Escrow Fees Drain Profits
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A brief exchange between Sam Parr and Shaan Puri about the expensive reality of escrow fees in transactions.
Shaan starts by mentioning he paid $4,000 for an escrow transaction, saying "I went for $4,000 to do an escrow transaction which sucked. I was like this is $4,000 for nothing."
Sam responds with an even more striking example: "When I sold my business I think the escrow was $50,000."
Shaan reacts: "Crazy. They literally do like one ounce of work. They literally just - you hand me the title and you hand me the money, great. I'm gonna just turn one hand over here and give you this, give them that."
This story leads into Shaan explaining how smart contracts could potentially eliminate these expensive middlemen fees in the future.
Sam Parr
Host of MFM and fitness influencer
Sam Parr is a serial entrepreneur and business media pioneer.
In 2016, he founded The Hustle, a business news media company that started in his kitchen with just $12 and grew to eight figures in revenue.
Sam led the charge in making newsletters popular when few believed in their potential.
After four successful years, he sold The Hustle to HubSpot, a publicly traded company. Now operating as HubSpot Media, The Hustle reaches 3 million readers daily, employs a team of nearly 100, and has been the launchpad for dozens of its staff to found their own media companies and newsletters.
Sam remains the host of the popular business podcast, My First Million, and continues to start and sell companies. He also co-founded Hampton, a highly vetted community for entrepreneurs, founders, and CEOs, and teaches people to write better through his platform, Copy That.