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We stream each of the podcast episode recordings live to the Community members (video and audio). After the show ends, we stick around and continue the conversation in what we call the “after after show”.
Sometimes it’s fun, other times it’s deep. This time, we talked about taking a year off. This is something Matt wants to do and something I’m planning to do in 2020.
We also talk about what the Lambo Goal means to us. For me, it’s a big goal that I think I’ll reach in a few years. For Matt, it’s much bigger than that. He has a pretty grand vision for the Lambo Goal brand.
We decided to share this conversation that’s usually exclusive to Community members. Hope you enjoy!
- 00:50 Sean: Matt has mentioned that he wants to take a year off, and I’m taking a year off in the year 2020. It’s part of my sabbaticals. Every seventh week, we take off a week, but I’m actually going to take off an entire year in 2020. Matt also wants to take off a year, so we’ll talk about that. We also talk about what the Lambo Goal means to us, and it means pretty different things to me and Matt. Matt has a pretty big vision for it.
- 02:00 Matt: I want to step away. I have to make this decision—am I satisfied with where the business is now, with it’s revenue? I’m not, not yet. Once I hit the Lambo, that’s good enough. Gary talks about how he wants to buy the Jets and there’s another guy I’ve been listening to from Freedom Fast Lane about how he wants to buy the Indians. They’ve said some really good stuff about how they want to get to their goals that has made me think and change how and where I want to drive my company. It’s pushing me more and more to take this time off, because there are a bunch of gaps in the company that aren’t running as efficiently as they could.
- 03:02 It’s to where the business could be bigger and possibly sold, which is the overall goal. I would like to keep the business within the family, but I don’t want to set my sights on my son taking it over. Who knows? He might just want to run around in Lambos. I’m thinking more long term now. In the beginning, I was just thinking about making it through each month, saving for everything to pay the employees. We’re past all that. That’s old news. Now, we’re trying to figure out if we’re ready to sell the company and cash in on everything. Should we grow more? What do we want to do, Sean?
- 03:59 Sean: I know what I want to do.
- 04:05 Matt: Good stuff is coming. I’m so excited. I was telling one of my employees the other day, “If I ever have one of those days where I’m just done, it feels so good to know that I could be.” I couldn’t really hit the pause button. I could, I could take on a partner and have them run the business, but right now I’m planning to have the apprentice run the business. I still have the majority of the shares in the company.
I want to be able to step away from my business and have something beyond an education and a job I couldn’t lose.
- 04:46 Sean: That’s good, that you’re thinking long term.
- 04:51 Matt: Part of me thinks, “We’ve done good enough,” but not good enough to do what I want to do. Let’s say I said, “We’re going to pick ten people out of the Community and give them houses!” That would hurt. I think I want to get to that point, but I don’t want to get greedy.
- 05:28 Sean: Is that the plan?
- 05:30 Matt: That’s the plan.
- 05:31 Sean: That’s good. Now you can reverse-engineer that.
- 05:44 Matt: Any long term thinking for you, Sean?
- 05:46 Sean: Of course! Is there any short term thinking? There are so many things.
- 06:05 Matt: Just take one. What’s a medium to big thing?
- 06:12 Sean: There’s taking off a year in 2020. There’s reaching the Lambo Goal—what happens, how that changes things, and how it doesn’t change things.
- 06:24 Matt: Let’s take the year 2020. I had to think, “How the heck should I step away and have things still run?” Sean, would you just shut down the company? Would you have everybody still do things?
- 06:37 Sean: That’s a good question. I haven’t thought too much about that. The year off would not be an everyone thing—that’s a me thing, but it would affect people, at least currently. There’s only three years before we get there, so it’s very soon. It hasn’t even been a year and a half since it was just me in the business. In three years and ten months, I don’t know what this thing is going to look like. Right now, it’s ridiculous how long term focused we are. That’s why I had to pause seanwes tv. Everyone’s jobs are really focused on the short term, right now, except me.
- 07:57 Matt: I would say that Cory’s job is a combination, long term and short term.
- 08:01 Sean: He does help on courses.
- 08:03 Matt: I would say those are short term. seanwes tv is a little bit more long term.
- 08:09 Sean: What I mean is revenue-wise, because seanwes tv is about awareness. It’s an acquisition channel.
- 08:20 Matt: It’s still long term. You’re going to get a little bit from it here, but long term, people wil say, “Oh, you have to see this delegation episode.”
- 08:37 Sean: I said that wrong. You’re right, Matt. It is more long term. What I meant is that the things we’re doing on a very regular basis are long term, but that’s what everyone’s focusing on—things like shows, and what goes into show production on a daily basis. Say, I’m gone. There’s a lot less work for everyone, because the work they do is mostly related to me and the shows I produce. That’s changing and shifting as we build out the network and the platform. We are working on Aaron’s course. Matt and I are working on a course together. There are secret projects involving people that are coming. This is changing.
- 09:31 It will be different, and I don’t know what the year off is going to look like. I know that Laci wants to live in New York City, as an experience. There’s no way I could stop writing or recording, somehow. I’m not saying that I would have output that I do now, but I don’t know. We would have to figure out what the plan is, talk to Cory, see what he wants to do. 2020 is a while away. Definitely by then, we’ll be in a financial place to where we can literally do whatever we want. I could say, “Alright Cory, your job this year is to go produce this film.”
When I take a year off in 2020, we will be able to do whatever we want.
- 10:30 Matt: That’s what I meant. Have you done any thinking like that?
- 10:33 Sean: Not super practical, no.
- 10:36 Matt: Maybe you’re not saying, “We’re going to do this, this, and this,” but you can give yourself a little bit of an idea. I think about the things I’m doing now and how they’re going to help me get to that 2020 year off. Baby steps. I don’t want to depend on spikes.
- 11:02 Sean: I’m not worried about how.
- 11:04 Matt: That’s not what I mean. You don’t have to know the how. I don’t want to have to depend on spikes to get to my year off. I want to have a system in place so my engine can still run while I’m away.
- 11:24 Sean: We’ll have that. A year is not a long time, so I know that it’s going to go by so fast. I already feel like the three to four years that will take place before I get to that year off will go by fast, so I know that that’s going to feel like a month. It will feel like nothing.
- 11:46 Matt: When you guys do the sabbaticals, how does that feel? Like an hour?
- 11:49 Sean: It feels like a weekend. You don’t even remember it. You just know that it was time, and then it’s already over. Back to work. It’s just nothing.
- 12:01 Matt: So that, taking a whole year off, would probably feel like a month.
- 12:08 Sean: I will be 31. I will turn 32 in that year off. Seven years later, I’ll be 38.
- 12:25 Matt: Retirement, right? Please tell me that you’re going to retire.
- 12:27 Sean: Never, never. Seven years and I’ll be 45, seven years and I’ll be 52, then 59. We’ve got a few more sabbatical years coming up.
- 13:00 I feel like, for Matt, the Lambo Goal is this thing to achieve that represents something else, where he’s also kind of leaving the business. It represents something very big for Matt. For me, it’s just the Lambo Goal. All that means to me is that instead of Lambo Goal like this, it’s Lambo Goal where we take trips and have a bunch of cameras in the cars and record that way.
- 13:36 Matt: Lambo Goal to me is a big stepping stone. Right now, I’m doing a lot of long term investing that I’m not getting anything out of. With those investments, we’re just scraping by. I did that purposefully. I did it because I want to get to a point where I don’t have to do anything. I still want the machine to keep running. It may not need to be pumping on all cylinders like it is now, but I want to be able to do whatever I want. At some point, I’d like to go visit Rob Dom. I’d like to schedule something like that. I want to be able to put together a conference. I’d like to have Lambo Goal corporation, so I’d like to invest my time into that.
- 14:42 That means I’m going to have to step away as CEO of this business and go to the next. It’s not necessarily the end, but it’s what I call my retirement. That won’t be work. That will be fun.
For me, the Lambo Goal involves me moving from my current business into Lambo Goal Corporation.
- 15:07 Sean: I can tell that it’s a bigger thing for you, Matt. It represents a lot more.
- 15:15 Matt: Once I get to the Lambo Goal, if projections are correct, I won’t have to work another day in my life. We’ll be set. That’s not to say that I will stop, because I want to help more than just myself and my family. I would like to help others achieve their things, and if I could put together a fund, why not? It’s just another stepping stone, but it will be a big accomplishment. It’s that thing I’ve been dreaming about since I was 12 years old, so it’s a big deal for me. It’s a big deal, because I will be the first one in my family to get anywhere near this kind of success. It will be huge. It’s hard to explain.
- 16:10 What I will be able to sell when I get to that point and the value it will be worth would be like getting paid for working your butt off for 20 years, and the payout would be a 20 year payout plus a bonus for not taking any money out. I have a choice. I could sit on that and live like some people, or I can invest that into another company, which would be more like a non-profit. That’s my vision. If I could buy more time, which we can’t, and if I could go back and help my old self, which I can’t, this would enable me to theoretically do that. I wouldn’t be able to help my older self, but I could help other kids that were my age. I would be able to help older people help themselves, so I’m buying more time for them.
- 17:32 They won’t have to go work at Walmart or work so much harder after age 40, 50, or 60. There are different methods I could help put into place to help them out, so they could live a much easier, more fruitful life. If my grandparents were still alive today, these are the things I would put in place to help them. Since they’re not alive, I would like to help others, and put those systems in place so they can have a better life.