I was unable to operate my business in California due to the government constantly interfering with my ability to do business.
Just to be clear this was not just about taxes, while that played a part it was also about the state and local government simply NOT being appreciative of small business owners and entrepreneurs.
Our business move was as much sending a statement to the government that we will no longer tolerate being pushed around, neglected and then financially penalized.
This happened back in 2011 and I had just navigated my family and my business through the worst economic contraction of my life with the 2008–2009 recession.
I loved Southern California and had lived there for years, beginning with a home on the cliffs of La Jolla.
As we started to come out of the contraction and expand, Governor Wilson at that time was promoting a 33% tax increase to go from 10% to 13.3%.
I told my wife…. I am going to write this guy a letter which I’m sure he won’t read and if they pass this legislation we are moving.
So, I wrote the Governor, he didn’t respond but Fox News picked it up and came out to my house and interviewed me:
“Why would you move over 3.3%?”
My response:
“It’s a MASSIVE increase — it’s actually a 33% increase and they won’t be done there. This is the State of California admitting it is broke. California is the most beautiful broken state in the country and this is just the first of many increases.”
I sold all my cars, canceled a long term lease, sold the house and without knowing where we were moving, we prepared to move.
I was releasing The 10X Rule and while doing the book tour I would shop for places to live and move the offices to. Cities we were considering were Austin, Nashville, Vegas, Atlanta, Houston, and Orlando. I had a speaking gig in Miami and as I drove from the airport across the causeway to Miami Beach, I immediately knew, Miami was the place I would move our family.
I face-timed my wife, Elena, and said, “Pack your bikini we are moving to Miami.”
https://www.instagram.com/p/B8EOJAPDS12/
The first reason I moved to Miami is that it’s beautiful. Waters, great buildings and architecture, great restaurants…and it felt more like a happening city than the other places we had considered. What I found out about Miami once I got here that I didn’t previously know was:
#1 Miami is Business and Family Friendly.
The government is friendly toward businesses. The governor at that time called me the first week I was here. Local business owners welcomed me here and asked how they could help. This never happened in LA. I came here with 5 employees and now I have 500 employees. Two and one half million people are moving to Florida every year and most of them will become renters.
#2 People Want to Visit Miami.
My customers want to come out to Miami. It has mystique, interest, and weather that makes it conducive for year-round visits here. Every month businesses come to visit our offices at 10X Headquarters, tour our classroom where we hold business boot camps, leadership meetings, and once a month free community education for local businesses. Last year, during Super Bowl Weekend, (February, 2019) thirty-five thousand people from 55 countries came to Miami at Marlins Stadium for our annual 10X Growth Conference on Super Bowl Weekend.
#3 Miami and Florida have some of the best real estate in the world.
I’m not talking about the overbuilt condo stock you see lined up on the beach. I am talking about the commercial residential real estate. We came here with about 600 units and over the last seven years took that to 7,500 units, most of which extends from Miami to Naples, up to the Panhandle and back down to Orlando and Daytona. Just last year we bought $860M of real estate and most of it not far from our offices in Aventura.
See all of my holdings at https://cardonecapital.com/
My businesses went from $3M a year to $155M. My real estate holdings went from $60M to $1.5B.
I no longer waste 13.3% of my income to the communist state of California who, only second to maybe New York, has the worst roads and schools in the country.
But don’t get me wrong, I love Cali, and I go there to steal the resources of the state every June, July, and August when it’s hot in Miami.
And I am not the only person waking up to leaving California. 700,000 left in 2018 and some well-known people moved to Florida:
Phil Mickelson — PGA golfer Phil Mickelson
Carl Icahn — founder of Icahn Enterprises and former Special Advisor to the President on Regulatory Reform
Tony Robbins — Author and life coach
Mike Francesa — Famous American sports radio talk show host
John Legere — T-Mobile CEO
John Travolta — Actor
Paul Tudo Jones II — Hedge fund manager
Derek Jeter — Former MLB player and part-owner of the Miami Marlins
Tom Cruise — Actor
David Tepper — Hedge fund investor and Carolina Panthers owner
IF YOU ARE THINKING ABOUT MOVING SOMEPLACE, MIAMI HAS TO BE ON YOUR LIST!
Why do you think the NFL has picked Miami to host eleven Super Bowls?
Because the weather is amazing, the food is ridiculous, the party life is one of a kind and now it’s home of 10X!
