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The EntreLeadership Podcast

The Stupid Reason Entrepreneurs Think Debt Is Smart

The EntreLeadership Podcast

Lampo Licensing, LLC.

Entrepreneurship, Business, Management

4.74.1K Ratings

🗓️ 9 December 2024

⏱️ 43 minutes

🧾️ Download transcript

Summary

Today, we’ll hear about:  A business owner struggling to stop using debt as leverage  A young husband and father wondering if he should sell his business and retire  Why Dave Ramsey will never sell his business  A business owner thinking about using debt to buy a building    Next Steps  📞 Have a question for the show? Call 844-944-1070 or send us a message: https://ter.li/ask-us  📚 Learn about the EntreLeadership System: https://ter.li/system-p  💻 Get EntreLeadership Elite for your business: https://ter.li/elite-p  ✉️ Sign up to receive tactical tools, advice and resources in your inbox every week: https://ter.li/enl  🏢 Attend EntreLeadership Summit: https://ter.li/summit   🎤 Attend EntreLeadership Master Series: https://ter.li/masterseries     Offers From Today's Sponsors  💼 Go to Belay Solutions or text ENTRE to 55123 for their free resource! 🏦 Learn more about Found 💻 Visit NetSuite today to learn more 🧾 Visit Payority for a free consultation! 📝 Use code entre15 to get 15% off your first year of Trainual   Listen to More From Ramsey Network  🎙️ The Ramsey Show    💸 The Ramsey Show Highlights  🧠 The Dr. John Delony Show  🍸 Smart Money Happy Hour  💡 The Rachel Cruze Show  💰 George Kamel  💼 The Ken Coleman Show    Learn More About Your Ad Choices   Ramsey Solutions Privacy Policy

Transcript

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0:00.0

You've got to be at Entree Leadership Summit this spring.

0:04.0

And if you get your tickets this December,

0:06.2

you'll even be invited to an exclusive Q&A lunch with me at Summit.

0:11.3

So go to entreleadership.com slash summit today.

0:15.6

Thank you. From the headquarters of Ramsey Solutions, this is the Entree Leadership podcast, where I take calls from leaders like you about what it takes to win at any stage of business and leadership. I'm Dave Ramsey,

0:39.3

your host with over 30 years of experience leading in the trenches right alongside you.

0:45.6

If you want a professor's opinion from a college who's never made payroll, you're in the wrong

0:51.1

place. I actually do this crap every day. So you run a small business,

0:55.9

you're my hero. I'm one of you. Give us a call and we'll talk about how to lift yours up. It's what we do.

1:02.0

844-944-1070 or you can leave us a message on the Entreeleadership.com slash ask board and we'll get back with you and make you a part of

1:15.5

the program here. 844-944-1070. Sage is with us in Champaign, Illinois. Hi, Sage, what's up?

1:25.9

All right. So me, I currently own six businesses. They do around

1:31.7

$7 million a year in revenue with about 50 employees. And we currently own four properties

1:40.8

that we want to open our businesses in, which are restaurants and convenience stores.

1:46.9

But my issue is I'm already about $3 million in debt total, and I'm kind of tight on cash at the

1:54.4

moment, and I just want to try to avoid taking on more debt for these four locations and

2:00.7

also tackling on my existing three million in debt.

2:04.1

So that's what I need to help with.

2:06.9

So the six businesses are not six individual businesses.

2:10.5

They're six locations.

2:12.6

Six locations, yes.

2:14.1

All similar format.

...

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