Bharat Kanodia On Everything You Need To Know About Valuations But Probably Don't (#116)

[00:00:00] Jeffrey Feldberg: Welcome to the Sell My Business Podcast. I'm your host Jeffrey Feldberg.

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[00:01:44] Bharat Kanodia: Bharat Kanodia has valued over 2000 businesses and signed off on assets worth $2.6 trillion in value. He has appraised unique assets, like the Golden Gate Bridge, Atlanta Airport, Uber, Airbnb, Yahoo!, Brooklyn Bridge, and Mirage Casino in Las Vegas among many others.

Bharat is the founder of Veristrat a company that helps us startup founders and VCs by telling them what their companies are worth. He lives in the San Francisco Bay area with his family and enjoys sailing, golfing, skiing, and horseback riding.

[00:02:26] Jeffrey Feldberg: Welcome to The Sell My Business Podcast and as always so delighted and excited to have you with us. At Deep Wealth when we start the 90 day Deep Wealth Experience and business owners come to us and master the 9-step roadmap.

One of the first questions that they ask is, hey, what's my business worth? And it's a terrific question. Today's guest is going to be an absolute delight for you because that's all he does. He does valuations from the Golden Gate Bridge all the way to Airbnb, Uber, you name it. He's done over 2000 businesses and over $2.6 trillion in value and signed off assets.

But I'm getting ahead of myself. So Bharat, welcome to the, Sell My Business Podcast. We're so excited to have you with us. And, you know, there's always a story behind the story. Bharat, what's your story of what got you to where you are today?

[00:03:21] Bharat Kanodia: Thank you, Jeffrey. I appreciate you having me. You know, they say the best things in life happen to you when you least expect them. The first job out of college for me was in valuations and turned out I was half good at it. So I stuck with it.

[00:03:35] Jeffrey Feldberg: Wow. So you started with something, it obviously resonated with you, you stuck with it all these years later. So what was it about valuations? Because you could have done and gone on to do anything. Was there something specific about the process of valuations that you liked or something else that keeps you day in day out?

[00:03:54] Bharat Kanodia: I love my job because every day I get to learn something new. I am sometimes appraising a power plant. Sometimes appraising an airport. Sometimes, I'm appraising a technology company or you know a general contractor or a grocery store chain. And every time I have to learn and make myself an expert in that industry almost overnight. Otherwise, the client wouldn't respect my opinion. If I don't know about their industry, how can I give them an evaluation? So I need to educate myself about that industry and their company as fast as I can so that I can give them a valuation or a value opinion that is worth something. And that's most intriguing to me.

[00:04:40] Jeffrey Feldberg: I love that. And so you have this passion, you're doing these valuations. So Bharat, let me ask you this. As business owners, we tend to be selfish when it comes to our liquidity event, because we typically focus on, hey, what's in it for me, you know, I can just see those dollars rolling in. I'm going to have a liquidity event and all these zeroes in my bank account and life is good.

And we tend to overlook all those other parties in the transaction, specifically, a buyer and a buyer who has a different view of the world and is perhaps looking at things that most business owners would never consider because they're not thinking like a buyer. So when you're doing a valuation, maybe we can look at both sides of the coin here. For most business owners when you're evaluating a business, whether it's a high tech, manufacturing, low tech, something in between, are there some general things that you're seeing that happen, again and again, these patterns where business owners are just missing the boat, when it comes to the value of their business, what would you be sharing with us on that side?

[00:05:49] Bharat Kanodia: How much time do you have Jeffery?

[00:05:51] Jeffrey Feldberg: Oh we'll take the time. This is important stuff and you're the fellow who's got the experience. So please dive in.

[00:05:57] Bharat Kanodia: I'll tell you some of the common mistakes I've seen. I don't know if I'm clever enough to put them in a chronological order, but I've seen some of the top mistakes I've seen is oh, my company is worth five X. Why is your company worth five X? Oh, because that's what these kinds of companies are worth well, where did you get the five X number? Oh, my neighbor's cousin's daughter sold her company for 4X. So my company is better than hers, so mine's gotta be five X. Oh, of course. Yes. That makes. So that's one mistake I've seen. No, not really having any tangible analysis done to understand how evaluations work.

 That doesn't mean I'm not trying to be self-serving here. I'm not saying you need to hire me, but you just need to think a lot more than my neighbor's cousin's daughter, so that our business before X. Call somebody in, maybe talk to your CPA, maybe just have a few conversations with a banker or a business program to think about hey, what do you think about my business? Where do you think it is? Are we at 4 X or 10 X or 20 X? That's one of the mistakes I've seen. The second mistake I have seen, I as business owners think that if their business is worth $10 million somebody is going to just write them a check for $10 million.

Then they're going to walk away. They forget about Uncle Sam first. And I have almost never seen a deal maybe one time where the buyer just comes in and hands a check and says, hey, or go, you know, live your life. And the seller walks away. That never happens. There are always strings attached.

There are always earn-outs or some kind of a claw-back clause. Or there's an employment contract or there are shares in new co. Sellers just don't get to walk away. It's not like selling a house and the reason for that is because when you sell a house, a house is a static object.

If you don't do anything for your house for a month or two months, nothing's going to happen to it. Now, try not doing anything with your business, or just trying disappearing as an owner for two months at a time. See what happens. Your business is gonna decimate on itself. That's the second mistake I've seen done.

And the third mistake, I have seen done is owners have no idea what they will do or could do, or should do after they sell their business. And because they don't know their next chapter. They're always hemming and hawing about this chapter. So if there are businesses worth $8 and you bring them a buyer, that's willing to give them $10, it would be like, nah, I can do better.

You bring them an X-buyer who offers them $15? Nah, I can do better. And that is because they don't see their next chapter. They don't see where are they going to go next? They can't envision that just yet. So they're like, hey, this is what I've got so far. And the price seems to keep going up. So let's just keep bothering Jeffrey and keep asking him to bring me more and more buyers.

It's when people register on Tinder they're paying the monthly charge or the yearly charge. So we're going to have to find the girl of their dreams. They keep swiping.

[00:09:14] Jeffrey Feldberg: I love it. I love it from evaluations to Tinder, but it really, it Bharat it, it comes back to the mindset of the buyer. And really when you talked about the three shortcomings, if I can use that word for the business owners, it's really with the mindset of perhaps not doing that preparation, not educating themselves, and really not having those expectations right from the start of the best way to go about this, but there are always two sides to a coin. And if you could wave the magic wand, what would the perfect type of situation look like? And maybe you even come across this where you walk into a business and they've just done all the right things.

It makes the valuation relatively straightforward for you to do. But then at the same time, the business and the business owner, they benefit because it is going to be a high valuation. What would have to happen in that kind of scenario?

[00:10:10] Bharat Kanodia: You have to think from a buyer's perspective, what a buyer really wants is they want to come in and they want to enjoy the benefit from that business. That benefit could be the customers, could be the revenue, could be the profit, whatever the benefit is without doing anything. So they want to come in, enjoy the benefits and not do anything after. Now, that is the gold standard.

That's a hundred percent grade. Now, no company, no seller can come to that gold standard to that a hundred percent grade but that's okay. How close can you come to it? What can you do that makes the buyer's benefit consistent? That the buyer is getting that revenue. The buyer is receiving that profit. The buyer is receiving those customers or that traffic, or what have you, whatever that benefit is, and how well are your systems and management teams are set up that the buyer doesn't have to get involved personally. The company almost runs on autopilot. Now, understand no aircraft or no company, no train, no car can run a hundred percent on autopilot, even delegate it cars. They still have drivers on the driver's seat still. So nothing can run a hundred percent on autopilot, but how close can you get to it? 10%, 20%, 30% just by saying that, oh, my company can work without me or my company can't be automated. I assume that's not the answer.

Start by things that can be automated. Start with things that can be given to other people to do and delegate it. You can't just say that, okay I have to do it, or this has to be done by people.

CPAs used to say that, back in the day that, oh, my work can't be automated guess what happened to that. I mean, appraisers used to say that my work can't be automated. Guess what happened? There was software that can do your job.

[00:12:02] Jeffrey Feldberg: I love that. And for our listeners, what you've just heard Bharat share with us is absolute as I like to say, it's not gold. It's platinum. So for starters Bharat, you really talked about at Deep Wealth. We call it the Future Buyer, that's step number three of our 9-step roadmap. And this is where you're putting yourself in the position of the buyer.

What do I want? What do I not want? How am I going to reduce the risk? Where is going to be my ROI? And then the other thing that you spoke about Bharat, and this is really step number two of our 9-step roadmap we call it, X-Factors That Insanely Increase The Value Of Your Business. You talked about automation, you talked about things of how well the business runs.

I'm going to add a management team or is the business running around just the business owner, trying to do everything, and the sun, the moon, and the stars revolve around the business owner with nobody else that's there. So for our listeners, what you heard, and this was from someone who does evaluations day in, day out with some of the biggest companies that are out there.

You've heard it straight from the source of why the preparation is so important that you can really take these sometimes visible skeletons in the closet, sometimes hidden skeletons in the closet, and upfront remove them. So when somebody like Bharat comes in or your future buyer hires Bharat to come in and say, hey, we're looking at this company.

We'd love to get your thoughts on what you think it's worth. You're making it all too easy to have a higher valuation because you've done what Bharat has just shared with us.

So when it comes to the whole side of a buyer asking for what the valuation is. And then you also have really, it's like a tug of war because the business owner wants it to be as high as possible. The buyer wants it to be as low as possible. And I'm sure there are instances Bharat where your valuations are going to be challenged. And you're probably thinking in the back of your mind, okay, I'm going to need to justify this. So, how do you deal with that tug of war and that constant pressure of no, make it lower, No, no, no make it higher. What does that look like for you?

[00:14:08] Bharat Kanodia: You know, I was a young appraiser and working on one of my first, one of the earlier projects and it was a litigation case. And I knew the number the buyer wanted and I knew the number the seller wanted. And I went to my boss and I said, you know, I can support the buyer's number also with full justification. And I can support the sellers' number also with full justification. I have seen it both in both ways. It's fine. It's all within reason. I can justify it both ways. And that's really my job 'cause I should be able to justify both ways, but the answer is really somewhere in the middle.

So what we have, we can't give them a wide range. Like I can't say to somebody here, the answer is somewhere between $10 million and $36 million pick a number. So my boss, says to me Bharat, you are not understanding your job. And I'm like what do you mean? Bharat, you're not understanding your job.

I'm like, okay, tell me my job. He's like your job is to piss them off equally.

[00:15:12] Jeffrey Feldberg: Oh, I love that. Piss them off equally.

[00:15:15] Bharat Kanodia: And I'm like, okay. I don't know if that answers my question, but I see what you're getting at. Okay. So I went back to the drawing board and I said, okay, how do I justify this in a way that I get an equal number of arguments from this side? And I get an equal number of arguments from this side. That's how I went.

[00:15:34] Jeffrey Feldberg: So it's really a tight rope that you're walking as you go through the steps of, okay, the business has this, but they don't have that. I'm going to put myself in the shoes of really both parties here to see what that's all going to be like and Bharat when you're working with the founders of the startups and even the private equity-backed companies that are there, what kinds of things or what advice are you giving them from the early days that's going to help them that perhaps you can share with our business owners?

Because my philosophy is whether you're a startup or you've been in business for decades, you always have the opportunity to both prepare and change for the better. Which helps your growth, which helps your bottom line helps you become a thriving and profitable company. So what does that look like?

You must have seen too many startups to count and the same thing with private equity-backed companies. Are there some common trends that you're seeing there or some general wisdom that you're sharing that you can also share with us?

[00:16:30] Bharat Kanodia: The companies that do well are almost like, have you played Uno?

[00:16:36] Jeffrey Feldberg: As a matter of fact, I have, I love that game.

[00:16:38] Bharat Kanodia: In Uno, there are colored cards and their number cards, and this picks two of them. And then there are wild cards and then there are wild plus four cards. Ideally, you want a company that's almost like a wild card, which is playable in every circumstance. It could fit in anywhere, no matter where the game is almost.

Kind of like this Bluetooth air pod it's compatible with my phone, and it's compatible with my iPad. It's compatible with my desktop. It's compatible with my laptop. It fits everywhere. So a company that is compatible in all different scenarios is very valuable. Now, let's talk about what those scenarios might be.

It could be a good strategic buy for a large fortune 500. It could be goodbye for a private equity firm, which could take it and flip it in the next five, or seven years after adding maybe a couple of more companies to it. It could be a great company to bill and then maybe take IPO down the line.

 So are your systems, processes, products, and most importantly customers at a point where they can be piggyback off others or almost like Lego pieces, they can be assembled and disassembled in multi different ways. That's really valuable. That company is very valuable.

[00:17:58] Jeffrey Feldberg: And for our listeners, what's interesting Bharat you shared with us some terrific insights as an experienced individual. Who's out there giving valuations. What I'm really hearing you say is look, Jeffrey. If there was a potential buyer and they asked me to value the company, I can give you all the reasons in the world, why it's going to be a lower valuation, but on the flip side for the same company as a business owner, I can give you all the reasons in the world, why it may be a higher valuation.

And so really to me, it's that old saying that beauty is in the eye of the beholder. And Bharat to your opening comment when we first started talking for all those business owners out there, what your takeaway should be is that the value of a company is not a very complicated spreadsheet formula. The value of the company.

It's like a living and breeding thing. It depends on who's interested in the company. What do they want to get out of it? And what do you have? And for every potential investor or buyer, they may have a different outlook or a different reason. Maybe something that a business owner considers to be oh, it's not really that valuable is incredibly valuable to that investor or that buyer, and that's really going to make all the difference. So beauty is in the eye of the beholder. Bharat when you're speaking with the business owners, how important is the narrative of that business to you? Does it sway you one way or the other? Does it make a difference for you or are you strictly data and facts? What does that look like for you?

[00:19:30] Bharat Kanodia: Oh, the narrative is everything. Numbers are only 20% of the story. I spent 80% of my time on the narrative. Numbers say easy, numbers don't lie. Numbers are straightforward. Numbers fall into place. Numbers are easy. It's the narrative, it's the story behind the valuation that's important. And my job is really to understand the story behind the company.

What makes it tick? What's really at the heart of this company. What's that golden nugget. And once I get that, then zooming out into the valuation is easy. So my first job is to keep zooming in and zooming and keep peeling the onion, keep peeling the onion until you get to the real golden nugget and you understand, okay, what is making this company tick?

Getting to that nucleus of that atom. And then my job is to zoom out and while zooming out, I can create a valuation report, but unless I zoom in far enough and I get to that golden nugget, that nucleus, I'm not doing my job because I don't know until then what's making this company tick.

[00:20:33] Jeffrey Feldberg: Wow, stop the presses. You heard it right here in The Sell My Business Podcast. And for all you number-oriented business owners out there, numbers are important, but as Bharat just shared with us, it's 20% of the story to find that golden nugget to get to the true value of what your company potentially could be. It's in the narrative.

And so for all you business owners out there, here's the question for you? Do you even have a narrative for your company that paints the picture of a bright, prosperous, and happening tomorrow? Or do you have the same old, like everyone else and your competitors, and you're just going to blend in with what everyone else is doing?

So the narrative is everything and Bharat it was really interesting to hear you say that because again, step number three in the 9-step roadmap, the Future Buyer. One of the things that we focus on is preparing a narrative for the future buyer that gets them excited, hey, this company can really solve this problem that I have that can take me from A to Z in a heartbeat. That's worth something to me. Let's make sure that we win this deal and we don't let the value drop.

So I'm wondering Bharat, as you look at the narrative, have things changed over the years with the narrative in terms of what you're hearing or seeing, or has it been mainly constant?

[00:21:51] Bharat Kanodia: Social media and now there are so many avenues to spread your narrative that for many companies, especially startup or venture world, they've just taken the 20% of the numbers piece and shrunk it down to 0.2% and they made the narrative the 99.8% of the story, which I think is maybe too far out.

And that's really a problem because now that's almost like overleveraging because you gotta have some fundamentals. It just, can't all be all unicorns and daisies.

[00:22:25] Jeffrey Feldberg: Let's talk about that. But before we do a really important takeaway that you're sharing is, hey, the narrative's important, but you also need the numbers and the facts and the data behind that to support the narrative. So don't make it 0.2% or 0.1% of the overall story with the numbers. Give them the fair share and then you'll get the proper valuation as opposed to not maybe overlooking them or just having them way in the background there, it raises other questions. I would suspect on your part of hey, what's going on here. Why aren't the numbers, where's the data on this, what's going on, but how do you justify not for you specifically Bharat, but in general there's companies out there, the unicorns, as they're called with over a billion dollars of valuation where they don't have profits, they don't maybe even have a real business model that works, but they have such high values?

How do we win when the fundamentals aren't in place? And you're getting these high valuations. Can you explain that to us of how that's justified and how that works?

[00:23:30] Bharat Kanodia: Valuation is a narrative. That's all it is. So, a valuation is an opinion and an opinion is a narrative. So you could take the same company and you could have a different narrative or evaluation, and I could have a different narrative or evaluation. So that's why the metrics, the real numbers of revenue, the profit, the earnings, these startups, they don't have those.

And since they don't have those, they recognize that they don't have that. They don't have a profit, they don't have a product. They might not even have a customer. But they need to attract employees, investors, and customers. How do they do that? What they do is they change the narrative. Instead of talking about the fundamentals, the revenue, the profit, the earnings, the product, they talk about valuations, which is a pie in the sky anyway.

Schmucks like me come up with those numbers and I can make a company worth a dollar or a billion dollars, and I can justify it both ways. And you can challenge me in court. So they play in this field. They've changed the narrative. They've changed the game they're playing, you think you're playing baseball and they're not even playing baseball. So that's, what's happening here.

[00:24:37] Jeffrey Feldberg: Wow. Quite the game that's going on there. So what we've gone from the two extremes. Let me ask you this because you've seen so many different businesses and it's not your first rodeo as the saying goes. So let's do a quick thought experiment. So Bharat, imagine for a moment that you're now starting a business or you're in business, and you also have the knowledge of everything that you've done on the valuations side.

When it comes to the narrative and let's make this assumption that yes, you're going to have 20% of the numbers. They're not going to be overlooked. They're not going to be minimized and not going to be maximized. It's just going to be the right amount with the numbers. On the narrative side, are there specific elements that you would be including or a certain way of saying things or doing things that you can share with our listeners of what they should be thinking about for their narrative that someone like yourself evaluator comes along and says, oh, wow. Okay, never would've thought of that. But now that they said that, yeah, I get that. That really makes a difference for me in a higher valuation for this company.

[00:25:37] Bharat Kanodia: I mean in the narrative, people are always wanting to see something extraordinary in your narrative. You have to make an outrageous claim or set an outrageous goal for yourself and your company. I don't know Bitcoin becoming the next global currency, or I'm going to put an ATM on the moon or something extraordinary, which people go, what the hell? That's one thing.

And the second thing you got to do is you got to find people who buy into that narrative. It doesn't matter if you find one person. I mean, how many Bitcoin investors are there, but these Bitcoin investors are really persuading a lot of other people. So you need to find that tribe if you will, that buys into your narrative and then you got to keep hitting it.

You got to keep hitting it again and again and find more people to join your tribe. Find more people to join your tribe. You've got to keep turning the fork or you got to keep churning until you make butter and eventually you will make butter. You just have to have the zeal, the stamina, and the inclination and the support, whatever you want to call it, the currency to keep churning.

So, you know, You got to make an outrageous claim force thing that, okay. No, we're going to set up a factory in the sky. What? You don't even have to justify what that is. And then find people who buy into that narrative. Maybe just one, but start with one, you got to start somewhere and then you got to keep adding to it, keep adding to it.

That's really how you build these narratives. That's how you build that pie in the sky. And eventually, it turns into butter. If you just turn it in enough times.

[00:27:10] Jeffrey Feldberg: So starting with something outrageous, getting people's attention, getting more people to become part of the tribe, and just getting that momentum and building that. And next thing you're really out there with a high valuation.

[00:27:20] Bharat Kanodia: I know it sounds hokey when I say this, but this is exactly how it works, believe it or not. As I say, truth is stranger than fiction.

[00:27:29] Jeffrey Feldberg: One of my favorite expressions is truth is stranger than fiction. And speaking of truth, being stranger than fiction and high valuations, when the coronavirus pandemic came around, something unexpected happened in certain sectors in the world of mergers and acquisitions, and we saw valuation go off the charts and they're still running in that direction in particular industries.

What can you tell us of how to make sense of this and the gazillion-dollar question? Do you see this continuing and what does that looks like?

[00:28:01] Bharat Kanodia: Again, valuation is not a fundamental metric. Valuation is a derived metric from the fundamentals. And as long as the fundamentals are in a certain state, The valuation will be dependent on that state of the fundamentals. And what's driving these fundamentals today, let's face it.

What kind of stocks are going up? Technology stocks are really skyrocketing or other stocks, which are capital intensive and capital is cheap. So of course those stocks are going up and technology, everybody's sitting at home using technology. It's like technology stocks are going up. So there it is.

I mean, the housing market is going up because interest is cheap. And we live in a debt economy now, no longer an equity economy. So as long as you're making debt and debt is cheap, the markets will keep going up. It's not about valuation. It's about the fundamental metrics that are skewed.

[00:28:51] Jeffrey Feldberg: So it was interesting. So it sounds like if you take the fundamentals, which are skewed, but you attach the right narrative to them back to your point earlier, the sky's really the limit and something that would seem unimaginable is actually happening.

[00:29:05] Bharat Kanodia: Yeah. I mean, you know, Tesla at some point it was trading at a 1300 price to earnings ratio. Now I tried to explain that to people, what that means, and people's mind just almost explodes when I say that, 1300 price to earnings ratio. What does that mean? You know what that means? That means for every $1 Tesla is adding to its bottom line, investors are willing to pay $1,300 for that $1. Would you pay $13,000 for a business that gives you a net profit of $10 a year? That's the question.

[00:29:41] Jeffrey Feldberg: Logic would say well, of course not. Why would I do that it doesn't make sense, but the truth is stranger than fiction. Reality is saying something else.

[00:29:49] Bharat Kanodia: Yeah.

[00:29:50] Jeffrey Feldberg: Any predictions as we continue to go through these interesting times.

[00:29:54] Bharat Kanodia: Oh, I stopped doing that a long time ago because one thing I figured out is anything I am is going to be wrong. So I just stopped doing it. Yeah, because all it does is make a fool out of me. And not for anybody else. I get pissed off with myself.

[00:30:06] Jeffrey Feldberg: Well, that's a terrific way of just being smart and keeping yourself out of trouble as you do your valuations and keep on getting out there.

Well, Bharat, we're at the point in the interview where I get to ask my favorite question, as we begin to wrap things up, and the question for you is this. I want you to think about the movie Back to the Future.

And in the movie, you had this magical DeLorean car that would take you to any point in time. Now imagine it's tomorrow morning, you look outside your window and there's a DeLorean car, it's in your driveway. Door is open, waiting for you to hop in and you can go to any point in your life. Maybe it's Bharat as a young child or a teenager or a young adult.

Regardless of who you were back then, or what point in time you went to, what would you tell your younger self in terms of, hey, don't do this, but do that, or here's some wisdom or some life lessons? What would that look like for you?

[00:31:06] Bharat Kanodia: I would just go to myself every year and just say, don't worry about it. It's all going to be fine. Just relax. Enjoy the journey. You know, we're all hustling and we're doing all so many things, we forget to enjoy the journey and it goes by fast. That's what I would say to myself. Just enjoy, chill. Everything's gonna be fine.

[00:31:25] Jeffrey Feldberg: So powerful, enjoy the journey, make the most of it, it's all going to work out. It usually does. That's terrific advice. Bharat for our audience if they'd like to reach you, what would be the best place online that someone could reach out to you?

[00:31:41] Bharat Kanodia: The best way to reach me is to try to find me on YouTube. My YouTube channel is What's It Worth and there's a link to reach me. Feel free to shoot me an email. I'm always happy to answer your questions.

[00:31:51] Jeffrey Feldberg: Terrific. And for our listeners, we'll make this really easy for you in the show notes. We'll put all the links in there. So it's a point and click for you. Bharat. Thank you so much for spending part of your day with us on The Sell My Business Podcast. Really appreciate your insights for calling it what it is, and really opening up your world to our community, and giving us some really powerful strategies to think about.

So thank you so much for that.

[00:32:14] Bharat Kanodia: Jeffrey. Thank you for having me.

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[00:32:55] Kam H.: I 100% believe there's never a great time for a business owner to allocate extra hours into his or her week or day. So it's an investment that will yield results today. I thought I will reap the benefit of this program in three to five years down the road. But as soon as I stepped forward into the program, my mind changed immediately.

[00:33:17] Sharon S.: There was so much value in the experience that the time I invested paid back so much for the energy that was expended.

[00:33:28] Lyn M.: The Deep Wealth Experience compared to other programs is the top. What we learned is very practical. Sometimes you learn stuff that it's great to learn, but you never use it. The stuff we learned from Deep Wealth Experience, I believe it's going to benefit us a boatload.

[00:33:41] Kam H.: I've done an executive MBA. I've worked for billion-dollar companies before. I've worked for smaller companies before I started my business. I've been running my business successfully now for getting close to a decade. We're on a growth trajectory. Reflecting back on the Deep Wealth, I knew less than 10% what I know now, maybe close to 1% even.

[00:33:59] Sharon S.: Hands down the best program in which I've ever participated. And we've done a lot of different things over the years. We've been in other mastermind groups, gone to many seminars, workshops, conferences, retreats, read books. This was so different. I haven't had an experience that's anything close to this in all the years that we've been at this.

It's five-star, A-plus.

[00:34:26] Kam H.: I would highly recommend it to any super busy business owner out there.

Deep Wealth is an accurate name for it. This program leads to deeper wealth and happier wealth, not just deeper wealth. I don't think there's a dollar value that could be associated with such an experience and knowledge that could be applied today and forever.

[00:34:45] Jeffrey Feldberg: Are you leaving millions on the table?

Please visit www.deepwealth.com/success to learn more.

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As we close out this episode, a heartfelt thank you for your time. And as always, please stay healthy and safe. 

This podcast is brought to you by Deep Wealth. 

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Your liquidity event is the most important financial transaction of your life. You have one chance to get it right, and you better make it count. 

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Enjoy the interview!