Conic sections: Intro to ellipse | Conic sections | Algebra II | Khan Academy발음듣기
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Conic sections: Intro to ellipse | Conic sections | Algebra II | Khan Academy
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You have no debt and your business every year generates a pre-tax income of a million and a half a year and a third of that goes to taxes.발음듣기
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So you get a nice one million dollars a year of net income and it's a super stable business, nothing risky over here.발음듣기
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Just by virtue of what your business does, the odds of this one million a year changing for the better or the worse isn't that likely.발음듣기
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You essentially own all of the assets, but you're nearing retirement and you want to kind of cash out.발음듣기
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You don't necessarily want to sell to your competitors or maybe there aren't any natural competitors to sell to because you've been comp ...발음듣기
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Well, you don't want to sell to them if they exist because you've been competing with them for your ... for your whole life and this isn't the type of business that you can IPO because it's not quite big enough.발음듣기
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So maybe we bump into to each other and I say, "Hey, this business looks interesting. I like the idea that"발음듣기
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On the other hand for me, I'm like you know paying 10 million dollars and getting a million dollars a year, that's kind of 10% on my money.발음듣기
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Maybe I don't have to put all of the 10 million in maybe I could borrow some of it and maybe I'll get a better return that way.발음듣기
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So when it comes time to closing ... When it comes time to closing, so I'm buying the assets.발음듣기
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So these are the same assets that I'm buying and I'm gonna give them ... and the money that I raise for these assets are gonna go to you, the person who started this business.발음듣기
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So instead of me putting up the entire 10 million dollars, what I do is I put up one million dollars myself So I put up one million dollars myself, one million from ... from me.발음듣기
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And I go to a bank and I say, "Look, will you lend me 9 million dollars? I'm going to "put a million dollars of my own money.발음듣기
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We're putting a lot of money at risk. and I'll say, "Look, you can charge me a decent interest rate,"발음듣기
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You can now retire and buy your dream home or whatever else you might have needed to do with that money.발음듣기
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Donate it to charity, whatever floats your boat but now the capital structure of the business looks like this.발음듣기
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So now, there is one million dollars of equity that came from me and there's 9 million dollars of debt that came from the bank.발음듣기
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And let's think about how this investment, assuming the business keeps generating a million a year, let's think about how good of a payoff this might be for my one million dollar investment.발음듣기
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So now I'm going to have to pay ... So 9 million dollars at 10%, that is $900,000 in interest.발음듣기
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So minus 900k means that I have 600,000, so 1.5 - 900k is 600,000 per year pre-tax income, 600,000 per year in pre-tax income and then I will pay taxes on that.발음듣기
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So you take the 900 from the 1.5, you have 600,000 leftover and then you pay taxes on that and let's say it's still the same tax rate, so roughly one-third of it goes to the government and so that you are left with 400,000 net income and if you look at the math, this is actually a pretty good deal for me or I should ...발음듣기
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I am left with $400,000 net income per year, which is pretty good because I only made a one million dollar investment.발음듣기
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So even though this looks like a sleepy business, even though it looked like it was only getting a 10% yield on it, because I was able to leverage up.발음듣기
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