Justin Butterworth sold his company Rentahome for $29M, took the afternoon off and then got back to work on the next big idea. A billion dollar one. In episode #5 of\u00a0Beer with an Entrepreneur\u00a0\u2013 Daniel Kjellsson meet him.\r\n\r\nhttps:\/\/youtu.be\/eVFBUXMB_Jc\r\n\r\nDaniel Kjellsson: Let me get this straight. When you are 38 years old you walk out of a building carrying $29M in cash \u2013 unmarked bills \u2013 as exited your company\u00a0Rentahome.com?\r\nJustin Butterworth: Haha, exactly.\r\n\r\nWhat was the elevator pitch of Rent a Home?\r\nRent a Home was the first business to create an e-commerce holiday rental website. It was bringing together a really fragmented market in the holiday rental space, and for me it was a simple proposition of travel and the internet and finding the intersection in between the two.\r\n\r\nHow have the fact that you exited that first business in such a lucrative way shaped how you think about starting up your new venture today?\r\nThe first thing that I took out of this new shareholder agreement was the exit clause. I\u2019m making a very clear decision and statement to say \u201cI\u2019m committing a good chunk of my life and a good chunk of my net worth to solving a problem here \u2013 and to not create a business just to exit it\u201d. I\u2019m less focused on the exit.\r\n\r\nNaturally.\r\nYeah.\r\n\r\nBut from a personal war-chest point of view, how much risk are you really taking on?\r\nSo for example, I sold my house and committed to renting because I believe you need to have complete authenticity with your product or your brand, whatever industry you\u2019re in. So I sold it and committed to renting. I have a small place in Byron Bay and I rented that out. So I became a customer within the Snug concept. A renter, a landlord and a member of a rental community. I think it\u2019s more than just balance sheet commitment. I think it\u2019s commitment of mind and heart.\r\n\r\n\r\n\r\nYour new venture \u2013\u00a0snug.co\u00a0\u2013 is a central market place for residential renting, correct?\r\nCorrect. t\u2019s all about the fit between good people and good property. We\u2019re trying to create a platform that allows renters, and owners and agents to come together and find a better fit.\r\n\r\nDo you think we\u2019re moving towards an environment in which we\u2019ll be as emotionally detached from our homes as we\u2019ve become to our cars?\r\nIf you walked into a financial advisory firm and told your advisor that you wanted to invest in just one equity stock, they would think you\u2019re mad. If you walk into a real estate agency and say that you want to buy one house, that represents 90% of your net wealth, located in a single property on a single street subject to all sorts of external factors with no portfolio diversification \u2013 that seems to be OK. I think the future model is long term rental with fractional ownership of property. You might own 5% of 20 properties and rent your own home for the stage of life that you\u2019re at.\r\n\r\nI also think there is a generational trend. Young people are reconsidering the need for consumption and for ownership. Do you need to own your music collection if you can stream? Do you need to own DVDs? Do you need to own your car if you can ride share and so forth? \u00a0And I think the same is true in housing. I think the fundamental long term trend is really unshackling this \u201cneed to be secure\u201d which can really be achieved through a multi year lease, rather than by owning a single property.\r\n\r\nLooking back at your journey \u2013 did you ever lose your way?\r\nSeptember 11 came along and we were in the travel business. Of course when that occurred, the phones didn\u2019t ring and the website made no bookings. I had to go and check the cables and see that we actually had a dial tone, and I thought \u201cOh no.\u201d I thought it was the end. Since then I\u2019ve realised that there\u2019s always a disaster somewhere and during every disaster I double down and become a better business. I wouldn\u2019t say that I relish the dark times, but in those times it clears out the weak competitors.\r\n\r\nWhat\u2019s been your best versus worst business decision?\r\nI think my worst business decision was to not raise capital.\r\n\r\nBecause it slowed you down?\r\nYeah, I had a lot more of a smaller pie. Imagine what would could have happened if you\u2019d put $100M into Rent a Home ten years before Airbnb\u2026\r\n\r\nBeer with an Entrepreneur\u00a0is proudly supported by\u00a0Hahn SuperDry. Justin\u2019s success shows that you can achieve anything if you set your mind to it and step out of your comfort zone.\u00a0Click here if you also want to Never Settle!\r\n\r\nShow anchor Daniel Kjellsson is wearing\u00a0Oscar Wylee\u00a0glasses and a\u00a0Halda Race Pilot. Beer with an entrepreneur is filmed at\u00a0WeWork Pyrmont, Sydney, Australia.