Land Business 501: Planning for Exit (LA 1333)

Transcript:

Steven Butala:

Steve and Jill here.

Jill DeWit:

Hello.

Steven Butala:

Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.

Jill DeWit:

And I'm Jill DeWit, broadcasting from sunny southern California.

Steven Butala:

Today Jill and I talk about land business 501, planning for your exit.

Jill DeWit:

Yes. This is the best part, right?

Steven Butala:

Does it mean it's over? Heck no.

Jill DeWit:

Right. Will we ever retire?

Steven Butala:

No.

Jill DeWit:

Let's be honest. I know. I was talking to somebody about that the other day. I'm like, "It's never going to end," like end, end. I might not be as involved. I might be working a lot less time a week, a month, but it'll never end.

Steven Butala:

There's three or four ways companies exit or owners of companies exit the company. Almost in all cases, all good cases, the company goes on just without you, or you're compensated in some way for your expertise, but we'll cover the four ... There are some people in life, this is all they do is they exit companies, like private equity groups. So we'll compare what we do. I get this question at the live event every single year. What's the exit on this, man, because it doesn't make any sense? If I start buying and selling land, then the company just dies.

Jill DeWit:

Yep.

Steven Butala:

Before we get into it, let's take a question posted by one of our members on the landinvestors.com online community. It's free.

Jill DeWit:

Thebon, hope I said that okay, wrote, "Hi there. I'm new and recently went through all of the Land Academy materials, 1.0, 2.0 and the cast-off from the land program. And I was wondering if someone could provide more detail on how to choose a county to invest in. There's quite a bit in there." I'm a little confused. "I feel there was a gap which kept that topic at a very high level. Curious if you all followed a particular method in choosing your county, especially since it seems that once you choose a county, you're pretty much committed to it for several months, if not longer. Thanks." I don't have any missing pieces there. What do you think this is about? Or what do the comments say?

Steven Butala:

You know, I didn't see the comments.

Jill DeWit:

Oh.

Steven Butala:

Well I know that our two moderators jumped on this really quickly.

Jill DeWit:

And they said go back to chapter two?

Steven Butala:

Number one ... Probably.

Jill DeWit:

Okay.

Steven Butala:

But I mean, I'll clarify very easy. This is a huge leap. How to choose a county and how to price a mailer are the number one and two questions that we get. That's why I included it in here, Jill, because ... and then we just did this Tuesday webinar. This is a big topic for everyone.

Jill DeWit:

Right. It's like it's not that there's not enough information in there, but for some reason I think it's confidence.

Steven Butala:

It's confidence, and they need confidence.

Jill DeWit:

They want a little bit of a, am I doing it right? That's it. It's like, I give you 10 steps and you go through the 10 steps and you still want to know, am I doing it right? You probably are. Did the cookies come out? Well, it's true.

Steven Butala:

Did the cookies come out?

Jill DeWit:

Well, I gave you a recipe. You know what it is? I gave you a recipe and you bake them. This is a good example. I think this is what we're doing. We gave you a recipe. You bake the cookies and you're asking me, does it taste right? How's that?

Steven Butala:

I think that's perfect.

Jill DeWit:

Thank you. And my answer is, do you like them then? Then yes.

Steven Butala:

Like every single thing in buying and selling land and Land Academy and House Academy, like everything, there's no guessing. And that's where the disconnect is. We have this thing called the red, green, yellow test that we are extremely loud and clear about on buying houses and buying infill lots.