S2EP6 – AI Innovations and Business Transitions
In this episode, we explore the dual themes of cutting-edge AI innovations from the NVIDIA GTC conference and the strategic considerations for business owners planning transitions. Whether you're a tech enthusiast or a business owner, this episode offers valuable insights into how AI is reshaping industries and the critical steps for successful business succession planning.
Key Points:
- The impact of geopolitical uncertainty on US innovation
- Key takeaways from NVIDIA's advancements in AI and ecosystem partnerships
- Practical AI applications in various industries, including automotive and manufacturing
- Strategies for business owners preparing for sales and succession
- The evolving job market and the role of AI in enhancing communication and creativity
- Personal stories and advice on transitioning from business ownership to retirement
Full Transcript of Episode
Kim Gaxiola-
Welcome everyone. Welcome Carolyn and Victor back to Resilient Investors podcast. And let's go ahead and start out today acknowledging that there are still some uncertainty in the geopolitical realm of international affairs here in the US. And I think our podcast that we've spoken about that is still very relevant today. So, if you have questions about that, please refer back to the podcast on that topic. it would be hard to, it's hard for us to think of other positive things when all you hear in the news is what's going on in Iran. But it's important for us not to forget what's happening here in the US, which is where when we talk about investing in the stock market is relevant what's going on in the United States of America. And with that, there is some really exciting innovation that I think is too strong and the wheels are turning faster and faster as we go, which is something we want to talk about because it is positive and it's exciting about where growth in our economy will come from in the future. So with that, I want Victor to tell us all about his latest discoveries.
Victor Gaxiola-
Yeah, well, thanks, Kim. And the truth is that you're right. lot of the current volatility that we're experiencing in the market is due to the uncertainty with the conflict that's taking place between the US and Iran and basically the entire, I would say, political and warfare that's taking place in the Middle East. But that's not to say that there aren't some positives to be looking. So we're always looking for the silver lining. So whereas maybe on a short term, we're going to see volatility in the markets, and that's to be expected given the current conflict.
When you start looking at the long term, I was extremely encouraged by the fact that as having the opportunity to attend the NVIDIA GTC conference that took place right here in our backyard in San Jose, California, it was really exciting to spend some time there, walking around the exhibit hall and getting a real good feeling about the innovation that's being developed, not just in the US, but across the world where NVIDIA as a company is for the most part providing this ecosystem. Which is really embracing the move towards this agent AI in the applications in the business world and of course how it's going to affect us on a day to day per day to day way, you know, and all of us kind of embracing artificial intelligence. Now I should start by saying that, you know, any of the comments and us discussing this is not in any way an endorsement of any of the companies that may come up including Nvidia, but it's just really more wanting to relate my firsthand experience of actually going to the conference, going to the exhibit hall, seeing the multiple displays that were there, and then even doing a deeper dive of what this could mean in general. Because when you go to a conference like this, a lot of the things that were being developed and being displayed have been worked on for the last couple of years. Which is to say that their actual applications and adoptions, let's say at a business or in the ecosystem, may not be for another year or two. So what you're really looking at is this crystal ball.
And so I wrote a blog post about this. shared it on LinkedIn. I called it the front row seat at the greatest AI show on earth. And that's what it felt like. It's almost like attending a circus where you're seeing all the different acts, different companies all bringing forth, you know, their best product ideas, their best ways of being able to adopt AI and how they're planning on adopting it and then moving it forward. So from a big picture standpoint, I think the things that were most exciting is seeing the developments that are taking place in both adoption of AI and then the execution and the carry forth, like how are they going to use this? So we saw applications across multiple industries, including aviation, automotive, obviously technology, financial services. So one thing that really struck me as you were walking through the exhibit hall, was that there's no industry that won't be impacted in one way, form or fashion by the adoption of artificial intelligence or AI. And the real question is like, how does that move the needle for individuals? How does that move the needle for businesses? And what I really started seeing is that Nvidia is really just creating this massive ecosystem that integrates with multiple companies all over the tech space and all over other industries and then providing this marketplace of exchanging of ideas and best use. So what I mean by that is that they've partnered with Amazon, they've partnered with Microsoft, they've partnered with so many other companies in really saying, hey, we are going to create this ecosystem which is gonna be driving AI and we wanna be part of it. So they really have moved away necessarily from just graphic processing units and really creating this ecosystem. So, I'll start with those being my initial thoughts, And I've shared with you some of the things, mean, what is it that you've been hearing as far as, you know, the conference and other areas that are pretty exciting.
Carolyn Rowland-
I mean, I want to hear specific examples if you're able to share what you saw just because, you know, me in the Midwest, like you guys are in it, right? In Silicon Valley and like all the tech. this is I feel like this kind of goes beyond tech too, right? And like how we're going to see this in our lives in the next three, five plus years, right? It's not to be scary. It's like we said, innovation. So yeah, give me some, give me some examples. Is that fair?
Victor Gaxiola-
Okay, well I'll give you some examples, at least from what I observed and maybe the things that it were more familiar with because there's a lot of stuff that's kind of working behind the scenes. But I would say that what really kicked it off was the visionary statements that were made by NVIDIA CEO Jensen Huang when it came to looking at what's to come and how they're being involved. So I think the biggest announcement there was that they were talking about this new backbone of the infrastructure backbone called the Vera Rubin platform. And what this really is, is this ability to really create this real-time, agentic interface that's going to allow using their processing speed and using their specific system to really push things forward. So one of the examples that was really pretty exciting that came out of that is that we're talking about the possibility having data centers and data warehouses in space. the first, know, so basically AI is going to go into orbit and it was kind of this jaw-dropping moment. Where they were talking about how this AI in space is going to allow them to be able to have this massive computing system that is accessible. But at the same time, from a very functional standpoint, one of the things that happens is these machines stacked one on top of the other, these GPA units have a tendency of creating and needing a whole lot of energy, but they also laid a lot of heat out. So one of the things that I thought was fascinating is that there's these cottage industries of specific companies that all they focus on is cooling systems. It's not unlike your radiator in your car, which is meant to cool the engine. Well, you got to cool these GPUs because they're just generating so much heat. So there are systems where it could be fan-based, could be water-based, but now you take something up to space, it's already cold there. So it's just really looking at opportunities to really just make best use and we've got the technology that allows us to do that. So I think it was kind of this jaw dropper when they said, hey, we might have data centers up in space. The other area, Carolyn, that I thought was fascinating was whereas the graphic processing units, which we really were driving a lot of the video games back in the past. And this is where you look at, let's just say, and they had a number of different examples where they would show what it looked like prior to the new systems, the new GPUs. And it was kind of like going from something that still looked kind of computerized to something that was almost indistinguishable between what was real and what was not real. And we've seen a lot of this in AI videos and their ability to basically, even in a prompt, create opportunities for you to put in certain prompts and such, and then get a visual representation that you couldn't distinguish from being like computerized or live. Well, those applications are happening when you think about aviation or automotive design. And so there was a couple of boosts that focused on, let's just say having an airplane airframe and then putting it in a specific situation by making slight modifications with the help of AI that they can actually rebuild that specific airframe by saying if we move the wind tips a little bit longer, or if we extend the wing just this bit, how much more efficient we're able to do that, fly this airplane.
And what that translates into is that if you can become much more efficient in the development and build out of an airframe, means fuel cost. Fuel cost goes down. Perhaps you can get from point A to point B much quicker as a result of the airframe modifications. And so this is just an aviation. Same thing's happening in automotive. Same thing is happening in factory design. So there was another booth that focused on having a system of cameras that are constantly capturing in let's say a big huge factory setting or warehouse, the movements of the forklifts, the movement of the people and then it recording all this and then using AI to say, hey, there's a much more efficient way that you can be operating these forklifts. There's a much more efficient way for that you can use your people so that you're not duplicating efforts, that you're putting things in the right places. So I think we're just really scratching the surface when it comes to these applications and saying, can we do better? What can we become much more efficient? And how's that gonna translate to real dollars down the road? And I think that's where the excitement comes because companies are saying, hey, we have an opportunity here to revisit our entire business and try to find ways that would be very difficult, challenging or time consuming to have an individual do or a group of people do, where you can turn it to the computers and AI can do it in seconds, can do it in minutes, something that would take months or weeks for an organization to do on their own.
Kim Gaxiola-
Okay, so this is really exciting because now we're actually talking about practical uses. When we talk about AI, people are really like hesitant and worried about what it's doing. And it sounds very familiar, Carolyn, with our conversation that we had last week about...having AI and some of our financial planning softwares and seeing the capabilities that they are helping us do and crafting so many more different scenarios that would take us a lot of time to do and coming up with some wonderful results. So we had an experience with this last week and I was blown out of my mind once I did all the research afterwards to look at it all and what amazing things that we were able to do for our clients as well. And going back to that, we think, isn't this what banks have been doing for many years in terms of spotting the fraudulent activities on our credit cards? No difference. And sometimes we're so amazed they call us right after it happens or they stop your...credit card from working because they see something happening somewhere else that doesn't fit into your trends. so it's important for us to point out how AI has already helped us. If anything can make us more efficient, I'm all about that. Like that's not just in my business and work life, but personal life too. And it's been really cool to see how we're evolving from, AI in this chat bot format to it now being like we said, that practical application and making us more efficient in our day-to-day lives. So just so that opens up opportunity elsewhere, it's really exciting.
Absolutely. So entertainment. I'm sorry. I'm just going to say one more thing. And entertainment. I know you have a trip planned to Disney World soon with young kids. well, and maybe it's already at Legoland, but we were watching a video on Disney a couple days ago and being in the park recently.
We're seeing a lot of uses with AI and this goes back to what Victor said before is like, know, how much is virtual versus reality when we're sitting there with Crush the Turtle from our favorite movie Finding Nemo and he's looking, he's engaging with the audience and he's really a cartoon on a screen. And like that to me, we're like, what's behind there?
How is he able to these unique conversations with us when it's a cartoon right in front of us? Is there a man behind the screen or what have you? But his body was moving and doing different things based on the conversations he was having. And so it was really, and it happened instantaneously. you know, that's another use is just entertainment.
Victor Gaxiola-
You know, the truth is there is a lot of apprehension, I think, from people when it comes to new technology and innovation and when you think about artificial intelligence and thinking that you're actually placing in the hands of, you know, you're placing it in the hands of a computer, an algorithm to drive things. But the fact is that, you know, it's already been happening. We're just not necessarily as aware of it. And what I mean by that is by in aviation, I mean, a lot of the airplanes, once they take off,
They're switched to an autopilot and the pilot is definitely there. We've talked about this in the past where 90 % of the flight is probably automated through one autopilot system. Same thing applies with large cruise ships, but there's still a need for the human element when it comes to both takeoff and landing. And the same thing even in shipping where you'll have a local pilot that'll actually bring the boat into port. One other example that came up this last week, which was pretty interesting is that back in the day, one of the huge... new innovations when you think about buildings was that you couldn't build a building maybe beyond the third or fourth floor because that was way too many stairs to have to go up. And so when they invented the elevator, the elevator was still manually operated by an individual. And we got to a point where with the skyscrapers that were being built in Chicago, New York, and across the world, you expected when you'd get on an elevator that there would be someone who would manually drive that up or down. When was the last time you got in an elevator that actually had someone driving the elevator?
We've all assumed that this machine is gonna be able to take us up to the 60th floor and down safely. So we have turned our attentions, in many cases our own safety, to these automated systems. It's just that they're getting smarter and they're getting better and the applications for them are expanding. So one of the things that you saw a lot on the exhibit floor was more robotics. We're talking about AI factories being developed with physical AI being used in these robotics. And we're talking about complicated tasks that are being done, let's say on a factory floor that could be done quicker, cheaper, safer, and 24-7 by an actual robot. So I saw a wood shop kind of application where they were moving, you know, pieces of wood, kind of sanding it down and then transitioning it to the next stage of development.
Now, it's been around in the automotive industry for quite some time, but you still had that human element in the supervision process. And I still think that that'll be the case. But there's been so many advances with computing and the dexterity, because one of the hardest things in robotics is being able to emulate and simulate the movement of a hand. The human system is extremely complicated when you think about the ligaments and the muscles and everything involved, and the dexterity necessary to move a hand. Well, that's all being developed. And when you start getting these huge GPUs and the computing system that allows for the movement that can emulate and almost simulate the movements, you start thinking of applications across the world where things like this with the dexterity improvements, where you could have a person in Boston, a surgeon in Boston, remotely doing a surgery of someone in Denver or San Francisco, just through the use of a scope and a robotics. So there are so many different applications that are available. And so I saw those in the industrial space, you're gonna see that, but it could translate into like a customer service. We've seen, Kim, you and I, I'm sure Carolyn, you've seen this where you have baristas that are now robots that are making your coffee, right? And it really has to do with because the processing speed has gotten so much better, because the robotics have gotten so much better.
That was one of the exciting areas. So I know that there's a lot of enthusiasm about the ability for all in the future to not only have an AI agent almost as a personal assistant that helps us manage our calendar, perhaps, you know, our groceries, delivery of those groceries, all the mundane things that we do day to day, but the real enthusiasm is getting the costs down so that everybody could have their own personalized robot which would be awesome, he said, hey, it does windows, right? It cleaned the windows, sweep the floors, do all that. So I'm telling you, the reality of the Jetsons, which was always just a pipe dream, is getting closer and closer, and that's just exciting.
Kim Gaxiola-
I want my own driver.
Victor Gaxiola-
So I'll just end with the fact that yeah, there's a lot of stuff going on in the world. know, we are obviously that's gonna what's gonna drive a lot of the news media and the attention and rightfully so. It is a conflict that obviously does translate into higher, you know, gasoline prices, perhaps, you know, interest rates don't move. There's a lot of other corollary effects, but let's not lose sight of the fact that there's some exciting things happening, especially in technology.
That will have a great impact on all of us. And what happens is that oftentimes these changes happen so slow. I wouldn't say slowly, but they evolve that we don't even take notice of how much is actually going on. So having an opportunity to walk the exhibit hall and just see it, I walked away completely enthused about what's coming next. And I got excited about technology and I'm excited about, I was excited to see how excited the people were about these developments.
We've got a lot of smart people from all over the world that are just helping solve problems. And this is exactly what I think that this conference was all about, really finding ways for us to do things much better, faster, more efficient. innovation creates opportunity. So I was all about that.
Carolyn Rowland-
What a cool experience.
Kim Gaxiola-
Well, I hear it in your voice as you are talking. Is there something to say that like you start talking faster when you're really excited about something? And I hear it in your voice, the excitement. And so thank you for sharing that with us because, you know, no matter what is going on abroad,
Victor Gaxiola
Yeah, yeah, probably.
Kim Gaxiola-
I don't think that Jensen Huang or any of the other CEOs are thinking, let's put all of this on pause and ruin the momentum that's going on in what these corporations are doing here and abroad. That continues and the wheels of industry keep spinning no matter what's happening.
Victor Gaxiola-
Well, and I'm just hoping that the environment in our country is such that it's conducive to wanting to support this development more and more. Because I know that there's been from a legislative standpoint and you we can go down a whole other rabbit hole of people that are holding back on the development of data centers or the build outs because of their concerns of the energy draw. So there needs to be some changes in, you know, in general and ensuring that we as a country are conducive to support this change because In many ways we are still, you you talk about conflicts that are maybe warfare, there is economic conflict as well. And so if we don't embrace this innovation, if we don't support it and create an infrastructure that is really conducive for its growth in this country, we will be outpaced by others. And so it's important for us to be on the right side of this and really leading the innovation charge. And it goes back to one of the things that I think is great about America is the creativity.
So it's taking and embracing this technology and finding creative ways to how do we improve humankind, not just the US, but humankind through the adoption of these tools.
Kim Gaxiola-
It's so important and to think about jobs. You know, I just recently told a student that was about to graduate and go to college and his focus will be in marketing. And I said, a lot of people may tell you don't go into marketing because AI is taking it over. And what I want to tell you is if you really like marketing, go into it, but go into it and make AI your friend because it will make you so great in marketing and valuable if you know how to use the tools in order to be better at your job. And I think in all jobs, there is going to be a lot of change in the types of jobs that are available with this huge growth and innovation. And let that innovation be your friend. Don't be scared of it. The people that are scared of it and threatened may have a harder time finding the next job. But the people that embrace it and learn to move the needle with it are the ones that are gonna find themselves so busy for new work.
Victor Gaxiola-
Well, it's funny you should say that because in a very similar vein, one of the conversations that I heard with, which I thought was really interesting, was the fact that for people who are either going to college or preparing to go to college or in college, that the majors that may actually do better in the next stage, funny enough, could be English majors. Because we have to find a way to communicate with AI in a very effective way for it to deliver the kinds of results that we want or for it to be able to perform at a level we want. And so the skill of language and being able to articulate and drive and build those prompts is becoming more and more important. It's almost like don't become an engineer anymore because guess what? The AI is gonna be the best engineer. If you take the best minds in engineering and you feed it the data, it will be able to build a better bridge or a better skyscraper.
But what we really need is people who can ask the right kinds of questions and be able to articulate exactly what it is that you need or want so that the AI can turn around and do the heavy lifting. So I just thought that was fascinating. It's like, so you mean if I know about Shakespeare, I might actually be really good at finding a gainful employment? Yes. Don't dismiss the English majors.
Kim Gaxiola
Excellent advice. I'm glad I'm not in college now.
Victor Gaxiola-
All right. Yeah, pretty exciting development. So I thought that was important to share. Shifting gears, Kim, I know you were out of the state traveling around and what are some of the areas that I mean you were exploring as far as working with the business owners?
Kim Gaxiola-
Yes, Carolyn and I were able to have dinner in person, which was amazing. And I did end up speaking, you know, having some meals with some of our clients and really, you know, taking a different approach. We do so much of our planning using our financial planning software and kind of turning the software off and going back to questions about what's important to our clients in terms of fulfilling their lifetime goals with their businesses. We do have some business owner clients that are starting to think about selling that business. And what do you wanna get out of that business? it that you are using the...like you will laugh at me, but is the business just there as a conduit to bring you income? Can it run on its own without you and let the business continue to run just to give you income for a little bit longer so you can continue saving and get your assets to where they need to be for retirement? Or is there a big...piece of equity in that business that you have the opportunity to transform into a liquid equity by selling the business. really understanding what it's gonna take to transition from business owner to investor is what I'd like to say. Because once you no longer own that business, you still are going to have assets, but you are going to have to change the way you think, and that way is as an investor as opposed to a business owner. And so that's a really interesting conversation to have with business owners who are used to always making wealth by controlling a business and building it and growing it. What happens next? And so those are a lot of conversations that...take a lot of soul searching. We have created some great new questionnaires, two questionnaires really. One is a business questionnaire to really help you understand where your business at and where your head's at in the business in order to prep you to make those kinds of decisions about a transition in your future. We even have a specific one for family-owned businesses versus just businesses with partners or businesses that don't have family members in the business. So it's really a great opportunity to start looking within and seeing what needs to happen. And then we have another questionnaire, which is just as important, but it's not on the business. It's more on the lifestyle and personal goals when it comes to wealth.
And this is one that I took in the airplane on the way to visit the clients in Illinois. And I was thankful to do it in the airplane where I couldn't have any distractions from anyone and really think through my own feelings about our wealth and how I wanted to pass it on to our kids. So this is a really important, I'm curious if you've done yours yet, Victor, because you know, we're married and we are going to need to come together. And I don't think that my answers are the same as yours. And so having couples do this, that are, you know, business owners making sure that the spouse is involved in this and finding out what's important to both members of the couple is really important because without taking a look internally and at your thoughts. I think it's very hard to expect anyone to move forward into a transaction with a well thought out plan.
Victor Gaxiola-
Well, I have not. I'm sure, I mean, we'll probably have some overlap as far as our answers are concerned because I think we've had a lot of these conversations. But one question that I had for the two of you is when it comes to having these conversations, one thing, and Kim, know you, your dad was, and mom were small business owners, know, developed the business of their own and such. And I was just curious is, does the question regarding purpose, enter into this conversation because I have to imagine and I know I feel this way is that we spend so much of our time and energy especially in the bulk of our adult years working on this business which we're very passionate about. It helps provide a livelihood, it gives us purpose especially if you've got people that are dependent on the business for their own livelihood you feel that sense of responsibility both from a management standpoint but also just as an owner to want to make sure that they are okay.
Does that enter into the conversation as far as like when you stop working, when you stop adding to your business, how do you fulfill that need for purpose almost?
Kim Gaxiola-
Yes, and that's really important. And stay tuned because we are going to have a lot of different conversations about that in a business owner podcast that is coming soon. So that's a little team over there.
Carolyn Rowland-
Yeah
Victor Gaxiola-
So here you heard it first, Breaking News, Breaking News. We're launching a secondary podcast.
Carolyn Rowland-
Yeah.
Kim Gaxiola-
Yeah, yeah, but definitely need to think about how you will fulfill your days. you know, I just had a conversation last week with a business owner who has just recently retired and, you know, they had been busy with a move and then the move is done. He's like, my God, what do I do now? And he's so used to always having that schedule and people and employees that need him. It was a little bit scary. And so it's really important. you know, life happens and economies happen too. And so it's really important that you start thinking about these things prior to the transition, I would recommend five years earlier that you start filling your life with extracurricular activities to the point where work is almost interfering with those extracurricular activities. And then you will have motivation to move to that next phase.
But if you don't have that covered and you don't know what you're gonna go to, there's not a whole lot of incentive except for the burden and the stress of the day-to-day work. the questionnaires, again, that we have, they're gonna help you come to some of those thoughts. And also just it's...It's funny because we've gone through this and I started taking the business owners questionnaire as well, because we own a business as well. the question, I would have answered those questions differently five years ago, 10 years ago than I am answering them now, because well, 10 years ago, it was Christina and me. And now we're a team of five. And we may be growing more than this. now it's not just, I want, now it's not like I can just retire, but I also wanna take care of the team and the longevity for clients, the longevity for the team is just as important. And I think that most business owners feel a sense of duty to their employees as well. So I think that all that really factors into things, but holistic planning is what we're here for, right?
Carolyn Rowland-
Yep.
Victor Gaxiola-
Yeah, well, that's good. Well, I figured that that was going to be the case and it's great and that you're that we're constantly learning from this exercise, but it must be rewarding also to shift that focus where we've been working with a number of these people for many, many years and part of it has been through that whole accumulation phase leading up to the eventual day when they perhaps no longer are working as hard or working, or dedicating much of the time. In other words, like you said it, Kim, where the work becomes more of a distraction to the things that you really want to do. Which is to say that if I start seeing you constantly in the tennis court more and more and more, especially during the working day, then that should be a sign that you're ready to hang things up, right? That's not going to happen anytime soon, but...
Carolyn Rowland-
Warning sign.
Kim Gaxiola-
Yeah, no time soon, but I do know how I could fill some of that time as long as my body keeps up with me, But you know, and it's funny because here we are having all these conversations around AI and how helpful it is to us and we are seeing the practical implications through our business and our financial planning software. But then it's also, there's no difference than what some of the coaches and financial services have said in the past. No AI is going to hold your client's hand through these transitions. And I think that that's where I get a lot of joy and I'm sure you guys both do too. Is just the joy of witnessing these clients go from one phase to another. It can be really scary, but when they're doing it with an advisor who's already seen another client through it, it's very helpful for them and very assuring. And so for those business owners that are out there that are thinking, I'll deal with the money as soon as I have the transaction. It's really important to have a financial planner in your in your life and planning stuff before that. Again, this goes to that five-year planning period and don't hire it after the transaction, hire it prior to that because the more we know and the longer we've had a relationship with you, the better advice we can give because we know you better. And you have...you may have two buckets of money, one that you've accumulated while you're working. And maybe that is enough to provide you with retirement income, but then you're also gonna have this second bucket of assets, which may be the overage, the like, I sold my business and this is, wow, a lot of money that I don't even know what to do with. And sometimes people get into the situation where they, they start parking it in one real estate asset and maybe another real estate asset. And then they've got complex real estate that at some point they're going to need to unwind as well. so really making sure that you've thought through all of that is so important. And that's where an advisor can really come in and keep you accountable too, because sometimes we buy real estate, but
How much money did we really make in it after you've had to put all the upgrades in it and whatnot? So it's really important to know all that.
Victor Gaxiola-
Yeah, and I would add to that, to say part of the reason why I think it's important, like you said, to start that planning process five, maybe even longer, five years, up to 10 years beforehand is because if you really are looking to monetize your business, there could be some modifications or changes that you may want to make it so that when the time comes to sell, that the business actually gets sold at a higher price point. And a good example of that is, as we know, is we have a colleague who has a medical practice. And one of the things that he was focused on is even in looking, let's say five, 10 years down the road, as he's starting to plan his own retirement, that it made sense for him to modernize his record system. So everything was like paper, paper files. And it was like, if I automate this, it'll make it much more attractive for an acquisition than to someone who adopts this and also has this huge headache and needing to automate the system that is still in paper files.
So little things like that, that if you know you have the time, it may be worth to make an additional investment, just like we would make a modification or a home renovation before we sell, where we might upgrade the kitchen or the bathrooms because we'll get a better price point when it comes to selling the home. Same thing can apply to a business. So there may be things that you can do to make your business much more attractive for a sale.
Kim Gaxiola-
And the last thing I'll add to that is this whole idea that it's really hard to consider selling a business when it's humming and everything is really good and you're growing and growing and growing and growing. Yet when that business is at its peak and it's growing and growing and growing is the best opportunity to sell it because it is an even more appreciated asset. But if you decide to wait longer and perhaps, you you're now still taking care of the business, but it's not growing as much because you're not dedicating as much time to it. You're now 65 or 70. You're you've lost a lot of value in that asset because you didn't sell it at its peak.
And so I think that that's really an important thing to think about and selling when the business is really good and somebody really wants to buy it as opposed to when it's on its shrinking mode, people don't want to buy it as much then. So you don't extract as much value.
Victor Gaxiola-
Well, great, great podcast, great conversation. And Kim, she broke the news that we are going to be launching an additional podcast, which is focused more on the business owner and specific challenges and opportunities that they may have. We will continue to have the resilient investors podcasts going forward and, you know, and taking every opportunity to bring to light, you know, certain areas of the market, which, you know, we can have some optimism about and we just want to thank everybody for participating and for any of the comments or questions you may have, always encourage you send me an email victor at resilientplanning.com or you can also comment let's say on the show notes or send an email. One other thing too that I will note is that this podcast is available on multiple platforms be it Spotify, it's also available on Apple Podcasts but I do want to bring attention to our YouTube channel so if you're experiencing through YouTube
Thank you. We are trying to put more content out on our YouTube, Resilient Wealth Planning YouTube page. All the podcasts are there both in video and audio format. And as always, if there's a specific subject, question, or area that you'd like us to explore, feel free to reach out to us so that we can take that and build a podcast around it. So we have a couple that have come through that we're gonna be working on over the course of the next couple of weeks, so just stay tuned for those.
But other than that, thanks again for an engaging conversation, Kim and Carolyn. And we'll see everybody soon.
Carolyn Rowland-
Thank you.
Kim Gaxiola-
Thank you.
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# END OF PODCAST
Show Notes
- Resilient Wealth Planning YouTube Channel- CLICK HERE
- NVIDIA GTC Conference
- The Front Row Seat at the Greatest AI Show on Earth Blog Post
- Have a question? Send an email to victor@resilientplanning.com