Podcasts about EBIT

Good ECO/Markets = Trump Bad ECO/Markets - Biden CTP for Micron is underway AI wins a horse race News from Omaha PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter  Warm-Up - Good ECO/Markets = Trump - Bad ECO/Markets - Biden - CTP for Micron is underway - AI wins a horse race - News from Omaha - India/Pakistan - India stikes Markets - Some Earnings Color - S&P breaks it streak this week - KRI +4, +5 (Spearman +100) - Currency interventions happening Interesting Timing - Skechers U.S.A., Inc. the third largest footwear company in the world, today announced that it has agreed to be acquired by 3G Capital, a global investment firm built on an owner-operator approach to long-term investing. - 3G gets discount as tariffs are softening price - Helped to move the other names in the space higher Heads I Win.... - President Donald Trump took credit for the "good parts" of the economy in an exclusive interview with NBC News airing Sunday, but said that the "bad parts" are former President Joe Biden's economy. - "Ultimately, I take responsibility for everything, but I've only just been here for a little more than three months," Trump said. - "The tariffs have just started kicking in. ... The tariffs are going to make us rich. We're going to be a very rich country," he added. In terms of shortages: - "I don't think a beautiful baby girl needs – that's 11 years old – needs to have 30 dolls," Trump said. - "I'm just saying [children] don't need to have 30 dolls, they can have three, they don't need to have 250 pencils, they can have five," he added. - But, Mira Lago has 58 bedrooms, 33 bathrooms, a 29-foot-long (8.8 m) pietra dura marble-top dining table, 12 fireplaces, and three bomb shelters. ---WHAT? Ford Earnings - Ford Motor beats by $0.14, misses on revs, co suspends FY25 guidance; says business is strong, adjusted EBIT tracking within prior guidance, excluding new tariff-related impacts - Based on what the company knows now, and its expectation of how certain details and changes will be resolved related to tariffs, the company estimates a net adverse adjusted EBIT impact of about $1.5 bln for full-year 2025. Given material near-term risks, co is suspending guidance. Block Earnings (Last week) - Revenue decreased about 3% from $5.96 billion a year earlier. -  Gross profit rose 9% to $2.29 billion from $2.09 billion a year earlier. That missed analysts' forecasts of $2.32 billion for the quarter. - Gross payment volume hit $56.8 billion, missing expectations of $58 billion, according to StreetAccount. - Stock plunges     Check this out and find out more at: http://www.interactivebrokers.com/ Palantir Earnings - Palantir Technologies reports EPS in-line, beats on revs; guides Q2 revs above consensus; guides FY25 revs above consensus - Reports Q1 (Mar) earnings of $0.13 per share, excluding non-recurring items, in-line with the FactSet Consensus of $0.13; revenues rose 39.4% year/year to $883.9 mln vs the $862.17 mln FactSet Consensus. - U.S. commercial revenue grew 71% year-over-year and 19% quarter-over-quarter to $255 million. - U.S. government revenue grew 45% year-over-year and 9% quarter-over-quarter to $373 million. - Co issues upside guidance for Q2, sees Q2 revs of $934-$938 mln vs. $899.44 mln FactSet Consensus. - Co raises guidance for FY25, sees FY25 revs of $3.890-$3.902 bln vs. $3.75 bln FactSet Consensus. Raises adjusted income from operations guidance to between $1.711 -- $1.723 billion. - Stock down- probably some profit taking as valuation is a bit stretched Kentucky Derby - AI Wins! - Sovereignty won the 151st running of the Kentucky Derby in Louisville,

Die beiden Experten für das Börsengeschehen haben vier Aktien mitgebracht, die von dem jüngst beschlossenen großen Koalitionsvertrag der neuen deutschen Regierung profitieren könnten: Der IT-Dienstleister Cancom: für 2025 hoffen Anleger auf eine Erholung, insbesondere durch die Integration mehrerer Übernahmen. Eine Bodenbildung zeigt sich, und damit einher könnte eine Stabilisierung gar schon erfolgt sein. Die IT liegt in Deutschland noch am Boden, doch mit einem Standbein im öffentlichen Sektor könnte Cancom einen Teil des als "Sondervermögen" deklarierten Investitionsbetrages erlangen bzw. damit entsprechende Projekte umsetzen. Die PNE AG, spezialisiert auf Wind- und Solarenergieprojekte, verzeichnete 2024 ein starkes Wachstum mit einem EBITDA-Anstieg von 73 Prozent auf 69 Mio. Euro. Für 2025 wird ein weiterer Anstieg auf bis zu 110 Mio. Euro erwartet. Seit dem Tief vom Jahreswechsel befindet sich der Kurs wieder deutlich am Steigen. Hier zeigt sich: die Richtung stimmt wieder für den Anleger. Hypoport, ein Finanzdienstleister im Bereich Immobilienfinanzierung prognostiziert für 2025 einen Umsatzanstieg auf mindestens 640 Mio. Euro sowie ein EBIT zwischen 30 und 36 Mio. Euro. Die Aktie hat sich seit Jahresbeginn um über 20 Prozent erholt, nachdem sie zuvor eine Korrektur erfahren hatte. Jedoch benötigt das Wertpapier noch einen weiteren Anstieg, um auch hier eine Bodenbildung sicherer zu prognostizieren. Das Biotechnologie-Unternehmen Evotec steht vor Herausforderungen: Für 2024 wurde die Umsatzprognose auf 790–820 Mio. Euro gesenkt, und das bereinigte EBITDA soll zwischen 15 und 35 Mio. Euro liegen, was einem deutlichen Rückgang entspricht. Gründe sind unter anderem langsame Auftragstransformation und hoher Margendruck. Trotzdem setzt Evotec auf strategische Partnerschaften, etwa mit Bristol Myers Squibb und Sandoz, um langfristiges Wachstum zu sichern. Die Aktie steht derzeit im Abwärtstrend, und man braucht einen langen Atem, um die Resultate aus den Plänen des Vorstands für die Jahre 2027 und 2028 zu sehen. Mit Blick auf weitere Quartalszahlen und die Termine des Tages haben Sie einen umfassenden Blick auf den heutigen Handelstag. Kommen Sie bestens informiert mit TRADERS´ media GmbH und der LS Exchange durch den Handelstag.

Hypoport SE Elevator Pitch: Key TakeawaysWelcome to this comprehensive investor introduction to Hypoport SE, a Berlin-based digital platform group that has driven transformation in the German credit, real estate, and insurance industries for over 25 years.At the core of Hypoport's business model is platformization—a unique and strategic integration of digital platforms across core sectors of the economy. Over the past 15 years, Hypoport has achieved a CAGR of 20% in gross profit and a 26% CAGR in EBIT, demonstrating a robust and sustainable growth path.This is Hypoport's core and most mature segment, encompassing:EUROPACE – Germany's leading mortgage financing platformFINMAS – Focused on savings banksGENOPACE – Serving cooperative banksDr Klein – A strong B2C and B2B advisory brandFIO and VALUE AG – Providing property valuation and SaaS solutionsBaufi-nex, Starpool, and other poolers – Supporting intermediaries with white-label solutionsThese platforms form a tightly integrated digital ecosystem that streamlines the process of private residential property purchases from start to finish—from customer intent through to financing and valuation.This ecosystem connects:✅ Consumers✅ Advisors and brokers✅ Banks (savings, cooperative, private)✅ Insurance companies✅ Product providers and comparison sitesThe RE&M segment has experienced substantial structural gains, with EUROPACE transaction volumes growing despite macroeconomic slowdowns. This is a promising sign for potential investors, indicating that Hypoport is well-positioned for future growth.Hypoport is also actively scaling three additional financing verticals:Housing Sector – Expanding services around real estate transactionsCorporate Finance – A B2B platform for mid-sized German companiesPersonal Loans – Consumer loan solutions for sub-mortgage credit needsEach of these is in a growth phase, supported by the same modular, digital, and interconnected logic that made Hypoport dominant in mortgages.In the insurance segment, Hypoport is building digital infrastructure to address:Personal Insurance (e.g., home, liability)Occupational Insurance (including employer benefits)Industrial Insurance (platforms for auctioning complex risks)Like its mortgage platform model, Hypoport's insurance approach focuses on networking all participants—advisors, providers, and brokers—into centralized transaction platforms.Hypoport's strategy aims to achieve 90% market penetration of the German mortgage market over the next 5–10 years, along with significant traction in adjacent financing and insurance domains.The company's fee-based revenue model—earning approximately 10 basis points per successful mortgage transaction—is not only a reliable source of income but also ensures scalable growth aligned with rising transaction volumes.Led by a seasoned management team with 26 years of platform experience, Hypoport is well-positioned to:

Der DAX verliert deutlich und schließt 1,3 % tiefer bei 22.163 Punkten. Gründe dafür: Trumps Handelskrieg sorgt vorab für Nervosität, denn am 2. April stellt er sein neues Zollpaket vor. Die Angst vor einer globalen Rezession nimmt zu, Anleger ziehen sich weiter aus Technologiewerten zurück. Dow Jones gibt 0,8 % ab, Nasdaq verliert über 2 %. Firmenmeldungen: Airbus erhält Großauftrag über 70 A320neo-Flugzeuge von BOC Aviation. DHL übernimmt US-Pharmalogistiker Cryopdp, Kaufpreis im dreistelligen Mio.-Euro-Bereich. Norwegischer Staatsfonds beteiligt sich mit 1,4 Mrd. Euro an Offshore-Windparks von RWE. Cancom prognostiziert 2025 Umsatz zwischen 1,7 und 1,85 Mrd. Euro und EBIT bis 130 Mio. Euro. Microsoft zeigt KI-Assistenten auf Hannover Messe. Seat-Chef Griffiths verlässt VW überraschend. Börsenweisheit: "Der Börsianer kennt den Preis von allem, aber den Wert von nichts." - Philip Fisher. - PNE-CEO Wuttke: "Nur Performance überzeugt" Strategie für mehr Effizienz, Profitabilität und robuste Kapitalstruktur. - 3u Holding - Bitcoin statt Dividende - FY24 Übergangsjahr - IR Fritsche: "... aber klares Wachstum voraus!"

Exclusive Conversation with DEUTZ AG CEO Sebastian SchulteJoin us for an insightful discussion with Sebastian Schulte, CEO of DEUTZ AG, as we explore the company's 160-year legacy, 125th anniversary of stock exchange listing, and the challenges and achievements of 2024. As a pioneer in engine innovation, DEUTZ AG is navigating economic shifts while reinforcing its commitment to sustainability, strategic growth, and technological advancements.Milestone Celebrations: 160 Years of DEUTZ & 125 Years on the Stock ExchangeFounded by Nicolas August Otto, the inventor of the four-stroke engine, DEUTZ has built a global reputation for engineering excellence. The company's stock exchange listing 125 years ago was a pivotal step in its journey of innovation and expansion.2024: A Year of Challenges & ResilienceDespite economic downturns, particularly in Europe, DEUTZ remained profitable:✔ Engine sales declined by 25% and revenue dropped 12% to €1.814 billion.✔ European markets were hit hardest, especially construction and agriculture.✔ EBIT before exceptional items reached €76.7 million (4.2% margin)—a key success in a tough market.Strategic Moves to Drive GrowthTo navigate market challenges, DEUTZ focused on:✔ Expanding its service business – the company's most profitable segment.✔ Strengthening partnerships – Collaborating with Daimler Truck and Rolls-Royce Power Systems.✔ Diversifying revenue streams – Entering power generation with the acquisition of Blue Star Power Systems.Looking Ahead: DEUTZ's Dual+ Strategy & Market Evolution✔ Expanding into power generation to meet the rising demand for decentralized energy.✔ Investing in high-power combustion engines, with strategic acquisitions including Daimler Truck's off-highway portfolio and a stake in HJS Emission Technology.✔ Doubling service revenue from €500 million to €1 billion by 2030 through acquisitions and digital solutions.✔ Aiming to reach €4 billion in total revenue by 2030, backed by aggressive expansion, strategic acquisitions, and enhanced decision-making.Final Takeaways✅ Maintained profitability despite market downturns.✅ Expanded into new markets, including power generation.✅ Strengthened its service business—the most profitable segment.✅ Secured key acquisitions and partnerships for future growth.Shaping the FutureWith a clear roadmap and a customer-driven approach, DEUTZ AG is well-positioned to drive the future of industrial engines and energy solutions.

Die Themen im heutigen Versicherungsfunk Update sind: Pflegeverband fordert Paradigmenwechsel zur Entlastung pflegender Angehöriger Zum Auftakt der Koalitionsverhandlungen zwischen CDU, CSU und SPD am 13. März 2025 fordert der Bundesverband pflegender Angehöriger, wir pflegen e.V., eine grundlegende Neugestaltung der Pflegeversorgung. Der Verband fordert unter anderem die Verabschiedung des Pflegekompetenzgesetzes (PKG), eine stärkere Einbindung pflegender Angehöriger in die Pflegepolitik, eine umfassende Entbürokratisierung sowie den Ausbau der Pflegeinfrastruktur. Zudem setzt sich wir pflegen e.V. für die Einführung einer Pflegevollversicherung und eine bessere soziale Absicherung pflegender Angehöriger ein. Capco und OpenAI kooperieren für KI-gestützte Finanzdienstleistungen Capco, eine globale Management- und Technologieberatung, gibt eine Zusammenarbeit mit OpenAI bekannt. Ziel der Partnerschaft ist es, den Einsatz von generativer KI in der Finanzdienstleistungsbranche zu fördern. Capco wird OpenAIs Modelle, darunter GPT-4o, in seine GenAI-Strategie integrieren und KI-gestützte Lösungen für führende Finanzinstitute entwickeln. Zudem soll die Implementierung von ChatGPT in der Capco-Belegschaft vorangetrieben werden, um praxisnahe Anwendungsfälle schneller umzusetzen und Mehrwert für Kunden zu schaffen. Hannover Rück steigert Gewinn und Dividende deutlich Die Hannover Rück hat 2024 ein starkes Geschäftsjahr verzeichnet und ihren Nettokonzerngewinn um 28 % auf 2,3 Milliarden Euro gesteigert. Die Eigenkapitalrendite stieg auf 21,2 %, der Rückversicherungsumsatz legte um 7,9 % auf 26,4 Milliarden Euro zu. Das operative Ergebnis (EBIT) verbesserte sich in der Schaden-Rückversicherung auf 2,4 Milliarden Euro, während die Personen-Rückversicherung ein EBIT von 934 Millionen Euro erzielte. Die Kapitalanlagerendite lag mit 3,2 % über dem Zielwert. Der Vorstand schlägt eine Dividende von 9,00 Euro je Aktie vor, einschließlich einer Sonderdividende. Für 2025 erwartet die Hannover Rück einen Nettokonzerngewinn von rund 2,4 Milliarden Euro. Baufinanzierungszinsen steigen im März wieder über 3 % Nach einer Phase der Stabilisierung sind die Baufinanzierungszinsen im März wieder gestiegen. Die Bestzinsen für 10-jährige Zinsbindungen kletterten von 2,98 % Anfang des Monats auf 3,12 %, während 15-jährige Zinsbindungen auf 3,35 % anstiegen. Der Zinsanstieg folgt der Entwicklung der Renditen 10-jähriger Bundesanleihen. Ascore Analyse erweitert Scoring für Tierkranken- und OP-Versicherungen Ascore Analyse hat ihr Scoring für Tierkranken- und OP-Versicherungen überarbeitet und erstmals um eine Bewertung für Pferde erweitert. Damit reagiert das Unternehmen auf die steigende Nachfrage nach Versicherungslösungen für Pferdehalter. Das aktualisierte Scoring für Hunde- und Katzenversicherungen basiert nun auf einer optimierten Bewertungsmethodik mit 70 Kriterien für die Tierkrankenversicherung und 49 Kriterien für die OP-Versicherung. Die neue Analyse soll mehr Transparenz für Verbraucher und Vermittler im wachsenden Markt der Tierkrankenversicherungen schaffen. Hiscox launcht Berufshaftpflichtversicherung für Beauty- und Wellnessbranche Hiscox bietet ab sofort seine Berufshaftpflichtversicherung für die Beauty- und Wellnessbranche auch im Maklermarkt an. Die Versicherungslösung wurde speziell für die Anforderungen von Soloselbständigen bis hin zu mittelständischen Unternehmen entwickelt und berücksichtigt aktuelle Markttrends wie Influencer-Tätigkeiten und Online-Reputationsschutz. Neben klassischer Haftungsabsicherung umfasst der Schutz auch Produkthaftung, Urheberrechtsverletzungen im Social-Media-Bereich sowie Kosten für Online-Marketing-Maßnahmen bei Reputationsschäden. Zudem erhalten Startups vergünstigte Prämien in den ersten zwei Jahren.

LEG Immobilien SE's Robust Performance in 2024: A Year of Growth & StabilityIn a remarkable financial year, LEG Immobilien SE has demonstrated resilience and strong performance, solidifying its position as a key player in the German real estate sector. In this exclusive presentation, Frank Kopfinger, Head of Investor Relations, delves into the company's 2024 financial results, strategic priorities, and future outlook.Key Highlights of LEG Immobilien SE's 2024 Financial Performance

Die Themen im heutigen Versicherungsfunk Update sind: Generali übertrifft Wachstumsziele und erzielt Rekordergebnisse Die Generali Gruppe hat 2024 ihre Wachstumsziele aus dem Plan „Lifetime Partner 24: Driving Growth“ übertroffen und Rekordergebnisse erzielt. Die gebuchten Brutto-Beiträge stiegen um 14,9 % auf 95,2 Milliarden Euro, insbesondere durch starkes Wachstum in der Lebensversicherung (+19,2 %) sowie der Schaden- und Unfallversicherung (+7,7 %). Das Operating Result erreichte mit 7,3 Milliarden Euro (+8,2 %) einen Höchstwert, während das bereinigte Konzernergebnis auf 3,8 Milliarden Euro (+5,4 %) anstieg. Der Vorstand schlägt eine Dividende von 1,43 Euro je Aktie vor (+11,7 %). MLP überschreitet Milliardengrenze Die MLP Gruppe hat im Geschäftsjahr 2024 ihre Gesamterlöse um 10 % auf 1,067 Milliarden Euro gesteigert und damit erstmals die Milliardengrenze überschritten. Das EBIT erreichte mit 95 Millionen Euro das obere Ende der Prognose und lag deutlich über den Vorjahreswerten. Besonders der Bereich Vermögensverwaltung trug zum starken Ergebnis bei. Der Vorstand schlägt eine Dividendenerhöhung um 20 % auf 36 Cent pro Aktie vor. Für 2025 erwartet MLP ein EBIT von 100 bis 110 Millionen Euro und plant bis 2028 eine weitere Steigerung auf bis zu 150 Millionen Euro bei Gesamterlösen von 1,3 bis 1,4 Milliarden Euro. Ecclesia Gruppe stellt IT-Organisation neu auf Die Ecclesia Gruppe richtet ihre IT-Organisation neu aus: Unter der Leitung von Dr. Andrea Weierich, gruppenweite CIO und Mitglied der Geschäftsleitung, arbeiten IT-Verantwortliche nun als Segment-CIOs, die eng mit den Geschäftsbereichen zusammenarbeiten. Die Segment-CIOs formulieren strategische IT-Prioritäten, leiten zentrale IT-Funktionen und steuern gruppenweite IT-Projekte. Dr. Weierich übernimmt die Segmente Industrie und Vorsorge sowie IT-Governance, während Dirk Borsetzky, Daniel Ahrend und Don Rorlach weitere Segmente und zentrale IT-Bereiche verantworten. Ziel ist eine stärkere Kundenorientierung und effizientere Nutzung digitaler Ressourcen. cpit comparit erweitert Vergleichsrechner um Altersvorsorge-Produkte Der Vergleichsrechner-Anbieter cpit comparit hat seinen cpit.LV-Rechner um den Bereich Altersvorsorge erweitert. Neben Risikolebens- und Berufsunfähigkeitsversicherungen können nun auch Produkte der Basis-Rente (1. Schicht) und der privaten Rente (3. Schicht) direkt verglichen werden. Die Erweiterung umfasst Tarife von 15 Versicherern, darunter Allianz, Alte Leipziger, Swiss Life und Volkswohl Bund. Zudem ist eine Geeignetheitsprüfung nach IDD vollständig integriert, um die Beratung effizienter zu gestalten. Weitere Anbieter sollen in den kommenden Monaten folgen. Versicherer verbessern hybriden Vertrieb Die großen Erstversicherer in Deutschland optimieren weiter ihre Vertriebsstrategie und vernetzen digitale und stationäre Kanäle zunehmend besser. Der Hybrid Sales Index (HSI©) 2024 des Beratungsunternehmens Wavestone zeigt, dass Versicherer ihre hybride Kundenansprache verbessern konnten: Der durchschnittliche HSI©-Score stieg von 50 % im Vorjahr auf 53 %. Die Allianz führt das Ranking mit 72 % an, gefolgt von Axa (63 %) und ERGO (60 %). HUK-Coburg (45 %), Provinzial (43 %) und HDI (39 %) belegen die letzten Plätze. BarmeniaGothaer Asset Management AG beruft neuen Vorstandssprecher Gerrit Heine tritt im Sommer 2025 in den Vorstand der BarmeniaGothaer Asset Management AG ein und übernimmt die Nachfolge von Christof Kessler als Vorstandssprecher, der zum 30. Juni 2025 in den Ruhestand geht. Heine wird zudem für das Middle- und Back-Office verantwortlich sein. Derzeit ist er Managing Director und Head of Northern Europe bei der Munich Re Group.

Die Unsicherheit über neue US-Zölle belastet die Börsen. Trump droht mit 200 % Einfuhrzoll auf EU-Spirituosen, woraufhin LVMH 1,1 %, Carlsberg 1,2 % und Heineken 1,1 % verlieren. Der DAX fiel um 0,5 % auf 22.567 Punkte, der EuroStoxx50 um 0,6 % auf 5329 Punkte. Gold erreicht ein Rekordhoch von 2977,43 US-Dollar. An der Wall Street bleibt die Stimmung angespannt. Intel springt um 13,6 % hoch - neuer CEO Lip-Bu Tan soll das Unternehmen voranbringen. Adobe enttäuscht trotz guter Zahlen mit einem schwachen Ausblick und fällt um 9,3 %. Firmenmeldungen: K+S meldet 22 % weniger Gewinn bei 558 Mio. Euro. Uniper zahlt 2,6 Mrd. Euro an den Staat zurück. Villeroy & Boch steigert den Umsatz um 57,6 % auf 1,42 Mrd. Euro, das EBIT bricht aber um 56 % ein. HelloFresh schreibt mit -136 Mio. Euro erstmals seit fünf Jahren rote Zahlen. Hannover Rück erhöht die Dividende um 25 % auf 9,00 Euro je Aktie. "An der Börse ist Rücksicht auf Verluste die beste Strategie." - Warren Buffett.

Zak Mir talks to Ian McDonough, CEO of Blackbird, in the wake of the Final Results reported from the technology licensor, developer, and seller of the market-leading cloud-native video editing platform Blackbird and the online collaborative video editing and content creation platform elevate.io. In the ever-evolving landscape of video editing and content creation, Blackbird stands out as a pioneering force. Under the leadership of Ian McDonough, the company has made significant strides, particularly with its innovative cloud-native video editing platform. In this blog post, we'll delve into the recent achievements of Blackbird, its strategic direction, and what the future holds for the company and its users. A Year of Milestones for Blackbird The past year has been pivotal for Blackbird, marked by key milestones that have set the stage for future growth. McDonough highlights that Blackbird has two core products: the flagship Blackbird platform, designed for high-end news and sports content creation, and Elevate, a comprehensive video content creation platform aimed at both corporate and individual users. One of the standout achievements includes Blackbird's involvement in the summer games in Paris, where it handled an impressive 75 feeds of sports content simultaneously. Editors from across the globe utilized the platform to create engaging stories and clips featuring their national athletes, showcasing the platform's robustness and reliability. For the first time, the Blackbird division reported an EBIT positive margin of £500,000, alongside a profit in 2024, marking a significant financial milestone for the company. These achievements not only demonstrate the platform's market viability but also its potential for sustained growth. Launch of Elevate: A Game Changer Another major development was the recent launch of Elevate's Creator platform, which took place just three weeks prior to this discussion. McDonough emphasizes that Elevate is a crucial component of Blackbird's strategy to scale the business. The platform offers an end-to-end video content creation solution tailored for the corporate market and individual creators alike. With a burgeoning market estimated at $6.9 billion in 2022, Elevate is positioned to capture a significant share as video content becomes increasingly ubiquitous. McDonough notes that the platform is designed to facilitate seamless collaboration, enabling users to create professional-quality video content without the need for extensive editing experience. https://www.share-talk.com/blackbird-ceo-ian-mcdonough-sits-down-with-zak-mir-to-talk-results-fy24-and-elevate-io-milestones-achieved/

PSI Software SE: Driving Digital Transformation in Process OptimizationIn this in-depth presentation, Karsten Pierschke, Head of Investor Relations & Corporate Communications at PSI Software SE, provides an insightful overview of PSI's business model, strategic direction, and financial outlook. As a technology leader in process control software, PSI has been at the forefront of industrial digital transformation for over 55 years.1969 - PSI Software SE established itself as a leading software provider for process control and optimization systems in various vertical markets.The company specializes in: Energy infrastructure Metals production Discrete manufacturing Logistics Industrial AIServing a niche B2B market, PSI tailors solutions to specific industry challenges.With over 2,300 employees across 17 international locations, PSI remains committed to technological innovation and customer-centric solutions.The company generated €270 million in revenue in 2023, focusing on AI-driven, cloud-based transformation.PSI Software SE is structured into four key vertical markets:A European leader in energy control systems, PSI provides smart grid solutions for electricity, gas, oil, district heating, and water utilities.PSI's globally leading Manufacturing Execution System (MES) and AI-driven supply chain optimization support decarbonization and energy efficiency in metals production and process industries.The company delivers ERP and MES solutions for the automotive and mechanical engineering industries, optimizing production efficiency and resource management.PSI's logistics software suite covers warehouse management, transport management, and supply chain optimization, ensuring efficient and automated workflows.PSI is divesting its Mobility business unit to streamline its core focus areas.PSI operates in 17 countries and serves a highly selective customer base of around 1,700 businesses. Energy grid operators such as E.ON and international network providers. Metals industry giants like Nippon Steel, Nucor, and US Steel. Automotive OEMs and suppliers in Germany, Europe, and North America. Retail and logistics companies in Eastern Europe and Asia-Pacific.PSI Software SE faced several operational and external challenges in recent years, impacting profitability: 2022: Withdrawal from Russian operations due to geopolitical tensions led to a revenue decline. 2023: Operational issues in energy grid projects affected EBIT margins, resulting in a lower-than-expected 2% margin. 2024: A cyberattack in February disrupted business for several months, delaying revenue recognition into 2025.Despite these challenges, PSI has demonstrated remarkable resilience, retaining all its customers and maintaining a strong order backlog. This positions the company for significant growth in 2025, a testament to its stability and potential.▶️ Other videos:Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/Company Presentation: https://seat11a.com/investor-relations-company-presentation/Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ESG Presentation: https://seat11a.com/investor-relations-esg/T&CThis publication is for informational purposes only and does not constitute investment advice. Using this website, you agree to our term and conditions outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Hershey, einer der weltweit größten Schokoladenhersteller, besticht mit guten Kennzahlen. Auch im Vergleich zur Konkurrenz wie Mondelez oder Lindt, muss sich das Unternehmen nicht verstecken. Bietet die aktuelle Kursschwäche der Aktie daher derzeit einen guten Einstiegszeitpunkt?Website: ⁠⁠www.aktienkauf-blog.deInstagram: ⁠⁠www.instagram.com/aktien.kaufImpressum: ⁠⁠www.aktienkauf-blog.de/faq Disclaimer: Die dargestellten Informationen dienen ausschließlich Unterhaltungs- und Lernzwecken und stellen ausnahmslos und zu jeder Zeit unsere persönliche Meinung und Einschätzung dar. Die Informationen stellen ausdrücklich keine Anlageberatung und keine Aufforderung zum Kauf oder Verkauf irgendwelcher Finanzprodukte dar. Weiterhin handelt es sich zu keinem Zeitpunkt um eine Anlageberatung, Rechtsberatung, Steuerberatung oder irgendeine andere fachliche Beratung.

Vårt bolagsuniversum är nu inne i sitt klimax när det kommer rapporterande. Så det är bara att beta av. Idag landar fokuset på Generic, Eolus, Plejd och Premium Snacks.Vi vill också passa på att tacka våra sponsorer SAVR och PinPoint!Trots rapportperiod så går det inte att missa lite iGaming (00:07:44). Så vi börjar i den änden och pratar bland annat om spelmoms i Colombia, Illinois, Stakes uttåg ur UK, ATG och Superbowl.Först ut bland bolagen blir det Eolus Vind (00:27:46), där Gedda kör igenom nuläge och framtid. Det blir många projektnamn, siffror, megawatt hit och gigawatt dit. Gedda landar väl i alla fall till slut i att det ser bra ut.Vi övergår till de digitala faxarnas konung Generic (00:48:07). En riktig banger till rapport där det inte fanns något att vara besviken över. Vår tidigare tes håller, minst sagt. Nu blir det ny vd och det blir spännande att se. Vi landar i 15x EBIT på 2025e, med optioner för stärkt bruttomarginal och tillväxt i och med de digitala faxarna.Sedan blir det Plejd (01:04:19). Otrolig leverans av Babak med team. Stark tillväxt och stark lönsamhet, precis som man vill ha det. Inför 2025 är det ett otroligt intressant läge med termostaten i Norge, nya produktlanseringar, potentiellt ös i Nederländerna och kanske en bättre byggkonjunktur på det.Sist men inte minst blir det Premium Snacks Nordic (01:29:11). Fortsatt stark tillväxt, men lönsamheten får sig en törn av höga priser på nötter och kakao. Nya produkter ska lanseras 2025 och då bland annat varumärket Gårdsnötter. Exportdelen med Danmark och Tyskland i spetsen kan agera rejäl tillväxtdrivare framåt om allt vill sig.I Veckans Volley vevar Erik om att han ska göra en nybörjarguide och Gedda börjar med en ny dragning om I-Tech från ingenstans.Glöm inte Börspadeln den 7:e mars!Anmäl dig här:https://www.matchi.se/facilities/lerumspadelcenterStort tack till PinPoint Estimates för sponsringen och ett smidigare rapportsvep: pinpointestimates.comTack till SAVR och kolla in vår SAVR-portfölj på Twitter/X: @GottTjotAktierMaila in till: gotttjotomaktier@gmail.comFölj oss på Twitter/X: @GottTjotAktier, @MarkusGedda & @aktiehesten-(00:07:44) - iGaming-nyheter (00:08:06) - Betsson & spelmoms i Colombia (00:10:21) - Illinois (00:11:16) - Superbowl (00:14:24) - Entain (00:15:32) - Fonder inom iGaming? (00:18:22) - ATG (00:20:07) - Catena Media (00:21:45) - Indien (00:23:33) - Codere (00:24:20) - Stakes uttåg ur UK (00:25:36) - Draft Kings(00:27:46) - Eolus Vind(00:48:07) - Generic(01:04:19) - Plejd(01:29:11) - Premium Snacks Nordic(01:50:55) - Veckans VolleySupport this show http://supporter.acast.com/nantingomaktier. Hosted on Acast. See acast.com/privacy for more information.

Wall street was closed on Monday for the President's Day holiday.Over in Europe on Monday markets closed higher as several defence stocks soared amid renewed spend in the defence space in the region. The STOXX 600 rose 0.54% to a fresh record high, while Germany's DAX added 1.26%, the French CAC climbed 0.13%, and, in the UK, the FTSE 100 ended the day up 0.41%.Across the Asia region on Monday, markets closed mostly higher as investors digested Japan's latest GDP reading which came in at a Q4 expansion of 2.8%, exceeding market estimates of 1% growth. Japan's Nikkei added 0.06% on Monday, Hong Kong's Hang Seng fell 0.02%, China's CSI index rose 0.21% and South Korea's Kospi index ended the day up 0.75%.The local market was sold off yesterday, ending the day down 0.2% as the banks weighed on market gains after Westpac posted a 9% drop in net profit for Q1, while investors remain cautious ahead of the RBA's first meeting for 2025 starting today. The market is factoring in a 90% chance of a rate cut today, however, economic data shows inflation and key drivers of inflation remain sticky so the announcement out of the RBA will be highly anticipated this afternoon, in addition to the outlook for the rate journey.Gold miners saw significant sell-offs after the precious metal experienced its largest single-day drop on Friday. Northern Star Resources dropped 3.5%, Bellevue Gold lost 3.16% and Evolution Mining ended the day down 2.05%. On the other hand, payment provider Findi saw a strong rally, up 7.3%. This surge came after the company narrowed its earnings forecast for fiscal 2025, now expecting earnings before tax to fall between $30 million and $32 million, compared to the earlier range of $30 million to $35 million.Better-than-expected earnings boosted a2 Milk by 19.7% on Monday with the company reporting a 10.1% rise in revenue, NPAT up 7.6% to NZ$91.7m and A2M also declared an inaugural dividend of 8.5 NZ cps. A sharp rise in US steel prices since President Trump commenced his term in office, boosted BlueScope Steel's outlook in results out yesterday. Shares in Australia's largest steelmaker rose almost 13% on Monday despite the company reporting a 57% slide in underlying EBIT and NPAT down 59%.What to watch today:Ahead of Tuesday's trading session the SPI futures are anticipating the ASX will open the day up 0.25%.On the commodities front this morning, oil is trading 0.91% higher at US$71.38/barrel, gold is up 0.78% at US$2903/ounce and iron ore is up 0.06% at US$106.83/tonne.The Aussie dollar has further strengthened overnight to buy US$0.63, 96.30 Japanese Yen, 50.52 British Pence and NZ$1.11.Trading Ideas:Bell Potter has increased the 12-month price target on Chalice Mining (ASX:CHN) from $5.15 to $5.75 and maintain a speculative buy rating on the platinum, nickel, copper and cobalt miner following metallurgical test work breakthrough at the company's 100%-owned Gonneville Project demonstrating two saleable, smelter grade flotation concentrated can be produced across the entire Gonneville Sulphide resource.And Trading Central has identified a bullish signal on Dalrymple Bay Infrastructure (ASX:DBI) following the formation of a pattern over a period of 25-days which is roughly the same amount of time the share price may rise from the close of $3.65 to the range of $3.96 to $4.04 according to standard principles of technical analysis.

SDI Group's CEO, Stephen Brown, CFO, Amitabh Sharma and Head of Corporate Development, James Dimitriou, answer investor questions following the Group's recent December Interims. Read the latest research here: https://progressive-research.com/company/sdi-group-plc/ 00:00 Opener 00:16 Introduction 00:45 Can you talk about opportunities going forward, and can you outline how you are encouraging collaboration between the businesses? 04:17 Are there any larger one-off acquisitions? 07:09 Are you starting to see these synergies between the businesses drive margin or sales revenue? 08:30 What further comfort can you give on the ability to hit FY25 forecasts, and did the order book at the end of October give you similar levels of cover that you've seen in past years? 09:23 Is the orderbook strong across all three segments, and could you give some detail on the drivers of that? 10:43 Are you seeing any further weakness in China, and will this market be a focus going forward? 12:00 Can you talk about potential tariffs and the opportunities for geographical expansion? 15:23 Just looking at momentum, you've mentioned that trading has continued strongly into H2. Is the sequentially month-on-month? 15:56 Can you give us a sense of how much business is repeated, recurring revenues vs one-off capital equipment? 16:16 And we've seen generally tougher, challenging trading conditions, but as to your portfolio, where do you see the most growth come from, and what are you doing to address the opportunities? 18:08 You've had a strong track record in terms of free cash flow, and you've successfully funded acquisitions from cashflow, do you see a change to this strategy going forward? 19:39 Could you give a bit more colour around cost-cutting and investment in the business in capex? 21:35 When do you expect business growth to re-accelerate, and in particular, when did life sciences start picking up again? 22:54 Do you think the existing portfolio can generate growth between 5 and 10 percent? 24:00 What's the longer-term sustainable margin target? 24:55 Are there any other big operational or management structure changes that we should expect? 25:39 Are you happy with the structure in terms of managing the operations and driving growth through acquisitions? 26:40 Could you say any more about the M&A opportunities and your EBIT multiple opportunities for those? 28:07 You've outlined that there are benefits for companies that join SDI, can you just outline why companies become part of the SDI group? 28:38 Outro SDI Group is an AIM-quoted group specialising in the acquisition and development of a portfolio of companies that design and manufacture niche analytical technology products for use within digital imaging and sensing and control applications in science, technology and medical markets. The group operates a well-established 'buy and build' strategy, supplementing organic growth with earnings-accretive acquisitions of complementary businesses that have sustainable profits and cash flows. Targets are primarily UK businesses with established reputations, capable of achieving significant organic growth through developing export markets. SDI Group takes a decentralised approach, with seasoned local management given broad discretion to run group businesses within defined limits. SDI Group typically acquires businesses generating up to ?1m EBIT for around 4-6 times EBIT plus net assets, including earnout payments.

Rapportsäsongen är i full gång, och denna vecka bjuder vi på fyra högoktaniga rapporter från våra poddfavoriter: Betsson, Fractal Gaming, I-Tech och Sleep Cycle.Vi inleder med nyheter om Embracer ($EMBRAC / $ASMDEE) och Premium Snacks ($SNX) innan vi dyker ner i veckans rapportsvep, i samarbete med PinPoint Estimates. Bidra med dina estimat och få insikt i marknadens förväntningar på dina favoritbolag!Först ut är Betsson $BETS som levererade en megarapport – slog PinPoints estimat och visade upp ATH på ATH i allt från intäkter till deponeringar. Kan Lindwalls väloljade vinstmasking vara på väg in i finrummet och få en värdering man förtjänar? (00:17:29)Fractal Gaming $FRACTL imponerade med en riktig rökare till rapport! Datordelsleverantören börjar skörda frukterna av uppgraderingscykeln och lyckade produktlanseringar. (00:53:00)I-Techs $ITECH produkter håller till på botten, men bolagets tillväxt om 130 % är snarare i topp! Hur stor är egentligen marknaden för bottenfärg, och kan vi lita på bolagets partners? (01:13:23)Sleep Cycle $SLEEP drömmer vidare med stabil tillväxt och hög EBIT-marginal i kombo med fortsatt användartillväxt och höjd utdelning. Inte mycket att gnälla på. Men kan bolaget nå vd Jivmarks högt ställda mål? Då måste tillväxten upp och det kan ju gå. (01:43:39)Allt detta och mycket mer i 2,2 timmar av börskärlek!I Veckans Volley vevar Gedda om roliga klipp från Sleep Cycle och Börspadel den 7:e mars.Anmäl dig till Börspadel den 7:e mars: www.matchi.se/facilities/lerumspadelcenterStort tack till PinPoint Estimates för sponsringen och ett smidigare rapportsvep: pinpointestimates.com.Kolla in vår SAVR-portfölj på Twitter/X: @GottTjotAktierMaila in till: gotttjotomaktier@gmail.comFölj oss på Twitter/X: @GottTjotAktier, @MarkusGedda & @aktiehesten-(00:05:20) - Nyheter(00:08:21) - Embracer(00:14:40) - Premium Snacks(00:17:29) - Betsson(00:53:00) - Fractal Gaming(01:13:23) - I-Tech(01:43:39) - Sleep Cycle(02:15:36) - Veckans VolleySupport this show http://supporter.acast.com/nantingomaktier. Hosted on Acast. See acast.com/privacy for more information.

Wall St started the week in positive territory as investors looked past Trump's latest tariff talks about a blanket tariff on steel and aluminium imports, and bought into growth areas of the market. The Dow Jones rose 0.38%, the S&P500 added 0.67% and the tech-heavy Nasdaq led the gains with a near 1% rise.Strength in the US jobs market dampened investor hopes of a near-term rate cut as the latest unemployment data showed the jobless rate in the world's largest economy fell from 4.1% to 4% in January at the same time 143,000 jobs were added. The Fed has already cut the US cash rate once last year to 4.25% - 4.5%, however, with signals of a stronger labour market, a rise in the inflation rate for the last 3-months and strong retail sales growth, the US central bank is unlikely to cut rates again until these inflationary driver's ease.In Europe overnight markets in the region started the new trading week higher with the STOXX 600 gaining 0.58%, while Germany's DAX added 0.57%, the French CAC rose 0.42% and, in the UK, the FTSE100 ended the day up 0.77%.Across the APAC region on Monday, markets closed mixed as escalating tensions around Trump's tariff implications weighed on investor sentiment. Japan's Nikkei closed flat, South Korea's Kospi index also ended the day little unchanged, Hong Kong's Hang Seng rose 1.76% and China's CSI index rose 0.21% after China's consumer inflation rose to a 5-month high in January amid higher consumer spend in the lead up to the Lunar New Year.Locally on Monday, the ASX200 started the new trading week in the red with a 0.34% loss at the closing bell as a sharp sell-off in tech stocks weighed on the local key index. Reporting season continued on Monday with key names releasing first half results that surprised investors. Trump's new tariffs on aluminium and steel weighed on the local index early in the session before realising that less than 1% of China's steel exports went to the US in 2024, and China is Australia's largest buyer of iron ore which is a key ingredient used to make steel.JB Hi-Fi faced inflationary pressures and subdued demand in the first half but still posted strong results, with total sales rising 9.8% to $5.67bn, NPAT up 8% to $285.4m, and an interim dividend increase of 7.6% to 170cps. However, investors sold off shares, likely due to a 13.5% rise in inventory and a 9bps drop in inventory turnover. Payables also increased by 16% YoY in H1. CEO Terry Smart's cautious remarks about retail market uncertainty and heightened competition likely spooked investors yesterday.Ansell on the other hand had investors buying in on Monday after the global leading protective equipment producer released strong first half results including sales growth of 12.5%, EBIT up 20.9% and a dividend of 22 US cps.What to watch locally today:Ahead of Tuesday's trading session on the ASX the SPI futures are anticipating the ASX to open the day up 0.37% tracking Wall Street's positive start overnight.On the local reporting season calendar today, we will likely see investors react to results out of global healthcare giant, CSL.On the commodities front this morning, oil is trading 2.02% higher at US$72.44/barrel, gold is up 1.68% at US$2907.41/ounce and iron ore is up 0.13% at US$106.37/tonne.The AUD has strengthened against the greenback to buy US$0.62, 95.29 Japanese Yen, 50.73 British Pence and NZ$1.11.Trading Ideas:Bell Potter has downgraded the rating on JB Hi-Fi (ASX:JBH) from a buy to a hold and have increased the 12-month price target on the leading tech retail company from $98 to $99/share following the release of the company's results yesterday. The downgrade to a hold follows the analyst believing JB is currently well valued and limited earnings upgrades in the near-term are priced in at a current PE multiple of around 23x.And Trading Central has id

Rætt er við Boga Nils Bogason forstjóra Icelandair í tilefni af uppgjör félagsins fyrir árið 2024. Icelandair tapaði um 2,5 milljörðum króna á síðasta ári sem í takti við spá stjórnenda félagsins. Tekjur félagsins jukust um 10 af hundraði í fjórða ársfjórðungi og afkoman batnaði töluvert miðað við sama ársfjórðung 2023. Félagið spáir hagnaði á árinu 2025 uppá 5-8 milljarða króna, sem er þó töluvert undir 8% EBIT markmiði stjórnenda félagsins. Viðtalið er tekið á Mid-Atlantic ferðakaupstefnunni sem fram fór í Laugardalshöllinni.

Introduction to Carl Zeiss Meditec AG by Sebastian Frericks, Head of Investor Relations Sebastian Frericks, Head of Investor Relations, delivered an engaging and insightful presentation on Carl Zeiss Meditec AG, a globally recognised leader in Ophthalmology and Microsurgery. This presentation comprehensively overviewed the company's market position, key strategies, and future growth drivers. The company achieved €2,089 million in revenue in the 2023/24 fiscal year, with a historically solid EBIT margin of 12%. Carl Zeiss Meditec is a market leader with a 40% share in Refractive Surgery and a growing market share in Surgery Anterior (Cataract). Listed on MDAX and TecDAX, Carl Zeiss Meditec is 59% owned by Carl Zeiss AG, a private optics and technology powerhouse. Key Business Segments Ophthalmology - Revenue Contribution: Comprises 77% of total revenue and focuses on diagnosis, treatment, and surgical solutions. - Key Subsegments: - Chronic Disease Management - Refractive Surgery - Cataract Treatment - Retinal Treatment - Market Leadership: Includes a 40% share in Refractive Surgery and a growing share in Anterior Surgery (Cataract). Microsurgery - Revenue Contribution: Contributes 23% of revenue, focusing on high-tech surgical visualisation for Neurosurgery, ENT, Plastic Surgery, and Dentistry. - Market Leadership: ZEISS dominates the microsurgical market with a 60% global share. Geographic Reach and Structural Tailwinds Regional Insights: - The Asia-Pacific region is a key growth driver, accounting for 26% of revenue, with China as the largest single market. - Other significant regions include the US, Germany, and Southeast Asia. Structural Growth Drivers: - Ageing populations lead to increased cataract surgeries. - Rising myopia prevalence, particularly in Asia, where up to 90% of young people have myopia. - Growing demand for digitalised workflows and premium surgical solutions. Innovation and Strategic Investments R&D Investment: Carl Zeiss Meditec commits 16.7% of revenue to R&D. Key Innovations: - VISUMAX®️ 800: A cutting-edge refractive laser surgery system. - KINEVO®️ 900 S: Neurosurgery platform designed for efficiency and better surgical outcomes. - Digital Solutions: Investments focus on connectivity and integrated workflows to enhance clinical outcomes and customer loyalty. Key Growth Drivers - Expansion in emerging markets, including India and Southeast Asia. - Increasing demand for premium intraocular lenses (IOLs) for cataract surgeries, forecasted to grow in unit and revenue share. - Advancements in refractive laser surgery driven by rising global myopia rates. Future Outlook FY 2024/25 Goals: - Moderate revenue growth supported by product launches, including VISUMAX®️ 800 approvals in key markets like the US and China. Macroeconomic Challenges: - Includes constrained consumer spending and investment climates. Profitability Targets: - Long-term EBITA margin target of 16-20%. Conclusion Sebastian Frericks closed the presentation by emphasising Carl Zeiss Meditec's unique market position, strong brand, and commitment to innovation as key factors driving sustainable growth and customer loyalty. This strong brand is a testament to the company's reputation for quality and reliability. ▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ T&C This publication is for informational purposes only and does not constitute investment advice. Using this website, you agree to our terms and conditions outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

Die Börsen stehen im Zeichen der Tech-Riesen: Microsoft, Meta und Tesla präsentieren heute Abend ihre Zahlen. Anleger sind gespannt, ob die hohen Erwartungen erfüllt werden. Gleichzeitig bleibt die US-Notenbank Fed im Fokus – Zinssenkungen sind vorerst nicht in Sicht. Der DAX setzt seine Rekordjagd fort und steigt um 0,9 Prozent auf 21.626 Punkte. Top-Themen des Tages: Daimler Truck steigt um 6 Prozent, Traton profitiert ebenfalls von starken Branchenimpulsen. T-Mobile US überrascht mit einem starken Kundenzuwachs und hebt Prognosen an. ASML-Zahlen sorgen für gute Stimmung bei Infineon, Aixtron und Jenoptik. Renk steigert Umsatz um 23 Prozent auf 1,1 Mrd. Euro, EBIT wächst um 26 Prozent auf 189 Mio. Euro. UBS erhält 2,9 Mrd. Dollar Finanzierungsvorteil durch staatliche Unterstützung. LVMH mit 17 Prozent Gewinnrückgang, Umsatz steigt nur um 1 Prozent auf 84,7 Mrd. Euro. Boeing und Elon Musk arbeiten an schnelleren Air-Force-One-Lieferungen. Visa und X Money: Elon Musks Bezahldienst soll noch 2025 starten. Jetzt anhören auf Boersenradio.de oder in Ihrer Podcast-App!

Der DAX setzte seinen Erholungskurs fort und schloss bei 21.431 Punkten, das entspricht einem Plus von 0,7 %. Nach den gestrigen Turbulenzen kehrte an den Märkten etwas Ruhe ein. Die Schockwellen durch die chinesische KI-Software Deep Seek haben sich abgeschwächt. Nvidia legte 2,9 % zu, Broadcom 2,5 % und Marvell Technology 3,1 %. Beim Nasdaq hielt die Schwäche an, während der S&P 500 von 70 % positiver Werte profitierte. Firmenmeldungen: SAP übertrifft dank Cloud-Geschäft die eigenen Ziele: Umsatz plus 11 % auf 9,4 Mrd. Euro, bereinigtes EBIT steigt 24 % auf 2,44 Mrd. Euro. BMW erwartet für 2024 eine Ebit-Marge am unteren Ende der Zielspanne von 6 bis 7 %. GM steigert bereinigtes EPS um 38 % auf 10,60 USD, Nettogewinn sinkt um 40 % auf 6 Mrd. USD. Boeing mit einem Verlust von 11,83 Mrd. USD. Fortschritte bei der Produktionsstabilisierung dauern an. Royal Caribbean überzeugt mit starker Prognose: Aktie steigt 5,3 %, Gewinnziel 14,35–14,65 USD/Aktie. Unsere Gäste: KI-Sputnik-Moment oder Deep-Seek-Beben? Heiko Thieme: "KI-Nvidia-Aktie Mini-Crash, 600 Milliarden Dollar Börsenwert vernichtet." - Turnaround-Kandidat Bayer? wiki-Trader Ritschy. Gute Player, schlechte Player. Marc Schulze: "Wer mit hohen Zahlen hantiert, der gibt auch Zeichen an die Börse." - Thomas Soltau von smartbroker über die private Altersvorsorge: "Die Rente wird krachen."

In dieser Episode des GZ-Podcasts "Chefsache" haben wir Marc Kerger am Mikrofon. Das Branchenurgestein ist erst seit Oktober 2023 als Vorstand des Einbecker Brauhauses tätig. Da wir uns schon seit Jahren kennen, "duzen" wir uns im Gespräch. Aber das nur nebenbei. Kerger hat das Thema "Neu-Ausrichtung" zur absoluten Chefsache erklärt. Dass er die traditionsreiche Einbecker Brauerei transformieren möchte, ist aus vielerlei Gründen spannend. Zum einen, weil er eigentlich durch und durch ein Spirituosenmann ist. Dass belegt seine Vita, in der Unternehmen auftauchen wie MBG, Maxxium Deutschland, Pernod Ricard, Jägermeister und Hardenberg Wilthen. Zum anderen benötigt die Traditionsbrauerei mit einem jährlichen Ausstoß von circa 440.000 Hektolitern und einem EBIT von rund 500.000 Euro unbedingt wieder frischen Wind, um in Zukunft am Markt weiterhin bestehen zu können. Es gibt viel zu tun, wie der 52-Jährige im Gespräch verdeutlicht. Ob es dabei um die veraltete Produktrange oder um überholte Produktionsprozesse geht oder darum, alte Strukturen und Denkweisen innerhalb des Personals aufzubrechen und neu zu gestalten. Unser Branchenurgestein fühlt sich manchmal wie der Kanzler von Einbecker, bei dem der Arbeitstag gut und gerne 17 Stunden hat - wenn es reicht. Für Kerger ist die Brauerei eine Herzensangelegenheit, wie er sagt. Sein oberstes Ziel sei es, das Unternehmen mit samt seinen Beschäftigten sicher in die Zukunft zu führen. Dass das gelingen könnte, zeigen schon die ersten Maßnahmen, die er ergriffen hat: Mit Produktinnovationen, Design-Relaunch und mehr Fokus auf jüngere Zielgruppen sieht sich Kerger auf einem guten Weg - der Aufsichtsrat des börsennotierten Unternehmens im Übrigen auch. Am Image des Erfinders des Bockbiers jedenfalls braucht Kerger nicht zu schrauben, wie er beispielhaft darlegt. Zitat Kerger: "Wenn ich in der Region unterwegs bin und Leute treffe, habe ich das Gefühl, als Einbecker-Chef rangiere ich noch vor dem Papst und dem Bundespräsidenten." Jedenfalls hat sich Kerger vorgenommen, das Unternehmen innovativ nach vorne zu treiben. Null Bock gibt es nicht. Jedenfalls nicht bei ihm. Höchstens beim neusten Produkt, das seit Mitte Januar an der Rampe steht. Viel Bock mit Marc!

Carl Zeiss Meditec AG Deep Dive: Q&A Financial and Strategic Outlook: Insights from Sebastian Frericks, Head of Investor Relations at Carl Zeiss Meditec AG US Equipment Sales and Market Dynamics Why Were US Equipment Sales, Especially in Microsurgery, Weak in Q3? Market Context: Weakness in microsurgery sales was driven by the late product cycle of older equipment and the launch of the new KINEVO 900 S neurosurgical platform in October 2024. Transition periods between product generations are typically slower. Financing Challenges: Private equity-backed clinics in the US, a significant customer segment, delayed investments due to high interest rates and expectations of an economic turnaround. Recovery Outlook: With the launch of KINEVO 900 S and early stabilization in order entries at the start of FY25, ZEISS anticipates returning to growth in the US market by 2025. Cost-Cutting Plans and Margin Impact Can You Summarize Your Cost-Cutting Plans and Their Impact on Margin Goals? Background: R&D expenses peaked at 17% of sales in FY22 due to investments in digitalization, AI, and cloud-based infrastructure. These investments have built a robust ecosystem of integrated solutions. Optimization Strategy: Adjusted R&D prioritization by focusing on high-impact products. Implemented more responsive planning tools to align R&D investments with market conditions. Reduced or slowed down investments in areas with longer monetization timelines or less immediate commercial potential. Impact on Margins: These adjustments aim to improve productivity and preserve innovation while maintaining ZEISS's leadership as the most R&D-intensive company in the ophthalmology industry. Bridging 2024 Guidance to 2025 Profitability How Do You Bridge 2024 Guidance to the Profitability Step-Up Expected in 2025E? Drivers of Recovery: -Full-year contribution from the DORC acquisition. -Recovery in the Chinese market from inventory destocking. -Continued cost efficiencies in R&D and sales operations. -Stabilized equipment sales and new product launches, including the KINEVO 900 S and QUATERA 700. Macro Conditions: While macroeconomic uncertainty persists, ZEISS expects a gradual improvement in consumer sentiment and demand across key markets. Profitability Targets: The company targets an EBIT margin recovery of 16-20%, depending on macroeconomic developments. R&D Strategy Under Cost Reduction Plan What Is Your R&D Strategy Under the Cost-Reduction Plan, and Where Will Savings Occur? Digital Investments: With foundational investments in cloud infrastructure complete, future spending will focus on developing applications and monetizable use cases. Integration of DORC: Streamlined development plans across cataract and retinal product lines, leveraging synergies from the DORC acquisition. Portfolio Focus: Narrowed the portfolio of premium IOLs to concentrate on high-potential products with the best commercial return. Conclusion With a clear focus on profitability, innovation, and market recovery, Carl Zeiss Meditec AG is well-positioned for long-term growth. The company's strategic initiatives, including the launch of advanced products like the KINEVO 900 S and optimized R&D investments, highlight its resilience and ability to adapt to evolving market dynamics. ▶️ Other videos: Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ Company Presentation: https://seat11a.com/investor-relations-company-presentation/ Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ ESG Presentation: https://seat11a.com/investor-relations-esg/ =============================== T&C This publication is for informational purposes only and does not constitute investment advice. Using this website, you agree to our terms and conditions outlined on www.seat11a.com/legal and www.seat11a.com/imprint.

An Interview with SDI Group CEO, Stephen Brown, providing an overview of the business, its refreshed strategy and insight into the acquisition of InspecVision. Read the research here. 00:00 - Introduction 00:28 - Can you give a brief overview, and tell us about the breadth of the business and the technological expertise that sits within the SDI Group? 01:21 - Despite the difficult end markets, particularly in lab equipment how have you navigated these external challenges? 01:50 - What is the strategy of SDI and how is that translated into a sustainable operational reality? 02:34 - Can you tell us a bit more about what you did as part of the Strategic review that has now completed and what has been Implemented as part of the new strategic framework? 03:45 - What are the Long-term growth drivers for SDI and which businesses are best placed? 04:07 - One of the key attractions has been the levels of cash generation in the business and the ability to fund acquisition, can you say any more on this? 04:40 - Tell us what you are seeing M&A wise and what are you looking for when you buy a business? 05:15 - Tell us more about your most recent acquisition, InspecVision? Where does it sit and what opportunities do you see going forward? 06:02 - You clearly have strong access to capital and a healthy balance sheet to support the active M&A pipeline. Can you talk more about acquisition opportunities? 06:44 - You have recently resegmented the group and introduced a very clear mandate to grow the business both via organic growth and acquisition. Can you tell us more about how this is progressing? 07:30 - Can you expand on any of the operational efficiency initiatives to support margin growth? 08:05 - What are the benefits for portfolio companies, being part of SDI Group? Why would a management team decide to sell their business to SDI? 08:56 - We've touched on what sets SDI apart as a preferred buyer but some of your recent acquisitions have given you a broader geographic reach also. Can you say anymore about further geographic expansion opportunities? 09:28 - Just to finish off with the conundrum between M&A and organic growth, can you just end with your thoughts on this and any closing comments on SDI? SDl Group is an AIM-quoted group specialising in the acquisition and development of a portfolio of companies that design and manufacture niche analytical technology products for use within digital imaging and sensing and control applications in science, technology and medical markets. The group operates a well-established 'buy and build' strategy, supplementing organic growth with earnings-accretive acquisitions of complementary businesses that have sustainable profits and cash flows. Targets are primarily UK businesses with established reputations, capable of achieving significant organic growth through developing export markets. SDI Group takes a decentralised approach, with seasoned local management given broad discretion to run group businesses within defined limits. SDI Group typically acquires businesses generating up to £1m EBIT for around 4-6 times EBIT plus net assets, including earnout payments.

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Yields important again - rising and worrisome. Hedge Fund titans getting nervous - talking bout a Minsky Moment. End of month - October is about to be in the books. PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter DONATIONS ? OHHH - the new shirt design is coming along... SHHHHH- Leaking some of my own news... eNVESTOLOGY moving to $25,000 minimum in 2025. Currently at $10,000 so if you want to get in to that investment management program with us for the current minimum - now is the time. Warm-Up - Yields important again - all of a sudden - Hedge Fund titans getting nervous - talking bout a Minsky Moment - End of month - October is about to be in the books Markets - Earnings season - Tech is about to bombard us - Gold near highs as China and India buying - Election Direction - putting money where mouth is... - Consumers are happier - UMICH - NAZ 100 - ATH? Yields - On the Move   Yields On The Move Auto Divergence - GM puts out some good numbers for recent quarter. -- GM now expects full-year adjusted EBIT of between $14 billion and $15 billion, or $10 and $10.50 a share, up from between $13 billion and $15 billion, or $9.50 and $10.50. - This marks the third time this year that GM has updated its guidance after beating Wall Street's top- and bottom-line expectations, led by the automaker's North American operations. -  Ford put out okay numbers, nothing exciting at this point - stock stuck in sideways action - Big differential with stock performance over past year GM/FORD YTD GM/Ford Longer New Threshold for Capital Gains - Starting in 2025, single filers will qualify for the 0% long-term capital gains rate with taxable income of $48,350 or less and married couples filing jointly are eligible with $96,700 or less. - Here is an idea  - for low basis stock - possibly gift to non-dependents that have low income and they can sell at lower capital gains rate --- Cannot do for dependents as their unearned income above $1,300 is the threshold. Consumer Sentiment - October Univ. of Michigan Consumer Sentiment - Final 70.5 vs. 68.9 Briefing.com consensus; October prelim was 68.9 - Markets reacted positively last Friday on this news. ---  Trivia: The University of Michigan (UMich) stopped releasing early versions of its Consumer Sentiment Index (MCSI) in 2013 as part of an agreement with the New York Attorney General's office. The university had previously received around $1 million a year from Thomson Reuters for this information. Hedge fund big boys - Getting nervous - Paul Tudor Jones - The founder and chief investment officer of Tudor Investment said he was worried that government spending could cause a big sell-off in the bond market, spiking interest rates higher. - Debt unsustainable and people just overlooking it - "Will we have a Minsky moment where all of a sudden there's a point of recognition that what they're talking about is fiscally impossible, financially impossible?” Jones said." - Commented how both candidates are spenders so that is not good - however, hard pressed to think that many of their spending promises will actually go through. Minsky Moment Defined - A Minsky moment is a sudden, catastrophic collapse of asset prices after a period of growth and stability. It's named after American economist Hyman Minsky (1911 to 1996), who believed that markets are inherently unstable and long periods of good markets eventually end in larger crises. - A Minsky moment occurs when excessive debt accumulation becomes unsustainable. Borrowers can no longer meet their debt obligations using their income, leading to a sudden decline in asset prices and a financial crisis.  Housing Market

Shoot us a Text.Ford Drops, Tesla Grows, Airline RefundsDescription:We are on day 2 of More Than Cars season two shooting, and we couldn't be more encouraged by what we are discovering in Lafayette, IN. Today we look at Ford's Q3 report of lower net income, Tesla expanding its vehicle output in 2025 and a new requirement for you to get quicker airline refunds.AnnouncementREPLAY available: ASOTU Edge Webinar with Amol Washampayan of fullthrottle.ai - Find Your Shoppers Using Free TVMore Than Cars Episode 4 Releases on November 13thRohrman MTC shoot Oct 28-30 - ATAE Comms Nov 6-7 -MRC Nov 16-17 - CMA MTC Shoot Nov 18-20Show Notes with links:Ford is adjusting their full year targets after posting a large drop in net income in Q3 due to expected EV delays.Ford reports a 26% drop in Q3 net income due to EV delays and associated costs.Revenue rose 5% to $46 billion, marking the 10th consecutive growth quarter.Ford now projects full-year EBIT around $10 billion, down from a $12 billion estimate.Cost-cutting efforts of $2 billion this year are offset by inflation and warranty costs.“Cost is holding us back…[but] we're focused on improving costs every quarter,” CFO John Lawler commented.Tesla has set an ambitious target to deliver an additional 500,000 electric vehicles next year, leveraging factory enhancements and new production methodologies to expand its footprint in the global EV market.Tesla will ramp up production at its Giga Texas and Giga Berlin plants and adopt new streamlined manufacturing techniques to produce popular models like the Model Y and Model 3 faster and at lower costs.Advancements in Tesla's battery technology, including structural battery packs and the 4680 battery cells, are central to achieving these targets, allowing for both extended vehicle range and reduced production costsKey factory upgrades are already underway, aimed at increasing both output and energy efficiency, aligning with Tesla's vision to scale sustainable manufacturing.CEO Elon Musk noted the significance of the target, saying, “This is not just about meeting demand; it's about setting the pace for the global shift toward electrification. We aim to make EVs accessible on a mass scale.”New requirements for airlines just dropped, giving customers access to quicker refunds for disrupted flights.Airlines must now issue automatic cash refunds for significant delays or cancellations.Delays over three hours for domestic and six hours for international flights qualify.Refunds cover flight changes, downgraded service classes, and unavailable paid services.Checked bag fees must be refunded for delayed luggage beyond 12 hours (domestic) or 15 hourHosts: Paul J Daly and Kyle MountsierGet the Daily Push Back email at https://www.asotu.com/ JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/ Read our most recent email at: https://www.asotu.com/media/push-back-email

Welcome to today's episode of Furniture Industry News, bringing you the latest insights and developments across the furniture landscape. Here's what's making headlines:Key Segments:Case Goods Outlook for 2025Challenges Ahead: Despite a slight boost from lower interest rates, the case goods market faces hurdles due to ongoing housing market pressures, including high home prices and limited inventory.Adapting Strategies: Manufacturers are focusing on value-driven, fashion-forward designs, especially in the mid- to low-priced market segments. The trend includes natural materials, light finishes, and organic shapes, with some companies introducing smaller, affordable pieces to attract cautious consumers.Upholstery Sector's Growth StrategiesOptimism for 2025: Upholstery manufacturers are investing in technological enhancements and customization options, allowing consumers to tailor designs to their needs.Brand Repositioning and Expansion: Several brands are evolving to offer whole-home collections and are exploring categories like outdoor furniture. Efficient inventory management and rapid fulfillment options are also priorities as companies aim to capture a larger market share.Innovations in Motion FurnitureTechnology Integration: Motion upholstery is embracing tech-forward features such as USB ports, wireless charging, and sound systems, catering to modern, tech-savvy buyers.Sleek, Ergonomic Designs: New models prioritize comfort and aesthetics, with adjustable seating options and high-quality materials, allowing motion furniture to blend seamlessly into various decor styles.Financial UpdatesBig Lots Acquisition: Nexus Capital Management has secured $765 million to support its acquisition bid for Big Lots' assets following the company's Chapter 11 bankruptcy filing.Leggett & Platt's Performance: Despite a 6% sales decline and weaker consumer demand, the company managed to pay down $124 million in debt and improve adjusted EBIT margin. Expectations for Q4 remain cautious, reflecting continued softening in consumer spending.ConclusionFrom adapting case goods strategies to technology advancements in motion furniture, the industry is evolving to meet shifting consumer demands and economic challenges. Be sure to subscribe to Furniture Industry News for continued updates on these trends and more industry insights. Thank you for joining us today!

IBA's Dr. Stuart Hatcher, Chief Economist & Exec. Advisor, calls in from New York where he is attending the Airline Economics Growth Frontiers event and is joined by Neil Fraser CFA, Manager - Airline Analysis, to share their insights on the latest stories in global aviation.In the latest edition of the IBA Insider:JOLCOs and tax leasesUnited leads Delta in Q3 EBIT, both lag behind 2023Chinese carriers surge as European airlines cut Asia capacityRegister for our upcoming Airline risk webinar -  https://www.iba.aero/events/airline-risk-in-2024-spotting-and-managing-the-key-signals/Sign up for the newsletter - https://www.iba.aero/sign-up/LinkedIn - https://www.linkedin.com/company/iba-aviation-consultancy/Twitter - https://twitter.com/IBAaviationYouTube - https://www.youtube.com/channel/UCSkPhTf-05htY99V79fklMAWebsite - www.iba.aero

Welcome to our review of PR Pitches and mergers & acquisitions in the UK PR scene with Andrew Bloch. Here, we discuss the biggest pitch wins and mergers & acquisitions that the PR sector has seen in the summer of 2024.Andrew is the lead consultant - PR, Social, Content and Influencer at the new business consultancy firm AAR and a partner at PCB Partners, where he advises on buying and selling marketing services agencies.Andrew launched Andrew Bloch & Associates in 2020.Before we start, our PR Masterclass: Agency Growth Forum has now launched. It's on 12th November 2024, 8:30 am to 5:00 pm GMT. Both face-to-face and virtual tickets are available. The event is held in central London.“There is momentum building. We're going into the golden quarter.”“My observation is that the same agencies are doing very well, but there are some agencies that are struggling.”“As always, it's important to keep an eye on your margins.”“Brands are being cautious…there's a fair bit of try before you buy."“Everything is going in the right direction. The work being done by agencies is bold.”The summer's PR Pitch wins:Castore hires Pretty Green. Famous Grouse also hires Pretty GreenB&Q hires The RomansIkea franchisee Ingka Centres hires The RomansVirgin Voyages also hires The Romans The Independent hires W Communications. All Things Butter hires MunchZenDesk hires AxicomHomebase hires Aduro Jammie Dodgers (Fox's Burton Biscuits) hire FrankEvri hires CitypressBrewdog hires Ilk UK Export Credit Agency hires EulogyWRAP hires KindredOpen Table hires LaunchNational Grid hires nine agencies to its “community agency framework” for the next three years, namely Grayling, Cavendish, Lexington, Aecom, Arup, Camargue, Copper, grasshopper and JBP.The summer's M&A activityWPP exit FGS Global - KKR takes majority control - valuing the company at $1.7B$AKT Health sells to JPA Health, the US HQ full-service healthcare group. Ascential (formerly known as Emap) to be acquired by Informa - £1.2bn cash offer deal.  Ascential owns Cannes Lions and Warc, a deal which is subject to regulatory and shareholder approval. Ascential is FTSE 250 - Cannes Lions generated 131M last year with an EBIT of 55M+.  Publicis acquires Influential - a leading influencer marketing platformHavas - acquires controlling stake in Klareco Communications - 3rd acquisition this year to add to global strategic advisory network H/Advisors.Prime Weber Shandwick – MBO – Swedish creative PR agency bought ten years ago.  Will now operate as an affiliate owned by five members of the leadership team. Will remain a close partner in the network. Supreme Group (A US Healthcare and Life Science Comms and Marketing) acquires Bio Strata (a Cambridge based life science pr and marketing.)

Vereinbare jetzt dein kostenloses Erstgespräch: www.andreasbaulig.de/termin In der heutigen Episode von die Coaching-Revolution spricht Andreas Baulig darüber, wieso bei vielen Agenturen & Coaches so wenig hängen bleibt. Vereinbare jetzt dein kostenloses Erstgespräch: www.andreasbaulig.de/termin Sichere dir jetzt das Buch "WISSEN MACHT UMSATZ" auf www.wissenmachtumsatz.de Andreas Baulig & Markus Baulig zeigen dir, wie du dich als einer DER Nr.1 Experten in deiner Branche positionieren kannst und hohe Preise ab 2.000 Euro (und mehr) für deine Angebote & Dienstleistungen abrufen kannst. Als Coaches, Berater und Experten automatisiert Kunden im Internet gewinnen. Wie du Online Marketing nutzen kannst, um deine Produkte und Dienstleistungen erfolgreich zu verkaufen.

Increased penetration of online retail sales and global economic growth set up a strong backdrop for long-term volume growth for DHL's eCommerce division, which provides domestic parcel-delivery services. In this episode of Bloomberg Intelligence's Talking Transports podcast, Pablo Ciano, DHL Group's board member and the eCommerce's division CEO, joins Lee Klaskow, BI senior transportation and logistics analyst, to talk about how his organization will outpace global growth by 100-200 bps and its plans to improve operating margins back toward 5-7%. Ciano also discusses the upcoming peak season, consumer sentiment, M&A and how technology investments are fueling productivity gains. The eCommerce division accounts for about 8% of DHL Group's revenue and 5% of Ebit. See omnystudio.com/listener for privacy information.

Shoot us a Text.The dog days of summer are well upon us, and that means a great opportunity to love people more than cars. Today we're talking about Ford and Stellantis's Q2 earnings reports, GM's early EV issues that led to buybacks, and Southwest's shift to assigned seating.Show Notes with linksNot everyone can be GM, as Ford's income dropped 4.5% to $1.8 billion, despite a revenue increase of 6.4% to $47.8 billion, driven by strong commercial vehicle sales. Meanwhile, Stellantis's net income plummeted 48% to €5.6 billion in the first half of 2024, with operating margins falling below 10%.Ford's adjusted earnings before interest and taxes (EBIT) fell 27% to $2.8 billion as CFO John Lawler cited $800 million in increased warranty expenses due to older vehicle recalls.Ford Pro division shined with $2.6 billion earnings and 15.1% profit margins, while the Model e EV unit reported a $1.1 billion loss.Stellantis struggled the most in North America, including an 18% shipment decline and price pressures.CFO Natalie Knight said “There are operational issues we have had in North America where I think we could have performed stronger,” suggesting measures like output and price cuts, inventory reductions, and cost-saving initiatives to address these operational issues.GM's Ultium vehicles have faced significant issues due to build quality and safety concerns, including fire risk, leading to buybacks and now reentry into the used market at steep discounts.Early 2023 and 2024 Chevy Blazer EVs suffered from software issues, leading to a stop sale, and the Cadillac Lyriq has had less publicized issues around problems with build quality, both leading to buybacksVehicles reacquired by GM in this process do show “Reacquired by Manufacturer” on the vehicle history report.Models like the 2024 Chevy Blazer EV RS and Cadillac Lyriq are now available at significant discounts, sometimes over $20,000 below original MSRP making an impact in the used car market.Southwest Airlines is making significant changes by moving away from its 50 year old policy of open seating. The airline will soon introduce assigned seating and premium options with extra legroom, aiming to appeal to a broader range of passengers and enhance profitability.Extensive testing has taken place, including simulations and employee trials, ensured the new boarding process would not slow down operations.The changes come as Southwest faces profitability challenges and competition from rivals with more extensive networks and high-end offerings.CEO Bob Jordan shared he expects it to generate over $1 billion in additional revenue selling extras like those that allow passengers to board sooner."This is the right change at the right time," stated CEO Bob Jordan, indicating confidence in the new strategy.Hosts: Paul J Daly and Kyle MountsierGet the Daily Push Back email at https://www.asotu.com/ JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/ Read our most recent email at: https://www.asotu.com/media/push-back-email

Shoot us a Text.We've made it to the middle of the week! Today we're talking about GM's record pickup and SUV sales in Q2, Tesla's tough Q2 and how Google is not getting rid of cookies after all.Show Notes with linksGeneral Motors has raised its 2024 earnings forecast following a strong second quarter, driven by record North American sales of pickups and SUVs.CEO Mary Barra emphasized in a letter to shareholders that responsible growth and efficient capital use amid shifting market conditions. "As excited as we are about our portfolio, we are committed to growing responsibly and profitably in any demand environment," Barra said. "Over the next few years, third-party forecasters now see the EV market growing steadily, but more slowly than it did over the last few years. As a result, we are adjusting our spending plans to make sure we're capital-efficient and moving in lockstep with customers."Q2 net income rose 14% to $2.9 billion, with global revenue hitting $47.97 billion.North American profit surged 39%, setting a new record at $4.4 billion.GM adjusted its full-year EBIT guidance to $13-$15 billion, despite lowering net income forecast slightly.The company reported increased EV sales but scaled back production targets due to lower-than-expected demand.Despite slightly better-than-expected revenue, Tesla's Q2 earnings report highlighted declining profits and raised investor concerns, particularly during a tense earnings call with CEO Elon Musk.In Q2, Tesla's net income dropped 45% to $1.5 billion, down from $2.7 billion the previous year, while revenue rose to $25.5 billion, exceeding analyst estimates of $24.8 billion. The company also experienced a 4.8% decline in global deliveries to 443,956 vehicles, following an 8.5% decline in the first quarter.Musk had a elevated Q&A session as he was asked a variety of questions, most of which received short, blunt answersWhen asked about diverting GPUs from Tesla to xAi, Musk by stating that the news was based on an "old article." as he assured that the diversion of GPUs to xAI was "in Tesla's interest," not detrimental to the companyGoogle no longer intends to remove third-party cookies from Chrome, a major shift from its 2020 announcement. The company will retain third-party cookies, focusing on enhancing user choice instead. Cookies are an important part of the $180 billion ad-tech industry, allowing advertisers to track users and target ads effectively.The original cookie deprecation date was in 2022, and has been pushed several times by Google since then.Google's alternative, Privacy Sandbox, aimed to preserve ad mechanisms while protecting privacy but had a rocky rollout.Early reports indicated significant revenue losses (up to 60%) for publishers without cookies, though Google claims its tests showed a 20% drop for Ad Manager publishers.Hosts: Paul J Daly and Kyle MountsierGet the Daily Push Back email at https://www.asotu.com/ JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/ Read our most recent email at: https://www.asotu.com/media/push-back-email

In the throes of the Great Recession, Erica Gessert faced one of her first tests of leadership. As the head of Investor Relations for Virgin Mobile, she found herself navigating the collapsing financial sector. Key banks that were integral to the company's operations began to crumble, and the economic landscape was fraught with uncertainty. Keeping investor concerns top of mind, Gessert was able to help steady Virgin Mobile and bring the path leading beyond the crisis into full view. In the years ahead, Gessert's career trajectory continued upward as she transitioned into various finance leadership roles. She spent a significant portion of her career at PayPal, where she honed her skills in analytics and strategic planning. Her ability to leverage data for decision-making allowed her to emerge as a strategy-minded finance executive capable of driving business growth and profitability. In May 2022, Gessert was named CFO of Upwork. At the time, the company was grappling with profitability challenges despite the favorable tailwinds from the pandemic-induced shift to remote work. Drawing on her experience, Gessert initiated a series of strategic measures to stabilize the company's finances. Within just three quarters, she led Upwork to a turnaround, achieving 18% EBIT margins and positive cash flow. A key aspect of Gessert's strategy has been leveraging technology and data analytics to enhance customer acquisition and retention. She implemented predictive churn models and other analytical tools to gain deeper insights into customer behavior, significantly improving Upwork's client growth.

Curious about the latest trends and insights in the global salmon industry? This week we dive back into the most recent quarterly earnings (Q1 of 2024) reports of seven major publicly traded salmon companies across six countries and three farming types. We'll dissect the EBIT/kg figures, discuss the industry's challenges, and highlight unique developments from companies like Salmon Evolution and Grieg. Discover how these insights could shape the future of salmon farming and what the data tells us about the industry's resilience. Tune in for a thorough analysis that could impact your understanding and investment strategies in aquaculture.  Download our Q1 2024 Report here. For more aquaculture insights, head to our Fish n' Bits blog.

Question: Will private practices be around long-term or is selling to a DSO inevitable? Episode 836: Clarity Around DSOs Get ready for a deep dive on DSOs. Kiera is joined by Brannon Moncrief, principal and CEO of McLerran + Associates, an industry leader in dental practice sales and sell-side advisory for DSOs. Basically, if you want insight about selling to a DSO, this episode is for you. Kiera and Brannon discuss: Pros and conso to selling to a DSO What common mistakes are and how you can avoid them Different deal structure examples The DSO landscape over the next 20 to 50 years And so much more!   Episode resources: Learn about McLerran + Associates Connect with Brannon: brannon@dentaltransitions.com or 512-660-8505 Reach out to Kiera Practice Momentum Virtual Consulting Subscribe to The Dental A-Team podcast Become Dental A-Team Platinum! Review the podcast   TRANSCRIPT:   Kiera Dent (00:00.878) Hello, Dental A Team listeners. This is Kiera and I am so jazzed. I have been dying for this man to get on our podcast. I think DSOs are hot right now and it's what do I do? Is the DSO world good? Is the DSO world bad? Should I sell to a DSO? Should I not sell to a DSO? What are the mistakes? I think there's so much confusion and lack of clarity around it. And I have actually found someone referred to me from a client that I think toes the line really well of private practice and DSO to really be educational. Brandon.   I don't even know how to say your last name, Brandon. I'm not going to lie to you. So tell me how I say your last name. I was going to say Moncrief. Is that right? Brandon Moncrief. Coming in today, he has over 20 years of experience as a banker, broker, and sales side advisor, and has facilitated the sale of over a thousand dental practices. That's impressive. Kudos. His firm, McLaren and Associates, provides sales side advisory to large practice owners who are interested in pursuing a DSO affiliation or private equity partner.   Brannon Moncrief (00:36.297) Moncreme. You got it. Yeah.   Kiera Dent (00:57.614) He lives in Austin, Texas with his wife and two daughters and spends his free time traveling, cooking, and being outdoors. So we're definitely going to geek on travel. Austin, keep it weird. Brandon McCreary. I think I got it. Welcome to the show. How are you?   Brannon Moncrief (01:09.545) I'm doing good, good to see you. Thanks for having me.   Kiera Dent (01:11.79) Yeah, Brandon and I are actually like swimming in the same pool. We're going to be at the same events together. He's going to be speaking with our private Dr. Mastermind pretty soon. But one of our mutual, I have a client that I've consulted for years, sent me your thoughts about his practice. And that's how I actually got introduced to you. And I just am super jazzed. Let's talk. I obviously gave your intro, but kind of tell a little bit about who you guys are.   how you even got into the DSO space. I mean, bank or broker, you already have red flags on you from most people's perspectives. So kind of like win us over. I think you're great. So they already will like you, but kind of give us some feedback.   Brannon Moncrief (01:47.273) Awesome, thanks. I have spent my adult life in dentistry. The first nine years of my career was focused on lending money to dentists all across the country to buy, start, expand practices. So in that role, I worked.   Kiera Dent (02:00.43) How did you even get there? Like, were you just like, cool, I'm on Dennis? Or did it kind of fall into your lap?   Brannon Moncrief (02:04.841) It was very random. I mean, finance degree straight out of college. I was recruited by a finance company that focused on lending money to dentists out of the Houston area. Thought it was cool that I could actually use my degree. You know, new dentistry was a good industry to be in. And yeah, took a took a leap, started off as a loan underwriter and then worked my way up to the director of business development. By the time I left that company to buy McLaren. But as my role as a banker, I worked with   all the brokers in the country and a lot of the CPAs, attorneys that we do business with today that are still in the industry. And I recognize very quickly like broker is a four letter word in a lot of markets. The bar, what's that?   Kiera Dent (02:44.782) It is. I was like, Banker broker, you really want me to say that? I'm like, you really have that in your bio. Okay, I'll say it.   Brannon Moncrief (02:53.545) Yeah, it's kind of a four letter word and I understand why. And being a banker, I was constantly frustrated with the work product and the lack of professionalism that I saw among the brokerage community. And I was like, hey, I can do this better. So that's why I decided to step out of the role as a banker and step into the role as a broker. And I bought McLaren and Associates, which was a small mom and pop practice brokerage shop, like you see a lot of them out there today.   I purchased the company 13 years ago at the time. The legacy business really focused on doing doctor to doctor, traditional practice sales in Texas, where the company was based and built the company up substantially in the doctor to doctor world, doing traditional practice sales. Got to the point where we were doing about 50 to 60 doctor to doctor practice sales a year. And then we saw DSOs and private equity come into our backyard in Texas. We were kind of on the forefront of a lot of the consolidation.   and start to acquire a lot of the elite practices that we thought we were eventually going to sell to private buyers. And we quickly realized that doctors really didn't understand EBITDA, they didn't understand private equity, they didn't really understand the different levers involved in these deal structures, and they were getting taken advantage of. And for a while, we pounded the table and it was like, we're never gonna sell a practice to a DSO, it's bad for dentistry, it's bad for patients. Hopefully this is all just gonna go away. But after a while,   Kiera Dent (04:15.086) Thank you.   Brannon Moncrief (04:20.265) you know, we started to realize once private equity comes into a vertical and starts to consolidate it, they double down and they're not going away. So once we realize, hey, DSOs are here to stay, it's our job to educate doctors, to protect dentists. That's what we do on a daily basis. We need to build out a team. We need to build out a process to walk doctors that want to go down that path, you know, through that, that the navigation of a DSO transaction. So we did.   Kiera Dent (04:29.262) Mm -hmm.   Brannon Moncrief (04:49.449) We built out another division of our company. That's the team that I lead. We've got a former investment banker on the team. We've got a couple of guys that actually worked for DSOs on the buy side that have now joined our team. We do sell side advisory. They used to work for DSOs on the buy side. Who better to have on your side if you're selling your practice than somebody who's sat on the other side of the table. So we now have a team of 13 all over the country.   HQ is in Austin, but we have an office in San Diego, an office in Atlanta. We've closed over 200 DSO transactions. We work regularly with about 50 to 60 DSOs. There's over 500 of them out there, but I certainly wouldn't sell my practice to all of them. So we're very, very careful about vetting DSOs, making sure that we only put the best options in front of our clients, and then making sure that our clients are fully educated. They understand that they do have options, right?   Kiera Dent (05:33.262) Right.   Kiera Dent (05:45.614) Thank you.   Brannon Moncrief (05:46.025) One option is to do nothing. You're right, stay the course. Maybe they just need to work with a great consultant like you to help solve some of their pain points rather than affiliate with a DSO. We have other clients that are already knee deep in the process, already have LOIs on the table from DSOs, and they need proper representation. They need somebody to kind of reset the playing field and negotiate on their behalf. And then we have other clients we talk to where it just makes sense to hang on to the business and eventually sell it.   in a more traditional sense to a private buyer. So we try to take a really objective approach to educating dentists regarding all the options available to them. And then at that point, it's a pick your own adventure situation, right? And whatever you want to do, we can help you execute at a very high level or help bring in the resources that you need to take your practice down the path you want to go down.   Kiera Dent (06:39.982) Sure. And Brandon, I really love that about you guys, which is why I wanted you on the podcast, because I feel like Dennis tell me all the time that they're getting usually like at least 20 emails a month from DSOs trying to buy their practices. And so I remember, gosh, it's been at least is pre -COVID. So either 2018 or 2019.   I remember I was out at a dental college in Nebraska and it was UNMC. And I remember talking to some students there and they said like, Oh, do you think DSOs are coming? And I remember saying, I was like, I don't actually think private practice is going to be traditional for a lot longer. And I think DSOs are going to come in pretty strong. And I don't mean to like rain on your parade. And I might be very unpopular in my opinion, but I saw the exact same thing you did of DSOs are here and private equity is here. And so.   Instead of fighting against it, instead of saying, I'm like, shoot, if I had a practice right now, I mean, I've owned plenty of practices. Like there is temptation around it to get higher multiples. There's also DSOs going bankrupt where people are losing their entire investments. There's, um, so I think that there's a lot of like unknown around it. And that's why I wanted you on the podcast is to start to educate to where people know, because I think fear only comes from not being educated. Fear comes from not feeling like you understand your options and then you feel like your pigeon holes into a zone.   that you maybe didn't necessarily wanna go into. So I really do agree with you. And also DSOs love consultants because we usually grow the practices. We help you get it to the level you want it to be. So you're getting those higher multiples. If you choose to sell to a DSO, if you choose to have it on your own, if you choose to keep the practice and sell it to another associate, it never hurts to grow your practice to X number and get it as high as you can before you sell, just like you wanna get your house to look the nicest it can.   before you sell it to get your highest multiple. It is an investment at the end of the day as well. So Brandon, I'm excited to kind of just chat through like, let's talk about what kind of like, let's start educating about DSOs. Like what questions should I be looking at? What are the pros of selling to a DSO? What are the cons of selling to a DSO? Like I really would love you to kind of like educate on DSOs. Cause I think people understand like do nothing. I get that one. And maybe like you said, look at the pain points of what you really have. I get that it feels,   Kiera Dent (08:52.846) tempting to sell to a DSO and just like wipe my hands clean. I don't think that usually happens. I'm excited for you to hear. But then the other side is they're also pretty familiar with selling to an associate or a doctor partner buy -in that way and then transitioning out. But I think some of those decisions can also impact if they ever want to sell to a DSO because I've heard a lot of DSOs prefer don't have true partners in if you're going to sell to a DSO. Don't partner in your associates potentially because it makes it messier when you sell to a DSO. So I think it's more like,   What mistakes do we make when we're trying to sell to a DSO and what do we need to do to make sure we're educated on that?   Brannon Moncrief (09:30.569) Yeah, so we always start our process with a discovery call with all of our potential clients. And the first question I ask is talk to me about your why, right? What are your goals? What are you looking to achieve? Is it that this is strictly an economic decision? You're five years away from exiting your business. You're evaluating. What would it look like if I hang on to the business for a few years and sell to a private buyer versus sell to a DSO today, maybe hit a recapitulation event and then exit the business.   Let's quantify what is your business worth in the private buyer world versus the DSO world and map out. What does a no sale, traditional practice sale look like down the road versus a DSO sale today and you hanging on to some equity for a while and then monetizing that equity in a recap. So is it purely economic or do you have some pain points that you're trying to solve for? Are you fed up with managing the business? If so, what components of the management?   Would you like to give up? And how does that play into autonomy? Are you concerned about maintaining clinical autonomy? What about operational autonomy? You're looking for better work -life balance. Are you looking to take a step back and work less both on the business and in the business? Or are you entrepreneurial and you're looking to actually lean in, continue to scale the business, maybe add additional locations, but you don't want to do it on your own. You want to use somebody else's capital and infrastructure to do so. So we always start with defining the why.   You know, what are your goals? And then let's talk about how your practice is engineered financially, quantify the economics, and then talk through options. And we do a lot of financial modeling and forecasting to figure out, you know, how each option is going to play out. You know, now annually and cumulatively over a five year, seven year, 10 year window. And that's exactly what we did for your client.   we were mapping out what would it look like if you sold to a DSO today versus sold pieces of the practice internally to associates and then eventually sold your remaining equity to a private party 10 years from now. How do these options compare? What are the different deal structures look like? What are the different avenues to get to your eventual exit from the business? And he loves what we did for him because it provided him   Brannon Moncrief (11:57.001) a lot of clarity regarding what his options were and what the potential economic implications of those options were going to look like. But even if you're five years away from selling, I think it's critically important to understand what your options are so that you can groom your business in a way that's going to make it more marketable and more valuable if and when.   you decide to pull the trigger. And I think you said it well, if you're going to sell your home, you're going to make improvements to your home to ensure that it's the sexiest house in the neighborhood when it's time to sell so that it sells quickly and for top dollar. Sometimes when you make improvements on your home, like you make improvements on your practice by working with a consultant, you decide to live in it because you've now created the environment.   Kiera Dent (12:47.566) Mm -hmm.   Brannon Moncrief (12:51.337) that you want to have long term. So I think evaluating your business early and investing in changes that can make your practice more marketable, more valuable when it's time to liquidate it is going to make your life more enjoyable along the way and then make the windfall bigger and better when it's time to sell. So we always like to start these conversations early, start this education early rather than calling me.   you know, the day after you were ready to sell. And then I have to deal with the asset, you know, as it sits. And a lot of times it's avoiding the mistakes that doctors make leading up to a sale rather than having to make changes to the practice to make it more marketable or more valuable. So I think you really want to do both. You want to avoid the mistakes and then make the enhancements so that we have a much better asset to sell when it's time to go to market.   Kiera Dent (13:47.342) For sure. I think the question comes up Brandon of will private practice be around long -term or is it just the inevitable that I am going to sell to a DSO? I think that's a question a lot of doctors right now are facing because like, are we going to become like healthcare? Are we going to like all the mom and pop locations in healthcare pretty much got swooped up and now healthcare is very standardized and now we're starting to see the branch off. I think it's funny to watch. I'm like the two industries while yes, still healthcare.   they're shifting sides. Like, I don't think healthcare will ever go back to private practice, but there's a lot of healthcare providers that are doing their own thing. They're doing the concierge, they're coming to people's homes, they're starting their own like fee for service clinics because they're sick of the pieces. And I think that that's what dentists are afraid of. And I feel like, I feel like we as dentists and like the people in there right now are at a pivotal point that's going to actually lay the foundation for the future of dentistry.   And so it's like, are all the dentists right now going to sell it and they're all going to become like standardized healthcare. And that's going to actually hurt our industry in the future. Or is it like kind of an inevitable where it's going to happen regardless. So I might as well like selling cash out because I happen to be a part of the wave, kind of like, you know, the 2020 boom of homes and like, Hey, it's just right time, right place. And you happen to be a part of this evolution. Like what's kind of your take on the...   the landscape and what it's gonna look like and say like the next 20 to even 50 years, which I know is a pretty far projection, but I think people are also thinking about that. They want the money, but they also don't wanna hurt our industry and long -term make it to where it becomes this not as, I think, patient -centric due to the fact of all the different pieces in play.   Brannon Moncrief (15:28.169) Yeah, I love this question. So as your practice gets larger and larger, as you start to talk about a multi -million dollar rev practice, multi -doc practice, it does become exponentially more valuable and more marketable in the DSO private equity world versus the more traditional practice sale environment. As a practice gets larger and larger, it actually becomes less valuable and more difficult to sell to a private buyer. So I think inevitably with the move towards group   practice and these larger and larger offices, they're harder to liquidate in a traditional sales. So many of them by default will sell to DSOs and private equity, some type of institutional corporate buyer. I think you'll see that trend continue. And it's kind of a unique trend. And it's one of the reasons private equity got into the space. I mean, up until 10 years ago, it was actually pretty rare.   Kiera Dent (16:03.182) Mm -hmm.   Brannon Moncrief (16:26.441) to run into a dental practice that had more than $2 million a year in revenue. Now it's extremely common. To answer your question directly though, I think private practice will survive long -term, but I think it has to evolve and emulate some of what DSOs are doing in order to fight some of the headwinds that the industry is facing. So the move towards the group practice model, multiple doctors working in larger facilities,   Kiera Dent (16:26.926) I agree.   Brannon Moncrief (16:56.265) I think that's definitely going to have to happen. Larger practices can leverage economies of scale to drive up reimbursement rates and drive down overhead expenses. So I think that's going to be a necessity. Going multi -specialty, you know, patients don't want to go to, you know, five different practices for their dental care. They want to go to one location. So the more you can create a one -stop shop, a multi -specialty practice.   Kiera Dent (17:18.83) Mm -hmm.   Brannon Moncrief (17:25.929) I think the better you're gonna do with patient retention. So I think as long as private practice is paying attention to the trends in the DSO space and emulating what DSOs are doing well and then moving the other direction on the things that DSOs are not doing well, I think private practice can thrive long -term. So I think there's gonna be a balance.   I think DSOs are going to continue to consolidate the marketplace to the point where we get to probably maybe 50 max 60 % consolidation, but a large part of the marketplace will always remain private. We are about 10 years behind general healthcare and medicine. Dentistry tends to lag about a decade behind general medicine. The difference between dentistry and general healthcare is that   Kiera Dent (18:15.694) Mm -hmm.   Brannon Moncrief (18:24.137) in general medicine, the government is heavily involved. Medicare, Medicaid, you know, they really control pricing to some extent and a lot of regulatory oversight. We don't have as much of that in dentistry. So unless dentistry fully integrates with general health care and then becomes subsidized by the government and somewhat controlled by the government, I think private practice will survive. And   Kiera Dent (18:27.214) Mm -hmm.   Kiera Dent (18:32.974) Yeah.   Brannon Moncrief (18:53.481) potentially thrive long term.   Kiera Dent (18:55.502) Is there a possible black swan event? And I have not thought about this until our conversation of insurance is actually coming in and playing a factor because like, what is it? I think it's called the PBM in healthcare where literally they came through and they started to regulate the number, like the costs that people were able to pay. And so I thought like that could theoretically be a black swan event within dental where there could become a PBM that regulates all the fees that were allowed to charge.   insurance, like there's more with insurance and dental, would that change the landscape? Because now you're not getting as high as multiples, right? Like the profitability would radically go down on dental practices per se, if it's all regulated through that. Do you see that even being a possibility that could come in and play? Or do you think that they'll still stay out of it and DSOs will still continue to dominate through the market?   Brannon Moncrief (19:44.297) It's a possibility, but not a strong likelihood. And if and when we were to see that, it's going to take 30, 40, 50 years for that to happen. Dentistry is extremely fragmented right now. And that's why private equity, that's why DSOs love it. And to me, that's why we don't have some of that systemic risk that general healthcare had when all the hospital systems started buying up all of the practices. We will get to a point.   Kiera Dent (19:57.358) Mm -hmm.   Kiera Dent (20:11.342) Gotcha.   Brannon Moncrief (20:12.745) probably 10, 15 years from now where the DSOs segment of dentistry will consolidate, the consolidators will start to consolidate other consolidators. So maybe there's only 10, 15 DSOs left standing, but I don't think they're gonna control 80, 90 % of the marketplace at that point. I think just from an efficiency standpoint and regulatory standpoint, it will make sense for that side of the marketplace.   Kiera Dent (20:17.23) Yes.   Kiera Dent (20:23.598) Mm -hmm.   Kiera Dent (20:33.55) Gotcha.   Brannon Moncrief (20:42.121) to themselves consolidate. But I think dentistry will always, to some extent, be a boutique, privately held business. I don't ever foresee it going fully DSO or follow the path that medicine has taken. That's my hope, even though I'll probably be retired by the time we get there.   Kiera Dent (21:00.366) Interesting.   Kiera Dent (21:05.518) Yeah. And likewise, I mean, it was just an interesting thought of like, because I'm like, what would turn over the DSO space? What would flip this entire thing? And I'm like, I think it'd be the insurances, which I don't know if the insurances have any desire to play in the game of dental, but I am thinking you get more DSOs, less practices that they're trying to serve. I could see insurances getting smart and savvy.   to where they start to almost trying to infiltrate the DSO world as well. I just don't know if they'd let them in because it's going to cut profitability. So I'm not sure how it would play into it, but always enjoy a good like, let's just talk future and could that impact at some point.   Brannon Moncrief (21:42.953) You know, I think the interesting difference between general health care and dentistry really comes down to the fact that health insurance, you typically have it for really dramatic events. Yes, it helps subsidize, you know, ongoing care. But one of the reasons you really need to have health insurance is because if you have a massive health problem or have to get a very serious, potentially life saving drug or surgery, it could bankrupt you overnight. Right.   Kiera Dent (21:59.694) Mm -hmm.   Kiera Dent (22:11.566) Mm -hmm.   Brannon Moncrief (22:12.873) Dentistry isn't really like that, right? So for that reason, you don't have to have dental insurance. Most people can figure out a way to come out of pocket to pay for their dental care that they need in order to just be a normal, average, healthy human being. That difference right there, I think will keep the government out of dentistry and will keep insurance from controlling dentistry. Does that make sense?   Kiera Dent (22:15.374) It's going down.   Kiera Dent (22:29.998) for sure.   Kiera Dent (22:38.798) That's a good point. Yeah, it does. And I also think the DSOs though, with as many as they have, we do need to be careful for the private practices that remain. They might have the ability to drive prices down because they can, because they can do less on procedures to get more patients to come, which would then hurt the private practice space. So just kind of keeping those things in mind. But again, you're trading off like boutique private practice for more corporate DSO. And is that going to impact it or not? But I think something to note. So,   I want to switch gears into DSOs. Talk to us about what like, I love starting with the why I think that that's important. And I think some people don't know and today you might not know, but at least having the cards on the table, I think helps you make better decisions. So what are some of like the mistakes you see of dentists selling to DSOs? My first one I think is it's emotional and they just get sick of it. It's a bad day. So they decide to sell. And I think that that's never a good way to make decisions. But what are some of the mistakes you guys see consistently across the board that dentists do?   because there's horror stories of DSO. Like I just heard of a big DSO going bankrupt and people had so much of their quote unquote, like valuation of their practices in the DSO stocks. And it's completely gone. Like all the savings, all the money, all the equity that they thought they had is gone and they don't have their practices either. And I'm like, they're literally left almost like they're not bankrupt per se, but they're pretty darn low compared to what they thought they were getting. So walk me through these mistakes, things you see, some of the horror stories and how   these dentists can protect themselves and be more educated.   Brannon Moncrief (24:09.801) So first and foremost, the failure to really define your why, right? I think, like you said, a lot of dentists, it's like FOMO, or they had a bad day. They make an emotional decision. They get burned out from really, typically not the dentistry, but working on the business, managing the business. So you've got to define your way. Yeah, exactly. Yeah.   Kiera Dent (24:27.534) All the things they deal with, they don't want that.   Brannon Moncrief (24:34.217) And look, I mean, most dentists don't enjoy, especially the HR component. That's become an absolute nightmare, you know, post COVID. But you've got to define your why in order to determine is a DSO affiliation even the right fit for you and is now the right time to pursue it. So if you don't clearly define the why, you run the risk of selling to a DSO when maybe that wasn't the proper course of action. You run the risk of selling to the wrong DSO.   that's not prepared to actually allow you to accomplish your goals, especially if you're looking for operational and administrative support. Responding to an unsolicited offer is a big one. Like you said, a lot of your clients getting solicited on a daily basis by DSOs, their goal is to do a deal in the dark. Their goal is for you to not have somebody like me at the table. They want what they call a proprietary lead.   Kiera Dent (25:24.43) you   Brannon Moncrief (25:31.817) Because at the end of the day, their fiduciary responsibility is to their investors. And their goal is to buy low and sell high. And if you don't create competition for your practice, if you don't control the narrative regarding EBITDA, you're going to leave a lot of money on the table, potentially millions. So by responding to an unsolicited offer, by not having a sell side advisor, by not creating competitive environment for your practice, one, you don't have optionality. If you don't have optionality, you don't have perspective as to,   you know, what different DSOs are out there, because they're all different, you know, to some degree, they all have a different deal structure, a different financial sponsor, they're at a different stage in the recap cycle, they have a different management team, and they have a different approach to dentistry and to operations and management. So you've got to make sure you date around to really get perspective and create optionality. And then that optionality, go ahead.   Kiera Dent (26:24.814) How, Brennan, can I interrupt right there? How much variability is there from DSO to DSO? Because I am very naive on this and my thought is like, no, they all pay you X percent and it's the same across the board. How much variability is there per DSO?   Brannon Moncrief (26:38.793) It's wild how much the deal structures vary, how the size of each DSO is different, their leadership team is different, how involved they are in the day -to -day operation of your business is very different. Some of them have virtually no infrastructure and really no ability to help you operate your business. And some of my clients are like, that's fine. I want them to give me the cash and leave me alone. Other DSOs have a really robust infrastructure and are really hands -on operationally on the day -to -day.   Kiera Dent (27:01.07) Mm -hmm.   Brannon Moncrief (27:07.689) And for some of my clients, they want that, right? They want help administratively. So.   Kiera Dent (27:09.998) But like, I can't understand why a dentist would want to sell to a DSO that's not going to support you with all the like nonsense that they've got to deal with. They take the money and they become an associate. Is it just for the stock buy -in of the DSO? Like to me, I cannot understand that purchase. Help me understand that one. Cause I think that that one feels just so silly. And like, why would you ever do that? You're literally giving up your profitability to be an associate.   And I just cannot understand that. Help me understand that. I understand why you would sell to someone who's got more infrastructure to help you with it, but like, why? Why would you do that?   Brannon Moncrief (27:46.505) I think it has to be a balance of support and autonomy. Most of my clients want support, but they don't want some corporate overlord. So it's evaluating, what are your pain points? What do you want to get off your plate? And is the DSO prepared to take those responsibilities? And is it better to affiliate with a DSO and give up a majority ownership interest versus outsourcing those things and hanging on to your business?   Kiera Dent (27:51.534) I agree.   Brannon Moncrief (28:16.521) I think a lot of it comes down to what is your runway to exiting your business? That dictates, and then what is the valuation of your business comparative to selling in a more traditional sense to a private buyer? If you've got $4 or $5 million in revenue and a million or more in EBITDA, and you have a plan to exit your business five years or less, hands down almost every time, economically speaking,   Kiera Dent (28:21.55) Mm -hmm.   Brannon Moncrief (28:45.065) Assuming you partner with a DSO that's well positioned to hit a recap within that five year window, selling to a DSO is economically going to win every time. But a lot of our clients in that scenario were like, okay, that's economically going to win, but I want to keep my autonomy. So I want to partner with a DSO that's not going to be really involved in my business on the day to day. This is purely an economic play versus others that say, look, economics are important, but what I really want is support.   Kiera Dent (29:08.27) Thank you.   Brannon Moncrief (29:14.569) I want to really go back to being a dentist, focusing on the patient experience, clinical dentistry. I don't really want to be so much involved in the day -to -day operation of the business. In that sense, you've got to look for a DSO that's got the infrastructure and it's got the managerial and operational pedigree to actually step in and take over those responsibilities. The worst case scenario is when you're that person and you're like, hey, I'm okay with giving up the economics. I want the support.   Kiera Dent (29:14.638) Mm -hmm.   Brannon Moncrief (29:42.825) and then you don't properly vet the DSOs and create competition for your practice, and you partner with the ESO that can't offer any support. So now you're in the same position, but you're making a lot less money. So that's why creating optionality and vetting the DSOs is so critically important. And by creating that optionality, not only are you gonna land with the right DSO, but you create the leverage to negotiate a much better financial outcome. By creating competition for your practice,   Kiera Dent (29:45.838) agreed.   Kiera Dent (30:09.006) Mm -hmm.   Brannon Moncrief (30:12.617) and running the process, utilizing what we call a bid process, having DSOs bid on your practice, controlling the narrative regarding EBITDA and holding their feet to the fire, you're probably gonna increase your valuation by 20 to 25 % compared to an unsolicited offer. We've worked with clients that already had an unsolicited offer on the table. We reset the playing field that our own EBITDA analysis went to the open market and created a competitive landscape.   We ultimately ended up selling to that same DSO that had made that unsolicited offer, but for 30, 40 % more than their initial offer. If that doesn't tell you how opportunistic and somewhat predatory DSOs and private equity are, I don't know what else will.   Kiera Dent (30:57.358) Yeah. And I think, so can you tell me then like economically speaking, what is a good deal? It's not like support wise, what is a good deal? And then I have a follow up question of the risk on that. So what does a good deal look like? Like what are some of the highest ones you're seeing economically? So we're talking top dollar, not support, none of those things, because there might be a trade off to that, but like what is your highest one?   Brannon Moncrief (31:21.481) You touched on it though, you've got to evaluate your risk tolerance. And that's where you have to look at cash versus equity and where the equity is held. So a lot of our.   Kiera Dent (31:25.166) Mm -hmm.   Kiera Dent (31:29.582) Because that's the piece that I really feel like, to me, I feel like that's actually such a big risk because these DSOs are buying, but if they go bankrupt, the worst case scenario is you lose all that stock, right? And so really only the amount that they paid you is what you get because they technically own your practice and you don't, you might not even have a job. Is that true?   Brannon Moncrief (31:46.601) It depends. So what you're describing is a holding company model where you own the stock at the parent company of the DSO. So you sell 100 % of your business and you trade a piece of the value of your business. Let's say 30 % of the value of your business. You exchange that for stock and the DSO is holding company and that scenario.   Kiera Dent (31:54.094) Right.   Kiera Dent (32:04.142) Because that also helps with taxes, right? Like that's a tax offset. Instead of you just getting the whole cash for it, it can help offset your taxes and not get as much cash from that.   Brannon Moncrief (32:12.521) Correct. The taxes on the equity component are deferred until you actually liquidate that stock. But in that scenario, you are betting on the DSO being successful and hitting a recap and having the ability to liquidate that equity. If the DSO is not successful, if they do go bankrupt, and I do want to make the point, there are a handful of DSOs that have gone bankrupt or that are headed there in short order. By and large, most of the DSOs are relatively healthy financially. In any industry,   Kiera Dent (32:17.774) Right.   Brannon Moncrief (32:40.233) you're going to see some companies that get a unicorn result and absolutely knock it out of the park. You're gonna see a handful that go BK and the rest are gonna fall somewhere in the middle. But there is risk in all of these deals. And that's where, you know, working with somebody like me that's constantly monitoring the health of these DSOs and vetting them and only allowing the best options at the table is critically important because it's very difficult for you to do isolated in your business all day.   to really understand the entire landscape and properly vet the buyers. So in the holding company model, where all of your stock is at the DSO level, you do run the risk that you can lose all of that equity if that DSO completely fails financially. The more realistic scenario is that you don't get the type of return that you were promised on that equity. You're able to liquidate it but not at the three, four, five X return.   that the DSO may have promised you when they initially acquired your practice. The other model out there is the joint venture model where you sell a majority ownership interest in your practice. Maybe you sell 51 to 70 % of the equity in your business, but the remaining equity is actually retained equity in your own practice. So in that scenario, there's a little bit less risk because you still own equity in your own business and you can own that equity long -term. You're likely...   even if the DSO goes bankrupt, ever going to have to forfeit that equity. So in the joint venture model, I feel like there's a little bit less risk, a little bit more control over what happens with the equity comparative to the holding company model.   Kiera Dent (34:21.166) Mm -hmm. Mm -hmm. Gotcha. So like, what is a good... I mean, there's so many pieces. And like, what determines good, I think, plays to your tax strategy, plays to where you are on your retirement run, plays to how long you want to keep doing dentistry. And because really, from what I understand from a lot of those joint venture ones, it's you get paid X amount, and then you have X amount that's in stock.   that X amount is paid to in a check, you have to work for X number of years. They basically have turned you into an associate. And I bet you you still stay it. You're not an associate, right? But they still pay you as an associate, don't they?   Brannon Moncrief (34:53.993) The joint venture model is.   In a joint venture model, you're going to have chair side income like you were working as an associate, but you're also going to have a pro rata share of EBITDA if you still own equity at the practice level. In the holding company model, you're purely an associate because you no longer own equity at the practice level. So you're selling 100 % of the EBITDA and the DSO is going to control that. So you have to be prepared to live on your chair side income.   Kiera Dent (35:26.798) Mm -hmm. Right.   Brannon Moncrief (35:27.721) So again, that's why the joint venture model, or at least having some sort of joint venture component, your ongoing income's going to be higher than it would be in a holding company scenario. But you've got to evaluate. If you're going to liquidate a piece of your business, you're going to take a pay cut. And you've got to evaluate what is your pre -closing income, what is your post -closing income, what is your annual personal burn rate, and how does that compare to your post -closing income? Are you going to be able to live on?   Kiera Dent (35:44.014) correct.   Kiera Dent (35:51.822) Mm -hmm.   Brannon Moncrief (35:57.353) your annual income until you're waiting for that recap event to occur. But to go back to your question.   Kiera Dent (36:02.734) Well, don't forget, like how many things do we run through the businesses too? So don't just think it's your, what you're being paid. I had a dentist just recently do this who thought about selling to a DSO and did not realize that there was an additional almost 300 ,000 being run through the business annually in addition to their associate pay and their W -2. And so just realizing like that's going away and that's not probably going to be there. And so making sure, because we think our take -home pay is just our associate pay.   and or W2 that we're getting for taxes to minimize the tax running through the business. But all those things running through the business are truly your like pay. And so just making sure you're set up because I do know a lot of dentists struggle on that to make sure like you said the burn rate, how much you're getting from it. But I, it's just it's so interesting to me of like, how do they actually make wise choices on it? And it feels like it feels like a convoluted mess is what it feels like, like, how do I know how it's hard?   Brannon Moncrief (36:55.817) It's a very complicated. It's a, it should be a very complicated discussion. I think the problem is, and one of the reasons we got involved in the space is so many doctors were making it very simplistic. They were pulling the trigger on a DSO sale, had no idea what their EBITDA was. Their buddy sold to this DSO. This business development guy walks in the door. He seems nice. He makes an offer that's higher than what a private buyer would pay. And before you know it, they've sold the goose.   Right? And then later they find out what they actually got themselves into and how the equity functions and what their rights are at recap. And that maybe they undersold their business or sold it prematurely, or maybe a DSO affiliation wasn't the right fit for them. So you've got to be pragmatic. You've got to be intentional. And this is a complicated conversation because we started talking about where is the equity held? How does that impact, you know, risk? How does that impact your ongoing compensation?   Kiera Dent (37:34.062) Mm -hmm.   Kiera Dent (37:51.598) Mm -hmm.   Brannon Moncrief (37:53.929) we could get really deep in talking about the tax implications in the sense that at the initial close, there's gonna be major tax implications. You're gonna lose potentially a lot of your write -offs. You might be paying a lot of personal things pre -tax by running it through your business. Now at the same time, by monetizing your business, most of which is gonna be a capital gain, you're converting EBITDA, which is ordinary income,   Kiera Dent (37:57.038) to 100%.   Kiera Dent (38:05.55) Mm -hmm.   Brannon Moncrief (38:20.393) into a capital game. There's massive tax advantages in doing that. So normally there's a push and pull with every single one of these elements of these deals. And in order to be fully educated, you need your financial advisor involved. You need us involved. You need your CPA involved. These are very, very complex conversations that need to occur front end really before you ever start to entertain interest or offers from a DSO.   Kiera Dent (38:24.142) Mm -hmm.   Kiera Dent (38:45.294) Mm -hmm.   Brannon Moncrief (38:50.505) So our process is four to six weeks of education, valuation, talking with your advisors, working with your team to make sure one, what's your why and is this a fit? And then two, can you afford to do it? And are you fully aware of all the levers involved in the deal? Are you aware of the tax implications? Are you aware of what your post -closing incomes are gonna look like and how that compares to your living expense needs?   How does the cash it close after tax and any type of closing cost? How does that fit into your overall financial picture and retirement goals? It's a very, very complex detailed conversation. You should not enter into the decision to sell your practice to a DSO casually. And again, that's why we got so involved in this. I wanna go back to your question. It was like, what does a good outcome look like? And good outcomes,   Kiera Dent (39:36.334) Mm -hmm.   Kiera Dent (39:43.79) Yeah.   Brannon Moncrief (39:46.537) in today's marketplace typically look like monetizing your business for no less than seven times EBITDA. I have not closed the deal at less than seven times EBITDA in three years. So if you're entertaining interest from a DSO and they're offering you less than seven times EBITDA, no doubt you're leaving money on the table. We have sold practices for as high as nine, 10 times EBITDA, even recently, despite the fact that interest rates are elevated and the capital markets are tight.   You know, I love deal structures that involve a joint venture component where you're going to have some practice level retained equity, because then you're going to have some ongoing pro rata EBITDA distributions on top of your chair side comp, especially for my younger doctors that have a longer runway. I think that that structure, either a pure joint venture or a hybrid structure that combines joint venture equity with holding company equity makes a lot of sense. And then just ensuring that you clearly define the why.   Kiera Dent (40:21.934) Mm -hmm.   Kiera Dent (40:32.59) Mm -hmm.   Brannon Moncrief (40:45.417) and you're getting what you want out of the transaction so that you don't have seller's remorse. If you want full autonomy, you want the DSO to be hands -off and very light support, partner with a DSO that functions in that manner. If you want to work with a DSO that's got heavy infrastructure because you either want to take a step back and you don't want to manage your business or you want to really scale your business and you need somebody that's got the operational support to help you do that.   you've got to end up with a DSO that is a fit with that vision. So it's really personal. Everybody's kind of got a different why. Everybody's at a different stage in their career and a different season in life. And everybody's got a different personal financial situation. So evaluating all of that before we go to market is really going to dictate who we're going to market the practice to and what a good outcome is going to look like.   Kiera Dent (41:18.446) Mm -hmm.   Brannon Moncrief (41:41.641) If I have five of your clients and they all want to go to market and sell to a DSO, there's a high probability they sell to five different buyers.   Kiera Dent (41:48.462) I would agree.   Yeah. And something I was thinking as you were saying that, Brenna, I don't know if you're open to this, but I might consider throwing on one other question of you start with your why. Second, you figure out like what you want for your retirement piece of like, what do you financially also need it to be? Because I think there could be a why, but also you want to make sure like you said, no sellers remorse of the financial aspect from tax implications to reoccurring monthly revenue for you of how much you're taking home. And then also what your retirement looks like. I would venture to guess that one where it's all in the holding company is probably going to have a high   higher return due to the fact that there's more risk. Like that one to me feels like, like that's how they're going to be able to get you to come. Right. If, cause it's, if they get there and you have nothing else there, if it's all within, um, and the other one sound like probably not as high, but again, that's the same thing in the stock market, right? You go all in risk or you go to private equity or you go to venture capitalism, you have an opportunity for way higher return. You also have opportunity for like nothing to pan out. And so I think it's just like really weighing that in. So your why.   Brannon Moncrief (42:25.705) if they get there, right? Yeah.   Kiera Dent (42:49.678) your financial piece. And then like you said, not, I think knowing that there's so many DSOs out there, that feels exhausting to try and vet them all and like have a spreadsheet of all 500 and what the offer is and what they're willing to, like that's too much. And so really it's like you hone it in and then you figure out the DSOs that really fit to it. But I think that this is where people then make either the I'm not selling or the I'm just going to sell because it feels too hard to educate. And so my recommendation, that's why I wanted Brandon to come on today is,   call you. How does it even look to work with you? So let's educate them on that. But like, get the pieces in place. It's kind of like a will. It was really weird for me to put up a will. And I felt very awkward having to call some siblings and say, Hey, if I die, or I'm in a coma, this is what we do. And I remember feeling like very shaken for a good couple of weeks. And then as soon as we signed it was like, got it. I know what I'm going to do. I know what happens. Like there's no more of that fear around it.   But getting to that took me quite a few weeks to get there and to get all the pieces in play. And I kind of feel like it's a similar thing with your practice, but getting a plan in play. So when these offers come through, you're not just one day on a bad day, selling your whole practice and your whole livelihood on a whim. So Brandon, how does it look like? Do they have to pay you? Do you guys do it for free? Is it a complimentary thing? Like what's your, I truly don't even know. So it's education for me too. How does it work for them to start getting educated, getting their plan in place kind of like a will.   So when they're ready to sell, everything's in place and they know exactly what they want to do or they keep it. And they also are totally confident with that today, knowing that they could change their mind in a few years if their life changes as well.   Brannon Moncrief (44:24.937) We always start with a casual, we call it discovery call. And that's typically a call with me. That's what I do all day long, is talk to large practice owners. And this is whether you're interested in going the private buyer route or going the DSO route. I want to make the point that we're agnostic and very objective. We can help you execute at a high level, irregardless of what path you want to go down. But we start with a discovery call just to get to know each other. Spend 30, 45 minutes, talk to me about your why, tell me a little bit about your practice.   Talk to me about your family. Talk to me about your runway to retirement. Why did you decide to pick up the phone? And call me. What's the goal? And from there, we decide, does it make sense to do a deep dive? Do an EBIT analysis. Do a cashflow analysis. Quantify what's your practice worth in the private buyer world. What's it worth in the DSO world? We kind of do a SWOT analysis to also determine if you're going to sell three or five years from now.   Kiera Dent (45:01.422) Mm -hmm.   Brannon Moncrief (45:20.713) where do we see some blind spots? Where do we see some areas for improvement? So we can do some coaching on those calls. And typically, if they're not ready to go to market and they do have some things they want to work on, that's where you come into play, right? So we go through that process of doing evaluation, talking about the economics, talking about options. And that cost for that exercise is $2 ,500. That is credit towards our fee if and when down the road.   we consummate a sale. And we have a lot of clients that are a year away, three years away, five years away from actually executing on a sale. We only charge the valuation fee once and we'll update it at no cost when the doctor's ready to go to market. But what it does is establishes a baseline. It establishes where am I at today? And we can often help coach you to re -engineer essentially the goal that you're ultimately looking to achieve. And once we've established that,   intimate relationship through doing the valuation, we can actually be an advisor to you along the way. Otherwise, if we haven't done a deep dive on your practice, it's all anecdotal in nature. So once we've done the valuation, we talk about options. If it's time to execute a sale and go to market, then we sign a listing agreement to represent the doctor in marketing their business and negotiating a sale. And at that point, we take the opportunity to market to all the DSOs that we feel could be a   good fit and for lack of a better word, create a bidding war. And we help our clients vet each DSO. We help with the diligence process. We help control the narrative regarding EBITDA. We analyze all the offers as they come in and decide how are we going to negotiate once all offers are on the table? Do we have a clear front runner or we want to call for best and final among multiple parties? And then once we ink an LOI, we help them navigate the closing process.   Kiera Dent (46:53.102) Mm -hmm.   Brannon Moncrief (47:16.137) Bring in the CPA, bring in the attorney, bring in the financial advisor at the appropriate time and help negotiate all of the major and minor points of the deal. Navigate the legal agreements, navigate diligence and ultimately navigate closing and integration. The whole process is kind of daunting from a 10 ,000 foot perspective. Our job is to break it into very manageable pieces and make sure that you're educated and represented from start to finish.   Kiera Dent (47:33.806) Mm -hmm.   Kiera Dent (47:43.854) And so, Brandon, please, I hope, I try so hard not to be offensive and I'm very dis -simple minded. So I hope this lands like very clean and nice. It feels like you're almost like my real estate agent. Like you help me get my house ready. You help me know what's a good market value. You help me figure it out. Then you help me market it. We find all the potential buyers. You help me get my pieces and then we sell it and close and off we go. So that's kind of how it feels like in simple terms of someone who's never sold in a DSO what that looks like. But how is your guys is like a real estate agent. They have,   X percentage off of it. Do you guys do a percentage or are you flat feet?   Brannon Moncrief (48:17.097) Yeah, we typically charge a percentage and that percentage can range from anywhere from 6 to 9 % depending on the size at close. Yep. With the valuation fee credited towards our commission. So 6 to 9 % of the value of the business. Our goal is obviously for you to be educated, create a lot more optionality so that you land with the right buyer and then negotiate a premium of 20 to 30 % comparative to what you would get.   Kiera Dent (48:25.614) of the clothes, right? Okay.   Brannon Moncrief (48:47.049) negotiating with the same exact buyers on your own. So we like to at least double or triple our fee economically in return of value. And I like the analogy to a real estate agent in one sense, but real estate is relatively simplistic, right? It's heavily regulated. No, no, no, no, I think it's a good comparison. And here's why. That is a heavily regulated industry.   Kiera Dent (49:05.07) Totally. That's what I said, don't take offense. I know it's really simple.   Brannon Moncrief (49:13.865) relatively easy to pinpoint what your house is worth, comparative to the other houses in your neighborhood. And if you listed it on Redfin or somewhere else, you could probably sell it on your own. But the reality is, 95 % of us hire a real estate agent when we go to sell our home, despite the fact that it's a really linear process and it's highly regulated. DSOs, private equity, the Wild West. It is not regulated at all.   Kiera Dent (49:39.182) Exactly.   Brannon Moncrief (49:41.545) your business, the value of your business is gonna be predicated upon your EBITDA and how you control that narrative. There's a lot of different options out there and it's not a linear path from start to finish. So it's much, much more complex than selling a home and that's why if you're gonna hire a real estate agent to sell your house, you sure as hell need a strong team of people behind you to sell your business, which is likely your most valuable asset and...   you're probably more invested in emotionally than you are your home.   Kiera Dent (50:13.486) I would agree. And so Brandon, my last question for you, and then we got to wrap, is how do I know that your percentage fee is good versus going and vetting other companies like you? Because now I've got like multiple companies. I've got to find somebody like you, aka real estate agent, for simple terms. And then I've got to figure out the DSOs, aka all the buyers and figure out which ones of those are good. How do I vet and like know that your fee is a good fee and I'm not overpaying, just like real estate agents, right? There's some that are like 2%, some that are 5%. Like they've kind of like,   narrowed out because we can see it and it's exposed when I'm looking on a house. I can see the seller and the buyer or the agent's commissions. How do I know that your fee is a good fee? And I know that that's asking you, but like to educate the consumer, how do they know if they're getting a good deal with you and to work with you versus another firm?   Brannon Moncrief (51:00.777) So as far as fees go, our fees are relatively similar to the other advisors in the space. It really comes down to experience and reputation. And I would encourage any of your clients to do as much vetting of us as they would like. Look at our 125 -star Google reviews. We have plenty of client references that are like, thank god I hired these guys because this process was extremely complicated.   And I had an offer from a DSO before I hired them and they got me 30, 40 % more. So between references, experience, reputation, I mean, that's how you know that we drive value for our clients. And so much so that if I have a conversation with a client and I don't feel like my representation is going to move the needle, I won't take them on as a client. You know, you and I both relatively young in this for the long term.   Kiera Dent (51:52.782) Okay. Cool.   Brannon Moncrief (51:57.577) I've spent 20 years building a fantastic reputation and if we can't provide value, we're not going to take on a client.   Kiera Dent (52:05.87) Cool. And I think that that's what it is, right? Like let's educate on DSOs, but then also educate on firms to represent us going to the DSOs. So Brandon, that was so helpful. I feel like it was so much clarity and also so much muddling. I'm like, oh my gosh, this was like an onion with so many more layers I didn't realize. So I just appreciate your time. I know you're speaking with our doctors really soon coming up as well that are part of our company. But if you want to connect with you, just want to start to get educated, what's the best way for them to reach out with you?   Brannon Moncrief (52:33.609) Yeah, you can text me, you can call me. Text is probably better, text or email to schedule a discovery call. So my cell phone number, everybody thinks I'm crazy for giving out my cell, but this is all I do all day is talk to doctors. It's 512 -660 -8505. That's 512 -660 -8505. And my email is Brannon, B -R -A -N -N -O -N at dental.   Transitions .com. And I encourage people to check out the website. We have a lot of great podcasts, webinars, articles on the website. Again, we like to lead through education. So dentaltransitions .com. Check it out. And yeah, if you want to have a conversation, please reach out.   Kiera Dent (53:22.83) Awesome. Brandon, this is so great. And I hope all of you like just take time to get educated because I believe fear is there when we're not educated. And then we have more cards in our hand to be able to play and make smarter decisions. Biggest thing I beg of all of you is no rash decisions based on emotion. Let's get our will, aka our DSO sell plan. Cause at some point you will sell your practice in place before you need to. And that way you just know the cards on hand. And Brandon, just appreciate you a ton. I think you're doing great things in the industry. So everyone reach out and as always, thanks for listening. I'll catch you next time on the Dental A Team Podcast.  

In today's episode of the IC-DISC show, I sit down with estate planning expert Jonathon Morrison. Listen in as he shares strategic guidance for business owners worth $10+ million on safeguarding wealth in the changing tax landscape. With the looming December 2025 deadline, Jonathon explains trust structures and exemptions that can freeze business value to minimize estate taxes. From revenue crunching to complex legislation, his expertise cuts through financial jargon. For those growing rapidly or concerned about legacy, this conversation provides nuanced counsel on leveraging sophisticated legal mechanisms.   SHOW HIGHLIGHTS Jonathon Morrison, an estate planning expert, discusses strategies for business owners to preserve their wealth and protect it from potential estate tax changes expected by December 31st, 2025. We examine the importance of proactive estate planning for business owners, especially those with assets ranging from $10 to $100 million, to minimize estate tax implications. Jonathon emphasizes the benefits of sophisticated trust structures that can 'freeze' a business's value for tax purposes while providing robust defense against unforeseen events. The conversation covers the urgency for business owners to engage in estate planning before the anticipated decrease in estate tax exemptions in 2026. We explore how transferring business ownership into special trusts can help business owners maintain control of their assets while reducing their taxable estate. A case study is presented, demonstrating how strategic valuation discounts and transferring minority interest to a gift trust can result in significant estate tax savings. Jonathon outlines his unique business model, which includes direct engagement with clients, flat fee structures, and comprehensive annual reviews, to provide personalized estate planning services. The episode touches on the financial benefits of estate planning, such as savings on estate taxes and protection of inheritances from creditors, lawsuits, and divorce. During the podcast, Jonathon shares his personal background, including his passion for car collecting and his roots in Arizona. We delve into the complexities of funding designs for gift trusts, stressing the importance of optimizing both the trust structure and the funding strategy for maximum effectiveness. Contact Details Email (jmorrison@frgalaw.com) LinkedIn (https://www.linkedin.com/in/jonathonmorrison/) LINKSShow Notes Be a Guest About IC-DISC Alliance About Frazer Ryan Goldberg and Arnold LLP GUEST Jonathon MorrisonAbout Jonathon TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Dave: Hello, my name is David Spray and welcome to another episode of the IC Disc Show. My guest today is Jonathon Morrison, a senior partner at the law firm of Fraser Ryan Goldberg in Arnold. Jonathon is a highly specialized estate planning attorney for people with large estates, Jonathon has a unique approach and covers a variety of different strategies. I think the biggest takeaway is that if you believe in hyper-focused specialists and you own a privately held business, then Jonathon is probably the guy for you. We covered again a number of different strategies and the urgency of December 31st 2025, why that's so significant for estate tax planning and he also encouraged everybody to address this year rather than waiting until next year. I hope you enjoyed this episode as much as I did. Jonathon, welcome to the podcast. Jonathon: Thank you, David. Thanks for having me. Where are you? Dave: connecting from today. Jonathon: I'm down here in Scottsdale, arizona. I'm a senior partner with Frazier, ryan, goldberg and Arnold. We're the largest trust and estate firm in Arizona. I'm a senior partner focusing on advanced estate planning for large, complex estates. Dave: Awesome. So I know you went to Arizona undergrad. Are you from Arizona? Jonathon: Yeah, I grew up here, all 18 years of my life in the same house. I've got a nice-. Dave: You're like the only one. You're the only that's right, a lot of yeah. Jonathon: Yeah, so I went to U of A studied finance accounting, and then I went up to law school in San Francisco. I lived in the heart of the city for about 11 years and met my wife, and then we came back to raise kids here in 2015. So I've got a six-year-old Jack and a three-year-old Rose. Dave: That's awesome, and I love Scottsdale. I go there every January for the Barrett-Jackson auctions. I always enjoy being there. Jonathon: Well, you probably saw my bio I am a car enthusiast, collector, track driver. Oh, I didn't realize. I didn't realize that. I know cars are like kids, you can't really have a favorite. But if you did have a favorite, what's your favorite? Over the years I've had a lot of cars, but I primarily drive and collect bmws, porsches and ferraris. Dave: Okay, yeah do you have a 2002? Jonathon: no, I don't have a classic 2002, mostly modern stuff. Okay, all the modern sort of m2s, m3s. I usually I only have about three or four cars at a time, unlike a lot of guys, but I swap them every six, twelve months I'm changing them in and out understood, so I drove a tesla model s plaid three years ago and my enthusiasm for gasoline engine just kind of went away. Dave: I always said I was brand agnostic and powertrain agnostic. So at one point I had the Tesla Model S Plaid, I had a Camaro ZL1 convertible six speed and I had a Jeep diesel Grand Cherokee which I had a special order to get the three liter diesel. So I'm like three brands, three propulsion types, but I'm down to actually one vehicle for the first time in a long time, a Rivian R1S, which is by far the best vehicle I've ever owned. My biggest concern with them is just whether they're going to be in business in another year or not. Jonathon: Right, right. It's like Fisker they keep coming in and out and I just saw news today they're not doing well. Yeah, I've never driven the Plaid, although my one of my Ferraris is faster than that Plaid, believe it or not? Oh wow. Dave: That's great. Well, we'll have to talk about it more and I'll be sure to look you up next January on Scottsdale, please do so. We're going to talk about estate planning and I know enough to be dangerous. My listeners and clients are privately held business owners with enterprise values between probably $10 and $100 million. The business represents the majority of their net worth and I understand there's some things going on that have some deadlines that create some urgency, so why don't we get into it? So just start wherever you want to. Jonathon: Sure, yeah. So those clients are really my clients, mid-market business owners for the most part. My practice, again, we call it advanced estate planning. What that means is the net worth, including business real estate, is high enough to warrant planning beyond just the will and living trust, powers of attorney, the core estate documents that everybody needs. Once you get to a certain wealth level or income level, then you need to start focusing on advanced planning, which encompasses we joke all the acronym planning, all of those acronyms you hear about in the estate and gift world. So for mid-market business owners, right now generally you're looking at $10 million minimum enterprise value. That warrants a good look at estate planning. We have the urgency at this point it's not as urgent quite yet which is the time to catch us because there's a limited number of Jonathon Morrisons in any state other than, you know, california I practiced up in Silicon Valley for about a decade or Manhattan you know there's about 50 of us, but in most of the smaller any other state there's maybe five, maybe that really you know, do this day in and day out. It's like a heart surgery. I've done this over 500 times transactions, design, implementation, and you've got to have at least 200, 250 reps before you really know what you're doing, mastering the vehicles themselves and then being able to distill it and communicate it to clients and be able to then get it done very quickly without you know. Business owners they hate this stuff. This is complex, it's annoying. They don't want to talk about death and taxes. They want us to operate their business. So I've done a very unique model that we can get into a little bit. I wanted to focus on the urgency, but a very unique model that's really custom tailored for busy business owners that need to get this done quickly, with high quality and low stress. But the urgency back to the urgency. So I think most of your listeners probably know that the 2017 Tax Cuts and Jobs Act, the Trump tax reform, is going to expire or sunset as of January 1st 2026. Dave: Okay, Less than two years. Jonathon: Yeah, yeah. So you know a year and nine months and as part of that, in the estate planning world, really the biggest change, perhaps the only significant change, is the reduction in the federal gift and estate tax exemptions. Okay, what are those? Well, right now there are all-time highs, okay, there are all-time highs, okay. Right now you can gift during life or at death up to $13.5 million if you're single, without any gift or estate tax. Or if you're married, you can give to about $27.2 during life or at death, and above that, if you go over that, there's a 40% gift tax. If you gift during life or at death, a 40% inheritance tax paid by your children, and so that exemption amount is scheduled to be cut in half on January 1st 2026. We don't know quite yet the number. It's probably going to be somewhere around 7 million for a single and 14 million for a married couple. So significant amount less that you can gift to individuals children, grandchildren, anybody else in 2026, unless you lock in that exemption before then. So upon so. Let me just interject one second. Dave: So just understanding numbers that I do. If you consider a population one, everybody within a state over 27 million is group one and group two is everybody between 13 and 27 million of a state size. I'm guessing that group two is probably way larger than group one, even though on absolute dollars there's folks from 26 million all the way to billions. But I'm guessing is that assumption correct that a multiple of people who needed to worry about exceeding the exemption, those number of people, are now being multiplied. Is that right? Jonathon: Yeah, once exemptions go down. You've got a lot of people now that have to worry about estate taxes. So in 2026, there's going to be a lot more people that need my services. But between now and 26, it's really. You know, if I had to pick a number, it's somebody that either already has about 10, $15 million or more, because you're doubling every 10 years, assuming the rule of 72. Yep, those people need to look at this planning. But, more importantly perhaps, are a lot of your listeners. These are business owners and their businesses are on fire. They're just going out there. Ebit is jumping every year. Multiples might be getting higher and so between now and their death they might be in their 40s, 50s, 60s. They got a long life expectancy. They're likely going to have a lot of them over $100 million net worth at death. That's when you have to measure this tax. You file a federal estate tax return within nine months after death and the government wants valuations and they want to see what you're worth and there's a 40% tax imposed at that time and that's due within nine months. There's a huge check that gets written. The good news is a Harvard professor famously said the federal estate tax is optional as long as you plan for it. I don't care what you're worth If you've got 20, maybe 30 years to live, unless you're like over a half billion dollars of net worth. I can usually wipe out the federal estate tax through proactive planning and I've got, like I said, a finance and accounting background. I've got financial models that I run free of charge all up front to show you Like I just did one for a $100 million business owner and it showed that he had about 20 million of other assets. But it showed and he was 55, it showed that if he was willing to transfer 60% of his business into the special kind of trust that we were going to wipe out his $200 million projected estate tax in 30 years it was going to go to zero and he had totally stabilized cash flow and liquidity between now and year 30. So the name of the game is to figure out how much do we need to transfer, and you got to run financial models. Most attorneys don't do that, but for a business owner there's so much that we can do because we can value the business at less attractive values at the time of gift number one. So valuations in the tax code say the valuation firm has to look at it from a discounted cashflow perspective, not a strategic buyer perspective. I just had a $600 million company that just sold a year ago. We got a value to $80 million because it wasn't valued from a strategic buyer standpoint. So if you come to me and you're 80 and you've got $100 million of cash, it's a lot harder to wipe out the estate tax versus a business owner that's got a EBIT of $5, $10 million. But they're in their 50s. We can transfer some of that business out and rely on a number of other mechanisms to wipe out that estate tax and get asset protection while they're living Very easily. They keep total control over their estate if you do it right and the business so I'm intrigued. Tell me more do it right and the business. So I'm intrigued, tell me more. Yeah, I'll tell you the exemptions going away when you run the financial models out 30 or 40 years for a lot of your business owner clients. Okay, there's, the exemption is prompting a lot of this planning and I'll explain one of the reason. But the exemptions are going down. It's use it or lose it. Okay. So let's say you've got a nice boring balance sheet $50 million stocks and bonds. Okay, single guy, you guys should definitely gift his $13.6 million exemption before 2026. We'll talk about you know, just gift it to kids. I've got a special vehicle that's done over 200 of these without an audit, making the cover of the state national state planning journal in May. So you've got a trust receptacle. If you do it right, that client could gift $13 million and keep total control and access while they're living. Again, if you know what you're doing and that irrevocable trust is designed from the outset correctly, which a lot of them aren't, I call that the optimized gift trust. So, again, that's a boring $50 million cash, stocks, bonds. So, business owners, we got the exemptions going away. That's prompting some of this. Here's the more important impetuses for reasons to act. Number one, the business keeps going up in value. We want to freeze that appreciation on that business, gift it out of the estate. So all that post-gift appreciation on the business when they sell, all of that is soaked up off balance sheet. You don't your clients, my clients are too wealthy and we don't want them getting any wealthier because there was creditor and lawsuit exposure while they're living and then at death the government takes the estate tax. So the sooner we can get a client before the business takes off, transfer some or all of that business to that special type of optimized gift trust. Get them all the control, but start building wealth off balance sheet. Rockefeller famously said you want to own nothing but control everything. If you do it right, they won't own that business anymore but they can control and access that gift trust in so many different ways. The IRS has lost so many cases in the last several decades. That allows us to pack those optimized gift trusts with so many cases in the last several decades. That allows us to pack those optimized gift trusts with so many controls. So again, number one urgency is really the fact that a lot of business owners are going to continue to grow their business and we want to shelter it. The second major reason is we have a lot of legislative risk right now. I mentioned how over the last 40, 50 years, the IRS has pretty much been on the losing end of all the cases in estate and gift. In the old days you couldn't pack that much control in these gift trusts. The IRS has lost cases or given up or acquiesced in rulings that now, if you do it right, these gift trusts that you put in your business or other assets into, there's pretty much nothing we can't. It's technically irrevocable if you don't own it anymore. But if you do it right, like you'll see in my paper, my materials for the gift trust, they have so much control In 2021, they almost patched it. Remember that building back better bill yeah. A lot of its owners were worried about. While there was a little piece nobody was paying attention to except for us in the state and gift tax eight pages it would have killed all of these flexible trusts that we use. Any quote, grant or trust would have been abolished unless you got it funded before Biden signed it into law. So I did 160 deals, $3 billion of gifts, those 18 month period. It didn't pass because remember there were two senators, manchin and Sinema, that didn't vote for it but with and this is covered in my paper in the journal they could. There's always rumors they could take another stab at trying to kill off Grand Tour Trusts. We also have interest rates that could keep going up. A lot of what we do leverages those interest rates. So there's a lot of headwinds in the near future, next few years perhaps. And the lowered exemptions this is sort of the golden age of estate planning. That's kind of fleeting because they're trying to kill off the trust. Exemptions are going down, interest rates are going up. If you're a business owner, this is the time to act. If you haven't already, okay. Dave: Yeah, because I'm assuming, since you're talking about valuations being discounted cashflow, that these higher interest rates are creating bigger discounts. Jonathon: That's part of it, I mean the major reason for interest rates being relevant is you can gift assets to these types of trusts. But you're limited by that exemption $13 million. There's another way you can actually get up to 10 times that amount in these trusts and that's the so-called sale to a defective grantor trust. What does that mean? It means I put $13 million of cash in this trust. I can then actually transfer another 130 million 10 times in exchange for a note back to me. Okay, that note. The IRS requires a minimum interest rate pretty much tracks the 10-year treasury. So the higher the interest rate, the more this trust is feeding back into your name, your taxable estate. So we want low interest rates, we want to be able to-. I see, a couple of years ago we were lending so much money at the 1% interest only 30 year fixed Right Gift trust is arbitraging and we froze that client's estate at that note value with 1%. So there's other strategies like GRATS and CLATS that are interest rate dependent. But bottom line it's one headwind is. So why don't we talk a little bit? So we talked about sort of the urgencies, business value going up. These cool trusts that we've been using for decades might be gone soon. If you don't get it done, you'd be great to put it in under everything we've ever seen. So this is the time to act. Now let's talk about the importance of that gift trust being flexible. Okay, I developed this thing in 2020. I call it I just I call it an optimized gift trust. Okay, it's. If you know any of my gift trusts and many of your podcast listeners, I've probably heard of idgits or generation skipping trusts or dynasty trusts or slats, all these things. All those things basically mean is, hey, they're features of a gift trust that give you either tax benefits or retained control. So what if you create a gift trust and you just put all those things into one? I call it a hybrid. It's nothing new. If you go to Manhattan or Silicon Valley, they're not going to call an optimized gift trust. It's just how we do it there. But you go to smaller markets like where I live, phoenix or it isn't even a small market but there's attorneys that aren't just getting. They're just not getting enough repetitions over the years. So these gift trusts a lot of the ones I review locally, for example just don't have the maximum strengths and controls that your business owner client can have if they're gifting. And it's a big deal because if you run the financial model, the majority of wealth is going to be in these gift trusts. If they're not done from the outset, you might never be able to get that money back or change the beneficiaries or access it or do many, lots of different things. And I clean up bad, irrevocable gift trusts all the time. So in 2020, I developed this thing called the Optimized Gift Trust. Three page in out overview. I got a seven page frequently asked questions. I try to productize things. I've done this 500 times. I try to take all this complexity and put it into a nice, easy to go package for business owners that are way too busy, and so this gift trust has all the bells and whistles and I mentioned. I was just asked by the National Estate Planning Journal, the top journal in my field. I made the cover back in 2020 with a different product. This one, in May 2024, in a couple of months will be on the cover, the full legal citations. It was peer reviewed, everything. There wasn't a single change. So it all checks out, never been audited. It's audit defensible as well. We've got an army of lawyers here at this firm, about three or four of them that are former IRS trial attorneys that can defend it. But my point is is these business owners need to make transfers here soon and you better darn have your gift trust within that 60 page document. It's irrevocable, meaning you can't change it, the terms of that trust, once it's done, and so if it's not optimized from the outset, that can be a big problem. So, yeah, you really want a flexible, accessible trust. If you do it right, the business owner, literally there's no downside. We can get it back in four or five different access points make changes, especially if they're married. You can include slot powers, spousal life access, trust powers which give the marital unit even more control. So that's the again number one, the urgency to act, and the number two, making sure you've got a strong gift trust to receive that gift and make changes down the road. Dave: Okay, yeah, that sounds that makes a lot of sense. So could you give us maybe a case study example, like anonymously. Sure, you know just to kind of give some color to some of this yeah, sure. Jonathon: So I mentioned I have a unique process and as part of that, what I do is I prepare. I built out this financial model. Okay, if you go to any of the top I mean, I haven't found a bank yet that I really like their financial model. Even the top banks in the world. They've got these financial models that will illustrate what it looks like to gift into these gift trusts and they'll run it out 30 years and it'll show you cash flows and tax savings. But all the models I've reviewed are really developed by financial people, not estate and gift attorneys like me. So about 10 years ago I developed this bespoke model. It's Excel-based and we can input all you know. I basically have it custom tailored to what I like to do. So I put in spending, you know assets, asset performance, business assumptions, how long you're going to live all of these things and you put in. Really, it's determined. The goal of this is to output for me. How much does my client need to gift into this gift trust to cause it so that they I joke die poor? We want them burying life. If you get sued, you don't own it anymore. That objective, the competing objective, is we don't want them to put too much in the gift trust, because the IRS doesn't like if you're poking and prodding and grabbing the assets out of there. Ideally they'll never need to touch it. Okay, we've got all these access points that they need to get back in emergency Great, but I want to make sure that they haven't given it away too much. They've still got plenty of liquidity, stabilized cash net of expenses, net of taxes, net of spending over here. So that's the output. So you wanted a case study. You wanted a case study so I just did one of the sample model. That's client business owner. He's got about $5 million of liquid assets, cash stocks, bonds. He's got $10 million of investment, real estate. He's got a $5 million home. So you know 20, 25 million, but the bulk of his net worth is in the business. It doesn't have to be that way. A lot of business owners have a lot less. But the assumption was it was you could sell the business to a strategic for $100 million in two years. We went and got a valuation, looked at the company from the worst possible lens defensively low top valuation firm, looked at EBITDA, looked at the markets and also applied minority interest valuation discounts. So a lot of times we're gifting minority interest in the company to the gift trust. You get further discounts Bottom line. It's not atypical for a $100 million company to be valued at maybe $20 million when all the discounts are applied. Okay enterprise discount, maybe down to 40, and then maybe another 40, 50% discount on that for minority interest. So we put all this in the model. He's spending 750 grand a year and then you've got inflation adjustments and everything. But the model showed that if he gifted 60% of the shares in his company to this special gift trust, that over the next 30 years, rather than his estate just growing, I think he has about $500 million in 30 years on these assumptions, causing a $200 million inheritance tax at death 40% of 500. By gifting that 60% interest we froze his estate tax. I think about $15 million. So he always had about $50 million in his hands. But all but because he had that sweet spot, all of that future value, even when the business is sold and reinvested, we froze his net worth at about 50 over here and effectively, because of all the thing that's going on, the gift trust was worth $450 million at death. That gift trust is not only exempt from 40% of state tax at his death but it's generation skipping, meaning it's totally out of, permanently out of the federal 40% gift inheritance tax for generations. In Arizona we got 500 years Depends on which state you live in or you set it up but we wiped out $200 million state tax and it made sure he had plenty of money to spend. Totally accessible gift trust if he ever needed to access it Controlled the business units that he gifted away. We can still make changes to beneficiaries or give it all to charity or some of the charity. Down the road he could borrow from the gift trust all sorts of stuff. His wife could take distributions out, so that's a great. I mean this is a very common example of the power that state attorneys that know what they're doing can do for a business owner for relatively small fees very small fees compared to that type of savings. Dave: Sure, and I presume that's where the word optimized comes in, because you're talking about that modeling and you're kind of trying to find that sweet spot of him having enough cash flow, enough control, right? Is that kind of what the optimization means? Jonathon: You hit it on the head. There's two optimizations okay. The first is making sure that gift trust has optimized his retain and control right. We've given as much as the irs case law allows with minimal risk. We're not going over the edge and there's a ton of stuff we can pack in there. So if he needs to do anything with the gift trust, we've got that optimized. And then the second thing is making sure exactly that the transfer into trust I call it the funding design, how it's transferred. Is it a gift? Is it a sale? For a note back, are we loaning additional assets? Modeling that out so that the funding design is optimized? I have to put a disclaimer in here. I'd say 95% of trusts and designs that I review probably less than that are totally optimized. There's a lot of attorneys out there that are going to seminars. They're reading about certain gift trusts, especially SLATs, spousal Life Access Trusts and they think they can get on their computer and go on some document program and start pushing buttons and making it work. This is dangerous. I didn't know what I was doing until probably about 200 transactions. I was at the top firm in Silicon Valley took public Apple, google, facebook, amazon, tesla and I was training for 10 hard years before I knew what I was doing. So making sure that your gift trust is prepared by somebody that specializes in the field has done it many times, and not just the trust being done right. Maybe you can get those buttons right if you're pushing them. The funding design is much more complex and I don't know many attorneys that can the no numbers backwards and forwards. They usually rely on the financial advisor usually doesn't really know how to apply their financial modeling to estate planning. It's just, it's a concern. So, anyways, that's enough of that disclaimer. But yeah, you got to optimize the trust and the funding design, which is my journal article 15 pages, goes into everything I'm talking about in detail. Dave: No, thank you very much. That is very helpful and we'll want to link some of that information that I'll get from you after we finish recording. Jonathon: Excellent, yeah, happy to. I'll share the overview. Frequently asked questions and I'm not sure if I can share that journal article. It's in the final peer reviewed draft but once that comes out, I'm bulk of their wealth is in the business. Dave: Now what about? So is it safe to assume that, say, somebody has a? They have a business that's worth $5 million. They have another $3 or $4 million outside the business. They don't anticipate huge growth in the business. Do they have a need for this planning? Jonathon: Yeah, I think I mean. Again, it depends on what the value of the business If you pass away, the IRS is going to require a valuation of that company within nine months If you're over the exemption amount again in a couple of years. Here you know, exemption is $7 million for single, $14 for married. So yeah, I think if the value of the company and all the assets are $10 million or above, I think it's at least worth a conversation. There's a different design for a $15 million contract individual or couple than 100 million dollar. You might, for example, you know a lot of 20 or 30 million dollar cases I come across not all business owners. But, like the design there is, you want to consume one spouse's exemption you don't need and then preserve the second spouse's exemption. So gift out of that spouse's exemption, lock, lock that in at least before 26. Right, partial forfeiture of the other spouse there's lots of things you can do. But yeah, I think I'd say it's probably closer. You know, 15 million is kind of net worth level all in real estate business. If you die tomorrow it's worth talking about and running it, you know, and see if it's worthwhile. Dave: Yeah, and because, like you're saying, one of the biggest risks of that scenario is, let's say, this hypothetical person is married and you know, let's say the exemptions drop in 27 to what you're thinking they will be, yeah, but let's just say, though, that the year before. And then let's say he dies in 2029, but let's say the year before he dies he just has a huge year, a record year, yeah, and then the business gets valued. Within nine months of when he dies, he might have a surprise valuation, right? So so, like that's, another piece of it too is you're locking in this valuation at the most conservative value and it sounds like postmortem. Some of those tools may be limited. Jonathon: They're gone. Yeah, once somebody passes away, we can't do any estate tax savings for them. Yeah, you're right, locking in low valuation. So, for example, I just I represented these famous restaurateurs and you know definitely a couple hundred million dollars of restaurants. 2020 happened and all the restaurants shut down and I remember I was just I tried so hard they ended up not pulling a trigger. I said look guys, I said your value of your restaurants because of the COVID pandemic is like probably 20% of what it used to be. Nobody knows how long this pandemic's going. I said let's get these restaurants transferred out of your estate at a depressed gift value. By the way, we got a file the only filing for this is a one-time gift. Federal gift tax return said hey, here's our valuation, irs, here's what we transferred. There's only there's a less than 1% reported audit rate on those. Okay, IRS has three years to challenge the value. If they don't which they never do then you've cleansed that gift and that valuation At death. Right now, there's almost 100% chance that an estate tax auditor at least somebody's going to look at it from the IRS. They might not do a full audit, but somebody's going to look at it. So if you've got attractive valuations, especially if it's a depressed year on your EBITDA. For whatever reason, that's the year to get it in. It's like buying low, selling high. Similar you want to transfer that into the gift trust. When it's low, use a minimal amount of your exemption and soak up all that post-gift appreciation out of the estate. Two more things. Life insurance is a big deal. It's not something I sell, but for business owners it's just good estate planning. Dave: Yeah, just to have the liquidity to pay the estate tax. Jonathon: Exactly yeah, because there's a section of tax code the good news that says if you pass away and more than 35% of your estate is trapped up in a business, or even if you're a real estate professional, real estate business can qualify and you get to pay that estate tax actually over up to 15 years. Okay, section 61. Here's the problem. The IRS wants liens. You've got now IRS as your partner or you died and your partner's now the IRS liens and all the headache. So here's what I tell clients. I say look, I can, if you live long enough, I can almost certainly wipe out your estate tax without you ever having to, you know, lose control or give up a penny, essentially. But until, like, if you've already come to me, you've got a hundred million dollars, say well, or a business worth a hundred, say it's going to take some, there's some time component. Can't immediately wipe out the death tax, but there's a time component, usually by like year 10, 20, we're getting close. So buy a big old policy of life insurance. We get it into the gift trust, irre. We get it into the gift trust, irrevocable life insurance trust or an islet, at least the death benefit isn't getting included in the estate. And then if you get a flexible life insurance policy, you can always scale down that death benefit as I'm doing my job over the years in the estate tax. You can reduce that death benefit, but if you have an unexpected death, at least we've got some liquidity to get the IRS out of the way and you don't got liens on the business for 15 years, right, yeah, so that's critical. We've got a few more minutes, unless you have something else, I want to talk about my process, yeah, so again, this is very unique. Attorneys drive me as crazy as they drive most businesses. What's the complaints about? In fact, in 20 minutes I'm going to present to all my attorneys here at the firm on best practices, on efficiencies and productivity, because I've got all these systems down. But what are the knocks? Right, attorneys, they never get back to you. They don't use email, hourly billing, some range, you know. I remember a famous quote. You know some attorney said oh, it's going to cost I don't know $5,000 to $10,000. And it was a construction, a builder, and I remember the builder said wait a second, I can quote a $20 million project down to the penny and you can't quote a darn estate plan to give me a $5,000 to $10,000 range. Anyways, hourly billings, all this talking over their head. It takes five meetings to get anything done. It's complicated. So I solved all this Five years ago. I went to just kind of revamp the whole model and I do a number of things. First, I don't have any junior lawyers. Okay, you think it's hard to hire in your industry for your business? Try the neurosurgery of the law in a small market it's impossible even find senior lawyers that are really good at this at the advanced planning. So it's driving me crazy. You know quality control and delays, where who's on which client stuff comes back. It's a mess. I got a red line in it, lots of control lock with control, caseload control and quality control and delay. So I'd only use no junior lawyers. I take a limited number of cases. I charge a premium fee but I joke that you buy my brain. You don't buy some 30 year lawyers. Brain number two it's a flat fee model. I've got a scheduled flat fee model, almost always tax deductible against the business income as a legal expense get. You get a 40, 50% discount right after that One-time fee. So we go through this process and we get it set up. Most people they need a will trust update. They need the optimized gift trust. Maybe they need this other charitable trust for income tax planning. But if you do it right, the structure is simple and it's easy to operate. At the very end of my process I've got an instruction manual. I call it. It says, hey, the lawyer set all this stuff up, but here's how you operate it. Copy the CPA, copy the investment advisor. Here's six pages. Here's what you did. Here's how to operate it. Let's have annual reviews. I don't charge for annual reviews. I don't charge for phone calls. After they've done it, they want to add some minor assets in there. We don't charge for that. You get a one-time fee and you'll get all these hourly billings. And then the third thing that I do that's pretty unique, although probably in the next two years I'll be buried, so I don't know if I can do this part always, but right now, when it's slow years, we don't have a tax law change. If I have a conversation with a new prospective client 30, 45 minute call I then get all the information I need. I work for free initially, come back about four weeks later with a full roadmap recommendation about 10 pages. So here's your objectives, here's your background. Here's exactly what I would do if I were you. Include a diagram, include those financial projections. I give it all away for free, picks me maybe eight, 10 hours, but because I've it all away for free, it takes me maybe eight, 10 hours, but because I've got all the processes, it usually takes other lawyers a lot longer than that. And then it has the fee, quote one-time fee. I'd say three out of four times people say maybe one of that. People say I like this lawyer. I see I've gotten to know him, I've gotten to see his work. I like the plan and here's what it costs one-time fee. He's not relying on junior lawyers. He's going to get this done in three phone calls, maybe two, and so they like to probably get to sample the process without having to pay 20 grand in hourly fees find out this lawyer isn't going to do it. Dave: Yeah, lots of that is really. And the thing is, even if they took your roadmap to another attorney, unless they had your level of expertise, they really couldn't execute on that roadmap anyway, right. Jonathon: Yeah, that's the thing I joke. Sometimes I say I can give you the key to my Ferrari, but I don't know. It doesn't mean you can drive it right, you could turn it on, but you're not going to know how to really use it. So that happens every now and then and I'm straight up I say look, if you shop this around, you can probably get it for half a third of the cost. Dave: But you're going to get a junior lawyer. Jonathon: You're not going to get somebody that's done this 500 times Top firm in Silicon Valley. You know you're not going to get it in two or three. I mean you just I'm doing all the drafting over time. I mean iron sharpens, iron, you get those reps. Senior lawyers are lazy, they're just sourcing business and sending it down the hall to a junior and they don't know what's going on in those documents. And if it's not done right. You're building a house for all of your wealth $450 million my client projected. If that trust isn't done right, we have client, like a lot of our clients myself, we'll spend 20, 30 grand on a kitchen remodel. But I have clients that say wait a second, I don't want to spend 50, 100 grand on this, I can get it done for 15 or 25. And I'm like do you know how important this is? This is not the area to skimp. You want to experience lawyer drafting because you can't change it later if it's not done right. Dave: Yeah Well, and then the fact that it's a, fact that it's a, it's an upfront payment. Jonathon: Like you know that they get the annual reviews for you know, right? No ongoing billings and you're working? Dave: yeah, there's huge value. It's unique it shouldn't be unique. Jonathon: In my industry it sounds like you know most industries they've come a long way. The law is still behind the times, at least in the state. Dave: Yeah, the law and in the accounting profession too. Yeah, right, so the other thing that I think people don't realize is that folks really don't need a pure custom estate plan. My sense is they need a standardized plan, right? Because I'm guessing that all of those 500 estate plans you've done fall into a small number of categories, fact patterns, right. Jonathon: I agree. There's probably about five fact patterns. You've done enough. You know this is this bucket, this is the design and then when you go through, there is customization, right, Once we go through I send out the draft gift trust. It goes out with an explanatory memo. There's 15, 20 custom decision points usually that we go through. So there's customization. But generally you're right, the design, the funding design, most of the time goes in four or five buckets. Dave: Well, it's the same reason that you know, for better, for worse, a Toyota objectively has better big build quality than a hand-built exotic car because of the repetitions and the standardizations and the perfection, and you know six Sigma, you know defect measurement, and now so I can appreciate the value of starting with a framework that's proven. I mean even just something as simple as you know when you're, if you start with standardized documents that you can search and replace, you know stuff with you're far better off than just starting with a clean slate or something that's very different than what you're going to end up. Jonathon: You're right. Yeah, I mean my process, my documents I put hundreds of hours into and I'm constantly. That's again, a benefit of doing it myself and not relying on junior lawyers is I'm constantly tweaking my forms. At least once a week there's something in a memo or something I'm going to add this or change this, and so you're constantly improving it. That happens at a lot of law firms, but again, it's usually junior lawyers that are updating, doing all that, and you don't have senior lawyers doing this over and over. Dave: So yeah. Jonathon: And again, the times suck for business owners. They, like you know, you know when I've done. Probably each of these cases takes me I don't know 10, 20 hours, all in right. If you multiply that by my billable rate, you know it's more expensive. You're buying the premium of making sure something that's been done. You know, optimized right and so yeah there's a premium. I have a buddy that jokes, or he's always asking me well, I've got this document model, this software that I can just push the buttons, like you know. Why are you charging so much? Like I said, it's so much more than just even if you get a good document. It's the funding design, it's being able to immediately respond with answers, being able to simplify complex things like we've had during this call, and spit it out in a digestible, understandable format. It's the process. It's the backend instruction manual and the front understandable format. It's the process. It's the back-end instruction manual and the front-end memo. It's all of that. That's where the value is. And again, I'm going to tell my lawyers in about 10 minutes. I'm going to talk about all this with them, because lawyers don't do this right. They don't do it. Dave: Yeah, they're really paying you not for your time, but for your expertise, knowledge, best practices, all of that. Well, hey, I know we're running up against our time limit. If somebody wants to reach out to you, what's the best way for them to reach out? Linkedin email phone. Jonathon:Email's best. jmorrison@frgalaw.com. So Frazier Ryan, goldberg, arnold, f-r-g-a-l-a-wcom, and again reach out say hey, here's my situation. Heard you on the podcast and I've got a forum process. I respond here's all the materials, here's where I think hop on a 45-minute Zoom. A paralegal usually gathers some 10 minutes of information before that. We'll run the numbers on the fly. We'll look at the stuff on the fly and see if it makes sense and I tell clients look, I make a good living. I say if this doesn't work for you, I'm happy to talk myself out of a job and tell you doesn't. But if it does, you know let's get going. Because there's so much there's no other industry that you can get thousand to one return. I mean $200 million of estate taxes saved for less than a hundred grand. No other any good financial advisor knows to run to the estate attorney, cause that's where the that's a low hanging fruit, it's the best money you can spend. And then making sure we also make sure all your kids inheritance protected from creditors. Lawsuits and divorce like that may be more important than the tax savings. Making sure that the kids inheritance is well-managed and protected, even if they have control over it. We can do it, so it's all protected so a lot of there's a lot of benefits to what I do. I love what I do and it's easy to sell because it's something I believe in. Dave: Yeah, there's a lot of. Well, Jonathan, I can't tell you how much I appreciate you taking time out of your day. I know you have a meeting to get to, so why don't we wrap it up and again, thank you so much for your time and have a great day. Jonathon: Thank you Wonderful, appreciate it.

During the Earnings Call held on May 1, 2024, Mitchell Dolloff, CEO of Leggett & Platt, offered investors a snapshot of the company's current position and future plans: "We want to maintain our long-term financial strength and have recently taken action to support this objective. In March, we proactively amended the agreement for our revolving credit facility to provide us with additional liquidity and flexibility." A key change to note is the company's decision to increase the leverage ratio from 3.5 times to 4 times until June 30, 2025. This significant move aims to buffer against potential weak demand in residential end markets.The latest earnings report issued by Leggett & Platt reveals sobering trends in business performance, consumer preferences, and future plans. This highlights a downturn in sales and EBIT when compared to the first quarter of the preceding year. Regardless of these financial markers, the company iterated its commitment to operational performance and planned restructuring efforts.While discussing the company's future practices, Dolloff commented, "I think, Susan, as we move closer to our leverage target, we'll continue to evaluate the situation. We will aim to grant ourselves flexibility and adjust our focus between share repurchases and dividends, as we continue to progress in our earnings and deleveraging." This statement paints a picture of realistic optimism, as the company acknowledges current financial pressure yet remains firm in their long-term objectives.It is critical to note that Leggett & Platt boasts a strong market foothold in its core businesses, the bedding products, and specialized products domains. This strength is, in part, due to its strategic alignment with evolving automotive industry trends towards enhanced comfort and convenience. However, the company is also experiencing hurdles with furniture and flooring sectors, which underscores a need for strategic growth measures and product innovations.To foster future growth, the company plans to enhance its financial health, streamline operations, and cut administrative costs. Their focus lies in bedding, automotive, and geo components, areas where they aim to enrich their offerings and extend their reach. Consequently, it appears that despite financial headwinds, Leggett & Platt remains intent on carving out a meaningful journey ahead. Rather than portraying an overly optimistic view, it is vital to approach this with cautious optimism and remain attuned to the evolving market and internal company dynamics. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.theprompt.email

In this episode of the Kassenzone podcast, I find myself juggling the organization of the OMR conference and finalizing the last pages of my book on platform economics. Hermann from Boost.com joins us as today's guest, sharing insights into his highly successful high-end fashion e-commerce business in the Nordic countries, boasting an impressive annual revenue of 700 million euros. Despite this success, Hermann opens up about his hesitation to transition into a platform model, sparking thought-provoking discussions that challenge traditional perspectives outlined in my upcoming book. Hermann takes us through Boost's transformative journey from a struggling monobrand e-commerce venture to a thriving multi-brand online department store. With a focus on delivering exceptional customer experiences to older fashion enthusiasts, Boost strategically expanded across the Nordic countries, prioritizing profitability and market penetration over rapid global expansion. Our conversation dives deep into Boost's innovative media deals, highlighting their strong financial standing with a revenue of 700 million euros and an impressive 5.2% adjusted EBIT margin, positioning them as one of Europe's most profitable fashion e-commerce players. Emphasizing their dominance in the Nordic markets, Hermann elaborates on the strategy of consolidating critical mass within each country before contemplating further expansion, ensuring profitability for every order beyond their core markets. We explore Boost's unique approach to e-commerce success, blending media expertise, strategic branding, and customer-focused experiences to carve a niche in the competitive fashion landscape. Hermann's candid insights offer valuable lessons in sustainable growth and market specialization, challenging conventional wisdom and showcasing how a customer-centric approach can drive substantial business success. The discussion centers on Nordic brands, which contribute 60% of Boost's overall revenue, emphasizing their strong relationships with small to mid-sized Nordic brands where they purchase all merchandise and own the inventory risk. Touching upon their lean organizational structure and preference for owning inventory to control the customer experience, we delve into the competitive landscape of the e-commerce sector, contrasting Boost's strategy with industry players like Zalando, ASOS, and About You. Our confidence in our cost structure and operational efficiency positions us as a mid to premium-priced player in the Nordics, envisioning market consolidation with a few major players dominating the industry. Shoptalks Barcelona (5-6 Juni): https://shoptalkeurope.com/ Erforsche die Zukunft des HR-Managements mit der Studie „HR Trends – die Zukunft der Personalarbeit“ von Sage. Jetzt kostenfrei erhältlich unter www.sage.de/hr. Entdecke die wichtigsten Insights und Trends für HR-Verantwortliche und Führungskräfte. Community: https://kassenzone.de/discord Feedback zum Podcast? Mail an alex@kassenzone.de Disclaimer: https://www.kassenzone.de/disclaimer/ Kassenzone” wird vermarktet von Podstars by OMR. Du möchtest in “Kassenzone” werben? Dann hier entlang. Alexander Graf: https://www.linkedin.com/in/alexandergraf/ https://twitter.com/supergraf Youtube: https://www.youtube.com/c/KassenzoneDe/ Blog: https://www.kassenzone.de/ E-Commerce Buch: https://www.amazon.de/gp/product/3866413076/

Adidas has demonstrated steady market performance, an example being the 8% currency-neutral growth noted for Q1 2024. This growth was attributed in part to Adidas's portfolio diversity, with specific mention of the successful lifestyle footwear franchises Terrace, Campus, and the SL72 lines. Adidas's reach extends beyond footwear, with expansions into soccer, running, trail running, and basketball sectors, contributing to its market appeal.The company reported that collaborations with various artists and designers have bolstered Adidas's market position. Acerbating this are substantial investments in marketing, infrastructure, store development, and factories, further testifying the commitment to the brand's growth.During the earnings call, the company's understanding of consumer trends was noted as a driving force behind Adidas's growth strategy. They reported an increase in their Lifestyle segment, particularly in franchises like Terrace, Campus, SL72, and Superstar. Adidas Originals has seen an increase in popularity among female consumers—a demographic they stated they were capitalizing on—according to statements made during the earnings call. The brand's strategic partnerships and marketing efforts were cited as beneficial in promoting this trend. The company also stated its efforts in balancing local and global trends, proving an ability to adapt while maintaining its unique brand identity.Looking ahead, the company reportedly aims to maintain momentum via investments in marketing and sales. The goal, as stated in the earnings call, is to achieve mid- to high-single-digit growth in its top-line and to increment its EBIT guidance, indicating a measured but optimistic outlook. The idea of expanding the brand through new products and widening successful franchises in both performance and lifestyle categories was also confirmed as strategic.In conclusion, the company, based on its own report, demonstrates financial stability, a broad product portfolio, strategic marketing, and commitment to future investments. Given the conveyed details, the company seems prepared to navigate changing consumer trends, balance regional preferences with global consistency, and possibly maintain a competitive position in the market. It should, however, be noted that conclusions are drawn based on the company's earnings call and the actual outcome may vary as it is subject to market dynamics and unforeseen changes. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.theprompt.email

Volkswagen AG's recent earnings report sheds light on the company's financial standing and strategic direction. CEO Arno Antlitz disclosed to investors on the call that the company will book a provision of €900 million in the second quarter, marking a significant financial decision amidst a challenging business landscape.During Volkswagen AG's earnings call, it was noted that the company has reported strong customer engagement and substantial order intake from Europe, even in the face of pandemic-related hindrances that have impacted the broader industry. The company revealed an order tally of 730,000 from Western Europe, indicating an encouraging potential for recovery and growth for Volkswagen.Interestingly, Volkswagen AG reported a significant increase in the acceptance of (BEVs) during the earnings call. The order intake for BEVs has doubled compared to the same period last year. This trend points towards growing demand for electric vehicles - a sign that Volkswagen's strategy to fast-track BEV models is receiving a positive market response.During this earnings call, Volkswagen AG also highlighted changes within Audi's residual value hedging model. The company reported an adjustment in the valuation model that has resulted in a transition phase effect of €0.3 billion. While this adjustment influenced Audi's EBIT margin, the margin aligns more closely with its targeted range of 8% to 10% when considered.When addressing the European BEV sales for the first quarter, Volkswagen AG acknowledged on their earnings call that the demand, despite doubling sales, did not meet the organization's expectations. The company underscored the need for collective efforts by OEMs, governments, and energy providers to foster broader BEV adoption. Volkswagen affirms its commitment to accelerating the rollout of BEVs, acknowledging the uncertainties about timing but emphasizing its steadfast belief in the electric future.On the earnings call, Volkswagen AG communicated a measuredly optimistic narrative, marked by strong order intake and a growth trajectory in BEV sales. However, it also acknowledged challenges, namely accelerating BEV adoption rates and managing shifts in residual value hedging procedures. Volkswagen's focus remains on seeking recovery and profitability across all vehicle segments, whether BEVs or combustion engine models. This reflects the company's realistic approach to the dynamic nature of the automotive industry. Based on the disclosures made during the earnings call, Volkswagen AG continues to navigate its course with adaptability and farsightedness. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.theprompt.email

In their recently published earnings report, Philips reflected on the preceding quarter and outlined the company's strategic directions. CEO Roy Jakobs clarified on the earnings call, "We do expect a reduction in the adjusted items and cash charges related to the recall. This will help to align the reported and adjusted EBIT going forward, and ultimately improve cash generation." This development indicates Philips' commitment to addressing the recall-related challenges and its ongoing efforts to enhance the corporation's financial health.Philips's recent business activity showcased a significant order book, which has noticeably influenced the group's sales. Ongoing orders account for around 40% of total sales, emphasizing the importance of managing this large order book effectively for competent order execution and enhanced customer service.The process of normalizing the order book is in progress at Philips. Despite considerable strides made in previous quarters, the scope for further improvement persists, as evidenced by the earnings call. The sufficient order coverage within the company signals promising operational effectiveness in Philips's activities.Additionally, the company's strategic focus isn't confined to backlog orders. The 'book-to-bill' approach drives over half of Philips's business, capturing shorter-term market orders. This inclination towards shorter orders reflects the company's focus on introducing efficient innovations, and represents an attempt to optimize a streamlined organizational structure aimed at efficient market access, as discussed on the earnings call.Philips is exhibiting steady growth momentum, balancing longer-term backlog orders and shorter-term market-drive orders. This diversified business strategy is likely to offer potential benefits to the company in the future. Touching upon this, during the call, CEO Jakobs repeated, "We delivered results in line with our performance improvement plan for the first quarter as a result of strong continued focus on our execution... The progress we are making reinforces our confidence to deliver further performance improvement in 2024 and we are on track with the plan for 2025."Philips's strategic framework integrates thoughtful innovation management into robust growth. The company's effectiveness in managing the extensive order book and its adaptive response to market demands projects a realistic potential for continued operational stability. Yet, while the CEO's statements on their earnings call paint a promising picture, the company's future performance is contingent on how it navigates the challenges and opportunities that it encounters. Thus, realism and objectivity guide the interpretation of Philips's future. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.theprompt.email

Happy Thursday! Today we cover Ford's stock price recovers due to hybrid sales, Honda invests $12 BILLION in EV supply chain, and automatic refunds when your next flight gets canceled or delayed.Ford's Q1 earnings were released yesterday and sparked an overall optimistic tone as well as a stock price bump as they bumped up their full year free cash flow figure. Ford reports a solid quarterly profit driven by strong sales of work trucks, vans, and a 36% increase in hybrid vehicle sales.Despite a downturn in the EV market, Ford's Chief Executive Jim Farley emphasizes affordable EVs as a future growth area, with potential models priced between $25,000 and $30,000.Ford Pro, the division focusing on fleet services and work vehicles, reported exceptional profitability, contributing significantly to the company's earnings.Ford Blue: $21.8 billion in revenue, EBIT of $905 millionModel e: $100 million in revenue, EBIT loss of $1.32 billionFord Pro: $18 billion in revenue, EBIT of $3.01 billionRegarding the future profitability of EVs Farley said, "We are going to build a sustainably profitable EV business," highlighting lessons learned from pricing strategies that boosted sales of their Mach-E SUV.According to reports mentioned in Automotive News, Honda is set to unveil a significant $11 billion investment plan to establish an integrated EV battery supply chain in Ontario, Canada.This investment includes the construction of an EV battery plant in Alliston and two supplier plants in partnership with South Korea's Posco Future M and Japan's Asahi Kasei.This sets a new high for automotive investment in Canada, trumping the $5B investment by VW, and $7B investment by Sweden based NorthvoltCanadian Prime Minister Justin Trudeau and other top officials will join Honda's announcement, marking a major expansion of Honda's Canadian operations."This move supercharges our North American electrification efforts," said Jean-Marc Leclerc, Honda Canada President, highlighting the strategic importance of this comprehensive investment.Pretty soon, canceled or significantly delayed flights will mean fast refunds for air travelers as new DOT Regulations Mandate Automatic RefundsAirlines will now automatically refund passengers who don't accept changes or credits for flight cancellations, significant changes, or delays exceeding three hours for domestic and six hours for international flights.The Department of Transportation's new rules also cover refunds for delayed checked baggage and undelivered paid services like Wi-Fi.These regulations, which roll out within the next 6-12 months, aim to simplify the refund process, ensuring passengers receive prompt and automatic compensation."These measures ensure fairness and transparency in air travel, benefiting consumers significantly," the DOT highlighted in their announcement.Hosts: Paul J Daly and Kyle MountsierGet the Daily Push Back email at https://www.asotu.com/ JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/ Read our most recent email at: https://www.asotu.com/media/push-back-email

In a recent earnings report, Ford Motor Company offered a detailed examination of their strategic trajectory and financial performance. CEO James Duncan Farley Jr. described the company's strategic decision, established several years ago, to significantly increase production capacity of hybrid vehicles, and to make hybrid technology a pervasive feature across their entire product lineup. This decision led to a substantial increase in production capacity for their newest F-150 model, with their ability to produce 400,000 units, nearly twice their output a few years ago. Farley noted that this capacity expansion was a careful and deliberate decision, which has positioned the company favorably in terms of scale for their suppliers. He further emphasized that most of Ford's hybrid sales in North America derive from trucks, where competition is currently limited.According to the Q1 2024 earnings call, Ford Motor Company's revenue hit an uptick of 3% year-over-year, totaling $43 billion, a figure that, along with an adjusted EBIT of $2.8 billion and an established margin of 6.5%, indicates a notable strength in their financial position.The company has strategically pivoted attention toward commercial trucks, vans, and hybrids, contributing to an increase in volumes, product mix, and profitability, as Ford's management indicated during the call. In line with this strategy, Ford has also diversified into software and service-based offerings via Ford Pro. Additionally, quality enhancements have helped improve customer experience, while reducing warranty costs—claims that were acknowledged by the company during the earnings call.Current consumer trends gravitate toward quality, cost-effective products, and innovative technology. In response to these demands, Ford's expansion into hybrid offerings provides high-quality vehicles at an economical price range, adding an appealing alternative to traditional internal combustion engines in their lineup.The executives conveyed during the earnings call that Ford's future strategy includes continuous investment in the company's key growth areas, such as the Ford Pro initiative and hybrid vehicles, while also refining its electric vehicle business model. The company remains committed to improving quality and reducing costs through efficient industrial processes, which forms a crucial part of their strategic investment plan.Finally, reiterating the company's focus on global expansion and electrification, CEO Farley projected a high single-digit growth in their Model e, primarily driven by the imminent launch of the Explorer in Europe, a comment made during the call.In wrapping up, Ford's earnings call indicates a company that is evolving with calculated strategic decisions and an astute understanding of market demands. Their financial stability provides a basis for them to continue in a direction of growth, financial performance, product and service development, and customer-centric trends. However, as always with such forward-looking statements, they are inherently subjective and should be interpreted in the light of the previous business performance and the broader industry context. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.theprompt.email

This Tuesday we're talking about why GM is smiling from their robust financial performance in Q1. We also talk about a controversial toggle on Tesla's website, as well as what companies are ignoring in their surveys. Show Notes with links:General Motors is kicking off 2024 with a robust financial performance, boosting full-year guidance after a stellar first quarter.GM's net income soared by 24% in Q1, reaching $2.98 billion, driven by strong vehicle demand, especially in North America where revenue hit a first-quarter record of $36.1 billion.Adjusted earnings before interest and taxes grew to $3.9 billion, prompting GM to raise its full-year EBIT forecast by $500 million to between $12.5 billion and $14.5 billion.Despite new-vehicle prices expected to drop slightly, GM's pricing remained stable in Q1, supported by sales of small crossovers like the Chevrolet Trax and Buick Envista.Cost-cutting measures, including $300 million in reduced fixed costs from marketing and engineering, are on track to meet GM's $2 billion reduction goal by year-end."Globally, our team is leaning into every opportunity with a focus on profitability to build on our strong start to 2024," said CEO Mary Barra, indicating the company's proactive strategy amid challenges.The Tesla toggle: Elon Musk recently tweeted a Model Y price starting below 30k. This was reflected on their website. The catch is that the price included calculated fuel savings based on an assumption of use. This could be adjusted and toggled off. Could Dealers get away with this? Are they violating the rules?Will they get in trouble? Customer satisfaction surveys are pervasive, a new Business Insider article explores whether they really help businesses, or just annoy customers with constant requests for feedback?Surveys have become a standard practice across industries, aiming to optimize customer experiences for business gains, not necessarily customer benefit.The spending on market research, specifically customer surveys, has ballooned to $80 billion annually, with a significant focus on monitoring and improving customer satisfaction metrics.Despite the intention to gather useful data, the overwhelming number of surveys has led to 'oversurveying', making many people less likely to respond, which paradoxically leads to more surveys being sent out.Companies are now focusing less on the quality of products and more on whether their offerings meet customer expectations; the current emphasis in surveys is on the entire customer experience, not just product quality. "Companies are using surveys to cling to unloyal customers. It's much cheaper to keep a customer than acquire a new one," explains Brad Anderson of Qualtrics, highlighting the economic motives behind the survey onslaught.Hosts: Paul J Daly and Kyle MountsierGet the Daily Push Back email at https://www.asotu.com/ JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/ Read our most recent email at: https://www.asotu.com/media/push-back-email

Ebit B Kiss joins Something For Everybody this week.  In this conversation, Edit B Kiss discusses the misconceptions about healing trauma and the importance of addressing both mental and physical aspects of trauma. She emphasizes the interconnection between trauma and physical health, highlighting the need to release trauma from the unconscious mind. Edit also shares the significance of mindfulness and meditation in healing, as well as the power of creating positive habits. She explains the differences between the conscious, subconscious, and unconscious mind, and how they impact our behavior. Edit discusses her own spiritual awakening and the importance of gratitude in daily life. Lastly, she mentions her upcoming retreat focused on energy healing and trauma release. - Sponsors:  AMARE GLOBAL: The Mental Wellness Company - get $10 off your next order - https://www.amare.com/155249/en-us/ (use code: EVERYBODY) Get 10% discount on all For Everybody products at https://shopforeverybody.com/ (use code: SFE10)  Get 10% off Jocko Fuel at https://store.jockofuel.com/ (use code EVERYBODY)  - Extra Stuff: Follow Edit on Linkedin: https://www.linkedin.com/in/editbkiss/ - Check out my mental health non-profit, YouAreLoved: https://youarelovedlife.com/ Subscribe to my newsletter: https://aaronmachbitz.com/ Something For Everybody Merchandise → https://shopforeverybody.com/collections/somethingforeverybody - To support me on Patreon (thank you): https://www.patreon.com/AaronMachbitz (Recorded on February 8th, 2024) Edited by Ben Rogerson  (@BenRogerson_) Intro music by Residual Audio (Residualaudio.com) - Get in touch:  iG: https://www.instagram.com/AaronMachbitz Twitter: https://twitter.com/AaronMachbitz Facebook: https://www.facebook.com/AMachbitz/ YouTube: https://www.youtube.com/@AaronMachbitz Email:  https://www.aaronmachbitz.com/contact/

Watch The X22 Report On Video No videos found Click On Picture To See Larger PictureThe EU governments are beginning to push back against their own people. Forces uses tear gas on the Spanish farmers. Ford lost billions by pushing EV sales.  Layoffs are accelerating. Institutional investors now think Trump will win. The [DS] plan to push the border bill has failed, they will try to use this to blame it on Trump, this will fail. People know the truth especially when their is an event in the country. Sheriffs are now reporting that the FBI is warning of a [FF], see something say something. [DS] players are panicking, Tucker is interviewing Putin and they don't have control [HRC] panics, projects fifth column. Why is she panicking, U1 is now coming into focus. The SC is now hearing the ballot case, Trump will win in the end.   (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); Economy https://twitter.com/WallStreetSilv/status/1755427987372089822?s=20  Ford Announces Billions of Dollars in Losses on Electric Vehicle Range—Worse Than Expected   There is more bad news for electric vehicle manufacturers. After declaring its annual results a success, Ford has revealed that it incurred a loss of $4.7 billion on its electric vehicle range, more than the $4.5 billion the company predicted in the middle of last year.   The company's annual summary states: Ford Model e's wholesales and revenue were both up at double-digit full-year rates. The startup segment incurred a full-year EBIT loss of $4.7 billion, reflecting an extremely competitive pricing environment, along with strategic investments in the development of clean-sheet, nextgeneration EVs.Sales volumes of the F-150 Lightning pickup and Mustang Mach-E SUV both were up yearover-year and respectively the top-selling electric pickup and No. 3 most popular EV of any typein the U.S. for 2023. Source: redstate.com Hey lets remove the subsidies and see how this goes.  Toyota Did Not Go Green With Electric Vehicles, Now They Are Going Green in Earnings    Toyota announced that at the end of their fiscal year in March, they expect to see an annual profit of roughly $30 billion, and they are chalking it up to one very wise decision. Instead of going all in on completely electric vehicles, Toyota went with stressing its hybrid vehicles. Proof that the decision paid off could be seen in Toyota stock prices. Toyota shares rose almost 50 percent in the last year, while many of the electric models produced by other manufacturers sit on dealership lots and sales lag. Source: redstate.com US Buys More From Mexico Than China for 1st Time in 2 Decades For the first time in more than 20 years, the United States purchased more goods from Mexico than China in 2023, highlighting a change in international trade and spotlighting America's de-risking efforts. Last year, the United States imported more than $475.6 billion in goods from its southern neighbor and exported about $323.2 billion, according to new Census Bureau data. The United States ran a $152.38 billion trade deficit with Mexico, up 16 percent from the previous year. By comparison, the United States bought roughly $427 billion in goods from China and shipped nearly $148 billion. The U.S. trade deficit with Beijing was close to $280 billion, narrowing by 27 percent from 2022. Source: theepochtimes.com https://twitter.com/GRDecter/status/1755623267203785105?s=20  10% of wealth employees in London - Tesla asks which jobs are critical https://twitter.com/DavidADitch/status/1755606819073101843?s=20   -The worst inflation wave in four decades,

Join us for our first episode recorded in 2024! In this episode, Simon and Braden discuss GLP-1 weight loss drugs and more specifically Ozempic. Then they go over 15 ETFs that offer low fees and broad exposure to the markets. They finish the episode by going over their investing lessons from 2023 and 2024 investing goals. Ticker of Stocks/ETFs discussed: XAW.TO, VXC.TO, XEQT.TO, VEQT.TO, VFV.TO, VOO, XUU.TO, ITOT, EMXC, XEMC.TO, XIC.TO, VCN.TO, CBIL.TO, UBIL-U.TO, EBIT.O, FGRO,TO  Check out our portfolio by going to Jointci.com Our Website Canadian Investor Podcast Network Twitter: @cdn_investing Simon's twitter: @Fiat_Iceberg Braden's twitter: @BradoCapital Dan's Twitter: @stocktrades_ca Want to learn more about Real Estate Investing? Check out the Canadian Real Estate Investor Podcast! Apple Podcast - The Canadian Real Estate Investor  Spotify - The Canadian Real Estate Investor  Sign up for Finchat.io for free to get easy access to global stock coverage and powerful AI investing tools. Register for EQ Bank, the seamless digital banking experience with better rates and no nonsense.See omnystudio.com/listener for privacy information.