David, I’ve just found you on KZitem and really appreciate your point of view. You hit on the exact topic I am working through for myself and with my wife. I recently retired from nearly 29 years in the military. I’m now trying to figure out what my ideal day is and what I want to do going forward. This video reminds me of the “story of the Mexican fisherman.” If you haven’t heard it I’d encourage you to just do a quick google query on that title. Long story short, US business man tries to convince a Mexican fisherman to expand his business and to what end. The tragic end is that the retirement goal of all the businessman’s vision for the Mexican fisherman is to end his life fishing a few hours a day and enjoying time with his family. And the fisherman basically says I do that already. It’s worth the read and I think it makes the point you are trying to emphasize as well. But it really resonates with me. Keep up the good work.
@DavidCBarnett
4 ай бұрын
Thank you!
@gregdavis1487
6 ай бұрын
Great topic David. I am business broker working with a lot of first-time buyers. They all want to own a business for those basic ideas you stated, but for different reasons. So I ask the age old question, age old for the human species, WHY. I am looking for them to come to terms with what success look like. How will you know whether you are on the right track is you don't know where you are trying to get to? And with that one can determine what the real cost of that success could be. And then we can answer the question of what are you willing to give in order to achieve that success. It helps discovering what kind of business do you want to work in/at, what is the income you really need to get out of the business, and, most importantly, how many hours are you willing to work? Now we know what to look for.
@DavidCBarnett
6 ай бұрын
Exactly, working backwards from the goal. That's how I figure out how to get something for myself.
@andrew7202
6 ай бұрын
Hardest thing for me is turning off the want to stay at my business I love what I do and even when I’m home I think about. Idk if it’s from wanting to learn and getter better at it or leaving at the end of day with out the answer lol. Either way I do love it and don’t mind working longer hours. Hardest part for me has been knowing when to call it a day and go home I’m getting better with it but some days I just can’t help it. This video definitely hits home for me. Unfortunately I’m a one man band right now so when I get home I still wind up doing work for a couple hours just so I can sleep in a little bit the next day knowing it got done the night before
@DavidCBarnett
6 ай бұрын
You need to hire some help and buy back your time. Free time= room for brilliant ideas to bubble up from your subconscious.
@cameronrussell1986
6 ай бұрын
This is a great topic!
@DavidCBarnett
6 ай бұрын
Thanks Cameron
@camello-q4e
6 ай бұрын
This is a very insightful episode. i have been lucky to say that I have designed my business for a life style that I enjoy and that It does not consume all of my time in life, and provides with very decent income. I am considering expanding my business by an acquisition, and I have thought about the points such as my time potentially diminish and freedom by the new acquisition. I would love to hear if anyone else things thins way
@DavidCBarnett
6 ай бұрын
I know many people who choose not to grow a business because they value time. Especially on the back side of 50.
@albongo3949
6 ай бұрын
Delegating, and keeping profit margin is a difficult balance. Balancing vehicles are difficult bar rescue that show, shows how some bar owners drive that vehicle. Gotta be in to win, I could live on $113k/yr and 5 years ago that sounded unrealiatic
@DavidCBarnett
6 ай бұрын
Thanks Al. I love that Bar Rescue show
@SuperStarCustoms
6 ай бұрын
When deciding between high profit margins vs getting home at a reasonanble hour I always do sofisticated calculations using labor, travel routes, COGS, client expectations etc. But when I factor in the disgruntled wife multiplier, it always seems to zero out the profit side of the equation 🤑
@DavidCBarnett
6 ай бұрын
I would like to comment but there is a clause in my 2013 divorce settlement preventing me from doing so.
@dangalbraith6187
6 ай бұрын
This is perhaps one of the most important videos you've ever done David. We often trade, not just time for money, but also our health for money. Speaking as someone who used to work 80-100 hours/week and paying the price for it with my health and my family. I downsized my business and, yes income is less, but I'm much happier and healthier!
@hk5454
6 ай бұрын
Agree.
@DavidCBarnett
6 ай бұрын
Yes. I've learned over the last few years that one can invest time in health. Perspective changes.
@andrew7202
6 ай бұрын
I have learned though with owning and operating my own business time management is key and my time is valuable more then I thought and that’s one of great things I have learned with business
@DavidCBarnett
6 ай бұрын
Me too. It's the most scarce of our resources.
@hk5454
6 ай бұрын
This is something I will be thinking over the next few weeks, "life by design"... another great video, as always
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