Terry Blackburn, a 35-year-old entrepreneur from near Cheshire, has successfully built a thriving hotel and multiple businesses while maintaining a strong family life. His story showcases adaptability, strategic thinking, and efficient time management, offering valuable lessons on balancing professional success with personal priorities.
Terry Blackburn, a 35-year-old entrepreneur from near Cheshire, shares his wealth story. Terry's ability to transform a derelict property into a successful hotel, alongside running multiple businesses and maintaining a strong family life, is truly inspiring.
Terry began his entrepreneurial journey at 19 and has since ventured into various businesses, from bespoke services to property development. His success showcases his adaptability and strategic thinking. However, it's his role as a father to four children and his partnership with his equally entrepreneurial partner, Louise, that has redefined his motivations and priorities.
Balancing business ventures with family responsibilities, Terry has mastered the art of efficient time management, focusing on high-value tasks and streamlining operations. His latest project, a hotel extension, is just one example of his innovative approach to business and property development.
Terry's story is a testament to the possibility of achieving professional success without sacrificing family time. His journey offers valuable lessons on efficiency, prioritisation, and the importance of a strong why. Join us as we explore how Terry Blackburn achieves more in the same amount of time, blending business acumen with a deep commitment to family.
Resources In This Episode:
>> Unlock a New Source of Funding for your Property or Business [Register Now]
>> The Ancient Unicorn Hotel Site Visit [Secure Your Ticket]
>> WT090 – Adopting A 1000 Property Mindset w/ Luke Ryan
>> Make Financial Education Compulsory In All Schools From Primary Age [Petition]
Next Steps On Your Wealth Building Journey:
>> Join the WealthBuilders Facebook Community
>> Become a member of WealthBuilders
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Speaker 1 0:01
The purpose of wealth talk is to educate, inform, and hopefully entertain you on the subject of building your wealth. Wealth builders recommends you should always take independent financial tax or legal advice before making any decisions around your finances.
Christian Rodwell 0:19
Well, welcome to episode 230 of wealth talk. My name is Christian Rodwell, the membership director of wealth builders joined today by our founder, Mr. Kevin Whalen. Hello, Kevin.
Unknown Speaker 0:28
Hi, Chris. Good to be with you again, sir. Nice to see you feeling refreshed after your break? Yes, our little
Speaker 2 0:33
golf trip. Really enjoyed that. Nice to have a break because we had a pretty big launch, didn't we in January. So yeah, good to refreshed, recharged and ready to go.
Christian Rodwell 0:44
Excellent stuff. Okay, I'm talking about ready to go. We've got a supercharged guest with us today. And it's the return of Terry Blackburn. And Terry has been busy over the last couple of years since he last appeared on wealth talk. So lots to talk about today. But before we talk to Terry, we've got the next webinar coming up Kevin in a couple of weeks time. This time, we're talking all things pension, and we're going to be covering the SAS pension as well. So the title of our next webinar is unlocking a new source of funding for your properties or business. Big
Speaker 2 1:13
one, that one. Interestingly enough, I've spoken to Terry about this, where you he's a young man in his 30s. And he was like, pension, I can't be bothered with that. And that's right, because most people kind of consigned their pension to a box says Do Not Disturb till 65. But pensions can be combined, collaborated and turned into a business. And that's really essentially what a SAS is, turns your pension into your business, not somebody else's. And if you've got a property business, it can help you buy more property. And if you've got a conventional business, it can help you support that. If you need support, help you scale up you're trying to
Christian Rodwell 1:52
grow. So if you'd like to attend that it's absolutely free. We're doing two sessions lunchtime, and evening. And it's Wednesday, the 21st of February, head to wealth builders.co.uk. And you'll see the details right there. And you can click and register. Okay, so today really, we're talking about how to achieve more in the same amount of time. So lots of productivity tips from Terry Blackburn. And, and there's a site visit also coming up with Terry, on the sixth of March, close to area, you know, Well, Kevin,
Speaker 2 2:21
well, yeah, is up in the Northeast. And obviously an area that people know, now is my kind of place of schooling and where I was raised, and they have nearby Newcastle actually so nice part of the world. Well, he'll tell you story himself, but super building, which is perfect. If someone's looking into SAS, you can buy a building like that in a pension, or you can buy it eventually. And in fact, on the day, he's going to talk about how he did that. And all the different ways that to use very creative finance to do that. Absolutely.
Christian Rodwell 2:57
So more details will share after the interview with Terry. And also Terry's going to be sharing some productivity tips and also how he's sharing his wisdom and knowledge all around business and finance with his children. He's got four children, so lots of lessons to share there as well. So let's dive in. And let's listen to our conversation today with Terry Blackburn. Terry, welcome back to wealth talk today. How are you?
Speaker 3 3:19
I'm very good. Thank you. Thank you for having us back. How are you?
Christian Rodwell 3:22
Oh, you're welcome. I'm good. I'm really good. Thank you, Terry. And we were just chatting, weren't we the last time you appeared on wealth talk? Can you believe it was November 2021? right in the thick of COVID. I think a fair bit has happened since then. Right?
Speaker 3 3:35
Crazy. Crazy. I can't believe it was that long ago. But when you reflect on that, like, it seems like it was an age ago, doesn't it? And so much has happened. But that's just it shows how how quick time goes right? And how you've got to make the most of it where you've got it, I think. Yeah,
Christian Rodwell 3:51
well, I think that's at the heart of our discussion today, isn't it? It's about making the most of your time, as you say, but also how do you balance all the things that are going on, and when someone's trying to build wealth, they're also managing a family, and in some cases a day job as well, then it can become overwhelming. And you've managed to find this right, this balance and you seem to be performing a pretty high level Terry, and we're going to hear about all of the things you're up to. But let's just rewind back, let's look at the last sort of, you know, two, three years. When we last spoke on the podcast, Terry, you were running bespoke your company. Tell us what's happened with that since
Speaker 3 4:31
the so when you said 2021 It is crazy thing and how much is changed certainly in my life since then. So there's lots to talk about what's sort of the key things I suppose so did sell the business. I don't know if I was in talks I shared if I was in talks with the business sale, but that was done in July June slash July 22. I had another baby. So that's for children now since the last podcast, such as in another business set up new businesses. moved house. So I sold the business and had a baby and moved house all within a kind of six week period, which is very stressful. There some of the three more stressful life events I think you can go through, and others, you know, not their intention. But it all kind of happened at the same time. It set up a construction business, a letting agency sold my shares in the glamping business. I don't even know if would, when we wouldn't have built the glamping business out when we last spoke. I don't even know if I'd acquired the land by then a concrete recall. Haven't that was the so a lot has happened, man. Yeah,
Christian Rodwell 5:33
I think it was all really, really early stages back then. Obviously, you were you were kind of involved in property, but not quite to the extent that you are now I'll just quickly mention because we're actually coming up to see you, aren't we? So we've organised a wealth builders event to come and look at one of your properties. So tell us a little bit about
Speaker 3 5:53
that. Yes, so that's another business property they've acquired since we last spoke. So that is a 17 bedroom hotel. It's got two houses on the land, it's got some land in the backwoods got planning for an extension of the hotel, 10 bedroom extension plus two five bed houses. It's got a ball restaurant, snug area games room is formed in 50 years old, Charles Dickens wrote a book there. There's, it's a really, really interesting project and property. If anybody comes along, I think we're going to do the event on the sixth of March, I believe, they come along, you'll see it, you just kind of always try not use a motion when I buy properties. But I must admit, when I when I viewed this property, I was like, Oh, my God, this property, just emotionally getting because it's such a nice building, if you like sort of that stuff. Anyway, all stone built really quirky. I purchased it and refinanced it and create a creative way, which I'm going to share on the in the tour. But a great little business was run purely by the old owners. So I've seen a whipped into shape, condensed lot of things, streamline things, automated things, and it's making some good profit now. It's a fantastic business and project. So it's all going on. Yeah,
Christian Rodwell 7:08
looking forward to coming up and seeing you and you'll show us round, and then we'll, we'll sit down, and we'll talk through some of the numbers some and find out exactly how you structured that, as you say, and yeah, that'd be a really, really good site visit. So yeah, we'll be sharing more details of how you can join us on that. I'm curious as well, with the sale of that business, Terry, people talk about selling a business and going to have the freedom gonna have the money. But there's some things perhaps that you don't appreciate until you're actually in that moment afterwards. Looking back, tell us what was that like for you? What are some of the learnings perhaps from that? Yeah,
Speaker 3 7:45
I mean, I've read books on people selling businesses, and people lose themselves a little bit. And I thought that won't happen to me. You know, honestly thought selling the business and getting the sum of money like that. I thought it was utopia. You made it, you can sit back, you can chill, retire, and all this stuff. And that couldn't be further from what I experienced anyway. So I always had for the nine years around that business, I had a sales meeting every Monday at 10 o'clock, because it motivational Monday's, are on the sales meeting closed, everybody or Jade them all up. And the first Monday after the sale, I was like, this is a bit strange. I haven't got my Monday meeting. The second Monday, I was like, oh my god, what have I done? Have I done the right thing? I've lost a bit of my identity and my structure. And I did actually love doing it. I love speaking I love doing sales, training and motivating people. So from that point, I was like, I've done the right thing to should have done this. But it's too late at that point, of course. So I experienced it's quite a strange, it's quite strange feeling is certainly if then I made I had lots of other businesses at this point as well. So it wasn't like it was my own thing. My only thing I can imagine if if that's your only business and you sell it, that must be quite tough. Because it was part of my identity, it was part of who I was. And it was a big part of my life. And then when it's kind of stripped away even longer got a large sort of sum of money. I can't really explain it any more than that. It's just a real strange feeling. And only way I sort of got round that again, I started to read started to listen to podcasts, read books, all of that on people who have experienced something similar. And all of the content I consumed. Were kind of saying you've got to reinvent yourself. You've got to find your next thing and effectively I did have to reinvent myself a little bit. So that's kind of why I threw myself into other businesses do more of the coaching and other things that I'm doing a kind of captors entertained. You could see be estranged one. It's strange, any of the listeners if they've sold the business they might be able to relate. But it wasn't what I thought it was going to be still glad I'd done it and it was the right thing. But yeah, strange.
Christian Rodwell 9:58
I think alongside that as well is that goal of achieving financial independence? It's something that people aspire to, and you're chasing it, chasing it chasing it. And then one day you actually go on there, right? I've actually got enough money coming in from these different assets now. And what do I do next? You know, what's the next target? What's the next goal? It's hard to sort of prepare for it, isn't it?
Speaker 3 10:21
Definitely, it's not normally as good as you think it's going to be or it's not often what it what you think is going to happen. It's not often that because, you know, the five just turned and I couldn't retire at 35. Like, I need something. And I did find out a lot about myself during that period. When I was in the business, I thought, I can't wait to get out. New store. And you know, I won't miss any of this. But I've learned that I actually did miss. I like interacting with people like having a wouldn't set up another business on that scale in the industry. Again, I know that much. But I do like to be around people. I do like to help people in sales training, because I was trained in the sales guys how to sell and make more money. That's the same as kind of mentor. And so that's kind of what I realised that I missed, hence why I threw myself into it. I'm glad I've done it. And I'm in a good place. I did reinvest majority of the money straightaway, because that's just I need to keep going. But yeah, really strange experience.
Christian Rodwell 11:21
So some people would would have sat back and said, Okay, you know, I'll just kick back and enjoy life for a little bit. But that's not your style. Is it, Terry? So as you say, you're straight back on the horse. You talked about the glamping business, you've got construction, business letting agents now we've just talked about the hotel. So some people might think about just how do you manage all this not to mention of, say, your partner, Louise and four children as well. So let's talk about how you manage your time, Terry, what are some of the secrets to making sure that you're present in all of these different areas?
Speaker 3 11:55
There's definitely ways I believe that people can do this and certainly maybe improve upon what they're doing now, in terms of efficiency, and productivity. What I do personally, some sort of key points, I suppose. Google Calendar is massive, no hardback diaries, it needs to be digital, it needs to be accessible on every device, phones, laptops, iPads, it needs to be on all of them is a real basic starting point. And you'd be really structured with your time. So I always make sure that I do something from our mind and something from our body every day. So that doesn't mean I don't do two hours in the gym every day, I generally do every other day, I go to the gym. And then I read or listen to something every day to keep my mind and my body shop. Because I believe that that helps with productivity and efficiency. Because if you're sluggish and tired, you need a couple of coffees to warm your brain up, you're missing a couple of hours a day, by the time you get into a good place. Efficiency wise, you've missed two hours, sometimes longer. So I believe a sort of productivity hack would definitely be keeping fit, and keeping your mind right as well. Every morning I do things like write down my goals, a plan for the day used to do lists, I'll write my gratitude down. And I'll generally I use one of these planners, anyone who can see on the camera, it's called this is my era planner. It's like a 90 day 12 week planner. So use those every day. So you set goals and key achievements for each day. That really keeps us on track. And I think a big thing is turn the notifications off on your phone. For things like social media, things like emails, if you can, when you're at work, you're at work. So when you're at work, you're not on the phone to your partner, you're not on the phone to the kids, you're not messaging him it's about boxing or something you know, when you're at work, you you're at work. And I'm I am very like that when I'm at work, and I've got my businesses open effectively all the time I'm working, I'm at work, it's structured, I don't do long meetings, or don't do these hour long zoom meetings, when you don't need to a lot of meetings can come can be condensed to 15 or 30 minutes. If you just cut out the chit chat sometimes that you save in 1015 minutes. I mean, if we do in 10 meetings a day, that's, that's a decency of enough time. So I think being strict with your time being disciplined planning, keeping your body rate keeping your mind right, prioritise as well. So when you do an a to do list, a lot of people fall into this trap, they'll do it to do list and they'll have 20 things on there. A simple way to become more productive and effective with that is simply prioritise those tasks into the most profitable or the most important. So I'm with number one and then the second most profitable important, third most profitable and important and working down your To Do lists like that because some people have got a to do list some really important things on there, but they end up doing the things that aren't really important or productive because the easier so having a to do list one thing but then working down in a priority list is another always make time for the kids and always make time for my missus. So for exam Hello, I don't work past five o'clock. So Monday to Friday, I don't work weekends, I haven't for a long time, date night every Tuesday. So tonight we're recording this and use this or five, six o'clock for and we'll be off and out the way. And don't get us wrong the odd week, obviously we don't do it because things crop up. But majority of the time I do that I pick the kids up more stairs at three ish when I'm home that is. So it can all be done. Like to summarise those points, it can be done, I've got four kids and businesses all over the place and loads of stuff. You know, it can't be done all at the same time. But you've got to be disciplined and strict with your time, there's no way you can do it. If you're here, there and everywhere. If you haven't got a p or A V, you haven't got key team members helping you with key areas, you just can't. You can't do it all by yourself.
Christian Rodwell 15:48
You've talked about the systems, they're leveraging technology, and you can't I guess do this without team as well. So having good team members around you and and that can be a challenge content, because often same business, you know, one of the hardest things is managing the people within the business. So have you learned any lessons for how to acquire the right people? Yeah,
Speaker 3 16:09
definitely, I've made a lot of mistakes. Over the years, you know, bespoke had over 100 people working in the company, but by the time I sold it, at one point, I went up to run about 151 60 across all of my businesses, and now I'm down to 16, which is and I'm still making a decent level of income. So yeah, in terms of what I've learned, I've learned from a lot of mistakes, recruiting the wrong people, because maybe it's because I just like the person, you've got to recruit on skill set, you've got to bring people in that have a different skill set to you, you've got to obviously like them in like the personality wise, then they've got to be able to gel with you. Because I think that's important. They've got to be able to take instructions and take orders effectively. And it is a challenge stuff is probably the hardest part about any business. But I think any sort of high performing entrepreneur that got loads and loads of stuff going on, I think a non negotiable is, is appear. And I think a non negotiable is probably somewhere in accounts. Because if you've got multiple companies that you need to know your numbers you need to be on top of your p&l is you need management accounting, you need all of that, for sure. Because you don't want to be sitting on zero messing around login invoices and reconcile and things. I mean, it's just a waste to waste of time. There's the famous phrase, you know, fire quick and hire slow and all of those type things. And they do apply it in the real world. But I think one thing actually that I do is I don't know if you've seen this before, I think it's an action coach training session that I know Kevin, Kenny knows Brad and stuff. But the high phone high skill matrix is like close, isn't it, where you work out everything that you do on a day to day, things that are high fun and low fun, and things that are high profit and low profit. And you should really as the business owners, the entrepreneurs should just be focusing on high phone high profit, because everything else can be delegated. So once you work that out what you want to be doing and what makes the money, you can then work out what team members you need to delegate stuff to and growth is not always the answer more stuff is not always the answer is also something that I've learned. Because I used to just be like more established build, build, build, build, build, and that's the sometimes you can cause yourself a lot of problems. So that's not always the answer either. No,
Christian Rodwell 18:28
those are good tips. And, you know, in order to for most people listening to this, Terry, they'll be on the path towards either financial security. So making sure they've got enough coming in to cover the essential outgoings every month. But once they've achieved that, and it's on to financial independence to have enough money to really live a lifestyle of their choice without compromise and recurring income. How important has that been to you when you've been looking at businesses or deals to make sure that there is that high degree of of income? Yeah,
Speaker 3 18:58
I mean, recurring income is fantastic that, you know, if you're looking to acquire businesses or you can you can get a recurring recurring income from your business, then that's a great thing because it steadies the ship, it takes the pressure off a little bit. If you look to sell it, it's it's obviously more valuable. If it's got reoccurring income. I think that's almost the most if your industry in the business that you're involved in can generate that type of thing through a membership or through some sort of service or product that the pay for each month, then that's great. That's why I look property property is reoccur and it's not passive. Let's be truly honest about it. It's not really passive. Some strategies are more passive than others. But yeah, that's why I like property because I've got my business income that's flying in, which a lot of the time is I've got to do stuff for it through me and the team nests the profits into property which takes along and then produces some reoccurring income. We highly recommend that for anybody wanting a good quality of life. If you can get reoccurring income it just makes your life a little bit easier. I think It takes the pressure off a bit, you know, who doesn't want to get paid for minimal work? Right? That's, that's surely what everybody deep down wants.
Christian Rodwell 20:07
So we've heard a bit about that businesses, Terry. And I know we're scratching the surface, because there's so much more we could be talking about with your various businesses. But moving on more to look at how you balance the family side of things. And also to understand a bit more and get to know who are the members of your family. I mentioned your partner Louise and, and she's also very entrepreneurial, isn't she?
Speaker 3 20:26
Yeah, that's another factor that would go against traditional thinking of me not being able to do all the things that I do, you know, she's got an estate agents and letting agents and she's got property. And she's obviously a mom, and she's a partner to me. So she's got a lot of lots of things ongoing as well. And again, it just shows that it can be done, you know, you've got to be organised, you've got to be structured, you've got to be disciplined. And you've got to be on top of your health, I think of the sort of overarching factors that you need to look after. Following on from what I said earlier about the structure, the Google Calendar, time blocking, making sure I'm looking after my health and my mind. And then it's very much I think, just being pretty ruthless with your time. And being organised and structured and setting goals daily in making sure you keep an on top of them and not wasting time on a low value, low fun tasks. That's a key point for anybody because everyone's situation is different. So I think if you can do that, you're going to start to achieve more in the same amount of time that you've got. My pa does my emails once a day? Well, she monitors them daily, but I respond to my emails once a day. If it's urgent, just send us a WhatsApp, you need to reply to such and such. Because let's be honest, most emails can wait. So the only notifications that come through to my phone, or my whatsapp and phone calls, nothing else because in an in between my tasks, I'll only respond to them, Unless I've got it in my hand, of course. So I think that's that's how to balance it. I think, I suppose intention is a big thing here, you've got to want to spend time with your partner and want to spend time with your kids. Because if you don't want that you won't do it. But a question that I would put to anybody thinking like that is, let's see, if you've got a billion pound in the bank. Once you've done the holidays, and you bought the houses and you bought the cause? What are you going to do with that money, and it normally boils down to spend time with your partner spending time with your friends and spend time with your family. So if that's what you'd do, if money was no object, why don't you just do it now, as a great book, I think it's a seven regrets or the 10 Regrets of the Dying. I don't know if you've heard that book or read that book. And it's all about like, quite morbid. But the interview people in hospices in there were on the deathbed, and nobody said, I wish to work more. Most people said, I wish to spend more time with my partner. I wish I didn't do this. I wish I spent more time with the children, I spent more time with friends. So it's all going to come to us. Why don't you act that way now and still spend time with your family and your partner and your kids? As well as earning money?
Christian Rodwell 23:00
Just really move on to the children now, Terry? Because they range in age, don't they from I think 11 down to one baby Hunter who's the most recent addition to the family. Tell us about your four children there, Terry? Yeah,
Speaker 3 23:13
so a 10 year old, an eight year old, a seven year old and a one year old. So three boys one girl. So I've got my hands full. The girl is very sassy and very common in the teenage years where she was like, doesn't want to cuddle dad anymore. I knew that. But there were challenges. Let's just call a spade a spade like it's hard. It is hard man. And I think anybody who's a parent can relate to that it is very hard. Like Christmas, we had all the kids, it was chaos. We're taking them on holiday, it's chaos. But it's somebody said, I heard a lady say this at an event I was at. And I think she had a couple of kids. And she said a free is always stuck with it. And I've used it myself a few times since which was kids aren't the reason why I can't do this. Because a lot of people say that I can't do that business because I've got kids or I can't buy that many probably because I've got kids there the reason why I will do this, and that always stuck with us because you could look at children is your fire and your reason why you're going to make loads of money and do all these businesses in setting itself up for whatever take the future that you want. Or you can look at them as a hindrance. They are part of my reason why I'm pushing so hard and growing the businesses and making money. So I can give them a life that that I never had. But I don't even want to give them anything. I want to make them work for it.
Christian Rodwell 24:39
So Terry, you're 35 years old now. You had your first child early when you were 24 and you started your first business when you were 19. So you know still young man now but you know, really young at the beginning when he had to manage all of this and you know when Ellie obviously your first child, was there a time when it really hit home that you're ambitions when you were 19, starting up your first business, and then suddenly holding your first baby, how did it change things for you in terms of your mindset?
Speaker 3 25:09
Yeah, definitely. I mean, I went, I went like self employed when I was 19. So I was like a sole trader, then my first Limited Company was bespoke, which is when I was 24, it was actually just before she was born, or maybe six months before she was born, maybe it was something like I remember being similar time that I had early and set on my first business. And I was very, very focused at that time. You know, it's quite a few years back, I was very, very focused on money and success at that point. And I did neglect the family a little bit at that point, because I was so focused on in the pursuit of money, and success. And I do regret that a little bit, just being honest. But you know, I learned from it and as I've had more children, I've realised that I don't want to miss out on stuff again, and I am definitely different as a dark now than it was back then. But I'll always remember, the first time she called his dad, that was like, I was like, Well, I'm a dad, like, so it wasn't necessarily when she was born. Obviously, that was amazing. And, and first time she opened her eyes and looked at as I was like, Oh, my God, like, it's not just about me anymore. I've got someone to look after. But was when she was about one ish when she called his dad in looking at his and she associated the word dad with me. And I was like, Oh, my God, like, yeah, I've got to provide now so that that was a real turning point for me, I remember specifically,
Christian Rodwell 26:26
and then your first son came along, then you have another sale going through at that time. So it was another busy period.
Speaker 3 26:34
Yeah, when deal was born, I had, I was selling them always Jeannie. So that was a really stressful time. So then I was like, when she was pregnant, the export, and I was pregnant, I was like, this time, I'm going to be more available, I'm going to be more around and all of this. And that didn't happen really. Because because I had a big sale going through that was the first time I saw the company, really stressful. That's not an enjoyable process. By the way, the negotiation in the waiting and the legal fees is not enjoyable. So I had all that ongoing. And then fast forward to recently when I had when my youngest is one and a half now, a much more like every night, I'm home, I put them to bed. Almost every morning, when I'm home, I take them to nursery, and it was kind of split the pickups, but I'm much more available. And I'm much more present with them, which I'm just glad that I'm getting the opportunity to do maybes if I was stuck in growth mode, I might not have made that I have an opportunity to do that.
Christian Rodwell 27:32
And that's obviously the financial position that you find yourself in now, Terry, that gives you that time freedom that allows you to do that, isn't it. So it's only through the hard work that's preceded that that allows you now to be able to do that with Hunter?
Speaker 3 27:46
Definitely, if I was in the financial position, if I wasn't in the financial position I'm in. Or if I was just stuck in, like I say entrepreneurial, grow, grow, grow, build, build, build mode, and management investors. So maybe that's a lesson for any listeners, maybe you're currently in that mode of build, build, grow, grow as much money as much growth as possible, but you neglect and stuff at home? If you can, I would advise it certainly I'm certainly glad that I've done it is you're spending more time with them. Because the only young once most people have heard someone who's typically a bit older than them say that to them, right where they say, you don't want to miss out, it goes too quick. The group really everyone's heard them phrases. And it's true. I'm lucky enough to have a sort of fourth or fourth byte integer you could see and make sure that I'm there. Yeah, hopefully someone listening to that may just realise, you know what, I should be spending a bit more time with the family. And yeah, and do it. So
Christian Rodwell 28:41
I'm keen to hear Terry, some of the things that you're doing with children to help guests share some of the this entrepreneurial knowledge and see how they're picking up on it and how you're involving them where you're having these conversations about money. But just before that, what was your experience as a child growing up with your relationship with money and finance? Did you have a financial role model in your life? No.
Speaker 3 29:05
I've been asked this question before, so we didn't have any money growing up. I grew up in throckley. Newcastle upon Tyne, if anyone knows where that is, in a block of flats wasn't the nicest area until I was about 10 ish. When I had no money growing up, and then my mum set up a business starting to do well we moved out on the flat and then she lost it all. So I'd kind of sit experienced nothing something and then nothing. And I think that sparked my interest in in money and business. And I want to protect myself. So and that never happened to me. And so I think we're probably came in, but no role models. No. First real person that ever listened to speak about money was Brian Tracy, when I was 19. And not just that that was a switch in my brain that that was like, wow, there's something else here to this world. But yeah, in terms of what I'm doing with the kids, and I spoke about this previous to the to this call. It's a hard one Right. That's why I love what you guys are doing, because nobody's really saying this is what you should do. And this will result in this, because nobody really knows. Because you could teach your kid certain things, but they still might not turn out very well. So it's kind of a hard one. And I think you can only do what you what you think. And I think that's why this wealth builder for families thing is so good. And why I want to endorse it is because if we can review if you guys we are however it structured, can come up with do this, and you've got a strong chance that they're going to your children are going to be financially sound are good with money, I think that'd be an amazing thing, if you could come up with that. But the things that I'm doing, or so when we go to the hotel, I take my kids there once or twice a month. And when I first started to take them there, because they love it. It's a dad's hotel, and they run around and speak to everyone, they think it's great. But then the first few times that were there, I watched them, obviously there's a restaurant there. So they were ordering what they want on the menu and the order and loads of stuff for me dollars. And I want steak and pro ones and wholeness. And I'm like, This is 10. And they're just getting eaten the food and all this. It's always says thank you and stuff, which is important. But then it started to become like, I want this, this, this and this and that. And I was a bit like no, I can't have this, you caught your interest, expect it and I'm still paying for this, I still pay the bill eludes my business, I still pay money, the business and when you can't just take this for granted. So I tell you what, you're going to wash the dishes after this in the world. And when you're washing the dishes, so I made them go into the into the rest of the kitchen, put the pennies on I've actually got a picture somewhere, put the pennies on, and I made the most of the dishes, and they're all whinging on, why do I have to do this and all this. So I just tried to explain to them like, like, I didn't have this when I was your age. And the reason why you have to do the dishes is you have to work for things that you want. So if you want to come here and enjoy yourself and run around and play and whatever, and you want to eat food for free, you need to understand that that doesn't happen in real life, you need to, you need to work for things that you want. So I do that, while I'm actually going to won't need to say that this last week. But at the ancient unicorn, where we're going to do the tour at the hotel, we're going to do a car boot sale once every month. And this is what the team came up with at the unicorn, just to get more people in the door because there's land at the back so people can put the stores up. But what I'm going to do is I'm going to make the kids school and I'm going to make them sell the toys. And I'm going to say them will go half he's on the money, because I bought them in the first place. So if you want to sell them, I want you to learn how to speak to people, and you can have half the money. So I'm going to do that with them. I've never done that before. I don't know how it'll go. What What one thing that Louise there was actually with, with my stepson, which is dude, every night when he goes to bed should make some write a gratitude list. And on that list, so what are you grateful for, go on here to this place, or mom and dad spending this much money on us or going to this place, having this fatigue, and just getting them in, that's the gratitude, I think, is gonna have a positive impact on kids. Because if the if they understand, and they are grateful for the things that they've got the should attract more, and they should be, they should value stuff more little things like the pocket money. I try not to spoil them. The ball was gonna say please, and thank you. And generally if the if the wants something, I'm trying to make them do something to get whatever they want a task of tidying the bedroom or something like that. And that's all I'm trying to do. And who knows what the right answer is. But one thing I know is not the right answer is to spoil them. And to give them everything, I really believe that that's one of the downsides of becoming wealthy is because they expect things to under kind of the other get used to a certain quality of life too. And they're used to go in certain places. And if they just don't then expect that then the could become one of these entitled brats couldn't in or live with mom and dads for the rest of the life. So that's certainly my view on it, whether it's right or wrong. I don't know what that's that's my view anyway. And
Christian Rodwell 34:06
children growing up in the digital age that we are now Terry, often parents worried that they don't understand the true value of money because they don't actually see it. Everything's just tap tap tap. So are using Kashi giving them pocket money in coins and tangible assets. Yes,
Speaker 3 34:23
the law got a little safe, just from Argos or wherever it was from with a little cord. So the pocket money that the getting cash, the poor in the LCF and encourage them so if we're going somewhere else, they will join and take some of your pocket money if you want to buy something. Sometimes they'll say yes, we'll say no. Or sometimes we'll go somewhere and they'll be like, oh, I want that toy but it's 50 quid and I'm like, Well, you've only bought it so I'll give you the 20 If you give me the 20 back out you save or do you want to save or or do you not want to get it and try and get them to understand that the conscious have everything or play Monopoly with them or play the kids monopoly? The same To like that, I'm very competitive and I don't let them win ever. And that will change, because I'm too competitive. But I also think that's important to like, why should the win? Why should if the wind legitimately, that's fair enough, but I'm not going to let them win? I don't think that's right. And people don't let do that in business. So they are here, he has a property, nobody does that to the or he has he has this business or you know, he has a few good nobody does that. So why why would you do it in the game of life? If if they don't do it in real life? See if that's what I do, anyway.
Christian Rodwell 35:32
Yeah. And in terms of the education system, growing up yourself. And now seeing your children going through the schooling system, a seeing any signs of these conversations, any kind of learnings around money? Do they come home and say, Oh, we talked about this today? Unfortunately,
Speaker 3 35:49
no, you know, the school system is, yeah, I don't want to get myself in trouble by saying anything too bad about the school system. But I think it's flawed. In many ways. I don't know why they don't teach this. I've seen your user involved in like a petition, to try and get them to talk about what it's girls, and I don't think it'll ever come in, unfortunately. So I think it's down to us as parents to educate them. They've came back a few times from school and said things like, I'm going to start selling sweets, I'm going to start doing this, I'm going to start doing that. Whether that's came from a conversation at school or something that they've seen on YouTube, or who knows, I don't think it's ever going to be taught in schools properly, unfortunately. And I haven't really seen any, any entrepreneurial flair in them yet. My daughter draws quite a bit. So I've said to her a couple of times, why don't you try and sell these drones on eBay? Why don't you try and sell them to the camera? I'm like, yeah, well work out how to do it, and then let us know. And she doesn't. So because I don't want to just see, right, well, that they'll do it for you. Because then um, that she needs to be proactive. So yeah, that's the only thing I've seen what I think the young, hopefully, as they get older, they start to get a bit of what I've got. But if they don't, as long as they're still happy, then they don't, they don't have to be entrepreneurs, am happy, if they're happy. As long as they're happy in content, and they understand the value of money, I would like I would love them to get into business. And I'd love them to become more successful than me. Because I do think that's something I think you should be more successful than your parents. And I think because you can pass down your lessons, can't you? So they can fast track the mistakes by getting your knowledge in your lessons. So I'd hope all of my kids become more successful than me. And then their kids become more successful than them. But you can't control it can you know,
Christian Rodwell 37:40
and maybe that's a nice point for us to round things off there is that idea of sort of compounding knowledge and compounding lessons through the generations, right. And as you say, you would hope that a little bit more rubs off every generation ties in with one of our principles that we're teaching around family wealth of this principle of planting seeds of delayed gratification, and, you know, children understanding that in this age of everything, just seeming to be instant, and at the touch of a button, that when it comes to building wealth, that's not always the case, right? You have to plant seeds, and you have to appreciate hard work comes before results.
Speaker 3 38:18
And present it does those 100% and that that is a worry. Let's be honest, if you watch young kids on Tik Tok, I mean, it's quite scary that literally, that attention span is like, milliseconds, like this and like so what are they going to be like? Are they going to be able to keep their attention on grown wealth over a space of five years? When the can't look at the visual for longer than half a second? Like, who knows what the technology is doing to them? Again, I think I think it falls back to the parents, you can limit time on iPads, you can limit time on YouTube. Can you imagine if most of the population, this new generation have these really poor attention spans and the dorm value things are all entitled, they're all soft. They're all one everything yesterday, if if the generation becomes like that, if your son or daughter is above that in terms of switched on to things, they're going to be so far ahead. Because I do think most of the generation unfortunately, are going to be under that first sort of category of low attention span value, you want everything for nothing. So if you if your son or daughter can become a bit of a killer, then a bit of a savage then what they're gonna do, they're gonna they're gonna smash it, Ron,
Christian Rodwell 39:33
my final question for you, Terry, you talked about us setting goals and intentions every day. How far ahead do you plan so within the next five years, do you already have that mapped out in your head of where you want to be?
Speaker 3 39:46
So every year I do a Jim Rohn calls it an exercise where you identify 135 and 10 years. Now, the 10 year one moves all the time because it's quite a big thing, isn't it? Normally each year it's kind of the Different, there's different things on there. But one year, I'm bulletproof on exactly what I want one, year three, probably 80%. I know exactly what I want to achieve five years, probably 60 70%. Because I think goals are always changing that much. I think there should always be evolving. But I'm pretty clear on what I want for each business. Pretty clear what I want, personally. And in Yeah, within 10 years, I see that I don't want to be working as much as I am now. But who knows, I probably 10 years ago, or 25. I've already said I'd be retired by 35 sitting on the beach. And I'm not so. So yeah, but I think that is an important point. I do think you've got to, you've got to have short term goals and your KPIs that are weekly and daily. But longer term goals if they're exciting and juicy enough, I think I'll keep you more focused on the day to day as well. But if you've got an overarching like big reason why over here, I think that'll keep me more focused as in the short term as well. So
Christian Rodwell 40:56
thanks, thanks so much for sharing everything about your family with us today, Terry, with how you're managing your time, how you're finding that balance between work and everything else you have going on in businesses. So congratulations on everything you've achieved so far, Terry, and we're looking forward to catching up with you in March and have a look around your hotel. So thanks again.
Speaker 3 41:17
So it's good night. Thank you for having us, man. I enjoyed it. Thanks, Christine.
Christian Rodwell 41:22
Terry's always good value for money there, Kevin. He certainly wasn't sure of ideas for us today.
Speaker 2 41:27
Well, lots to unpack. As always, with Tarion. Such an enthusiastic young man and a go getter in every aspect, terms of how he works hard, plays hard and looks after himself as well. As you can tell the healthwell thing came up loud and clear there. And yeah, all fair play to him. Just
Christian Rodwell 41:47
before we go into some of the lessons from the conversation now of Terry, let's read out one of our latest reviews from Trustpilot. And it ties in actually with with SAS, which we've got our upcoming webinar taking place on Wednesday, the 21st of February. So do register for that and the review, it's from Ju Ju and juice says setting up and running a SAS presents a minefield to navigate. But wealth builders along with their training helped me not only understand SAS pension, but assisted with its creation via an administrator. And if you're looking to enter the world of SAS pension and need educating these other guys to speak to good
Speaker 2 42:25
to hear that from Ju. And we're pleased we've helped 1000s of property investors in particular because properties and expensive assets. So turning pension money, and certainly combining it for more and more buying power, very powerful way to be able to acquire property that otherwise would be left, just simply on acquired and not part of your asset base. Now,
Christian Rodwell 42:48
one of the things that we hear all the time, Kevin, when we're speaking to people about wealth building is a lack of time. And Terry, I think has proven that if you put your mind to it, if you're efficient if you've got some processes in your life, that you can juggle building a business, building a property portfolio, having a family, and still enjoying all of that as well. So we all have the same amount of time. We know this, we hear this a lot. So some good things. And for Terry, it all began in quite humble beginnings. He said you didn't have a financial role model necessarily, but the catalyst for him was listening to Brian Tracy. And he's gone on to achieve great things and still only age 35. I
Speaker 2 43:28
think catalyst is an important word Chris, which is the stimulation from moving an object of rest, you know, that doesn't something stays the same stays flat doesn't move, something needs to interrupt that pattern. And that can be a book could be a person, it could be an inspiration from any direction and all I suggest is people become open to that seek that first ROI to recognise your one relationship. That's the our opportunity. That's the Oh, an idea. That's the AI whether it comes in a book or podcast, wherever it comes, seek it out and be curious, because once you make the decision to choose wealth, uncertainty, over trading time for money and uncertainty, the world will move in your favour. So I just encourage if terror is your catalyst, act on it, if we are your catalyst act on it, if your spouse or partners your catalyst act on it, if someone who died or got ill, and you realise life is for living, act on it, find a way to get a catalyst, don't stay stuck thinking about wealth, take some action. And
Christian Rodwell 44:36
so much has happened in the last couple of years for Terry that he almost struggled to remember everything that he's been up to there with hotels and glamping sites and selling his business. And that was one out spec that was interesting actually selling a business that he very involved in every day for nine years and talked about losing his identity and losing that team because he had over what he said nearly 150 employees at its peak difficult
Speaker 2 45:00
one, it's a one that can be helped by thinking about wealth building at the same time, is building a business. Because very often only a handful, less than 5000 businesses a year, are sold in the UK for more than a million pounds, which would be a decent sum of money in anybody's book. But those who do, invariably, the only asset that they built is the business. So when they do sell it, and more often than not, they sell it without recurring income, which therefore means is less valuable. And there are more strings attached to the sale, because the acquirer doesn't know what's going to work for a while. So you're often tied in either as an employee, or a consultant, where the deal is paid in two or three different stages something upfront something in the interim and something at some endpoint, whereas the more you can create recurring income, the greater the stability of the business, and therefore you don't need these really long, challenging earnout clauses. Because the predictability is in the recurring revenue, not in the work that somebody has to do to generate it because the business isn't dependent. So that's number one. The second point is if you're building wealth, the same time as building a business, so taking some of the profit, which is temporary, and turning it into an asset, which is permanent, then when you do sell your business, and you lose the identity of the business owner, you now a business owner of the wealth of your whole family, because you've got the experience of knowing what to do, because you've been making investment decisions, as you built your business rather than waiting till one day when all of a sudden you might feel very nervous, very uncomfortable, feeling like a newbie, when in the past, you were absolutely the expert. And
Christian Rodwell 46:51
that leads nicely on to the final points, Terry discussed about passing on the lessons to his children, for children, they're important for Terry, that they are not entitled they they're not spoiled. And really passing on that value of you must work for what you want some interesting things in terms of when they're selling toys, you know, making sure they split the money because he's the one who bought the toys, but also talking about that keeping money tangible and love the idea of them all having their own little safe and taking that. I've
Speaker 2 47:20
never heard that one before. Everybody's parenting style. And views about pocket money. Working for money is different, right? We're not saying and Terry certainly wasn't saying he was right. In fact, he said nobody knows what's right. And he's absolutely correct in that, because you don't know what's right. You do what you think is right. But be open to ideas that come from other people, which could be Oh, wow. Now I know that that's a good idea. I'll use that. And that's the benefit of community, which is why so many of our parents are sharing the lessons they're learning or absorbing from others. And I love the safe idea. I think it's a really cool idea to imagine a kid having a little safe with their money. And you know, and feels precious. And I think that could change the nature of the relationship with money. Not altogether. Sure. I agree with some of those things personally. But hey, that's the whole point about that, you know, getting kids to do the dishes, and I'm not sure, but maybe it was more tongue in cheek than absolutely having to work for it. But you can never really tell because it's only a snapshot for conversation.
Christian Rodwell 48:26
Absolutely. Well, reminder again that Terry will be doing a site visit in conjunction with wealth builders on the sixth of March. And if you'd like to find out details of how you can attend, that'll be up in the northeast, then head to wealth builders.co.uk forward slash events. And for wealth building members, there will be discounts on those tickets as well. All right, so that wraps up another episode. Thanks again to Terry for sharing all those insights. And Kevin, you and I will be back Same time, same place next week.
Unknown Speaker 48:59
We will my friend until then, see ya.
Speaker 1 49:04
We hope you enjoy today's episode. Don't forget that we are constantly updating our resources inside a wealth builders membership site to help you create, build and protect your wealth. Head over to wealth builders.co.uk/membership right now for free access. That's wealth builders.co.uk/membership