financial_planning_articles

Looking for a Few Good Millionaires

By Rick Kahler - March 3, 2006

LISTEN TO RICK’S ARTICLE: Download BBC.mp3

Bbc_logo_1 Do you know any millionaires or billionaires who are looking for work? If so, the BBC would love to hear from them.

The BBC, or British Broadcasting Corporation, recently contacted me about a new prime-time program it is developing. The premise for the show is that five successful entrepreneurs, who have made their own fortunes, will be matched with five contestants who are not wealthy or successful. Each will be given a limited amount of funding and a certain amount of time in which to develop a new business.

I have mixed feelings about “reality television,” which all too often lacks both reality and quality. As a result, it took several phone conversations before I agreed to serve as a “consulting producer” for the show. My role is to help the producers find wealthy people who might be interested in participating.

I decided to become involved because I believe this show will be a cut above most “reality” programming. It promises to be more than an excuse for backstabbing and contrived confrontations. For an entrepreneur who is interested in a challenge, it could be an opportunity to have fun, gain recognition, and share some knowledge.

The producers plan that the program, tentatively titled "Millionaires’ Challenge," will be aired in the United States on one of the major television networks.

Many of the readers of this column might think that a “millionaires’ challenge” has nothing to do with them. Say the word “millionaire” or, more especially, “billionaire,” and many of us start thinking about yachts, diamonds, polo ponies, and private jets. You might be surprised, however. There are more millionaires out there than most people realize, and many of them have earned their wealth by creating successful businesses. Most of them are more likely to be found at their desks than on the deck of a yacht. They are more likely to own pickups than polo ponies. Many of them have businesses in fields such as oil or construction, and they’re still capable of getting their hands dirty when the necessity arises.

Why would anyone who already is wealthy be interested in taking two or three months to work with a bunch of television producers to create a new business? The short answer, I suspect, would be, “For the fun of it.” Obviously, someone who is completely immersed in the daily running of his or her own business is not likely to want to spend that much time away. Still, my hope is that there are others who would be interested in what the BBC has to offer.

This may be an appealing project for someone who has built a successful business and then sold it. It may be intriguing to someone who has recently retired and who misses the challenges of the workplace. I see it as a unique opportunity for participants to demonstrate the business and entrepreneurial skills that helped them become wealthy. Starting from scratch with limited resources could be an exciting change for anyone who misses the “good old days” of creating a business from the ground up.

If you know of someone who might find the “Millionaires’ Challenge” interesting, please pass this article on to them. For more information, they can call my office at 605-343-1400 or email me at rick@kahlerfinancial.com. At this point, any conversations I have with anyone about the project will be completely confidential.

The producers need to select the participants soon, as taping for the show is set to begin in the near future. If you know of any millionaires who have some free time and who would like a challenge, please have them get in touch with me.