Michael Sonnenfeldt: Selling A Business And How To Manage That …
About This Episode
Sam Parr interviews Michael Sonnenfeldt, the founder of Tiger 21, about the complex psychological and financial transitions entrepreneurs face after selling their companies. They discuss why many successful founders struggle as investors and how to manage wealth sustainably using the 2% rule.
Episode Description
Show Notes
- 01:40- What is Tiger 21
- 09:40- First business
- 13:45- Levels of wealth
- 33:30- Ability to earn vs. ability to invest
- 34:50- Why real estate
- 41:30- Do you regret selling?
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- Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.
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- Additional episodes you might enjoy:
- #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits
- #209 Gary Vaynerchuk - Why NFTS Are the Future
- #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto
- * #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett
- #218 - Why You Should Take a Think Week Like Bill Gates
- Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More
- How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More
Links
- * Michael Sonnenfeldt
- * Tiger 21
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Key Takeaways
Prepare for Sticker Shock: Passive income from sales proceeds (often yielding 2-3%) is typically much lower than the active profits of a successful operating business, leading to a significant loss in earning power.
Shift Mindsets: The traits that make a great entrepreneur (emotional focus, risk-taking, and concentration) are often the opposite of what is required to be a successful investor (dispassion, diversification, and preservation).
Apply the 2% Rule: To ensure long-term wealth preservation and financial safety, aim to keep annual living expenses at or below 2% of total investable assets.