← The Money Mondays
The Money Mondays
NFL Player Turned Real Estate Investor & CEO of RepeatMD w/ Larry English & Phil Sitter 💵 EP 110
01:08:11
Loading summary
Transcript116 lines
- [00:00]
Larry English
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. Fast forward two years, I saw what some of those deals and some of those properties had appreciated to. I was like, wow, that's what everybody was trying to tell me. But I'm not missing out on the opportunity this time. And so 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. Forget about cash and forget about having money in the bank. I want cash flow.
- [00:56]
Daniel
Ladies and gentlemen, welcome to a special edition of the Money Mondays podcast. We are here inside of an RV motorhome parked in front of Tai Lopez's hundred bazillion dollar mansion here in Beverly Hills, California. And what I've decided to do today is while we have an event going on inside, we pulled the RV motorhome outside right here by the fountain. And I've got back to back to back to back podcasts and our very first one is a friend of mine. For many, many years he's played on the field in sports in the NFL and played in the business field, investing in real estate and doing developments there. So we're going to talk about all things business, real estate, how to transition from athletes to become a business person. Because I'm so excited that he did that and I want more athletes to do that. So I'm going to ask him some serious questions about that. So without further ado, give a quick two minute bio, Mr. Larry English, and then we'll get straight to the money.
- [01:41]
Larry English
Oh man. Daniel, thank you so much for having me. It's an honor to be here. You know, legendary Money Mondays. So this is a moment for sure. Yeah, look, I'm grateful to be in this spot. Two minute bio, guys. 2009, I was drafted by the San Diego Chargers, 16th pick overall. Life changing moment, especially coming from rather, you know, modest, modest background, you know, middle class, Midwest, blue collar family, middle class family. And I just had big aspirations. So I learned at a very, very young age at 23 years old that, you know, big things are possible. I played a seven year career in the NFL and I began developing property in my off seasons around 2013, 2014. I was always up in LA. I was training here in my off season. So I began buying property. I wanted to get more active in my investment of the capital that I was earning on the field. So I had a 8 year, 8, 9 year journey in the property development and investment industry. So I really transitioned from professional athlete to entrepreneur and, and just really became super, super passionate about the entrepreneur space and just the archetype really of a founder. It is something that I think is roughly just embedded in me at the core. And now I'm at this place in my life where I'm really focused on serving other founders with the value that I have in the health optimization arena, in the peak performance arena, because that's really my bread and butter, to be quite honest. It's been something that I've been focused around optimizing for the last probably 25, close to 30 years of my life. And I feel like this is something that is very critical for high level founders and entrepreneurs. So it's a passion project that I get to spend my time working on every day.
- [03:51]
Daniel
So I'm going to start off with a very hard hitting question.
- [03:53]
Larry English
Yes, sir.
- [03:54]
Daniel
There's a famous statistic that within five years of leaving the league in the NFL, over 80% of athletes sadly go bankrupt. Why do you think that is?
- [04:06]
Larry English
So I think there's a couple reasons. I think that when you take a professional sport, per se, you take a professional sport, I think maybe like the entertainment industry, actors, things of this nature, you move those to one side of the line, if you will, 99 of everyone else that makes it to millionaire status, multi millionaire status, even billionaire status, they do it in the realm, in the arena of business in some form or fashion, whether it's as an employee or whether it's as a founder, an entrepreneur building something that they have explicit control over themselves. But long story short, it is a very iterative process. And especially when you look at a business, for instance, 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. The finance realm is a critical part of any business, just as is marketing. Right. And so to be a professional athlete, it's not that case at all. So you couple that with someone that's very young and add on top of that, the time frame for which they have to create those earnings is such.
- [05:47]
Daniel
A short five years.
- [05:49]
Larry English
Right? As business, as a business person, we can play this game into our 80s, 90s I mean, look at. Look at Buffett. Right. So I would probably make the argument that just as many entrepreneurs and business people have gone broke as well.
- [06:07]
Daniel
Right. For sure.
- [06:09]
Larry English
But what's. What's the one key difference? Right.
- [06:12]
Daniel
Yeah.
- [06:12]
Larry English
They can go right back up to the plate and simply do the same thing they did before.
- [06:16]
Daniel
They can't go back on the field.
- [06:18]
Larry English
Yeah.
- [06:18]
Daniel
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 the Chiefs of the Charger. Like, hey, it's not. I'm 39. Can I come back? Like, unless you're ready, you don't get to go back.
- [06:31]
Larry English
I think Gronk did that, but Gronk did that. Hey, I was just kidding. Kidding about that retirement. Come back for a couple more years. I'm gonna leave again on y'all.
- [06:39]
Daniel
The. The reason for the question, guys, is there's a couple key things that would happen. Someone goes from being a college kid where there was no nil, which means. Yeah, they didn't get to make millions and millions of dollars the way that college kids now do. When we grew up, I had Ricky Williams and household name guys that were living off of 40 bucks.
- [06:56]
Larry English
Yeah.
- [06:56]
Daniel
Like a week. Like, they were eating. We were eating burritos and cutting in half. Like.
- [07:00]
Larry English
Yeah.
- [07:01]
Daniel
Like Daryl Russell from the Raiders, who was living with me. And he would literally joke about. They would all pitch in, like, five bucks each to get jack in the box.
- [07:07]
Larry English
Yeah.
- [07:07]
Daniel
Because they weren't allowed to have a job. You literally weren't allowed to have a job while going through college.
- [07:10]
Larry English
Yeah.
- [07:11]
Daniel
And so nowadays, a lot of college kids are balling, making crazy money.
- [07:15]
Larry English
Yeah.
- [07:15]
Daniel
The reason I asked the question is, imagine you're 21. You get signed to the Chargers. You play there for seven years. Now you're 28, and it's time to retire or time to move on to business. The problem is most of the guys keep the same overhead.
- [07:29]
Phil Sitter
Mm.
- [07:30]
Daniel
So they were making 4 million a year in the league, but. And they were spending 80 grand a month and don't realize. 80 grand a month. That's a real fast. Because they're covering their friend, their ex girlfriend, their ex wife, their parents, their uncle, their cousin, their cousin's cousin's friend that they loan 50 grand, like, boom, boom, boom. And they keep up the overhead and no more income. And then they're like, wait a minute. I've got four cars, two houses, like three children. There's all these things that are Going on with overhead side. But they didn't fix the fact that they don't have the income coming in and they're not deploying the capital and they're surrounded by people that are asking for 50 grand here, 100 grand here. Can I just get five grand a month? Oh yeah. It's only five grand a month. Well, no, that's 60 grand a year for the next five years. 300 grand. But you only made 4 million lead and you just paid 8% to your cousin.
- [08:13]
Larry English
The thing is too is once you, once you start, especially like with family members, right, Once you start down that cascade of events as it relates to kind of taking over the, the economic needs of others, then it gets very dicey and hard to at some point just cut them off and kick him to the street. Especially like when it's someone that you care about and love. You know what I mean? So that's the thing to also remember is like when you take on these commitments, these commitments oftentimes tend to tend to be a perpetuity commitment that you just made. Right?
- [08:53]
Daniel
Right.
- [08:54]
Larry English
Whereas you put a perpetuity commitment against a finite income source, a finite, you know, time horizon on generating those millions. Right. It gets, it gets a little dicey. So I think there's so many variables at play. I think that you bringing up nil, that's the beauty of nil, right? That's one of the reasons why I just think it's so incredible. Not only do the players deserve to participate in all the value they're creating, but they also now have this opportunity of kind of taking those lumps on the chin before they actually get to the real generational money, if you will. Having said that, I think there would have been some really tough decisions had I had to play college ball in a world. Whereas, you know, think with me, for instance. So I went to a mid major college, right. I went to Northern Illinois. Northern Illinois is not usc. Right, of course. And what tends to happen, right. What do we, what we've been seeing a lot with, you know, the nil and this Porter Portal, if you will, is when you have the kid that was chip on his shoulder, maybe not, not, not, not quite the, you know, top tier recruit, mid tier recruit, but just develops into a very nice player at a mid major program and does that very early in his career, call it his second, third year playing, he's a sophomore, junior. What's happening is sc, you know, lsu, the big power five juggernaut schools are going to the guys at these mid majors and Throwing half a mil, here's a mill, right. That would have been a tough decision for me to make had I had to make that at that time. And I would have never known like what was actually in my cards. The, the fact that I would materialize as the first ever first round draft pick to come out of my university. Right. And, and when you look at a potential or like an alternate universe where I to get where I had a transfer middle of my career and go to sc, ucla, maybe not be like the star, the debut, top tier star, maybe that ends up being, you know, still making it to the league, but second, third round and a fraction of the contract size out the gate. Right. So I think that while it is amazing, there's also all these other variables that make it a really complex situation for teenagers now to, to, to, to deal with, you know what I mean? 18, 19, 20 years old.
- [11:25]
Daniel
So, so we cover three core topics here. How to make money, how to invest money, how to give away to charity. On the investing side, how did you decide that you want to invest into the real estate game when you left the league?
- [11:36]
Larry English
I think that it was something that I understood and actually, you know, it's funny you asked that now that I'm really like thinking back to that whole like story arc and my emotions that were going on in this period of time. Right. So we all know, most of us know that are old enough having intimate awareness around what the world was like in 2008, 2009, you know what I mean? Like the middle of the global financial crisis. Right. And so being a collegiate athlete on Scholarship in 2008 when all of that occurred, I'm in my senior season heading into, you know, I'm starting to look at my draft stock and all this stuff. So it's, you know, the writing on the wall is that I'm going to the league. So everything is sunshine and rose petals in my eyes. So I wasn't kind of fully in touch with what was going on from an economic standpoint, despite the fact that, you know, my mother ended up, she was one of those folks that was, ended up laid off right after I got drafted, ironically. But so that was like the context for which I come into the first money I had ever seen. And I remember at that time it was, oh, do we buy property? Do we buy a house? And so I remember I'm looking all over San Diego for a home and I didn't quite find one I liked, but I bought my mother a house. And about a year or 2 Later, 2010, 20, 11, I'm spending a lot of off season time in Los Angeles and so I'm looking at the housing prices in la, which for me coming from the greater Chicago area looks very expensive. These look like some, you know, high sticker prices on homes, right? Well, by, so obviously I, I looked at houses, 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. And then fast forward two years, I saw what some of those deals and some of those properties had appreciated to. I was like, wow, that's what everybody was trying to tell me but I couldn't see it, right. So I said to myself, you know what, I'm jumping off the stoop, I'm not missing out on the opportunity this time. And so 2013 was when I began to invest in property and to rehab and flip seven figure homes. So that was how I organically landed into the real estate industry. Right. And once you do a couple of those and see success, I started to feel like, oh, I could do this. I'm from, I'm pretty smart, I mean I'm playing football and then in my off season I'm doing deals that it got to the point where I had earned. 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 at the time because my, you know, I was, there were miles on my legs and so my career as a player was starting to sunset. And so you know, I was like, this is going to be the what the, what the second chapter looks like for me. And so that's how it started and it just grew from there, you know.
- [14:51]
Daniel
So look at this camera real quick.
- [14:53]
Larry English
Yes sir.
- [14:54]
Daniel
And talk to that 21 year old football player that just got $8 million contract. They're coming out of college in Chicago. What would you tell them to not go waste their money on three watches and three cars and a bunch of craziness nightclubs and bottle service.
- [15:08]
Larry English
And here's what I would say. I would love to talk to that, you know, to the 21 year old cat is getting drafted that has a signing bonus and a guaranteed contract day one. Please understand how what you have in front of you is not a guaranteed career. It is an opportunity, it's a moment in time now. It's a blessing nonetheless, but it's an opportunity with which you don't necessarily know when that window is going to close. And so what you need to do is you need to make some Very important investments. The first investment that you make is a time investment. It's a time and a passion and a commitment type investment where you invest all of what you are, exactly where you are at in that career, in that moment, in that opportunity to become and materialize and manifest the highest version of yourself as an athlete, as a player. That's number one. Because that is the opportunity that God has blessed you with in that moment. And then following that, there's going to be another very, very super critical investment that you need to make. You need to take that cash and you need to invest that cash into your mind. Because investing into yourself, there is 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. J. Rich tried to tell me and I just couldn't see it. But anyway, there's no, there's no investment that is more accretive and has more of an exponential return than an investment in yourself. So what are you doing in your off seasons? Take that opportunity to really invest in you from information perspective, in the brand of you. You know what I mean? Because that is one thing that will never be taken away from you. I didn't quite understand that they, I remember when I was a young player, they always talk about you have this opportunity to build a brand, right? And I didn't quite grasp at that time what that meant. But, but Hindsight now being 2020, it is the one investment that will beyond a shadow of a doubt, it will create a positive return. Now it's just a matter of when, but it's something that no one can ever take away from you to the extent you don't tarnish your reputation, right? Those are the most accretive and the best investments that you can make. And, and the other thing that I would say is be cautious to the situations you get yourself into. Watch where you sign your name on dotted lines and just understand that you need to control your own destiny. There were many times, in many instances like I had a couple very like fork in the road type moments in my investment career where I had incredible deal on paper, large deals and incredible teams seemingly. But it matters like your equity stake and your control provisions within a deal because sometimes you never know what you know. Improper decisions could lead from, from folks outside yourself that might have more equity or more voting rights in a deal could steer you into, right? So these are the things that you need to think about when you start to think about, like, actually investing in deals, whether it be. Whether it be private equity, real estate, venture deals, all of those things. Just know that when, to the extent you're not in full control of a deal, if you sign as a limited investor into something, just understand that whoever you know is controlling that you're giving them the keys to your destiny. So make sure you make the right choice with that.
- [18:59]
Daniel
You know, if you are an athlete, an influencer, a music artist, a real estate agent, someone getting big commission or a big check or big signing bonus, I implore you. I. Please, please, please, please, please don't go buy three cars. You're gonna get numb after the first car. I'm not saying don't go buy one car or buy one watch, but when you buy your second, third, fourth watch, you'll become numb to it. You buy that Mercedes Benz and that Porsche and that Lamborghini, I promise you, after two weeks, you're gonna be numb to that Lamborghini. It's just gonna collect dust inside of your.
- [19:28]
Larry English
It's funny you say that. I remember, like, my emotions in. In that era of my life, and it was like, I look back on it now, and I was very much into, like, buying status and attempting to buy, like, taste. Do you know what I'm saying?
- [19:49]
Daniel
Sure.
- [19:50]
Larry English
And a perfect example of that is, like, instead of buying one watch, I took on this, like, identity that it seemed cool at the time. Like, oh, I collect watches.
- [19:59]
Daniel
Like, watches.
- [20:00]
Larry English
Yeah, right. People do say this, right? And I guess it's fine to agree, but to a certain extent, you know, like, when you just are touching the first money you've ever seen, it's kind of corny to get into that whole game. Like, let the money, like, season a little bit. Get used to it. Figure out what your real tastes are before you just say, oh, I'm a wine collector, and I'm a watch collector and all this stuff because it sounds tasteful, you know what I mean? And stylish. And then you look up and you see you just signed a 20, 30, 40, 50, even $100 million contract. But for me, for instance, I started to, like, look around and, like, this dude's worth nine figures next to me and multiple nine figures. This dude's a billionaire. And every time I see him, he got the same watch on. I've had the same watch for. And I have one watch collector with this slew of watch thinking it's cool to, like, wear different watches all the time, right? It's like something ain't adding up. And when I noticed that I'm like, man, I'm selling all this stuff. I sold all the watches of like having one watch, like, you know what I'm saying? Like, so I believe it's victim. Yeah.
- [21:14]
Daniel
16 years, 17 years now. Jason Beverly Hills Dunamis, if you're listening.
- [21:18]
Larry English
Yeah, it is the Dunamis. I remember those. Jason and Jaime.
- [21:22]
Daniel
I had a. I set up a retail store with the football player that passed away with Dara Russell. We built that store in downtown San Diego. And I had a display case for this watch company, for Dynamics. And when I got that watch, I've literally, since 2008, never even considered another watch.
- [21:37]
Larry English
Yeah.
- [21:37]
Daniel
Why?
- [21:38]
Larry English
It's amazing. That's. Hey, I don't think everyone is, Is. Has that level of wisdom ingrained in themselves. And like, I, I really do applaud young cats when I see that, because there are some that have this level of kind of like calm amidst all of this noise. Right. That don't kind of. They're. They're in the environment, but not of it.
- [22:04]
Daniel
Right. The other player next to their locker has got a big, huge chain on.
- [22:08]
Larry English
Yeah.
- [22:08]
Daniel
Like, where's your chain? I don't need a chain. Like, let me give you a real life example, guys. So let's say you wanted to go buy this Lamborghini, right? And you're a football player, influencer, athlete, sales rep, making big commission. Something happened where you got a bunch of money. You going spending a quarter million dollars on that car. Imagine this. You go buy real estate like Larry did, you're getting a five to one. So on a quarter million, it means you can go buy a $1.2 million house because you're only putting around 20% down. That $1.2 million house could start making you four grand a month for the rest of your life.
- [22:38]
Larry English
Yeah.
- [22:39]
Daniel
So you wanted to go buy a watch or a Lamborghini. Imagine if you're getting 50 grand a year forever.
- [22:44]
Larry English
Yeah.
- [22:44]
Daniel
Not counting appreciation, not counting the tax benefits, all the other things, but just literally netting four grand a month for so many years because you made that decision. And then later in life when you start to have your fourth house and your eighth house and your A4 Plex, an apartment building, and you're cash flowing six figures a year. Okay. You can make different types of decisions because you're set forever. The problem I see is someone makes their. Makes 150 grand commission from doing some deal, and then they spend all of it, and then they think they're going to go make that again over and over it doesn't happen that way.
- [23:15]
Larry English
Yeah. And what you just said right there, the reason why I didn't say any of that, because before you go and make those moves, you need to invest into your mind and you need to understand what you're doing before you go and invest in property. Right? And a perfect example is like one of the things that, one of the things that I noticed in like after the fact is as an athlete you get used to the whole work for five years for big massive contract that's an immediate shot in the arm, what is like tens of millions or hundreds of millions of dollars these days now. And so you get used to that kind of like explosive, you know, injections of capital or economic gain in your professional life. And I think that dynamic can kind of prompt one to overlook the actual cash flow. Right minded benefit of having the actual long term consistency and predictability in actual cash flow. Forget about cash and forget about having money in the bank. I want cash flow that is perpetual, that I know that I got it into a secure investment that's kind of safe to a degree and then it pays me income every month and it doesn't stop. Whereas you get the big pop and you know, the big contract. But. And then you spend into that, that can, that can dwindle very quickly, right? Over time. Even if it's not quickly, it can dwindle at some point in the future. Whereas if you only focus on, you know, putting out the cash flow, cash flow comes in and that's the only thing I spend, then that can go out into perpetuity, right? Well, I think that going into the investment space you have to be, especially as an athlete, right? You have to be very wary to shake off this mindset of I need to go do this deal that's going to make me 10 million in two years or 20 million in five years or whatever it is. No, take the base hit, that's going to produce cash. I'll deploy however much money it is, right? Everybody's at different scales of this, right? But how much is that going to pay me? Like once I put the money in, what do I get paid next month, right? And then what does that look like on a five year time span? What do those cash flows look like? That is the type of investment you really want to do and that you really want to make. Whereas I remember when I went into it early, I was looking for like, how do I do a deal that makes me $10 million in a few years, right? Where that's kind of the Wrong. That's kind of the wrong mindset. When you are talking about long term time horizons, which the way that science and health is trending now, you just want to make sure that we, you know, don't want to run out of money, you know, before run out of life. Right. And so that's really the name of the game. So I agree with you.
- [26:20]
Daniel
Part of my investment speech, I do a speech called 40, 40, 20. And at some of the rooms, what I do is I actually scare everyone in the room with this. I asked the room, so raise your hand if you have a child. Who here has a child? They raise their hands and say, well, when we grew up, our parents typically passed away between 73 and 75 years old. 75 for women. A lot of people here, your parents are going to pass away around 83 to 85 years old because of modern medicine. Everyone that just raised their hand with children, your kid is probably gonna live to over a hundred years old. Because when we grew up, there was 64 ounce Slurpees.
- [26:53]
Larry English
Very true. Have you heard the word super sized fries and all of that?
- [26:57]
Daniel
Have you heard Slurpee? Have anybody said the word Slurpee in a decade? But when we grew up, that was everywhere. Now people go and get smoothies and you know, they're taking shots, they're doing mental health and ice plunges and cold baths and saunas. If someone did a cold bath when we were kids, that we would have thought they were psychopath, right? And then post. And now it's, it's cool. People, people pay 60 bucks to jump into a bucket of ice because they want longevity and health. I say that because with modern technology and a lot of major medicines and a lot of the huge diseases are getting eradicated. Well, the children are likely to live to over 100 years old. Why does that scare people? Because then I say, well, what if your kid wants to retire at 65 to 75 years old? Before they only needed like 5 to 10 years of money. You know, if you want to go down the rabbit hole, it's hard for people to talk about, but you really only needed like 5 or 10 years of money because you were likely to pass away. What if you retire at 75 and you die at 103? Yeah, you need three decades of money. What if you just want to get by on 50 grand a year times 30? We need 1.5 to 2 million dollars. Not counting inflation, not counting medical expenses, not counting other family members or anything else, just to get by. You need 1.5 million. The average American has 5,500 bucks saved up right now.
- [28:11]
Larry English
Yeah.
- [28:12]
Daniel
So when you just think about why I'm so passionate and why this podcast exists is we have to have blunt discussions. You have to learn about investing. You have to deploy capital into real estate. You have to set yourself up for your children just to actually survive, because if they live to 103 years old, you don't want them working at 96 years old at a grocery store. It's just not realistic. They're not going to do that. And so they have to learn about investing, and you have to talk about it now. All right, last topic.
- [28:35]
Larry English
Yes, sir.
- [28:36]
Daniel
You've been a big supporter of charities. You've been to a lot of my charity events. Why do you think it's important for families, for households to have some type of charity component with their families and kids?
- [28:48]
Larry English
I think that here's the way that I look at giving, right? Is there's. You get just as if not more being the giver as you do the receiver, Right? So that's. That's number one. When we think about the spirit of giving and you think about longevity and fulfillment and things such as, like, as you said, mental health, there is some very, like, beautiful degree of fulfillment knowing that you were able to positive, positively impact another, whether that was financially with your time, with your information and wisdom, and being able to bestow that upon somebody else that is maybe a little bit further behind you in their journey. And so I just kind of look at it as we need to have. We would be well advised to have those that we, as an example mentee. We have those that we're on a level playing field with, that we exchange, like, incredible ideas and give to one another in that way. And then we have those that we mentor, right. That are maybe, you know, behind us on that spectrum or that curve of growth and personal development. And it's the same thing as it relates to resources, right? So I know that there were so many people in and throughout my journey that were responsible for me progressing to becoming the man that I was able to become in my adulthood. And so that was always where my passion lied as it relates to this spirit of giving, if you will. I actually had a mentorship philanthropy that I ran for all of my career down in San Diego, mentoring other young student athletes in the lower socioeconomic communities of San Diego. And I really just received so much fulfillment in being able to see kids that went all the way through our program from, like, eighth grade to graduating high school to where they started to graduate in high school and like getting scholarships and frankly just doing a complete 180 as it relates to how they dealt with people, how they approached their work in school and how they dealt with themselves out in the world. And so to see some of the successes that we had a part in facilitate back at that time, I think it really even more deeply embedded the spirit of importance around giving. And so that will be a pillar that's very critical within our household. And my two year old, beautiful baby India, she'll definitely grow up with that culture for sure.
- [32:02]
Daniel
So it leads me to my last question. I ask every single guest and I've never ever gotten the same answer. Okay, so you go, you build your health and wellness company, you build real estate development and later on in life, hopefully it's 100 years from now, it's finally time for Larry to pass away. But you've accumulated $100 million. For example, what percentage do you leave to your children?
- [32:24]
Larry English
Yeah, you know, it's, it's actually, it's funny that you asked that question because I don't necessarily know the percentage that I'm leaving to my children. I just saw a number that I'm leaving to my children. That's 168 million.
- [32:41]
Daniel
Yes.
- [32:42]
Larry English
The higher power spoke to me and told me that that was what I was leaving to them. And that was like, I don't know, it was a couple years ago, a year or two ago that I, that that kind of like revelation came to me and I even have that I snap the picture in my. Because it was in my calculator. I must have like did some math somehow. And that's where the number like came from. And so I snapped it and saved it. And there was a verse that I had read in the Bible and forgive me, that I forget, I think it's in the book of Proverbs. I think it was something that Solomon said where he more or less said, a good man leaveth an inheritance to his children's children. And so I really like took that to heart. I feel as though that is an area of supreme importance to be productive in our lives and to provide options and resources for those that come after us. So when I looked at that $168 million number more recently, there was a part of me that said my, my, my aspiration and my vision is that that is a lower percentage that I give to them than what I pass on to others. Others amidst, amidst the world, wherever, wherever those, those folks or those causes or those charities may be. But, but 168 should be a solid start for them. So.
- [34:27]
Daniel
All right, guys, check out Larry English on social media. Watch his journey, especially as he's building in the health and wellness field. Make sure to have discussions with your friends, family and followers about money. We all grew up thinking it's rude to talk about money. I think that's ridiculous. We have to have discussions about salaries and loans and taxes and interest and credit scores and all the things that are real life because we have overhead, we have bills to pay and we need to have these blunt discussions. So check us out on themoneymondays.com we do a Zoom call every Monday at 4:00. I do live Q A. You can register there@themoneymondays.com. visit us for elevator funding, elevator, mortgage, all things going on in the Money Mondays world. All those websites are available to you guys because we want you to have access to capital and access information because that is the way we fix our country from the inside out. Appreciate you guys. Check out Larry English across social media and we'll see you guys next Monday. Ladies and gentlemen, welcome to the Money Mondays. We are here inside of an RV motorhome parked at Black Site Ranch. On the right of us is wild jungle. There's over 200 animals. There is camels and zebras and donkeys and ostriches and everything you can imagine over there. But what's happening today is day three of what's called Operation Black Site. And luckily our guest flew in to experience Operation Black Site where he could learn how to shoot, how to fight and how to escape over this three day session. But since we're here, I figured, well, we've been friends for years, why don't we do a quick interview. He's raised $54 million in funding to scale his company called Repeat MD. We're going to ask him all things about fundraising, investing, scaling, hiring, and all the things that go along with building a business that big. And what are his next steps and journey and vision for RepeatMD. As you guys know, we cover three core topics. How to make money, how to invest money, how to give it away to charity. So we're gonna intermix those type of questions over the next 34 to 38 minutes. We keep these podcasts to under 40 minutes for your listening pleasure because the average workout is 45 minutes. The average commute to work is 45 minutes. So this episode will be under 40 minutes for you to be able to easily consume share with your friends, family and followers. Now, before we get into this. I'm gonna have Mr. Phil Sitter give a quick two minute bio so we can get straight to the money.
- [36:38]
Phil Sitter
Awesome.
- [36:39]
Daniel
Tell us everything.
- [36:40]
Phil Sitter
Yeah, thank you, Dan. So, yeah, I'm Phil Sitter. I'm the founder and CEO of RepeatMD. RepeatMD has been around for almost three years. We're top 200 apps in the world. We've generated over $2 billion in revenue for our clients. And before starting RepeatMD, I actually moved with my dad in the late 90s when I was very young from Vienne, Austria. So I had very much the immigrant life, right. Started working at a very young age and got into restaurants. I'm a fifth generation restaurateur, so that means generation after generation opened up restaurants. So I know a lot about that. I opened up restaurants. I did that for 10 years and I scaled that to 1200 employees, multi unit, multi concept. And then from there wanted to create software for restaurants. And then from there, because of COVID right. I ended up pivoting my software company from restaurants and I found the aesthetics and wellness space. So Repeat MD serves med spas, plastic surgeons, dermatologists, et cetera, et cetera in all 50 states. And we're about to launch into Canada.
- [37:39]
Daniel
Very cool. So before we get into the number of $2 billion in revenue you were talking about over there, let's talk about the beginning. How did you start Repeat MD and why?
- [37:47]
Phil Sitter
So I started Repeat MD as a pivot for my first software company. So I'm not an engineer by trade. I had what it was called a stein club in my German restaurants. So this was a club where you paid $200 for the year, you got a stein, you got beer, you got events. And eventually that scaled to the point that my Excel spreadsheet wasn't cutting it. And so I'd have all these people on my list. And so it was a nightmare. And so I was just had this whole like membership concept in my mind that there should be memberships within restaurants. And this was like in 2012, 2013. And so as that scaled, I said, okay, well now that we're franchising, we're franchising our restaurants, I need to find out like a virtual Stein club. And I, so I built software at that point. I hired an agency to build software that would track members. And then I went to all the alcohol commissions and tried to get approval for a free alcohol club, which was very hard to do. And so that took like a year. And I got 17, 17 states to approve it, had to do all these sorts of Things like ID verification and then, like a reduction of over consumption. A lot of technical stuff. Finally launched that as I was franchising. Then 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, never being home. You know, I had my daughter at that time. She was just born. And I was like, man, I'm gonna miss all the holidays, all, everything because of the restaurant industry. And so I decided to take a chance and say, you know what? What if I started selling this? So, part time, I was running my restaurant group. The other part time, I was selling restaurants, my software. When that hit a tipping point that was interesting. A couple hundred clients, I decided to sell all my restaurants, sell all my real estate and keep mine. I was doing that for 12 years at that point. So I sold everything. My dad retired, who was my partner in the restaurants, and my wife was a partner in my other restaurant, sold everything, funded my own software company and said, fucking send it. Let's go do it. So we had about 500 restaurant groups use it within our first year. So that I thought that was the path and was going pretty well. Then Covid happened. All of a sudden, no restaurants could pay me. And so, you know, all the QR code menus, like the scan, the QR codes. I was running $50,000 a month on Google Ads to do free, free QR code menus for restaurants.
- [40:18]
Daniel
Got it. Okay.
- [40:19]
Phil Sitter
So I was, like, acquiring a lot of restaurants every month, but for a free QR code thing where we would, like, you know, design it, send it, ship it. I thought of that as a way of, like, hey, maybe when this all recovers, they were already a client. Maybe I could get them to buy the software. So anyways, I. I found it as, like, a disproportional acquisition opportunity. Turns out that Covid was going to last longer than I was anticipating. And I was losing, you know, a lot of money every month. Probably like 100 grand a month all in. And I needed to find other places to sell the software to. And so, you know, we were doing country clubs. I pitched like a school board on creating rewards programs for attendance because that has, like, a big effect on, like, their funding, you know, because it has effect on tests, etc. Long story short, I pitched everyone the ability to create a mobile app for rewards for their. For their business, of any business, auto mechanics, pretty much anything. Lo and behold, I landed on a med spa or ent, opening up a med spa and he was interested. So my co founder and VP of sales at that time, he was like, hey, this might be interesting. And so we did it. He got a six figure return in 90 days. I went out in the woods, took some magic mushrooms, decided to pivot my entire company with my friends. True story. Came up with the RepeatMD URL, went on GoDaddy, bought the domain and then, you know, I had a bunch of customers. I said, we're gonna pivot completely out of restaurants, close this down. We're moving to repeatmd. And that's how repeatmd got started.
- [41:54]
Daniel
Okay, so now you're live, it's working. And I like to use this example a lot, by the way, guys, what you just heard was when I see an original business plan, it's really rare that that business that I invest into is going to be the same one, one year from now, two years from now, three years from now, four years from now. Things change. Even when things are going good, things change. There's an evolution as you're building and scaling company. And you're hearing it here with the repeat MD story that even now things are going to change along the way because you learn, you bring in new data, you get partnerships, you raise more capital, you get smart people around you. What if we did this? What if we had this feature? What if we had this bell and whistle? Think about Instagram. When we all first started Instagram, what could you do there? A photo. That was it. Then they all of a sudden get bought for a billion dollars in less than a year. They had like 11 employees. Which sounded crazy, right? Sounds insane.
- [42:44]
Phil Sitter
Yeah.
- [42:44]
Daniel
A billion dollars for a photo app. There was over 200 photo apps at the time, by the way. So why this one? Well, now they do over a billion dollars revenue every 14 days. Yeah, just to be clear. And that number is going to get faster and bigger as we, you know. And so it went from a photo app to then, oh my God, you can do a 15 second video clip. Oh my God, you can do a 60 second video clip. Oh my God, you can do a three minute video clip. Wait, you can do igtv. Wait, igtv didn't work. Let's remove that. You can do reels, you can do Instagram stories now you can do DMs. We all just think of it like, oh yeah, they always did videos. No they didn't. Yeah, it's an evolution over time as you bring in more money, more capital, smart people around you and you're getting advice from people that are above you, alongside of you and your customers. Along the way, they're telling you they want longer videos, okay. They're telling you they want other options. Okay. They're telling you they want to show short form, quick stories. Okay? Like, they're just learning. And along the way, they tried to buy Snapchat as soon as Evan Spiegel said no. Guess what? Instagram Stories became the biggest, the biggest thing in all social media history. We get more requests at Elevator Studio for Instagram Stories than any platform itself, even though it's just like a subsection of a platform. And so the point of this is the story you've heard about to get to RepeatMD. Now we're gonna go along the way, once RepeatMD started day one and you started to get your first few hundred salons and spas, onboarded, medical spas, etc. Tell us how that evolved along the way.
- [44:12]
Phil Sitter
Yeah, I mean, I think the big lesson here is like, you just gotta try things and as long as you have a good team that's committed to, you can pretty much figure out anything. And so we had like nine employees that transferred over from our existing company into RepeatMD. And we just went all the way in. A mentor of mine, his name was Jay Abraham, and he told me, when going to market with your product, find out who already has your customer and just partner with them. And so we built a great product and then we found out who has our customer and we just partnered with them. And so at that point, it was the medical manufacturers, the device companies that were selling a couple hundred thousand dollars capital pieces of equipment to doctors that they wanted to get in cash pay. And so all we said to ourselves, like, can our product help them close more deals? And can our, you know, the salespeople from the company and can our product help the doctor or the physician buying the device help sell more treatments? And building a mobile app that rewards patients, retains them, introduces them and educates them to all the different services and now has financing, et cetera, et cetera, all baked in, does all of that, right? Doctor buys a device, concerned, like, how am I going to bring this up to my patient? You get a mobile rewards app like Starbucks Rewards, but built, but built for the medical industry. Scan, get money, you know, get $50 towards any treatment, be able to buy the treatment, finance the treatment. It really closed that ecosystem. So that's how we launched. You know, I didn't raise any venture capital till we hit 6 million of recurring revenue. So the company was like a $50 million valuation type of company by then, because I was just very detailed on let's find partners that we could help solve their problem. Let's acquire their customers because they've already paid for their customers. And then let's build off of that. And so that's how we started.
- [46:05]
Daniel
Okay, so someone out there listening, they want to either work with RepeatMD or recommend it to one of their friends. Who do they recommend it to? Who is the ideal client to use RepeatMD?
- [46:16]
Phil Sitter
Yeah, so with, with RepeatMD, our clients are med spas, plastic surgeons, dermatologists, wellness clinics, etc. So any practice that has cash pay services and treatments. So as a patient, the way you would experience repeat MDs, you go into the practice and they have a rewards app like Starbucks Rewards, but for the medical aesthetics and wellness industry, you'll scan it, you'll get $100 towards a treatment or free treatment IV, whatever. And then from there they'll have their own app and they, you can buy a treatment, a service, you can learn about services and treatments, you can send referrals, etc. It's about taking some of the world's best loyalty technology and applying it to small businesses. And today the RepeatMD app has over 2 million users and top 200 apps in the world. So the way we did that is by acquiring some of the most talented engineers from the consumer app and e commerce space. And basically the way think about small businesses and B2B software is like fractional ownership. I think of Phil that was running a restaurant, like, it would be amazing if I had access to these people to build my app, but I could never afford that. So companies like RepeatMD come out and they're like, hey, we have the capital, we have the people, we'll build something special and you pay us monthly. And so our customers are practices, but what we say is our practices are the partners and our real customers the patient, because it's a patient experience that we're after.
- [47:45]
Daniel
So on the make money side, how does someone that has a spa, salon, med spa, etc. How do they make more money by having repeat MD?
- [47:52]
Phil Sitter
So we call the concept at repeatMD MedCommerce, which is applying E commerce to the cash pay medical aesthetics and wellness industry. So a patient has the ability to buy a service now at 9:00pm at night versus just being limited to 9 to 5:00pm Right. So think about everything is e commerce now, why would the medical industry not be right? Telehealth is e commerce already. But if I Wanted a treatment, I would have to drive to the practice and then go get the treatment. And that doesn't make any sense anymore. I. When I think about the treatment, I pull up the app, I buy it, and that's it. And if I want financing, I don't want to have to ask for a credit application like, hey, this $4,000 treatment that I'm getting ready for a wedding, do you have financing? Sure. Here's a CareCredit application. It's like, nobody wants that. Rather pull it up on the app. Wedding ready, package, buy, affirm, finance, done. Here you go. Practice gets paid the next day. So it's applying e commerce to the medical industry in which we coined the term medcommerce.
- [48:55]
Daniel
Got it. That's super cool. All right, so we talked a bit about the make money side in general story to get to where we are. Let's talk about investing. Why is it important to invest into people for. For your company as you're scaling?
- [49:07]
Phil Sitter
Well, that's actually a timely question. So we after. After bootstrapping, which is, you know, bootstrapping is where you as a founder run the company without raising any outside capital. So we bootstrapped to 6 million of annual recurring revenue. From there. I took my first seed money, right? And we raised like $6 million from there. I made a massive mistake. So I got $6 million and I decided, hey, let me hire professional managers, right? Professional management. So I started hiring based off of resumes, right? And based off people that I would think would work out. And then I made a job, and you get it, Everyone, everyone got a job. And then from there, and we scaled from like 20 employees to 100 in about six months.
- [49:53]
Daniel
Oh, my God.
- [49:54]
Phil Sitter
Yeah, so we scaled really fast and we were taking a lot of customers in. Product wasn't necessarily ready for that. And the management system, what I did, I made another critical mistake. So first thing is don't hire people just because of fancy resumes. Like one founder told me this, and I'll never forget it. He's like, Phil, when you're interviewing people, did they succeed because of or in spite of. With the company's success? So did the company succeed because of or in spite of said employee? Right. So there's many people out there that worked with Meadow, worked with Google, worked with Shopify, etc. But that doesn't mean that they were at all responsible for Shopify success. They could have actually been a huge cancer in the organization. And they just happened to be there for six months, a year or two years, Right? So what I did is I hired a bunch of professional managers. The issue with that professional management was I didn't have an operating system. So every department was ran the way they wanted to run it versus what's the repeat MD way. So now you have like nine departments, all running differently and creating silos. So I had to, after that was created, I had to take a big step back and like, totally, you know, do a turnaround in my own organization. Even though we were very successful on the outside, inside the culture was no longer what I wanted it to be. And so, long story short, it took about a year to. To really get back into what the RepeatMD operating system is. No silos, no politics, no bullshit, just everyone feeling like a startup again. And at 100 employees or more, like you still are a startup, but boy, like anytime you get after 20 employees, your culture, whatever you built, whatever you think you built, can totally go away if you don't have an operating system. So long story short, that's like if you are a startup founder, before you start hiring professional managers, you need a very strong take on what your operating system is, what your culture is, and who you hire, who you fire because of those systems.
- [51:58]
Daniel
So next part about investing I want to ask you about, outside of investing in people is buying companies or acquiring companies to fast forward your scale. Why is it useful to, as you're building a business to potentially acquire competitors or companies that are smaller than you or midsize, you can acquire to help speed up the process of your growth?
- [52:16]
Phil Sitter
Yeah, acquisitions are really interesting because there's three ways to think about it when you're looking at a competitor or looking at a potential partner. Can I buy them? Can I barter? Can I buy them, Can I partner with them, or can I acquire them? Wait, no. Can I buy them, can I acquire them, or can I build what they have? Buy. Build a partner, Right? Buy. Build partners. The framework. And so when we think about acquisitions, we say, okay, buy. What does that look like? Which a lot of, a lot of times you see companies being bought, but it's just really a stock exchange, right? It's like everything is fictitious. The company's worth 500 million. They acquired a company for 50 million. All they did is give them 10% of the $500 million valuation. Very little cash is ever being exchanged in these circles, right? It's just like all based off, you know, what, McConaughey and Wolf of Wall Streets, Fugazi, Fugatti. It's fairy dust. A lot of companies are bought because of Fairy dust, right? So, so that's one way to do it. And that's how most acquisitions are done today. The other one is you can partner or you can build my, my preferred path as partner and use us as a distribution channel. And then if that becomes really exciting, then you can acquire them. But I almost never would think about buying a company first. 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. And so I always think about partner before buy.
- [53:47]
Daniel
All right, so investing in people, investing in acquiring companies. What about on the personal side when you know, like, okay, I've got enough capital coming in, maybe I can go outside of my core company, outside of reinvesting the business, I don't have to bootstrap anymore. When does someone like Phil started investing into real estate or businesses or private equity or even just the stock market and CDs and other things outside of your core business?
- [54:11]
Phil Sitter
So before I started RepeatMD, I had 14 different companies. And during those company, not like dan. Dan's got 200 different companies or 300. What is the number? How many companies are you involved with?
- [54:23]
Daniel
Who knows?
- [54:24]
Phil Sitter
He's lost count. That's a lot of companies. And so, but what happened to me that was interesting was I wasn't hyper successful in any company, not to the level that I am today. And what I realized when I, you know, I made a conscious choice, I made a conscious choice that I'm going to sell everything and just focus on one company, which I call umbrella wealth. If you think of an umbrella, you see the stick and it goes like this. I would say most people can't do multiple companies to a stage that they've built the umbrella. You see like a company like Amazon. Bezos, well, he started with one company and he built that company very big. And then he started acquiring other companies, Zappos, now he does Blue Origin, all the other different companies that he has, aws, et cetera. And so what I would say to most young founders or most young people is focus in on a single thing, get really successful on it, make enough money and then branch out. And so for me, our company is worth multiple nine figures. But this is the only thing that I actively do today because I want to get this company to a multi, ten figure company, multibillion dollar company, before I start taking active interest in anything else. So I'll passively invest in things, stocks, crypto, ETFs, some of the deals that you have etc. But nothing actively. I have no time for active investments right now, but everything passive. But before I had anything this large, I had 14 active investments, and none of them were hyper successful because my attention was divided by 14. And so now I'm a really big believer that if you're in your 20s, you should get very skilled or go to one company, start your own company, whatever it is, and do that to the point that you can branch out.
- [56:10]
Daniel
All right, let's talk about the philanthropy side. Why do you think it's important for companies, whether it's for their culture, their employees, or their brand outside, to involve charity into their world?
- [56:21]
Phil Sitter
So, as you've said many times, people buy from people that they know like or trust, right? And there's no greater way to show that you know who you are as a person than by giving back. And so giving back is interesting because when you're a founder, especially in the early days, you know, like the bootstrapping days, you don't think of, like, how do I give back? Because you feel as though that you can't even take care of yourself. And so one way that I would suggest to people to think about giving back is adding a disproportionate amount of value back to their clients and start with that. There's the personal philanthropy side. But I know many business owners are, like, very much stuck in that mindset of, like, I don't have enough. We'll start with people that are in your inner circle. Right? When I, we had, for example, when we had our restaurants, I created a very tiny foundation called the Sitter Foundation. And we were not. We didn't have enough money just to give away. But what we did is we had an avenue for people that went through life circumstances that were uncontrollable in Houston, a lot of hurricanes, and we would donate to that, and we would have our vendors donate to that. So when someone came in and said, hey, can you sponsor this for a thousand dollars or $2,000? We had a foundation that could do that. And so it wasn't even our money. We just took some money that we were getting in already, you know, and, you know, partnering with people to make that foundation. So even if you're a very small business, there's ways to make charity or charitable contributions, et cetera, real for you. But I think the most important thing is that in today's world of transparency, people really want to trust the person before doing business. And person that's actively doing that, you know, giving the charity seems fairly trustworthy Right.
- [58:04]
Daniel
On a personal level, what types of charities? How do you know when something can impact you? What I talk about it is oftentimes it's usually like, okay, someone in your family had breast cancer, so that's what you support. Someone grew up homeless in your area, Someone got Alzheimer's or dementia. Typically that's how you find something. And you will donate more money, time and energy to things you care about.
- [58:24]
Phil Sitter
Right.
- [58:24]
Daniel
Like donating to Red Cross and donating to a household name charities. You're just sending a check or a credit card deposit and you're just kind of checking a box. Versus my mom had this, my grandma had that, my friend from school had this. This happened in ours, in our community. Maybe it's not a family member, maybe it's someone in your circle. When you find something, it's not just about the money. You could literally donate your time. Like the toy drive. I rarely raise money. I didn't even start raising money until a couple years ago because the first eight years I just wanted people to volunteer or throw their own toy drives. This last one, we got 200,000 toys because we finally like, all right guys, let's rally the troops and let's. Hey, repeatmd, will you donate? Hey my friend, will you donate? Like then we actually started hitting the phones because of the scale. But for eight years with just us on the floor wrapping toys. When you find something that you care about, whether it's again in your community or in your life, it's not just money what we're talking about. You can donate your time, donate your energy. That could be social media power, that could be your hands showing up to a children's hospital, showing up to senior citizen home and just spending your time. Or it could be you rallying the troops, getting the people in your communities, or getting people on your social, social websites to help donate and help spread awareness for something that you care about in your personal world, is there anything that has made you feel like, you know what I really like this or this is the type of charity that I want to impact.
- [59:40]
Phil Sitter
Yeah. I'm a father, so anything that has to do with kids, like of course you have a six year old daughter. So, you know, I've really, I'm really been in touch with my empathy and my sympathy and I'm sure you having your daughter now, it just changes your perspective dramatically. So that's been something that's been like very relevant to me because as you know now you can't imagine the world and the pain of the world. You have A beautiful, healthy daughter. I have a beautiful, healthy daughter. You can't imagine a world where that would be untrue in how you would feel, especially if you didn't have the resources to, to take care of your daughter. So, yeah, that, that one, especially now being a young father is like very important to me.
- [60:20]
Daniel
So the question I ask at the end of every episode has never had the same answer once. And again, I have a feeling it's not gonna be the same answer here. So many, many, many, many years from now, when it's time for Phil Sitter to finally pass away and you have the six year old daughter, and now let's say she's X amount of age, doesn't matter what her age is. But you've built Repeat MD to become a $12 billion company, sold the company to Jeff Bezos. Actually, he's the one that acquires it. For $12 billion, you have, let's say, half the company. You cash out $6 billion, invest in real estate and accumulate all this wealth. What percentage of your net worth do you leave to that little daughter?
- [61:00]
Phil Sitter
Oh, that's a great question. So I already have like a ACORN account for her. The way that I think about it is I will be her seed investor in as many businesses that she has that she has already had traction on. So she has to bootstrap whatever she wants to do. One, there's traction. I will be her first angel investor. And that's it.
- [61:24]
Daniel
I love it. See, it was not the same answer. That's so cool. All right, guys, when you're listening to episodes like this, I'm actually going to ask another question, but we're listening to episodes like this. I want you to see the different styles of the guests that we have. Some of them are building up companies, some of them are working for companies, and some of them are paving a path forward in entire industry. Like what Phil's doing. He's creating a marketplace. He's creating an industry for a subset category, which is spas, salons, medical spas, et cetera. And that's going to expand over the course of time as they continue to go from 54 million in funding, potentially more later, to keep adding more and more scale, more and more employees, more and more smart people, and data from all of their customers, clients, et cetera, going from $2 billion in creative revenue to 5 billion and 10 billion, etc. When you're listening pick and choose, it might not just be for you. The money Monday is a design for you to have discussions with your Friends, family and followers. And so this might come up this weekend at dinner, it might come up a year from now with your friend that works at a salon or a spa. You're like, wait a minute, I remember this episode. And you share it with them so they can learn from or potentially work with repeat md and then boom. It's not sponsored. Just to be clear, this is a friend of mine. So sounds like a whole commercial for this right now. But the point of it is it's a very useful company. I like the butterfly effect. If all of a sudden, thousands of salon owners and med spas hear this episode and they get shared by their friends and they start making an extra 200 bucks a month, 8 grand a month, 1200 bucks a month. And all of a sudden they do that for years and years and years. We've created millions of dollars of commerce for people just from this 40 minutes here. And so I want you, as you listen to episodes like this, think about, who could I share this with, who could I afford this to? Or who can I recommend repeat MD to? Or who can I remember? Hey, go follow Phil Sitter on social media because it's important for you is the butterfly effect. All day, every day, my life has been about building up connections and relationships. I'm group chatting people all the time. I do it with Phil all the time. Hey, meet this person to help you with this thing. Hey, meet this person. You can invest in this thing. Hey, meet this person. Maybe you guys can work on this thing. The butterfly effect is crazy because I do that hundreds of times in a week. This may be part of your life in the future when you start to think about, I do know some salon owners. I could recommend this too. Or you're hearing a different episode. Like, I do know someone that could use this type of accounting or banking or product or investment strategy, etc. We grew up thinking it's rude to talk about money. I think it's insane not to talk about it. We need to create more comments for our friends. We need to refer our friends clients. Your friend's a personal trainer. Send her some clients. Your friend's an accountant and they're good at their job. Not to do it to people that are good, by the way. I'm not just saying refer just because they're your friend. Someone's a good accountant. Refer them some clients. When you know someone is good at something and it's a very easy text message, why don't you think about referring some clients if they're actually good at what they do. You create business for them. Someone gets the vendor that they're looking for. They need a personal trainer or they need a banker, they need an accountant, they need a doctor, whatever. And you become the middle person of that thing, and it just creates more, more, more. More goodwill in our society and more revenue and more money moving around. All right, one more bonus question. What is the future of RepeatMD? You go out there, you built this company, you've got created $2 billion in revenue and growing for all these different spas and salons. What is the next chapter? What do you see?
- [64:35]
Phil Sitter
The vision of the company really answers that question, which is our vision for the organization is for every person on the planet to have access to their own wellness journey. And what that means to me is you shouldn't live in a world where you're wondering, well, what should I do next? Whether you're interested in aesthetic treatment or wellness treatment, or you're like me and listen to all the podcasts, the Hubermans of the world, the Peter Tia's of the world, and you're taking your Apple notes, right? And you're like, okay, well, maybe I'll try this and become your own scientific expert experiment. Like, there should be an aggregator of saying, hey, Phil, this is what you're interested in. This is what you could do. This is how all this works together. And here's a provider that can get this done for you. And so I just believe in a world that everyone should have access to that, and that should be free. Anyone? You know, my daughter is 6. By the time she's 18, she's going to want to enhance her beauty or her. Or the way she feels at some point. My dad's in his 70s, and he definitely wants to enhance how he feels, right? And so between the ages of 18 and 80, we live in a world where we're looking to optimize ourselves. We're looking to take care of ourselves. We're looking to have many, you know, years of life, but also life in our years. And so I want to be the platform, And I want RepeatMD to be the platform that provides that to the world.
- [65:53]
Daniel
Very cool. Where can people find you and your company? On social media.
- [65:56]
Phil Sitter
So on social media, we're repeatmdash. And I'm Filsitter.
- [66:01]
Daniel
All right, guys, this is one of those episodes again where it may be very useful for someone that, you know, you go to a certain salon, you go to a certain spa, you go to a certain doctor, you could repeat. You could refer repeat MD to that person and you don't know the butterfly effect of what you've now done. They're making more money, they're being more efficient, everything about their business becomes better simply because you said, hey, listen to this podcast or check this company out on social media, check out their website. That seven second discussion might literally make your doctor, your salon, your spa a lot more money and be more efficient.
- [66:33]
Phil Sitter
I'll add something to that real quick. Wait till April of 2025 because we're giving a, we're giving out away a Lamborghini Urus to anyone that refers Repeat md.
- [66:45]
Daniel
Whoa.
- [66:45]
Phil Sitter
Whether it. So whether it be a patient or a practice, you'll be able to go to our website and refer someone who should have access to RepeatMD because for a patient, we want them to get access to rewards, to financing, to memberships, etc. And for practices, you know, we increase top line revenue by 22% the first year. So long story short, in April, the end of April, we're launching our Lamborghini urus giveaway. Or $200,000, your choice. You can even choose the color. And so we're doing that. So if you, if you do have a med spa, plastic surgeon, office dentist, we're in dental now, wellness clinic, etc, that could use its own mobile app, then we have an incredible referral program that we give away yours to. And for every referral it's fifteen hundred dollars that that person gets paid. So it's like, that's like, that's a lot of money. It's a great referral program. So I appreciate you calling out repeatmd, but like, yeah, that, that is a cool thing.
- [67:43]
Daniel
I should have put this podcast in April, right?
- [67:44]
Phil Sitter
The Larry Giddy ears.
- [67:45]
Daniel
Yeah, I'll just have you donate to the charity. All right, guys, check out Phil Sitter across social media. He has some really great content. His ads are, his ads for the company are super fun to watch. Check out repeat MD on social media, go to their website, their mobile app, etc, talk to salon spas, talk to your friends about money investing and accounting. And we'll see you guys next Monday at the money Mondays.com.