WEBVTT

1
00:00:00.000 --> 00:00:04.840
A partner has to have time you don't have money you don't have skills you don't have right one of those three things

2
00:00:04.840 --> 00:00:10.260
And you trade a piece of your company for one of these three things with the hope that the trade of that

3
00:00:10.260 --> 00:00:13.480
Then gets you to your goal faster or increases the likelihood that you hit your goal

4
00:00:13.480 --> 00:00:16.520
And so if you think that you're going to hit your goal no matter what

5
00:00:16.840 --> 00:00:22.920
Then the only thing that you're making that trade for is time or speed is how quickly can I get there to my goal and time has very real value

6
00:00:22.920 --> 00:00:26.040
If you can get to your 10-year goal in four years that might be an amazing trade

7
00:00:26.040 --> 00:00:32.800
I would use that as my framework for appraising a partner that being said if no one is approaching you or you have no one in mind

8
00:00:33.320 --> 00:00:34.800
Then keep crashing all right

9
00:00:34.800 --> 00:00:41.680
So the topic of this is business partnerships and everything related to that my name is Randy and I own a law firm in Miami

10
00:00:41.680 --> 00:00:45.680
We focus on a state planning trying to niche in on special needs a state planning

11
00:00:45.680 --> 00:00:51.720
So I'm delving into paid marketing specifically webinars for the first time and I've ever done any kind of marketing and

12
00:00:51.720 --> 00:00:54.480
I want to know that when she goes wrong

13
00:00:54.480 --> 00:00:57.320
How do I know what to fix first in that?

14
00:00:57.320 --> 00:01:02.240
I don't even know what to expect coming out of it. Let's say there's like no people that show up

15
00:01:02.240 --> 00:01:07.600
It's like how do I like analyze that process it depends on how much time you have

16
00:01:07.840 --> 00:01:11.440
But a consideration for doing this is actually doing these with very small groups

17
00:01:11.440 --> 00:01:16.360
And so you can coordinate between like one to five people and then they all know what time is going to happen

18
00:01:16.360 --> 00:01:17.920
And that way you don't have to worry about the tech and

19
00:01:17.920 --> 00:01:22.560
Automations and all that stuff in your shorts will be basically a hundred percent and so then you can lead them through the call

20
00:01:22.560 --> 00:01:28.080
And it's like a little bit more casual a little bit more personalized and that's a lower risk way to kind of get reps in and then

21
00:01:28.080 --> 00:01:32.000
Know what the questions that they're going to ask are and so then when you make your more formalized presentation

22
00:01:32.000 --> 00:01:39.120
You know it's gonna convert because you just did it with smaller groups and just increasing in and so that would be like my crawl walk run

23
00:01:39.120 --> 00:01:45.520
So crawl would be like do it with one person or two people one-on-one do three or four iterations that the walk version of that

24
00:01:45.520 --> 00:01:51.440
Would be good on my email list and then bring everyone together after I've kind of tested the messaging and then the run version is like

25
00:01:51.440 --> 00:01:56.760
I'm running ads to the webinar and the reminder sequences. I tested on the walk are now with colder traffic

26
00:01:56.760 --> 00:02:01.200
You don't know who I am who don't trust me at each of those levels. Everything just needs to be more dialed

27
00:02:01.200 --> 00:02:03.480
Thanks for the partnership answer. Let's go right here

28
00:02:03.880 --> 00:02:11.440
We make a great team and so does the other CEO like friends brothers partners as the company grows that were small companies as

29
00:02:11.640 --> 00:02:20.480
The COO do I want to look for another COO or do I want to grow and keep leveling up my skill when we grow as a company

30
00:02:20.480 --> 00:02:28.560
Are we gonna look for somebody that's got really good COO skills or can I continue to grow and be the best COO for a company at different stages

31
00:02:28.560 --> 00:02:31.280
What do you want to do be a great COO and keep growing with company?

32
00:02:31.280 --> 00:02:34.680
This is the way I look at it, which is like being a great COO

33
00:02:34.680 --> 00:02:41.680
It's not like I brought in a specifically a COO to learn from like when I was COO in gym launch

34
00:02:41.680 --> 00:02:48.640
I just brought in other people from the outside and the inside that I could learn little bits and pieces from because if you really think about

35
00:02:48.640 --> 00:02:56.640
Like what a great COO does is like they're usually a great operator of things and people right and so I think that you can learn that from a

36
00:02:56.640 --> 00:03:01.920
CFO you can learn that from a CXO like you can learn that from a CMO

37
00:03:01.920 --> 00:03:07.280
So it doesn't necessarily mean you have to like bring in a COO to learn from like you can learn a lot of those skills from other people

38
00:03:07.280 --> 00:03:13.560
That have been there done that or looking for outside mentorship or advisement. Okay. You guys co-founders or you just are you COO?

39
00:03:13.560 --> 00:03:16.080
I'm CO of the of the company. I'm out of co-founder

40
00:03:16.080 --> 00:03:19.640
Okay, so like if you weren't COO and you brought another what would you do do fire yourself?

41
00:03:19.640 --> 00:03:24.360
I mean CEO or you know, but I really yeah, I don't know. I'm just I'm being honest. Yeah, for sure

42
00:03:24.360 --> 00:03:27.240
Yeah, I'm being honest because I'm like maybe you know, I'm a good friend too

43
00:03:27.240 --> 00:03:33.080
So like I don't want to hold him back either, you know, that's a good frame to have you don't want to be the reason the business isn't growing quickly

44
00:03:33.080 --> 00:03:38.760
Right and so as long as you are aware of what your deficits are and that you are able to

45
00:03:39.320 --> 00:03:43.160
Increase your way to progress in terms of like acquiring the skills to overcome those deficits

46
00:03:43.160 --> 00:03:44.160
You know as much as possible

47
00:03:44.160 --> 00:03:45.480
I think we're both pretty self-aware

48
00:03:45.480 --> 00:03:51.000
But if at any point I think either one of us even just like whispers a hint that the other one may have something

49
00:03:51.000 --> 00:03:53.000
They to look at we immediately change our behavior

50
00:03:53.000 --> 00:03:58.320
And so I think like how fast you change your behavior shows if you're worthy of being that person when the company's bigger

51
00:03:58.320 --> 00:04:02.920
Thanks one of the videos you created on YouTube, which was phenomenal was the consulting

52
00:04:03.400 --> 00:04:07.960
Coaching business and then there's the I guess a scaling business that can really take off

53
00:04:07.960 --> 00:04:09.200
Yeah, it really hit home

54
00:04:09.200 --> 00:04:12.680
It seemed like you're like going to time my brain and taking it like making a video for it

55
00:04:12.680 --> 00:04:17.880
So thank you thing or teaching I think my question or challenge is I started one company which was a real estate company

56
00:04:17.880 --> 00:04:23.120
syndication multifamily it got to a certain level. I got interested in doing coaching consulting

57
00:04:23.120 --> 00:04:28.760
And so I started a separate company with a separate team and I'm running both they're both successful

58
00:04:28.760 --> 00:04:32.880
But obviously I'm juggling back and forth. Yeah, my passion is in the coaching consulting

59
00:04:32.880 --> 00:04:38.600
But I really like the fun part of scaling the other company returns obviously different at this level

60
00:04:38.600 --> 00:04:44.760
One's like really on track to create like a you know a nine figured out worth but the other one is very fun and enjoyable

61
00:04:44.760 --> 00:04:52.000
And there's there's some symbiosis so like some physicians on that side of that invests and vice versa. It's the all just all sorts of stuff

62
00:04:52.000 --> 00:04:54.600
Yeah, my dad used to say

63
00:04:55.120 --> 00:04:58.200
Just because you're passionate doesn't mean you need to make money from it

64
00:04:58.200 --> 00:05:00.480
He's otherwise I'd be a bartender at a ski slope

65
00:05:01.680 --> 00:05:08.680
And so I think that one of the big misnomers of the whole follow your passion thing is that we assume that everything that we could enjoy

66
00:05:08.680 --> 00:05:14.520
We need to monetize and I think sometimes it's like trying to try to make your primary home also a great investment

67
00:05:14.520 --> 00:05:21.080
You end up with a mediocre home with a mediocre investment rather than the house you really want or a really good investment that you would never live in

68
00:05:21.640 --> 00:05:28.200
And I kind of see that the same way with the issue that you're dealing with because if you want to coach and you want to give back

69
00:05:28.520 --> 00:05:32.760
You can just give stuff away for free and know that you make all the money on your fun side

70
00:05:33.160 --> 00:05:36.520
And I can promise you as somebody who has who has done that you will help way more people

71
00:05:36.840 --> 00:05:38.840
This is a super common dilemma

72
00:05:39.000 --> 00:05:43.320
It's like hey, I've got a four million dollar plumbing business and you know what I really love helping other plumbers

73
00:05:43.720 --> 00:05:46.680
And it's because what you get to talk about is the stuff that you're really thinking about

74
00:05:46.760 --> 00:05:51.240
Which is like kind of helping other business owners with these business things rather than dealing with

75
00:05:51.480 --> 00:05:56.120
Sandra who showed up sick in the actual business, right? So it's like kind of give you this for spite

76
00:05:56.600 --> 00:06:01.240
But at least in my opinion all the enterprise value the worth is going to be in the thing that compounds

77
00:06:01.320 --> 00:06:04.760
And so you could just do it for free and what would be interesting is

78
00:06:05.320 --> 00:06:09.560
Like for that plumbing thing or for you you'll be amazed at how much bigger you'll be

79
00:06:10.200 --> 00:06:14.440
Just doing it for free and you'll probably attract 10 times the deal flow to the other side

80
00:06:14.440 --> 00:06:17.400
You're like it's cool because I get some people here. It's like give it away for free then see what happens

81
00:06:18.440 --> 00:06:20.680
That's just my two cents obviously you can do it everyone

82
00:06:20.680 --> 00:06:23.080
Thank you. Yeah, but this is about business parting for sure

83
00:06:23.720 --> 00:06:29.320
When do I even start looking one woman team? I don't even is it like a revenue threshold?

84
00:06:29.560 --> 00:06:33.560
You don't need a partner. Well, why do you want to do? Why do you? I don't know actually

85
00:06:33.960 --> 00:06:41.400
That's that is that is actually part of a question like do I even need one no girl? Okay, okay

86
00:06:42.600 --> 00:06:45.720
No, I think I think a lot of times like and even for us

87
00:06:45.720 --> 00:06:49.000
You know people come to us all the time and they're like we could partner on this thing

88
00:06:49.000 --> 00:06:52.840
And I can open up this division of acquisition calm like there's people pitching us all the time partnerships

89
00:06:53.240 --> 00:06:58.360
The question is are you gonna get there with or without them like are you gonna get there anyways without bringing in a partner?

90
00:06:59.000 --> 00:07:01.400
I want to think I can but that's the thing

91
00:07:01.400 --> 00:07:05.880
I don't even know if I'm think about it correctly like so let me give you framework

92
00:07:06.120 --> 00:07:11.480
So a partner has to have time. You don't have money. Don't have skills. You don't have right one of those three things

93
00:07:12.120 --> 00:07:18.440
And you trade a piece of your company for one of these three things with the hope that the trade of that then gets you to your goal faster

94
00:07:18.440 --> 00:07:20.120
Or increases the likelihood that you hit your goal

95
00:07:20.600 --> 00:07:23.160
And so if you think that you're going to hit your goal no matter what

96
00:07:23.720 --> 00:07:28.200
Then the only thing that you're making that trade for is time or speed is how quickly can I get there to my goal?

97
00:07:28.280 --> 00:07:31.480
And time has very real value if you can get to your 10-year goal in four years

98
00:07:31.640 --> 00:07:32.920
That might be an amazing trade

99
00:07:33.000 --> 00:07:39.480
I would use that as my framework for appraising a partner that being said if no one is approaching you or you have no one in mind

100
00:07:40.200 --> 00:07:41.400
Then keep crashing

101
00:07:41.400 --> 00:07:46.360
Okay, I think that's another problem too is like I'm extremely introverted and like I don't have the problem

102
00:07:46.360 --> 00:07:49.000
It's also a label that's irrelevant. Oh well, okay

103
00:07:50.120 --> 00:07:52.760
I don't say that it's like I say that it's like how much does this serve me

104
00:07:53.080 --> 00:07:55.880
Yeah, and then we have this like it just means that sometimes in these situations

105
00:07:55.880 --> 00:07:58.440
I prefer to not be around other people and so does everyone feel that way

106
00:07:59.080 --> 00:08:00.280
Oh

107
00:08:00.360 --> 00:08:04.520
No, but it's like I there's so many times people were like oh, I don't want to do this because and they insert label

108
00:08:04.840 --> 00:08:08.840
It's like define what does that mean? How do you know that and why does it matter?

109
00:08:10.280 --> 00:08:15.640
Yes, sir appreciate you both to excited see what you built and will you continue to build and create in acquisition

110
00:08:15.640 --> 00:08:19.720
You know when you're doing acquisitions and you're merging two companies in this partnership

111
00:08:19.880 --> 00:08:25.080
That company has some culture intentionally created or not and you have a very intentionally created culture

112
00:08:25.640 --> 00:08:31.080
How do you think about merging your culture into their culture or keeping them separate like what's your

113
00:08:31.640 --> 00:08:36.280
What's your view on position on that when you guys do acquisitions? Don't merge. We don't merge

114
00:08:37.080 --> 00:08:38.280
That's not our model

115
00:08:38.280 --> 00:08:43.880
Merger is different than acquisitions, right? And so like if we bring a company into that acquisition on portfolio

116
00:08:43.880 --> 00:08:45.480
That's a standalone

117
00:08:45.480 --> 00:08:52.520
Company so we actually just don't do and in general any of the companies that we have that are adding on other companies to them like a platform company

118
00:08:52.600 --> 00:08:58.840
They also we just kind of keep doing their thing and maybe it means that then we create a handoff where we hand off the customer

119
00:08:58.840 --> 00:09:02.680
Two different sales to facilitate another sale or an upsell or an ascension or whatever it might be

120
00:09:03.080 --> 00:09:05.080
And maybe we consolidate financials

121
00:09:05.160 --> 00:09:09.240
You know like I think there's value in consolidating some of the shared services. So like Jim launch

122
00:09:09.800 --> 00:09:12.440
We consolidated HR IT

123
00:09:13.000 --> 00:09:19.960
Finance all into one shared service that then fed each entity and then that was the shared services team

124
00:09:20.040 --> 00:09:24.280
That was all operated by one leader or CFO and then it fed these companies

125
00:09:24.280 --> 00:09:27.320
But they were all very like we served the same customer

126
00:09:27.640 --> 00:09:31.560
But again, this is not the same because we didn't buy one company buy one company what buy one company?

127
00:09:31.560 --> 00:09:36.680
We started started started and the same people started like Alex and I started Jim launch then we started

128
00:09:36.680 --> 00:09:41.320
Proceed then we started Alan in terms of looking at like the success of merging companies

129
00:09:41.400 --> 00:09:46.600
It's actually like a lot harder than people think because merging the culture. It's like you've so many personalities that clash

130
00:09:47.000 --> 00:09:51.320
You kind of have to decide what's the dominant force because it's not actually like people merge

131
00:09:51.320 --> 00:09:53.560
This is like something that we've talked about a lot of people in private equity

132
00:09:53.560 --> 00:09:55.080
It's like one dominates the other

133
00:09:55.080 --> 00:09:58.760
And so the question is who's the dominating force who's the one that you want to dominate the other one

134
00:09:58.840 --> 00:10:03.960
And the other one just kind of gets swallowed by the more powerful force or like dominant culture

135
00:10:04.360 --> 00:10:08.920
So we don't do them and just to clarify like it's a little more with with your values

136
00:10:09.000 --> 00:10:13.720
You know you have your three core values and how do those not merge like the you know emerging companies

137
00:10:13.800 --> 00:10:15.400
But just culturally

138
00:10:15.400 --> 00:10:18.520
Aligning culture and values with the new

139
00:10:19.160 --> 00:10:24.280
Acquisition is that something you're just screening for before you even creating it and acquisition back when you say culture

140
00:10:24.280 --> 00:10:29.000
What do you mean by that? I'm referring more to values the way that you do things the way that you operate

141
00:10:29.320 --> 00:10:32.920
And the reason that I asked that was because I think if you can define it really clearly for your team

142
00:10:33.240 --> 00:10:36.120
Yeah, then you'll have a higher likelihood of influence their behavior

143
00:10:36.120 --> 00:10:39.400
And so we see culture is the rules that govern behavior. That's what it is

144
00:10:39.800 --> 00:10:42.600
It's the rules that govern reinforcement and punishment in an organization

145
00:10:43.000 --> 00:10:47.800
And so the values that you have are intended to be chunked up terms of those many skills

146
00:10:47.800 --> 00:10:50.360
So we were talking about earlier charisma kindness, whatever

147
00:10:50.600 --> 00:10:56.840
They're really chunked up their big big amorphous terms that then represent with the largest broadest brushstroke

148
00:10:57.000 --> 00:10:59.000
All of these many behaviors underneath of it

149
00:10:59.000 --> 00:11:02.840
But every company might have their three values or five values or whatever it is

150
00:11:02.920 --> 00:11:06.520
And then somebody comes in and then they very quickly see oh these are the rules that govern behavior

151
00:11:06.520 --> 00:11:09.320
So if I come in here two minutes late to a meeting known cares

152
00:11:09.320 --> 00:11:14.040
And so that is a rule that governs my behavior. There's no punishment for attending work late or coming to work late

153
00:11:14.280 --> 00:11:20.600
But if I curse then in this culture that is a rule that is enforced that people don't like it or it's frowned upon

154
00:11:20.680 --> 00:11:26.760
And so it's getting really clear on what are the rules that we have spoken and unspoken in the organization that govern what is reward and what is punished

155
00:11:27.480 --> 00:11:32.120
And so if you want to change the culture of I think the first step is understand what are the differences that are

156
00:11:32.520 --> 00:11:35.720
Between what they do and a lot of that takes keen observation of behavior

157
00:11:35.960 --> 00:11:40.440
What we have found with with teammates too is if you're very clear

158
00:11:41.080 --> 00:11:45.480
It usually gets done pretty quickly where you give feedback to someone and you're like

159
00:11:45.960 --> 00:11:48.840
Nancy you know or you know John can you just stop being a dick?

160
00:11:49.320 --> 00:11:51.560
The problem is that John is a dick naturally

161
00:11:51.640 --> 00:11:55.000
And we use that one term as a bundle term for many smaller behaviors underneath

162
00:11:55.080 --> 00:11:59.080
And he doesn't know how to stop being a dick because he doesn't know which behavior it is that causes other people to call him a dick

163
00:11:59.560 --> 00:12:01.640
And so if you're like hey when you cut people off

164
00:12:02.280 --> 00:12:04.760
When they're speaking they describe you as a dick if you

165
00:12:05.480 --> 00:12:06.920
counteract what someone

166
00:12:06.920 --> 00:12:10.440
Gives us an idea and these immediately say why it's dumb people consider you a dick

167
00:12:10.680 --> 00:12:15.400
And so if you stop doing those two things people it'll decrease likely people how you dick in the future and it's like oh wow

168
00:12:15.960 --> 00:12:19.400
Thanks, and then when he stops doing those things people stop calling him a dick

169
00:12:20.120 --> 00:12:24.280
And so all of a sudden since it's like oh wasn't that it was just the two or three behaviors that he did that then piss people off

170
00:12:24.360 --> 00:12:28.680
It's just taking that one micro example and expanding it towards organization and that's fundamentally

171
00:12:29.080 --> 00:12:31.880
How cultures both created and destroyed actually cultures always occurs

172
00:12:32.280 --> 00:12:34.760
It's just the cut the accumulation of those rules

173
00:12:34.840 --> 00:12:39.560
And is that something that you guys are looking for somewhat of an alignment on before you're partnering with someone

174
00:12:40.040 --> 00:12:45.800
To ensure that there's going to be alignment on these values and working towards that or how it's how important is that to you

175
00:12:46.440 --> 00:12:47.960
In your acquisitions

176
00:12:47.960 --> 00:12:53.320
Basically we come in as a growth partner. We're not coming in like taking over the business and kicking the founder out

177
00:12:53.400 --> 00:12:55.720
And so that's probably the thing we screen for the most heavily

178
00:12:55.720 --> 00:13:00.040
You know like we have looked at so many businesses that are I mean we just passed on one earlier today

179
00:13:00.280 --> 00:13:05.880
It's super sexy business really high EBITDA, but I was just like to do I just don't I don't I don't think the expectations are aligned

180
00:13:05.880 --> 00:13:09.720
Nor do I think the values are perfectly aligned. I think they're probably missing one and so

181
00:13:10.200 --> 00:13:14.280
Again, it's kind of like we were talking about like outlasting like what partnership is gonna be able to outlast

182
00:13:14.760 --> 00:13:20.600
And I think for us it's either finding people who already have those values or finding people who are

183
00:13:21.000 --> 00:13:26.280
Open to assimilating ours, and I think that's worked really well for us is also finding people who have

184
00:13:26.680 --> 00:13:29.400
Founders who are first time in a very successful business

185
00:13:29.640 --> 00:13:32.440
And they really want to learn and they've watched our content

186
00:13:32.440 --> 00:13:34.920
They've assumed all of it and they're like I want to part with you

187
00:13:34.920 --> 00:13:37.720
And I'm not looking for anybody else to be my growth partner like I'm not

188
00:13:38.440 --> 00:13:39.960
Looking to work with P like none of that

189
00:13:39.960 --> 00:13:43.960
I just want to work with you because I respect the kind of people you guys are and I would like that

190
00:13:44.200 --> 00:13:45.800
And so you find out some of that desire

191
00:13:46.440 --> 00:13:48.440
They watch everything we do

192
00:13:48.600 --> 00:13:50.520
You know, they see how we run the meetings with them

193
00:13:50.520 --> 00:13:55.160
They see how we communicate with them and I talked our team about this for like these workshops like we demonstrate

194
00:13:55.880 --> 00:13:57.080
rather than

195
00:13:57.080 --> 00:13:59.560
Teach if we come up here and talk on stage

196
00:13:59.640 --> 00:14:03.640
But then like you guys here like somebody on my team talking ship behind my back doesn't matter what I say on stage

197
00:14:04.040 --> 00:14:09.080
Same goes with the portfolio companies. It's like they are watching us more than they are listening to what we tell them

198
00:14:09.080 --> 00:14:15.720
And so I think for those relationships it's like heavily screening on the forefront and those relationships the most successful ones

199
00:14:16.040 --> 00:14:19.160
We worked with for a long time because it's such an important thing

200
00:14:19.160 --> 00:14:24.040
We don't want to get wrong and so if we have to build a relationship where we get to know them over a year

201
00:14:24.040 --> 00:14:28.680
And uncover the fact that those values are absolutely aligned then we're like that was worth the year investment

202
00:14:28.680 --> 00:14:31.960
Because otherwise like it's not like it's a reversible thing to buy

203
00:14:32.360 --> 00:14:34.360
65% of somebody's company, you know

204
00:14:34.920 --> 00:14:37.960
And so I'd say like the same process that like frank went through for hiring

205
00:14:38.040 --> 00:14:42.280
We have a same the same process in terms of the values for looking at portfolio CEOs

206
00:14:42.440 --> 00:14:45.480
Like we actually use a lot of the same questions. We do more interviewing

207
00:14:45.960 --> 00:14:49.560
More questions more in depth and we have more people on our team do it

208
00:14:50.040 --> 00:14:52.600
But it's fundamentally the same thing as it is interviewing, you know

209
00:14:52.600 --> 00:14:57.240
Somebody for a role and it's a lot of that plus I will say this one thing which is

210
00:14:57.720 --> 00:15:03.160
No matter how aligned we are with the founders their culture even if they have the same values looks a little different

211
00:15:03.400 --> 00:15:05.160
Yeah, you know because the founders are all a little different

212
00:15:05.160 --> 00:15:08.920
You know, we have some founders. I would say they embody the same color the same values us

213
00:15:08.920 --> 00:15:15.400
But they're like a little bit less professional and a little more scrap right and so it looks different in their organization

214
00:15:15.400 --> 00:15:17.720
It's kind of like gym launch when we had gym launch like here

215
00:15:17.720 --> 00:15:21.400
We have competitive greatness is one of our values in gym launch. We had grow or die

216
00:15:21.960 --> 00:15:27.160
They kind of mean the same thing, you know what I mean and but it sounds very different

217
00:15:27.160 --> 00:15:32.040
It attracts a different type of person. They might not have our values on their website as theirs

218
00:15:32.040 --> 00:15:35.880
But they have very similar ones just said in their own way great. Hey guys. Thanks so much

219
00:15:36.120 --> 00:15:39.800
So I have a golf fitness and rehab business. We do everything online cool

220
00:15:39.800 --> 00:15:41.800
I started brick-and-mortar just to build

221
00:15:42.440 --> 00:15:47.400
Authority we've got the largest database in the world 15,000 on the physical metrics change data and all that

222
00:15:47.640 --> 00:15:49.560
So at this point we can get we guarantee results

223
00:15:50.200 --> 00:15:53.800
in 10 weeks and within two weeks they pass their form and mobility centers

224
00:15:54.040 --> 00:15:57.400
But then 10 weeks they gain 10 yards which any golfers here know it's a big deal

225
00:15:57.880 --> 00:16:01.160
After a year they gain 20 my question is around the offer

226
00:16:01.320 --> 00:16:05.800
There's a lot of guarantees of speed in the golf world most of them are BS

227
00:16:06.280 --> 00:16:09.160
How would you recommend differentiating what is the problem?

228
00:16:09.160 --> 00:16:13.720
Is it that people aren't by is that people aren't clicking like what's the what's the problem that you're trying to solve

229
00:16:13.800 --> 00:16:18.280
So they're by I mean we have a we close 50 plus percent like it's it's more on the front end

230
00:16:18.360 --> 00:16:20.760
So it's how do we get more traffic into the funnel?

231
00:16:20.920 --> 00:16:23.320
How do we know the guarantees of problem? I don't know if it's the guarantee

232
00:16:23.320 --> 00:16:27.160
I know it's the offer how do we make the offer more are you running ads? Yes

233
00:16:27.480 --> 00:16:30.200
Okay, then it might not be any of that stuff. You might just need better creative

234
00:16:30.600 --> 00:16:34.680
Okay, most people are a little bit because their creative is not good enough more than their offer

235
00:16:35.240 --> 00:16:39.320
And if you have all the amount of proof that you have like I'd want to put as much of that as I possibly could inside of

236
00:16:39.880 --> 00:16:41.000
Inside of the ads themselves

237
00:16:41.000 --> 00:16:43.640
I think I was talking earlier about like amazing offers. It looks a proof

238
00:16:43.800 --> 00:16:46.840
I'd still take tons and tons of proof over really compelling offer

239
00:16:47.000 --> 00:16:49.960
I doubt that the nature of your guarantees the main constraint of the business

240
00:16:50.200 --> 00:16:53.800
It's probably the quality of the creative and if I did zero in on it

241
00:16:54.200 --> 00:16:57.960
I'm just spending a month on ads 35. Okay, and how many pieces of creative a month do you make?

242
00:16:58.120 --> 00:17:01.160
Probably we filmed 30 ads a month. Okay. I mean, it's not terrible

243
00:17:01.640 --> 00:17:06.200
And if you do that weekly that probably be a better start and then also when you look at when you're making the ads

244
00:17:07.000 --> 00:17:09.000
If you how long you've been running ads

245
00:17:09.320 --> 00:17:13.560
I guess six months. Okay. Well, this so you have a you have some library that you've made

246
00:17:13.560 --> 00:17:16.120
So you've got probably 150 ads that you've run since day one

247
00:17:16.680 --> 00:17:21.720
Look at the top one percent five percent of your ads and look at the first five seconds

248
00:17:22.280 --> 00:17:25.320
And then only use those first five seconds for your next batch of ads

249
00:17:25.800 --> 00:17:29.480
And I can almost guarantee that your next batch of ads will offer form all of your other ones

250
00:17:29.560 --> 00:17:31.560
So every time we film ads we film it

251
00:17:32.120 --> 00:17:38.040
Not like through the entire ad but we film all the hooks all the what we call the meat

252
00:17:38.200 --> 00:17:42.680
Which is the offer and then all the CTAs and so what you can do is you can mix and match them

253
00:17:42.760 --> 00:17:46.840
If you're wearing the same outfit that's what we do and that's what Alex was showing me is like you can get so much more out of them

254
00:17:46.840 --> 00:17:49.880
Because if you make it ad you find the ad with the one winning hook

255
00:17:50.520 --> 00:17:51.320
And then you're like shit

256
00:17:51.320 --> 00:17:54.120
We should have different meat and different CTA for that ad and different creative

257
00:17:54.200 --> 00:17:56.760
But then you're like well shit. I'm gonna have to like clip it's gonna be all weird

258
00:17:57.000 --> 00:17:59.880
But if you film them all so it's like I film 20 hooks

259
00:18:00.440 --> 00:18:02.920
And then I film the meat which is pretty much the same for most ads

260
00:18:02.920 --> 00:18:07.240
It's your offer and then you film like 15 different ways of doing call to action

261
00:18:07.400 --> 00:18:11.640
Then you can mix and match them so basically when you do have a winning hook when you find one

262
00:18:11.960 --> 00:18:15.560
You can then match it to the other ads that you have so when you do that

263
00:18:15.560 --> 00:18:19.320
I mean this will give you 60 80 different ads from one kind of recording session

264
00:18:19.560 --> 00:18:22.600
But the real magic happens once you have your winners

265
00:18:23.080 --> 00:18:24.840
You're gonna have your you know five-ish

266
00:18:25.400 --> 00:18:28.440
Winners that you use on the vast majority of these

267
00:18:28.920 --> 00:18:30.760
This is like how I get people started

268
00:18:31.320 --> 00:18:35.240
But you're second and you're third and you're fourth and you're fifth everything after your first like

269
00:18:35.240 --> 00:18:40.280
I'm just trying shit out is all gonna be 80% of my ads are past winning hooks

270
00:18:41.000 --> 00:18:43.480
And then 20% are gonna be let me see if I can beat the control

271
00:18:44.040 --> 00:18:47.800
I would say that the big thing that has changed over my career is an advertiser is

272
00:18:47.800 --> 00:18:51.720
I used to spend all this time on trying to figure out new ads and new angles and new hooks

273
00:18:52.360 --> 00:18:56.360
And now I spend 80% of my time just doing the exact same thing

274
00:18:56.920 --> 00:18:59.480
Over and over and over again once we find a winner

275
00:18:59.480 --> 00:19:01.720
We just keep hammering it to absolute death

276
00:19:01.880 --> 00:19:05.720
And so it's like can I do this same winner winning hook in a different shirt?

277
00:19:05.720 --> 00:19:10.280
Can I do it as the different background can I use a prop for it can I take the same video that was a winner

278
00:19:10.280 --> 00:19:12.280
And then just put a black and white filter on it run it again

279
00:19:12.280 --> 00:19:17.880
Can I change the captions and the headlines and the the header and the footer stuff of the ad like all of those things

280
00:19:17.960 --> 00:19:23.240
Or just permutations that I can use on my winners and that will often give you 10x

281
00:19:24.280 --> 00:19:27.880
The original ad in terms of performance, but that's great because we're doing it

282
00:19:27.880 --> 00:19:30.200
But we're only doing like five hooks and like three

283
00:19:30.600 --> 00:19:33.480
Yeah, just once you have the one or two hooks that work on your best performers

284
00:19:33.480 --> 00:19:37.560
Make that though for everything and they take 20% for just the random other ideas that you have

285
00:19:37.560 --> 00:19:43.080
Which usually I'll take those from I watch ads. It's like what I like to and specifically I watch hooks

286
00:19:43.080 --> 00:19:44.920
That's what I pay attention to and so for you guys

287
00:19:45.160 --> 00:19:49.880
I've premium on nothing because I want to know what the hooks for the ads are that people are running

288
00:19:49.880 --> 00:19:54.920
And it's and it's just as powerful or more powerful to listen to hooks in other industries

289
00:19:55.240 --> 00:19:58.920
And so even though you were in golf you can still have a hook that you grab from the hotel space

290
00:19:59.400 --> 00:20:02.200
It's so could work great and you would do that weekly those

291
00:20:02.840 --> 00:20:08.920
23 to 5 okay film dads last week will film ads this week same ads in a different setting

292
00:20:09.320 --> 00:20:12.280
So like for you would be like you could do something that you tried direct to camera

293
00:20:12.360 --> 00:20:14.040
You could do somewhere you're walking on the street

294
00:20:14.040 --> 00:20:17.240
You could do some in the facility like showing it behind you

295
00:20:17.240 --> 00:20:19.480
And you could try the same ad in all those different settings

296
00:20:19.480 --> 00:20:23.480
I think the more close like you can like show rather like talk about like show don't tell

297
00:20:23.480 --> 00:20:25.240
Like show yourself like if I have an ad

298
00:20:25.240 --> 00:20:28.360
I'm right here and like you can see people in the background. I'm talking about a workshop

299
00:20:28.360 --> 00:20:31.720
That's like right there. It's like they believe you because they see the customers

300
00:20:31.720 --> 00:20:32.680
You know what I mean?

301
00:20:32.680 --> 00:20:36.600
Awesome. Thank you. Can I have a couple of your thoughts on sort of building a team of

302
00:20:37.160 --> 00:20:38.600
Family and friends

303
00:20:38.680 --> 00:20:40.200
Risky I know

304
00:20:40.200 --> 00:20:44.280
But this is like my goal of building a huge basically family company

305
00:20:44.760 --> 00:20:49.480
You have to treat it when you're in the work setting as objectively as you would anybody else

306
00:20:50.120 --> 00:20:54.360
You know, and I think that that's one thing that we've done really well with in our partnership is like

307
00:20:54.360 --> 00:21:00.440
It's not like we got into the partnership because we were dating it was like this makes a lot of sense

308
00:21:00.440 --> 00:21:05.160
And it made more and more sense as we as we carried on and then the thing that we always talked about and we always said

309
00:21:05.560 --> 00:21:13.640
This has to make sense even if the relationship didn't and that goes the same for any family that I would say you hire in or you used to build the team

310
00:21:14.040 --> 00:21:20.120
Because where I made the mistake was that I hired in a family member immediate family and with that person

311
00:21:20.120 --> 00:21:24.920
I was much more lenient on what behavior I allowed them to exhibit in the workplace

312
00:21:25.320 --> 00:21:31.160
And so because of that they probably stated you're longer than they should have right and so then when I did let that person go

313
00:21:31.160 --> 00:21:34.680
It was even worse because it's been there longer and I was like I haven't really I should have done this a while ago

314
00:21:34.680 --> 00:21:39.400
Right and that's a shitty conversation yeah versus like my dad now works in the company and it was like okay

315
00:21:39.560 --> 00:21:43.720
This is what it's gonna be and this is what needs to happen and then even when you know for example my dad's like

316
00:21:44.200 --> 00:21:50.200
He says he's like you know my message Alex but I said jazz is not how we contact Alex how we contact Alex is you put a ticket into divina in a sauna

317
00:21:50.760 --> 00:21:53.720
And you don't text me about it. You don't text him. That's not worth his time. Yeah

318
00:21:53.880 --> 00:22:00.200
Do you know yourself well enough to know that you can uphold the same standards with family that you do with the rest of the company because if not

319
00:22:00.440 --> 00:22:05.560
It also discredits you because if I employ people in my family and I treat them differently than a people my team

320
00:22:06.040 --> 00:22:08.040
I lose respect with my team for doing that

321
00:22:08.360 --> 00:22:14.680
I'd also say that this works for friends too or people that the other people in the company know that have an inside track with you

322
00:22:15.160 --> 00:22:18.360
Giving like a warning conversation. So Jacob who is here?

323
00:22:18.600 --> 00:22:22.840
So I met him when he was 15 he was my neighbor and he's he's been under my wing this whole time

324
00:22:23.240 --> 00:22:27.240
And when he came over to acquisition.com and it's an exceptional job it sales

325
00:22:27.320 --> 00:22:29.320
I said you're gonna have two things against you

326
00:22:29.560 --> 00:22:33.960
So one is everyone's gonna assume that you got here because you know me. Yeah, I was like so number one right off the bat

327
00:22:34.200 --> 00:22:37.480
You're gonna have to be that much better to prove it number two you look like you're seven years old

328
00:22:37.960 --> 00:22:40.120
And so both of those things are to count against you

329
00:22:40.120 --> 00:22:44.280
And I was like and if you do not I was like it's not about earning my respect about earning everyone else's respect

330
00:22:44.360 --> 00:22:48.120
Yeah, it's the little print syndrome. Yeah, when I was a kid working for my parents to right

331
00:22:48.120 --> 00:22:51.560
And so you have to you have to be that much more undeniable

332
00:22:51.880 --> 00:22:57.160
And so it's giving that talk up front which means that that means that I will not actually hold the same standard for you as I will for everyone else

333
00:22:57.240 --> 00:22:59.240
It will be higher

334
00:22:59.240 --> 00:23:01.240
And I think if you set that up front

335
00:23:01.480 --> 00:23:06.040
For that and also especially if it's your your partner understanding how decisions are made

336
00:23:06.680 --> 00:23:11.320
Which is like okay if you have a different dynamic in terms of power in the in the household

337
00:23:11.480 --> 00:23:14.360
Then it is in the business you're gonna have to reconcile those differences

338
00:23:15.000 --> 00:23:19.800
That's actually I think a very important one which is like the way that you manage the relationship outside of work

339
00:23:20.040 --> 00:23:23.800
Does not need to be the same way you manage it inside of work in terms of how you make decisions

340
00:23:24.280 --> 00:23:27.960
And I think that that's actually where a lot of the married in business goes wrong

341
00:23:28.120 --> 00:23:33.240
Is that they use the same decision-making techniques outside of the workplace inside of the workplace

342
00:23:33.320 --> 00:23:37.560
And it doesn't work because there's certain areas where it makes sense for me to make decisions

343
00:23:37.640 --> 00:23:39.720
There's certain areas where it makes sense for Alex to make decisions

344
00:23:39.800 --> 00:23:42.120
And then there's big decisions that we need to make together

345
00:23:42.280 --> 00:23:44.200
Yeah, and we need to define what those things are

346
00:23:44.680 --> 00:23:47.960
I would say this which is like there can be many times where we disagree

347
00:23:48.280 --> 00:23:49.960
But we don't need to argue about it

348
00:23:50.040 --> 00:23:55.720
Right and that's kind of what I'm most excited about and most terrified of is the fact that I know that he has a

349
00:23:55.800 --> 00:23:59.560
Absolute best interest of the company at heart right because it is the family business

350
00:24:00.040 --> 00:24:03.320
And so I can absolutely trust him to make those those decisions

351
00:24:03.800 --> 00:24:07.000
For the right reasons and whatnot it'll just be the how that you disagree on

352
00:24:07.080 --> 00:24:10.360
We're aligned in terms of our goals, but there's plenty of times from like I think we should do this thing

353
00:24:10.360 --> 00:24:12.360
And I was like I don't think we should do this thing and then you're like well

354
00:24:12.680 --> 00:24:15.800
We both know that we want the best outcome. It's just the path is different

355
00:24:15.880 --> 00:24:19.400
Yeah, and so intention will definitely get you you know some some way the distance

356
00:24:19.400 --> 00:24:23.400
But you still will have disagreements all right, so Alex and they love proof. I'm hiring my husband

357
00:24:25.560 --> 00:24:29.240
I was like one thing which I just like think is important for anybody with business partnerships

358
00:24:29.240 --> 00:24:33.240
And even with like high-level employees, which is like you have to get good at managing tension

359
00:24:34.200 --> 00:24:39.800
Because the best partnerships the best hires you have tension with because they have a perspective

360
00:24:39.800 --> 00:24:44.200
You don't have where you have one that you don't have and most people they want to constantly

361
00:24:44.680 --> 00:24:48.440
Fizzle out the tension. They're like no, I want us to be I want us to be completely aligned

362
00:24:48.440 --> 00:24:53.160
But it's like we can be aligned towards the big thing and not all the small things and that's actually where the biggest

363
00:24:53.400 --> 00:24:58.600
Returns come from are the fact that we have to creatively work through these tensions to come up with a creative solution

364
00:24:58.840 --> 00:25:02.760
That's better for everybody. It was saying I was talking to two people on my team about like two weeks ago

365
00:25:02.760 --> 00:25:05.400
I said he they were like well, I keep right here. We're not agreeing

366
00:25:05.400 --> 00:25:09.560
I was like that's why you guys are each in each of these roles if you agreed one of you would be irrelevant

367
00:25:10.360 --> 00:25:12.360
Exactly and so within the partnership

368
00:25:12.680 --> 00:25:16.680
I would say that there's so many areas that we have tensions within the business

369
00:25:17.160 --> 00:25:20.440
And we do not take that personally nor do we take it home. Thanks guys

370
00:25:21.000 --> 00:25:28.520
You're about if you're looking at potentially bringing on a partner and then you hypothetically learned in a scaling workshop yesterday

371
00:25:29.320 --> 00:25:35.640
That you have zero enterprise value or how do you value that equity that you potentially give to a to a partner

372
00:25:35.800 --> 00:25:38.440
What's this person coming in to do? How long have you had the business?

373
00:25:38.840 --> 00:25:43.240
So I've been in business for about four years. It's a residential remodeling company

374
00:25:43.720 --> 00:25:46.920
And I need help managing production of projects

375
00:25:46.920 --> 00:25:53.080
I frankly don't have a ton of experience in construction. I don't have the money to bring on somebody to

376
00:25:53.400 --> 00:25:55.560
To operate that side of the business right now

377
00:25:55.560 --> 00:25:59.640
So that's why I was considering potentially partnering with somebody. No

378
00:26:00.520 --> 00:26:02.840
That's an easy answer. Just don't do it

379
00:26:03.080 --> 00:26:06.440
I'll just say like rule of thumb and like maybe you have a different perspective on this

380
00:26:06.440 --> 00:26:10.200
But I would just say like I just heard that a lot which is like you know what I don't know if I can pay them

381
00:26:10.200 --> 00:26:12.200
So let me give them a big chunk of the business

382
00:26:12.360 --> 00:26:17.800
It's like you create a lot of dysfunction in the long term for short term trying to solve for the cash

383
00:26:17.960 --> 00:26:20.680
So the only thing I'll say is this which is like okay, so when the next problem comes around

384
00:26:20.680 --> 00:26:22.680
You don't cash. What are you going to do? Give them another half right?

385
00:26:23.000 --> 00:26:27.240
That's somebody you hire for rather than you partner with in my opinion if you use that equation

386
00:26:27.320 --> 00:26:33.320
At least given the circumstances you just described so wrong constraint that I'm fix the business get the cash flow

387
00:26:33.400 --> 00:26:35.640
Bring the person in and just pay them. Okay. Thank you

388
00:26:36.120 --> 00:26:39.400
I want to insurance brokerage and so a lot of the sales people that I work with

389
00:26:39.800 --> 00:26:43.000
We really view this as like a partnership like you can go hang your hat anywhere

390
00:26:43.400 --> 00:26:49.080
And so I need to start pumping out content on my very very boring insurance brokerage

391
00:26:49.880 --> 00:26:53.880
You guys have a pretty successful kind of like media machine now

392
00:26:54.360 --> 00:26:58.920
Back when you first started what did you talk about and how do I make insurance sexy?

393
00:26:59.400 --> 00:27:01.720
We own insurance brokerage and it's content driven

394
00:27:01.800 --> 00:27:07.240
I would say the big key is a lot like that nutritional insurance girl that I've talked about the registered dietitian

395
00:27:07.720 --> 00:27:10.920
The videos that this company makes are the most boring videos on earth

396
00:27:10.920 --> 00:27:14.440
They're just like excel sheet overviews of how different policies were

397
00:27:14.920 --> 00:27:20.920
The founders an amazing human being and he's great and he loves doing it despite them not being the most you know

398
00:27:20.920 --> 00:27:26.920
Interesting things, you know the company gets 150 to 300 qualified unbelievably qualified massive

399
00:27:27.560 --> 00:27:32.280
Life insurance policies a month that get filtered down through the team

400
00:27:32.840 --> 00:27:36.840
And so I would encourage you to not try to become an influencer

401
00:27:36.920 --> 00:27:39.480
And I would encourage you to be perceived as an expert

402
00:27:39.560 --> 00:27:45.240
And so in terms of making things that are interesting make things that are interesting for someone who's looking for insurance

403
00:27:45.480 --> 00:27:48.200
Thanks. Yeah, just being real and then it's just like it's pumping out

404
00:27:48.760 --> 00:27:52.920
The things that will give you variety because you're like I'm going to run out of things to talk about the things that will give you variety

405
00:27:53.000 --> 00:27:58.840
Our case studies and examples, you know, this is a policy that we drove for a 44-year-old woman who is in this condition

406
00:27:59.320 --> 00:28:02.360
And this is what her goals were and it's like if you think about avatar

407
00:28:02.840 --> 00:28:06.280
Times whatever their situation is and plus their goals

408
00:28:06.920 --> 00:28:11.880
It's like you have an unlimited variety of examples that you'll give and what will happen is a

409
00:28:12.360 --> 00:28:14.680
customer will be like I'm like that one

410
00:28:14.680 --> 00:28:17.960
I'm like that one can you make sure that that and the thing is no one wants to sit at it wrong

411
00:28:18.440 --> 00:28:21.320
And so they'll just like I can you just do that thing for me

412
00:28:21.720 --> 00:28:23.880
And that's how those leads come in they're just like ready to buy

413
00:28:24.360 --> 00:28:26.360
I just look at what I was doing that week

414
00:28:26.440 --> 00:28:29.880
What's top of mind for me like what's what am I thinking about in the shower time?

415
00:28:30.120 --> 00:28:33.560
Because I also have recognized like with that boring stuff like if I'm like man

416
00:28:33.560 --> 00:28:38.600
I'm really think about these one-on-ones and then I'm like I want to teach my team this like this is how we need to change

417
00:28:38.600 --> 00:28:42.680
101 and I'm like oh fuck I should make that into content because you know what they might actually like that

418
00:28:42.680 --> 00:28:46.520
And then when I'm fired up about it, you know, I'm like guys, this is how you hire people

419
00:28:46.520 --> 00:28:52.360
It's like that also kind of helps with the boring part if you're excited about it because it's something that's top of mind for you

420
00:28:52.360 --> 00:28:55.800
Do you want to make content to attract agents or do you want to make content to attract customers?

421
00:28:56.120 --> 00:28:59.080
Ultimately both I think to start attracting agents would be depressed

422
00:28:59.080 --> 00:29:04.920
Okay, well then I would be talking less about the policies themselves and more about the work

423
00:29:05.640 --> 00:29:10.840
Of being an agent and the things that you do basically it's like you want to teach them how to make money as an insurance agent

424
00:29:11.080 --> 00:29:13.720
Think of yourself as an insurance coach, right?

425
00:29:13.880 --> 00:29:17.720
All you want to be the number one insurance sales coach in the marketplace

426
00:29:18.120 --> 00:29:22.680
And if you establish that as your position you getting agents will not be a problem

427
00:29:22.680 --> 00:29:27.960
Okay, that would be the like I would just be like I want to be the guy who gives away more stuff than anyone else in the space

428
00:29:28.280 --> 00:29:31.480
These guys are charged in 10 grand 25 grand to teach you how to do insurance stuff

429
00:29:31.800 --> 00:29:36.600
I will make it better and I will make it free and if anybody on my team knows this like my favorite business model

430
00:29:36.600 --> 00:29:41.960
The world is look at everyone else is doing make it better make it free and find a different way to make money off of it

431
00:29:42.120 --> 00:29:45.720
Take my favorite business in the world. Thank you. Business partnership. She has spoken

432
00:29:45.880 --> 00:29:50.600
It's actually a mutual friend of ours brought this question to us and he got a lot of different advice

433
00:29:50.680 --> 00:29:54.440
And it was on a a new partnership opportunity and he

434
00:29:54.920 --> 00:29:59.400
Pose it to our group that one of the partners. It was a three-way partnership one of the partners

435
00:29:59.640 --> 00:30:05.320
He knew trusted very much the other guy was a great business operator from everything he could see

436
00:30:06.280 --> 00:30:07.240
but

437
00:30:07.320 --> 00:30:12.440
He was hesitant because the guy had a bad relationship with his wife on the personal side

438
00:30:13.000 --> 00:30:15.000
So he got a lot of different

439
00:30:15.000 --> 00:30:19.160
intake on that or on on how he should approach that but I was curious

440
00:30:19.560 --> 00:30:27.400
Do you make a delineation there between how good they are as an operator versus just a human being? Oh my god

441
00:30:30.360 --> 00:30:32.360
Yes, that's a problem

442
00:30:32.680 --> 00:30:35.080
It's on and off the field so I'm a mutual character

443
00:30:35.160 --> 00:30:40.600
So on a mutual character is about being that way on and off the field and that is specifically written into the values that we have because

444
00:30:41.160 --> 00:30:44.440
If I find out that you're cheating on your wife and you're an amazing coworker

445
00:30:44.760 --> 00:30:48.040
I just feel like I just haven't found out how that applies to me yet, but it will

446
00:30:48.680 --> 00:30:53.960
I wish I could tell you guys of all of the companies have come to us and been like

447
00:30:54.120 --> 00:30:58.120
Invest in me and I'm like this guy just seems like a snake or these this couple seems like something's off

448
00:30:58.280 --> 00:31:00.760
And then it's like six months later pyramid scheme

449
00:31:01.320 --> 00:31:09.400
Late eight months later indeed for fraud. Laila has a freaky human compass. It's wild since we met like we're dating Ivan married

450
00:31:09.960 --> 00:31:17.400
She is yet to be wrong and I've had like three that I can think off the top of my head that were illegal businesses

451
00:31:19.080 --> 00:31:21.480
That I was like I was like this guy seems great

452
00:31:23.720 --> 00:31:29.160
If she was like just like I can't put my finger on it, but I just think this guy so like no foot four

453
00:31:30.040 --> 00:31:32.040
All of them, but one or in prison

454
00:31:34.280 --> 00:31:37.880
Yeah, like legal like I'm not like now like oh, yeah, that's cute. Like oh, it's a FTC

455
00:31:38.120 --> 00:31:40.760
You know like no like in jail like stole money from people

456
00:31:41.320 --> 00:31:44.600
Uh, imagine what that would do to our reputation. Yeah

457
00:31:44.840 --> 00:31:49.720
If everyone here was like acquisition.com partnered with this company and then got indicted for fraud

458
00:31:49.960 --> 00:31:53.880
So it's just like I look at his risk. It's like this person is a risk. They have out points

459
00:31:54.120 --> 00:31:58.280
I don't want anybody with out points close to me personally professionally. I don't want to hire them

460
00:31:58.600 --> 00:32:02.120
I don't want to ever have to wonder you know what I mean, and that actually takes a lot of space

461
00:32:02.200 --> 00:32:05.320
Which is like thinking about that risk is that gonna happen?

462
00:32:05.320 --> 00:32:09.480
Is it not gonna happen and also like we've been doing this long enough you just watch it play out you go to business

463
00:32:09.880 --> 00:32:14.680
Meet ups and you meet people in this and people are like they'll have something like personally really weird

464
00:32:15.160 --> 00:32:19.880
And like then you just see it play out, you know, and you're like wow it happens more often than not

465
00:32:20.520 --> 00:32:24.680
The thing just hasn't happened yet. It just has not manifested in the business, but it will yeah

466
00:32:24.680 --> 00:32:31.080
Would not do the partnership. No. Yeah, I mean, and this guy is coming from a guy who I got into business with a guy that ended up taking the money

467
00:32:31.400 --> 00:32:36.280
The thing is is he'd been indicted for fraud and he told me because he was an honest guy and so

468
00:32:38.360 --> 00:32:42.280
And I was like listen, we've all made mistakes. I've been there. He came clean about it

469
00:32:42.360 --> 00:32:46.840
You know whatever and she was like, you know, there's like all these people who haven't been indicted for fraud

470
00:32:46.920 --> 00:32:51.080
And like why don't we just like you know pick one of them if you really need to have a partner

471
00:32:51.400 --> 00:32:57.000
And so it sounds kind of hardless, but there are some things that are very tough to come back from and at this point

472
00:32:57.000 --> 00:33:01.400
Especially in our career like we have so many opportunities like we can just not do the deal with the one that's like

473
00:33:02.040 --> 00:33:04.040
We just don't do it. Thank you. Thank you

474
00:33:06.040 --> 00:33:07.560
Yes

475
00:33:07.560 --> 00:33:09.560
Yeah, thank you guys so much