$247M Net Worth, $100k/Month Burn: Inside Onyi Odunukwe's Money

Onyi Odunukwe is the founder of Glo Tanning, a franchise with more than 100 locations, and by his own accounting the owner of 26 separate businesses. He's also the son of two Nigerian immigrant doctors who dropped out of nursing school during finals week of his senior year, opened a tanning salon at 21 against everyone's advice, and sold five of his seven locations for $2.3 million in a deal that closed in one week. Eight years later his net worth report reads $247,670,000 — and in this episode he opens it up line by line, including the $250 million offer he turned down and the felony conviction he's never talked about publicly before.

Like all Moneywise episodes, Onyi breaks down his net worth, income, portfolio, and monthly expenses and then I, your humble host, pick it all apart.

We also went deep on: the one-week exit that netted him $2.3M at 30, the $250M private equity offer he turned down for 49% of Glo Tanning (and why he'd say yes today), the real franchise math behind Blackstone's Jersey Mike's deal, owning the strip centers his own franchises sit in, a $75–100K monthly burn he still calls frugal, how he plans to manufacture struggle for his kids, and the felony conviction he'd never spoken about publicly

Below you'll find my summary of the episode along with the entire transcript.

And by the way...this podcast, the concept of it came from Hampton. Hampton is a private, highly vetted community for high net worth founders started by Sam Parr. Members range from companies doing 3-5 million in revenue all the way up to hundreds of millions. The reason we started this podcast is because there are amazing conversations about money and growing companies that typically happen only behind closed doors, and we thought it would be awesome to share all of this information. If you're a CEO, founder, or business owner, check this out. New Moneywise episodes come out weekly.

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Now, below are the notes and the full transcript.

The Numbers

• Net worth today: $247,670,000 ("around 250")
• Breakdown: ~$100M commercial real estate, $194M in businesses, less than $10M in cash and equities
• Net worth at 30 (2018): $3–4M
• First exit (2018): $2.3M for five of seven salons to Palm Beach Tan, closed in one week; the two retained locations later sold for $2.5M
• Offer turned down (last June): $250M for 49% of Glo Tanning
• Personal monthly burn: $75K–$100K/month (some months $50K, some over $100K)
• Coming soon: ~$50K/month mortgage on a new house, ~$25K/month for a ranch
• Live-in nanny: ~$4K/month. Full-time W2 driver: ~$60K/year
• Real estate mechanics: ~$100M portfolio against ~$40M debt, roughly $50M purchase basis; 27–28 strip centers, buying 5–7 a year
• The building he sat in for this interview: bought for $5.5M, now worth just over $12M
• Glo unit economics: ~$1.1M to open a location, $45K franchise fee, ~10% down (~$120–150K) by the franchisee, 9.5% of revenue to corporate
• Franchise multiples right now: 28x–40x for franchisors with $5M+ EBITDA
• Expected liquidity event: next 12–18 months, minimum $100M cash
• Spend rate: reinvests 90–95% of what he makes; can't imagine spending more than $2M/year "ever"

A One-Week Exit at 30 That Felt Like $250 Million

Onyi wasn't looking to sell in 2018. He had seven salons, five cars, a Ferrari, a house, no kids, no wife, and was clearing over half a million a year. Then Palm Beach Tan — the largest chain in the world, also based in Dallas — came calling. The person who made the introduction warned them not to lowball him.

His terms were absurd, and they worked.

"I'm going to London in a week with my new girlfriend at the time, and if we have to close before I go or we just won't do the deal at all. I said... that's my terms."

They closed in a week. He netted $2.3 million, kept two locations he'd later sell for $2.5 million, and rolled it into everything he owns today. What's striking is how he prices that moment against today's numbers: "Two and a half million dollars eight years ago was the same thing to me as two hundred and fifty million dollars today."

Why He Said No to $250 Million for 49% of Glo

Last June, private equity offered him $250 million for 49% of Glo Tanning. He turned it down. Not because the math was wrong — because he had no idea what he'd do next.

"The reason why I sold and got back in, if I wasn't to get back in, I would've never sold in the first place... but it's because I just didn't know what else to do. I'm really good at what I do now, so why not just keep doing what I'm doing?"

There was a people problem too: his sister is a franchisee, his dad is a franchisee, his closest friends are franchisees. "I know that a lot of times PE comes in, they kind of fuck shit up, to lack of a better way to say it."

Since then he's launched a subscription-based nail salon concept and a coffee shop, both headed toward franchising — which gave him the off-ramp he was missing. And 49% means he keeps control. His answer now?

"So if that opportunity presented itself again, I would probably say yes now."

The Franchise Math That's Attracting Private Equity

Glo costs about $1.1 million to open. The franchisee pays a $45,000 franchise fee, Glo pairs them with a lender (and collects a commission from the bank), and the franchisee puts roughly 10% — $120,000 to $150,000 — down on the loan. Once open, 9.5% of all revenue flows to corporate.

"It's pretty profitable — once you get to a certain level over a hundred locations."

He argues the whole asset class got repriced when Blackstone bought Jersey Mike's, and that PE firms are now paying 28x to 40x for franchisors with EBITDA above $5 million. Daniel pushes back on the specifics later in the episode: the Jersey Mike's deal was around $8 billion at roughly 30x EBITDA, not revenue. But the structural point stands — Blackstone wasn't buying sandwich shops, it was buying the franchisor, the entity that collects a royalty off the top with none of the real estate or labor costs. Multi-unit operators, by contrast, typically trade closer to 5x–8x earnings.

His advice for anyone eyeing a franchise as an investment: don't buy one unit in a saturated territory. "Even if you made a hundred and fifty thousand dollars a year from that one location, you're learning a job... The way that it makes sense is, 'Hey, I'm gonna buy ten of these.'"

Owning the Buildings His Franchises Sit In

He didn't touch commercial real estate until five and a half years ago. Now he owns 27–28 strip centers — about a quarter of the centers Glo occupies — and buys five to seven a year, with one closing in two weeks and two more under contract. He also owns a construction company, which is the whole point.

"I can build the location inside of it. I can renovate the exteriors... I do a lot of value add. If I buy a building, within two years I typically am able to double the value of the building."

The building he was sitting in during the interview: bought for $5.5 million, now worth a little over $12 million. Across the portfolio, roughly $100 million of value sits on about $40 million of debt against a ~$50 million purchase basis.

$75K a Month, and Why More Money Stopped Mattering

His personal burn runs $75,000 to $100,000 a month: heavy travel, a full-time W2 driver at about $60K a year, a fleet of chauffeured vehicles (Metro vans, a Sprinter, an Escalade, a Rolls-Royce), a live-in nanny at roughly $4K a month, and houses in Dallas and Tampa. A new house will add ~$50K/month in mortgage, and a ranch another ~$25K.

And yet he calls his life frugal — he reinvests 90–95% of what he makes and doesn't fly private or even first class. His mental model for wealth thresholds:

"There's no difference between one and two million. There's a big difference between one and ten. There's no difference between ten and twenty million. There's a big difference between ten and a hundred."

The liquidity event he expects in the next 12–18 months would clear a minimum of $100 million cash — and that's the number that changes things. "You get to a hundred million cash, I can take the hundred million cash and not even invest it correctly, just put it into index funds and get a return of ten million dollars a year... That's like eight hundred thousand dollars a month, and you never touch that money."

Money, for him, is a scoreboard rather than a spending plan: "If I can get to a billion dollars, that means I achieved the pinnacle of success when it comes to just business and entrepreneurship."

Engineering Struggle for Kids Who'll Never Need Anything

Two kids, a third on the way, and a strong opinion that inheritance is how family wealth dies. His parents were doctors who gave him school, food, and medical care — and five shirts and two pairs of jeans. He got a worker's permit at 13.

"There has to be some type of struggle that's associated — so like even if it's an artificial struggle."

His plan instead of cash: first home, first wedding, education paid for, every generation — funded through a family office that lets the money compound, plus a life insurance policy on every child that pays back into the trust. A hand up, not a handout. "If you give somebody a hundred million dollars that has never been able to earn a million dollars, they're just gonna blow it."

His six-year-old is in public school. Do the kids know how good they have it? "No. Not at all."

The Felony He'd Never Mentioned Before

Asked what he'd do differently, Onyi told a story he says he has never told publicly — not on social, not on any podcast.

"Part of my story also is the fact that I sold weed when I was in college. I got caught and got a federal offense for it, a felony. So I'm technically a felon."

The practical cost was real: no gun rights, and no access to SBA loans or the EIDL programs that most small business owners lean on. It's also why he dropped out during finals week — you can't work in a hospital with a pending charge. And it shaped the reputation he built through in his twenties, when a young Black founder in Arkansas driving a Ferrari got labeled a drug dealer despite not drinking, smoking, or partying.

"You didn't have that happen to you, and I'm way ahead of where you are, so what's your excuse?"

It also explains the brand: @sweatpantmillionaire. Early on he needed a random local white businessman to co-sign his leases. "Once I got to a certain financial status, I basically just said, 'I'm not dressing up for anybody.'"

What He Actually Enjoys About the Money

The best part, he says, isn't the cars. It's not budgeting. He bought his dad a 7 Series BMW. When his chief of staff Michelle lost her husband, who left nothing behind, Onyi paid for the funeral and bought her a house.

"These are all things I was able to do because I have the money to do it... and not really having to think about it. I don't budget."

Other Key Quotes

"My net worth today is 247 million, 670,000. So I've pretty much doubled my net worth every year for the last eight years."

"About 100 million in commercial real estate, 194 million in business, and a little less than 10 million in cash and equities."

"I had an offer last June for forty-nine percent of Glo for two hundred and fifty mil. I turned it down."

"Getting from one million to five million was a lot harder than getting from fifty to two fifty."

"I probably only spend five to ten percent of what I make. I reinvest the rest. So I actually live a pretty frugal life."

"99% of the people I meet would work for me... So I don't have to dress up for somebody who's working for me."

"I couldn't really see myself spending more than probably two million dollars a year, like ever."

"This is actually the first time I've ever talked about it. I never talked about it on social media, and I've never talked about it on the podcast before."

Links You Might Like

• Join Hampton Community: https://joinhampton.com
• Hampton for Moneywise listeners
• Glo Tanning: https://glotanning.com
• Onyi on social: @sweatpantmillionaire
• Daniel Berk on X: @danielcberk
• Daily Body Coach (episode sponsor): moneywise.dailybodycoach.com
• MoneyWise Podcast: Full episode archive

Full Transcript

Daniel Berk: Ony Odenukwe says his net worth today sits at roughly two hundred and forty-seven million dollars. About a hundred million of that is in commercial real estate he owns outright, and the rest is split between his tanning and wellness franchise businesses and twenty-six other businesses by his account. But how he got here is unusual. He's the son of two Nigerian immigrant doctors. His mom is a pharmacist, and his dad is a surgeon. He was on track for medical school in Arkansas until a stranger financed a supplement store for him. And after he tasted the lifestyle of building businesses, he realized he never wanted to stop building. What originally started as an afterthought tanning salon grew to seven locations by the time he was thirty. And now, eight years later, he has over a hundred franchises, with even more than that planning to be launched. What I love about getting to tell a story like Ony's is that his story is a business builder's playground. There's a Slack channel in the Hanton community that I'm a part of called Talk Business Ideas, and it's full of a bunch of founders and builders looking for their next business idea. If Ony's story fires you up as much as it does for me, you'll probably love the Hanton community too. Founders have done twenty-five million on average, built real businesses, compare notes with each other, and it's all private and safe. If that sounds like a world you want to join, over one thousand founders already have, and we'd love to have you as well. Check it out at joinhanton.com or reach out to me personally and I'll hook you up. Now, let's get into this. I'm Daniel Burke, your host, and this is Money Wise.

Daniel Berk: Well, Ony, thank you so much for joining us on Money Wise today. How are you doing?

Onyi Odunukwe: Going well. How are you doing?

Daniel Berk: I'm doing great. I'm really excited to jump into who you are, uh, what makes you you, and what makes you unique. Tell me about yourself. Tell me what brings you to Money Wise today.

Onyi Odunukwe: Yeah. So my name is Ony, um, Odenukwe. Uh, I am the son of Nigerian immigrants. Uh, my mom was born in London, my dad born in Nigeria, but they both grew up in Nigeria. Um, and, uh, both are doctors. My mom's a PhD pharmacist, my dad's a surgeon. Um, so I would say growing up was upper middle class. Um, middle class, upper middle class, uh, probably. But my parents, um, you know, they lived a very, like, modest, uh, lifestyle, so probably more middle class. Um, you know, I was gonna follow in their footsteps, uh, was gonna go to med school, so I went to, you know, college for four years. Uh, I was g- went to nursing school and actually dropped out my finals week my senior year. And then, um, I ended up finishing my degree about five, six years ago, um, but got into business at twenty-one. Uh, formerly a bodybuilder and, uh, so ha-had an opportunity where somebody would owner finance a, uh, supplement store for me. So, um, started doing that. Did really well at that. Uh, within, you know, six months was looking at location number two. Location number two was too large for a supplement store, so wanted to bring something, another modality in and ended up being tanning and, and that kind of, you know, has led me to where I'm at today.

Daniel Berk: What did your parents say when you told them you were opening a tanning salon? Uh, that's a big difference from nursing school, medical school to tanning business operator. I mean, what were their, what was their reaction?

Onyi Odunukwe: Uh, they weren't fond. Um, I, I think that , you know, that time, I signed the lease two thousand and nine, uh, this is back when everybody watched CNN, and Anderson Cooper came out with, like, a special, one of those, like, you know, almost sixty Minutes-style specials about how bad- Yeah ... tanning was. And, and I remember one of my best friends, who's now a corporate lawyer in DC, and, and my dad were like, "Hey, I think this is a bad idea." And then I just kinda kept with it and, you know, obviously I was right.

Onyi Odunukwe: Um, but yeah, I mean, it was just... You know, I think sometimes people say, like, "If I had to do it all over again, would I do it over again?" The answer is no. But not because anything bad happened, 'cause I have no regrets, but more just, like, the knowledge that I have now, I would have made a more educated guess which have, would have led me away from what I did. But sometimes, like, that, you know, immature naiveté kind of allows you to just, like, do something that doesn't really make sense and it ends up working out.

Daniel Berk: So when you look back on nursing school and on that sort of side, I guess, side quest to where you are now, do you think you would do it that way again? Do you think there were valuable lessons you learned on that, you know, initial part of the journey that led you to opening a business, or was it unrelated?

Onyi Odunukwe: I think unrelated. I mean, I don't regret anything in life, so, like, I don't, like-- I think pr- every single thing led you to where you are. So if you take one, one thing out, you, you'll go a different direction. So I don't have any regrets, but I don't think it, I don't think it helped me in my entrepreneurial journey at all.

Daniel Berk: Sure. Uh, and I know you were a bodybuilder. You mentioned that. You were Mr. Arkansas, like, twice, right?

Onyi Odunukwe: Yeah. Not just once. Yes, sir.

Daniel Berk: Did that give you a peek into tanning and the life of, like, tanning salons, and is that initially what sparked the idea or was that unrelated as well?

Onyi Odunukwe: It is unrelated. Um, it was just a random idea. Um, I went to University of Arkansas, so, you know, moved to Arkansas when I was eighteen. And, uh, a lot of the people at the University of Arkansas are actually from Dallas. I live in Dallas now. Okay. And they, they would just say how, you know, the tanning sucked in Arkansas and, you know, how much better it was in Dallas. So, and Ar-- and Fayetteville, Northwest Arkansas, that's where, like, Tyson corporate, Walmart corporate, all of those are, are, are stationed, um, is, is very white. So, so it's like a prime demographic for, um, you know, for tanning, so it made, it made sense.

Daniel Berk: Very interesting. Take me back to twenty eighteen. You started doing some franchises. You sold five of your seven salons. Walk me through that day. What actually hit your account? Tell me about the acquisition process. What did that feel like?

Onyi Odunukwe: Yeah. So, um, I was not interested in selling, and I was approached And I was like, "Okay." 'Cause at the time I'm, I mean, I'm 30 years old. Um, just turned 30. Uh, had five cars, you know, a Ferrari, a house, no kids, no wife. I'm, you know, making pretty good amount of money. Um, and, you know, I, I get this opportunity and somebody, they, you know, they approach and I'm like, the guy who connected us, he told, he told him. He's like, "Hey, this is not a guy that you offer like a million dollars to and, and he's gonna just, you know, accept it." So they already kinda knew that going in. I said, "Hey, you guys can come down if you want to." Um, it was Palm Beach Corporate, uh, and which is like the largest chain in the world, also based in Dallas. And I was like, "You guys can, you know, come in, come in town if you want so we can go look at the stores," whatever. We went to dinner that night and basically said, "Hey, this is where it needs to be, and I'm going, I'm going to London in a week with my new girlfriend at the time. Um, and if we have to close before I go or we just won't do the deal at all." I said, "Well- Wow ... that's not much time," da, da, da, whatever. And they're like, "Let's... That's my terms." Um, they said, "Okay. Well, let's get to work. We need access to your data and all these other things." I gave them the access. We closed in a week. Um, after, you know, everything was paid, I received, uh, 2.3, uh, million. Um, a- and I kept retained two, two locations that I ended up, you know, selling for, um, 2.5 million. Um, so, uh, so yeah.

Onyi Odunukwe: Um, but I took that 2.3 and then, you know, uh, curtailed that into how, you, know, what I have today.

Daniel Berk: Sure. And you mentioned you had already purchased a number of cars. And so 2018, you're already wealthy. So walk me through some of the different numbers of how much money you had in 2018, the sale of those five out of seven, and then now. Uh, we're eight years removed from that. How has your wealth grown over that time?

Onyi Odunukwe: Yeah. So I thought I was wealthy then. Um, you know, I had no real assets besides a house. Uh, I think I bought that house for 260 million, or 260,000 or 2- 260 million would be- 290,000- ... crazy ... or something like that. Yeah. Um, so, so, so, I, I was just like, you know, I, I think very like much like, uh, any probably late 20s, early 30s, just making over a half million-

Daniel Berk: Sure

Onyi Odunukwe: dollars a year. Um, I would say my net worth back then, so at 30 my net worth was probably three to 4 million.

Daniel Berk: Okay.

Onyi Odunukwe: Um, something around there. Uh, my net worth today is, um, uh... Let me, let me look at my report. Um, 247 million, 670,000, so two- around 250, um, is net worth today. So I've pretty much doubled my net worth every year, um, for the last eight years. So from-

Daniel Berk: And how does that break down? The, the two, let's call it 250 just for the sake of-

Onyi Odunukwe: Yeah ...

Daniel Berk: rounding. Where is that money now? Is that liquid wealth or is that in assets? Tell me about that.

Onyi Odunukwe: Um, so about 100 million in commercial real estate. Um, 194 million in, in business. Um, and a little less than 10 million in cash and equities.

Daniel Berk: And public equities, like index funds or what-

Onyi Odunukwe: Yeah ...

Daniel Berk: does that cash account look like?

Onyi Odunukwe: Yeah. Um, index funds, crypto, um, uh, you know, uh, money market accounts, all this.

Daniel Berk: So the majority is in a split between business and private assets, which we know you could sell a franchise sort of whenever. Um, which I'm interested in. We're gonna come back to that in a second, 'cause I, I would like you to explain more about the franchising operation to me. But you said 100 million in commercial real estate. What does that mean?

Onyi Odunukwe: Uh, so I own, like, like I own the building I'm in right now. Um, so I, this building I bought for 5.5 million. It's now worth, you know, a little over 12 million. Um, so I have $6 million in, in equity, which is $6 million in n- towards my net worth. I own, um, about, uh, 27, 28 of these. Um, I have another one closing on in, like two weeks and, uh, you know, two more under contract. So I buy about five to seven in a year. I started buying-

Daniel Berk: Is that a, a skyrise? I- I can-

Onyi Odunukwe: No ...

Daniel Berk: see the background here.

Onyi Odunukwe: No, it's a, it's, um, it's just commercial strip center.

Daniel Berk: Okay. Cool. Yeah. Very cool.

Onyi Odunukwe: So I buy- So you own- Yeah. So I buy, so I own about a quarter of all the centers that Glow's in. Um, so just retail centers that you would see in any, anywhere in America, um, that have, you know, Verizon, T-Mobile, uh, Starbucks, you know, Golden Globe, whatever it is. Um, so I own, own a bunch of those.

Daniel Berk: Is that because you are the Glow founder or is it-

Onyi Odunukwe: No ...

Daniel Berk: like which came first, the chicken or the egg?

Onyi Odunukwe: No, no, no. Glow came first for sure. I didn't start buying commercial real estate till, uh, five and a half years ago.

Daniel Berk: 'Cause it just made sense to own the building where those franchises were launching, it sounds like.

Onyi Odunukwe: Yeah. And then it also is just diversification tool. I also own a construction company. Um, so it just makes sense. It's like I can build the location inside of it. I can renovate the exteriors of these, you know, uh, locations. I do a lot of value add. Um, so I'm not buying, you know, from, just like this building right here. Um, you know, if I, I buy a building, within two years I typically am able to double the, the value of the building. So in commercial real estate, you know, if I have $100 million commercial real estate and I have about $40 million in debt, I own-

Daniel Berk: Mm-hmm ...

Onyi Odunukwe: the real estate. So my actual purchase price on that commercial real estate might be closer to 50, 50 million.

Onyi Odunukwe: So I'll probably have 10 million cash into it, 40 million debt, and 50 million in equity or 60 million in equity.

Daniel Berk: And walk me through, uh, the-- like pretend I'm an idiot. What is a franchise? How does it work? How does someone open a franchise? How much money of their own equity do they need to put into that? How much do you make? And then how do you actually make money from that franchise who I imagine the operator is putting a lot of that-

Onyi Odunukwe: Yeah ... upfront to, to operate that?

Daniel Berk: So walk me through that process.

Onyi Odunukwe: Yeah. So, um, so, so I'll just go with GLOW. Okay. So GLOW costs about one point one million to open a location. Um, so the franchisee pays a forty-five-thousand dollar franchise, upfront franchise fee. Um, and then-

Daniel Berk: And they pay that to you?

Onyi Odunukwe: Yeah. Okay. Um, and then, um, we get them lending, uh, so us and the lending company. Um, so we pair them with the lender. Um, and we do this for our other franchises as well, uh, and get a percent. The bank basically pays us a commission for it. Uh, so we get them the lending. Typically, they put down about ten percent. So they'll put down about a hundred and twenty to a hundred and fifty thousand dollars, um, down on the loan. Um, and then they get built out, they open. Once you're open, you pay, um, nine and a half percent of all your revenue, um, to, uh, corporate, um, which I own. Um, so, so yeah, so that's how, that's pretty much how it works. Um, and then obviously we have corporate expense, like we, you know, own a building, and we have staff and corporate, you know, um, uh, you know, corporate staff and all that. But it's a pretty profit- once you get to a certain level over a hundred locations is pretty profitable.

Daniel Berk: Yep.

Onyi Odunukwe: And, um, so we're at that level and, um, yeah. So now with franchising, Blackstone bought Jersey Mike's for, for a billion. They, they gave a forty x multiple of franchise revenue, not profit revenue. So once, when anything that Blackstone or BlackRock does, every PE firm basically copies. So now franchising is a huge asset class for PE. Um, so PE is offering anywhere as long as your, you know, EBITDA is, you know, above, um, you know, for sure. And they're not insure anything below two million, but five million and up. Um, so they're offering anywhere from, you know, twenty-eight x up to forty x, uh, multiples.

Daniel Berk: Woof.

Onyi Odunukwe: Um, so, so, that, you know, that is kind of the valuation. I mean, I had an offer last June for forty-nine percent of GLOW for two hundred and fifty mil. I turned it down.

Daniel Berk: Really? Why'd you turn it down?

Onyi Odunukwe: Um, that's a good question. My wife asked me the same question. Um- I, I, I think that I was not, uh... I didn't have-- I, I've sold before and obviously I got a lot less, but two, two, two and a half million dollars, you know, eight years ago was the same thing to me as two hundred and fifty million dollars today. That sound very weird, but that's, you know, based on what I make and how I feel and all that, that's pretty much- Yeah ... the same thing. And I sold last time I was lost, you know, because I've been doing this for so long, and I enjoy what I do, and I have like, my sister's a franchisee, my dad's a franchisee. Um, all my best friends are franchisees. Um, you know, there's people that I met through this process that are really good friends now that are franchisees. And I know that a lot of times PE comes in, they kind of fuck shit up, to lack, lack of a better way to say it. Um, but um, so, so I just didn't feel, you know, like, "Hey, what's my off-ramp?" Because the reason why I sold and got back in, if I wasn't to get back in, I sh- I would've never sold in the first place. Um- Sure ... but it's because I just didn't know what else to do. I'm really good at what I do now, so why not just keep doing what I'm doing? So that's why I did. Um, so I didn't have that thing. Since then, I've opened a few more franchises, um, a nail salon, a subscription-based nail salon, um, concept, um, as well as a coffee shop.

Onyi Odunukwe: Um, that's also gonna be a franchise. Uh, so since then, I'm, I've, I've added a few other things, so now I feel more comfortable also understanding how it works, where, you know, you don't have to... even with them saying forty-nine percent, um, forty-nine percent means I still have control, right? So- Yes ... so as long as I'm not losing control and I understand, hey, I'm just taking money off the table more or less than I am, you know, getting rid of my, my baby in a sense. Um- Yeah ... uh, so those are the things that I kinda had to understand. So, um, so if that opportunity presented itself again, um, I would probably say yes now.

Daniel Berk: Oni already had one exit under his belt, two point three million in twenty eighteen, which at that time felt like a lot of money to him. So when private equity came back a few years later offering him two hundred and fifty million dollars for less than half of GLOW, you'd think that'd be an easy yes. But he said no, and it wasn't because the math didn't add up, but it's just because he didn't know what he'd actually do next. It's a strange kind of problem to have, but it's a real one that so many founders I talk to resonate with. The better you get at something, the harder it gets to imagine walking away from it. This is the exact kind of conversation that I have every day inside of Hampton. Founders compare their offers, exits, and what actually changes once the number gets a lot bigger than they were initially expecting. Hampton is a community for people doing real revenue who wanna talk about this stuff with their peers, not for an audience. If you're looking for that group of people who will legitimately make you a better founder, exited founder, CEO, business builder in general, click the link in the description or check it out at joinhampton.com.

Daniel Berk: So I guess what's changed? Because your reasoning for turning it down the first time It's solid reasoning. What's changed with your mindset and your hopes and your dreams from turning it down to now that you would accept it if offered it again?

Onyi Odunukwe: Um, understanding, like, the leverage, understanding, you know, nothing really changes if you negotiate it correctly. Um, and, and understanding all those, all those points 'cause I've had a couple friends that are founders of franchises that are in the process of, you know, basically, you know, cashing out. Um-

Daniel Berk: Yeah ...

Onyi Odunukwe: not fully. Um, and so understanding that process now, uh, makes me feel a lot more comfortable. Um, and then, and then also having that off-ramp so that that thing, that is my next thing that I can go do. Yeah. Um, so, so understanding those things.

Daniel Berk: Yeah. So it sounds like y- money... You, you mentioned two and a half million and then two hundred and fifty million, like, doesn't make a difference. What are you actually spending every month that-- It sounds like money, more money doesn't really make any difference for you anymore. Tell me about what you spend per month that makes that reality.

Onyi Odunukwe: Um, what am I spending per month? I would say, like, per- like, personal, you're saying, like?

Daniel Berk: Yeah, yeah. What do you, what do you spend per month?

Onyi Odunukwe: I would say about seventy-five to a hundred thousand a month. Um, some months are fifty, some months are over a hundred, but probably on average, uh, some- somewhere around there. Um, and what does that break down to? Travel a lot. Um, I have a full-time driver. Um, I have a bunch of chauffeured cars. Um, I have a, a live-in nanny. Um, I have, uh, you know, a few houses, one in Dallas, one in Tampa. Um, probably goes up significantly here soon. Building another house. The mortgage on that's probably gonna be about fifty k- fifty k a month. Um, about to buy a ranch, so that's probably another twenty-five k a month. So, um, yeah, I mean, that, that's, that's really it.

Daniel Berk: Okay. Um, the, the- Yeah, what do you spend on the live-in nanny? I'm curious.

Onyi Odunukwe: Not, not much. Um, live-in nanny's probably four grand a month.

Daniel Berk: Okay. Yeah.

Onyi Odunukwe: We have two kids and a third on the way, and I'm, I'm always curious. I'm like, you know- Uh ... that would be nice. Uh, that would take a load off, uh- It- ... a live-in nanny ... but, well- ... one hundred percent worth it, one hundred percent.

Daniel Berk: And you said you have a driver and chauffeured cars, so tell me the difference there. Why, why do you have both?

Onyi Odunukwe: Um, so, so I have a driver who drives my, my... So, like, I have a-- I don't know if you know, like, the Metro vans. Like, it's like the, the s- Yep ... the small... Yep. So I have a couple of those. I have one of the big Sprinters. Okay. Um, I have a, you know, Escalade. Um, I have a Rolls-Royce. Um, so these are all cars I, I can be driven in. Um, so I have a driver-

Daniel Berk: Gotcha

Onyi Odunukwe: ... and the driver, you know, drives me wherever I need to go. It's just a lot safer, um, 'cause I work all the time.

Daniel Berk: Yeah.

Onyi Odunukwe: Um, so yeah, that's just another expense.

Daniel Berk: And how does that work? You call them up, and they're on hold for you, or do they have a number of clients they work with or full-time with you?

Onyi Odunukwe: It's full-time with me. Yeah, full-time-

Daniel Berk: Okay

Onyi Odunukwe: ... means W2 salary. Um, yeah. No, he's on call any time that I need him.

Daniel Berk: What do you pay them?

Onyi Odunukwe: Uh, about sixty k a year.

Daniel Berk: That's cool. That's very cool. Do you, do you drive a lot? I mean, I'm, I'm curious what that comes out to hourly in a week, how often you drive somewhere.

Onyi Odunukwe: Not, not really. Um, not, not, not too much, but, like, if we have, like, a doc... My wife's pregnant right now, so if we have, like, say, a doctor, doctor's appointment this morning, he comes to the house, picks us up, drop us right off at the front. We go in. You know, I might have one other appointment. So I mean, he might drive twenty hours a week, and then some weeks, you know, it, it might even be, um... Or, like, sometimes, you know, my parents have, like, a ranch in Oklahoma that's, like, two and a half hours from Dallas, so might send the nanny and the kids up with him, and he drops them off, and then he'll go back-

Daniel Berk: That's nice

Onyi Odunukwe: ... and pick them up. Um, you know, things like that. Uh, but sometimes I'm, you know, I travel a lot, so I might be gone for a week, so he doesn't do anything for a week. He still gets paid.

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Daniel Berk: And are you traveling for glow or for personal?

Onyi Odunukwe: Um, a mix. Uh, I, I mostly business in general. Um, but, like, so, like, I'm doing Diary of a CEO next week in London. So, like, but, like, my grandma and my mom's whole family lives there, and my birthday's next week.

Onyi Odunukwe: So we'll go there for my birthday and then also do the, you know, do the podcast and come home. So it's like I make, you know, I make work, um, also fun. If that makes any sense.

Daniel Berk: I love that. Yeah, I think, um, you're an interesting guy. I mean, that's a, that's a good life. I remember when you-- I, I saw something you had said way back when you started, and it was that your goal was ten million, and you've obviously blown past that goal. So my question is what, like at what point did you have enough where any more money wouldn't have made a meaningful amount of difference in your life?

Onyi Odunukwe: Well, I always tell people, I say, "There's no difference between one and two million. There's a big difference between one and ten. There's no difference between ten and twenty million. There's a big difference between ten and a hundred." So, so unless, unless I'm te- able to ten X what I have, like, I'm not gonna double the amount of work that I have unless there's an ability to ten X what I have. Um, and then there's also that, like, very, you know, if I get... I've, you know, I probably have a liquidity event in the next twelve to eighteen months, right? Um, where I'll have, I'll clear, you know, minimum one hundred million cash. Once you get to that hundred million cash, right? 'Cause I, you know, I have a, you know, net worth of a quarter of a billion dollars right now, but I don't have that, you know, even nearly in cash. I bet it's only like four percent, right?

Daniel Berk: Yeah.

Onyi Odunukwe: You get to a hundred million cash, I can take the hundred million cash and not even invest it correctly, just put it into index funds and get a return of ten million dollars a year, right?

Daniel Berk: Yep.

Onyi Odunukwe: That's, that's, that's like eight hundred thousand dollars a month, and you never touch that, you know, money. Plus, you also have all the other assets that you have in addition to that. So it gets really, like, easy to compound wealth once you have a lot of it. Um- Yeah ... and, and that's what, you know, getting from one million to five million was a lot harder than getting from fifty to, to two fifty. Um, so I, I don't, I don't think... My motivation is not money. Um, I probably only spend five to ten percent of what I make. Um, I, I reinvest the rest. So I actually live a pretty frugal life. Um, you know, I'm not, I'm not like flying private all the time or any of that. I don't even fly first class, you know. Um, so, um, you know, I, I, I, I think money is just a me- Money is just a good KPI or metric to tr- of success. So it's like, hey, if I can get to a billion dollars, that means I achieved the pinnacle of success when it comes to just business and entrepreneurship, right? Not, hey, I need a billion dollars because I can't live life, um, to its fullest with a billion dollars because I would never, I would never spend that. I got all, I can't, I couldn't really see myself spending more than probably two million dollars a year, like ever. Yeah. You know, I just, I just don't see how that's even possible, right? So, so if, and if that's the case, I can live from now till I die and still pass on a very pretty good inheritance for my, my kids- Yeah ... spending two million dollars a year, and I wouldn't have to earn another dollar.

Daniel Berk: You mentioned you have a seventy-five to a hundred thousand dollar monthly burn, and you're spending about five to ten percent of what I make. So are you paying yourself about ten to twelve million a year in salary from Glow? Or I, I guess where did the five to ten percent come from?

Onyi Odunukwe: No. Um, so Glow is probably, I don't know, maybe like seven or eight of that. Um, and then obviously cash flow for commercial real estate, and then I also, I have twenty-six separate businesses. Glow's only one.

Daniel Berk: Okay.

Onyi Odunukwe: Um, but-

Daniel Berk: And the nail salons and all that, different businesses.

Onyi Odunukwe: Yeah, yeah. That, not even counting that. Those are new.

Onyi Odunukwe: Um, but, but you know, I have, you know, a construction company that, you know, does a couple million a year, um, and, and all these other, you know, uh, businesses. So, um, in total, it's, it's around there.

Daniel Berk: Yeah. You mentioned legacy. Uh, your wife is pregnant. Is that your first?

Onyi Odunukwe: Uh, third.

Daniel Berk: Third. That's what I thought. I didn't wanna assume. Uh, so you have three kids. How do you think about money, legacy, what you leave to them when you're gone?

Onyi Odunukwe: Uh, yeah, so I mean, I think that that's like a, uh, something that I think about a lot actually, um, because you kinda think about it, and anybody who's been successful, they, a lot of times they, like, started from nothing, right? Um, and, and there are a lot of people who, you know, like Bill Gates' dad was one of the best attorneys in Seattle, and he became the richest person in the world. Um, but there has to be some type of, like, struggle that's associated, so like even if it's, it's an artificial struggle. Um, so figuring that out and not giving too much to your kids or, hey, you know, when you're twenty-five years old, you inherit fifty million bucks or, you know, whatever it is. Like, you're not helping your, your child by doing that. So, um, like how do you help them to grow and build and make sure that the wealth that you created is actually, like, generational? You know, a lot of people say generational wealth, I just feel like it's like a tagline, you know, bullshit, whatever. But how, how do you make sure that it's actually truly generational? And, and kind of some of the things I've thought about is, like, instead of giving them any type of, um, real money as an inheritance, it's more like you get your first home, your first wedding, um, you know, school's a hundred percent paid for, and this is every generation. Um, and, and basically having a family office and allowing the money to compound and getting a life insurance policy on every single kid as they're born, and that life insurance policy pays back to the trust. Um, so, so doing those type of things that kinda give you a, a he- you know, a hand up, not really a handout. Um, because if you give somebody, you know, a hundred million dollars that has n- never been able to earn a million dollars, they're just gonna blow it

Daniel Berk: Yeah. I mean, that's why people who win the lottery go bankrupt so often. It's y- you don't know how to make money, so you don't know how to deal with the amount that comes with it. Um, do your, do your kids know how good they have it right now?

Onyi Odunukwe: Uh, no. Not at all.

Daniel Berk: Like, uh, they just, they just think Daddy's at work and just living normal lives? I mean, w- are they in public school or private school? I mean, what, what, who are their peers?

Onyi Odunukwe: Um, public school. Um, but really, a really good public school for the six-year-old, and then, um, the little one stays home with the nanny, but probably gonna start public school here in a little bit. Um, and so yeah. So I mean, just kinda just trying to figure out what makes the most sense, 'cause I have, like, pretty strong opinions about, like, homeschool versus public school versus, you know, private school or other...

Daniel Berk: I believe in public schools. Um, and, and living, like, a, as normal of a life as you can, um, you know, for, for your kids, rather than, like, you know, creating this, like, bubble that they live in where it's not actual reality.

Onyi Odunukwe: Yeah.

Daniel Berk: Yeah. I guess, what, what is your plan for, I don't wanna say fabricating, 'cause that's not right, but, like, fabricating some of the struggle? 'Cause if you wanted, your kids would have, you know, they could, they could just not lift a finger their entire lives and, and be okay. So what's the thinking behind letting them experience some of the struggle and some of the hardship that comes with not having everything they could ever need?

Onyi Odunukwe: Yeah, so I mean, I think, like, so my, my parents did that 'cause obviously my parents had a little money. Um, they didn't give us anything.

Onyi Odunukwe: Like, you know, s- school, food, medical, no problem. But when it came to, like, say, even clothes, it was, you know, hey, we had five shirts and two pair of jeans and, like, you had your Monday through Friday shirt, right? So we were, you know, the kid that their parents on EBT is, has better clothes than we do, and, and, you know, my parents are doctors, right? So, um, so that kind of, like, we wanted those things, um, and that's what... I got my first job when I was 13. I mean, I had to get a worker's permit because, like, we understood that, hey, if you want these things, then you have to actually go work for it. Um, so I think my parents did a pretty good job with that when it comes to me and my sister and my brother, so I mean, we're all three hustlers. Yeah. Um, so kind of just replicating that as well, which is hard because I'm a giver and I like to, um, give, you know, the people in my life. Um, so it's gonna be hard to, to, like, not do that as much with your kids, but I think there's a age where you can... Especially, you can also tell by the kid, like, are you entitled versus, you know, are they a good kid who's grateful? And I also think guys and girls are different. I think you can spoil girls, and I don't think you can spoil guys.

Daniel Berk: Interesting. Why?

Onyi Odunukwe: I've seen spoiled girls all the time that, um, they get, you know, anything that they want, whether their parents are rich or poor, and they turn out perfectly, and they just wanna impress their parents, especially their dad. Um, and guys that I've seen spoiled, they never turn out to be anything. So- Interesting ... just, you know, um, general data that, not really scientific, but just what I've seen.

Daniel Berk: Yeah. I have two boys, and I have a third boy on the way, so I'm like, my, my gears are spinning. A- as you say that, I'm like, oh, I wonder, I wonder if there's some validity to that. Well- You, uh, your social handle is sweatpantmillionaire.

Onyi Odunukwe: Yeah.

Daniel Berk: Wow. What's that brand all about? 'Cause as I listen to you talk, the, the thought that comes to mind is not sweatpantmillionaire. It's like you're, you're, you're enjoying life. So I'm curious, like, where's the, where's the disconnect there? Maybe there's something I don't know about sweatpantmillionaire. I mean, where did that brand come from?

Onyi Odunukwe: Yeah, no, so when I first started Arkansas, um, it was, you know, even my first, like, five locations, I had to, uh, pretty much, like, sell myself and have, like, a cosign by some random white guy that was a business guy in the area, and nobody wanted to, you know, rent to me or do whatever. And then once I got to a certain, like, financial status, I basically just said, "I'm not dressing up for anybody." Like, I'm gonna come as I am. Like, right now I'm in sweats, right-

Daniel Berk: Love it ...

Onyi Odunukwe: and a Nike shirt. Um, so, so this is kind of, you know, I mean, I, obviously I, I dress up from time to just for, because I feel like it or fashion purposes, but not, I'm not dressing up for anybody. Like, I'm not, I'm not wearing a suit for a meeting. Um, you know, like, that's just, I come as I am. So that's kind of the representation of it is basically, you know, I, I, I feel like I'm at a point now where I can present myself how I want to. Um-

Daniel Berk: Yep ...

Onyi Odunukwe: and 99% of the people I meet would work for me, and what I mean by that is, like, even if they don't directly work for me, any person who pays you, you work for. Yeah. So if you're, if you're a vendor, if you're, you know, anything. So if, if I am giving you money, that means you work for me. Only person who gives me money is my customers. So I don't have to dress up for somebody who's working for me. So I present myself how I wanna present myself, and, uh, and people respect it.

Daniel Berk: It's very cool. It's, like, uh, Naval just came out with, uh, a, a cool, like, calendar, you know, philosophy opinion recently where he's like, "My, my calendar is mine. You cannot find my calendar. You cannot book time on my calendar.

If I choose to put something on my calendar, it'll be there." But I think that's, like, a similar mindset. Like, I, I'm just gonna come as I am. I'm gonna dress the way I want, and, you know, unless my daughter's getting married, I'm not gonna wear a suit unless I have to, you know? Unless I feel like it.

Onyi Odunukwe: Uh, that's cool. That's very cool.

Daniel Berk: Um, what kinds of things, I would love to know, when, when you, let's say when you made it, I don't know where in this, in the journey that you would refer to that as, did you, like, buy your parents a house, or did you, like, set them up? You know, did you, did you... You sound like a giver. You said that yourself. What types of things did you give? How did you use finance and, and wealth for giving?

Onyi Odunukwe: Yeah, so I mean, I, my, my parents have money, so they, their house is paid off. Um, and, uh, so I bought my, my dad his dream car, like a 7 Series BMW. Um, I, you know, would give my parents, you know, certain things which they enjoy 'cause they live pretty frugally. Um, but-

Daniel Berk: Really, I mean, the biggest thing, this is the thing I love about money is, um, I love being able to do for others. So, like, if something happens, you know, um, like for instance, Michelle, that you've been communicating with, who's my chief of staff, right? Um, you know, her husband passed, um, and, you know, he didn't really leave anything. So it's like being able to, you know, pay for his funeral, being able to buy her a house. You know, these are all things-

Daniel Berk: That's awesome ...

Onyi Odunukwe: I was able to do because I have the money to do it. Um, so, um, you know, things like that, um, and not really having to think about it. Um, I don't budget. So, like, being in a position to where you can, you know, go through life and not have to, like, say, "Okay, well, you know, my goddaughter's car broke down, and she needs a new one, and it's gonna cost, you know, twenty grand. Let me figure out how I can make that work." Just being able to go do that, right? Um, that, you know, that, that feels good.

Daniel Berk: That does. That does. You said you have no regrets. I wanna push back, and we can frame it not as a regret. But if you were to go back, w- is there anything you would do differently?

Onyi Odunukwe: Yeah, I mean, yeah. I, I, I, I mean, I think, like I said, everything leads you to where you are today, you know? Um, part of, you know, part of my story also is the fact that, you know, I sold weed when I was in college. I got caught and, and got a federal, um, offense for it, a felony. So, so I'm technically a felon. I can't-- I have no gun rights. Um, I can, I can vote and everything, um, now. Um, but, you know, having to go through that and not being able to qualify for SBA loans and the IDL and all the other, you know, different things that go with, um, that go with that. Um, and just kind of the scarlet letter that, that that is.

Daniel Berk: Mm-hmm.

Onyi Odunukwe: Uh, but at the end of the day, like, that whole, you know, situation or whatever is, like, more of a testimony to, to, you know, to where I am today and, and I don't think that if that didn't happen, I would even be where I am today. Um, you know, if that didn't happen, I'd probably, um... You know, part of the reason why I dropped out my senior year finals week was because, you know, I got busted, and you can't work in a hospital, you know, with a pending charge. Um-

Daniel Berk: Wow ...

Onyi Odunukwe: that is dropped out. So, um, so yeah. So I mean, it's, it's one of those things where, you know, if that didn't happen, I'd probably be a, a, you know, a doctor somewhere making-

Daniel Berk: Wow ...

Onyi Odunukwe: four hundred grand and, and working endless nights. So yeah, I mean, to your point, silver lining for sure.

Daniel Berk: It sounds like maybe even a chip on your shoulder. I mean, from some of that happening, you were forced into a, a mindset of, "Well, I gotta build something here." Do you think there was a chip on your shoulder that you had to build the way you built because of that happening?

Onyi Odunukwe: Um, I think less because of that happening, more just because of people talking shit.

Onyi Odunukwe: So it's like, you know, I mean, nobody really knows about that. This is actually the first time I've ever talked about it. You know, um, I never talked about it on social media, and I've never talked about it on the podcast before. Um, but, uh, you know, back-- This is sixteen, seventeen years ago. So, so back, I was, you know, twenty-one years old. So back sixteen, seventeen years ago, even up until, like, twenty-six, twenty-seven when I'm doing my Glow journey and everything else, this is something that people still remember, s- people are still talking about. Uh, so having that, like-- So even when I'm having my success and I'm driving, you know, a Ferrari Dubaiel, he, he, you know, that's a drug dealer. You know, whatever. And it's like, that's not true. You know, um, I don't drink, I don't smoke, I don't, I don't party. Um, so I literally, I work, you know. Mm-hmm. What I enjoy doing. So, um, so having all that, but now nobody knows about that, nobody cares about that. Um, and, and, you know, uh, even if somebody did say anything about it, one is, "I don't care." Two is, "You didn't have that go, you know, happen to you, and I'm way ahead of where you are, so what's your excuse?" That's my response, right? Um, so to, to somebody who would say something, so it doesn't, doesn't bother me.

Daniel Berk: Yeah. I mean, you define who you are, not everyone else. I, I like that a lot. With, uh, with the franchise, I think it's, it's an interesting angle, and you even mentioned the, you know, twenty-eight to forty x valuations. Half of our listeners are high-net-worth individuals already, just like you. The other half are people, maybe they own a company, does a couple million in EBITDA, and they're aspiring to be someone like you. With franchises being such a lucrative business opportunity for wealthy people to make money and for business owners potentially to build franchise businesses, what advice do you have for the person listening to this who hasn't really ever heard of, uh, a franchise being such a lucrative business opportunity?

Onyi Odunukwe: Um, yeah. I mean, if they have a business right now, and it's, uh, something that they feel like is scalable, a system that's scalable, they can definitely franchise it. Or if they are looking just to get into business in general, um, I'd definitely recommend a franchise over starting a business, um, because the systems that are already proven. Obviously, you have to vet it out. Um, systems that are already proven and, um, and you can kind of look and see and take a calculated risk. Um, and obviously, when it comes to franchising, you wanna make sure that there's opportunity to scale. So you're not gonna go into, like, the Dallas-Fort Worth area with a franchise that has, you know, forty locations already, and, and they have one territory available. I mean, if you buy that, even if you made a hundred and fifty thousand dollars a year from that one location, you're learning a job, right?

Daniel Berk: Yeah.

Onyi Odunukwe: Um, you know, the way that it makes sense is, "Hey, I'm gonna buy ten of these. I'm gonna make a hundred and fifty per location between ten of these." Now that's a different story, right?

Daniel Berk: Yep.

Onyi Odunukwe: So, so that's, that's basically it when it comes to franchising.

Daniel Berk: One thing Oney brought up in today's episode that's worth clarifying is Blackstone's eight billion dollar deal for Jersey Mike's. The real number there is around thirty times EBITDA, earnings, not revenue, and the mechanics of the deal are definitely interesting. Blackstone wasn't buying sandwich shops, they were buying the franchisor, the entity that just collects a royalty check off the top of every sandwich sold, with almost none of the real estate or labor costs the actual store carries. That's a very different business model than the one Oney runs day-to-day. He has multi-unit operators, which are the people who actually own the ten or twenty or thirty locations, and typically trade closer to five to eight times earnings. So some of his point still holds.

Daniel Berk: The closer you get to owning the royalty stream instead of the storefront, the more a buyer will eventually be able to pay for it or want to pay for it. I learned a lot about franchising from this episode and the wealth and freedom that can come from owning the corporate entity behind franchises. It's honestly something I've never really thought too much about. If you loved this episode, please do me a massive favor and subscribe to our YouTube channel. Write a review for us wherever you're listening, and, and reach out to me on X at Daniel C. Burke. I love to hear from you, and I'm always looking for interesting wealthy guests to bring on the show. So if that's you or if you know someone, please connect us. And if you're already in the Hampton community, hit me up on Slack. I'd love to talk. If you're not, you're missing out big time. But you can still see what all the hype is about by going to joinhampton.com. See you all next time on Money Wise. Thanks so much for listening.