Oct. 18, 2023

The Rise of Personal Holding Companies: Exploring the Future of Entrepreneurship

The Rise of Personal Holding Companies: Exploring the Future of Entrepreneurship

E53: Have you ever considered setting up a business structure that could save you taxes, protect your assets, and offer countless financial advantages?

Picture this. One day, you wake up to see your bank account flooded with cash from your startup's exit. The question isn't about the money anymore; it's about what you do next. Do you jump into another startup, take a sabbatical, become an angel investor, or advise up-and-coming entrepreneurs? I've found a strategy that worked wonders for me even before I hit my jackpot - the Personal Holding Company.

Today, host Yong-Soo Chung (@YongSooChung) unveils the magic of the Personal Holding Company. It's not just for the rich and famous. It's a tool that allows you to pursue multiple interests while limiting your liability across your entire business. Find out why the future of entrepreneurship is Personal.

On today’s episode, you’ll learn:

- Introduction to PHC Philosophy
- Why PHCs are Gaining Popularity
- How To Get Started With Your PHC

Let's get down to business!

***
SPONSORS:
Castmagic - Enjoy an exclusive 30% discount for your first 3 months with the code FOUNDERS30.

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***
EXCERPTS:

The Importance of Entity Structure: "These are basically corporate structuring vehicles to put some distance between you, the person, and the business itself."  — Yong-Soo Chung (07:48)

Converting Hobbies into Business: "If you manage to convert your hobbies into a business and establish it as an LLC within your Personal Holding Company, suddenly all your hobby-related expenses become business expenses, which means you get to write it all off while filing taxes, and with enough time and dedication, you can create a cash flow positive business out of it." — Yong-Soo Chung (14:20)

***
LINKS:
Episode 24


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First Class Founders is a show for indie hackers, bootstrapped founders, CEOs, solopreneurs, content creators, startup entrepreneurs, and SaaS startups covering topics like build in public, audience growth, product marketing, scaling up, side hustles, holding company, and more.

Past guests include Arvid Kahl, Tyler Denk, Brad Stulberg, Clint Murphy, Andrew Warner, Chenell Basilio, Matt McGarry, Nick Huber, Khe Hy, and more.

Additional episodes you might like:

Future of Newsletters with Tyler Denk, Founder & CEO at Beehiiv

From Zero to 100K Subscribers: How to Grow Your Newsletter like a Pro with Newsletter Growth Expert Matt McGarry

...

Transcript

Yong-Soo Chung [00:00:00]

Imagine this.

The idea you've been working on for a while suddenly gains traction and soon, you have a million-dollar exit lined up. From being a bootstrapped founder surviving on ramen, you are suddenly flush with so much money that it feels totally unreal.

What would your next step be?

A lot of founders, post-exit, don’t feel like they want to operate another company full-time, especially on someone else’s terms. I mean, that’s understandable, right? You work hard barely scraping by for 5-10 years and you finally make it big with a lucrative exit. So, now what?

From what I’ve seen from my own circles, post-exit founders often look for other early-stage startups or other ambitious founders to invest in. Sometimes they become advisors or perhaps they become angel investors. The idea of owning a stake in someone else's business is nothing new.

But, here's the NEW part.

What if I told you that this post-economic state of mind actually works MUCH better when implemented in a "pre-economic" situation?

Don't believe me? No problem, I promise I will have you convinced by the end of this episode!

Yong-Soo Chung [00:01:14]

The next generation of successful founders in this digital age of entrepreneurship will leverage their audience to launch, build, and scale their brands. First Class Founders explores this golden intersection of audience-building & company-building with proven strategies to grow both your audience, which is your distribution, and your brand, which is your product.

Because those who can master both will create a category of one.

Hi, my name is Yong-Soo Chung and I'm a serial entrepreneur who bootstrapped 3 successful businesses from $0 to $20 million over 8 years.

On this podcast, you'll learn timeless lessons from world-class content creators, startup founders, and CEOs. You'll also hear tactical tips & strategies from ME, Yong-Soo Chung!

Are you ready? Then, let’s begin!

Yong-Soo Chung [00:02:07]

Today's episode of First Class Founders is a SOLO flight.

That is, I'm bringing you my thoughts on a subject that I think you will benefit tremendously from - personal holding companies. I'm going to tell you how I went from being broke and jobless to making twenty million dollars in eight years.

My secret? I did something that most people would only think of doing AFTER they make millions of dollars. And, I'll even reveal it right away...

I have a P-H-C. Personal. Holding. Company.

What's a Personal Holding Company? And what’s the philosophy behind it?

Well, I wish I could tell you in thirty seconds but I'm gonna need about thirty minutes of your time to get into, at least the basics.

BUT first, a BIG disclaimer, I am NOT a financial advisor or a legal attorney, and nothing -absolutely nothing- out of what I say constitutes any kind of financial or legal advice. I am merely sharing my own experience and opinion here.

All right, with that out of the way, let me tell you what you can expect to hear in the next thirty minutes or so.

First, we'll look at what PHCs are and how they differ from traditional solopreneur setups. Then, I'm gonna tell you where to start looking for designing your own PHC. Finally, if you still aren't convinced at this point - which is highly unlikely, I'm gonna give you the ultimate explanation of why PHCs are the next wave of entrepreneurship.

So, grab a mug of your favorite beverage and get ready to take notes because, in the next thirty minutes, I'm gonna tell you everything I know about PHCs.

Jet-setters, get ready for take-off!

Yong-Soo Chung [00:03:41]

Before we begin, we teamed up with HyperPods to bring to you a quick 3-min hyper-visual summary of this episode on personal holding companies to help you consume faster, understand better, and retain more key ideas and insights.

You can grab the hyper-visual summary for this week’s episode absolutely free at firstclassfounders.com/hypervisuals.

What is a Personal Holding Company?

In episode 24, while describing his situation after selling his startup FeedbackPanda, Arvid Kahl used the phrase "post-economic state of mind" and, since then, I haven't been able to get the phrase out of my mind.

EPISODE 24 - ARVID KAHL
    "Because all of a sudden, you don't think about, "Okay, what am I going to do for grocery money this month?" you think about, "Okay, in the next 20 years, what am I going to invest in?" It is a very post-economic state of mind. You don't have to make economic choices anymore. You make long-term meta economic choices..."

Yong-Soo Chung [00:04:43]

Yup. The post-economic state of mind is why -and when- you start to make long-term meta-economic choices. Or, in other words, you start to think about doing things that you’d be doing if money wasn’t a factor at all.

In other words, what you’d be doing if you were… retired.

Yeah, pretty crazy to think about, right?

This post-economic state of mind that Arvid mentioned is a fascinating thing.

I know it because I have, weirdly, experienced it but in a VERY different manner. You see, now that I think about it, I realize that I actually STARTED my entrepreneurship in this "post-economic state of mind"!

Let me explain.

Yong-Soo Chung [00:05:23]

I am a huge geek when it comes to EDC - everyday carry gear. I nerd out on pocket knives, bottle openers, flashlights, you name it.

So, in 2015, I started UrbanEDC, an online shop dedicated to EDC and intended purely for other EDC enthusiasts like me. Now, I'm not gonna brag and say UrbanEDC is the next Amazon or anything - far from it. But, UrbanEDC DID help me make my first million.

Then, in 2018, I realized that our French bulldog Humphrey was way more photogenic than we gave him credit for. Seeing him quickly rack up a hundred thousand followers, my wife and I had the idea of starting a dog boutique business called Spotted by Humphrey, which makes us a decent income each month, not to mention all the free first-class upgrades and vacations we get because of being parents to a dog-superstar!

As both of these businesses grew, I realized that I needed a reliable logistics provider to help me fulfill my shipments. And, in my book, the most reliable person is... me! So, I started GrowthJet, a third-party logistics provider and we now serve 20 clients and have delivered over a million shipments across the entire world.

They were all born out of things that I loved doing. Okay, technically, UrbanEDC and SpottedByHumphrey were directly born out of love. And GrowthJet was born out of a desire to convert a MAJOR cost center fulfillment costs into a profit center. But, it's technically still related. In fact, GrowthJet is the reason I pay myself a $0 salary - because it allows me to live ENTIRELY off of my credit card cashback!

But, more on that another time -  the bigger point I want to make here is this: I found multiple ways to make money from things I enjoyed doing.

Yong-Soo Chung [00:07:15]

You might be thinking but that's how a lot of solopreneurs start, don't they? They find something they love doing and then they find ways to NOT do it for free!

Yup, except, when I started quote-unquote 'working' on my very first business back in 2015, I was ALREADY thinking of the future!

You see, I didn't start my business as a freelancer selling knives and other EDC gear.

I started it as an S-Corp. Then, I use LLCs to protect myself.

We'll look at entity structure in more detail a little later in the episode but, for now, all you need to understand is that these are basically corporate structuring vehicles to put some distance between you the person, and the business itself. Think of it as a way to protect you and your PERSONAL assets from being seized in case something goes wrong and the business fails.

And that is essentially the crux of a PHC.

Just a quick note here, I will be using the terms PHC and Personal Holding Company both throughout this episode, so don't get confused.

A Personal Holding Company, or PHC, in its most basic form, is a company that holds other companies that you own. And because each of your interests is basically an entire company in and of itself, you can either run it yourself or have others run it for you as operators and managers that you hire.

UrbanEDC, SpottedByHumphrey, and GrowthJet are all individual companies but I don't own them myself. My PHC has 100 percent ownership of all three. But I have 100 percent ownership of my PHC, which means I do own all of them - funny how that works, doesn't it?

Every new business I conceive, I think of the potential liability exposure it might have, then incorporate it as an LLC if necessary, held entirely by my PHC. For example, I am currently in the process of figuring out whether I want to start a new business for helping entrepreneurship podcasters because a TON of podcasters have asked me about my podcast production.

Spoiler alert, I have a brilliant producer for this podcast and he does some amazing post-production work. Just send me a DM on X @YongSooChung or on LinkedIn and I'll do an intro!

Yong-Soo Chung [00:09:22]

Basically, if you find that there are others who are willing to pay for it as a service, it makes sense to start a business providing that service, doesn't it?

And, because entrepreneurs are the life-blood of capitalism, the US tax code grants them a metric ton of advantages. For example, did you know that the US tax code allows entrepreneurs to depreciate their vehicles over time? The depreciation goes against your income so you’ll keep more in your pockets. Speaking of depreciation, real estate entrepreneurs know how unfair depreciation is when it comes to commercial real estate. I’d even go out on a limb here and say that the US tax system is a giant incentive mechanism for entrepreneurs!

And these are just tax benefits. There are so many other intangible benefits. For instance, since I am a bootstrapped entrepreneur, I don't have to worry about answering to VCs who might be relying on you for their 100X ROI exit.

Additionally, being my own boss also means I have the freedom to do whatever I want. I can choose when I want to work and where I want to work. Most importantly, I get to work on what I want and not at the whims of some project manager that I don't see eye-to-eye with.

The freedom also means I have a much better work-life integration. Yeah, I call it work-life INTEGRATION as opposed to work-life BALANCE because I am already doing things that I LOVE doing, so it doesn't really count as work, you know what I mean?!

But, the biggest and I mean the BIGGEST advantage of having a PHC is that I get to convert all my personal expenditure into ways to EARN money.

Yeah, you heard me.

Almost all of my EXPENSES are now actually INCOME sources!

Mind-blowing, isn't it? Don't worry, I'll tell you exactly how I achieved that in a bit!

Yong-Soo Chung [00:09:32]

But first, I'd like to give a quick shoutout to our NEW sponsor Castmagic!

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Those excerpts, takeaways, and summaries that you see on the show notes for this episode?

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And, to make this an absolute no-brainer, listeners of First Class Founders can take 30% off for the first 3 months of your Castmagic subscription by using code Founders30.

Again, I’ll put the link in the show notes, and don’t forget to use code Founders30.

Yong-Soo Chung [00:12:33]

Okay, now let's get back to the episode.

Before the break, I was telling you why PHCs are so amazing. And, just before we went into the break I said I figured out how to use my PHC to convert all my expenditures into income sources.

Ready to hear my secret?

How do you build a personal holding company?

The secret is... my credit card statement.

Yeah, I know that's a bit vague but it will all become clear in a minute.

Allow me a little bit of a digression here first.

Earlier, I told you I started different companies. I also told you that I started companies around things that I personally enjoy. Well, in the case of GrowthJet, it was more like converting a related cost center into a profit center.

Anyway, you get the idea, right?

Actually, in my humble opinion, that is (or at least should be) the philosophy of your PHC in a nutshell.

Unlike Warren Buffett with Berkshire-Hathaway, your PHC serves you personally. There are no shareholders aside from yourself. There are no outside investors. There is no one else associated with your PHC but YOU.

In other words, your PHC -- and by extension each company within your PHC portfolio – serves YOU.

And, if you ask me, you should absolutely leverage this by only investing in endeavors that YOU enjoy. If you're looking for cash flow, build cash flow businesses. If you're looking for passive income via real estate, add real estate to your portfolio. It's flexible, depending on YOU, the owner of the PHC.

Now, suppose you manage to convert your HOBBIES into a business and establish it as, say, an LLC, within your Personal Holding Company... Do you see where I'm going with this?

Suddenly, now, all your hobby-related expenses become business expenses! Which means, a, you get to write it all off while filing taxes. And, b, with enough time and dedication, you can create a cashflow-positive business out of it!

Yong-Soo Chung [00:14:25]

Do you see my point about converting my expenditures into income-sources?

This isn't just another business idea. To me, this is Lifestyle Business on steroids. Dare I say... Lifestyle Business 2.0 even!

And the companies in your PHC don't necessarily need to have cash flow as your primary goal - they could simply be things you enjoy doing. For example, Spotted By Humphrey is NOT a heavy cash-flow business. But my wife Sandy and I love French bulldogs. We love taking pictures of them and we love the attention he gets. It just so happens that the attention he gets gets him and by extension us - amazing deals on travel and hotels that are tax-deductible! Plus, you CANNOT deny that it is incredibly fun running a business with your dogs, as a whole family!

On the other hand, GrowthJet and Urban EDC are cash-flow businesses, which I use to fuel my other business, namely First Class Founders, which I enjoy doing at the moment. You know, just like Spotted By Humphrey, but I'll eventually find a way to generate income too.

But, all of these businesses are centered around MY interests.

YOU may not have ANY interest in EDC, pet-merch, or third-party logistics...

That's okay. You can still have a PHC of your own.

How?

Okay, I want you to pay close attention to this next part.

Yong-Soo Chung [00:15:41]

Remember, I told you the secret was your credit card statement? This is where it comes in.

Take all your credit card statements and make a note of all the REGULAR or RECURRING purchases on your cards. Some of these will obviously be essentials like groceries, subscriptions, utilities, etc. Discard those from your list. Now look at the line items that are occasional but frequent enough that they rack up a sizable amount over time. In my case, it was things like dog toys, a unique EDC knife, or a fidget that I liked. It was only when I scanned my credit card statements I realized that I was spending quite a bit of money on these items.

Now, I am going to ask you to have a HUGE mindset shift. It will, in all likelihood, be radically different from what you have been conditioned to believe all along. So, it might end up being difficult for you to digest it initially but I want you to think about it very carefully.

Ready? Here's the shift...

You need to think of a way to get someone ELSE to spend on YOUR hobbies for you.

This is called the abundance mindset and, one of our previous guests, Daren Smith mentioned it in episode 46. And it's a fairly simple idea. It's the notion that someone somewhere woke up with an abundance of what you need. You just have to find a way to reach them.

In my case, it was the other EDC enthusiasts I was hanging out with. Except, instead of being a buyer, I decided I wanted to be a seller. With Humphrey, I was spending a bunch to keep his Instagram followers happy and entertained. Then I found that there were people willing to sponsor Humphrey's appearances. And, guess what, everywhere Humphrey goes, I go too!

So, here's my recommended three-step process to start identifying companies to build for your own PHC portfolio:

Step 1. Go grab your credit card statements.
Step 2. Look at your highest expenses.
Step 3. Package them into a niche.

But, listen, this is NOT where you STOP. This is where your journey BEGINS.

Yong-Soo Chung [00:17:38]

Because, obviously, you can't just start and expect it to run by itself. Like a newborn child, you need to watch your new business and make sure it survives until it is capable of running by itself with minimal supervision.

No, don't quit on me just yet. Because I also have the answers to all your questions on HOW to build and grow your businesses. After all, I did build and grow THREE businesses of my own in the last eight years, didn't I?

I never said this would be easy... But I'm glad you've decided to stick with me here.

Okay, let's continue. The next step is to build an audience for your newly-minted business idea.

BUT, here's the problem - you are NOT allowed to tell them that you are building an audience for your business!!

this will probably be the hardest thing you have done in your entire life. And that's putting it mildly. You will be laughed at, ridiculed, ignored, scorned, all of those things. But, you need to stick with it without getting frustrated or pushy about it.

Only after you have built a sizable audience, should you start building your products. The reason for this is simple: you cannot sell anything if you don't have customers. I have gone into it into extensive detail in episode 41, in which I detailed out my MAPS framework for starting your own business.

EPISODE 41 - MAPS Framework -
"You get exactly what you want for cheaper. The brand doesn't have to waste money buying extra inventory. That'll sit in a warehouse for months or years. Or worse yet, dispose of the inventory. Which, by the way, is also why I insist on identifying your audience before building your product. I have found that when you know who you want to serve, it is easier to have a clear goal in mind."

Yeah, bookmark that episode for later or, maybe, just queue it up in your player to play next.

Yong-Soo Chung [00:19:15]

Finally, after you have built an audience, after you have designed and iterated the right products, after you are confident that the business has developed enough legs to stand on its own, comes the final step... letting go.

No, I'm not kidding.

Okay, I'm kinda-sorta kidding... because the last step is: Hire a General Manager.

I know, I know, I skipped a few steps here. I skipped the part where you sweat buckets to SETUP your business. I skipped the part where I explain HOW designing products for your audience has gotten incredibly easy AND inexpensive these days. I skipped the part about the daily grind to GROW your business.

I did that on purpose because I want you to focus on the prize - a business centered around YOUR hobby reaching a point where you don't have to manage it day-to-day and yet it keeps making you money.

Lifestyle Business 2.0. Lifestyle Business on steroids, remember?

Because that's what I did for all 3 of my businesses - UrbanEDC.com, SpottedByHumphrey.com, and GrowthJet.com. I own 100% of all three businesses and I have three different General Managers running my day-to-day operations.

Yong-Soo Chung [00:20:20]

Oh, let me quickly tell you the fascinating story behind GrowthJet.com, about how I spotted that opportunity and converted it into a business for my PHC.

And after that, I'll tell you my secret of how to SETUP your business, DESIGN the right product and how to GROW it by using effective distribution strategies. The short answer is that it relies almost entirely on your audience. I'll explain in detail what I mean by that in a bit.

But, let me first brag a little about my current pride and joy GrowthJet.

E-commerce fulfillment is a pain. One time, one of my customers emailed me asking me why we had shipped them an empty box. It turns out the 3PL had stolen the $1,000 product and shipped an empty box to my customer. Yeah, that was not fun.

So, I launched GrowthJet, a Climate-Neutral Certified third-party logistics company for e-commerce brands.

We can pick, pack, and ship your orders from our warehouse in Brisbane, California While having direct access to our team on-site, we take great pride in our customer experience. Just ask our current partners. They absolutely love us.

GrowthJet is the 3PL that I wish I had when I launched my own brand, Urban EDC.
If you have an e-commerce shop, check out GrowthJet and hit me up!

Yong-Soo Chung [00:21:52]

Okay, now let's get back to our episode.

Before that short detour, I promised I'd tell you how to SETUP your business and how to GROW it using effective distribution strategies.

I've covered various aspects of building an audience for your business in several episodes on this podcast. Several guests on the show have also shared incredibly valuable thoughts on how to build an audience for your business.

If I were to condense all of those into one single idea, it would be this:

Build an audience that is INVESTED in you.

In other words, build an audience that wants to see YOU succeed.

In episode 25, I called this building your tribe of people. Jeremy Enns refers to it as building your community in episode 28. In another context, Colin Chung spoke about getting into the "right rooms" - that was episode 39, by the way.

And this aspect of audience-building has been explored and explained by several people across the internet. Many of those people have appeared on this podcast before.

All of them, however, consistently recommend one thing: authentic storytelling.

You need to have a solid 'why' for your business. A customer who is convinced of the 'why' for your business is a far more loyal customer than one who isn't. Because they identify with you on a more personal level and trust you on a more personal level.

Heck, it is practically how Elon Musk builds HIS businesses! I mean, whatever you think of the guy on a personal level, you have to admire the results he has achieved for his companies.

Think about it carefully for a moment.

Every business that Elon has ever built has his bold personality front and center. And the biggest evidence of this is the prominent X motif that can be found in all his businesses: SpaceX, Tesla Model X, and his crown jewel - Twitter-now-X.

On a personal level, you might not be a fan of Elon, or his products, or his philosophy, but there is no denying that those are all HIS products, if you know what I mean. His personality is infused into all of his companies and that’s not a coincidence.

This might sound a bit strange, but Elon Musk is actually a perfect example of what PHCs are supposed to be like, in a weird macro-universe of billionaire PHCs!

Yong-Soo Chung [00:24:03]

And, continuing on that thought, if Elon were to start a new business tomorrow and needed to gather an audience for it - where do you think he would go? Yeah, X. Like it or not, Elon has enough fanboys on the platform to get a clear idea of whether or not his business idea is going to pan out. 

Anyways, getting back on the subject of building audiences, what I was trying to get at is building a loyal and devoted audience is incredibly important. And the quickest way to achieve that, as we have just seen, is by gaining your audience's trust through authentic storytelling.

Because once you have an audience, you have a clear distribution channel for launching your products and growing your business.

...which brings us to the next phase of the process: DESIGNING products

Here's the thing - building products has gotten incredibly easy.

With the proliferation of no-code tools and social media platforms out there, anyone in the world can build a product without learning how to code or spending a ton of money on distribution for your products.

These two types of leverage are Code and Media. I call these two types digital leverage. The other two types of leverage that Naval Ravikant talks about are Labor and Capital, which require permission to deploy. I call this analog leverage, which I recommend after you’ve deployed digital leverage.

In short, you can start building a business entirely by yourself, and with sufficient time, resources, and dedication, you can grow it to a point where you can, as I mentioned a few minutes ago, let go!

That is, hire a GM to take care of the day-to-day while you contemplate your next move, or perhaps your next business!

AND, as it so happens, this is EXACTLY where the whole concept can ALSO possibly break down.

Let me explain.

Yong-Soo Chung [00:25:42]

This structure of a PHC holding your other businesses is a bit tangential to the traditional startup model. In that model, you have ONE business that you are focusing all your energy on. You are betting on that ONE business to make it big. Whereas, in this PHC model, you are essentially taking much smaller bets on a lot of companies.

One of them might still make it big but the chances are much less than those of a startup with a razor-sharp focus on one single problem, for obvious reasons.

Also, if you happen to be someone who doesn't like relinquishing control, you will find it incredibly hard to integrate into this setup. Because, at the very core of this concept is the idea of letting go and letting a capable operator manage your entire business.

The whole notion rests on trust - as in, can you trust someone enough to run your day-to-day operations and NOT micromanage them?

If you can, then I recommend that you think about building up your PHC portfolio!

In fact, if you are wondering how exactly you should go about structuring your PHC from a legal entity structure, well, I have a few ideas about that…

...but I'm keeping them exclusively for the premium members of the First Class Founders community.

Want to become a premium member? Go to firstclassfounders.com/join.

Yong-Soo Chung [00:26:54]

There's so much more on this topic that I keep sharing on my Twitter, sorry my X account. Follow me @YongSooChung and DM your questions - I respond to ALL my DMs personally.

In fact, on X, you will often find me saying that PHCs are the NEXT WAVE of entrepreneurship. I say that because I feel that PHCs are now in the same place that early-stage startups were in, about 20 years ago.

20 years ago, there were no resources for early-stage startups. Then, Y Combinator introduced an accelerator. In doing so, they created a playbook that was then copied, tweaked, and improved continuously and relentlessly by others.

Out of these accelerators emerged the behemoths of today's internet such as Reddit, Dropbox, Airbnb, and Coinbase. All of them are valued as billion dollar unicorns today. From being a maverick's domain, entrepreneurship became a well-trodden path - so much that there is a clear line of growth that companies are expected to follow.

Entrepreneurship became institutionalized.

I strongly believe that the concept of personal holding companies is now at the stage where startups were at the beginning of the second wave of the internet - just before YCombinator entered the fray.

And because it is such an unexplored territory, there are no resources, no playbook, no infrastructure of any kind for you to lean on. Everybody is discovering things as we go along. Everybody is trying, failing, learning, improving with each step they make.

It is a wide-open playing field.

Yong-Soo Chung [00:28:21]

I genuinely believe that Personal Holding Companies are the future. I genuinely believe entrepreneurs will start building small companies --within their Personal Holding Company-- around things they enjoy. We'll see an explosion of small businesses emerging out of obscure PHCs. Some of them might grow into huge billion dollar unicorns but most of them will simply exist for the personal enjoyment of the owners of the PHCs holding them.

Then again, in the future, maybe we might all decide to exchange bits of ownership of our PHCs just like shares in larger companies in various stock exchanges - who knows?

All I know for sure is that we're entering a new era of entrepreneurship and the future of entrepreneurship is... Personal.

...and if you want to get in on the ground floor of this new wave and start immediately on your entrepreneurial journey, check out episode 25 of this podcast titled, "How To Turn Your Side Hustle Into a Million Dollar Business as a Creator" right away. I've outlined seven steps for you to take your side-hustle from zero to a million dollars.

Yong-Soo Chung [00:9:38]

Alright, that wraps up today's show!

But I have a surprise for you! This Friday, I am dropping a bonus episode here on First Class Founders. I won’t spoil the goods here but it’ll be related to next week’s episode with my guest Joe Casabona. So, make sure you catch the bonus episode coming this Friday!

In the next episode of First Class Founders, we are talking to Joe Casabona! Joe is an incredible podcaster who has mastered the art of podcasting. Joe and I brainstorm different monetization ideas for creators. We got into some pretty obscure domains of making money as a creator. Tune in next week and find out!

If you're a new listener and you enjoyed this episode, you can add YOUR voice to the show by leaving me a message on firstclassfounders.com. You can also follow the show by going to FirstClassFounders.com and clicking on the link that matches your preferred podcast player - like Apple Podcasts or Spotify. And, if you wanna connect with me specifically, hit me up on Twitter/X @YongSooChung. I’m still pretty active there! Or, connect with me on one of my other social accounts, listed in the show notes.

One last thing before I go, could you head over to FirstClassFounders.com/review and leave the podcast a five-star review, please? A five-star review helps bump the show up in podcast rankings, which helps me get bigger and better guests! I’ll leave a link in the show notes to leave us a 5-star review. Thanks a lot, in advance!

I'll see you on the next episode of First Class Founders.