The playbook to make $3,000,000 over the next 10 years
Estimated read time 2 minutes, 6 seconds
According to Capital Counselor the average American will make $1,650,000 in 20 years of work.
Today, we’re going to go through the playbook for how that amount can be doubled in half the time.
Now, this isn’t a plug for passive income.
It’s going to take hard work and some smart moves, but the framework is totally possible. Dare I say, simple.
Let’s take our inspiration from business broker site BisonBusiness.com.
You can see the full listing here, but I’m going to break it all down below.
This is a business that was founded in 2010, conducting mobile fleet maintenance and repair.
Imagine one truck that goes to other businesses and performs oil changes, routine maintenance, tire checks, etc. on a bunch of other trucks used in a business.
As you can see this business is currently for sale for $600,000, and has been netting the owner $261,977 a year.
If you think about it, that’s roughly $250,000 for 10 years.
$2,500,000 in earnings
Then, after all this time the owner decides they are ready to move on, sells the business for $600,000 and walks away.
$3,100,000 total
Now my math is probably off. It’s same to assume that the business owner did not earn $250,000 a year in their first few years of business, but even if we bump the total down to $2,250,000 total earned, that’s still a huge increase over the national average in half the time.
Obvious concessions
It will be important to have the skills to pull this off. But how hard would it be to find a young mechanic to partner with you on this who has all the skills necessary.
Or better yet, go get a job at Jiffy Lube and work hard to learn everything you can about car maintenance in 3 months.
Why We Love This Business
Recurring revenue
Maintenance is a regular thing. You could be billing customers every 3-6 months.
Referral revenue
If you play your cards right, you could refer your clients to other shops for things outside of your scope of practice for a commission. Think tires, mechanical repairs, body work, etc.
Win-Win
One of the beautiful times where you as an entrepreneur can make 1+1=4. You save the owner of the company time and money by handling all maintenance, quickly and efficiently, and you make a bunch of money in the process.