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The Greatest Transfer of Wealth in Human History (and how you can take advantage)

we're living at the beginning of the

largest transfer of wealth in human

history and in this video I'm going to

share four things that you can do to

take advantage that's right you and I

are living at the very beginning of the

greatest transfer of wealth in human

history

experts are estimating approximately

thirty trillion u.s. dollars will change

hands between one generation in the next

over the next 30 to 40 years now this is

wealth that has been accumulated by both

the greatest generation and baby boomers

and as they are aging out as they're

retiring and as they are passing away

the wealth that they've accumulated is

passing on to the next generation now of

this 30 trillion nine trillion dollars

thirty percent of it is liquid its cash

houses stocks bonds things that are easy

to pass on from parents to children now

you might be saying well gosh I don't

really have a wealthy family I grew up

eating hot pockets and stovetop stuffing

and I'm not expecting to receive a

windfall when my loved ones pass away

and that's okay the 30% that's gonna be

passed on as inheritance really isn't

the big opportunity for folks like you

and I the big opportunity here is that

70% you see the 70% of the 30 trillion

the 21 trillion dollars is tied up in

privately owned businesses these are

businesses that were founded in our run

and owned by baby boomers baby boomers

are getting to the point now where they

need to retire and they're looking for

ways to liquidate their company the

assets and the wealth that's in those

companies so that they can use them for

retirement and for healthcare and for

the later years of their life this

creates a huge opportunity for the

people that know about it and are in a

position to take advantage just think

for a minute back to the economic crisis

a few years ago for most of us it was

emotionally and financially

stressful destructive and ugly but for a

select few people they were in a great

position and they were actually able to

benefit when the stock market crashed

and they had cash and the economy wasn't

affecting them on a day-to-day basis

they were able to take that cash and buy

assets on the cheap now here we are many

years almost 10 years later and those

assets have quadrupled if not more in

value those people have benefited

greatly we're faced with the same

situation now over the next 30 to 40

years okay ready I'm gonna give you four

things that you need to do if you want

to take advantage of this opportunity

number one get your financial house in

order you don't have to have a million

dollars in the bank to buy a business

but you do have to have your financial

act together you should do the following

make sure to run a personal financial

statement and get a sense of what your

net worth is eliminate all of your

credit card and consumer debt make sure

that you've got three to six months

operating cash in a bank account

somewhere and then lastly make sure that

your credit score is as good as you can

possibly make it the thing is it's not

that you have to have all the money in

the world's bill buy a business but you

have to look like a good risk to those

that are willing to lend money so you

may want to go to the bank to buy a

business or you may want to go to

friends and family or you might even get

the seller or vendors to help finance a

deal but to be successful in that you've

got to have a good financial complexion

so make sure that you get that sorted

out so that that doesn't stop you from

jumping on a deal number two become

financially literate do you know how to

read a P&L or a balance sheet do you

know what eBay is or how to value a

company every industry has its own

language its own vocabulary and its own

fundamentals and business and wealth are

no different they're easy concepts to

grasp but they are unique and you've got

to spend a little bit of time to get

your arms around them you have to be

comfortable with them you don't have to

be the wolf of Wall Street

or Albert Einstein to use or understand

them but you do have to spend a little

bit of time to be financially literate

this is going to go a long way in

helping you be successful as you

navigate the deal-making process now

it's quite easy to get this kind of

information you can find tons of

resources all free online you can read

books that are available either in your

library or Amazon and of course you

could even take some courses at your

local community college if you're that

kind of learner it shouldn't take a ton

of time but you've got to make sure that

you're comfortable with the concepts and

that you're fluent in financial terms

number three build your network now I

know what you're thinking Mike I hate

networking you know what I do too

there's nothing worse than going to some

networking event not knowing what to say

awkwardly shuffling around trying to

find someone that meets your gaze so

that you can introduce yourself only to

walk away feeling like a dope I'm not

suggesting that kind of networking in

fact I'm suggesting that you meet and

grow relationships with essentially two

types of people which I'll share with

you in a minute but first I want to tell

you why networking is so important the

companies that are going to be up for

sale over the next 30 to 40 years the

ones that are of any value are not going

to be listed on Craigslist you're not

going to just get online search for

companies for sale and find these

amazing opportunities to change your

life you see these kinds of companies

are sold informally through word of

mouth through connections and through

networks now let me tell you the two

kinds of people that you want to be

looking for essentially you want to be

looking for business owners

entrepreneurs people that own small and

medium-sized businesses and secondly you

want to be looking for the people that

advise them that would be people like

accountants attorneys financial advisers

these are the people these two groups

are the people that know when businesses

are up for sale they run in packs they

talk to each other they share

information and so when someone's going

to sell a business typically his other

business owner

friends know about it his accountant

knows about it his attorney knows about

it and they're trying to help that owner

liquidate that company so what you want

to do is make sure that you're connected

to as many of these people in your town

as possible and it's very simple let's

just reach out and invite them for

coffee tell them who you are tell them

what you're trying to accomplish ask

them about their business and what they

do start networking you don't have to

just beat the bushes every week saying

hey do you got anything for me build

some relationships and this will benefit

you in so many other ways in your work

your career in your life but I'm telling

you if you want to take advantage of the

opportunities coming over the next 30 to

40 years you have to have a strong

network of business owners and the

people that advise and serve them and

finally number four be willing to

stretch yourself you see this is the one

that keeps most people from taking

advantage of opportunities most people

would be willing to get their finances

in order and probably could do that in

under a year most people would be

willing to get financially literate and

if you applied yourself you could do it

in a weekend you'd even be willing

mostly to do some networking it might be

a little awkward at first but you might

push yourself and send a few emails or

send a couple LinkedIn connections but

it's the stretching yourself it's the

putting yourself out there it's the fear

of the unknown and failure that's going

to keep most people from taking

advantage of this opportunity now people

that already own businesses people that

are already financially literate people

that swim in this ocean already they're

going to be taking advantage they're not

holding back but if this is all new to

you I want to encourage you that if

you're willing to stretch yourself if

you're willing to put yourself out there

to fail a little bit to be embarrassed

maybe to look stupid in a discussion if

you're willing to do those things what's

gonna happen is you're gonna learn and

when you learn you become excellent if

you do that if you do these four things

I guarantee you that you are going to

transform your life you will take

advantage of the greatest transfer of

wealth and

in history and it's happening now you

have an opportunity and I want to

encourage you be willing to stretch

yourself we're living at such an amazing

time in human history never before has

anything like this happened and so I'm

hoping that this little video is somehow

inspired you and maybe giving you a few

things that you can start doing today so

that you too can take advantage of it

now look if you did enjoy the video do

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regularly on things like life success

wealth creation and entrepreneurship and

I'd love to have you along for the

conversation so guys thanks again I

appreciate your time and I'll see you

soon

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