Is this the New Way to Make Money in 2023? What is ETA? ft. LUCAS PHILIPS | EP 9
Description
In this episode, Sahil Seth interviews Lucas Phillips, a student founder who has successfully raised millions for his coffee startup. The conversation focuses on Lucas's unique journey in entrepreneurship, particularly his shift from founding startups to acquiring an established business. Lucas shares his insights on the advantages of entrepreneurship through acquisition, the challenges he faced, and his plans for the future.
What we explore:
Lucas's entrepreneurial journey from high school to his current business
The concept of entrepreneurship through acquisition
The benefits and challenges of buying an existing business
Lucas's strategy for finding and acquiring a 115-year-old manufacturing business
Modernizing an old-school business with new technology
The financial dynamics and ROI of acquiring a small business
Lucas's future plans and his thoughts on being a serial business owner
Key routines and practices that contribute to Lucas's success
Where to find Uninvested:
Website: https://www.uninvested.org/
In this episode, we cover:
[00:00:00] Introduction: The need to make millions of dollars
[00:00:36] Introducing Lucas Phillips and the focus of today's episode
[00:01:02] Lucas's choice to buy an existing business instead of starting a new one
[00:03:20] The three options for continuing entrepreneurship
[00:04:00] The benefits of buying a small business from retiring baby boomers
[00:06:22] Financing the acquisition of a business through SBA loans
[00:07:27] The practicalities and challenges of running a small business
[00:09:24] Lucas's transition from founder to business owner
[00:10:22] Lucas's specific acquisition: A 115-year-old manufacturing business
[00:12:16] Modernizing the business and implementing new technologies
[00:13:52] Lucas's goals for stabilizing and growing the business
[00:16:01] Lucas's key routines: Quality sleep and meditation
[00:17:27] Closing thoughts and final question on Lucas's success routines
[00:17:31] Outro and call to action
No transcript available
