WEBVTT 1 00:00:00.000 --> 00:00:03.440 So the big issue is that the stuff that most people sell sucks, right? 2 00:00:03.440 --> 00:00:05.080 And so they're constantly focused on promotion. 3 00:00:05.080 --> 00:00:07.960 They're constantly trying to find the next customer, but they haven't confronted the real 4 00:00:07.960 --> 00:00:10.240 issue is that you're just not that good, right? 5 00:00:10.240 --> 00:00:11.480 And that's okay. 6 00:00:11.480 --> 00:00:16.280 But the problem is that you're not focusing on the hard work, which is getting better. 7 00:00:16.280 --> 00:00:18.600 The wealthiest people in the world see business as a game. 8 00:00:18.600 --> 00:00:21.800 This podcast, the game, is my attempt at documenting the lessons I've learned on my way to 9 00:00:21.800 --> 00:00:24.120 building acquisition.com into a billion dollar portfolio. 10 00:00:24.120 --> 00:00:27.440 My hope is that you use the lessons to grow your business and maybe someday soon partner 11 00:00:27.440 --> 00:00:29.120 with us to get to $100 million in the art. 12 00:00:29.120 --> 00:00:30.120 I hope you share and enjoy. 13 00:00:30.120 --> 00:00:36.040 If you understand the steps that I'm about to share with you, you will be able to step 14 00:00:36.040 --> 00:00:37.560 by step create a fortune. 15 00:00:37.560 --> 00:00:41.440 If you don't know who I am, I crossed $100 million in net worth when I was 32. 16 00:00:41.440 --> 00:00:44.840 We have a portfolio at acquisition.com that is $200 million a year and I have nothing to 17 00:00:44.840 --> 00:00:45.840 sell you. 18 00:00:45.840 --> 00:00:48.760 And it took me way too long to learn how fortunes are built. 19 00:00:48.760 --> 00:00:52.160 So right now, if you imagine the amount of people that you have sold in your lifetime 20 00:00:52.160 --> 00:00:56.360 and whatever business you have, whatever it is, side hustles, gigs, anything, and you 21 00:00:56.440 --> 00:01:01.000 were to instead add up all of them together and then they continued to pay you month over 22 00:01:01.000 --> 00:01:03.880 month over month that would ever price you sell stuff out. 23 00:01:03.880 --> 00:01:08.520 How much bigger would your business be if it were mine a lot bigger. 24 00:01:08.520 --> 00:01:10.040 So I'll give you an example. 25 00:01:10.040 --> 00:01:13.840 My first big business was called gym launch. 26 00:01:13.840 --> 00:01:19.000 Gym launch to date has 5,000 brick and mortar gyms that have purchased the licensing from 27 00:01:19.000 --> 00:01:20.000 it. 28 00:01:20.560 --> 00:01:27.000 If I had 5,000 of those gyms still paying, right now, that company would be worth over 29 00:01:27.000 --> 00:01:28.520 a billion dollars. 30 00:01:28.520 --> 00:01:31.280 That company is probably worth now close to about 100 million. 31 00:01:31.280 --> 00:01:35.680 So I've missed out on about $900 million during my career just from that one company alone 32 00:01:35.680 --> 00:01:39.160 because it took me so long to learn what I'm about to share with you. 33 00:01:39.160 --> 00:01:42.840 The big problem that most people have when they are starting their business is that they 34 00:01:42.840 --> 00:01:46.320 are in the selling business, not in the reorder business. 35 00:01:46.320 --> 00:01:48.720 They don't have recurring revenue. 36 00:01:48.760 --> 00:01:52.840 They have one-time sales and so when you see these merch drops and these things where 37 00:01:52.840 --> 00:01:57.240 people are just selling crap and they get the one-time purchase and no one buys again, 38 00:01:57.240 --> 00:02:00.920 the reason they can't make money is because they have no compounding vehicle. 39 00:02:00.920 --> 00:02:05.840 What that means is that if I sell somebody today, I want to get credit for that person 40 00:02:05.840 --> 00:02:10.120 that I sold today in a year because what happens is if you don't have that then you're 41 00:02:10.120 --> 00:02:13.760 always selling for tomorrow, you're always selling for the paycheck this month, you're always 42 00:02:13.760 --> 00:02:18.080 selling to pay rent rather than benefiting from a sale you made 10 years ago and having 43 00:02:18.160 --> 00:02:22.880 that person still pay you today because the thing is that you need to harness time. 44 00:02:22.880 --> 00:02:26.120 The people who understand wealth understand time. 45 00:02:26.120 --> 00:02:30.120 If time is a liability against you, it means you're thinking like a poor person. 46 00:02:30.120 --> 00:02:36.760 For the wealthy, time becomes an asset because the longer you wait, the more you win. 47 00:02:36.760 --> 00:02:42.520 So if you imagine a business as a wall of glue and you're blowing people at it, if you 48 00:02:42.520 --> 00:02:47.120 never even increase the amount of people you sell, let's just say you sell one person 49 00:02:47.200 --> 00:02:48.200 a week. 50 00:02:48.200 --> 00:02:54.200 In 10 years, you'd have 500 customers every month who pay you, all right, and if you have 51 00:02:54.200 --> 00:02:58.760 any price point that is reasonable, that is a lot of money, that is a fortune and the 52 00:02:58.760 --> 00:03:03.320 reason people don't have that happen is because they don't get it and they're only thinking 53 00:03:03.320 --> 00:03:05.600 about the short sale for tomorrow. 54 00:03:05.600 --> 00:03:08.600 The easiest question that I like to ask when we're analyzing one of the businesses that 55 00:03:08.600 --> 00:03:13.400 we're thinking about purchasing an interest in is, is there a way that we can get someone 56 00:03:13.400 --> 00:03:16.400 to buy this and never stop paying for it? 57 00:03:16.400 --> 00:03:21.160 It's their way that we can make this so good that the moment their card changes or they 58 00:03:21.160 --> 00:03:25.680 get a new credit card, they call us ahead of time because they don't want to stop receiving 59 00:03:25.680 --> 00:03:26.680 value. 60 00:03:26.680 --> 00:03:30.400 Right now, if your phone gets changed, do your phone carrier and your credit card goes 61 00:03:30.400 --> 00:03:31.400 out, what do you do? 62 00:03:31.400 --> 00:03:34.560 You call your phone carrier and you replace it because the value is there. 63 00:03:34.560 --> 00:03:38.760 If your credit card goes out, what do you call Netflix, right, you're going to make 64 00:03:38.760 --> 00:03:40.880 sure that your card goes through. 65 00:03:40.880 --> 00:03:44.440 If your utilities go out because your card doesn't go through, you fucking pay it. 66 00:03:44.440 --> 00:03:49.320 If your rent doesn't go through, you make sure that it's paid on time because these are 67 00:03:49.320 --> 00:03:52.520 things that are valuables that you cannot live without. 68 00:03:52.520 --> 00:03:57.880 The goal is to figure out a way to make our value so high that people don't want to stop 69 00:03:57.880 --> 00:03:58.880 paying. 70 00:03:58.880 --> 00:04:02.080 You want to be in the reorder, not the order business. 71 00:04:02.080 --> 00:04:07.320 So, the important point here is that there are recurring revenue businesses and reoccurring 72 00:04:07.320 --> 00:04:08.320 revenue. 73 00:04:08.320 --> 00:04:11.520 For example, Facebook is a massive company. 74 00:04:11.520 --> 00:04:14.120 They do not have a recurring revenue model. 75 00:04:14.120 --> 00:04:19.440 They have a reoccurring revenue model, meaning I go to the Facebook store today, I buy some 76 00:04:19.440 --> 00:04:23.120 eyeballs, and tomorrow I might go back again and buy more eyeballs. 77 00:04:23.120 --> 00:04:25.800 I don't have a subscription, but I reoccur. 78 00:04:25.800 --> 00:04:28.600 I reorder over and over and over again. 79 00:04:28.600 --> 00:04:32.800 So this supplies whether you have a subscription business or you have a one time purchase business. 80 00:04:32.800 --> 00:04:35.160 The point is that people come back. 81 00:04:35.160 --> 00:04:40.000 The key question that I like to ask the portfolio companies when they're coming in is, if right 82 00:04:40.000 --> 00:04:41.960 now, you could no longer market. 83 00:04:41.960 --> 00:04:42.960 You could not make content. 84 00:04:42.960 --> 00:04:43.960 You can't run ads. 85 00:04:43.960 --> 00:04:44.960 You can't call. 86 00:04:44.960 --> 00:04:46.320 You can't DM people. 87 00:04:46.320 --> 00:04:50.200 All you could do is have the existing customers you have. 88 00:04:50.200 --> 00:04:51.200 Get you more customers. 89 00:04:51.200 --> 00:04:55.360 So, the question that I ask the portfolio companies that when we're trying to grow them early 90 00:04:55.360 --> 00:05:01.080 on and really get the product to be exceptional is, if tomorrow, you could not market anything. 91 00:05:01.080 --> 00:05:04.680 You could not get any new customers whatsoever and the only thing you had were the customers 92 00:05:04.680 --> 00:05:06.640 you have today. 93 00:05:06.640 --> 00:05:11.240 And any new customer that you get could only come from referral and word of mouth of the 94 00:05:11.240 --> 00:05:13.520 people you have right now. 95 00:05:13.520 --> 00:05:15.520 How differently would you treat them? 96 00:05:15.520 --> 00:05:17.400 How different would their experience be? 97 00:05:17.400 --> 00:05:20.680 And how much better would your product be if the only way you could get new customers 98 00:05:20.680 --> 00:05:24.280 was them sending you business your way? 99 00:05:24.280 --> 00:05:28.000 When you start thinking like that, you start thinking like the wealthy, not like the poor 100 00:05:28.000 --> 00:05:32.520 who are always in a rush for the next sale, the next paycheck, because the reality is, 101 00:05:32.520 --> 00:05:36.200 you don't get customers to make sales. 102 00:05:36.240 --> 00:05:39.240 You make sales to get customers. 103 00:05:39.240 --> 00:05:40.560 It's an important distinction. 104 00:05:40.560 --> 00:05:45.880 We only transact in order to create the relationship so that we can have revenue again and again 105 00:05:45.880 --> 00:05:46.880 and again. 106 00:05:46.880 --> 00:05:51.360 You want that customer to exist like a node of revenue in your business that pumps money 107 00:05:51.360 --> 00:05:55.560 your way, month after month after month. 108 00:05:55.560 --> 00:05:58.760 So the big issue is that the stuff that most people sell sucks, right? 109 00:05:58.760 --> 00:06:00.560 And so they're constantly focused on promotion. 110 00:06:00.560 --> 00:06:03.600 They're constantly trying to find the next customer but they haven't confronted the real 111 00:06:03.600 --> 00:06:04.600 issue. 112 00:06:04.600 --> 00:06:05.600 You're just not that good, right? 113 00:06:05.760 --> 00:06:09.640 And that's okay, but the problem is that you're not focusing on the hard work which is 114 00:06:09.640 --> 00:06:11.520 getting better, right? 115 00:06:11.520 --> 00:06:14.680 And so there are three steps that you look at when you're actually trying to scale a 116 00:06:14.680 --> 00:06:15.680 business. 117 00:06:15.680 --> 00:06:17.560 You want to go to zero to a million, make a couple million bucks a year. 118 00:06:17.560 --> 00:06:21.680 You can just promote and sell shit all day long and never build real wealth. 119 00:06:21.680 --> 00:06:23.160 Now, can you make a million bucks a year? 120 00:06:23.160 --> 00:06:25.520 For many of you guys watching that, that might be a dream for you. 121 00:06:25.520 --> 00:06:27.640 But for me, I want to build a fortune. 122 00:06:27.640 --> 00:06:31.240 And the only way to build a fortune is to get people to never stop paying you, all right? 123 00:06:31.240 --> 00:06:37.560 So if that is our goal, we only need to learn how to promote as much as we just need people 124 00:06:37.560 --> 00:06:39.160 to start trying our product. 125 00:06:39.160 --> 00:06:41.960 The point of making the first sales is to get customers. 126 00:06:41.960 --> 00:06:44.640 The point of those first customers is to give you feedback. 127 00:06:44.640 --> 00:06:49.440 And you keep getting feedback and not even caring too much about how hard you're marketing 128 00:06:49.440 --> 00:06:53.480 because the goal is to get the product and service better and better and better. 129 00:06:53.480 --> 00:06:58.200 And this is why most people can't scale because they start selling a little bit and say, 130 00:06:58.200 --> 00:07:00.000 oh, I should promote even more. 131 00:07:00.000 --> 00:07:02.200 But the problem is they never fix the product. 132 00:07:02.200 --> 00:07:04.000 And so they keep selling more and more shit. 133 00:07:04.000 --> 00:07:07.320 And then what happens is, if you sell 100 people this month, you have to sell 100 people 134 00:07:07.320 --> 00:07:09.080 next month just to maintain. 135 00:07:09.080 --> 00:07:12.560 And then the month after that, if you up to 200 new sales a month, then the next month, 136 00:07:12.560 --> 00:07:15.120 you have to sell 200 just to maintain. 137 00:07:15.120 --> 00:07:20.880 But if you have 10 customers a month and they never leave you in five years, you have 500 138 00:07:20.880 --> 00:07:26.840 customers, 600 customers a month that are paying you only with 10 new customers a week. 139 00:07:26.840 --> 00:07:29.560 Or 10 new customers a month, right? 140 00:07:29.560 --> 00:07:33.800 So do you understand the compounding effect of not losing customers? 141 00:07:33.800 --> 00:07:38.600 That is the problem you saw for, not the promotion because it happens is when you get customers 142 00:07:38.600 --> 00:07:42.080 who do not leave you, you can afford it any marketing. 143 00:07:42.080 --> 00:07:44.600 You can afford to outspend everyone. 144 00:07:44.600 --> 00:07:47.400 There's a company that we're about to make a huge investment in. 145 00:07:47.400 --> 00:07:55.640 And right now, their lifetime value per customer compared to their competition is 10x. 146 00:07:55.640 --> 00:07:59.240 And their cost to a car customer is the same as their competition. 147 00:07:59.240 --> 00:08:05.640 Hey guys, real quick, if you're new to the podcast, I have a book on Amazon called $100 148 00:08:05.640 --> 00:08:09.560 million offers that over 8,000 five star reviews and it has almost a perfect score. 149 00:08:09.560 --> 00:08:11.640 You can get it for 99 cents on Kindle. 150 00:08:11.640 --> 00:08:15.360 The reason I bring it up is that I put over a thousand hours into writing that book. 151 00:08:15.360 --> 00:08:16.880 And it's my biggest gift to our community. 152 00:08:16.880 --> 00:08:21.480 So it's my very shameless way of trying to get you to like me more and ultimately make 153 00:08:21.480 --> 00:08:24.000 more dollars to that later on in your business career. 154 00:08:24.000 --> 00:08:25.000 I can finish the part with you. 155 00:08:25.000 --> 00:08:26.000 So that's my gift. 156 00:08:26.000 --> 00:08:27.000 Go check it out. 157 00:08:27.000 --> 00:08:30.920 Amazon and back to the show. 158 00:08:30.920 --> 00:08:36.560 So in a gun fight, who's going to win in a bidding auction for who can buy the next customer 159 00:08:36.560 --> 00:08:41.800 on Facebook or YouTube or pay for the eyeballs between them and their competitors, they'll 160 00:08:41.800 --> 00:08:46.080 win every time because when you get that right, everything else is easy. 161 00:08:46.080 --> 00:08:48.920 But no one wants to do the hard work of doing that. 162 00:08:48.920 --> 00:08:54.440 So step one is you promote just to get people to make sales and become customers. 163 00:08:54.440 --> 00:08:58.640 You keep doing the feedback loop on those customers until you get a product where people 164 00:08:58.640 --> 00:09:01.040 are referring business to you. 165 00:09:01.040 --> 00:09:05.560 Once you have that, then you focus on improving it even further. 166 00:09:05.560 --> 00:09:10.520 And the way you do that is through surveying the customers to figure out what you can do 167 00:09:10.520 --> 00:09:12.000 better. 168 00:09:12.000 --> 00:09:15.920 Looking at their client experience, looking at the results, seeing if you can make it 169 00:09:15.920 --> 00:09:20.960 happen faster, seeing if you can make it happen easier, and then to add the cherry and 170 00:09:20.960 --> 00:09:24.320 sprinkle on top, you make it harder to leave. 171 00:09:24.320 --> 00:09:27.440 And when you make something harder to leave, you can do that through contracting. 172 00:09:27.440 --> 00:09:29.680 You can do that through increasing the cost of switching. 173 00:09:29.680 --> 00:09:32.960 You can do that through adding community to your services and products. 174 00:09:32.960 --> 00:09:36.200 You can do that through adding a cause behind your brand because if they switch to somebody 175 00:09:36.200 --> 00:09:38.800 else, they'll lose the association with the cause. 176 00:09:38.800 --> 00:09:42.280 You can do that through making sure that you've added so much value that there's no one 177 00:09:42.280 --> 00:09:45.240 else that they can compare your product to. 178 00:09:45.240 --> 00:09:50.000 And if you're going to be to be situation, you want to add in collateral or controlling 179 00:09:50.000 --> 00:09:50.920 the money flow. 180 00:09:50.920 --> 00:09:55.760 The thing by that is if you work with Stripe, they probably process your money. 181 00:09:55.760 --> 00:09:57.120 They control the money flow. 182 00:09:57.120 --> 00:10:00.440 They don't worry about decline cards because they collect your money for you up front, 183 00:10:00.440 --> 00:10:01.440 right? 184 00:10:01.440 --> 00:10:04.080 The person who controls the money has leverage. 185 00:10:04.080 --> 00:10:08.480 So the three steps of scaling the business, number one, you have to promote it. 186 00:10:08.480 --> 00:10:12.240 And you promote it so that you get the first seed, which is consumption. 187 00:10:12.240 --> 00:10:15.280 If people don't consume your product, people don't consume your service, it's not that 188 00:10:15.280 --> 00:10:16.280 they're numb nuts. 189 00:10:16.280 --> 00:10:17.800 It means that you suck. 190 00:10:17.800 --> 00:10:21.320 Because you have created such a difficult experience for someone to interact with. 191 00:10:21.320 --> 00:10:24.880 You made it so difficult for someone to onboard that they never even experienced the benefit. 192 00:10:24.880 --> 00:10:29.000 The amount of people that I hear, especially in the internet space, who are like, oh, 193 00:10:29.000 --> 00:10:30.120 these people don't work hard. 194 00:10:30.120 --> 00:10:32.360 They never follow through. 195 00:10:32.360 --> 00:10:37.680 Does Amazon complain about all the service tickets they get? 196 00:10:37.680 --> 00:10:43.600 No, because they fix the product so you don't need to have a big customer support line. 197 00:10:43.600 --> 00:10:44.920 Weird, right? 198 00:10:44.920 --> 00:10:49.200 Because they spent the time to keep solving problem after problem after problem until there 199 00:10:49.200 --> 00:10:52.480 were almost no problems left with the product. 200 00:10:52.480 --> 00:10:56.600 The second piece that everyone misses is that actual improvement loop. 201 00:10:56.600 --> 00:11:01.160 And so what happens is when their business gets hard, when they hit a plateau, when people 202 00:11:01.160 --> 00:11:03.840 can't grow anymore, they do one of two things. 203 00:11:03.840 --> 00:11:08.000 They start marketing more, which is crazy, because it means more people find out about 204 00:11:08.000 --> 00:11:13.640 the stuff that you sell that sucks, and they tell more people that it sucks. 205 00:11:13.640 --> 00:11:17.920 However, they create another product, because the first product sucked, people stop buying 206 00:11:17.920 --> 00:11:18.920 it, so they create another product. 207 00:11:18.920 --> 00:11:22.280 How many people, how many internet businesses, how many gurus, how many personalities have 208 00:11:22.280 --> 00:11:26.400 you seen, launched product after product after product that come out with a new thing, 209 00:11:26.400 --> 00:11:28.640 and they launch it, come out with a new thing, and they launch it, come out with a new 210 00:11:28.640 --> 00:11:30.920 thing, and they launch it. 211 00:11:30.920 --> 00:11:34.840 Why are they not still selling the first thing? 212 00:11:34.840 --> 00:11:36.320 Because it sucked. 213 00:11:36.320 --> 00:11:40.640 And rather doing the hard work of getting the feedback, collecting the negative emails, 214 00:11:40.640 --> 00:11:43.880 and rather than blaming their customers, taking full responsibility and saying, you know 215 00:11:43.880 --> 00:11:47.160 what, we can make this better. 216 00:11:47.160 --> 00:11:50.120 And focusing on the better, not the new. 217 00:11:50.120 --> 00:11:53.800 Because what happens is if you actually focus on one product for an extended period of 218 00:11:53.800 --> 00:11:58.200 time, and you launch it again, and again, and you have first version, second version, 219 00:11:58.200 --> 00:12:01.480 third version, fourth version, it gets better. 220 00:12:01.480 --> 00:12:06.200 And it gets better to such a degree, imagine a world where 10 years from now, you'd only 221 00:12:06.200 --> 00:12:09.080 worked on improving the same service. 222 00:12:09.080 --> 00:12:11.800 All good do you think it would be? 223 00:12:11.800 --> 00:12:17.160 Probably very, but that's boring, and that's why most people report. 224 00:12:17.160 --> 00:12:20.080 It's not exciting, but it is how you build a fortune. 225 00:12:20.080 --> 00:12:24.320 And then once you crack that, once you say, I'm only going to sell so that I make sales 226 00:12:24.320 --> 00:12:28.680 to get customers, I'm going to continue to improve and iterate the same product over 227 00:12:28.680 --> 00:12:33.320 and over and over again, the same service over and over and over again, until the point 228 00:12:33.320 --> 00:12:38.560 where I have so many people who are coming to me because of how good it is, then I'll 229 00:12:38.560 --> 00:12:43.320 put gas on it and spend as much money as I can on the market, because now I can outspend 230 00:12:43.320 --> 00:12:44.400 everyone. 231 00:12:44.400 --> 00:12:49.640 Because in the same marketplace, I'm making 10 times, 100 times more than my competitors, 232 00:12:49.640 --> 00:12:52.280 because when people buy for me, they don't want to stop. 233 00:12:52.280 --> 00:12:56.000 Because after all, prices which you pay, values what you get. 234 00:12:56.000 --> 00:12:58.760 And so what we want is a customer surplus. 235 00:12:58.760 --> 00:13:00.240 We want an insane deal. 236 00:13:00.240 --> 00:13:04.160 We want to bargain that people do call ahead of time to make sure that they never stop 237 00:13:04.160 --> 00:13:05.840 getting built. 238 00:13:05.840 --> 00:13:10.480 So for example, if you wanted to buy my house, right, it's not about the price in an absolute 239 00:13:10.480 --> 00:13:11.480 term. 240 00:13:11.480 --> 00:13:13.200 It's all relative to the value that someone receives. 241 00:13:13.200 --> 00:13:16.080 So if someone's price is here and the value delivers here, you can make this price 242 00:13:16.080 --> 00:13:17.880 whatever you want. 243 00:13:17.880 --> 00:13:22.600 If this price is a million and they get 10 million of value, they will pay you for it. 244 00:13:22.600 --> 00:13:26.520 And so the game is saying, hey, I've got a 500,000 hour house. 245 00:13:26.520 --> 00:13:30.400 I'll sell it to you for 50 grand and I learned how to build it for 10. 246 00:13:30.400 --> 00:13:31.880 That's the game we're trying to play. 247 00:13:31.880 --> 00:13:35.320 And so even if you provide more value upfront and it's less profitable, that's okay because 248 00:13:35.320 --> 00:13:39.080 then through the iterations that you have of getting better, you get more and more efficient 249 00:13:39.080 --> 00:13:43.840 and you can drive down your costs while also increasing the value and maintaining your 250 00:13:43.840 --> 00:13:45.760 brand and reputation. 251 00:13:45.760 --> 00:13:47.400 But most people do it in reverse. 252 00:13:47.400 --> 00:13:52.520 They sell as many as they possibly can, burn all the good while they have, and then come 253 00:13:52.520 --> 00:13:56.840 out with another product, put a lot of hype around it, sell a bunch of them, and then 254 00:13:56.840 --> 00:13:57.840 do it again and again. 255 00:13:57.840 --> 00:14:02.480 But they cannot build a compounding vehicle of enterprise value because if every single 256 00:14:02.480 --> 00:14:06.120 launch, if every single customer that they had sold for the last 10 years were still 257 00:14:06.120 --> 00:14:09.600 paying them today, they would have more money than they know it to do with. 258 00:14:09.600 --> 00:14:16.320 And this lesson took me seven years to really internalize because when I looked back at 259 00:14:16.320 --> 00:14:20.920 my own customer list and I saw 5,000 locations on there, I was like, I would have a billion 260 00:14:20.920 --> 00:14:28.640 dollar business if I had taken more time upfront to figure out how to never lose people. 261 00:14:28.640 --> 00:14:31.840 And then it would have gotten so big by default.