Nick Friedman
speaker
121 appearances
1 recordings
1 series
first heard Mar 2025
last heard Mar 2025
Nick Friedman’s voice in public audio — every appearance, attributed to the second.
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Appearances
And if something is really high... earning potential doesn't take a lot of effort that's a no-brainer and I'll give you an example something we did was or we're doing now long distance moving you know we just we've got the trucks we've got the labor we've got the network now with 200 locations we can start offering that and leveraging our network
or we started an accounting service, bookkeeping service for our franchise owners that works so well, we're going to offer it to other franchise systems as well because we already got that set up. It's something we're doing internally as an internal service.
It's a no-brainer for us to use AI and offshore DAs to be able to offer it to franchise systems to have clear, transparent books and accounting. But then there's stuff that might be a little bit more far-reaching. truck manufacturing or truck sales. I don't know the first thing about truck sales aside from when we buy them and trying to negotiate a good rate and a good rebate.
So to your point, having a quarterback, if we were to go down that route, we'd have to find somebody who understands truck fleet management. That could be our quarterback or CEO of our trucking division that could help us source inventory, floor plan and sell and or lease them to our franchisees. So that's something that we've thought about, talked about.
It's on the vision roadmap, but we haven't pursued it yet just because we've got kind of the lower hanging fruit in front of us. So I think that's the way to approach, you know, when you've got these different opportunities that present themselves, make some small bets.
And then if it's something that's going to take a heavy lift, you've got to have somebody that's going to do it or it's going to distract you or your team from your core that's already working.
Also, yes. The goalpost always moves. But I will say we took some chips off the table. We did a minority private equity transaction shortly after COVID. And the reason for that was, you know, COVID was such a wake up call for me. I had 99 percent of my net worth in one asset, which is our main business.
And I was like, man, if something, a Black Swan event like this happens again, it could wipe out everything I've worked for. So let me de-risk, take some money out of the business, bring in an institutional partner that can help give us some infrastructure to help prepare us for the future exit.
And just quick side note, the guys that invested with us is these three self-made billionaires that are actually the largest shareholders of TikTok. Oh, OK. Here in the U.S. These three dudes up in Philadelphia, I think their net worth went from five billion to 50 billion as a result of their TikTok investment. But anyway, so whatever they're invested in college hunks is a rounding year for them.
So they're not too worried about how quickly we exit. So which is a nice partner to have from a minority standpoint, because they're not pushing us for. for an exit anytime, you know, it's our timeline, not theirs. But I do think at some point, we'll look to recapitalize the business. You know, as I approach, I'm in my early 40s.
Now, if I could get to 50 and have another meaningful transaction to be able to be more of an investor and facilitator for other businesses, I think that'll be exciting. Also, And so I think that's all part of the journey. But, you know, this brand still remains kind of a part of my identity.
And I think a lot of times, you know, as entrepreneurs, especially in the early days for me, I was approaching business from a point of scarcity. Like if I could just get to a million in revenue, if I could just get to 10 million in revenue, I could just get to 100 million in revenue, if I could just get to a million in profit, you know, we'd be good.
And every time we hit those milestones, it's like you said, the goalpost moves. And, and I feel like I'm just chasing this something that's always out of reach. So I've had to reframe and realign my mind from a paradigm standpoint, because as you get more successful, you get surrounded by more successful people. And everybody's got a bigger boat, somebody's always got a bigger plane.
And it always makes you feel like you've got to get to that person's level. And I think unless you're Bezos or Elon, it's gonna be hard to not be always looking up at who's ahead of you. So we think of things from a point of abundance and say, okay, look how far we've come to where we are. That doesn't mean we're gonna stop and get off the ride. We wanna keep pushing and growing.
And I think what excites me and gets me excited and passionate as opposed to feeling like I'm missing out on something is this notion of potential maximization or optimization. Like how could I maximize my potential as a leader, as an entrepreneur,
as a father, husband, business owner, all of those categories that I'm, you know, I guess you could label me as, but also how can I maximize the potential of this brand, this platform, what it can do in the communities that it services, what it can do for the franchise owners who invest in it, how much it can allow them to provide for their families, how much it can, you know, employ into our overall, you know, employee community as well.
And so that's the stuff that keeps me excited and going no matter how far reaching the goalpost keeps extending from a number standpoint. Because once we hit a billion in revenue, I'm going to want to hit 2 billion or 3 billion. And so that never stops. But taking it from a point of abundance and not feeling like I'm missing out or lacking, that makes the journey that much more exciting, I think.
Oh, man. You know, I guess I would pinch myself first. Then I'd probably look at my bank account about 25 times just to make sure it was real. And I think shut my phone off and just take a moment to like breathe and soak it in and spend time with the family, the wife, the kids, fire up the jet and go around the world for a couple of months.
And I think that'll be allowing me to just sort of reflect, have that little mini sabbatical moment. And I think I would get bored out of that very quickly and say, well, what am I coming back to do? And how can I be more impactful on this next go round? I've never met an entrepreneur who has officially retired.
They may not be grinding it out day to day like they did at the beginning, but they're still involved in something because, you know, the moment you start, you stop growing, you're dying in all effects. And so. I've met 80, 90-year-old guys that are still grinding out. I met a guy, one of my neighbors, he's got a big horse farm now. And I was like, oh, that's an interesting hobby.
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