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14 August 2024200 min

Crafting a Secure Financial Future

with Mike Brown, Unbreakable Wealth

Building wealth isn’t just about making money but managing it wisely. Mike Brown, entrepreneur, investor and wealth coach, found out post-exit from his company that without proper financial strategies, you can quickly lose it all. Luckily for him, Mike used his setbacks to build a comprehensive wealth-preserving strategy, which he now shares with other entrepreneurs to help them avoid his mistakes and build lasting financial stability.

About Mike Brown

Mike Brown is a successful entrepreneur and investor, who started his career as a Navy pilot flying  F/A-18 Super Hornets. After leaving the military, Mike entered the oil and gas industry and built an eight-figure investment firm, which he sold in 2019. Facing financial challenges after the sale, Mike learned the importance of smart money management, which he now uses in his coaching program Unbreakable Wealth to help other entrepreneurs build and manage their finances.

Building Wealth After Exit

When I sold my business, I thought I had it all figured out. But like Mike, I quickly realized that having money isn’t the same as managing it wisely. Here are a few ways you can make your financial future a bit more secure:

    • Create a Safety Net: It’s crucial to have at least 12 months of living expenses in a liquid, safe account. This buffer can help you handle unexpected challenges without stress. It’s something I wish I had prioritized earlier.

    • Understand Your Relationship with Money: A loose relationship with money can lead to careless spending. Recognizing and fixing your money mindset is crucial for long-term wealth.

    • Focus on Strategic Planning: Strategic planning and risk management are key to sustaining wealth. Balancing growth with security ensures financial stability.

Mike’s story reminded me that building wealth after an exit isn’t just about the money you make but how you manage and grow it for the years to come. Also, you are not building wealth only for yourself but creating your legacy. Whether it’s through philanthropy, supporting causes you care about, or ensuring financial stability for future generations, creating a legacy adds purpose to your financial jour

Mike’s best advice for entrepreneurs:

“The fact is, most people don’t need more. They need to optimize what they have to create the experiences in the life that they want to live. And that’s actually a lot easier than just constant growth.”

Episode highlights:

  • Diversify but don’t overdo it. Avoid putting too much of your money into high-risk investments. A balanced approach helps you grow wealth steadily without unnecessary stress.
  • Examine your money habits. Take a hard look at your relationship with money and how it influences your decisions. Fixing any unhealthy habits can prevent future financial headaches.
  • Set realistic financial goals. Figure out what you truly need to be happy. Clear, achievable goals give you direction and purpose. It’s not always about having more money, but about having enough to meet your needs and desires.
  • Seek advice from experts. Their insights can help you adopt effective wealth management practices and avoid common mistakes. Learning from others’ experiences can save you time and money.
  • Prioritize your core business. Your main business is your best investment. Focus on growing and strengthening it before spreading your resources too thin in unrelated ventures. This ensures sustainable growth and stability for the long haul.

 

Building lasting wealth is not rocket science. Sign up for Unbreakable Wealth’s coaching program to learn exactly how you create a stable financial future, and don’t forget to mention Beyond 8 Figures for a special bonus!

Connect with Mike Brown
Resources mentioned:

Transcript

[Intro]

A.J. Lawrence:
Hey everyone, welcome back to another episode. Before we start getting into a lot of the fun we’re going to have today, talking about how to plan and figure out what to do with the money you’re making from your business, I would love for you to go to the website beyond8figures.com and sign up for our newsletter.

My team begs me every time to ask you guys, so whenever you subscribe, you’re going to be the first one to know when we have cool guests like today’s and also other things that come out as we go along. So please go to the site and sign up.All right. Today I have another fellow Baby Bathwater member on the show. As some of you may remember, I am a member of the Baby Bathwater, which is a really cool business group. Entrepreneurs, we’re going to dive into how to kind of think about building your wealth. Now, as a lot of you know, I’ve sold my business and I’ve kind of gone on making all sorts of mistakes and what I did afterwards, while I’ve done well, probably wasn’t as efficient as I could have been with what I was able to earn. So it’s like a lot of things, it’s all about learning. So I thought today would be great to learn from an expert who sold his own company and kind of then use that experience to help them build a course in a community around how to actually plan and build your wealth. So, Mike Brown, Mike, thank you so much for coming on the show.

Mike Brown:
Hey, thanks, A.J. Super excited to be here and dive in.

A.J. Lawrence:
I went through your background. I don’t think I could even begin to give it justice. One, because your service to our country is really, really amazing. But just also the things you’ve based upon that, and then building your own company to now building your own program to help people with their wealth. Could you just maybe tell us a little bit about your journey? Because it’s just so cool.

Mike Brown:
Yeah, sure. So I grew up in Midland, Texas, which becomes important later in the story. I went to the Naval Academy and then ended up flying F18s for the Navy. I served active duty from 2003, 2011, including a tour of duty on the USS Truman and Operation Iraqi Freedom. 75 combat missions under my belt, and got out in 2011 and moved back to my hometown, which happens to be the oil and gas capital of the US and went to work for a family friend who became my first mentor, business partners for my uncle. Didn’t necessarily want to be in back in my hometown, but when someone like that offers you an opportunity, you just walk through that door. And I learned a tremendous amount about business. And I eventually started my own firm a couple of years later with their blessing. When I started, my mentor told me that it was the best time in the history of oil and gas to be at oil and gas. And he was right. The rising tide lifts all boats. It was an amazing run. We built an eight figure investment firm, we were an aggregator of properties. We would buy up properties from like 50,000 to 2 million, put them into five $15 million tranches, and sell them off to private equity funds. We were really in the trenches buying these properties and then selling them. And it was amazing. I sold that company in 2019 for a significant exit. And really that’s kind of where my journey begins.

A.J. Lawrence:
Yeah.

Mike Brown:
What we’re talking about today.

A.J. Lawrence:
Well, okay, you sold and now what I liked was you did this with family. With your brothers also?

Mike Brown:
Yeah, I ended up starting that company with my best friend from the Navy. We figured that we were pretty good at flying combat missions together, so why wouldn’t we start a company? And so that was an amazing experience. And then ended up hiring both of my brothers as the sales guys because, you know, I really believe that I want to surround myself with people that I love and just do life together. And that’s really what we did. So we had an amazing culture and camaraderie. We had a lot of fun together and yeah, it was an amazing time.

A.J. Lawrence:
You get out, you have some wealth or you have some money so let’s talk about this. Because I found this very interesting and you have it well down to like a nice little paragraph, this transition point. But let’s kind of talk about what that paragraph was like.

Mike Brown:
I say often at the day I sold my company, I thought I’d never be unhappy again. All the things that I was supposed to do right, I’d gone to a good college, I’d tested myself in combat, I’d come back, I’d started and exited a company, like I did everything that society told me would make me happy. And yet there’s still this giant hole inside of me and I’m like, oh no, it didn’t work. Getting all the validation didn’t fill this hole up. At the same time, I became an angel investor in 2014. So as soon as I started making significant money in my primary business, I did what I thought rich people do. So I was investing in other people’s companies, making wild bets, thinking I was going to find the next Uber and you know, those two combinations. Pretty soon after my exit, I was running out of money. I was more stressed out than I’d ever been. I actually acquired a distressed eCommerce company. I was burning $100,000 a month watching my bank account quickly dwindle towards zero. You know, I’m just sitting there staring at the ceiling in the middle of night, full of anxiety, going, how did I get here? Like I knocked it out of the park, I did all the things and my life’s not any better. In fact, it’s actually a lot worse. It was the process of unwinding that that kind of led me to where I am today.

A.J. Lawrence:
How long afterwards? What was your honeymoon period? Let’s kind of talk about that because I remember similar thing. I had a little bit of earn out and there was seller financing and some things so I didn’t walk away one. But like I had a period of time where I was like, all right, this is nice. And then all of a sudden it was like, what? No. Who am I?

Mike Brown:
That’s a big one. And I came to find out later after talking to hundreds of post exit entrepreneurs since is that this is a very common part of transition is we go through a loss of identity. You know, in many ways we’ve been building this company sometimes for five, 10 years. And it becomes embedded as part of who we are. It’s almost like losing a child in some ways. So, you know, there’s grieving, the loss of who we used to be around that company, and then there’s this period of sitting in stillness, which typically for a driven type A personality who ends up being a company founder, it’s a pretty difficult thing to do. It turns out we love being busy, and when we’re not busy, our mind starts going and some difficult things can kind of start going up. All of that smashed together, along with deploying all of my capital as fast as I could and getting in this distressed financial situation really not that long after my exit, My honeymoon period was pretty short. I had been really on autopilot since about 2016. I had gotten the business to a place where I didn’t really need to be there every day. I was very much in that kind of out of the weeds lifestyle type place. And we were taking significant capital out of the business prior to selling so it wasn’t like it was this amazing liquidity that completely shifted from pinching pennies to being wealthy. It was kind of a slow burn and then a dramatic drop.

A.J. Lawrence:
So this happens, you’re in this position, where did it begin? This process? Because I do want to get to what you’re doing now, but like what was that transition that you realized there and then? Let’s talk about how you developed it.

Mike Brown:
When I’m in a tough situation, I’m always going to fall back on my military training. And one of the things that we learned in the fighter squadron was the power of debrief. So we would go fly a mission for an hour and a half, we would come back and we would debrief that mission for like four or five hours. And we would pick out every single little thing that we did wrong because our motto was, criticism keeps us alive. So here I am in this stressful situation, and naturally, I go back to the power of debriefing. How did I get here? What happened? Number one, I started going to therapy, hired coaches, reading every personal finance book I could get my hands on. And the other really important thing I did was started interviewing all of the family offices and investors that I had done business with over the years to understand what rich people actually did versus what I thought they did. And in that process, I found two things. The first thing is that I was addicted to risk. I was writing checks at the same rate that I was prior to my exit, except all of a sudden, the cash flow had stopped. So now I was actually dwindling my principal faster than I could replace it. When we look at the neuroscience of risk, basically, if we make a bet and that bet pays off, next time we have to make a bigger bet and win more in order to get that same level of satisfaction. Right? This is called hedonic adaptation. And this is exactly what was happening. So every time I invested in the company and I made money back, I would have to invest more and win more just to get that satisfaction. So I was on this hedonic treadmill. And then the second piece is I realized that my relationship with money was very broken. And that started a long time before I sold my company. Growing up, I watched my parents fight every night and they would only fight about one thing- money. So I made a vow to myself as an 11, 12, 13 year old kid, said I’m going to have so much money that I never worry about money again. That was the core driver. That’s what caused me to go achieve all these things and start a company and sell a company. And it worked. Except for my brain conflated I’m never going to have to worry about money with being responsible with money. So I had this very loose, freewheeling relationship with my money. It was easy come, easy go. My motto was always, hey, if I lose money over here, I’m just going to make more. But when we talk about our relationship with money, we hear a lot about scarcity versus abundance. And there’s this idea that if you just have more abundant thoughts, then you’re going to have a better relationship with your wealth. Well, let me say I could use a little scarcity. I was so abundant that I was borderline careless with my money. I didn’t respect the power of the dollars that I had earned. And what I found is if we don’t have respect and become a good steward of our wealth, we will quickly lose it.

A.J. Lawrence:
Fully understand that. Yeah.

Mike Brown:
So I start really deep diving relationship with money, how it’s formed, understanding essentially the psychology behind how we relate to money. And that was a hidden piece that I had never really heard a lot about. There weren’t a lot of people talking about it. In our society, we love to make fun of athletes or lottery winners. There’s all kinds of news stories of these people losing their wealth. But it actually happens just as much with entrepreneurs. We just never hear about it because we only hear about the success stories. And so shortly after this happened, I gave a talk to Baby Bathwater in 2021, it was kind of the famous meme. I don’t know who needs to hear this. And I just got up and I told my story.I told a story of my exit and getting in this liquidity crisis and not having any access to capital. And the irony was, I was still a multimillionaire on paper, but I couldn’t access any of my money because I had deployed it into all these illiquid assets. And I give this story, and there’s probably 50 people in the audience, and 20 people line up after the talk and they’re just like, oh, my God, me too. I’ve been rich and broke so many times I can’t even count. I’m on my fourth iteration now and I’m just desperately hoping I don’t lose it all again. And it was really at that point I realized, hey, this is a real problem that nobody’s talking about. And if I just open up and be vulnerable about my story and what I’ve been through, I think it can really help a lot of people. And so that’s kind of the genesis of what I’m doing now is ultimately, I’m just solving my own problem based on my own experience, and I’m giving people the playbook that I wish I had five, ten years ago when I started this journey.

A.J. Lawrence:
So first it was the mindset. What did you realize had to change specifically first to let you start building? Because the way I look at and like, I’ve had some conversations and I am just as guilty. I have so many angel investments, it’s a joke. I went through the ICO period, let’s not even talk about that. But I did get lucky overall in Bitcoin, so a couple of good investments do cover. But that’s the problem. I think a lot of us kind of have this scattershot approach because as you said, okay, I’ve made money, I know I can make more. Well, let’s kind of talk about this transition. Like what really had to happen for you to then start changing? And then I want to get into what that change was.

Mike Brown:
There’s two types of fixes for any problem. There is the mechanical fix, where we look at systems and tactics, and then there’s the deeper mindset related for a hint. Those have to occur at the same time. Because there’s a ton of good advice available about what we should be doing with our money out there and there’s a reason we don’t. Because our subconscious is running these patterns in the background that will result in self-sabotage at every turn unless we address those things heads on. So the way I address subconscious pattern is via a four step process. The first step is awareness, which is what we just talked about. Okay.

A.J. Lawrence:
Yep.

Mike Brown:
Wow. I’m aware that I have a really broken relationship with money.

Mike Brown:
Most of us, we just kind of go heads down. And like you said, if we’re making a bunch of money and we’re investing and sometimes we lose and sometimes it pays off and it’s just kind of all working, we may not ever even stop to think about like, hey, am I actually doing this intentionally? Or am I building in any particular direction for what I want to do? Or maybe even a deeper question of why did I start this in the first place? We just end up there kind of through happenstance, it seems like. So the awareness is really critical.The next step is moving on to insight, which is, okay, where did this broken relationship come from? And that’s what I kind of just talked about. I could pinpoint that into early adolescence and go, okay, I see what I was trying to do here and why. And oftentimes we love to get stuck in the insight loop. And this is what happens in talk therapy a lot of times is we mine our past for all of these things that contributed to our patterns and it feels really good to figure out where that stuff came from. But we can’t stop there. And that’s where the third step comes in. That’s action. Okay, now that I’m aware and I have insight to where this pattern came from, what are the action steps I’m going to take when I notice this thing coming up? And so that could be anywhere from like a pattern interrupt and just a quick check in with yourself or the deep work with coaching and therapy and all of that, There’s a bunch of different ways to kind of take action around your patterns. And then the last step is integration, which is okay, I’ve repeated this process enough time that now I’ve actually rewired my brain for the new pattern that I want to create. And that doesn’t necessarily mean we get rid of all of that old programming. It just means we become a choice with it. So I get to look at a situation and go, hey, I know I have this really abundant nature based on my childhood, is this appropriate in this situation or not? Sometimes, absolutely. Like if I’m growing and scaling a new company, I need to have that full speed ahead kind of mentality. But post exit, maybe I need to go into more of a preservation mode. So I could just get to pick and choose when I’m going to use this and is it appropriate.

A.J. Lawrence:
I like this approach. I tried to go and it was always like a child’s graduation or one of my kids thing or Covid. And then I finally did get to go to Austin a couple years ago and I joined then. But what I liked was like, what was the biggest mistake you’ve ever made? Very, very honest. A great group to really talk about, not rah rah. And there’s very little of the hey, let me pitch you. It’s an experience. But okay, you stand up and you find a lot of other entrepreneurs are like, oh God, yes, I’ve done this too. So what happens next?

Mike Brown:
On the side A.J., I actually, in 2018, I started coaching other entrepreneurs. One of the gifts of my angel investing was that I discovered that I really liked mentoring and advising up-and-coming founders who could benefit from the experience that I had for building and investing in so many companies. And so I started formally coaching in 2018 and had kind of put that on hold as I acquired this other company. So I decided to host a retreat. It was kind of if you build it, then they’ll come moment. I was just like, okay, it sounds like people could benefit from working on this so I designed this curriculum based on my own experience. Again, it was really this two pronged approach of let’s dive into our money stories and understand where our relationship to money really comes from. Let me build this investment playbook that I’ve learned now through blood, sweat and tears and a lot of market tuition, as they say, kind of deployed that. It was a wild success. I had the most fun that I’ve ever had my entire life. Everyone in attendance was in agreement that the content was really relevant and valuable and then a lot of people weren’t talking about it. And so it was off to the races ever since. You know, now I’ve got an online group. I still do retreats, I have private coaching option and the business has really been taking off because it turns out there’s a lot of people that know they need help with this and a lot of people that don’t know they need help with this. But you know, everybody wants to be a better steward of their wealth. I think at their core, everybody knows that there’s a lot of stuff they can be doing with their money and they just want a framework to make better money decisions. And that’s really what I’m bent on providing them. What the outcome I hope people get from working with me is that they never have to worry about money decisions again. Now that doesn’t mean that they never worry about money again, right, because we all have situations where we’re worried about money. But they have a framework, kind of an if then matrix that guides them through their money decisions so that they know they’re doing the right thing and that they’re on the path to achieving their goals because they’re well defined.

A.J. Lawrence:
Let’s kind of then talk about the people coming in because a little before the thing we were talking about the audience here, you know, the type of people who listen here on the show and then the type of people you’re working with. Can you kind of talk about like as you said earlier, it’s not just people who’ve sold companies. You found it is really kind of on that upswing towards it. Sort of like you are taking distribution as you do, as you grow your company. Let’s kind of talk who are these people and where are they kind of in their lives that you find that they resonate most?

Mike Brown:
Like you kind of touched on, you know, 10, 20% of my clients are post exit founders going through the “what does it all mean” thing and what do I do next? And I love helping that person. It’s very much someone that is near and dear to my heart. But ideally I can get a head start so that we can kind of head some of those symptoms off at the past. Right? So for me, it’s anyone who’s they found product market fit, they’re starting to make more income than they’re spending every month, they don’t have to reinvest every dime in the business to continue growing. Like they’re at a place we’re going, okay, I’ve kind of made it. I’ve found my place here. And that doesn’t mean they’re not stressed out. Like their business is at a place where they’re not scrambling, putting out fires, wearing many hats and they’re starting to take some money home and they go, what next? Like what do I even do with this thing? Am I supposed to go become an angel investor? Am I supposed to invest in bitcoin and hope for the best? Like what is my strategy here? And what we can do is help them build a very specific framework. But it all starts with what is the life that you want to create in the first place? Because money is fuel, period. We all know, we’ve all heard money won’t make you happy, and that’s certainly true. But a lack of money will buy you a lot of misery. And so, you know, we want to be a good steward of our capital. But in America, we have this kind of growth at all cost more for the sake of more mentality. And the fact is, most people don’t need more. They need to optimize what they have to create the experiences and the life they want to live. And that’s actually a lot easier than just constant growth. Right? And it allows us to kind of look at instead of growth as the ultimate goal or ROI, our ultimate goal is actually looking at two things: risk and timing. If I want more money and I want to do that in a short amount of time, I have to take a lot of risk. The variable that I want to solve for is really time, not returns, right? So can I pull this forward or can I push this out? But I still know I’m going to hit my goals based on the life that I want to live. And I would argue most entrepreneurs, if you have a primary business that’s making money and it’s growing, you already have a way to beat the market. And you don’t need to go take money out of that business and go try and beat the market in other ways, right? So investments, for an entrepreneur, the primary business should actually serve to hedge risk, not create more.

A.J. Lawrence:
It’s funny, there’s this great book and I’m going to forget who wrote it, Rebel Allocator. Have you seen that?

Mike Brown:
No, I’m going to check it out. That sounds like a title right up my alley.

A.J. Lawrence:
So the Rebel Allocator, all he did was he wrote a novel creating a fictionalized sort of Warren Buffett type character who’s advising this young guy. But it’s based tons and tons like all the footnotes are all the different annual reports and all the different Charlie’s Almack and all that. But it turns into a fictional story about allocation. Life is all about your choices around allocation. But I do like, and this is something I constantly come back to, the things I didn’t know when I had my business, it’s like oh, those choices to a certain degree. Reinvestment into the business is good, but at the same time, the risk profile is pretty heavy because no matter what, there’s more than 0% chance the business will have difficulties if not go out of business as you move forward. There is no guarantee, no nothing. So what increment after the fact was, if I had been a little bit better, I did well but at the end of the day, if I had been a little bit more structured, I probably would have reduced some of my risk. That would have just led- I had a very stressful period at the end where I realized my lack of sleep, my alcohol, my lack of working out, having organization that I hadn’t built the structure for, all the things I did. If I had just incrementally on a couple of fronts, if I had been a little more efficient, a little better at a few things, I probably would have been able to hit some transition points that much better. It wasn’t like I didn’t have to get everything right. It was just, I hit a point where I just had nothing in the tank. And one of those things that, you know, not the only reason, but it was that very much I have to make money because I’m not set up. Also, I had the whole fu rocket ship exit concept in my head. Not a oh, all right, I was in a good place. I just wasn’t in my mental concept place. You know, that nice Hawaiian, private island style.

Mike Brown:
What you’re talking about is actually really common. And it turns out, so Hampton which is another group kind of like Baby Bathwater, did a wealth survey of their members. They had a couple hundred respondents, I think from 1 million to high 9 figure net worth. Here’s what’s fascinating, no matter how much money the person had responding to the survey, they said they needed twice as much as they have to be comfortable. So that tells you a whole lot about this idea of how much money is enough to make you happy. Unless there is some work done around what it is we actually want in clear goal setting and a clear visioning process, the answer will always be more. But what I’ve actually found is there is a number. And so, you know, this kind of gets into the tactics of what I help people with. But there are three levels of financial freedom. So the first level of financial freedom is having 12 months of living expenses in the bank in something liquid and very safe. Right now that could be the stock market, that could be Bitcoin, whatever it is. I would like something a little more safe, more like treasuries that I know are going to go down, but something I can access in 24 hours in case of emergency. So that’s the first step. If you don’t have 12 months of liquidity saved up, do not pass go, do not do anything else. Build your safety net. Because there’s only one way to lose in the game of business, and that’s run out of money. That’s how every business ever has failed is running out of money. So the more you can build your safety net, the more you inoculate yourself against failure. Okay, so that should be everybody’s first step.Next level of financial freedom is step two, which is about five to seven years of liquidity in the bank. This is what traditional retirement looks like. So hopefully with five to seven years of living expenses saved up, you can invest into portfolio of fixed income that if you retire at 65, will pay you till you’re 95. And hopefully you run out with your last penny on your deathbed and it works out. And that’s what traditional retirement looks like for most people in the US.What I think about is ultimate freedom or stage three level three financial freedom, is having a portfolio of investments. That case for my ideal life, spending at the level that I really want without ever drawing down on the principle. Meaning, in perpetuity I can spend exactly how much money I want to and I never have to lose a wink of sleep that it’s going to go away. That to me is freedom. Every dollar above that is really just gravy. And that’s where life gets really fun. Now you can go swing for the fences and invest in angel deals and do whatever you want. Donate like, you know, there’s a lot of cool things we can do with our money beyond that. But money beyond that doesn’t actually serve any true purpose except for fun and to create energy and to pour into the things that we love. But the problem is most people are looking at ultra high net worth portfolios because there’s a lot of studies out there, there’s a lot of information about what the ultra high net worth people do. And they go, well, they’re invested 30% in alternatives in private equity and all of this stuff. That’s because they already have level three taken care of. They have a fixed income portfolio that will pay for their spending for the rest of their life so they are risk free to go invest in private equity. If you’re not that place. Putting 30% of your portfolio into wildly risk heavy, high risk, high return type things doesn’t actually make sense. Trying to race as fast as you can toward that level three financial freedom is actually the best option for most entrepreneurs to get the ace that you actually want and to get there the fastest. There’s only one rule which is don’t lose money. Every time I pull a dollar out of my business, I stack it into my fund so that I know I can reach that escape velocity. Which is what we teach in unbreakable wealth is how do I get to escape velocity as fast as I possibly can. That should be the goal for an entrepreneur. Create my dream life, have my spending inoculated for the rest of my life. Now I can go look at other investments.

A.J. Lawrence:
All right, let’s talk about getting someone into it because you have me convinced. What are the questions that an entrepreneur should be thinking about when they look at something like this? Because it is very common. I have a good friend who is definitely in that mixing. He has what I call a puppy that poops gold, a SaaS. It’s growing, it’s at the £2 million mark but he’s at 75% net margins. It’s like, God, hate him. Anything he takes out he puts into just the equivalent of European Vanguard fund because doesn’t know. He has this exit dream of blah blah, blah, but just doesn’t know AI whatever is going to come. How much longer is this going to happen? What should an entrepreneur one, think about how something like this is you know it’s time to kind of get into this thought process and then how did you decide about something like what you’re doing?

Mike Brown:
The first thing is that we can’t have a ship without a captain. What I mean by that is we go out and we think we need to hire a financial advisor or a wealth manager, but we actually think about those service providers all wrong. Those service providers should act like employees. Right? So it’s like you wouldn’t start a company as a CEO, then go out and hire a COO and go, okay, what should we do? You’re going to set the vision, you’re going to go, here’s the goals of the company, here’s the frameworks that I have that I want to put in place. You know, here’s what we want to get to. Now, COO, help me draw up the plan to execute this. Well, that’s how a financial advisor should work. You should be able to come to them and go, here’s the landscape, here’s what I want to do, here’s why this is important to me, here’s the life that I want to live. Can you help me get there? So really what Unreakable Wealth is doing as a program is giving people decision making frameworks and exercises so they can determine the ideal life that they want to live and then back into those investment decisions and have very clear criteria for why they’re making the decisions that they’re making prior to ever going to deploy capital with anybody. So it’s really a foundational program to determine what our values are, how to use our wealth to serve those values, and then let’s go ahead and identify all of the limiting beliefs that we have around being wealthy. Let’s go understand where our relationship to money could use work and let’s deep dive into those topics so that when we put these systems in place, we’re not going to go self-sabotage.

A.J. Lawrence:
Okay, and what is your program sort of? Is it like over the course of a year? Is it an ongoing? What is this?

Mike Brown:
We have six month or one year options depending on the budget and what makes sense to people if they want to come in really intensely or if they want the whole year. But you know, it’s really designed the way I like to learn. So we have weekly group calls, it’s very interactive. We do a lot of deep work around our relationship to money. We talk about tactics, we bring in guest speaker. The group is very tight. Now we have an awesome group of entrepreneurs. Anywhere from kind of crossing that 1 million revenue mark, taking home 150k, all the way up to people that have sold for 80 plus million and they all share their experiences. The safe place to talk about money, which most of us don’t have. We were told to never talk about three things: politics, religion and money. And so we never talk about the decisions that we’re making. Nobody has insight into our portfolio and what ends up happening is that we make bad decisions because no one has insight into our finances. So what I’ve tried to create is a really safe place for people to share where they actually are without shame. You know, we celebrate wins. We also help people with losses and normalize those and say, you know, give a supporting place of like, hey, we’re all going through it. We’re all going to make mistakes. But at the same time, we’re all doing really, really well here by most people’s standards, and let’s celebrate that. Let’s give a safe space to talk about when we’re doing well and what that means for our life and our children. And beyond that.

A.J. Lawrence:
Well, look, I think we could go deeper and deeper and I would love to. Let’s talk about some more specific because this is just fascinating and something that I think a lot of entrepreneurs need to spend more time on. I would love to maybe deep dive into like what is the thought process that we should undergo. So what’s the best way, because you have some great social channels and the site, what’s the best way for people to learn more about what you’re doing and about this program?

Mike Brown:
The best way, my favorite way is go to unbreakablewealth.com newsletter. You can sign up for my newsletter. I spend a ton of time every week writing deeply personal inside stories from the trenches. That’s a great place to go. Second, follow me on Instagram at @mbrown.co. Put a lot of stuff out on Instagram. Twitter @mbrown_co, LinkedIn, also great places to connect. Love to see you, connect with you. I love talking to people about this stuff so expect that when you follow me, I’ll shoot you a message and just learn a little bit more about you because I love connecting with people that are interested in the same things.

A.J. Lawrence:
Sounds great. Look everyone, we’ll have all those links in the show notes, in the email newsletter when this comes out, and obviously in our own socials, we’ll call this out. Mike, thank you so much for coming on the show today. I really appreciate it.

Mike Brown:
I’m deeply honored to be here. And I would just say to the audience, if this is a thing that you’re struggling with, just know that you’re not alone. A lot of other entrepreneurs are going through this stuff and there’s a place to go learn and get help.

A.J. Lawrence:
Go check out mbrown.co. Really, this is something. I’ve been going through Mike’s material and stuff and it’s resonated because as I think everyone here who listens to the show regularly, I’ve made tons of mistakes along the way. What is really nice is Mike’s journey is very much about one where you can make the mistakes and still grow from them and keep moving and growing again. And I think that is some of the fear that a lot of us have that if we’ve made mistakes, we may stop moving forward. Mike is someone who shows that is possible. So everyone, thank you so much for listening today. Can’t wait to have another episode out soon. You all have a great day. Bye-bye.

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      44:25

      Making the Most of Your Entrepreneurial Journey with A.J. Lawrence

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      30:13

      Sell More While Spending Less Through Channels with Stewart Townsend

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      1:05:26

      This episode is about YOU (a 5-minute update)

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      6:11

      Make Acquisition A Part Of Your Strategy with Walker Deibel

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      38:27

      Why Outsourcing Work Will Help Grow Your Business with Kevin Ashcroft

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      43:13

      How To 7X Your Business’ Value with John Warrillow

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      35:29

      Build an Exit Strategy Mindset Today with Mac Lackey

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      40:07

      The Rise of Acquisition Entrepreneurship with Parham Parastaran

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      57:27

      Gaining Clarity as an Entrepreneur with Matthew Korban

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      59:38

      How to Delegate Work and Hire Effectively with Nathan Hirsch

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      40:03

      How to Have a Happy Life as an Entrepreneur with Will Moore

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      44:02

      Creating Owner Independence with David Finkel

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      1:08:13

      Creating an 8-figure Business in the Renewable Energy Industry with Marek Zmyslowski

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      1:19:06

      How to Grow and Scale Your Business with Chris Guerriero

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      1:17:03

      Share What You Know With the World with Mitch Russo

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      58:19

      It Starts Inside You with Adam Hergenrother

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      1:13:19

      Experience Outweighs Enthusiasm Every Time with Steven Sashen, Xero Shoes

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      1:33:13

      Get a Clear Picture of What You Actually Do with Jonny Cooper

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      35:41

      Use Consumer Accessibility to Your Advantage with David Schottenstein

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      35:40

      Scale Your Business by Knowing the “Why” with Diane Prince

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      52:39

      Our Vision For Beyond 8 Figures

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      30:11

      We Bought B8F!

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      31:01

      8 Figures with Matthew Korban from protecting his house with a rifle in Lebanon to an award winning business

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      27:24

      $321 Million Dollar Exit From Restaurant Delivery, Will Moore CEO of Moore Momentum

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      59:52

      $300M+ Houston Curtis, The Billion Dollar Hollywood Heist

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      1:08:39

      $100 Million Business | Marek Zmyslowski, Investing in Africa

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      59:13

      $10M+ | Mac Lackey Started, Scaled & Sold 6 Businesses and Raised Over $75 Million in Capital

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      1:03:51

      $10M+ 2 Businesses – Susie Carder, CEO | SD Consulting

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      1:00:32

      $10M+ Annual Revenue – Annie Hyman Pratt, CEO | Executive Consultant Leading Edge Teams |The Coffee Bean & Tea Leaf Family

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      53:36

      $10+ Million in Annual Revenue – Rich Schefren, Strategic Profits

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      53:38

      $10+ Million in Annual Revenue – Rod Khleif, Lifetime Cash Flow Podcast

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      53:16

      $11.5 Million Annual Revenue – Nick Bogacz, Caliente Pizza & Drafthouse

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      53:17

      $18M Exit, Chris Guerriero, Executive Fitness Club

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      52:04

      $10M+ Exits – David Finkel, Multiple Companies

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      53:17

      $100M+ Exit – Minnie Ingersoll, Shift

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      53:57

      Rebecca Costa, Dazai Advertising Inc.

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      54:07

      $10M in Annual Revenue – TK Kader, ToutApp

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      54:15

      Recapping the Quarter

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      24:08

      Steve Olsher, Liquor.com

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      25:58

      $140M in Revenue – Dave Woodward, ClickFunnels

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      54:17

      $100M Exits – Kevin Harrington, several companies

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      54:18

      $200M+ Annually – Chris Cicchinelli, Pure Romance

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      53:41

      $20M Annually – Dr. Angela Lauria, The Author Incubator

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      54:11

      $50M Exit – David Schottenstein, Astor & Black

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      54:16

      $13M in Annual Revenue – Steven Sashen, Xero Shoes

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      54:18

      $37M+ in Revenue – Adam Hergenrother, Adam Hergenrother Companies

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      54:23

      $16M+ in Revenue – Doug Morneau, Real Marketing Real Fast

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      54:17

      $100M+ in Annual Revenue – Klee Irwin, Irwin Naturals

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      54:19

      $50M+ in Annual Revenue – Dr. Lori Barr, The Doctor’s Mentor

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      54:18

      $100M+ Exits and IPOs – Kenneth Aldrich, multiple companies

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      54:17

      $2.5B+ in Assets – Dwayne Clark, Aegis Living

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      54:18

      $300M+ in Revenue – Cameron Mitchell, Cameron Mitchell Restaurants

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      54:17

      $1B+ in Assets – Andres Pira, Blue Horizon Developments

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      54:14

      $20M+ in Annual Revenue – Steve Gray, Primal Labs

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      54:16

      $5B Exits – Jeff Saling, Exited 3 Companies

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      54:16

      $10M+ in Annual Revenue – Aaron Young Runs Multiple Companies

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      54:18

      $80M+ Exit – Michael Coles, Great American Cookie Company

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      36:56

      $10M+ in Annual Revenue – Nathan Hirsch, Freee Up

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      39:57

      $10M+ Exit – Mark Timm Exited 7 Businesses

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      49:13

      $10M+ in annual revenue – Chalene Johnson

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      50:58

      Being resourceful with Michael Houlihan, Barefoot Wines

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      54:16

      $10M+ in annual revenue – Ryan Levesque, ASK Method

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      54:16

      $40M+ in annual revenue – Tony Falkenstein, Just Water Intl.

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      54:18

      $25M in annual revenue – Kisha Mays, Just Fearless

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      54:18

      $40M Exit – Frank Shamrock, Strike Force

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      54:17

      $10M+ in annual revenue – Jonathan Cronstedt Runs Kajabi

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      54:17

      $10M+ in annual revenue – Garrett White Runs Wake Up Warrior Which Generates

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      54:17

      $30M in annual revenue – Mark Evans, American Wealth Builders, Cash Flow Lead Gen

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      54:42

      $30M in annual revenue – Mike O’Hagan, MiniMovers, Shore360, and MikesBusinessTours

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      54:41

      $10M in annual revenue – Lee Richter, Richter Communication & Design Group

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      54:41

      $10M in annual revenue – Nyasha Gwatidzo, Banya

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      30:35

      $10M+ Exit –  Parham Parastaran, Car-X Tire and Auto

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      54:19

      $10M Exit – Björn Öste, Dynasoft

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      54:16

      $2B Exit – Stuart Taylor, Taylor Nelson and Associates

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      54:17

      $10M+ Exit – Chip Conley, Joie de Vivre Hospitality

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      54:19

      $50M in annual revenue – Mike McDerment, Freshbooks

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      54:40

      $10M+ in annual revenue- Sabri Suby, King Kong

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      54:41

      $36M in annual revenue- Marx Acosta-Rubio, Onestop

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      54:40

      $83M Exit- Sharran Srivatsaa, Teles

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      54:38

      $30M in annual revenue- Colin Wayne, Redline Steel

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      54:40

      $50M in revenue- Steve Layton, Layton Groups

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      54:38

      Multiple 8 and 9 Figure Exits – Roland Frasier

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      54:39

      $10+ M Exit- Dan Kuschell

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      54:29

      $10+ M Exit- Melissa Krivachek, Melissa Krivachek Companies

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      54:29

      $11M Exit- Viki Winterton, Expert Insights Publishing

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      41:29

      $10.5M Exit- Mitch Russo, Timeslips Corporation

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      54:28

      £11.2M Exit- Jonny Cooper, Money Desk

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      54:37

      $4.5B Exit- Christopher Lochhead, Mercury Interactive

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      54:26

      $100M in Annual Revenue – Reid Tracy, Hay House, Inc.

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      54:32

      $20M in Annual Revenue – Anik Singal, Lurn

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      54:37

      Billionaire Naveen Jain, Viome

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      54:40

      Brian Smith | UGG Australia

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      54:29

      Introducing Beyond 8 Figures

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      11:37