How He Lost Everything & Rebuilt His Life Before 50
About this episode
Jimmy Rios started 5 businesses from his parents' Arizona room at age 21. By his 30s he had lost it all — licenses, marriage, freedom. Alcoholism, DUIs and four months in prison later, he had to rebuild everything from scratch. It took him 10 years and 3 appeals to get his financial licenses back. Today he is 8 years sober, runs Rios Financial Group across the US and Colombia, and has helped over 100 businesses transform their financial future.
In this episode he talks about: - Starting 5 businesses at once serving the Latino community - How his twin brother built a 26,000 member community in Medellin Colombia - Getting arrested in a suit and hitting rock bottom - 10 years of rebuilding licenses, sobriety and self - Why mixing personal and business finances is killing your business - The tax strategies most business owners never hear about - Top 3 mistakes entrepreneurs make when planning their exit
Chapters
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Chapters
- 00:00Intro
- 00:58Early Career, Corporate Exit & First Business
- 07:30Chaos of Running Multiple Businesses
- 18:18SOPs, Playbooks & Delegation Through Video
- 21:55Firefighting Mindset vs. Building Systems
- 25:54Credit, Balance Sheets & I-Level to High-Level Model
- 36:42Top 3 Mistakes While Planning an Exit
- 44:23Vision, Technology, AI & the Future of SMBs
- 49:22Jimmy’s Recommendation to Entrepreneurs
- 50:33Key Takeaways from Jimmy’s Journey