Here’s why I sold Distressed Pro and what I’m up to now.
In this video, I want to talk about why I sold my baby for cash.
All right. So obviously I didn’t sell any of my children, but what I’m talking about is distressedpro.com which is home to BankProspector. This is a business that I have been working on for more than 12 years, I started in 2009.
And the truth of the matter is, is that, you know, 12 years on I’m an entrepreneur. And I have ideas in things I want to talk about and things I want to accomplish. Even though Distressed Pro has been really, really good to me. We’re at a time right now in the market where valuations are really high for businesses.
And at a time when my enthusiasm for continuing to talk about the same sort of thing, just waned. And it was time for me to move on. So this year [00:01:00] actually over the last couple of years, I’ve been having. Folks reach out to me and ask if I wanted to sell this year, people got a little bit more serious.
So I put the business out to bid and I’m happy to say that just a couple of weeks ago, we sold and close to just fantastic new owners and I’ve got cash in the bank and so that’s really exciting for me.
But more importantly, there are some things that I just want to talk about.
There’s some other topics that I want to get into. There’s more value that I have to bring to the world that only talking about non-performing. And REO direct from lenders. That is an excellent avenue. It is a way to make a ton of money and get recurring business from a relatively small number of like high volume sellers.
But it’s not something that I want to continue to [00:02:00] talk about personally.
It’s just time to move on. So. that’s what’s happening with distress pro. So. You know, when I first started this business, it was in 2009. And I’m going to tell you the story of that, which is that I was at a bankruptcy symposium.
If you can imagine anything more boring than being in Bretton woods with a bunch of bankruptcy attorneys talking about bankruptcy. , and at that time I was sorta just getting things going started to do some transactions, but I still had like a very bitter taste in my mouth from the crash, from the global financial crisis, which basically folks wiped me out.
So now 2009, it’s a little bit past that and I’m doing deals and I say to myself, you know what I really want in a businesses recurring revenue. I want. To not have to live, deal to deal. And instead to have money just coming in month after. [00:03:00] And so I’ve read the book the four hour work week. I don’t know if you could have anything more cliche than that while I was at this bankruptcy symposium, I don’t even think I went to any of the things.
And and at the end of it, I said, that’s it. I’m doing this. And I got started and that was in June of 2009. And the first user on my platform was me, was August 31st, 2009.
12 years on in distressedpro.com is recognized leader in that space and BankProspector is by far the best software that you can get for finding deals direct from lenders. And I’m proud of that.
So Distressed Pro is awesome.
Moving forward. I’m interested in some other things. And here’s what I want to talk about now. Number one is, as you can imagine, when you sell a business, you kinda end up with a pile of cash if you did that. Right. And so while I’ve been more [00:04:00] casually investing it’s time to get a little bit more serious, cause there’s a bigger pile of it and it needs to go somewhere else. So I’m going to really dive in deep into alternative investments.
So I got to tell you that when I first started talking to my financial planner we talked about selling and they said, you know, you’re not going to be able to retire on that.
And it’s a healthy figure and I. That doesn’t make any sense to me. Why is that? I started looking around and I discovered that the reason they say that is because there’s a lot of conventional wisdom that you need to. First off what even the fuck is retirement.
We’ll talk about that later, but there’s some conventional wisdom that I’m not really sure applies. There’s so many more opportunities out there to make a higher return. And what does it mean to really retire anyway?
I’m not sure, but I’ll tell you what is over the next year as I [00:05:00] put this money to work in different places we’re going to learn a lot and I hope you’re going to come on the ride with me because what I plan to do is really dive deep into this and talk with a number of experts who are offering different kinds of opportunities to really bubble up to the surface. What the best selections are in this market today.
The other thing that I’m really interested in is marketing automation, because I’ve got to tell you that the reason that I was able to travel full time, the reason I’m able to get a hundred days of skiing in a year and all that all while running a very successful business is automation.
And marketing automation. And I’m particularly interested in helping folks who have a business that they need to scale up. I’m particularly interested in, in helping those folks to find ways and devise strategies to move the needle without doing additional. [00:06:00] Work, which is what I had been very successful in doing.
the other thing I want to talk about is funding. I think that the world funding today is really pretty exciting.
We’re moving. Away from just getting financing from traditional banks. There’s so many options for financing today, so many different kinds of lenders, different kinds of equity and investment that you can get and ways to raise money both through debt and equity, and I want to explore all that and I hope that you’ll come along with me for that ride as well.
The other thing that I’m going to do a little bit of here is some trading. So I have obviously from distress pro.com and life before. A lot of connections. And I have a lot of folks who have stuff they want to sell. And a lot of folks who have an appetite for that.
So if you fall into either of those groups and [00:07:00] if you’ve got non-performing debt of any kind or performing debt of any kind of different investment opportunities, if you’re looking to raise money or get money to work then. Reach out to me now I’m only working with accredited investors at this time.
So, uh, if you’re just getting started, you only got a few thousand bucks, this kind of thing I’ve been there. And, uh, it’s just not the right time for you and I to engage. So if that’s where you are, you need to grow that a little bit. And I hope that some of the other information that I’m going to have here is going to help you do that.
But we’re probably not going to be able to work together.
here’s what I’d love to do if you would be so kind, if you’re interested in following, along with me, as I move on through this journey, uh, often to this year is I’m investing this money in doing some trades, helping folks to get funding and helping them to automate their businesses.
As I’m exploring all that this year, if you want to come [00:08:00] along on that ride, then I would love to have you, and the way to do that. Is go ahead smash that subscribe button. So they make sure that you don’t miss any of the videos because I’m just going to do this out of my personal channel.
And the other thing to do is if you’re on the website then right down below you should see where you can put in your email and you can tell me the things that you’re interested in hearing about, and that’s the best way for you and I to continue to connect. If you’re on YouTube, scroll down, there’ll be a link down there.
Take you over to that same page.
So going to continue to do a newsletter, uh, working on spinning up a new podcast where I’m going to dive deep into all this stuff. In of course, we’re going to do YouTube channel right here, so that. You know, I really appreciate you being along for the ride for distress pro what, for whatever length of time you’re involved there, the business is in great hands.
It is with folks who are really going to do a fantastic job in terms of [00:09:00] really improving the product and taking the software product to the next level
so that’s it folks. I hope you’ll subscribe. I hope you put your email in down below and you’ll subscribe to this channel and I hope over this next year, this whole journey is at least interesting for you and it’s going to be exciting for me. So thanks a lot. Thanks for all your time over with distress pro and thanks for staying with me.