Summary: In Episode 42 we have a wide ranging discussion with JW from The Green Swan about his FI path, going into business with family, buying an existing business and much more.<br> <br> In Today’s Podcast we cover:<br> <br> * A discussion with JW from The Green Swan about financial independence and busing buying and ownership<br> * How JW got involved in the FIRE community<br> * A discussion of life insurance and how much someone in the FI community really needs to think about<br> * They were already on a path to financial independence even before finding the FI community online<br> * How JW approached college with the mindset of graduating early<br> * JW’s dad passed many of the tips and tricks of the FI community to him in his teens<br> * JW’s relationship with his older brother made a big difference in his FI journey and they long talked about buying a business<br> * The concepts discussed in the book Rich Dad, Poor Dad and how it could help you get multiple streams of income<br> * JW and his brothers were saving for many years in anticipation of buying a business<br> * How they researched the options of buying a business<br> * How they could step in and grow the business they intended to purchase<br> * What did they do to fix the culture in the business and reassure their employees about the future of the business<br> * How did they know they could add value to this or any other company?<br> * How they structured their legal entity to optimize most efficiently<br> * They are investigating purchasing a similar business to expand their business<br> * What does the path look like for each of the four brothers and how have they navigated the sibling dynamic?<br> * They entered the business with ‘eyes wide open’ to the potential to damage their family relationships<br> * They built an operating agreement with all potential future possibilities so they could navigate future issues. It was important that they did this from the outset<br> * The unexpected joys and crazy things that happen when you own a small business with many employees and JW’s examples<br> * How are they funding a future potential acquisition?<br> * How do these businesses impact JW’s financial independence number?<br> * He is calculating his FI number without even considering the income or equity in the businesses<br> * Hot Seat Questions<br> * Favorite life hack is listening to podcasts and audio books at 2x speed<br> * He wishes he would have done ‘house hacking’ like his father did when he was younger<br> <br> Links from the show:<br> <br> * <a href="http://www.thegreenswan.org/" target="_blank" rel="noopener">The Green Swan</a><br> <br> * <a href="http://www.thegreenswan.org/the-swans-fire-prowess-gauge/" target="_blank" rel="noopener">The FIRE Prowess Score</a><br> * <a href="https://twitter.com/TheGreenSwan1" target="_blank" rel="noopener">The Green Swan on Twitter</a><br> <br> <br> * <a href="http://www.mrmoneymustache.com/" target="_blank" rel="noopener">Mr. Money Mustache</a><br> * <a href="http://www.sunbeltnetwork.com/" target="_blank" rel="noopener">Sunbelt business brokers</a><br> * Favorite Blogs:<br> <br> * <a href="https://www.financialsamurai.com/" target="_blank" rel="noopener">Financial Samurai</a><br> * <a href="https://esimoney.com/" target="_blank" rel="noopener">ESI Money</a><br> <br> <br> * <a href="http://www.amazon.com/dp/B01ID8H6NO/?tag=choosefi-20" target="_blank" rel="noopener">iRobot Roomba</a><br> <br> Books Mentioned in the Show:<br> <br> * <a href="http://www.amazon.com/dp/1612680194/?tag=choosefi-20" target="_blank" rel="noopener">Rich Dad, Poor Dad</a><br>
