Creating Assets Within Your Business, w/ Daniel Priestley

Transcript

Unknown Speaker  0:01   The purpose of wealth talk is to educate, inform and hopefully entertain you on the subject of building your wealth. Wealth builders recommends you should always take independent financial tax or legal advice before making any decisions around your finances.

Christian Rodwell  0:19  
Welcome to Episode 67 of wealth talk. My name is Christian Rodwell, the membership director for wealth builders and I'm joined this morning by our founder, Mr. Kevin Whelan. Hi, Kevin.

Unknown Speaker  0:28  
Hello, Chris. Always a pleasure to talk to you. And we've got an exciting episode today, Emily?

Christian Rodwell  0:33  
Yeah, we've got a fantastic guest today. It's Mr. Daniel Priestley, the co founder and CEO of dank global. And, you know, Daniels, great guy. We both really admire the work that he's done. And certainly, you know, he's very much at the forefront. I think of the entrepreneur revolution. In fact, you author the book of that very title as well.

Unknown Speaker  0:53  
I mean, I think I resonate particularly with Daniel for many reasons. And I think Both of us would claim in some way to be thought leaders and visionaries. And and I think he's got very, very insightful things to say. And as always, when you hear what people have to say, Here, the integrity of Daniel here, he's not self serving Lee, you know, pushing a message. He's just saying, look, you know, being in business is tough. But if you do it the right way, and you follow some of the right lessons, it can be, you know, you can be very, very, very powerful. And he gives some brilliant insights on, on how to create wealth in what he calls a sort of an ecosystem, which is a brilliant term, I think for this.

Christian Rodwell  1:42  
Yeah, yeah, absolutely. And Daniel's company Dentists have been running for 15 years now. And they run accelerators across the world. And I think that's another message to be picked up today is about, you know, the age that we're in now is to start thinking about being a global business or certainly how your business could serve you. No, anyone across the world?

Unknown Speaker  2:01  
Hmm, absolutely. And it gives a very interesting insight into how we pivoted from that wasn't it in terms of being into aiming for sort of cities into time zones. And that gives you a much bigger insight. Anyway, I don't want to steal any of Danielle's thunder, why don't we have a listen to what Daniel has to say?

Christian Rodwell  2:23  
Sure. Let's head on over now to the conversation with Daniel Priestley. Hey, Daniel, welcome to wealth Talk.

Unknown Speaker  2:28  
Thank you very much for having me on the show.

Christian Rodwell  2:30  
No, very welcome, Daniels, pleasure to speak to you. And there's a lot that I'd love to cover with you today. But I think the primary focus will be on looking at how you can really create an ecosystem of assets within your business. And I know you're familiar with our Seven Pillars model. And of course, your first book KPI you talk about, you know, the five P's. And I think there's elements of business, intellectual property, joint ventures all rolled into that which of course are the four entrepreneurial pillars that we talked about.

Unknown Speaker  3:00  
Yeah, so it's a really good fit. Looking at, you know, looking at the way that you guys have structured things. It's kind of like if a red Ferrari drives past, a lot of people will say, oh, there's there's a red Ferrari or a red sports car. So clearly, we've noticed the same things from different angles.

Christian Rodwell  3:16  
Yeah, definitely. So before we really dive into things, Daniel, for anyone who perhaps hasn't had the pleasure of, you know, reading your books hearing you speak, would you mind just giving us a little bit of your background, your entrepreneurial story?

Unknown Speaker  3:27  
Yeah, so I'm from Australia. I grew up on a place called the Sunshine Coast, which is as horrible as it sounds, it's just beaches and forests and in the sunshine all the time, so I kind of did Retirement Living before I started my career and then did everything backwards. But basically, at age 19, I dropped out of university, became employee number three or four. Within the startup, the startup went really well. I worked for an exceptional entrepreneur who took us from an idea to six million in revenue and 60 employees in under two years. And that gave me an incredible opportunity to see what it's actually like to start a business and to be an entrepreneur without taking any real risks other than, you know, kind of being involved in the startup. And then two years in, I decided that I wanted to go and do my own startup. So I was 2122 years old, I left that business started my own. And it also became a very fast growth startup. So I'd learned a lot in my in my time with john and I built a business that went from zero to about 10.7 million in sales in about three or four years. So before the age of 25, we were up to about a million a month in revenue. And, and it was just a great fast roller coaster. Fast forward a few years I ended up moving to London and and getting out of that business, and basically launching a business accelerator so I started a business accelerator called the key person of influence. accelerator. And in a company called dent global, we now have 3000 clients globally. We have offices in Toronto, Singapore, Sydney, London. And yeah, we we have a great time incubating and accelerating entrepreneurs all over the world. And then in amongst that I wrote four books on entrepreneurship, based on the lessons that I was learning.

Christian Rodwell  5:26  
Yeah. And having fun along the way, which I know is one of your key values as well,

Unknown Speaker  5:30  
in having a lot of fun on the way and also in the last six or six years been having three children under six. So having a lot of sleepless says, Well,

Christian Rodwell  5:41  
yeah, yeah. And you talk often Daniel, about the entrepreneurs journey. And of course, it's vital to really know kind of where you're going from the beginning and to understand that there's different different stages as you eloquently put in your entrepreneurial model. So can you maybe just give people an idea of what those are?

Unknown Speaker  5:59  
Yeah. For sure. So, you know, people always ask the question, if you could go back and give your younger self some advice, what advice would you give? And that question is based on the idea that over time over decades, we form a view of the world, a more complete view of the world, a map, I guess you'd say, if only you had the map sooner, you do better in life. So entrepreneurship is a little bit like that. And I've been really fortunate when you work with 3000 entrepreneurs ranging from early stage startups right up into the billions of revenue, you actually get a very clear picture of what the map ends up looking like. And, and therefore, it's a lot easier to build businesses very rapidly, multi million pound businesses very, very rapidly. So there's a few key stages. There's obviously the startup phase, where you're getting the concept, right and you're doing validation. There's a phase called the wilderness, which is first contact with the marketplace to see if your ideas survive. Then there's the boutique phase, which is three to 12 employees or three to 12 people on the team and what you're trying to do Establish a boutique that punches well above its weight. Do you want a boutique, where three to 12 people are really kind of making some waves and disrupting things and gaining influence. If you can get up to 12 people, you enter a very difficult phase, which is crossing the desert. And the desert I described as too big to be small, too small to be big. And it's between 13 and 14 people. And this is a difficult phase where the business is no longer this kind of self managing small boutique, but it's also not ready to have a leadership team and you know, you know, kind of expensive software and expensive offices and all the kind of things that you need to run a proper business a bigger business. So you've kind of in this weird, no man's land of not small, not big, from 13 to 40 people, which doesn't sound like a big jump, but actually when you're in it, it's a huge jump that lasts a couple of years often. And then you you then basically enter a new phase of business, which is scaling from about 40 to 120 people, where there's another little desert in there as well, where we kind of have to go through it again. But essentially, there's these key phases that you go through. And if you don't know these phases, some of sometimes the horrible thing that can happen is that you can have a wonderful business that's just doing so well at 12 people, and then you go 1314 1516 people, you get up to 16, before you realise that you actually needed to do a lot more planning than you thought in order to go past 12. So those kind of things kind of creep in. And when you know the map, you know what to expect. Yeah,

Christian Rodwell  8:38  
yeah, that's great. And you've been saying Daniel for at least the last five years that there's a big wave coming and that entrepreneurs need start paddling and be ready for this now. We're just coming out of obviously the Coronavirus period. It's the end of June now we're recording this and would you say this wave has now arrived

Unknown Speaker  8:57  
Coronavirus was the shock. In fact, there's been several Little shocks in the 2020s. We started in January with the prospect of world war three. And then we had the Australian fires. There's been all sorts of very strange, you know, kind of things that were going on in the 2020s. But then Coronavirus was that global shock to the system. It's kind of like, if you saw a house that is full of barrels of petrol, you might not know exactly what's going to set them on fire. But that you know that it's probably going to set on fire eventually. So what I saw five years ago, there's a number of there's a number of fundamental shifts that dictate the future is going to be turbulent or different, and that it'll take a shock to set it all off. I don't know what the shock is going to be, but there will be a shock and I kind of knew it would happen around the 2020s where you know, where something would kick it all off. So the way If we can kind of sideline and then I'll come back to the question, if that's the right way you can see into the future, there's two great tools for seeing into the future. And the first tool is demographics. So when you understand that there are pockets of the population that are very big, large groups within the population, one of them is the baby boomers, and one of them is the millennials. So the rule with demographics is that people roughly do predictable things at predictable ages in their life. So in your 20s, it's fairly predictable that you're going to be fairly self centred, setting yourself up, you'll probably be into music, going out, partying, meeting someone new, you know, all of those things are predictable in your 20s in your 30s. It moves more into family, you know, having a wedding perhaps getting your first house, maybe having your first child and then in your 40s it's very much focused around career and earning as much as you can For those school fees, perhaps or getting a bigger house, and you know, all of that kind of stuff. So one of the things that I knew would happen is that the vast majority of baby boomers will be in their 70s will be turning 70 in the 2020s. It starts off in a, you know, it starts off in 2016. But then it really explodes from 2020 onwards, that the vast majority of baby boomers that big generation that gave us the Beatlemania and you know, kind of all sorts of trends is going to be moving into 70 plus now at 70. Plus, people sell down their assets. They, they, they get rid of big homes and get smaller homes, they go travelling, they become obsessed with health care, early diagnosis, all of those kind of things are normal for someone in their 70s. They they're very focused about spending time with family and grandkids and enjoying healthful years. So that's, you know, that's a huge percentage of the population moving into that the millennials Going into Korea focus looking for putting down some routes not travelling so many crazy, you know, so much crazy time and, and just being more focused on family and career and getting really focused. You know, so those things, I knew those were happening. I know the millennials are massively in debt though, more so than any other generation in history. I know that property prices are multiples higher than the baby boomers paid for their properties. So percentage of revenue, percentage of property price versus income is out of whack. So those things are demographic trends that you can draw upon. And then the second crystal ball that you have into the future is technology and the rule with technology for understanding what's going to happen next is the S curve. And essentially, that when a technology hits about 20% adoption, it's halfway to 80% adoption. So, so that you can find technology That have kind of gone up to about 20% market penetration. And you'll start to see that they really take off. So that you can kind of have a look at what's going on and and look for the disruptive trends that are that are happening. And there are certain big technologies that are deliberately pushed and rolled out. So every 10 year, we every 10 years, we get a different generation of phone technology. So 4g was rolled out in 2010. 3g was rolled out in 2000s. 2g was in the 90s. So essentially, we would do for 5g technology, which is an order of magnitude faster and more advanced than 4g, you know, and facilitates all sorts of, you know, transformational technology and automation. So all of that was converging upon the 2020s.

Unknown Speaker  13:49  
The demographic trends and the technology technology trends, which is why I was describing one hell of a wave is coming. It's going to be massively disrupted and to answer your question, It's only just arrived. So. So you're, you're, you're either gonna be surfing this wave or being dumped by this wave for several years.

Christian Rodwell  14:10  
Now, obviously, Daniel, we've spoken previously in past, you know, we've escaped the rat race and the shift from employee to entrepreneur. So we just say now more than ever, certainly the millennials, right, I'm sure are thinking more about being business owners, you know, straight out of school, then they're not going through that traditional education system that the older generations have done. But even obviously, people you know, in their middle ages, and now looking at the security that a job can provide, and obviously being quite worried about that. And, and looking at other opportunities and in how can you make that shift over to a business owner, start thinking like an entrepreneur? Are you seeing that shift just accelerating as well?

Unknown Speaker  14:50  
It's definitely accelerating. And my first book was entrepreneur revolution, which was around, you know, the fact that we're all going to end up as entrepreneurs and we're all going to have to make that change. So entrepreneurship has always been really hard and difficult and terrible, and a slap in the face and a punch in the nose, and risky and exhausting, and all of those kind of things. But it's always had higher potential for upside. It's always had the potential for freedom and the potential for abundance, and, and, you know, and creativity and all of that baked into it. The problem was that up until recently, there was an extremely good alternative to entrepreneurship. So you had to kind of weigh up, do I want to be an entrepreneur or do I want a good stable solid job that just pays the bills and you know, I can, I can get a decent mortgage, I can pay off the mortgage, I can take a holiday age here. I've got stability, I know that my job is going to be around for many years. So essentially, people had to weigh up the two options and in many cases, for For really rational reasons, people would choose to have a good job. However, as we've gotten further and further away from that reality being true for many people, there's hardly anyone who would describe their job in those terms anymore. You know, even when we hear about these concepts of full employment, someone who's driving an Uber, on, you know, on an effective rate of eight pounds an hour is classed as having full employment and in her full time job, that is not someone who's got, you know, job security or anything like that. So because of the, because of weighing up the two options and weighing up the alternative, there is no real alternative now, like you have to be if you want any chance of owning a home, if you want any chance of having fun and freedom, and making the most of the times that we're in and the ability to kind of change and pivot and get the most out of life. You know, most rational people are saying, Well, you know, there's really no choice. I need to kind of either be on an entrepreneurial team, where I'm kind of bought in and I've got equity or I've got an opportunity, or I need to go and start my own. But, you know, but there is no kind of big stable safe job waiting in the wings.

Christian Rodwell  17:14  
Yeah. And that that's such a key point. I remember you, you mentioned that before to me is that one of the most, I guess sensible ideas of when you're thinking about making that shift is not to just suddenly go out there on your own and say, Hey, you know, I'm going to start up my new venture, but it's to take that step into a team of others who have already got some of that traction experience. And I've experienced that myself, right. It just makes such a difference. It's such a better way of approaching things, isn't it?

Unknown Speaker  17:42  
Yeah, there's 40,000 companies in the UK, that are fast growing, already got a small team. You know, they've got traction, they're winning awards. They're, they're ready for scale. They're ready. They clusters being scale up ready, and they're already got traction. They're growing, one of the best things you could possibly do is get yourself onto one of those teams for two years at a minimum, where you'll actually have an experience of, it's kind of like, you know, if you wanted to play tennis, playing tennis with a professional tennis player for a couple of years, is probably going to be the thing that totally gets you a great game.

Christian Rodwell  18:20  
Yeah. Now passion is important, but I know listening to 24 assets, one of your great books as well, Daniel, you talk about obviously, within a business, you can create an an ecosystem of products and different IP really, I guess, which just gives you that, I guess, peace of mind security allows you to grow. And a key thing that we talk about in wealth builders is recurring income. Because otherwise you're not really, you know, getting out of that time for money trap if you're not having assets within your business that can generate that recurring income. So can we look perhaps some of the different ways that you can start to Build that ecosystem and I know you've got different categories as well within those 24.

Unknown Speaker  19:04  
Yeah, so the term recurring income is, is describing the byproduct of an asset. So, this it's this recurring income is the symptom of owning an asset. It's what it's what accidentally happens after owning an asset. So if you own a big house and you rent it out, you got recurring income. If you write a book that sells every year, and it's perennial bestseller, then you have recurring income because you created an IP asset. So recurring income is the is the output, it's the symptom of an asset. An asset is anything that would still retain its value if you weren't around if you were paying very little attention to it. And what we need to look at now is a new class of assets. So we need to look in we look we need to look at this new class of asset called digital assets. So in the agricultural age, the number one type of asset was farming land And then Industrial Age came along and farming land was less important. And it was actually industrial land. Industrial factories, actually, that was the primary asset that if you could organise labour under one roof, and that was the number one asset. In fact, owning a mill, owning machinery owning a sewing factory, would be a much better thing than owning land. And it might only take up a very small amount of land. And then as we move from the industrial age into the digital age, we need to own digital assets. So it almost doesn't matter whether you own a factory anymore, it matters that you own the brand. So you look at businesses like Nike, they don't own factories, they they outsource to different factories, they own the brand, they own the soft assets. So the new assets, it still follows the same rule that an asset is something that would provide value if you weren't around or looking after it. But think about things like this. A database let's say you've got 100 Thousand names who know who you are and open your emails, that's one hell of a digital asset. If you said that you have, if you want a really difficult award, let's you know, add an extreme level, an Olympic gold medal. That award places you as someone who is who has a soft asset for life for the rest of your life, which is about excellence and achievement at the highest level. So that asset will continually bring you opportunities, because you're an Olympic gold medalist. But in business, there are all sorts of awards that have that same impact. And that is actually an asset and award is an asset. Let's say you've got an incredible culture where people would love to come and work in your organisation because of the type of workplace that you run. That's an asset. It's a different kind of asset that it's hard for us to think about it through our industrial brain industry. We You know, we've all grown up in the industrial age, and now we're living in the digital age but having a workplace culture that attracts highly talented and skilled people. is a is an incredible asset. So what we need to do is build this ecosystem of assets, often their digital assets, we formalise them into media software and intellectual property. And once you formalise them into media software and intellectual property, you suddenly have this ability to, to have a business that takes on a life of its own.

Christian Rodwell  22:19  
And you have a scorecard as well, for 24 assets, don't you? So if someone's listening now, if they're an existing business owner, and they're thinking, Well, where do I begin, right? How do I turn from my kind of traditional business to start thinking,

Unknown Speaker  22:32  
they go cars, probably a good place 24 assets calm is a great place because there are 24 of these assets. And it scores you as to what you've got, but also gives you a description of each of the 24 assets, like what are some of the things you could go off and build?

Christian Rodwell  22:47  
Yeah, and someone who hasn't started a business yet. Any of those assets, ones that you would say absolute essentials that you need to have in place almost as your rocks your foundation.

Unknown Speaker  22:57  
For someone who's not started a business, we don't get them. Thinking about assets too soon, we think about influence first. So the ability to go out and actually have the ability to make some sales, the ability to, you know, recruit one or two people onto the team. But it's kind of like the gears in the car, if you start your car in fourth gear, because you've seen someone driving really fast in fourth gear, you'll stall your engine, you actually need to start off in first gear. So first gear we talked about is having a good concept, knowing who your audience is, and being able to go and attract the audience and get their attention, putting together a great offer that people want to buy, and that really speaks to their needs and their wants. And then being able to sell it, you know, actually sit down and have a face to face sales meeting and or a zoom sales meeting, and actually make a sale. Those are the first four things and essentially, one of the dangerous things you can do in the early stages is trying to formalise assets too soon, and a new formalised. The wrong assets. You know, you're all you're spending all your time and all your money on stuff that pays off over years when you haven't even proven with a business can last for weeks.

Christian Rodwell  24:10  
Yeah, so staying lean at the beginning. I'm very lean at the beginning. Yeah, yeah, yeah. Now, I guess one of the assets you've touched on there, Daniel is writing a book you've written well seen a new book even on your Facebook feed now coming with the the the entrepreneurial kids, which looks really interesting, but how many books in total so far for you? I've written four main books in the series and the entrepreneur journey series. And I've co authored three books,

Unknown Speaker  24:34  
where, where I've worked with a co author to kind of produce a book, which is how to how to raise entrepreneurial kids is with Jody cook. So the two of us are working on that together.

Christian Rodwell  24:45  
Yeah. Well, this is a topic that we've we've touched on many times, Daniel, it's always been, I found it curious because I've heard, you know, many very influential business owners, entrepreneurs, and you know, wanting to make a big change and shake up the educational system. I've never seen it kind of really take grip, though. And why do you think that is? And how can this change? And how can entrepreneurs Be the change of this?

Unknown Speaker  25:09  
Yeah, well, you've got to remember the educational system goes back to the 1800s. So changing the direction of us, you know, the steam ship, a massive, you know, freight train or something like that is is very difficult. No one person is going to do it based on desire or, or even just seeing quite clearly that it needs to change. It's, it's a one hell of a moving object. So it's going to take, you know, decades to change an educational system in a meaningful way. But it does have to change and there has to be changes. But I look, I really think that change begins with parents, you know, parents have to get in there and, you know, become coaches and mentors to their kids and or at least get them in front of coaches and mentors. And it's important, the distinction about that book is that it's Not about creating entrepreneur, kids who are entrepreneurs. It's about creating entrepreneurial kids. And there's a slight distinction. We're not trying to push kids into business or get them to have the stress and the pressure and the obligations that go along with business. But it's just having an entrepreneurial mindset and having an entrepreneurial awareness, having some kind of some of the, some of the entrepreneurial principles like being able to pivot or spot an opportunity, or make a good pitch. You know, those are those kind of skills that are going to be you know, built and be very valuable later in life. But having a good pitch could be pitching for a puppy, you know, you might want a dog. So rather than just saying, yes, you know, getting your kids to put together a pitch presentation, getting them to forecast forward and using words like can you do a forecast of the next two years as to who's gonna walk the dog and who's gonna look after the dog and all those kind of things? Can we use PowerPoint or Keynote to actually put together a presentation Around this and then can you sit us down and actually take us through the presentation so that we understand what it is that you want and why that would add value to family. So in building wanting a dog is an opportunity to create a pitch deck. And that's a that's an entrepreneurial skill now that it's not forcing a child to be entrepreneurial. It's not forcing them into business, but it's giving them an entrepreneurial skill.

Christian Rodwell  27:23  
Yeah. And that said the children teaching the parent a few things along the way as well.

Unknown Speaker  27:27  
Yeah, definitely. And as far as creating an

Christian Rodwell  27:30  
account during the lockdown period, of course, it's always been an enforced homeschooling for many parents. So you know, the, I guess this is something that was already rapidly growing is homeschooling, and maybe more so now after this in force period.

Unknown Speaker  27:44  
Yeah, I think, you know, a lot of parents are discovering that there's all sorts of resources that they had no idea were available, you know, Khan Academy and certain apps. And there's actually The other thing that's incredible at the moment is that school teachers so poorly paid for what they do, that it only takes three or four families to put in a small amount of money and they can actually match or improve. You know, school teachers pay, and they can, you know, they can end up with, with a very good homeschooling situation.

Christian Rodwell  28:17  
Yeah. So Daniel, I guess just to kind of round off the conversation we've had today about, you know, looking at the business pillar, which is obviously one of our Seven Pillars of wealth. And then we've talked about within the business pillar there being this ecosystem of assets as well, with regards to business over the next five years. And where where do you Where do you see your business going? Where are the kind of directions that you're getting excited about now?

Unknown Speaker  28:44  
Yeah, so we. So in the next five years, as I've described, there's a wave and you're either surfing it or you're getting dumped by it. So Surfing is about having a vision for the future, and then reverse engineering that future, that vision and reverse engineering that future. And it's about embracing the times that we're in. So it's about embracing technology and trends, and not being stuck on the way we did things in the 2010s, or the 20, you know, 2000s, but actually being kind of, like curious and open to how things might change for the better. So, you know, in the 2010s, we were obsessed with the idea of building a business in 20 cities, and we're up to about seven or eight or not, we're up to I think, when when COVID hit, and it was this kind of global, you know, pandemic and suddenly, all eight cities, you know, globally, we're rethinking that model. And then we realised that, hey, wait a second, a lot of the ideas that we had in the 2010s, about how we might build this business are no longer valid, or there's a better option. So we moved to a time zone model, where we actually said we're just going to have three consolidated offices that cover the three major time zones, and we're going to deliver the entrepreneurial experience and the IP on the time zone using more The tools and technology and resources available and we're gonna bring together several technologies that creates an exciting environment for someone to really learn and develop their business. So within three months, we made the shift to from eight cities back to three time zones. And, you know, we were loving it as much better model with our businesses actually grown substantially as a result, we've reorganised our team structure around that. The other thing that excites me going forward is data. So you know, the way you can use data to create incredibly personalised experiences and, you know, you don't have to do one size fits all, or even the closest size fits all. You can have a perfect solution that fits each person using if you've got enough data and the ability to process that. So for example, you mentioned the scorecard. 24 assets, asks a series of questions and then we can custom build a solution for someone based on how they answer those questions. And we can actually custom build their business growth journey, so that they're doing the right thing at the right time. So the use of data and the ability to process that data is really exciting. I've just co founded a new company called score app that allows companies to actually harness a lot more data through running scorecards and quizzes with their clients, then process that data and have more powerful conversations with with their customers as a result.

Christian Rodwell  31:30  
Yeah, and the important thing not to forget with all of this technology is business at the end of the day is person to person. And so this data is, you know, just helping you to really understand your customer and stuff and

Unknown Speaker  31:42  
think about it like this. The reason your best friend is your best friend is because you have a lot of data on. So it's you know, the fact that you have a really close relationship is a data problem. And then the way you utilise that data and the way you express that data back to people But you're essentially, it's very hard to be best friends with someone if you have no data on them. If you don't know what their favourite food is, or their favourite music or their, or that joke that we told a year ago, that's still funny. You know, if you don't have that data, then it's very hard to be a best friend. So the when, when companies think about data, and they use it as a way to get further away from customers, and kind of like put a barrier in between people, then they're doing the completely wrong thing. The purpose of data is intimacy, it's the ability to save the exact right thing at the right time. It's the ability to provide the right solution that's perfectly fitted. It's the ability to be a much closer ally, as opposed to, you know, kind of being a one size fits all.

Christian Rodwell  32:43  
Yeah, we've provided some great insights today, Daniel, and you always do within your Facebook group as well. The oversubscribed reset and reinvent is a great group. So anyone who isn't in now I definitely highly encourage you to go and join that. But where else can people head to Daniel to kind of follow you and find out what else you got going on

Unknown Speaker  33:00  
the most people read the books. There's entrepreneur revolution. And then key person of influence oversubscribed and 24 assets. If anyone wants to drop out office in the email, we can actually just send you a free copy of key person of influence because we have that as one of our marketing promotions and kind of just happy to give it out. So info at dent global, and just say, I'd really like a book, please. And our team will pick that up. And if you give us the mailing address, then we can send it straight out.

Christian Rodwell  33:32  
Yeah. Oh, no, that's awesome. Thank you for that. And thanks so much for your time. It's been pleasure speaking with you again today. Daniel.

Unknown Speaker  33:38  
Likewise, Christian, thanks for having me.

Christian Rodwell  33:41  
So very interesting there, and Daniel, certainly in his book 24 assets, talks about obviously the ecosystem that you can create within a business and and of course, we have our own Seven Pillars model. So maybe we can touch on Kevin, you know, some of the differences between get some of those assets that may be Sit within a business or under the IP pillar as we refer to them. Hmm.

Unknown Speaker  34:05  
Well, first of all, I'd like to acknowledge, I think it's a great idea to be encouraging business owners to be thinking about the power of some of the things that maybe they'll take for granted in their business and referring to them as an ecosystem is quite powerful because there's an interdependency isn't there on things like, you know, your brand, your database awards, you could you could make the culture of your company software IP scorecards, you know, he, he raises, really, I think, what a very insightful point, that in the modern technological age, you can create the potential for more assets and I think I'm gonna make a difference. So, you know, Daniel said at the beginning, that, you know, his connection with wealth builders is we see the same things from site, different angles. So it's always good. And I love the fact that people have different angles. Because the insights you get from people with a slight twist, a slight take on things can help you decide what's right for you. So, where Daniel, I agree, is on this concept of the ecosystem. I think it's a very good where perhaps, you know, we might have a slight difference, not of opinion, but just of the angle is many of the things that he refers to. For example, He says that recurring income is a byproduct of owning assets. And I would say that's true. But for many people, they've got the potential of the asset. In other words, they might own an asset, or they might have the potential to create an asset, but they fail to capitalise on it. So it turns from a latent asset into an income generating asset. You've got to do something with it. You see the difference, Chris? You could Have a database. But you could fail to capitalise on it because you don't nurture it. Well, you know, you could have very strong software, but you fail to create the niche market that develops into a recurring income programme. You could have great relationships with clients, but you don't craft a membership or a proposal that delivers the value back to the business in that recurring way. So I think we're saying the same things. But I just ducked down a little bit deeper into that, and I see many people undervalue their assets and we know this from the convention pillars, don't we, you know, people undervalue their home, they undervalue their pension, they undervalue their IP for sure. So, so many examples where people could own an asset, but they fail to turn it into the recurring income that is truly wealth building.

Christian Rodwell  36:54  
Yeah, we're actually going through that very stage with our members in some steps 12 programmes At the moment is looking at a very distinction between those three traditional assets, which are the home capacity pensions, investments, and the switch over to the for entrepreneurial assets. And, you know, I guess Daniel was talking with a focus more on the business and IP pillars today, but I know in your presentations, Kevin, you you have a slide, which often shows business owners very, very focused on just their business, but then you zoom out and actually show all Seven Pillars together. And it's really, you know, you're in the business of wealth, which is what you say often.

Unknown Speaker  37:35  
I think what Daniels done actually, he's helped me because, you know, I talk about most business owners, like my dad had tunnel vision, you know, their, their eyes or, you know, focus squarely on the day to day of what happens inside their business. And I guess that's the same with people in jobs, right? They, they're committed to that time. So they're their heads down. They're putting their effort into Creating whatever they can in their business and then their job. But often that sort of blinkered look, that tunnel vision fails to spot the weakness in the trap that lies there in which is this trading time for money, or trading activities for money, you know, can be quite a devastating outcome when something goes wrong. And we know that financial independence means the independence from a single source of income, which is why we believe so passionately, in creating multiple streams of recurring income. But then what Dan has done is actually helped me think a little more about business owners and say, Well, okay, I'm trying to get them to focus on their world outside of the business and almost see their wealth as their business, not the activity of the business itself. But what Daniel saying I think, is well dive further into the business and see if you can create powerful assets inside the business. So the business itself can create streams of income for you. And I think that's a very powerful distinction.

Christian Rodwell  39:05  
Yeah. And one thing that that Daniel spoke about is really having that map. He talked about the distinct stages that every business goes through beginning with the startup where you really adjust, you've got an idea, and then moving into wilderness where you're testing and validating the idea. And then the boutique stage, which is between three and 12 people, and often that's where many businesses, you know, are happy to stay, because you can create a pretty good lifestyle of that without, without them moving on to that massive performance stage, of course.

Unknown Speaker  39:39  
Yeah, I mean, it's interesting to show a map and I think he makes a great point that you know, a map or a plan is always better than randomly kind of arriving at things. And what my experiences with maps certainly on the wealth building map that we've created, Chris, the seven steps to wealth is the sooner you get the map The better it is, you know, it's almost like you're in wealth, you're charting new territory, well, it's hard to do that, why not just follow a path that's already been laid down. So it's just so much easier to do it that way. And I think he's making some great distinctions about thinking about where you are in your business and kind of understanding that you're moving from one path to another, you know, or one level to another other. And that whenever you move to another level, if you don't understand it, whatever got you successful at Level A, is not likely to get you to level the success level B. So you know, obviously, I don't know the language is clearly as Daniel does for his own distinctions there. But but good ones on they really so if you want to scale it, you you're gonna have to let go of a lot more in order to create the power scale, whereas in the boutique style of business, you know, you're much more focused about your lifestyle. We spend a lot of time wealth builders helping directors understand how they can draw money from that their business the DR A w that I spoke about on the last podcast Chris, the directors pension relevant life, building assets outside of the business and well being so many ways that a boutique business owner can create a fabulous lifestyle with much of his coming from basically tax deductions. So, you know, very powerful thing there. But of course, if you then want to scale it, you know, you've got to think outside of your lifestyle, and maybe that's when you get to life changing sums of money when you can sell your business for multi multi millions. And we've definitely seen that, but it takes a different process altogether, doesn't it?

Christian Rodwell  41:46  
And one of the things I didn't actually touch on with Daniel by now he's a big fan of his wealth dynamics, talks about wealth dynamics a lot. And for anyone who's you know, looking at either growing or you in getting into business, we talked about that transition of so many people who are employed now having to almost think entrepreneurially, if they really want to have, you know, the success and the wealth that they desire, and knowing your wealth dynamic, knowing where your value is created, and how you can deliver that, to be in flow is one of the best ways. And so Daniel talks again, about making that shift, joining an entrepreneurial team being surrounded by like minded people. And of course, we say that connection is, you know, one of the key elements of wealth building.

Unknown Speaker  42:32  
Nice, who said, Chris, and I think in addition to that, done, your focus focuses on a lot there, didn't he on the concept of adding value, wherever you are, you know, in the way that I would frame that is, I think he talked about, you know, the one of the best things you could do is go and work for a business for a couple of years. But rather than take the risk of the beginning, and I think that's very powerful. I think from our perspective of wealth builders, we we would say that, everybody You should focus on being a value creator, whether you're an employee or in business and seek to almost imagine you're on a team, like a sports person, you know, in play to the best of your ability on a team until it's logical then for you to move on to the next team and I love the example of the value creation for kids.

Unknown Speaker  43:21  
Pitching for a dog

Unknown Speaker  43:24  
Yeah, I mean, I got pitched for a dog with with my kids and I said no, but everybody else said yes, I got voted.

Christian Rodwell  43:31  
Yeah, you pleased you made that decision. Oh,

Unknown Speaker  43:33  
legally. You know I love I love our dog now and you know McKean dog walker at the weekend with him and love it, you know, but originally, you know, I saw the problems, you know, somebody else is going to end up doing it, not the kids and as it happens, that's exactly what happened. But, you know, my wife loves it, and I love it and, and the kids love him. So, no, it's it's a very powerful thing though. To create value, and to give you Young people the skill to be thinking about value creation at whatever level they are, and I think it's a good skill to have in life, irrespective of where you try to try to create value.

Christian Rodwell  44:13  
And of course, there's so much more value within Daniel's books so for anyone listening now who you know hasn't read any of those books or you know, maybe seen some other videos that Daniel does regularly, online, definitely do go and check those out. He talks about one of the scorecards 24 assets.com and he offered very kindly as well copy of his book KPI for anyone. So the email address if anyone didn't catch that is info at dent dot global.

Unknown Speaker  44:40  
Yeah, I'm sure you can put a link in the show notes, Chris because, you know, KPIs, a seminal book, you know, it's a great, great book key person of influence and that focuses very much on you know, creating almost a stream of assets in your personal approach, you know, in terms of being able to create partnerships to be able to pitch to be able to create a product, you know, a whole range of different things that he calls the five P's in there. And a great book and I would encourage anybody who wants to add value in the world to read that book

Christian Rodwell  45:14  
first. Like we've touched on the subject today, which there's, there's more that we can talk about, I'm sure we can invite some more guests to, you know, pull out, obviously, that value that's often hidden right under our noses, whether that's in a business or just in our life in general. So it's been a good conversation today, Kevin, thank you.

Unknown Speaker  45:31  
No problem, Chris. And until the next time we do a podcast see.

Unknown Speaker  45:37  
Ya hope you enjoy today's episode. Don't forget that we are constantly updating our resources inside the wealth builders membership site to help you create, build and protect your wealth. Head over to wealth builders co.uk slash membership right now for free access. That's wealth builders.co.uk slash membership.