Business
SUMMARY: In this episode, we discuss the world of micro private equity, buying existing companies with little money down & the philosophy of becoming an owner. Ryan has a growing portfolio of 7 products, including fomo.com, a popular SaaS Shopify app. He’s doing 7-figures in revenue, all while living a nomadic life traveling the world, coding on-the-go & making music. SHOW NOTES:https://www.creatorlab.fm/ryan-kulp-fork-equity/ WATCH + SUBSCRIBE ON YOUTUBE: https://youtu.be/yEaKaxRgjlQ WHAT YOU'LL LEARN: importance of ownership of your actions + becoming an owner in a business building from scratch vs buying an existing company thinking through career transitions + knowing when to leave your job how to work with a romantic partner partnering with investors to buy companies his opinion on self-funding vs raising investment why job security isn’t about the company you work for breakdown of his first 6 figure acquisition why someone would sell a business in the first place, and what to look out for what is seller side financing + how can you use it to buy a company with little money down SBA loans + how you can use one to acquire a company dealing with people who have negative energy scaling a team beyond yourself TIME STAMPS FOR VIDEO:https://youtu.be/yEaKaxRgjlQ 00:00 welcome 01:42 why ryan landed in korea 04:46 learning languages 05:57 not pitching 08:43 ryan's background 09:31 learning to code + becoming an owner 11:40 bootstrap vs venture capital 15:07 pros + cons lists 17:14 raise to make your vision bigger 18:51 nuance + balance from extremes 22:42 importance of becoming an owner 25:33 54 side projects + 7 companies 28:13 7 figure revenue, 70% margin 28:49 running a business with a romantic partner 34:27 knowing when to leave your job 45:52 job security + your own skillset 48:42 why buy vs build from scratch 51:57 do I need money to buy? 53:22 buying fomo.com with no money down 59:23 how to value a small business 1:03:23 what is seller side financing? 1:04:33 what is a clawback provision? 1:05:33 why would someone sell a business? 1:07:43 "it's too good to be true" 1:11:32 two types of people, which one are you? 1:14:27 dealing with negative energy 1:16:36 debt vs equity to buy companies 1:18:01 using SBA loans to buy companies 1:26:26 business returns vs real estate vs stocks 1:27:31 be fearful when others are greedy, and greedy when others are fearful 1:29:57 partnering with investors to buy a company 1:32:59 scaling a team beyond yourself 1:37:32 being conservative in tech 1:39:47 types of luck 1:43:28 what's stopping you?