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Buying Businesses and Doing Big Things with Ryan Begelman
Here is a good podcast interview to understand the power of thinking big. Many people want to build an app, start a newsletter, or maybe start a podcast. What would happen if you aimed much higher?
In 2008, Ryan Begelman bought into Bisnow Media, became CEO, and bootstrapped it with its founders. They took the business from $1M to $20M in revenue. He sold Bisnow for more than $50 million.
He co-founded the Summit series which brings together people like Jeff Bezos and Richard Branson in high-end events.
Ryan bought America’s largest ski resort and his creating his own community there. He did it by convincing 50 people in his network to buy $1 million dollar plots of land.
Ryan also buys and owns various businesses.
He says you need three things to make business deals:
1. Capital – Which is not that difficult with all the money out there. 2. Human Capital – finding good people to run the companies. 3. Deals that are priced well – This can be hard to do.
He also introduced 4 ways of finding business deals:
Hunting – cold outreach, attending events, networking Trapping – becoming known in the niche, hosting events Farming – helping up and comers and building goodwill Trading – Building a community and trading deals with others
An example he gives of Trapping is hosting events. He meets people for coffee with cold outreach. Then holds a small event in the back of a bar and slowly becomes the authority in that niche. After doing many of these, he has hundreds of people gathering and is the centre of this community.
Business Opportunity: While events now are on hold with the pandemic, there is a lot to be said about his method of becoming an authority. Holding events is one of the highest value-added activities you can do. Sam Parr of The Hustle is another person that started with events.