Podcast Summary: The Money Mondays Episode 110

Title: NFL Player Turned Real Estate Investor & CEO of RepeatMD w/ Larry English & Phil Sitter
Host: Dan Fleyshman
Release Date: February 24, 2025

Introduction

In Episode 110 of "The Money Mondays", host Dan Fleyshman delves into the transformative journeys of two remarkable individuals: Larry English, a former NFL player turned real estate mogul and entrepreneur, and Phil Sitter, the innovative CEO of RepeatMD, a leading platform in the medical aesthetics and wellness industry. Filmed at dynamic locations—an RV motorhome outside Tai Lopez's mansion in Beverly Hills and the exotic Black Site Ranch—this episode offers listeners invaluable insights into wealth creation, investment strategies, and the importance of philanthropy.

Segment 1: Larry English – From NFL Stardom to Real Estate Success

1. Transitioning from the NFL to Real Estate Investment

Larry English opens up about his pivotal transition from a professional athlete to a successful real estate investor. Drafted by the San Diego Chargers in 2009 as the 16th pick overall, Larry recalls his early exposure to wealth and his initial hesitance to invest:

Larry English [00:00]: "2009, I was drafted by the San Diego Chargers, 16th pick overall. I come into the first money I had ever seen. I looked at properties that I wanted to presumably invest in and rehab and what have you, but didn't invest, didn't buy anything."

Reflecting on missed opportunities, Larry emphasizes the importance of timely investment decisions:

Larry English [00:55]: "2013 was when I began to invest in property and flip seven-figure homes. I mean, I'm playing football and then in my off-season I'm doing deals. There were a few years towards the end of my career where I was earning more in the real estate space than on the field."

2. Financial Management and Cash Flow

Dan poses a critical question about why over 80% of NFL athletes go bankrupt within five years of retiring. Larry provides a comprehensive analysis:

Larry English [04:05]: "Especially when you look at a business...you won't be able to build and scale a successful business that doesn't implode without at some point throughout that journey figuring out at a very deep level how to manage capital, income, expenses."

He underscores the disparity between the transient nature of an athlete's career and the enduring demands of managing a business. Larry highlights the importance of cash flow over mere savings:

Larry English [06:07]: "The entrepreneur can shake it off, go follow through bankruptcy, cry for a few years and get back into the field. NFL player. He doesn't get to call back on the Chargers."

3. Advice to Young Athletes

Larry offers actionable advice to young athletes entering professional sports:

Larry English [15:08]: "Invest in your mind. There's no crypto. It's a better return than bitcoin and investing in Bitcoin in 2013, 14 or whatever. Like I had the opportunity to do and didn't do."

He stresses the importance of personal branding, cautious financial commitments, and maintaining control over investment decisions to ensure long-term financial stability.

4. Philanthropy and Legacy

Discussing the significance of giving back, Larry shares his commitment to mentoring young athletes and contributing to his community:

Larry English [28:48]: "You get just as if not more being the giver as you do the receiver. There's some very, like, beautiful degree of fulfillment knowing that you were able to positively impact another."

He elaborates on his mentorship programs in San Diego, which have aided numerous student-athletes from lower socioeconomic backgrounds, emphasizing the enduring impact of such initiatives.

5. Building a Lasting Legacy

When asked about his financial legacy, Larry responds with a vision that transcends mere percentages:

Larry English [32:24]: "I saw 168 million. The higher power spoke to me and told me that that was what I was leaving to them."

He reflects on biblical principles of inheritance, aiming to provide not just for his children but also to extend his legacy through broader charitable contributions.

Segment 2: Phil Sitter – Innovating the Wellness Industry with RepeatMD

1. Founding and Evolution of RepeatMD

Phil Sitter, CEO of RepeatMD, shares the genesis and growth of his company. Initially focused on the restaurant industry, Phil recounts the pivot to medical aesthetics during the COVID-19 pandemic:

Phil Sitter [37:47]: "So a buddy of mine who owns 16 Mexican restaurants in Houston was like, hey, what if you did that for my restaurant? And so an idea was born where I was like, oh, well, maybe this might be the better path versus owning a lot of restaurants."

This strategic shift led to the creation of RepeatMD, a platform serving med spas, plastic surgeons, and dermatologists by implementing a rewards-based mobile app system resembling Starbucks Rewards.

2. Entrepreneurship Lessons: Investing in People and Scaling

Phil discusses the challenges of scaling a company and the pitfalls of hiring based solely on resumes:

Phil Sitter [49:06]: "Don't hire people just because of fancy resumes. People could have worked with big companies but not contributed to their success."

He emphasizes the necessity of a robust operating system to maintain company culture and efficiency as the team grows, sharing his experience of scaling rapidly and rectifying course to preserve RepeatMD's startup spirit.

3. Investment Strategies: Building Through Partnerships and Acquisitions

Phil outlines his investment philosophy, advocating for partnerships before acquisitions:

Phil Sitter [52:16]: "I would always want a partner first, second, see who they are, see their culture, see do they have the ability to fulfill their promises and then from there we can buy them."

He discusses RepeatMD's strategic partnerships with medical device manufacturers, which enhanced the platform's value proposition by integrating financing options and patient rewards directly into medical practices.

4. Philanthropy in Business Culture

Phil highlights the role of charity in fostering trust and building a reputable brand:

Phil Sitter [56:20]: "People buy from people that they know, like, and trust. There's no greater way to show that you know who you are as a person than by giving back."

He shares examples of his philanthropic efforts, such as the Sitter Foundation, which supports communities affected by uncontrollable circumstances, demonstrating the tangible impact of corporate philanthropy.

5. Vision for the Future and Legacy Planning

When contemplating his financial legacy, Phil envisions a future where his daughter thrives through entrepreneurial support:

Phil Sitter [61:23]: "I will be her seed investor in as many businesses that she has that she has already had traction on. She has to bootstrap whatever she wants to do. One, there's traction. I will be her first angel investor. And that's it."

Phil aspires for RepeatMD to become a multi-billion dollar platform, facilitating global access to personalized wellness journeys and enhancing the quality of life through innovative medical commerce solutions.

Conclusion

Episode 110 of "The Money Mondays" masterfully intertwines the narratives of Larry English and Phil Sitter, showcasing their unique paths from their respective fields into successful entrepreneurship. Both guests underscore the paramount importance of strategic investment, financial literacy, and philanthropy in building sustainable wealth and leaving a lasting legacy. Listeners are encouraged to apply these lessons in their personal and professional lives, fostering a culture of informed financial decision-making and community responsibility.

Notably, the episode concludes with a call to action for listeners to engage with the guests’ ventures, emphasizing the butterfly effect of small actions leading to significant positive outcomes in the broader economic landscape.

Notable Quotes

• Larry English [00:55]: "I want cash flow. Forget about cash and forget about having money in the bank. I want cash flow."

• Larry English [15:08]: "There is no crypto. It's a better return than bitcoin and investing in Bitcoin in 2013, 14 or whatever."

• Phil Sitter [49:06]: "Don't hire people just because of fancy resumes...they could have worked with big companies but not contributed to their success."

• Phil Sitter [52:16]: "I would always want a partner first, second, see who they are...and then from there we can buy them."

• Phil Sitter [61:23]: "I will be her seed investor in as many businesses that she has that she has already had traction on."

Key Takeaways

1. Strategic Financial Management: Athletes and entrepreneurs alike must prioritize cash flow and strategic investments to secure long-term financial stability.

2. Philanthropy as a Core Value: Giving back not only fosters community trust but also enriches personal fulfillment and legacy.

3. Focused Entrepreneurship: Building a successful company requires dedicated focus, robust operating systems, and thoughtful scaling strategies.

4. Investment in People and Partnerships: Prioritizing cultural fit and strategic partnerships over mere credentials ensures sustainable business growth.

5. Legacy Planning: Intentional planning for financial inheritance can empower the next generation to achieve their entrepreneurial aspirations.

Next Steps for Listeners

• Engage with Guests on Social Media: Follow Larry English and Phil Sitter to stay updated on their latest ventures and insights.

• Apply Financial Lessons: Incorporate the discussed investment strategies and financial management tips into your personal and professional life.

• Participate in Philanthropy: Consider ways to give back to your community, whether through time, resources, or mentorship.

• Stay Connected with The Money Mondays: Join the ongoing conversations and utilize the platform for financial education and networking opportunities.

This summary encapsulates the essence of Episode 110, providing a comprehensive overview for listeners seeking to grasp the valuable lessons shared by Larry English and Phil Sitter.