Digital Social Hour: Just Sold My Business: Now What? | Shaan Patel DSH #844

Release Date: October 30, 2024

In this insightful episode of Digital Social Hour, host Sean Kelly welcomes Shaan Patel, a successful entrepreneur and Las Vegas local, to discuss the journey of selling a business, rediscovering purpose, investment strategies, and the evolving landscape of entrepreneurship. The conversation delves into personal anecdotes, business growth strategies, and valuable life lessons for aspiring entrepreneurs.

1. Selling a Business and Navigating Purpose Loss

Shaan opens up about his experience selling his marketing agency, sharing the emotional challenges that followed the sale.

Shaan Patel [00:00]: "Just sold the marketing agency and I felt pretty lost for a few months... I was literally waking up every day like, damn, what do I do today?"

Sean empathizes, highlighting a common struggle among entrepreneurs who become deeply tied to their businesses.

Sean Kelly [00:09]: "I've heard that from other entrepreneurs that have sold their businesses that they lose their purpose, which is crazy."

This segment underscores the identity shift and the quest for new meaning post-exit, a topic that resonates with many who have navigated similar paths.

2. Shark Tank Experience and Its Impact

Shaan recounts his appearance on Shark Tank during its peak season, detailing the intense competition and the unique experience of pitching to Mark Cuban.

Shaan Patel [01:09]: "I think that season was like the peak of Shark Tank. Everyone was watching."

He explains the significant boost the show provided to his business, emphasizing how national exposure can exponentially increase revenue.

Shaan Patel [03:20]: "After we aired on Shark Tank, we 10x the business. We went from half a million to 5 million in annual revenue."

Shaan’s candid discussion about connecting with Mark Cuban on a personal level illustrates the importance of storytelling and personal connection in securing investments.

3. The Rise of Podcasts and Modern Networking

Transitioning from television to digital platforms, Shaan highlights the growing importance of podcasts in today's entrepreneurial ecosystem.

Shaan Patel [04:31]: "Now obviously the game has changed and we're adapting with social and podcasts. Podcast is where you got to be now for all the entrepreneurs out there."

Sean shares how his own podcast, Digital Social Hour, has not only amplified his business reach but also enriched his network with invaluable connections.

Sean Kelly [04:38]: "It has blown up my revenues. But like the guests I have on, just learning from them."

4. Investment Philosophy: Diversification and Passive Income

A substantial portion of the discussion delves into Shaan’s investment strategies, emphasizing the importance of diversification and creating passive income streams.

Shaan Patel [06:12]: "My goal has always been... if you can get your passive income to pay for all your expenses, then you don't need to work."

He advocates for a balanced portfolio, incorporating equities, real estate, and cryptocurrencies, while stressing the significance of liquidity—particularly favoring stocks for their ease of access.

Shaan Patel [11:10]: "Reason I like public equities and stocks is... it's super liquid."

Shaan also introduces the "Dundo philosophy," which encompasses saving, spending, earning, and investing wisely to achieve financial freedom.

5. Entrepreneurship from a Young Age: Fostering Early Skills

Reflecting on his early ventures, Shaan emphasizes the value of cultivating entrepreneurial skills from a young age. From selling Pokémon cards to co-authoring a book with Mark Cuban, he illustrates how these experiences lay a strong foundation for future success.

Shaan Patel [15:08]: "First company I ever started was probably selling Pokemon cards. Selling burn CDs, middle school, selling Jordans on eBay."

He and Mark Cuban co-wrote Kids Startup, a book aimed at inspiring children to embrace entrepreneurship as a viable and rewarding career path.

Shaan Patel [17:02]: "Make it cool to be an entrepreneur, make it a career... it's probably the most financially rewarding career there is."

6. Leveraging Expertise Before Starting a Business

Shaan advises aspiring entrepreneurs to build expertise in their chosen fields before launching a business, echoing Warren Buffett’s investment strategy of staying within one's circle of competence.

Shaan Patel [25:42]: "Warren Buffett says he only invests within the realms of what he knows."

He warns against jumping on trends without sufficient knowledge, using AI as a contemporary example where deep understanding is crucial for success.

Shaan Patel [25:43]: "Become an expert first. Do what you know."

7. AI in Healthcare: Transforming Medical Practices

The conversation shifts to the integration of Artificial Intelligence (AI) in healthcare, with Shaan discussing innovative applications like AI-driven dental diagnostics.

Shaan Patel [27:09]: "They put the photos in. AI tells you how many cavities you have. Really tells you if you have any infections in your gums."

He foresees significant changes in medical fields, predicting increased efficiency and accessibility through AI advancements.

8. Personal Health Journey: The Importance of Physical Activity

Shaan shares his personal transformation story, detailing how committing to a fitness program helped him lose 40 pounds and adopt healthier habits.

Shaan Patel [28:39]: "I dropped 60 pounds over the course of a couple of years... the first time ever I had a six pack."

He underscores the importance of incorporating physical activity into daily routines, advocating for the widely recommended goal of 10,000 steps per day.

Shaan Patel [29:50]: "The biggest thing that helped you lose weight... just getting 10,000 steps a day."

9. Prep Expert: Empowering Students to Secure Scholarships

Shaan introduces his company, Prep Expert, which is on a mission to help students win over a billion dollars in college scholarships over the next decade. The company has already assisted over 100,000 students in improving their SAT and ACT scores, gaining acceptance into top colleges, and securing significant scholarships.

Shaan Patel [32:37]: "We're in a $1 billion scholarship mission... over the next 10 years is help students win over a billion dollars in college scholarships."

He highlights the challenges of the current education system, particularly in Las Vegas, and how Prep Expert is bridging the gap by providing effective test preparation and consulting services.

10. Conclusion and Resources

Wrapping up, Shaan provides listeners with resources to connect and further explore his work. He mentions his website, social media handles, and his book, Self Made Success, aimed at entrepreneurs seeking to enhance their productivity and business acumen.

Shaan Patel [32:37]: "You can go to prepexpert.com and for entrepreneurs out there listening, you can connect with me on any of the socials."

Sean concludes the episode by encouraging listeners to access these resources and thanking Shaan for his valuable insights.

Sean Kelly [33:32]: "We'll link it all below. Thanks for coming on, Sean."

Key Takeaways

• Identity Beyond Business: Selling a business can lead to a temporary loss of purpose; it's essential to explore new passions and ventures to regain a sense of direction.

• Power of Exposure: Platforms like Shark Tank can dramatically scale a business, but leveraging modern tools like podcasts is equally crucial in today's digital age.

• Investment Wisdom: Diversification, liquidity, and passive income are cornerstones of a robust investment strategy. Continuous learning and adaptability are vital in managing investments effectively.

• Early Entrepreneurship: Encouraging entrepreneurial endeavors from a young age fosters essential skills and can lead to long-term success.

• AI and Future Trends: Embracing and understanding emerging technologies like AI can transform industries and open new business opportunities.

• Health and Productivity: Maintaining physical health through regular activity enhances overall productivity and well-being, which is beneficial for sustained entrepreneurial success.

• Educational Empowerment: Initiatives like Prep Expert play a critical role in bridging educational disparities and empowering students to achieve their academic and financial goals.

For more insights and resources discussed in this episode, visit prepexpert.com and check out Shaan Patel’s book, Self Made Success, available on Amazon.