AIE 169: Real Money is Made During Downturns - Get Ready

What makes Chris the self-proclaimed Gas Biz Guy? Chris shares his origin story. It turns out his family was “in the business.” The name comes from his uncle’s plate from his Corvette. Lauren wonders what “gas biz” really means, and Chris breaks down all of the businesses in that sphere, many of which he has personal experience in. In short, Chris was born an entrepreneur. Then, the 2 transition to discussing the personal finance reality of business owners. What follows is a gut-wrenching story about him being too broke to even file bankruptcy. His wife’s credit card was declined. His kids couldn’t receive their report cards because he didn’t pay the tuition. Chris had to claw out of the Global Financial Crisis, and he did so by flipping gas stations, buying partners out of one of his businesses, and just good, old-fashioned ingenuity. So, Chris goes from lower than low during the GFC to very wealthy and retired only 8 years later. He tells that story in detail, which basically involved Chris accepting an unsolicited offer to sell one of his businesses (with a hand shake, by the way). Chris used the sale proceeds to invest in real estate. Then, Covid hit, and that obviously changed demand for gas quite a bit. Luckily, the demand for trucking increased, and Chris was able to scale that business quickly. Lauren can’t help but ask what advice Chris has, having seen the downturns he has, for those of us who haven’t lived through one. Surprisingly, Chris calls on Dave Ramsey’s program. He’s a believer in strong defense by having low debt and holding onto some cash. Also, he recommends being ready to make money during downturns.

If you liked this episode, you’ll also like episode 140: There’s More Than One Way to Be an Entrepreneur.

About Gas Biz Guy:

Chris Hellgeth is a 51-year-old entrepreneur whose journey from selling 10-cent single cigarettes led to a 30-year career transforming and supplying gas stations across Georgia. Despite facing setbacks like going broke and being a high school dropout, Chris rebuilt his life, achieving semi-retirement in 2016 and went back to work in 2019 after a three-year hiatus. Currently, he owns a successful fuel hauling company serving over 1000 gas stations in Georgia. Beyond business, Chris celebrates 23 years of marriage and is a proud parent of three. His story is a testament to resilience, determination, and a relentless entrepreneurial spirit that fuels both his career and family life.

Connect with Chris:

https://twitter.com/gas_biz

Connect with Lauren:

https://twitter.com/AdultingIsEasy

https://www.instagram.com/@adultingiseasyreal

https://www.housemoneymedia.com/