Buying and Selling Businesses to Financial Freedom w/ Ace Chapman
See below for the full podcast:
Ace bought his first business when he was nineteen. It was an online stock market simulator called CoolWallStreet. After selling it and seeing the benefits of buying a business over starting one, he caught the business buying bug. Since then he has bought and sold over thirty businesses and has helped his clients all over the world buy over one hundred businesses.
Ace buys and sells internet businesses. He had done over 40 deals.
1) How much simple passive Cashflow are you making today and how are you doing it?
I have a portfolio of over 30 internet businesses that create income.
2) What is your Han Solo moment – Han Solo and his buddy Chewbacca from Star Wars were cruising around the galaxy as lowlife smugglers but then cross paths with Luke and Leia and his life took a pivot point. Describe the resistance that was the catalyst for change. Did you “burn the boats” or did you let it happen naturally – was there an internal (you decided to make a change on own – what was thought process?) or external trigger (ie got fired from your job)?
My moment was definitely burning the boats. I quit college which basically meant that I was not going off have the normal 9-5 corporate life and set on the path towards entrepreneurship ever since.
3) Worst life/business moment and what did you do after? Lesson learned?
Losing my first business after having seven figure offers that I turned down.
4) Current 2-week experiment and 6-month project? (90-180 day goal). A mark of a high performer is to put your ego aside and accept the help of others and mastermind maybe folks can help you by you asking.
Current 2-week experiment – Taking three breaks a day for meditation
6 month project – Building a life where I live in both Atlanta and Miami
5) What is your simple passive cashflow number? Now imagine you had 2x that amount… Describe your ideal day, detailed routine, and what projects you are working on.
Ideal day – Exactly what I’m doing right now. I love what I do. I don’t have to do it but it’s my passion.
Projects – Buying and selling businesses. Helping people avoid the risk and headaches of starting a business and show them how to buy one instead.
6) Something that you have recently or thought about “burning your cash” on for time savings or an improvement in quality of life.
7) Something that you changed your mind on? Our ego often gets in the way of greatness.
In negotiating deals, sometimes you end up fighting with seller’s egos instead of logic. There have definitely been deals that I have walked away from because I didn’t want to deal with the seller’s ego.
8) Tony Robbins identifies two large concepts that we are continually struggling to gain perfection at: #1-Art of Fulfillment and #2-Science of Achievement. If you died tomorrow and I were to email this to your kids a couple decades later… this is what they would hear.
a) What is your secret/hack for the “Science of Achievement?” Any secret habits to share? Morning or Nighttime ritual?
My secret hack is avoid what everybody else is doing. The greatest opportunity is always found where the fewest people are looking.
Morning Ritual – To start the day with as much positive energy and emotions as possible.
b) What is your secret/hack for the “Art of Fulfillment?” How you do contribute back?
I joined a Big Brother mentoring program.