are appropriately allocating resources to the offers and the outcomes that you're trying to promise and et cetera, et cetera. [00:20:30] Okay, so that's one of the things that we teach.
Don't be the cheapest, be the best. And then of course, in that teaching, we just try to teach our kids that if you're going to do something, do it. And really do it. Don't tell us the Ron Swanson thing. Don't half ass two things, whole ass one thing or something like that. That's the mentality we try to have our kids develop.
At least we're trying as best we can. All right. Number seven is work harder on yourself than you do on your business. This was one of the biggest pieces of advice I got from my mentor, Jim Rohn. You business ownership is so wild. It's so wild because you can do [00:21:00] whatever you want. There are no rules. There are laws and you need to abide by those laws, but there's no rules.
you can design every little bit and every little aspect of your business. And fortunately, and unfortunately in the help industry, coaching consultant agency, et cetera, your business is an incredible extension of you as a person. If you are a chaotic person, you're going to have a chaotic business. We just are going through this recently where we have very chaotic client, unbelievably chaotic.
And the [00:21:30] results we're getting for that chaotic client are very different than the client who's calm. So if you're a chaotic person, the people who work with you are going to have a harder time getting you results than if you were calm and structured and systemized and etc. If your motivation is greed and money and shortchanging people there, that's how your business will be, right?
What you're motivated by shows up in your business, what you tend to do, who you tend to attract, etc. In the health business specifically, maybe different for restaurants and etc, but in the health business, what we help people to do, it's such an extension of who you are. [00:22:00] Therefore. The biggest asset that you can improve or so let me say that again the asset you can improve that has the biggest payout is you Because the rest of your business is such an extension of you So this is not just developing your skills right so you can be a better business owner.
It's developing your personality Developing your principles. Developing your ability to stay focused. Developing your ability to stay positive. Developing your ability to reduce your own anxiety so that if something does [00:22:30] happen and you have a team, you're not dragging the whole team down, and et cetera.
Working harder on yourself than you do on your business is about prioritizing what is actually important. If you're going to go through this business experience, learning to know who you are as a person, your strengths, your weaknesses, these are critical strategic moves to make if the outcome is things like peaceful profits, good income, et cetera.
Okay. So we try to teach our kids to work harder on themselves. That means, for example, yes, we want them to do very well in school, but we want them to be [00:23:00] even better is good people within the school system. So it's not about did you get that math problem right or not, it's did you try? Show me how you stuck with it until the end.
Talk to me about why you were frustrated. Is there something we can do to improve that? Apply that right to business, it's the same exact thing. Number eight, and this is something that we aren't really teaching our kids at the moment because It's very hard to do, but when my kids become teenagers and we start opening bank accounts that they can control and things like that I want them to invest more in assets that they own [00:23:30] than assets that are publicly available.
So let me see if I can explain this to, to, to you guys. It's very simple. Crypto, cool. Stock market, cool. Someone else's, REI, whatever portfolio. Cool. All that's cool. All that's great. But at the end of the day, you have to invest in assets that you own first, because those are the ones that you can control.
And what I want my kids to learn is that they can in fact control their world regardless of what's going on externally. So if you have money in the stock market right now, you're probably posting [00:24:00] some kind of loss. Guess what? I'm not posting a loss in right now, my business, because I can control it. I can control the elements that create the outcome.
I can't control anything in the stock market. I can't control anything in crypto. Unless I'm doing some kind of skeezy manipulation and some of those crypto bros are probably gonna end up in jail at some time But I can't control that kind of stuff. I Can't control my business. I Can control?
Who's on the team? I can control the products we make I [00:24:30] can control the pricing the deals the etc And so when I'm looking at where will my money travel the furthest? I'm always looking at things that I own first In my case, business, some real estate, right? And so I want to teach my kids that. Again, it's something that we're going to probably work on a little bit later.
For now, we're trying to instill the principle of worry about your own stuff first. I think that, generally speaking, there's a lot of adults who spend an awful lot of time worrying about everybody else's stuff. They're [00:25:00] worrying about what somebody else is doing. They're worrying about what so and so said.
They're worrying about et cetera, et cetera, while internally their own stuff is falling apart. So what we try to do is for our kids is just help them to, they come to us and say, so and so on the playground dah. We start with them first, right? And start to work internally before focusing on external stuff.
Cause I and again, this is probably a bias. I grew up with a lot of external stuff happening to me, right? Abusive household, lots of stuff going on. We don't have, we don't have to get into it. [00:25:30] The point is I learned as an adult, right? I wish I had learned as a kid that regardless of what's happening externally, you can always work on what's going on internally.
It's how you have these wonderful stories of people going through unbelievably difficult things and coming out tremendous human beings. It was the internal stuff that was going on. Okay. Last thing. And again, this is something that we'll have to teach our kids when they're a little bit older, but it's definitely on my list of must occur.
If they have [00:26:00] ignored my first advice and they want to start a business and they've proven they're stubborn and they've worked on all these other things, then my last bit of advice for them is that you have to have an exit plan. If you're going to start a business without some kind of exit plan, here is an equivalent.
Put a scenario of what it's like starting a business without exit and without an exit plan if you go and build a house You buy the land you build this big gorgeous beautiful house Maybe even do it with your own hands you get a little bit of help You get some team members to come in and help you [00:26:30] build that house, but it's your own custom house Custom design you poured all every minute of your life into it.
You have memories. It's exactly the way you want it Etc. And then after 20 years you just let it go Pack up all your stuff. You don't even try to sell it. You just walk away. You never look back. And that's it Now no person No human being would think that's a good idea Like what do you mean you spent all that money?
It's your dream house and you just let it go I'm telling you right now [00:27:00] 15 years plus of doing this watching countless people start and grow businesses in the help industry Most people are on that trajectory right now with their business They've put in all this time every minute. They have all their efforts All their dreams.
They maybe have had team come and help them build their business. It's the exact business they want to build. But because they don't have an exit plan, the only option they have after 10, 15, 20 years is to what? Just walk away. That is not a good idea. It's a bad idea. It's a very bad idea. And so one of the things I want to make sure that [00:27:30] my kids understand is that if they're going to go into business, they have to have some kind of exit plan, whether they're going to sell that business, whether they're going to pass that business along to their own kids, whatever it is that they're going to do, there's all sorts of different options.
They can sell pieces of it off. They can, again, we can have a whole episode about exit plan possibilities. They can work themselves out of it and just keep it going, et cetera, but they have to have an exit plan. So that's it. Let's do a real quick recap and then we'll call it a day. So we have nine things I tell my kids about business.
Number one, just don't do it. If you're going to do it, if you ignore [00:28:00] that and you're persistent and stubborn, like you ought to be, if you want to be into business. Number two, if you do it, you got to do it something for a reason other than money because money is worth significantly less than you think it is and it will be worth less in the future.
Number three, you have to practice not quitting. Number four, you have to practice failing. Number five, you have to build a tight circle of trusted people, a support system, because you're going to be up against the world doing this thing. Number six, don't be the cheapest, be the best. Number seven, work harder on yourself than you do on your business.
Number eight, invest more in assets you own than you do in publicly available assets, which you have no control over. And number nine, have an [00:28:30] exit plan. Those are some of the things, obviously there's a lot more that we try to teach our kids, but those are some of the core things that I'm teaching my kids.
based off of my experience. And I'm teaching them because I love and care about them. These are the types of things that I wish somebody would have told me. These are the types of things that I think will allow my children, if they decide to pursue this path, which again, I tell them don't, if they still want to fine, if they choose this path, they won't have to pay such a high price.
They should be able to navigate the challenges of business ownership a [00:29:00] lot better than I was able to do when I went through it the first time. So hopefully this has helped you as well. If you would like some support, if you want to have the ability to be surrounded by other people who are going through this same process.
So not just support from my team and I, but other people who are in the same boat as you, if you want to be able to implement and take some of the more strategic and tactical lessons that I've learned over the past many years now book a call with us, PeacefulProfits.com/call, have [00:29:30] a chat with one of our team members.
We have lots of different options, lots of different offerings and all kinds of good stuff like that. We'd love to have a chat with you. No pressure. Again, that's PeacefulProfits.com/call. And that's it, my friends. That's it for today's episode, and I hope you have a good one, and I'll see you in the next one.