Private Equity Investor on Buying Businesses, Risk and US Manufacturing

Excuse me, sir. How old were you when you made

your first million?

What is this for?

I started the biggest social media business

channel in the entire world where I interview

millionaires and billionaires on their advice

to the younger generation. What did you do to

become wealthy?

What did I do?

I've owned four or five companies. What was

your main business?

Now I'm in private equity. - Now you're in private

equity?

- Right. What's the most amount of money you

made in a single year?

I don't know if I want to be on this. I'll show

you the channel after. I promise you it'll be

worth it. A few hundred million. I mean, it's...

it wasn't a big company. - A few hundred million?

- So listen, I gotta go. Last two. Sorry. Among

the most successful people that you've met throughout

your career, what do they all have in common?

Whether you're a billionaire or millionaire,

most guys that get into that status are willing

to take risks. That's the bottom line. Were

you a big risk taker?

Oh yeah, for sure. What was the biggest risk

you took that maybe a lot of people were telling

you not to?

My second deal, I leveraged my house, everything,

to buy the company. - You put everything on

the table?

- I put it on. Were there some people telling

you not to do it?

Oh, for sure. Why did you not listen to them?

Look, I think at the end of the day, an entrepreneur

might have a little screw loose in his head.

Are you a little crazy?

No, not crazy, but I think you have to really

have a lot of confidence. The one thing I'll

leave you with would be if you're gonna get

rich, there's a few ways to do it. Maybe you

become a CEO of a company, which is pretty hard.

But you gotta own your own business. Do you

think somebody should start or buy a business

in today's world?

Definitely buy. You've closed some big deals.

What's your best negotiation advice for somebody

at that table?

Never make the first offer. What if they're

trying to pressure you to make the first offer?

Well, won't do it. How old are you now?

70... oh gosh, I'm 76. - Incredible for 76.

- Thank you so much. Since you're in private

equity... Yes. ...what's the best investment

somebody can make in today's world?

You're in the money business. Right now, the

trend is gonna be manufacturing in the US. Why?

Our private equity firm only buys US manufacturing

companies. So you can get rich doing that in

today's world?

Oh, for sure. Yeah?

There's a lot of ways to make money. Everybody

thinks manufacturing is down and dirty and you

can't make a lot of money at it. It's not true.

I love it, sir. You got amazing advice. Thank

you so much, sir. I really appreciate you.