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Introduction
Alex Sobel: Most businesses and most businesses aren't worth anything because they're not businesses. They're leveraged jobs. It's usually one founder that's breathing life into this thing with lots of little helpers. He started a gym, slept on the floor for the first nine months, was able to figure it out by month 15. Then he sold his six gyms and then transition from the turnaround flying out guys to Jim's business to a licensing model. Right now, the portfolio does north of $150 million a year.