In the summer of 2019, I started marketing the escapement business to sell, just myself. And so we sold two locations of the escapements business to some guys that owned and operated in haunted houses. It was supposed to close on April 2nd, COVID hit March 15th. But we were able to ultimately close it like in June. We took a couple hundred thousand dollar haircut to get the deal closed. Like I was kind of ready. I felt like it was the best path for me to leave law. And I was ready to move on to my next thing, right?
Patrick Donley sits down with Raleigh Williams to chat about how he left a lucrative job as an M&A lawyer to launch an entertainment group focused on investing in escape rooms. They also discuss what it was like leaving a six-figure salary, how his family reacted, and what some of the obstacles were as he bought and developed the escape rooms.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
02:10 - Why Stephen Pressfield’s book, The War of Art, is his most highly recommended book for entrepreneurs.
02:22 - How to determine the highest and best use of your time.
10:42 - How to use the “Star Principle” by Richard Koch to make investments.
26:23 - What it was like working as an M&A lawyer and how he left a lucrative career behind.
30:23 - How he got his start investing in Escape Rooms.
30:44 - Why you can expect to hit resistance when you start new ventures.
33:59 - How he used social media to build his brand.
33:59 - How he used social media to build his brand.
47:27 - What some of the hurdles were getting the Escape Rooms operational.
47:27 - How they found operators with the right qualities to help scale the business.
53:12 - Why it’s vital to have a spouse or partner on board when starting a new venture.
01:10:33 - What his parting wisdom is for people looking to take the next step away from their W2.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
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