The wind is pretty solid.
Very good.
Good to meet you.
You're everywhere.
That's great.
Who am I here with today?
Patrick Bede.
What was the most amount of money that you made in 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.
Today, 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 a $40, $50 million property.
Having cash allows you to pick things up.
Unfortunately, not having cash, when the market goes bad, a lot of people don't make it.
They want to become Patrick Brett David wealthy in today's world.
They want to become really successful.
Your last message.
Let's listen.
Guys, we're about to go fly out to Miami Florida, to interview multiple hundred million dollar 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 dollars.
Guys, this interview that we're about to do with Patrick is going to be a masterclass 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.
The wind is pretty solid.
Very good.
Good to meet you.
You're everywhere.
That's great.
And how old are you, by the way?
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 TikTok 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.
So go for it.
Right over here?
Yeah, step right over here.
Awesome.
Who am I here with today?
Patrick Bede.
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 in insurance.
There's a saying that I love, concentration builds wealth, diversification keeps it.
At what point should an entrepreneur begin to diversify?
I would put the number 10 billion plus.
When I first got in, I read a book called Blue Ocean Strategy.
When we had an emergency meeting with 20 30 of us, we got in and I said I want you to help us find a blue ocean for the company.
At the time, I was selling life insurance.
You're talking disability stocks bonds, mutual funds, variable annuities.
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 to we've licensed 60,000 agents.
And eventually we sold the company.
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 five 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 them from scaling and having that longevity?
Well, the operator, everything rises and falls on the operator.
The operator isn't maniacally focused in growing 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.
Sometimes, 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 is all about.
And you have to have the wherewithal to know i should take this feedback.
I shouldn't take this feedback and then meanwhile drive for the vision.
Don't get distracted with the vision, 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, where the members inside of the community you guys that join have the ability to ask your questions and speak directly to the millionaires and the billionaires that I interview.
So you can get the necessary knowledge that you need, where you can learn skills.
For example, some of the mentors I've had on calls with people like Todd Napola, who owns over 500 million worth of real estate.
And he taught our community how to get access to capital and create wealth in real estate without a ton of money.
Or how about Shawn Mike, who's done over $3 billion in sales throughout his career.
He taught our community the art of sales and how to negotiate, or even James Keyes, the CEO of not one, but two multi-billion dollar companies Blockbuster and 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 shortcut to success in today's world, and that's mentorship.
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Remember that information can change situations.
To join this community, go to the link down in the description 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 eight to nine figures?
Yeah, I'll never forget.
When I was doing around $10 million a year, I called Tom.
I said, Tom, I don't think I'm a good CEO.
I have no clue what I'm doing.
I'm a sales guy, at best a sales leader, and I'm good with money.
Like, I'm not a spender.
I didn't buy my first Rolex until I was 35 years old.
I didn't buy my first Ferragamo shoe until 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 three 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 clothes that girls wear.
What is that company called?
That lingerie?
What is the company?
Victoria's Secret.
He was the Victoria's Secret of New Zealand and Australia.
So I said, how big is your business?
He said, well, you can Google me.
I Googled a guy, net worth $1.5 billion.
For three 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 me.
He was the chairman of the board.
And he told me, this is the four things, OK?
You're either one, thinking about linear growth, which is biz dev and systems.
You can spend money into your systems or biz dev networking shaking hands, but it's not going to explode your business.
He said exponential growth 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 to our business to the next level.
As a multiple nine-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 had two Wayne Gretzky cards.
I said, what kind of cards?
He says, these are the main cards of Wayne Gretzky, PSA 10 OPG and Tops.
I said, I'll give you $540,000, 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.
Tikrun, who happens to be here, he flies out to L.A., Yeah, you flew out.
You go meet him.
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 Records 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 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 a $40, $50 million property.
Having cash allows you to pick things up when they're for sale.
Unfortunately, not having cash when the market kind of goes bad, 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 gonna tell you if you know what you're doing or not.
Like right now.
I was telling you earlier billions of you.
You've proven that you know what you're doing.
Now operating different story.
Right, the operating aspect is day-to-day content creation.
It's brutal.
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 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 a thousand 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 five 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.
Two years later, 50 of videos on page one were from our channel and that's how i started growing.
But the market's going to tell you you can either speak, you can either a good for video or you're 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 them.
What's a needs analysis?
I like baseball.
I want my son to be a professional baseball player.
I'm a Yankees guy.
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 needs analysis.
Love soccer.
We put him in soccer.
Now he's excelling.
I talked to my oldest son.
He could care less about sports, but he likes kickboxing and he loves politics.
So I take him when the Trump interview came and 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 may be different than what's important to me.
In the sales business, very few salespeople master the 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 to conclusion, thinking whatever I sold to them, I can sell to you.
The art of needs analysis.
You put us in the rain, by the way.
How awesome is this?
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 underpaid 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.
He says, do you mind if I talk 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 Chamberlain's 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.
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 five years.
I said, why is that?
He says when I walked around your facility and talked to everybody, I asked them 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.
He 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 C-suite executives.
They ran the business.
The next time around, when they came and interviewed with everybody, they said Pat's only here once every six months.
And I'm running by 10 of our consulting firm here.
Then I got more than two times the valuation I got just because we were patient, not desperate.
We waited two years.
When it comes to the way that people look at money.
What separates middle class from people who are able to build that long-term generational wealth like yourself in today's world?
What you're feeding yourself and what you're thinking about money.
I mean, at some point in your life, my dad and I were 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 minute and he says say Pat, where I'm living at right now, nobody believes in money.
No entrepreneurs in my country, no money, much family made money, none of all this stuff.
He's just saying how it doesn't exist around.
I said, listen, When I was coming up, there was no youth.
There was nobody to follow and seek inspirational content.
Nobody in the world has an experience today to learn and win at 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 their life.
Do not buy into the mindset that it's too hard because your parents were divorced.
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 moguls in the entire world.
And, like i said earlier guys, you guys need to join 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.
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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.
