Young Entrepreneur Interviews Patrick Bet-David

the wind is pretty solid how very good good to meet you you're everywhere yes sir I appreciate that's great who am I here with today patri the what was the most amount of money that you made a single year 250 million 250 million this property we're on right now the guy that owned this bought it for 25 million in 2018 this was announced that's going on the public market for an auction 4,400 people were interested in this property 131 signed an NDA and then there is the day that everybody's bidding you have to put a

million dollars to compete the day the auction comes we ended up buying this for $25.2 million cash we wired the money a week later we bought the property this is probably $40 $50 million property having cash allows you to pick things up unfortunately not having Cash When the market goes back a lot of people don't make it they want to become Patrick R David wealthy in today's world they want to become really successful your last message let said [Music] listen guys we're about to go flat out to Miami Florida to interview multiple hundred million doll

entrepreneur Patrick Bet David this is a guy who went from dead broke as an immigrant to building and selling a company for several hundred million guys this interview that we're about to do with Patrick is going to be a master class on all things business from sales to negotiations to money you do not want to miss out on this so stay tuned from start to finish to figure out how you can be just like Patrick and dominate any industry that you're in let's head out to Miami and go meet Patrick come on [Music] the wind

is pretty solid how you do very good good to meet you you're everywhere yes sir I that's great and how old are you about the 22 okay 22 years old what you're doing is very important specifically that you're 22 years old doing this imagine how many billions of people have watched your message whether it's Tik Tok or Instagram very important what you're doing do you want to do it here with the wind you're not worried about the wind you're good with that yeah no we're good go for right over here right over here awesome who

am I here with today Patrick M and for those that don't know what industry did you decide to pursue a career in first one was insurance now it's media Consulting yeah you built your wealth and insurance there's a saying that I love concentration builds wealth diversification keeps it at what point should an entrepreneur begin to diversify uh I would put the number 10 billion plus when I first got in I read a book called Blue Ocean strategy and we had an emergency meeting with 2030 of us we got in and I said I want you

to help us find a blue option for the company at the time I was selling uh life insurance uh uh you're talking disability stocks bonds mutual funds variable anties I said we're not doing all that we eliminated everything I'm serious 766 3126 life and health I use none of my licenses but only life insurance we grew it from 66 agents we've licensed 60,000 agents and eventually we sold it g now you've consulted for some of the biggest companies in the world in today's world eight out of 10 companies don't make it past 5 years when

you're Consulting for a company what's the most common mistake the number one mistake you're seeing business owners make that prevents him from scaling and having that longevity well the operator everything Rises and falls on the operator the operator isn't maniacally focused in Grown the business and isn't emotionally stable he's going to have a hard time he's got to be maniacally focused he's got to be emotionally stable he's got to be able to understand who to take feedback from and who not to take feedback from sometime when you're first getting started you may hire somebody with

a Harvard degree but go my God this guy's got a degree from Harvard he must know more than I do and you allow that person to change the culture of the company and then you're like wait a minute we just lost what we used to have degrees don't mean anything first they have to come in and prove to you that they understand what the culture of the company's all about and you have to have the wherewithal to know I should take the speedback I shouldn't take the speedback and in meanwhile drive for the vision don't

get distracted with the vision you guys this interview with pbd has been amazing so far we're about to get right back to it but I've got a very very special announcement to make real quick so a couple months ago I launched and created one of the largest entrepreneur communities in the entire world the school of mentors where every single week I host live calls with the Millionaires and the billionaires that I interview on this channel we the members inside of the community you guys that join have the ability to ask your questions and speak directly

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the CEO of not one but two multi-billion doll companies Blockbuster in 7-Eleven he taught our community leadership team building and how to find the right people to help grow your business guys if there's anything that I've learned over the last three years in building a multi-billion dollar Network interviewing over a thousand Millionaires and over 10 billionaires is that there's only one CH to success in today's world and that's mentorship and that's why we created this community in the first place and since it's blackid of this week we have an insane deal for you guys to

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of this video I cannot wait to see every one of you guys inside of this community with that being said let's get back to the interview now throughout your career in terms of Revenue what was the most amount of money that you made in a single year 250 million 250 million and what took that company from 8 to N9 figures yeah I'll never forget when I was doing around 10 million a year I called Thomas a to I don't think I'm a good CEO I have no Pro what I'm doing I'm a sales guy at

best the sales leader and I'm good with money like I'm not a spender I didn't buy my first Rox till I was 35 years old I buy my first Fair G was shoot till I was had a half a million in the bank I didn't buy a house until I was 37 years old so I'm not the one that's spending all the money I'm reinvesting into the company I said but I don't think I'm an operator he says Pat we need to find a way for you to go be around other CEOs that have ran

bigger companies and you'll learn from them I went 3 weeks to Boston I went to this Harvard OPM program owner president Management program 144 CEOs 64 countries the man who was my partner sitting next to me was the founder of the uh uh clothes that girls wear what is that company called that the lingerie that what is the company Victoria he was the Victoria Secret of New Zealand and Australia so I said how big's your business this is what you can Google I Google got net worth5 billion for 3 weeks I kept asking him what

is my job as a CEO he says I have 7,000 employees and six CEOs that report to he was the chairman of the board and he told me this is the four things okay you're either one thinking about linear growth which is bis dab and systems you can spend money into your system or BS that networking shaking hands but it's not going to explode your business he said exponential grow is at the top leadership development or Innovative campaigns for example like Coke came up with share a coke with John I'm not a Coke drinker but

I'm buying the coke to share it with John one great Innovative campaign for us when I came back took our business to the next f as a multiple ninef figure entrepreneur what was the best financial advice that you ever received this is not going to be popular to a lot of people always have cash always have cash I remember one time I got a call a guy says he needs $540,000 he have two Wayne grety cards I said what kind of cards are they he says these are the main cards of Wayne grety PSA 10

OPG and tops I said I'll give you 540 but I want to pick up the cards in 24 hours I'm going to send somebody I need you to meet me at psa's headquarters in Orange County ton who happens to be here he flies out to LA yeah you f out you go meet him pick up picks up the cards puts it in a new case brings it back he's in the airport with a half a million dollars in his pocket that card we sold a year and a half later was a Guinness Book of World

Record for $2.2 million this property we're on right now the guy that owned this bought it for 25 million in 2018 put $7 million of finishes in this this was announced that's going on the public public market for an auction 4,400 people were interested in this property 131 signed an NDA and then there is the day that everybody's bidding you have to put a million dollars to compete if you don't you're not competing the day the auction comes everyone's sitting there in Zoom 40 50 people raising hands doing the whole thing we ended up buying

this for $25.2 million cash we wired the money a week later we bought the property this is probably $40 $50 million property having cash allows you to pick things up when for me they're for sale unfortunately not having Cash When the market kind of goes back a lot of people don't make it I went to a mastermind in March 2023 and there was a saying that great businessmen a lot of time are terrible content creators and great content creators are terrible businessmen what's been your secret to creating wealth in media well that's the concept with

Trifecta the Market's going to tell you if you know what you're doing right now like right now I was telling you earli your billions of yous you've got you've proven that you know what you're doing now operating different story right the operating aspect is dayto day content creation it's frutal you're either able to get the attention of people or you can't I'll never forget this beginning stages of the business Mario comes up and he takes out an iPhone he says F let's start a YouTube channel at the time I was only creating content for my

insurance agents that was unlisted wasn't public it's private unlisted we started I said let's see if the market likes the way I communicate two years later we're blown up we have around 1,000 subscribers nobody watches our content including my family then we adjust I went to an event and at the event they said pick one word the one word for me became Business and Entrepreneurship the next 5 years every content we created most of the videos at the end of it it had one title in it raising money as an entrepreneur hiring people as an

entrepreneur firing people as an entrepreneur 2 years later 50% of videos on page one were from our Channel and then that's how I started growing but the Market's going to tell you you can either speak you can either are good for video or you good at writing everybody has one of those three abilities to get their message out now I know in a podcast I saw you mentioned that there's four categories everybody needs to be reading about human nature sales negotiation and money what has been your secret to sales throughout your career needs analysis with

everybody it doesn't matter when my kids I have four kids every day I do needs analysis with what's a needs analysis I like baseball I want my son to be a professional baseball player I'm a Yankee Scout so I want him to go want to be a baseball player he could care less about baseball he loves watching baseball doesn't like playing baseball I do a needs analysis lovees soccer we put him in soccer now he's excellent I talked to my oldest son could care less about sports but he likes kickboxing and he loves politics so

I take him when the Trump interview came in he came and met president Trump I take him to certain places because he's interested in politics clients needs analysis I'm asking you what's important to you maybe different than what's important to me in the sales business very few salespeople Master art of needs analysis the more I do a needs analysis with you asking you the question that's important to you then I can make the recommendation based on what's important to you instead of just jumping a conclusion thinking whatever I sold to them I can sell to

you the art of needs analysis one is in a rain by the way how awesome is this huh you exited a company for nine figures you've been at the table with some hitters what is your best negotiation advice for anybody in business not putting yourself in a position where you are desperate whenever you are in a position of desperation you're always going to get under p and you'll make a bad move that could cost you $100 million I'll tell you what happened with me first time guy came to want to buy our company comes he's

walking around our facility says do you mind if I talked to all your employees I said go talk to everybody you want you were there he goes and talks to everybody then we're going to dinner that night at this restaurant called Chamberlin in Dallas we sit down it's me his CFO boom they have the money to buy the business we follow up they make the offer here's the offer the offer was a small offer $120 million okay he said however the reason why we're making this offer and we're only giving you 50% up front is

we need you to stay with us for 5 years I said why is that he says when I walked around your facility and talked to everybody I asked him how hard does he work and they all said you are the hardest working person in the company you're there seven days a week we can't buy the business because you're running the company said I can't sell it to you so I had a new strategy I left Texas I moved to Florida four years ago I hired five new seite Executives they ran the business the next time

around when they came and interview with everybody they said PS only here once every 6 months and I'm running by a Tim of our consulting firm here then I got more than two two times the valuation I got just because we were patient not desperate we waited 2 years when it comes to the way that people look at money what separates middle class from people who were able to build that long-term generational wealth like yourself in today's world what's your beating yourself and what you're thinking about money I mean at some point in your life

my dad and I are having a conversation about life and marriage and he's telling me certain fears that he has about marriage and I said Dad time out I don't want to hear that he says why I said I don't want to believe that's the truth you may believe that I don't want to believe that's the truth my mother bought money I'm not buying that so you have to at one point in your life refuse to buy into the philosophies that your parents and loved ones sell to you if it doesn't make sense question it

don't believe it your last message to somebody out there they want to become Patrick but David wealthy in today's world they want to become really successful your last message a guy sends me a manette and he says hey Pat where I'm living at right now nobody believes in money no entrepreneurs of my country no money much Bly made money none all this stuff he's just saying how it doesn't ex around I said listen when I was coming up there was no you there was nobody to follow and seek inspiration for con nobody in the world

as an excuse to learn and went out the highest level if you're living in a place that you don't have access different story but everybody today has access to information to be able to change our life do not buy into the mindset that is too hard except your parents were divorced if you grew up in a poor family don't buy into any of that stuff anytime hey you guys that's a wrap on today's video I need you guys to like And subscribe for amazing content coming every week with the biggest business Mogul in the entire

world and like I said earlier guys you guys need to join my my private community on school the school of mentors where every week you will get direct mentorship and access to ask questions to the Millionaires and the billionaires that I interview on this channel you do not want to miss out on this once in A- lifetime opportunity guys our Black Friday sales live $30 a month to join to get access to exclusive master classes and being able to talk to and ask questions every week to multi-millionaires 8 figure entrepreneurs nine fig billion dooll company

Founders and entrepreneurs I cannot wait to see you guys on the inside of the community all you need to do is Click the link that's up here right now or go to the link down in the description of this video with that being said I can't wait to see you on the inside of the community and I'll see you in the next video