Podcasts about Loi

Valérie Rabault, députée PS et vice-présidente de l'Assemblée nationale, était l'invité de Laure Closier et Christophe Jakubyszyn dans Good Morning Business, ce jeudi 1er décembre. Ils se sont penché sur la motion de censure de la Nupes, la loi contre les squatteurs, ainsi que sur les aides énergie insuffisantes pour les entreprises françaises, BFM Business. Retrouvez l'émission du lundi au vendredi et réécoutez la en podcast.

durée : 00:04:48 - Le Billet politique - par : Stéphane Robert - Faut-il inscrire l'avortement dans la Constitution ? Se dirige-t-on vers l'interdiction de la corrida ? Ces propositions, examinées aujourd'hui dans le cadre de la niche parlementaire de la France Insoumise à l'Assemblée nationale, ont peu de chances de prospérer même si elles sont votées.

This episode is all about letters of intent and how to develop one that will standout. Questions we discuss:What is a letter of intent? How is it different from a cover letter or personal statement?What content should be included in a letter of intent?How can you be specific and avoid being generic in a letter of intent?What is "fluff" and how to avoid it?What other things should I consider for my letter of intent?This episode's take-aways:LOI is a short document that allows you to voice your career goals, experience and leadership that make you a fit for a residency program and also how the program can benefit youContent of LOI should be specific and should include: what interests you in the program, how the program can benefit you, how you can benefit the programLOI should be specific to each individual programFluff = generic traits a lot of applicants have (hard worker, manage time) - skills you think a resident should have that you just compile a listTo avoid "fluff" - provide specific examples as follow-ups when describing your attributes, skills or experienceMake sure you LOI showcases that you have done a great deal of self-reflection (about your experiences and skills and capabilities you gained from them) - this is important during residency trainingRead other examples and use your resources (mentors, preceptors, professional organizations [ACCP, ASHP], books, etc.)Make sure your LOI aligns with your CV and other pieces of your applicationDevelop a checklist of things you want to clearly articulateDon't write it in one sittingHave others read and double check your LOIAddress it to the correct program/program director Be yourself!Check out our website and sign-up to join the SASO (separate and stand out) squad. Check out our blog. If you like the show, support us by telling your friends or colleagues about it. You can also support us by clicking the coffee button on the website and buying us a cup of coffee or getting yourself some of our premium merch.Follow us on twitter @PGPharmacist or on Facebook, Instagram, or LinkedIn @ThePostGraduatePharmacist. What questions did we not answer? What did you think of the show?Music | "Sweet" by LiQWYD Watch: https://youtu.be/eIYlaVPdNYM License: https://www.liqwydmusic.com/how-to-use Download/Stream:

Underwriting. A skill set that Vessi Kapoulian became an expert, in and with it scaled her business. In 2017, after arriving in the US from Bulgaria, Vessi started the journey that led her to control a small portfolio of investor real estate properties in Tennessee and Florida. In this episode, Vessi and Sam embark on managing operational expenses and capital expenditures and discuss how the current market conditions are impacting their business, and how their strategies for protecting themselves are evolving.   Highlights:   [00:00 - 07:32] The Start of a Journey ·        Vessi has 18 years of business experience, 14 of which are in commercial lending and four in business management and sales, and controls over 161 doors. ·        Vessi is focused on multi-family real estate investing. ·        She shares how transitioned from single-family to multifamily real estate investing and how she uses content, underwriting, and deals to scale her business. ·        Vessi shares how she manages her deals, stay patient and keep the feedback loop open with brokers.   [07:57 - 14:40] Underwriter's Tips for Surviving a Sellers' Market.   ·        Multifamily is a team sport. Partnering is essential for the growth and scaling of your business. ·        For Vessi, it was difficult at first, but eventually became easier as she learned more about the market and became more efficient in her underwriting. ·        Vessi recommends following underwriting models that are best for you, trying different models, and joining underwriting communities. ·        She also recommends being mindful of insurance rates and adjusting your assumptions as needed.   [14:40 - 17:00] Scaling on a Threating Economy ·        Vessi raised her reserves and CapEx in order to have more protection in the event of a market downturn. ·        This increased spending is partially driven by higher labor and supplies costs, as well as increasing operating reserves. ·        Vessi predicts that cap rates will continue to increase, resulting in return compression for buyers and sellers.   [17:00 - 17:59] Closing Segment ·        Reach out to Vessi o  See links below ·        Final words   Tweetable Quote   “I think having clarity of goals and your why, will pull you up further during good times, and push you forward during tough times”. – Vessi Kapoulian   “Underwriting is an art and a science. It's constantly evolving and that's what I love about it. As the market evolves, you evolve your underwriting with it. So, it's not something static, it's something fluid that constantly changes over time”. – Vessi Kapoulian   ----------------------------------------------------------------------------- Connect with Vessi Kapoulian on her website and write her an email at vessi@thevessik.com   Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.    Facebook   LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in!   Email me → sam@brickeninvestmentgroup.com       Want to read the full show notes of the episode? Check it out below:   Vessi Kapoulian 00:00 Underwriting is an art and a science. It's constantly evolving and that's what I love about it. So, I'm still feel like I have a time to learn. And as the market evolves. You evolve your underwriting with it. So, it's not something static, it's something fluid that constantly changes over time. Intro 00:18 Welcome to the How to Scale Commercial Real Estate Show. Whether you are an active or passive investor, we'll teach you how to scale your real estate investing business into something big. Sam Wilson 00:30 Vessi has 18 years of business experience that includes 14 years of commercial lending and four years of business management and sales. Today, Vessi controls over 161 doors. Vessi, welcome to the show. Vessi Kapoulian 00:44 Thank you so much, Sam. It's a pleasure to be here and excited about our conversation today. Sam Wilson 00:49 Absolutely. The pleasure is mine, Vessi, there are three questions I ask every guest who comes from the show in 90 seconds or less. Can you tell me where did you start? Where are you now? And how did you get there? Vessi Kapoulian 00:58 Happy to share that. So, one could argue that my real estate journey, or the seed for my real estate journey was planted back in Bulgaria behind the Iron Curtain, when not many people knew or there wasn't really a developed stock market. And so, when people talked about investments, they, in most cases, they would refer to hard assets like real precious metals. But that seed didn't quite germinate on my end until 2017 and when I made my first investment after arriving to the US and really following a more traditional path of going to school, climbing the corporate ladder. So, I made that first investment out of state. I live in Los Angeles, California, where they're great natural appreciation benefits, but it's very difficult to cash flow. This cash flow was my goal that kind of forced me to look out of state. So, I started in the residential space, actually Memphis, Tennessee, buying a single-family home there and then another, and another eventually expanding into the Florida market. And I asked myself, how do I scale this further? And that naturally led me to look into multifamily. I started devouring a ton of content, joined a mastermind, started underwriting, evaluating deals, and officially made that transition earlier this year by closing on two deals. One is a JV in Tampa and the other one is a syndication in Augusta, Georgia. And continuing to look to grow and scale in the multifamily space. Sam Wilson 02:29 That's fantastic. How many single-family homes did you have before you said there's gotta be a better way? Vessi Kapoulian 02:35 I got up to four properties, five doors, and that's when I figured I need to start making that shift. Sam Wilson 02:44 Good for you. That's, you know, the, I hear a lot of guys who come on and they're like, you know, we've had 20, 30, 40 doors, and they're like, wait, we just can't. We can't meaningfully scale this, so you must be smarter than the rest of us in that you learned your lessons earlier on, so well done. That's fantastic. So, you got out of single-family, you said, and were all those, I'm assuming, were those turnkey properties? I mean, were the things you were managing yourself. What were those single-family residences? Vessi Kapoulian 03:09 Yeah, I started with turnkey rentals and um, I do have third party property managers who are my boots on the ground and that I vetted before really making that leap. So, I don't self-manage those. I definitely manage the manager and certainly learned quite a lot that I could transfer onto my multi-family portfolio. Sam Wilson 03:29 That's great. And you said the first deal you got into in the multi-family space was a joint venture. Tell me how that deal came to you and you'll break down the structure of the joint venture, maybe for our listeners who haven't done a joint venture yet, or maybe even how that came about. Vessi Kapoulian 03:45 Absolutely. So, what I decided to focus on are two things at the beginning of my multi-family journey. One is a market. So, I selected the state of Florida since I already had some presence there. Property manager boots on the ground. And the second part was the skill set, and that's underwriting acquisition. Particularly in the state of Florida, as I was doing my research, I quickly found out that 92 to 93% of the deals are sourced via brokers versus going direct to seller. And since I still have my full-time W two job, I decided to focus on the 92, 93% of the market. So, I started reaching out to brokers, eventually getting on their lists to start receiving deals to analyze. 04:33 And every deal I would analyze, I would always respond to them with feedback on why it doesn't work at that moment of time. And kind of reminding them of what my acquisition criteria. So, that was quite a bit of a journey. It took about six months underwriting nearly 200 deals, so that's a deal a day. Of those only five were LOI worthy. And of those five, only one actually want the and that was an 11-unit class B property in the market of Tampa. We, it wasn't large enough to syndicate however, through a mastermind that I had joined, I already had connections with potential JV partners, one of which was, or still is in Florida, and served as boots on the ground. 05:22 So we joined, he and went after the opportunity. I can talk about the closing process as well because that wasn't smooth sailing, to say the least. But we were able to get it done. And now working on stabilizing the asset. Sam Wilson 05:38 Now that's really cool. I love I love that story. How did this joint venture partner approach you, or did you approach them? Vessi Kapoulian 05:45 I approached them and as I was looking for deals in parallel, I was looking to continuously reach out to people, build relationships. Really make sure that the people I work with have similar values, similar goals. And so, there were a lot of conversations that were taking place kind of behind the scenes, if you will, over a period of time. And that really allowed me to get to know the people that I'll be working with. That particular mastermind also facilitates in person events, so I had a chance to meet them in person so, it really happened organically over time. By the time that I had the deal on the table, I already had the infrastructure set up in order to take that deal down. Not only from a partner's perspective, but also having an insurance agent, the property manager, everything lined up so we can execute smoothly on the transaction. Sam Wilson 06:39 What was the purchase price on that 11-unit deal? Vessi Kapoulian 06:42 2.1 million. Sam Wilson 06:44 2.1 million. Okay. And so, your joint venture partner brought all of the equity, is that right? Vessi Kapoulian 06:49 That's not right. Um, Okay. So, there's four entities and we're split 30/30, 20/20. And I have a larger share, mostly because of finding, organizing, setting up the deal, underwriting the deal and really having a more active part in the asset management. However, everyone has their role. We all have weekly JV calls, their certain partners who help with the boots on the ground aspects, some of the contract contractor pricing and vetting taking minutes. Reaching out to local vendors. And then we have various projects that are taking place. So, each person has a role in that project, so it's not just me. And that's been really helpful. You often hear that multifamily is a team sport and I could not agree with that more. Could I have done this on my own? Maybe. But I think in the long run it would be very difficult to scale if you were to do this on your own. So, it's been amazing to have the help from my partners. Sam Wilson 07:50 That's absolutely right. And that's something that you know, we talk about a lot is the you've gotta have partners if you're going to scale, what's the, what's that line? If you wanna go fast, go alone. If you wanna go far it was, it goes, I can't remember the rest of the phrase, but something like goes a group or as a team, something like that. If you are listening to this, you're probably like, you got it completely wrong and Sam, you're right. I probably butchered that. But you get the big idea there. And that's funny cuz I had an investor call here, gosh, with me two weeks ago maybe, and they're like: "How many partners are on this deal? And I said: "There's four of us and here's...". And they're like: "Why are there four of you? And same question they posed to me and I'm like: "Let me just explain to you why there's four of us. Cause here's what the four of us are doing". And they're like: "Oh, that's a lot. I go: "Yeah, I just can't do it on my own. I could maybe, I, maybe if I were, you know, this was all, I did that one single deal maybe, but even then, it would be just a lot. Tell me about the 200 deals that you underwrote. I mean, that's a lot of underwriting in, a lot of patience. And a lot of feedback to brokers going, hey, this doesn't work. I mean, did the brokers get tired of hearing from you saying "No"? Vessi Kapoulian 08:51 Probably. And that's always a risk you take. But at the same time, I think it's even worse if you are kind of silent and constantly pulling deals because they see who's pulling the deals and the packages and of course they share that with their investor list. So, there is a way to track who's actively looking at these deals. So, I certainly didn't want to be the person who's only taking information and not giving them any feedback. And it's helpful for them to get that feedback because then they share that with the seller and certainly, we are entering different waters in the current market environment, but at the time when I was looking, everything was extremely competitive. Definitely a seller's market. So having that feedback is important. And yes, it took a lot of tenacity, but at the end of the day, it's important to know also why you're doing it. And my why is what was driving me. I think having clarity of goals and your why, will pull you up further during good times, push you forward during tough times. It certainly was not easy, especially when there's a lot of noise around and you hear people closing deals left and right, and here I am trying to find the one. Um, Also I will say that especially in the beginning, a lot of these deals I underwrote for reps because I really wanted to master underwriting. So even when I got a deal that I knew right off the bat, probably won't meet my investment criteria due to submarket location or maybe age of the property, this and that, I would still go and underwrite it fully. So, I could develop that muscle memory, if you will, of being very efficient in analyzing deals. And what that helped me also over time is learn the market learn expense, line items, vacancies, everything that you need in order to more accurately project the performance of the property. It was a learning exercise, but also a way to build relationship with the broker community. Sam Wilson 10:50 No, I think that's absolutely great. I mean, that's what a skill set to have really honed. Did you have any guidance along the way, helping you kind of define or refine that skillset? Vessi Kapoulian 11:04 Absolutely. So, I joined a lot of, there's a ton of online groups or communities that specialize in underwriting. There's also books and a ton of content that you can devour if you will. So, I definitely took advantage of that. Also, within the mastermind that I'm part of, people ask questions, support each other. So, I use, definitely utilize those forums. But really the most I learned is by actually doing it getting into those spreadsheets, diving into the formulas, and actually going through the packages and underwriting those deals. So, it was a combination of taking action and then continuous education. And I'm still learning. Underwriting is an art and a science. It's constantly evolving and that's what I love about it. So, I'm still feel like I have a time to learn. And as the market evolves. You evolve your underwriting with it. So, it's not something static, it's something fluid that constantly changes over time. Sam Wilson 12:02 What would you recommend if someone, and maybe you already answered this by saying the online community, you know, books that you can use, things like that. This is a conversation, actually, it came to me yesterday with somebody and they spoke. "Hey, I want to learn and master underwriting and, I've done my fair share of it, but I'm not sure I've mastered it. It's not something I spend my every day doing. But if someone were to follow in your footsteps, what would you tell them to do if they wanted to? Other than maybe getting their reps in, but to learn and master underwriting. Vessi Kapoulian 12:33 So, I would start by encouraging them to select a model. There are a lot of different underwriting models out there, and when people ask me which is the best one, my response is usually the one that's best for you. So go ahead, and try different models. Some are free out there. For example, Robert Beardsley has won and he wrote a book on underwriting that I've definitely, I've read. Use his model. So that would be one. They're paid ones. The ones I've used most frequently is the Michael Blank Syndicated Deal Analyzer. And there're a ton more. So, I would encourage people to experiment, see the one that's suits them best. And if you're an Excel guru, over time you can also build one of your own because there's always something lacking in each model. It's not gonna be perfect. But I would start there and then joining various underwriting communities. Saturday there's like a three-hour meetup focused on underwriting led by Charles Siemens, so that's one I attend regularly. That's a good way to start. And of course, if you're part of a mastermind, there are subgroups there. But those would be a few ways to get started. Is picking up a model and start to analyze deals. Maybe pick a deal, maybe not in your market if you're too afraid to start reaching out to brokers in your market. But start analyzing and maybe team up with a buddy, where you can compare notes and learn along with each other. Sam Wilson 14:01 That's awesome. That fantastic list of resources there for our listeners. Thank you for sharing all of that with us. One final question here for you, and maybe this will lead to other questions, so maybe I lied there, but tell me this: how has your underwriting changed in 2022? Vessi Kapoulian 14:19 That's an excellent question and I probably would have answered it differently at the beginning of the year, but a lot has happened since the Feds started raising rates in March of this year. There are a few changes that I'm making in my underwriting. From a top line perspective, certainly moderating my rent growth assumptions to low single digits versus high single digits or low double digits. So that's one. Normalizing the vacancy assumptions as well because occupancy levels are starting to decline and that's just part of the market cycle that we are in. On the expense side, being even more diligent with my insurance assumptions, particularly in Florida. Rates have increased exponentially and in some cases it's not uncommon for them to the preliminary call that you received from your broker to change by the time you close. So constantly staying in touch with the insurance broker to make sure those rates are relevant. Increasing my reserves for operating expenses and CapEx, on the CapEx front. That's partially driven by the labor and supplies, material costs. And then operating reserves, just building in more cushion at least six months. In order to have that protection, should the market turn even more sour. And last but not least, cap rate reversion. I know historically most people look at 10 basis points per year increase. I've accelerated that just based on what I'm seeing in the market today. And I, one example I would give is in the Orlando market. Cap rates are currently at 4.7 versus three same period last year, and most assets are now trading at five. So that is real, that is happening and not surprising, right? Given the pace of the interest rate increases. But those are some of the changes I've started to make into my modeling and projections to, in order to get more realistic, or one could even say more conservative. Projections and assumptions. Sam Wilson 16:24 I love it. Those are very tangible things that you're doing in your underwriting that really make a big difference in the beginning obviously the amount of money you're willing to pay for an asset, which is yeah, that's a... Vessi Kapoulian 16:34 Absolutely. Yes. And it's for sugar, unfortunately, right? I like to be conservative, but it's also resulting in return compression, which is now making deals even more difficult to pencil in. At least from my experience, while there has been some adjustment in seller expectations, maybe 10, 15% of the list price those seller expectations haven't fully adjusted. And that's what's leading to that return overall return compression. Sam Wilson 17:03 Right? Right. Yep. And that takes time for people to get realistic on what their assets are worth. I know I certainly have made an offer here last week on an asset, and they came back with another number and I just said: "We'll, just give this a little time". I know. In the next 12 to 18 months, we'll probably have a deal, but we're gonna have to give this a little time. So that's just the way it goes. Vassi, thank you for taking the time to come on this show today. Speaking of time, if our listeners want to get in touch with you, what is the best way to do that? Vessi Kapoulian 17:31 The easiest ways to connect with me through my website, dbacapitalgroup.com. D as in dream, B as in believe, A as in achieve. I have a ton of free content there to share with your listeners. And of course, there's my phone number, my email, as well as a link to my calendar um, should they want to continue the dialogue. Sam Wilson 17:52 Fantastic. Vessi, thank you again. Have a great rest of your day. Vessi Kapoulian 17:55 Thank you so much, Sam. Have a wonderful day and week ahead. Outro 17:59 Hey, thanks for listening to the How to Scale Commercial Real Estate Podcast. If you can, do me a favor and subscribe and leave us a review on Apple Podcast, Spotify, Google Podcast, whatever platform it is you use to listen. If you can do that for us, that would be a fantastic help to the show. It helps us both attract new listeners as well as rank hire on those directories. So, appreciate you listening. Thanks so much and hope to catch you on the next episode.

There are many impressive things about Matthew Cooper. In addition to being featured in Forbes Magazine, he was named a finalist for “Individual Thought Leader of the Year” for the 2019 WealthManagement.com Wealthies Industry Awards, and he was the winner of “M&A Leader of the Year” for the 2022 WealthManagement.com Wealthies Industry Awards. But, most meaningful to Matthew is the business that he is a Founding Partner and President of, Beacon Pointe Advisors, one of the U.S.'s most successful RIA firms with locations spanning all over the country. The RIA industry wasn't Matt's first business calling. As a matter of fact, after graduating from college, he entered the life insurance industry. Nevertheless, life has its turns, and that life insurance firm branched out into the RIA arena and, as Matt says, “Here we are.” Since he was the one to work out deals when a client's loved one passed away, he had an early start at dealmaking. Through this early education in dealmaking, Matt took that knowledge and built Beacon Pointe into what it is today, a remarkable RIA powerhouse firm and acquirer. 13,000+ clients 375+ on staff nationwide 220+ Designations and Certifications including CFA, CFP®,JD, MST Since March 2020 -- after bringing in Beacon Pointe's first capital partner -- completed 24 successful transactions BRINGING IN A CAPITAL PARTNER For nearly 20 years, Beacon Pointe had no capital partner. That changed when they took on two underlying RIAs – one expressly for the inorganic growth side of the business – and discovered they weren't as aligned as they had believed. Not only did the M&A RIA start to grow larger than the other RIA, but several veteran shareholders were looking to exit and cash out. This misalignment paired with the timing of shareholders wanting to exit, caused Matt to see the natural need to bring in outside capital and merge the two RIAs together. Alignment is extremely critical in M&A; if one facet is out of sync, the entire thing might come crumbling down like a house of cards in a downpour. Matt took on the challenge, recognized the opportunity, and decided to bring in a capital partner to help the firm evolve. Choosing the right capital partner can: Help you strategically Offer your business more value Lessen potential risks Accelerate growth For Matt and Beacon Pointe, the right partner was KKR & Co. IT'S NOT A HOBBY As a dealmaker, Matt has been doing a lot of heavy lifting through Beacon Point. To make even one successful deal – let alone the volume and caliber of deals Matt makes – it takes a great deal of knowledge, tenacity, and dedication. Matt emphasizes the importance of dealmaking as a conscious exercise; “It's not a hobby,” he adds. Nothing could be truer. For Matt to make such effective deals at the volume he does, he has a process that he sticks by: Keeping his mindset sharp on the deal, remembering “it's not a hobby”. Having teams built and in place: one team to source the potential deals, do due diligence, and then build the LOI. Following the LOI, an integration team performs further due diligence and remains on-task post-close until the firms are fully integrated. Having all the department heads at Beacon Pointe be a part of the whole process Knowing when to push, and when to ease up in the deal-making process FULLY INTEGRATED MODEL TO SERVE CLIENTS As previously discussed in episode 199 of The DealQuest Podcast, there's debate within the M&A RIA space about aggregators versus integrators. Beacon Pointe is squarely on the fully integrated model side. This means: One brand One ADV One tech stack One company culture The goal, whether you're an aggregator or an integrator, is to reduce confusion of potential targets when there are so many options and choices available these days in the RIA space. To help mitigate confusion, Matt constructed a consistent story in the marketplace regarding Beacon Pointe's all-wealth approach. This allows the various teams across the U.S. to have the flexibility and speak with their own voices while remaining on agenda with Beacon Pointe's strategy. Matt's approach to dealmaking is very people-oriented, so it really is about how well people within his firms get along, so he has three pillars he focuses on with Beacon Pointe: Access to institutional quality investments Life and legacy planning Impact initiatives EQUITY-FORWARD AND MAJORITY INVESTORS Another feature of Beacon Point's integrator model is being equity-forward and doing only majority investment deals. Because of the need for cash flow at the time, Beacon Pointe's first nine deals featured a 100% equity swap, but they now prefer to keep the equity between 20% and 60%, with the sweet spot for a typical deal being the high-30% range. These percentages result from the fact that equity is the most expensive consideration for them. However, equity is generally a very attractive incentive to investors, as the higher multiples and growth rate of Beacon Point helps create greater enterprise value for all. Depending on your goals and expectations, bringing in majority investors can be viewed as positive or negative. Some of the attributes of bringing in majority investors: Founders can build their company to be a bit self-operating in that they can take a break from the daily operations by sharing responsibility with majority investors. Sometimes new ownership can add a fresh perspective, which might be precisely what a business needs to be reinvigorated. Each investor is likely going to have a series of people they trust on their end. They may very well want to bring those people in with them, which will offer a fresh perspective and expertise that you may not otherwise have had access to. For founders, a surface-level concern is the need to give up control to majority investors. However, Matt prefers to see and present it as giving a little to gain a lot in the long run. ATTRACTING THE RIGHT CLIENTS UNDER A FULLY INTEGRATED MODEL A significant part of the debate between aggregator versus integrator models is not only the route to the end goal but also the type of clientele you're aiming to attract to your business while avoiding wasting time on deals that won't function well with your model. Beacon Point targets firms with assets ranging from $3 million to $2 billion for Beacon Pointe's fully integrated approach. Those within that target range are the best prospective firms to whom Beacon Pointe can bring the most value in the future. Other attributes Matt seeks in potential firms: An earnest desire to be a planning-first type people, or driven to get a planning-first attitude Those looking to not make a quick exit, but remain for the long term; be it five, ten, or fifteen years. Their intention is to make those upcoming years more prosperous than the previous. Those looking to be proactive and active in building a solid long-term operating company for the clients Primarily standalone RIAs versus wirehouse or IBD advisors. The intention should always be to create your structure to be attractive to the people that want to be involved. If you're not projecting yourself in an appealing manner, you're not going to garner interest, pure and simple. Beacon Points approach is to ensure that equity is split all around to achieve a long-term outcome that satisfies all involved. IT'S ALL ABOUT GROWTH Growth does not only refer to the expansion of your own business, nor just your own personal achievements. The M&A RIA space has undoubtedly evolved and changed over the past decades. Currently, more RIAs are being founded than are being absorbed, so the market is expanding despite the consolidation caused by the aggregators and integrators. Whether you're an aggregator or integrator, or you lie somewhere in between, or considering selling to one, you are part of a natural maturation of the RIA space that will continue for some time. One of the many elements that enables this industry to continue to expand and flourish is healthy competition combined with increasing options for all involved. We appreciate Matt giving us further insight into Beacon Point, one of those quality options, and his view of the RIA industry and deal market in general. Listen to the Full DealQuest Podcast Episode Here • • • FOR MORE ON MATTHEW COOPER AND BEACON POINTE ADVISORS:https://www.linkedin.com/in/mattcooperbpwa/https://www.beaconpointe.com Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. If you want to find out how deal-ready you are, take the Deal-Ready Assessment today!

durée : 00:04:00 - En marge - par : Giulia Foïs - Irène Montero, ministre espagnole en charge de l'égalité porte un projet de loi qui depuis deux ans agite tout le pays. Elle défend un texte qui voudrait supprimer la notion même de sexe biologique, pour défendre l'idée d'une libre détermination de l'identité de genre. Et ça, ça ne passe pas.

Le calcul politique de Doug Ford se retourne contre lui alors que les Ontarien.nes démontrent leur soutien aux travailleurs et travailleuses de l'éducation suite à la tentative du gouvernement provincial d'empêcher une grève historique. Puis quelle est la conversation entourant le bilinguisme au Nouveau-Brunswick suite à la nomination controversée de Kris Austin au Comité de révision de la Loi sur les langues officielles ? Emilie Nicolas anime cet épisode de Détours avec Stéphanie Chouinard.English: Doug Ford's political maneuvering backfires as Ontarians show their support for education workers after the provincial government tried to prevent a historic strike. And what is the conversation surrounding bilingualism in New Brunswick following the controversial appointment of Kris Austin to the Official Languages Act review committee? Emilie Nicolas hosts this épisode of Détours with Stéphanie Chouinard.Liens : Poll: 6 of 10 Ontarians blame Ford government for labour disruptionsChantal Hébert sur la loi 28 en OntarioAndrew Coyne sur la loi 28 en OntarioFrançois Gravel : Démissionnez, M. HiggsSoutenir CANADALAND : https://canadaland.com/joinVous pouvez écouter sans annonces sur Amazon Music—inclus avec PrimeYou can listen ad-free on Amazon Music—included with PrimeCorrection : L'épisode a été modifiée pour corriger une erreur factuelle. Les travailleurs et travailleuses de l'éducation en Ontario revendiquent une augmentation de salaire de 3,25 $ l'heure et non pas une augmentation de 11% par année sur trois ans.Correction: This episode has been edited to correct a factual error. Education workers in Ontario are demanding a wage increase of $3.25 per hour, not an 11% increase per year over three years. Hosted on Acast. See acast.com/privacy for more information.

La violence masculine, un phénomène “naturel” et inévitable chez les mammifères ? Souvent rebattue pour justifier la domination genrée dans nos sociétés, cette rengaine s'appuie sur des comparaisons simplistes entre humain·es et animaux. Loi de la jungle, rivalité des mâles, instinct dominateur… Ces notions tirées des études comportementales des animaux restent largement mal comprises et véhiculent des clichés récupérés par des discours sexistes et transphobes.Qu'est-ce que c'est, vraiment, un mâle alpha ? Comment l'androcentrisme influence nos croyances scientifiques ? Qu'est-ce que l'observation des primates peut nous apprendre de l'espèce humaine ? Pour en parler, Victoire Tuaillon reçoit le primatologue Frans de Waal. Passionné par les comportements des grands singes et leur culture, l'invité prend nos biais culturels à bras le corps dans son ouvrage Différents : le genre vu par un primatologue (éd. Les Liens qui libèrent, 2022). En restituant les résultats de son étude de la vie sociale des bonobos, chimpanzés et autres babouins - espèces avec lesquelles nous partageons 96% de notre patrimoine génétique - Frans de Waal nous offre de nouveaux angles de vue sur les questions de pouvoir, de fluidité de genre, d'éducation ou encore de sexualité. RÉFÉRENCES CITÉES DANS L'ÉMISSION Retrouvez toutes les références citées à la page https://www.binge.audio/podcast/les-couilles-sur-la-table/male-alpha-gros-beta CRÉDITS Les couilles sur la table est un podcast de Victoire Tuaillon produit par Binge Audio. Cet entretien a été enregistré le jeudi 3 novembre 2022 dans les locaux des Éditions Les liens qui libèrent (Paris, 11e). Prise de son, réalisation et mixage : Elisa Grenet. Production et édition : Naomi Titti. Marketing : Jeanne Longhini. Communication : Lise Niederkorn et Justine Taverne. Générique : Théo Boulenger. Direction des programmes : Joël Ronez. Direction de la rédaction : David Carzon. Direction générale : Gabrielle Boeri-Charles. Hébergé par Acast. Visitez acast.com/privacy pour plus d'informations.

Nathan Murphy was joined by PFAI general secretary Stephen McGuinness who helped broker a new deal which will see men's players in the League of Ireland receive a minimum wage. McGuinness recounted how the relationship between the PFAI and the FAI is growing, the exploitation of young players in the LOI, the difference between amateur and professional contracts and how the women's game aim to progress to professionalisation. Football with thanks to Sky.

Phong cách sống là một trong những nhân tố quan trọng góp phần hình thành nên tính cách của mỗi con người. Nó bao gồm những quan niệm của họ với các vấn đề của cuộc sống. Theo đó, với cùng một vấn đề, mỗi người sẽ có cái nhìn riêng tùy vào phong cách sống mà bản thân đã hình thành. Bạn đang theo đuổi lối sống nào? Mỗi cá nhân trong mỗi môi trường sống sẽ xây dựng một phong cách riêng biệt. Tuy nhiên, cũng có rất nhiều người theo đuổi và phát triển theo cùng một phong cách sống. Dưới đây là những phong cách sống nổi bật mà bạn có thể tham khảo. ______________ Cùng tìm hiểu sách "Seneca: Những Bức Thư Đạo Đức - Chủ Nghĩa Khắc Kỷ trong đời sống" tại: https://b.link/SP-YT-Combo-Seneca Ghé Nhà sách Spiderum trên SHOPEE ngay thôi các bạn ơi: https://b.link/SP-YT-Spiderum ______________ Bài viết: Lối sống nào khiến bạn theo đuổi? Được viết bởi: Green Grass Link bài viết: https://b.link/youtube-Loi-song-nao-khien-ban-theo-duoi ______________ Giọng đọc: Pinkdot Editor: Pinkdot --- Send in a voice message: https://anchor.fm/spiderum/message Support this podcast: https://anchor.fm/spiderum/support

Today's blockchain and cryptocurrency news Bitcoin is down .5% at $17,654 Ethereum is down slightly at $1,231 Binance Coin is down slightly at $303 Binance signs LOI to acquire FTX.com Market sinks on FTX liquidity issues. Meta to cut 11k jobs. Judge tentatively dismisses EthereumMax case against Kim Kardashian Learn more about your ad choices. Visit megaphone.fm/adchoices

Irish Independent football writer Dan McDonnell joined Joe Molloy on The Football Show to reflect on a new minimum wage in the LOI, Republic of Ireland captain Katie McCabe comments on Qatar and was Martin O'Neill really an 'outsider'? Football with thanks to Sky.

Bitcoin (BTC) and crypto markets fell heavily into Nov. 8 as contagion from the FTX debacle spilled over. FTX appears to have stopped processing withdrawals, on-chain data show and as a result Binance is to now fully acquire FTX, as per CZ, the Binance CEO and SBF recently announced on Crypto twitter.  "This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX and help cover the liquidity crunch. We will be conducting a full DD in the coming days." Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, we hear from Amy (Youngji) Lee and Mary Ngo about the nontraditional residency application and journey. Looking for one-on-one help with your pharmacy residency letter of intent, interview presentation or CV go to https://residency.teachable.com/  Get your free LOI template by joining our email list at https://www.pharmacyresidencypodcast.com/  Check out our residency books at https://www.pharmacyresidencypodcast.com/books  Connect or message me on LinkedIn https://www.linkedin.com/in/tonypharmd/   

Ce lundi 7 novembre, Nicolas Doze a reçu Christian Poyau, PDG de Micropole, et Eric Heyer, directeur du département analyse et prévision à l'OFCE, dans l'émission Les Experts sur BFM Business. Retrouvez l'émission du lundi au vendredi et réécoutez la en podcast.

Ce lundi 7 novembre, Nicolas Doze a reçu Christian Poyau, PDG de Micropole, et Eric Heyer, directeur du département analyse et prévision à l'OFCE, dans l'émission Les Experts sur BFM Business. Retrouvez l'émission du lundi au vendredi et réécoutez la en podcast.

durée : 00:55:17 - franceinfo: Les informés - par : Jean-François ACHILLI, Olivier Delagarde - Tous les soirs, les informés de franceinfo débattent de l'actualité.

In this episode, we welcome Matt Hansen. He is an experienced apartment investor with 2,200 units and the founder of Hansen Holdings. Matt shares how he started investing as a side hustle and became a full-time investor. His advice for anyone who wants to get started is to become a limited partner before becoming a general partner to gain an understanding of what goes on behind the scenes in multifamily. He also highlights vetting your partners, being transparent with your investors, and getting educated in order to be successful. [00:01 - 04:05] Supply Chain Director Turned Investor Matt talks about working as an executive in a supply chain company He transitioned to real estate because, for him, it's simpler and more fun Initially, he only invested in stocks but realize it was difficult to protect his portfolio Investing in single-family and then going bigger to multifamily   [04:06 - 08:56]  From Limited to General Partner: What You Need to Know He strongly recommends coming as a limited partner first in order to learn the ropes The main lesson Matt learned from being a limited partner was the value of vetting, good communication between partners and investors, and going beyond the primaries He became a GP behind the scenes for a time and went full-time in real estate after retiring   [08:57 - 23:25] Building Processes, Building Relationships How he leveraged his supply chain and business expertise as an investor Operating with discipline and creating a control plan Doing due diligence Being a part of a mastermind has been an advantage for him Matt explains why sellers and brokers love their team The future is uncertain but it's important to factor that in underwriting Currently, his focus on raising capital Education and investor relations are keys to success in this industry   [23:26 - 24:42] Closing Segment Reach out to Matt!  Links Below Final Words Tweetable Quotes   “I have a hundred percent of my investments in Wall Street. No control over it. Those guys are running their own show out there.” - Matt Hansen   “I treat my investors that bring a hundred thousand as I did my multi-billion dollar clients, and I think that's something people lose sight of a little bit.” - Matt Hansen “It's really vetting, vetting, vetting. You're investing in a deal. You should be doing due diligence as well. Take a look at the market. You can Google anything, right?” - Matt Hansen -----------------------------------------------------------------------------   Connect with Matt Hansen at HansenHoldings.com!   Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook   LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in!   Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below:   [00:00:00] Matt Hansen: Well specifically for, say, due diligence. We have phenomenal property managers that we work with, but we still help confirm what they do. They look at every single lease. They walk every single property. They keep a track of all that, but we help keep track of them as well to make sure, okay, you know, did you do all these things? And they always do, but we still have the responsibility to our investors that we did check every single lease agreement in the 227-unit apartment. We did walk every property. We did look at all the contracts for all the third-party providers to make sure are those tier and conditions favorable.  [00:00:46] Sam Wilson: Matt Hansen is a retired corporate executive that transitioned to full-time real estate investor. His portfolio includes over 2000 units of multifamily apartments. Matt, welcome to the show. [00:00:57] Matt Hansen: Thanks so much for having me, Sam. Glad to be here.  [00:00:59] Sam Wilson: Absolutely. The pleasure is mine. Matt, there are three questions I ask every guest who comes from the show. In 90 seconds or less, can you tell me where did you start? Where are you now, and how did you get there?  [00:01:08] Matt Hansen: Well, I started, as you know, a retired corporate executive, which prepared me really well because buying multifamily, basically you're buying a business. So that was my background. And then how I got there, I joined a high price mastermind out of Dallas. I live in Michigan and that's how I started to really passively invest initially for a couple of years. Then I started running deals as a general partner, and now we're just doing, having fun. I partner with all my friends. We buy properties in Texas, Florida, Arizona, Georgia a little bit, some of the Carolinas, and that's kind of where we're at. We're just looking at growing our portfolio and helping as many people as possible get their money out of Wall Street and put it into Main Street in apartments.  [00:01:47] Sam Wilson: I love it.  Absolutely love it. That's it. That's certainly a topic that is near and dear to my heart, especially, you know, helping people go from crud, what do I do with my money to then, I had somebody recently call me and they're like, hey, wait, so is this a return on my investment or return of it? I'm like, That's a return on it. They're like, wow, and these just keep coming. I'm like, yeah, it's fun, isn't it? So good for you for helping people out with that. That's awesome. What was your corporate career?  [00:02:13] Matt Hansen: I was a global supply team director, so it was a Fortune 100 company, so we have products at 86 countries around the world. And my job was to make sure these hazardous materials got in planes, trains, automobiles, barges, you name it, we shipped it. And I was a global director, so I had teams stationed all in every area of the world that were responsible for that. Pretty high-stress stuff. A lot of cost-benefit analysis, risk analysis. That was my job. So that's why I transitioned to multifamily, running business was so simple for me and fun.  [00:02:44] Sam Wilson: That's what I was going to ask. Is this easy for you?  [00:02:47] Matt Hansen: So much easier. The moving parts are pretty minimal here, compared to moving chemicals, you know, around the world in containers and vessels and all sorts of stuff. So, yeah, this is fun stuff. It's really fun to me because the stuff I had to deal with before. I retired. kinda in the middle of COVID. So I avoided a lot of that supply chain stuff, so it worked out pretty well 'cause I know it's a nightmare to be in supply chain.  [00:03:09] Sam Wilson: I can only imagine, can only imagine. That's fantastic. What was the impetus to get involved in commercial real estate, specifically multifamily.  [00:03:19] Matt Hansen: It was really 2008, 2009. I lost about $300,000 in the stock market. My wife and I have always done single-family home flipping here and there just as a side hustle, but that's when the light bulb went on. Hold it. I have like a hundred percent of my investments in Wall Street. No control over it. Those guys are running their own show out there. And I worked for a large corporation so I kind of know how things operate. So that's when I kind of light went on. We did a little bit of more of single family flipping. And then about six, seven years ago, I got into large multifamily and it's no work at all. It's just running a business and that's stuff I was trained to do. That's kind of what it was, is to get out of Wall Street, protect my, and now my portfolio, 60% of it's in real estate, right? 20% still in the stock market stuff I can't get out and the other 20% venture capital stuff. So it was really, Wall Street pushed me out, said, hey, you are going to do something else. [00:04:05] Sam Wilson: Right. Yeah, no, no. There's nothing like the pain of a large loss that you go, oh, okay. I need to change my approach here. You came in as a limited partner. That was kind of your first experience. Would you recommend that to anybody else looking to get in or is another path you should, you would recommend they take?  [00:04:23] Matt Hansen: Strongly recommend coming as a limited partner. I did a lot of limited partner. Well, I had some 401k money that I was able to eventually roll over into a self-directed IRA. But yeah, because that way you see what's really going on without having any skin in the game. You're a limited partner, you're not liable for anything, thinking let's go sideways. But you learn, how does a good general partner manage? How do they treat you? And I learned just as much what not to do as what to do, and I've invested in probably a dozen deals or so. So that was a great learning, so before you go, it's kind of before you go off and be a general partner, you need to know what it's like to be sitting in the limited partners position, and are you feeding them information or keeping them updated on what's going on with the property? Are you letting them, What's going on the market? Those are the types of things that I really value and I make sure all my investors, full transparency. There's no hidden stuff. I tell you what's going on at all times. I think that's pretty critical.  [00:05:14] Sam Wilson: Absolutely. Yeah. And it sounds like maybe that was one of the things that you aspired to do well after being involved as limited partner. It sounds like maybe communication was one of those things that you wish you had more of.  [00:05:26] Matt Hansen: Exactly. Yes.  [00:05:27] Sam Wilson: That's a great piece of advice. Was there anything else that you took away from the limited partnership experience that you said either I want to repeat or I want to do better? [00:05:36] Matt Hansen: Mostly, the communication really was the number one thing. The markets, do your own due diligence. I had one deal that went sideways that I passively invested in, and it's cause I didn't vet all the partners and I should've. I just vetted the primary one I was investing with. But the other two ended up running the show and he stepped away. Again, that was a lesson learned. Vet everybody, all the partners, who are the asset managers, who's going to run that asset, who's their backup, most importantly. And that's what I didn't check, that was one of my biggest lessons was. Vet all the partners that you're investing with.  [00:06:05] Sam Wilson: What do you say to that? Who is their backup? Like, how do you guys handle, because I asked to sponsor this a couple of years ago on a deal I was investing in. I said, so what happens if the two of you get run over by a bus? Like, then who's running the show? And they didn't really have a good answer, which was fine. I mean, it was a good buddy of mine. I invested anyway in the deal, but we made a lot of money on it. It was great. But even so, it's a question that's still lingered. That was like, well that's, I wonder how that works out. What do you guys do today?  [00:06:31] Matt Hansen: We do have two people that are the primaries at all times. They're on the calls with the property manager once a week, so there's two people that are already fully in the loop and knows what's going on. And then there's usually four or five people that are general partners and all of us could step up and run it, asset manage, no problem. We all have, one of my partners has 10,000 units. The bench strength is so strong that if the two primaries walk away, there's probably three more that are just as good as them that can step up to run the show. And that's why I say vet all the primary partners, not just one and two. That's great. But the third, Yeah, we've got third and fourth there in our deals.  [00:07:05] Sam Wilson: Right. That's a great piece of advice and probably something as I passively invest with other operators around the country, I don't spend enough time probably going beyond the primaries. Like, okay, this is who I know I'm working with. But getting into the bench and figuring out who the entire roster is is, you know, probably an important part of that. You went from the LP side of things to where you then said, hey, we're going to launch into the general partnership side. What was the driver there for you? Were you bored, you were in retirement? Why become a general partner even?  [00:07:34] Matt Hansen: Yeah. I was moonlighting, so I was a side hustle and still working as an executive, but I got to the level where I wasn't, wasn't really working that hard. I didn't really have a full-time job. I was there for what I knew, not what I did. So I would show up for meetings and things like that, but I still have a lot of extra time in my day. And then it's when I thought, well, I'm doing this limited partner thing, I got time I could start doing general partner. So what I did though is I would run the deal from LOI, letter of intent to close. I didn't do any of the fancy stuff outside. I didn't do any outside marketing. I created the marketing materials, but I didn't market it as myself because there was a little, I didn't want to get in trouble with my corporate gig. So for about four years. I did that behind the scenes stuff, and then when I retired about two years ago, then I could openly say, hey, this is what I'm doing, you know, which was a real, created a deficit because I've been doing this for six years, multifamily, but nobody knew it until recently, so I had to kind of start developing my track record with these people that don't know me, even though I've been doing it for six years. I've done great deals that went full cycle. So that was a bit of a challenge, keeping it secret, if you will. And then eventually, I don't want to retired, I could just talk openly. So it was creating a runway. So when I did retire, I had another business. I'm never, I'm like you, Sam. I know, I can tell already you're going to, the person's going to work until you're 80, 'cause that's the type of person you are. You're not going to sit and do nothing. You got to do something. And this is fun.  [00:08:56] Sam Wilson: Right. That's absolutely right. No, I think that's great. So you went into the general partnership role. What were some of the things or some of the methods maybe that you have used to take down deals? I guess I'm really curious when someone steps into this with a brand new perspective of, like, maybe you weren't brand new 'cause you were a limited partner, and you're GP behind the scenes. But now you're coming on the guy in charge of the show. So what did you do maybe differently than other people were doing? Or what did you repeat that you would say, hey, this is how we're going to, the method we're going to use to acquire, own, and operate assets?  [00:09:30] Matt Hansen: It really came from my corporate experience. So I'm a Green Belt Sigma trained, so I have this methodology of, you know, measure, analyze, improve, and control. And so you just implemented this, so you're buying an apartment complex. It's just a project and I used to work on billion-dollar projects where we're putting in a new supply chain plan. We have to figure out what the supply chain network looks like. Same thing for this. We're buying an apartment. You need to make sure your attorney's on board, your insurance company, your tax person, you know, your property manager. You assign those tasks with deadlines and specific action plans. So there's a formula. So the group that I belong to had a pretty good formula that we just kind of followed, but I made sure we had the operating discipline to follow that. You check every single box. You don't leave one out, but you're buying a $40 million apartment complex. You've got to do your due diligence, and you check the due diligence of other people as well. So I think my corporate experience was priceless for this 'cause it was easy to step in and say, I run a literally a billion dollar project. This is a 40 million. And it's much simpler. So that's really what it is. It's processes, systems, and a control plan, which most people aren't familiar with. If you're going to do it, follow up and measure, measure, measure to make sure it's getting done.  [00:10:41] Sam Wilson: Can you define that maybe more clearly when you say a control plan? [00:10:46] Matt Hansen: Well, specifically for, say, due diligence, we have phenomenal property managers that we work with, but we still help confirm what they do. They look at every single lease. They walk every single property. They keep a track of all that, but we help keep track of them as well to make sure, okay, you know, did you do all these things? And they always do, but we still have the responsibility to our investors that we did check every single lease agreement in the 227-unit apartment. We did walk every property. We did look at all the contracts for all the third-party providers to make sure are those tier and conditions favorable. Was there a kickback that they had gotten earlier that applied to this year? Did we get that money? There's all these little things that if you don't have a process in place to double check it and to make sure it happens, it might not and it could be catastrophic. [00:11:34] Sam Wilson: What did you do? Did you build those processes or when you came on board, were there other team members that had kind of already, you know, because that takes time? That takes time and experience to build those. How did you perfect those?  [00:11:48] Matt Hansen: Our team, our mastermind had a, like a 42-line item checklist, and then that's really most people just kind of gloss over the whole thing was, did you implement it? That's what my job was, to make sure. So a lot of it was kind of done for me. Yeah, I would tweak some things here and there, but 90% it was already ready for me. And that's why I paid all this money to be part of this group, this elite group. And they really did a good job. And I'll say it, it's Think Multifamily out of Dallas, Mark and Tamiel Kenny, I'm going to go ahead and say they're phenomenal. It's a small group of people, like there's over a hundred. It's not one of those big groups that there's thousands and thousands. I personally know every person in this group, and Mark and Tamiel have our backs with expertise. I've been doing it for six years, but every single deal, you know, something new comes up that you haven't seen before. Well, Mark's been doing this for 20 years. He's seen everything. He's been through every cycle, so I've got that back. He's always got your backs, and that's a big advantage of being part of a group like that. I'm not off on my own doing that.  [00:12:41] Sam Wilson: Absolutely. How are you guys finding right now? I mean, multifamily has been on a tear for a while. What are you guys doing that separates you from all the rest of the people out there buying multifamily assets?  [00:12:55] Matt Hansen: Well, we do a lot of deals. I think in the last few years we've done 103 deals, and brokers love us. Sellers love us. The deal we're doing in Florida right now, we bought from the same seller earlier this year, and I don't think we're actually the highest, highest offer, but they knew certainty of close, we're great to work with. We're going to do what we say we're going to do. We're not going to retrade at the end and all that stuff. So our track record. My partners in my group, it's so strong. There's a little town called Decatur, Georgia, outside of Atlanta. We've got like, I think eight or 10 deals there now because the brokers just love us. So they feed you deals if you're, if you prove you can close and you're easy to work with. So that's really, and again, it's an unfair business as you know. It's a relationship business. And our relationships are so strong because we perform so well, we get deals that other people don't. [00:13:46] Sam Wilson: Right, right. Yeah, that's absolutely simple. Talk to me about interest rate risks, what you guys are doing to hedge that. How are you funding and arranging the capital stack maybe differently now than what you were even 12, 18 months ago?  [00:13:59] Matt Hansen: You know, this, it's a leading question now. You've got to have your your rate locks and all your other cap locks and all those things. So things that we're costing us two years ago, $40,000 to, you know, say, okay, when we have to have a bridge loan, in three years, we're going to refinance it. It's going to control the rate. It's not going to go up. You know, 3%, it controls that. So you kind of prepay it. Well, a few years ago, we have a deal in Memphis that I think we paid $40,000 for our rate lock, a rate cap, and now it's like, hundreds of thousands of dollars. The future's so uncertain. But we factor that into our underwriting. Interest rates have went up now, you know, a couple of percent, but it's surprising. When we rerun the numbers and it's like a fraction of a percent return impact to our investors typically. The numbers have changed a lot. We're not saying, you know, when I did do deals two years ago, it was 10 to 14% cash on cash returns. Now we're saying seven or eight. So we have had to adjust that and it's tough for investors to take that, but it's the market. We're not going to say we can do 10% 'cause you can't anymore. You know, you've got to say the range has gone down because the market has changed. That's what we've done. We've adjusted our expectations of the investors along with the market. And then just do everything possible to control that number and try to predict what's going to happen the future. [00:15:11] Sam Wilson: Absolutely. And that's something I was actually working on a spreadsheet this morning. And it was kind of a little bit of a head-scratcher. It's like, gosh, as we watch inflation skyrocket, As we watch interest rates go up, the unfortunate reality is that returns go down. It's like, oh, man. Like you'd kind of think you'd want 'em to like track in parallel in some weird way to where it's like, oh, okay, well I know that everything costs more. And I know that we could, but look, hey, we're all making more money along the way, so it evens out. That's just simply not the case. And we were even working on arranging a debt deal and it was like, okay, well, gosh, like, anyway, I won't bore you with the deal specifics, but it just, I guess, I'm just agreeing with your point there. It's like, oh, we just have to reset investor expectations. How has your business for you personally changed and why? In the last 24 months,  [00:16:03] Matt Hansen: I've really focused on capital raising and putting earnest money into deals and because it's so much work to run a deal now. Like, two years ago, pre-COVID it was so simple. It seemed like it 'cause now you have insurance are going up crazy and then interest rates with the lending brokers and, and all of those things. So I've actually chose to say, okay, my partners are stronger than that, stronger than me and that, and they really enjoy it. And I've known them for years and years so I know I can trust them with the process in place that I've kind of taken a backseat to it 'cause I'm retired, I don't want to work that hard. So that's how I pivot Sam, is like I backed off a little bit then I'm allowing the people that are much younger than me, you know, in some cases that want to really, really work that hard. And then I of course work with them on, you know, counseling to make sure things done right. But that's kind of how I pivoted 'cause it has make it more challenging to find deal. It is really has been.  [00:16:53] Sam Wilson: What has that process been like for you? I know you said that you had to kind of keep what you were doing under wraps until you retired, probably, if I can find the word here today, once you retire. But then once you got out, you're like, hey, you can tell everybody what you're doing, which is critical to raising capital, is being able to tell their people what you're doing. What's that process been like though, as you've kind of stepped away from the deal? What did you call it? LOI to close and now it's, hey, I'm going to focus on capital raising. Talk to me about that a little bit and just the fundraising, capital raising side of your business.  [00:17:23] Matt Hansen: It's really about education, education, education. I remember when I was new to investing that some of the general partners I had invested with didn't really disclose everything to me. They didn't, you know, I read through the PPM 120 pages and all that stuff, but they didn't tell me, like, the distributions aren't going to start for six months to a year because we have to renovate the units. I had my first three deals. Nobody told me that. It was like, so I make sure that I'm overly transparent with my investors or potential investors 'cause I know what that was like sitting in that position, and I walk them through moving their money from an IRA to a self-directed IRA. I get on the phone with the financial institutions with them and help them do those things because I know how challenging it is. But I think that's the limited partner in me. It was like, okay, I handhold everybody with white glove treatment through the whole process because I was that guy, six, seven years ago. So I think that's really what the big advantage is that I know all that stuff and that I know what it's like to be that individual. So it's really education, and just recognize it may take two years before somebody's willing to take the leap to invest. And sometimes it's two days, you know? It just depends and everybody's different. And I'm just accepting of that because I want them to be comfortable with their investment. [00:18:32] Sam Wilson: That's exactly it. Yeah. And I think the funny thing is that the more comfortable I think I've become with just letting people do what's in their own time, the more money comes in easier. It's like, you know what, hey, if this is for you, get in. If it's not okay, don't. It doesn't bother me one way or another. This is the opportunity. And the bus is leaving, so if you want to go over the ride, I'm driving. So let's go. And if you don't get in, no problem. And I think that what's been funny is just watching people pile in. It's like, oh, yeah, it all went in on. They're like, okay just the more you relax, the easier this becomes. And, you know, you want people to do what's best for them. I mean, that's the whole point of bringing limited partners on is to do great things for them along the way. So that's fantastic. Tell me this, Matt, when you think about risk in the marketplace, when you think about what you guys are buying, when you think about things that could go sideways, is there anything that comes to mind? And if so, how are you guys mitigating that?  [00:19:25] Matt Hansen: We're still buying the Class B, C plus properties and you know the saying that, well, when the economy's bad, the people in the A's move down to the B's. When the economy's good, the people in the C's move up to the B's. So we still stay in that medium value, light value add in the Class B stuff. But I know people that are buying class a's properties, but your returns are not going to be the same. And we've got the model in place, we've got large construction companies that will travel anywhere around the United States for us to do the exteriors for us. So they come and boom, do that quickly. We know like in trust. And we know the markets, we only play in the markets with high population growth and high employment growth, so Florida, Texas, Arizona. It's still almost not, it's not, say, dumbing proof. You have to have the systems in place and the connections. But you know, I love Michigan, but I don't invest in Michigan. And I have investors here like, why don't you buy something to Michigan? Well, there's negative population growth and there's really not the place where I want you to put your money. Does Edward Jones going to tell you to invest in your local town? No, they're going to put you in whatever stocks they think are going to make the most money. And it's not in your hometown probably. But try to relate to that. So we've got a system in place. We've been doing this long enough that we stay in markets that even though the market goes rough. I think we're going to be fine. Our properties in Florida, there's still strong, strong demand. We're projecting, you know, $200 to $300 month rent growth after we've renovated the units just ‘cause there's so many people moving there. So if that's how we protect our investors. We don't invest in markets that we don't have the data to prove that, for next 10 years, this is going to be a great market. This is where we want to put money.  [00:20:53] Sam Wilson: Right. Yeah. And Florida is one of those places where people are just going in droves. So that's certainly a great leading indicator for a place to buy apartment complexes. That's awesome. Matt, one last question for you. If you could go back through your investing career and if, or actually two last questions. They're both sides of the same coin. First question is there anything that you feel like you've done really well that other people should emulate?  [00:21:19] Matt Hansen: I would say running a deal and really the investor communication and that's so critical. And people, like, are worried about the deal and they don't worry about their clients. And again, I worked for a corporation. My early years I was a customer service manager at a chemical, large chemical company. So I dealt with, Rubbermaid were my customers a big huge was multi-million. You took care of them. I treat my investors that brings a hundred thousand as I did my multi-billion dollar clients, and I think that's something people lose sight of a little bit. They worry about the deal and they're not, they're forgetting about their investors. I think that's my secret sauce is I really take care of mine because they make it possible. They're the ones bringing in the down payment.  [00:21:52] Sam Wilson: Correct. Correct. Absolutely. Now, if there's anything you could do differently, or a mistake you could help our listeners avoid, what would that be? [00:21:59] Matt Hansen: It's really vetting, vetting, vetting. You're investing in a deal. You should be doing due diligence as well. Take a look at the market. You can Google anything, right? Take a look at the crime rate. Take a look at the population growth. Don't take everything at face value, particularly when you are new. Like, now I invest in all sorts of venture capital stuff. I invest in a vineyard with one of my close friends. I didn't even read anything 'cause I've known her so well that I just signed the documents and sent it in. But that's a situation where this is something I've personally known with, known for a long time. But do you do diligence, particularly when you're new, and even if you're not, you know, make sure you're just double-checking things here? [00:22:36] Sam Wilson: Absolutely, and that's always amazed me when people are willing to spend a hundred thousand dollars with me, but don't spend the 500 bucks in a daytime to fly out there and actually see it. It's like, come see this with me anytime, any day. It's 500 bucks in a day your time, and you might find out you hate the project and walk away and that's okay. That's okay, but at least you did your due diligence and so I've actually made that a personal rule until this year when again, going back to the who I'm investing with is more important than what I'm investing in. Yes. This I kind of broke that rule a few times and I'm just like, just send me the docs. It's fine. We're just go, go.  [00:23:14] Matt Hansen: But you know their track record, Sam, right? You do have a comp and your expertise is so high that you look at something real quick and say, Yep, this is good. So there is a difference. And if you're new in somebody or you're a veteran investor like you.  [00:23:25] Sam Wilson: Correct. Yeah, there is that differentiator there. But still it is amazing what people will or will not do when it comes to spending that amount of money or investing that amount of money in the due diligence part of it. So that's really fantastic. Matt, I've appreciated having you on the show today. Thanks for coming on. It's been great learning about you, your corporate career transition to limited partner and then to a general partner. And even how within the general partnership side of the business, you've even transitioned now to focus almost exclusively on the capital raising side of things and working with your investors. So certainly appreciate your insight, your market insights, and how you guys are finding opportunity and value today. If our listeners want to get in touch with you, learn more about you, what is the best way to do that?  [00:24:02] Matt Hansen: Just go to hansenholdings.com.  [00:24:05] Sam Wilson: That's H A N S E N holdings.com for those of you who are listening. We'll also make sure that's included there in the show notes. Matt, thank you again for coming on today. I certainly appreciate it.  [00:24:15] Matt Hansen: My pleasure, Sam. Thank you. 

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Pour écouter l'histoire de Bernard Arnault sur Comment j'ai bâti un empire: Apple Podcast: https://podcasts.apple.com/fr/podcast/mon-argent/id1569918922 Spotify: https://open.spotify.com/show/6UduCKju82nA00KdBb08d9?si=KzkcGE8IRYOdR5m9hMbyZw Deezer: https://www.deezer.com/fr/show/2676812 Google Podcast: https://www.google.com/podcasts?feed=aHR0cHM6Ly9yc3MuYWNhc3QuY29tL21vbi1hcmdlbnQ%3D ---------------------------------- L'expression "Il faut rendre à César ce qui est à César" signifie qu'il faut attribuer la responsabilité d'une action à celui dont on sait ou dont on pense qu'il l'a commise. Mais d'où vient cette expression ? On la retrouve dans les Évangiles, qui attribuent ces paroles au Christ lui-même. En fait, la citation exacte est plus longue, puisque Jésus aurait dit, d'après les évangélistes : "Il faut rendre à César ce qui est à César et à Dieu ce qui est à Dieu". Ces paroles sont la réponse du Christ à une question insidieuse des Pharisiens. Ce groupe de Juifs, connu pour son respect très strict de la Loi hébraïque, s'opposait souvent à Jésus, accusé de ne pas la suivre avec la rigueur voulue. La distinction entre deux mondes Les Pharisiens ne perdaient donc pas une occasion de déconsidérer Jésus aux yeux de son auditoire. Un jour, ils lui posent donc une question habile, qui recèle un véritable piège. Ils lui demandent s'il est licite de payer un impôt aux autorités romaines, qui occupent la Palestine. Les auteurs de la questions pensent que le Christ ne pourra pas donner une réponse satisfaisante. En effet, s'il prétend qu'il faut payer l'impôt, il passe pour une sorte de collaborateur de l'occupant romain, dont la férule est mal supportée par les habitants de la Palestine. Mais s'il conteste la légitimité de cette contribution fiscale, il peut donner l'impression de pousser le peuple à la révolte. Mais Jésus répond de manière inattendue, écartant ainsi le piège qui lui était tendu. Il prétend qu'il faut distinguer les sphères temporelle et spirituelle. Il appartient à César, donc à l'État, de lever les impôts. En effet, "César" était l'un des titres portés, depuis Auguste, qui régna au Ier siècle avant notre ère, par les Empereurs romains. Mais le jugement des hommes, après leur mort, revient à Dieu. C'est pourquoi Jésus, interrogé par Ponce Pilate, après son arrestation, lui répond que son Royaume "n'est pas de ce monde". Cette réponse n'est donc pas seulement une habileté, elle renferme une vérité essentielle pour le christianisme. Learn more about your ad choices. Visit megaphone.fm/adchoices

L'expression "Il faut rendre à César ce qui est à César" signifie qu'il faut attribuer la responsabilité d'une action à celui dont on sait ou dont on pense qu'il l'a commise. Mais d'où vient cette expression ? On la retrouve dans les Évangiles, qui attribuent ces paroles au Christ lui-même. En fait, la citation exacte est plus longue, puisque Jésus aurait dit, d'après les évangélistes : "Il faut rendre à César ce qui est à César et à Dieu ce qui est à Dieu". Ces paroles sont la réponse du Christ à une question insidieuse des Pharisiens. Ce groupe de Juifs, connu pour son respect très strict de la Loi hébraïque, s'opposait souvent à Jésus, accusé de ne pas la suivre avec la rigueur voulue. La distinction entre deux mondes Les Pharisiens ne perdaient donc pas une occasion de déconsidérer Jésus aux yeux de son auditoire. Un jour, ils lui posent donc une question habile, qui recèle un véritable piège. Ils lui demandent s'il est licite de payer un impôt aux autorités romaines, qui occupent la Palestine. Les auteurs de la questions pensent que le Christ ne pourra pas donner une réponse satisfaisante. En effet, s'il prétend qu'il faut payer l'impôt, il passe pour une sorte de collaborateur de l'occupant romain, dont la férule est mal supportée par les habitants de la Palestine. Mais s'il conteste la légitimité de cette contribution fiscale, il peut donner l'impression de pousser le peuple à la révolte. Mais Jésus répond de manière inattendue, écartant ainsi le piège qui lui était tendu. Il prétend qu'il faut distinguer les sphères temporelle et spirituelle. Il appartient à César, donc à l'État, de lever les impôts. En effet, "César" était l'un des titres portés, depuis Auguste, qui régna au Ier siècle avant notre ère, par les Empereurs romains. Mais le jugement des hommes, après leur mort, revient à Dieu. C'est pourquoi Jésus, interrogé par Ponce Pilate, après son arrestation, lui répond que son Royaume "n'est pas de ce monde". Cette réponse n'est donc pas seulement une habileté, elle renferme une vérité essentielle pour le christianisme. Learn more about your ad choices. Visit megaphone.fm/adchoices

Daniel Tropp founded AEBOV Industrial Realty Brokerage to hone in on his passion for industrial real estate and offer new solutions to valued clients. Over the past 10 years, Daniel has had the privilege of working for some of New York City's most influential owners and working alongside some of the industry's brightest brokers while leading teams at Avison Young and Ariel Property Advisors. He chairs REBNY's Development Committee, contributes regular columns to the Commercial Observer, and has also been quoted in the NY Times, Real Deal, NY YIMBY, Real Estate Weekly, Connect Media, BISNOW, and more.   Today, Daniel joins us to discuss industrial real estate and how sales and leasing are booming thanks to the increasing sophistication of industrial properties and investors' interest in this type of asset. He also gives his perspective on the cannabis industry, how it overlaps with industrial real estate, and why entrepreneurs should get into the space. [00:01 - 10:19] Bringing Innovation as an Industrial Brokerage Daniel made the jump into this field after noticing that other real estate professionals weren't providing the same level of service to industrial clients as they were to other product types Industrial properties are often overvalued due to the lack of accurate valuation methods Using 3D tours, drone footage, and other technologies, Daniel and his team are able to provide more accurate valuations and feedback from owners, which leads to better decisions when leasing or selling industrial properties There are a lot of things that impact the value of an industrial property: proximity to transportation, ceiling height, functionality  Breaking down the sales volume vs the leasing volume in the market [10:20 - 18:22]  The New Frontier: Cannabis Real Estate With the developments in cannabis legislation, it is becoming a legitimate business There's a demand for industrial properties from operators looking for cultivation space, and then once found, they must navigate city ordinances Other large companies are not yet willing to enter the industry due to the stigma There are plenty of opportunities because there is still less competition However, upon legalization, the artificially low supply will go away and the market might become saturated   [18:21 - 20:47] Closing Segment Daniel's advice to aspiring investors Reach out to Daniel!  Links Below Final Words Tweetable Quotes   “You look at a marketing flyer or setup for something like a high-end office or even development, and they're just beautiful marketing materials. And then I would get these industrial setups and they're still black and white kind of grainy fax sheets.” - Daniel Tropp   “There's real value in unlocking the real estate. So if you're able to partner with a broker that understands those ordinances and understands where to look, then you can go in and buy something, and then stabilize it.” - Daniel Tropp   -----------------------------------------------------------------------------   Connect with Daniel! Send him a message on LinkedIn or Instagram at troppd@aebov.com. Visit AEBOV.com to know more about their work.   Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook   LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in!   Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below:   [00:00:00] Daniel Tropp: You know, my understanding is it's federally still illegal to transport between states. So a lot of this supply chain, to get to the dispensaries in New Jersey, needs to come from somewhere in New Jersey. So everything, every use down the line, cultivation to manufacturing, to distributing products, delivery, retail dispensaries, that all has to be sort of in state.  [00:00:34] Sam Wilson: Daniel Tropp is an industrial real estate broker licensed in New York and New Jersey. He also works with cannabis licensees to secure viable space. Daniel, welcome to the show.  [00:00:44] Daniel Tropp: Sam, thanks so much for having me on. I'm looking forward to it.  [00:00:47] Sam Wilson: Absolutely. The pleasure is mine. Daniel, there are three questions I ask every guest who comes in the show: In 90 seconds or less, can you tell me where did you start? Where are you now, and how did you get there?  [00:00:56] Daniel Tropp: Yeah, absolutely. Pretty much been in real estate my whole professional life. At 18, I got into the residential side as soon as I was old enough to get licensed and toy around in that, wasn't very good at it. So once I graduated college, I got, you know, more focused on the commercial side. I actually went to office lease leasing, which I did for two years, but also wasn't really the best fit there. So eventually transitioned over to investment sales where things just sort of clicked, you know, mentally thebulb went off, and everything aligned. It was a much better use of my skillset and I'd been at some smaller and then mid-market, and then larger kind of corporate global shops over my career before two years ago, just really due to circumstance of the pandemic and everything going on, starting the company that I own now, AEBOV, really just focusing on industrial sales and leasing in New York and New Jersey and, yeah, haven't really looked back since.  [00:01:53] Sam Wilson: That is fantastic. Tell me, you know, when you made that jump, what were the things that were clues to you that said, Hey, one, it's time to go into what you are specializing in now. And then, you know  [00:02:05] Daniel Tropp: Yes, it's a great question. As far as the confidence, I had done a few industrial deals over my career, but it was never really a product focus of mine. So I was either focused on markets, So areas in New York, areas in Brooklyn where I was just the territory guy and some industrial had kind of crossed my plate along with multifamilt development and everything else. So I had the experience, but I would notice the industrial brokerages really didn't provide the same services to the market, didn't add the same value I felt towards clients as some of the other product types. So you look at a marketing flyer or setup for something like a high-end office or even development, and they're just beautiful marketing materials. They're kind of elaborate, they're laid out really well, and then I would get these industrial setups and they're still black and white kind of grainy fax sheets, you know? So that was one thing. And then I also thinking about the way brokers offer valuations just as a foot in the door to our clients. I said, there's a way to improve that too, as opposed to the hard copies, the books that brokerages would do, and it was just the industry standard. We can digitize it, we can put it on an online platform where owners can kind of interact and ask questions and we can plug changes in real time. So it was a combination of those ideas I thought. I just kept kind of honing in on industrial and saying, if we can do this with industrial, where it's kind of a step behind, and we can build a nice website and offer these services and really modernize it, You know, industrial's on fire now. It's not just a great market, but it's an increasingly sophisticated and kind of savvy market. It's, it's appealing to more and more investors. The timing's right? It's, you know, it's going to work. So I just kept telling myself that and I, I think we've been able to add a lot of value to our clients so far using that.  [00:03:52] Sam Wilson: Let's talk about industrial valuations here for a minute. When you were kind of, you know, given the, you know, the black and white flyers and things like that, it took me back to my residential days where you can get in and there's platforms online, you know, especially as a broker, as an agent, where you can get in and you can add, okay, hey, maybe they didn't accurately capture the square feet in the house, maybe they didn't capture additions, maybe even though it might have been put through codes, there might be extra bathrooms and things like that that improve the value of the property. Is that kind of the same thing? And you can go in on the back end and add those in and actually see what a real market value might be, say, for that residential house. Are you saying that that same sort of piece is missing in the industrial side and you guys are able to come in and say, hey, wait, there's ways to more accurately reflect the value that this property is?  [00:04:38] Daniel Tropp: So over my career, I've been in some really, really great shops. One common theme was the way we put a property out there will directly impact the end result for the owner. So I always believe that the aesthetic, it's not meaningless, it's important. So we started using 3D tours, drone footage, high def videos and we incorporate that right into this one-page setup. Now we call it a teleport. So, an investor can just hover over it and very quickly kind of be brought up to speed with the visual, which is really important still these days because a lot of people are working remotely or from the road or whatever case. On the valuation side, I think we miss less with this model because the old model of a broker taking the information, printing a hardbound book, going to the owner's office, sitting down, discussing the property, well, if they missed something, or if the owner got an LOI between the time they spoke and the time they got to their meeting, what does a broker do? He takes out his iPhone and calculator and, okay, like, here's the new value, and it was just the norm. So I get a lot of good feedback on the valuations that we do now because owners, as they go through it, will say, oh, you know what? I forgot to tell you about this. Actually, we underwrote a $15 rent a couple of months ago. I got an LOI for 18, or you know, I noticed this bill. So it's an exercise for them too. And it's normal. I think that as they're going through it, they're going to remember certain new facts about the property, and then we just incorporate it in real-time into our end. We have the presentation, which is spreadsheets. Nobody really loves to see that. On the owner's end, they have a nice polished presentation with all the values and how we're deriving everything. So it's a cool product. [00:06:25] Sam Wilson: That's fantastic. And it's always interesting how you can find innovation in an industry. You would think that, okay, you know, the industrial space, like there's enough people playing in this space that it's innovated out, but clearly that's not the case. Tell me, what are some things that you're finding that directly impact the value of industrial proper?  [00:06:44] Daniel Tropp: So, right now, especially since I think those two steep rate hikes in June and July, it's definitely been a fight to quality. I think tenancy, which has always been important, is now more important than ever. We'll see a really, really sharp premium on properties that are leased to credit tenants. I think proximity to transportation has become a lot more important. What owners here from their tenants is, you know, we're getting crushed on gas prices, deliveries, everything else that we have to do, we're too far from whatever market we're in. So because of that, and I think gas has probably peaked back in May or June or whatever it was, but tenants are still very sensitive to it. And as such, I think investors are starting to pay attention to, okay, how far am I from the market with this property? How far are they from the highway? How good is the access? So that's been something else that we've definitely noticed. Ceiling heights, again, always an important metric for industrial, but really important right now. I think with the way the functionality and the use of the physical warehouse space has changed from more warehousing and storage to the more modern use of get things in quickly, get 'em out quick, even quicker, right? So we need to maximize every inch of the space. So ceiling height and functionality I think is really important. The newer warehouses seem to be a lot more in demand than things that are a little bit more antiquated and tougher to retrofit.  [00:08:09] Sam Wilson: That's really, really interesting. Now, you were telling me earlier, before we jumped here on air, was that the sales volume has been incredible compared to the leasing volume in your market. Can you explain that and how that, what the correlation of that and vacancy is?  [00:08:25] Daniel Tropp: Sure. When we started the company two years ago, we anticipated doing a good amount of leasing, but there really hasn't been much because the vacancy rate is, I think, let's take a market like New Jersey, maybe in the two or 3% right now, it's October. But when you start looking, okay, I have clients that have very particular needs, so they need those high ceiling heights. They need great access. They need X number loading positions, and you bifurcate and take out that really high-caliber product. The effective vacancy rate of that newer product with all those features might be zero. So there's just not a ton of leasing to go around. Where we have seen more opportunities definitely on the sales side, and I think we can be even more specific and say it's been a lot of sale leasebacks has been owner users that are in some way, shape, or form, still impacted from COVID. Either they're kind of busting at the seams and they're doing you know, home repairs or home supply. Home materials, home building materials, or services for commercial real estate and they can't grow fast enough, so they want to lease back with some flexibility so that they can scale up. Or on the other end, people that maybe are a little bit, like, closer to retirement, thinking about shutting down or their business has been impacted in a negative way, they're scaling back, but they don't exactly know when and where that's going to happen. So they also want to monetize today based on where the market is and then kind of take that 1, 2, 3 year period to figure out their next steps. So that's been a lot, I would say, most of the sale clients that we've we've seen.  [00:09:59] Sam Wilson: That's interesting. I would not have tied those together. with saying that sales would increase with a decrease in vacancy versus leasing out. You know, again, I'm not in your industry necessarily or in the industrial industry. So I wouldn't, you know, that's just not the way I necessarily think about those things. But that's really interesting. Thanks for taking the time to break that down for us. Tell me when it comes to cannabis. What are you seeing in that space? Is that something you guys are involved in? Is there an opportunity there? Walk us through that.  [00:10:29] Daniel Tropp: Sure. So it's something we kind of got accidentally involved in about a year ago, more so in New Jersey than New York, where it's a little bit younger, but the potential is there. Look, regardless, and I think the stigma around the country is changing, but even regardless of that, it's projected to be a multi-billion dollar-a-year industry and it's legitimate now. And you have all these uses in the supply chain that are coming to light. So as it turns out, there's a huge overlap with industrial properties, which we have in our system kind of cataloged and we know all those owners anyway, so now it's been kind of a nice thing to be able to go to them and inform them about this new potential use out there. In a market like New Jersey, for instance, the townships that opt in will then basically write their ordinance or their own zoning code for where the properties can be. So on top of the very low vacancy rate for industrial, let's say there's a cannabis operator that's looking for cultivation space. Now you have to go look at which townships opted in. There aren't many of them. And then once you find those, where does the ordinance define as far as properties that we can use? So you find those limited number of properties. Then you have to really understand, okay, which are functional for us, which are available. So the way the process works, it creates this very artificially low supply of actually viable properties. And that's where it's been exciting for us as brokerage s, on the brokerage side, 'cause we're able to come in decipher these ordinances, tell our clients, you know, let's take a look at X, Y, and Z townships we'll go after the specific properties and the owners that are viable, and we'll find you something. So it's been more buyer and tenant rep on that side, but it's the wild west right now. It's like a new frontier and it's really cool to be a part of it. [00:12:12] Sam Wilson: That's awesome. I want to hear more about that, but I guess I have a question. Why why would someone necessarily put a grow operation, and again, I'm not in the cannabis space, so if I use the wrong words, please correct me. But why would someone put a grow operation, say in New Jersey when maybe they could get somewhere further out rural, I mean, is it location specific? Why does it need to be in a certain area versus, you know, why would someone lease industrial space in New Jersey to put a grow operation in versus going somewhere out in the middle of the countryside and building a grow operation?  [00:12:42] Daniel Tropp: That's a great question. I'm still learning it myself, and I'm not on the operation side, but I'm speaking to all these operators. You know, my understanding is it's federally still illegal to transport between states. So a lot of this supply chain to get to the dispensaries in New Jersey needs to come from somewhere in New Jersey. So everything, every use down the line cultivation to manufacturing, to distributing products, delivery, retail dispensaries, that all has to be sort of in state.  [00:13:12] Sam Wilson: Got it. Now that clarifies things quite a bit, what do you see as the opportunity for the investor in this space? Let's say somebody like myself wanted to come along and said, hey, Daniel, I want to own the real estate. I don't want to be an operator. I'm not looking to start a grow operation, but I'm interested in investing in the cannabis space and helping that move forward. What would you suggest?  [00:13:34] Daniel Tropp: It's a tremendous opportunity. I think it's kind of parallel to why there's so much opportunity for us as brokerages. As a broker, a lot of the bigger brokerages out there, the corporate sort of global or national brokerages, they won't touch the use, whether it's just stigma or whether they have a board to answer to with disclosures about certain things that they can get involved with or not federally. It is still an illegal drug, so right off the bat, most of the competition that we would face selling just a straightforward 50,000-foot warehouse from brokers. They don't exist in this space. And similar for the buyers, for the investors, a lot of the bigger investors with institutional money behind them, with disclosures, with whatever else investors that they have to answer to, they're starting to look at it maybe, but they're still not really ready. So for the entrepreneurial-minded, sort of quicker nimble investor, I think it's it's a great space to plan and to look at.  [00:14:34] Sam Wilson: Do you see investors coming in buying a real estate than pairing up with someone like yourself and saying, hey, go find a tenant for us, or, you know, I mean, is that the way that works? Or, I guess, the real question is, you know, how does someone like myself get involved in that?  [00:14:48] Daniel Tropp: I think it's twofold, right? We can find the real estate, there's real value in unlocking the real estate. So if you're able to partner with a broker that understands those ordinances and understands where to look, and you can go in and buy something, and then stabilize it, that's a great plan. Again, because there's a very artificially low supply, so there is real value there. And the users, I kind of, like, use the if you build it, they will come sort of analogy. The users, the operators, if you control the real estate, you'll find them. And then on the flip side, wait it out a little bit and let the market kind of develop and get established. Let somebody else do the legwork, stabilize the asset, put in a good operator, and in time, I'm sure those opportunities will start coming to market too.  [00:15:34] Sam Wilson: Right. And I guess the risk would be in this, let's say that, you know, maybe the operators currently are paying up for this space. I would assume they have to be 'cause there's an artificially low supply and their excess demand, that means the prices are going to obviously be quite high. Your risk in that would be that maybe in the next two to five years, all of a sudden, you know, weed gets, I don't know, you call it weed or pot, whatever, I don't even what you call it, marijuana gets legalized and then all of a sudden, you know, well the artificially low supply kind of goes away. Is that a fair risk that I see in the space?  [00:16:08] Daniel Tropp: Yeah, that's one. Think based on the political landscape in a typical whole period, five to seven years, and I'm not, you know, a lobbyist or a political guy, but I don't think it happens. I think the window, most people expected that federally it would be decriminalized has kind of passed and it didn't happen. So because of the way, you know, politics and the three houses are structured right now. I don't see that as an immediate risk. I think the other risk is, do you want to be the investor that comes in, buys a property, vacant, takes on the risk, juices the rent, two, three, maybe four times fold, fourfold in some of these cases, and then have your exit? Or do you want to have someone else come in, take on the risk, bump those rents, and then come in and buy the stabilized asset?  [00:16:55] Sam Wilson: It could go either way. It can absolutely go either way. And I guess it depends on what type of investor you are and what your risk appetite is. I mean, one is more of the cash flow play and one is more of a spec play. I guess that's the beauty and the risk of what it is that we do. That's really, really fascinating. I mean, what would you estimate, you know, if it is such a niche product that you guys are, you know, locating, like how much of that is actually out there? Is it already saturated? Is it all already taken or is there still acquisitions to be had? [00:17:27] Daniel Tropp: There's still acquisitions to be had. I think very few townships, let's again use New Jersey 'cause it's just a little bit more established, opted in. But the thought process among like people in the industry is that once other townships that didn't opt in see the benefit and the tax revenues and everything going on in those areas that did, more chips will fall. So I think for the foreseeable future, for the next few years, you will have this market that's gradually expanding, which is a good thing. You don't want kind of inactivity. And on the other end of the spectrum, you don't want this just wide-open boom at the beginning where then things fizzle out. [00:18:03] Sam Wilson: Right. No, that's absolutely right. And I think you hit it on the head there where you said, once they see the tax revenues coming in, and that's, I mean, that's been one of the biggest drivers, just the economic side of it from, you know, from the political side where they go, Oh my gosh, like we're missing out on just enormous tax revenues. Why not legalize it here?  [00:18:22] Daniel Tropp: Absolutely.  [00:18:22] Sam Wilson: Yeah, that's absolutely awesome. Daniel, if you rewound your investing career or your brokerage career in real estate, what is one thing you feel like you've done really well that other people should emulate? [00:18:36] Daniel Tropp: I can't take credit for it again 'cause it was more circumstance, but, and I go back and forth over it all the time. You know, should I have left sooner and started going on shop? Or did I need that experience that I had to that point to have the success I'm having now and be able to build what I built now. So I think just at any point, having the chance to do something on your own, taking it, right, maybe it's the dream all along. It wasn't for me. I kind of fell into it, which worked out really well. But if that's someone's passion now, if that's their dream, I'm always trying to tell people, look, leverage the relationship. Let me know if I can help at all 'cause I'd love to see you go out on your own. I'd love to see more people do it. I think it really sparks the market and gives like new purposes and new innovations and just brings about more for everyone, kind of raises us all up.  [00:19:27] Sam Wilson: That's awesome. Daniel, thank you for taking the time to come on the show today and share with us. I've learned so much from you about the opportunity in the cannabis space, things that impact value inside of industrial real estate, what it looks like. You know, we talked a little about sales versus leasing and how they're driven by vacancy. Learned a lot from you. Certainly appreciate it. If our listeners want to get in touch with you, learn more about industrial real estate in New Jersey and New York, what is the best way to do that?  [00:19:51] Daniel Tropp: By all means, anyone can DM me on LinkedIn or Instagram or shoot me an email. It's last name, first initial T R O P P D @ aebov, A E B O V.com.  [00:20:05] Sam Wilson: Fantastic, and we'll make sure, Dan, we put that there in the show notes. Thank you again for coming on today. Certainly appreciate it. [00:20:10] Daniel Tropp: Sam. Thanks for having me. This was great.

Qu'est-ce qu'un harcèlement moral ? À une époque où on en parle beaucoup, il faut savoir qu'il y a une définition précise du Code du travail et l'article L.1152-1. À cette définition s'ajoute une autre définition légale donnée par le Code pénal. Et il faudra une troisième définition qui, elle, est issue d'une Loi datée du 27 mai 2008 qui nous dit que le harcèlement peut aussi être issu d'un seul acte, c'est-à-dire un acte isolé si d'aventure il est discriminatoire. Auditeurs et abonnés au podcast de Ça peut vous arriver, découvrez désormais chaque semaine l'inimitable Règle d'or, avec les avocats qui interviennent chaque jour sur RTL et M6. Pour accéder chaque semaine à votre règle d'or, abonnez-vous au podcast de l'émission.

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Thomas EvansInstagram: https://www.instagram.com/tomevansstrongman/Legends of Iron linkshttps://lnk.bio/legendsofironHost of Legends of IronFacebook https://www.facebook.com/LegendsofIron/Jon AndersenInstagram @thejonandersenhttps://www.instagram.com/thejonandersen/Websitehttps://www.jonandersencoaching.com/copy-of-fb-landing-pageNick BestInstagram @nickbeststrongmanhttps://www.instagram.com/nickbeststrongman/YouTubehttps://www.youtube.com/user/NickBestProStrongman?app=desktopAkim WilliamsInstagram @akim_bkbeast_williamshttps://www.instagram.com/akim_bkbeast_williams/Podcast ProducerBen Bulman Of Angry Dad PodcastInstagram @angry_dad_podcast_https://www.instagram.com/angry_dad_podcast_/Website https://lnk.bio/angrydadpodcastEditing and Production ConsultantMike Pulcinellahttps://www.youtube.com/c/MikePulcinella1/featuredInstagram @mikepulcinellaPresented ByMuscleMedshttps://musclemedsrx.com/

This interview features Zach Blume, Co-Founder and President of Portal A.  We discuss how he built a 360 monetization strategy for an early Internet video series, launching one of the first branded content studios with his childhood friends, creating one of the most well-known and longest-running digital formats in YouTube Rewind, how Portal A ended up selling a minority stake to Brett Montgomery's Wheelhouse, why feeling like outsiders is central to their identity, and what's up next for the Portal A team.Subscribe to our newsletter. We explore the intersection of media, technology, and commerce: sign-up linkLearn more about our market research and executive advisory: RockWater websiteFollow us on LinkedIn: RockWater LinkedInEmail us: tcupod@wearerockwater.comInterview TranscriptThe interview was lightly edited for clarity.Chris Erwin:Hi, I'm Chris Erwin. Welcome to the Come Up, a podcast that interviews entrepreneurs and leaders.Zach Blume:We built a business model around it that included merchandise, ad revenue share, ticketed events, and sponsorships. And so we actually ran that show at a profit, even though it was early internet video web series. And the idea was to build an entertainment property on the web that could become multi-season, could eventually travel to TV, which it did. It later became a TV series called White Collar Brawlers. It was super experimental, and I would say, looking back on a fairly innovative for three guys who had really no idea what we were doing and had no training in any of this, we built an entertainment property on the internet that was profitable.Chris Erwin:This week's episode featured Zach Blume, Co-Founder and President of Portal A. So Zach grew up in Berkeley and had a self-described normal suburban life of sports and friends. Zach then went to University of Oregon to study political science and pursued an early career running local political campaigns in California. But an opportune moment reunited Zach, with his two childhood friends to create one of the internet's earliest digital series White Collar Brawlers.After some unexpected success, the friend trio then became the founding team for Portal A, an award-winning digital and branded content company. Some highlights of our chat include his 360 monetization strategy for one of the earliest internet video brands, what it takes to co-found a successful company with your friends, how they landed a strategic investment from Wheelhouse, why feeling like an outsider is central to their identity, and how they're building towards the next massive creator opportunity. All right, let's get to it. Zach, thanks for being on the Come Up podcast.Zach Blume:It's a pleasure to be here.Chris Erwin:From our conversation yesterday, amazingly, I believe this is your first podcast interview ever. Is that right?Zach Blume:It's true. A lot of interviews over the years. Some predating the podcast era, some during the podcast era, but I'm honored to be invited onto yours. I've listened to a bunch of episodes, and we'll see how it goes.Chris Erwin:Awesome. All right, so as is typical, let's rewind a bit before we get into the whole Portal A story, although it actually starts pretty early on. So why don't you tell us about where you grew up and what your childhood was like?Zach Blume:Yeah, I grew up in Berkeley, California, the son of two die-hard New Yorkers who had moved out to California. My dad was born in the Bronx. My mom was from Manhattan. They were part of the New York exodus to California, and I was the first kid in my family who grew up in California and, of all places, Berkeley, childhood filled with lots of sports and playing in the street and all that good stuff. And the really interesting tie to the Portal A story, obviously, is that I met my two co-founders when we were somewhere between four and five years old. The stories differ, but we met in kindergarten, and we're close friends basically since we were little kids and played a lot of basketball together growing up. And the court that we played basketball in was called Portal A, which eventually became the name of our company 25 years later. The founder story of Portal A is very tied up in the childhood story of all for all three of us. I live in Oakland now, so I didn't stray too far from home.Chris Erwin:Got it. I remember in doing a little bit of research for this episode, I was trying to look up Portal A parks around the US, and I kept finding some in Orange County, so I thought you were an NorC kid, but No, you're a NorCal kid.Zach Blume:I mean, I think if there's an opposite of Orange County, it would probably be Berkeley.Chris Erwin:That's probably right.Zach Blume:But the court was actually an El Cerrito, which is an adjacent town to Berkeley, and it still exists. It's still around, and we should probably go play some hoops over there, but we haven't for years.Chris Erwin:Yeah, that'd be fun. So I have to ask, what did your parents do?Zach Blume:My dad has a business background. He runs and, up until actually six months ago, ran an investment advisory firm helping individuals manage their investments. It was a small company, five to six employees, just a great business, really community based, all about relationships and helping people manage their life and their money. And yeah, it's taught me a lot about business growing up, for sure.My mom was a therapist. She's retired now. She was a private practice in Berkeley. They've known each other since they were 20. They actually both went to the Wright Institute, which was a psychology graduate school in Berkeley. My dad was a psychologist briefly for about six months before he went back into business. And my mom was a therapist for 25 years. It was an interesting mix of business and psychology growing up, for sure.Chris Erwin:Got it. And were there any siblings?Zach Blume:No siblings? I'm the only one and-Chris Erwin:Oh, only child. Okay.Zach Blume:Yeah, interestingly, five of my closest friends, all groomsmen at my wedding, were from that same kindergarten class where I met Nate and Kai, my two co-founders. So there's definitely been a brotherly nature of those relationships. And at this point, I kind of consider Nate and Kai almost like brothers. We've known each other for 35 years, and we've been in business together for over 12 years, so it's pretty deep. Those relationships run pretty deep.Chris Erwin:Was there a part of you early on where you thought you might go into business and finance or become an investment manager like your father?Zach Blume:So there was also a lot of political kind of conversation and learning in my house. I remember from a very early age, my dad, when I was like eight, he would try to sit me down and read the Sunday Weekend Review in the New York Times. And it was like torture for me. But I think it got in there somewhere.In college, I actually studied political science and, for years, worked in the political world after I graduated from school. And I really thought that was my path, and it was for many years. I worked on campaigns. I started managing campaigns. I worked for political communication shop in San Francisco for years. I kind of burned out on the world of politics. I've since been re-engaged in a lot of different ways. But when I burned out on politics, that's when I thought I was going to go into business.I left the political world, was studying to go to business school, doing all the GMAT prep, and that's when Nate and Kai came to me and said, "We should make a web series together." Because I had a three-month gap, and it sounded so fun. We had made some stuff together just for fun earlier on. And so, while I was studying for the GMAT, I joined Nate and Kai to make this web series in the early days of internet video. And that's kind of the origin story of where we are today is that that web series, it was called White Collar Brawler. It was totally weird and crazy and awesome, and it started us on our journey to where we are today.Chris Erwin:Got it. So going back even a bit further, I'm just curious because you met your co-founders, Nate and Kai, back when you were in kindergarten, as you said, four to five years old, when you were in middle school, or when you in high school, were you guys part of the theater club? Were you creating any types of videos for your classes? There's something about meeting people early in your childhood, particularly in digital media, that I think blossoms into different relationships. So was there any kind of through line early on where you were interested in media entertainment before getting into PoliSci, which as part of your early career?Zach Blume:Yeah, I think there definitely was for Nate and Kai. There was less so for me. So Nate and Kai started making, maybe not in high school, but in their college years, they both went to school on the East Coast. This is like 2003, 2004, 2005. They started making internet, video, and web series when they were in college. And Kai was a film major, so he had some training, and they started just playing a lot of comedic stuff earliest day pre-YouTube, so quick time player-type stuff.So yeah, high school, I'm not so sure college for sure for them, at least it started building. And then, right after college, the three of us, plus another friend, grabbed a flight to Hanoi, bought motorcycles in Vietnam, and traveled across the country, and we made a web series called Huge In Asia.So it was like a 30-episode comedy travel web series, kind of just chronicling our journey across Vietnam. And then, they went on, I had to come back to the States for some work, but they went on to Mongolia, China, Laos, all sorts of different countries across Asia. That's where it really started for us the idea that you could not be in the formal, either entertainment industry or advertising industry. You could buy a pretty shitty camera, have an idea, start producing content and build an audience. And that was 2006. So the interest in internet video as a medium really started there.Then we all went our separate ways, and all did kind of normal early career professional stuff, but that Huge in Asia as an idea and an adventure was really the starting point for us. So yeah, so I would say the interest in video and film and just the distribution of it online started college years, and then the year after, we went to Asia.Chris Erwin:Got it. So just to add some context here, because I think YouTube was founded around 2004, and then it was bought by Google around '05, '06 pretty shortly after founding. So when you're coming out of college, I think this is around a 2006 timeframe, as you noted, when you guys decided to go to Asia and to do this motorcycle tour, was there a goal of, "Hey, there's an explosion in internet video, we have a chance to build an audience and make money off of this?" Or was it just, "Hey, this seems like a really fun thing to do. We're just coming out of college, we're kind of this in this exploratory phase, we like spending time with one another, let's go do this and see what happens." When you were thinking from the beginning, what was the end goal of that project?Zach Blume:Much more the latter. I mean, it was purely experimental. It was all about the adventure. I think there was a sense that we were at the dawn of something new, and I think that YouTube, Vimeo, I mean all the other platforms in the investment of history at this point, but there was an explosion of internet video technology that was enabling people like us to start making stuff. So I think there was like a sense that something was happening. It definitely was not a money-making endeavor. In fact, it was the opposite. And it was really just to experiment and play and see where it took us.Looking back on it, 15 years later, 18 years later, whatever it is, I think it's 100% served its purpose. We got our feet wet. We started experimenting. We started learning what worked, what didn't work, what audiences responded to, what made us happy. It kind of gelled our relationship as young adults versus as kids. And we never would've known at the time, but it did 100% lead to Portal A, and that's to where we are now.Chris Erwin:Okay, yeah, I hear you. I think, looking back in retrospect, it was definitely a catalyst to the forming of Portal A and where you got to where you are today, but it wasn't because when you came back from that trip, it wasn't like, "Oh, let's found Portal A and let's get going." You actually entered into the political realm for two to three years before founding Portal A, right?Zach Blume:Yep. That was always my plan, and that was the career I was going to pursue for sure.Chris Erwin:So, but the seed had been planted, but yeah, in '06, for the next two years, you become a political campaign manager. What campaigns were you working on?Zach Blume:First campaign was a Congressional campaign in Southern California. That was actually my first job out of college. We got trounced by 22 points in a very heavily Republican district by Mary Bono, who was Sonny Bono's widow. We had a candidate that we really liked, and it was the 2006 election, so it was kind of the midway point or the later stages of, I guess, Bush's first term. And there was a ground swell of just whenever there's a presidential election, two years later, the other party is the one that's like kind of getting their grassroots organizing on.So it was definitely an exciting time. It was an exciting election year. I happened to work on a campaign that was in a... It was Palm Springs. It was like that area, heavily Republican area, but I learned so much, and I was running a third of the district, and I loved it. I loved organizing. I felt like I was on the right side of history and doing the right thing.That then led to this fellowship that I did called The Coro Fellowship. I met one of my best friends on the campaign who had done the Coro Fellowship, and it was a year-long fellowship in political and public affairs. Everybody listening to this podcast will never have heard of Coro, but in the political and policy world, it's well-known and well-regarded, and that was a great experience. I got exposure across a bunch of different sectors, including government, labor unions, business, nonprofits, et cetera.Out of that, I started managing a campaign for the California State Assembly in Richmond, California, with a candidate, Tony Thurmond, who is now the Superintendent of Public Education in California. So he's gone on to do pretty big things. He's an amazing guy.And that led me to work at Storefront Political Media, which was a political media and communication shop in San Francisco that, at the time, ran all of Gavin Newsom's campaigns. He was then the mayor of San Francisco, obviously, is now the governor of California.I ran the mayor's race in Houston, of all places, elected Annise Parker, who was the first lesbian mayor of a major American city. And she was a fantastic executive out in Houston and then had a bunch of different clients, including firefighters unions, individual candidates. Ultimately, I was working for a client that was leading initiatives that didn't necessarily align with my own political values. And that was part of what led me to say I was ready to move on from the world of politics. So it was a fantastic experience, I learned so much, but that's what kind of prompted me to want to go to business school, which is what I was going to do until Nate and Kai came along and said, "Let's make a web series."Chris Erwin:Yeah. When you were working on these political campaigns and also working with Storefront Political Media, which is a national communication media and PR firm, were you bringing some of your grassroots internet video tactics to help build community, to help build influence and sway some of these elections? Was that part of kind of some of the unique flavor that you brought to these teams?Zach Blume:For sure, I was definitely the internet guy at that shop. I mean, there were a couple of us, there was a couple of coworkers who were of my generation. This was just when kind of Facebook was becoming a powerful tool for communications pre-Instagram, pre all those other platforms we're familiar with now. I definitely brought my expertise in video and the distribution of content online to that work. It was an interesting time politically. It was just at the advent of the internet as a powerful communications tool for campaigns.Chris Erwin:So then you're considering going to business school, you take the GMAT.Zach Blume:I got halfway through the class, and White Collar Brawler, that series, came calling. It was all-consuming. It was so fun. And we produced the hell out of that show, and it got a lot of notoriety. We got a big write-up in the New York Times, like big-Chris Erwin:Give us the context for White Collar Brawler again. What exactly was that project, and what were you supporting?Zach Blume:The log line was basically what happens when you take office workers whose muscles have become dilapidated by sitting in front of a computer all day long and train them to become amateur boxers. It just so happened that the two White Collar workers that were the stars of the show were Nate and Kai. So it was very, kind of like meta, we were the creators, and Nate and Kai were also the stars.The experimental part of it was shooting and producing the series in real-time. So there was an experiential element to the show, meaning as Nate and Kai were training to become boxers, fans of the show could actually come out and train with them, run on the beach in San Francisco or go to a training session with a boxing coach. We had events happening throughout the course of the show. It eventually culminated in an actual fight, a licensed fight in Berkeley between Nate and Kai for the Crown. And we had, I think, 1500 people showed up to that site and paid tickets-Chris Erwin:Was it boxing, mixed martial arts? What was the actual thoughts?Zach Blume:No, just old-school boxing.Chris Erwin:Okay.Zach Blume:It was the real deal. And-Chris Erwin:I may have missed this in the beginning. Who funded this? What was the purpose of it?Zach Blume:It was partially self-funded. It was partially funded by a friend of ours who had sold, in the early internet days, had sold his tech company to Google in one of the early Google acquisitions. So he just privately financed, I mean, we're not talking about big dollars here, and we built a business model around it that included merchandise, ad revenue share, events, ticketed events, and sponsorships, which I was in charge of in addition to other things.And so we actually ran that show at a profit, even though it was just an early internet video web series. It was actually a profitable property, and the idea was to build an entertainment property on the web that could become multi-season, could eventually travel to TV, which it did. It later became a TV series called White Collar Brawlers. And so it was actually super experimental, and I would say, looking back on it, fairly innovative in terms of for three guys who had really no idea what we were doing and had no training in any of this, we built an entertainment property on the internet that was profitable.Back to the question, I mean, that's what distracted me from going to business school because I felt like, first of all, I was learning so much, I was having so much fun creating content with two friends, and you just had a feeling that we were onto something and we didn't know what that thing was. We thought we were going to be an original entertainment company that would just make shows like White Collar Brawler, but we knew there was something. We knew there was a lot of activity and interest in this space. And so that took up all my attention and then took up my attention for the next 12 years.Chris Erwin:I will say from personal experience it saved you a couple of hundred thousand dollars and a lot of agony of actually taking that test.Zach Blume:Right, exactly.Chris Erwin:And being two years out of the workforce, speaking from personal experience.Zach Blume:Right. I know, I know.Chris Erwin:So, okay. And look, this is interesting to think about how you guys, as a founding team, were gelling and coming together. When you guys started talking, "Let's do this White Collar Brawler show as a team," what was your specific role, Zach? What was it like? What are you going to focus on?Zach Blume:Yeah, I mean, it actually reflects the role that I now play and ended up playing when we turned White Collar Brawler into a business. So Nate and Kai are more on the creative side, the creative and production side, both had experience. They had both actually before me had left their kind of "normal jobs," moved to LA, and started making internet video with a vision for again, "We don't know what it is, but there's something going on here, and we want to be a part of it."They had background as almost as creators themselves and also some training, actually with the physical act of production. So Nate and Kai were always much more on the creative side and the production side. And then my role was kind of capital B business. I was responsible for sponsorships. I was responsible for the operations of the show. I was responsible for where we were going to have office space, all that type of stuff. Basically the business side of creativity, and that's the same today. I mean, it's kind of like, it was just a foreshadow of the roles that we ended up playing as we were growing Portal A. And we've always had a super clear and complementary division of labor.I would say when looking for business partners, I think that might be, I mean, your rapport and your ability to communicate is lots of things are really important, but making sure that each person, each principal has a clear role and that they actually like that role and can succeed in that role is I think one of the keys to business success. So we've always had very clear roles. We've always liked our roles and felt like we belonged where we were. That's how it started with White Collar Brawler.Chris Erwin:That's awesome. Yeah, I have to give you some real kudos because you take very early on in your career, and in the digital entertainment ecosystem, you take an IP concept, and you create a diversified, sustainable business model around it where you have revenue coming in from advertising, sponsorships, merch, ticket sales, that's what many different IP properties want to figure out today. And many struggle to do that.Zach Blume:The only we could've described it back then as well as you described it now, but yes, that's basically what it was.Chris Erwin:Yeah, you look around at one another, you have this culmination in a ticketed event where there's over 1500 people pay to see the fight between Nate and Kai. And so you guys look around at one another and say, "Hey, we got something here." Is the next step? Let's found a business, call it Portal A and start doing this at scale. Or did it kind of just naturally happen, saying, "All right, let's find the next project and see where it goes from there."Zach Blume:It was much more, again, the latter. I mean, we did know that there was something brewing; I gave ourselves, at the very least credit for that. Did not have a business model. We did not have a plan. We had a kind of a concept and an idea and a good partnership. And I think that was really important too, is just how well we worked together.When we came out of White Collar Brawler, we had this idea credit to Kai. I believe we really wanted to do a show about whiskey, that that was going to be our next piece of IP that we wanted to develop and the concept behind the show, again because we didn't want, we were just going to be doing original series built for internet video was basically a distillery tour type show, but with a twist where there would be a membership model involved. And for anybody who was in a... 99% of viewers would just watch the show for the entertainment value, any type of good travel show that built that type of audience. But 1% of viewers would subscribe to the show and get a drum of whiskey. For each distillery that we were visiting as part of the show, they would actually get samples in the mail, and it would be kind of a whiskey of the month model married to an entertainment property.And we were coming out of White Collar Brawlers, we were visiting distilleries, getting drunk, trying to figure out this model. And we were super hyped on it. We thought it was a really interesting way to monetize internet video through subscriptions. And we even got into the logistics of shipping, and we were really going down that path, and in the meantime, we were broke, we were like 25 years old and-Chris Erwin:That was my next question. How are you funding all of this?Zach Blume:Well, we paid ourselves an extremely nominal salary. I would call it a stipend when we were making White Collar Brawler enough to survive. And then, coming out of that, we were trying to do our whiskey show, but that stipend went away. So we were without income, really. I mean, I remember going to Bank of America at some point, and there was so little... This is one of our funny stories that we tell each other. I remember this parking lot moment where the three of us had gone to Bank of America, where we had this White Collar Brawler account, or maybe it's a Portal A account. I'm not sure. And there was, I think, less than $1000 in there, and it was one of those like, oh, shit-type moments, and I remember going out to the parking lot and being like to Nate and Kai because I was always kind of the rah-rah guy of the three of us. And just, I remember basically having to give a motivational speech about that we were going to be okay, that this is going to be okay, despite the fact that we had absolutely zero money in the bank.That was where we were at that point. We were trying to figure out this whiskey idea, and then all of a sudden, because of the popularity of White Collar Brawler and some big YouTube videos we had made to promote the series, we started getting some inbound interest from brands. And that was never in the plan. We would think about sponsorships on our original series from brands, but never creative service worked directly to brands, and our first phone call was-Chris Erwin:Explain that difference for the listeners. I think that's a good nuance.Zach Blume:Yeah, I mean, if there was a business model, the business model we were considering was building properties like White Collar Brawler that could be sponsored by, in the best-case scenario, Nike or by Everlast, the boxing company, or by Gatorade or that's who we were pursuing for what-Chris Erwin:So think of title cards and brought to you by et cetera.Zach Blume:Exactly. Or like sponsoring events or merchandise or all that type of stuff. And we had some success, not from the big brands, but we had some success on White Collar Brawler with sponsorships from more regional brands, or like there were some beer companies and some smaller merchandising startups that were part of the sponsorship mix.I will say that we sent out about 500 to 1000 sponsorship emails and got about five sponsors. So we worked hard at it. And so that was the model we were going to pursue even for something like the whiskey show. We were going to look for sponsors and brand sponsors in that way. We never thought we were going to build a creative services company, meaning brands, an advertising company effectively, like brands hiring us as a service provider to create content. That was never, ever something we thought about.We started getting these phone calls. I remember being in a car one time, and I got this random call from a number I did not know, and it turned out to be a marketing manager at the Gap. Her name was Sue Kwon. Shout out, Sue Kwon, if you're out there. She was our first real client after White Collar Brawler. And we started making videos for the Gap, as kind of like a little agency production company.Then we got some more calls. There was a Tequila company that wanted us to make a web series called Tres Agaves Tequila. They wanted us to make a web series shot in Mexico about the origins of Tequila. Then we got a call from Jawbone, which was a hot Bluetooth speaker company at the time-based in the Bay Area. They wanted us to make a music video featuring a bunch of early YouTube influencers or creators.So we started getting these, we called them gigs at the time because literally all we were trying to do is pay our rent and so we could make the whiskey shows. We were just trying to get a little bit of income coming in so we could actually go out and make our dream whiskey show. And there were fun projects, and we weren't making advertising. We were making content, and that was a big difference for us. We weren't making pre-roll ads or 30-second ads. We were making web series for brands and music videos for brands and all that type of stuff. And without knowing it, we kind of stumbled across an area that was in high demand, which was brands trying to figure out what to do on platforms like YouTube and social media with video. We had established ourselves as understanding that world.So that's the origin of our branded content business which became the core of our business for many, many years was just one-off phone calls, unexpected phone calls, taking projects as gigs to pay the bills, and just kind of doing our best and seeing where it led.Chris Erwin:Hey listeners, this is Chris Erwin, your host of the Come Up. I have a quick ask for you if you dig what we're putting down. If you like the show, if you like our guests, it would really mean a lot if you can give us a rating wherever you listen to our show, it helps other people discover our work, and it also really supports what we do here. All right, that's it, everybody. Let's get back to the interview.What was the moment where you felt it evolved from, "Hey, it's the three of us rotating between gigs, hiring freelancers as need be, to what became a business, which is called a systematized and efficient way to deliver consistent quality around a good or service."Zach Blume:I think the first year was the gig model. It was just a patchwork of projects in order to generate some form of income. The second year it started to feel real. There started to be a fairly steady flow of inbound interests, and then a kind of something we be started to become known for a type of content. It was kind of humorous, entertaining, felt like it was native to the internet and to YouTube.I think in that second year was when it started to feel like a business, and then some light clicked for me that we actually needed to do some business planning and thinking, and I had no idea what I was doing. I mean zero, negative. Negative idea what I was doing. But I had grown up where my dad was a small business owner, so I had some exposure, but I just remember being it was just like a vast sea of unknown principles and requirements that I had to navigate.Chris Erwin:How did you figure that out? Did you put together an advisory board? Did you call your dad? Were you calling some other friends in business?Zach Blume:One of our earliest advisors was not a business advisor. He was our sensei in some forms in the earliest days. And this is another shout-out to Steve Wolf, who you may know, who was on the executive team of Blip, which was one of those many early internet video platforms. He really helped us understand the space.We did not have a formal advisory board. We did not have a board. And it was truly trial and error. That's the best way I can describe it. It was just using our brains and figuring things out through mistakes and successes. It is a total blur looking back on it, but I think we were a good partnership. We had our heads screwed on straight, and we kind of learned how to operate.Chris Erwin:Another important part, too, is, like you said, when you all looked at your bank account, and everyone's face went white, but you were the rah-rah guy, which is like, "Hey, guys, we're going to figure this out. Where there's a will, there's a way." And I think that's a very important role. Shout to Steve Wolf. He was one of the execs that oversaw the AwesomenessTV network when I was there in 2014, 2015 timeframe. Super sharp guy, OG in the digital space. So not surprised to hear that he was a valuable advisor to you.All right, so then I think there's another pretty big moment where your business takes an even bigger step up. And I think this has to do with becoming the official partner for the YouTube Rewind project. The moment where you felt, "Okay, we're really onto something here."Zach Blume:Yeah, it was coincidental. We were introduced to somebody at YouTube in 2011 as a three-person team that was making internet video content and mostly on YouTube. And Rewind was just a twinkle of an idea. I mean, it was like there was a minor budget. It was basically a countdown of the top videos of the year. The budget was, I think, $20,000 in the first year to make Rewind. And we shot it in a small studio location. It was one of our earliest projects, and it was before Rewind became Rewind, the big thing that many of us are familiar with. It was a major validator for us to start working with YouTube directly as a client. And Rewind eventually became a project that defined our growth for many, many years to come. But it started very, very small.Chris Erwin:From that project. You've been around for now for 12 years, being founded around 2010. What did the growth in scaling part of your business looks like? With YouTube Rewind and other marquee projects, you're starting to get a sense of what are we actually building towards. Was there a point of view there or like, "Hey, we have inbound interests, we're working with brands and advertisers," all of a sudden we're working with publishers, and were you just kind of being more reactive or was it a mix of being reactive and proactive?Zach Blume:The best analogy I can draw is to kind of riding a wave. This may resonate with you, but I don't think we knew what was around the next corner or what the next thing was going to look like. We were just building momentum in those early years and taking each project as it came. We knew we had something. We knew we had a good partnership. We knew we were starting to bring some really interesting, smart people to the team, clients that were really willing to push some boundaries. And I was learning as I went along how to run a business, and Kai was learning, and Nate was learning how to create amazing content, and there was not a lot of foresight. It was mostly about riding a wave and seeing where the wave took us. Then doing a really good job. That was really important because every project, the success or not success for the project kind of dictated what the next chapter was going to look like.So we just focused on trying to build some good fundamentals for the business, trying to make sure we were profitable because we had to be and just making work that we were proud of. That's the extent of our planning, I think, was just what did the next three months look like and how do we keep riding this wave?Chris Erwin:Yeah, and that's something I think worth emphasizing for the listeners where it's, so often people will say you have to be super strategic in planning every single move and where is their white space and how are you going to beat out your competitors to get it? But I think when you are building a small business, and this is something that I reeducate myself on consistently with RockWater, it's really about the basics, which is know your core service offering and nail it and delight clients, from there, that's really the core foundation from where you grow and where other things can emerge. And I think that's a testament to really what you guys have done for well over a decade is you know your lane, and you operate so effectively within it that is now, over the past few years, created some other really exciting opportunities for you, your success in your lane led to the investment by Wheelhouse a couple of years back. So how did that come to be? Because I think that's a pretty big moment for the company.Zach Blume:That fast-forward a bit over years of misery and happiness and everything in between. We threw ourselves entirely into growing Portal A for the bulk of our 20s. It was all-encompassing, tons of sacrifices that were made to other parts of our lives, which I'm okay with looking back. I do think that 20s are a good time to throw yourself and just be completely focused and passionate about something like this. And we built that branded business. We diversified the type of clients we were working with. Projects got bigger and bigger, Rewind got bigger, and all the rest of our projects got bigger.Starting around 2016, we wanted very badly to return to the original thesis of Portal A, which was creating an original entertainment properties for the web. That's where it all started. And we had spent so many years working with brands, and it was fantastic, and it was a good business, and we got to make really cool stuff. But we had this hunger to return to the kind of to our entertainment roots in some ways. And we're not talking at that point about TV shows on broadcast, but about entertainment that was built for internet consumption.So we started taking steps back in that direction. As we were continuing to grow the branded business and expand in that area, we were committing ourselves to the original entertainment dream and started making shows horribly oversimplified what it took to actually start doing that again. But we started making shows again. We kept the branded business running and growing. And-Chris Erwin:When you started making shows, were you deficit-financing these yourself? So you were developing them internally and then taking them out as a slate to pitch and sell? Or were these being funded by other digital and streaming platforms that were going to put this content on their channels?Zach Blume:We were developing them internally, as a kind of a traditional development arm, and then taking them out to streaming and digital buyers. We were not doing the White Collar Brawler model, where we were building properties completely independently. So we did kind of slot in a little bit more into back into the entertainment ecosystem versus building our own properties, which that could be a whole separate conversation about the drawbacks and the benefits of that.So we were finding our way to making original series, again, we hired ahead of originals a guy named Evan Bregman, who's now at Rooster Teeth who's a good friend. And we started kind of trying to build that business again, and eventually, we started to feel like the branded business was running really well and growing year over year. We felt in order to take the next step forward on the entertainment side of our business. We needed a partner.So we had been a completely independent entire course of our trajectory. We were running a really good business at the time. It was very profitable, and the growth trajectory was really attractive, I think to outsiders. And so we started taking meetings with potential partners with the idea of strategically aligning ourselves to somebody who could level us up. We weren't looking for a sale. We were looking for truly a strategic partner.Chris Erwin:Were you running a formal process here where there was a mandate of, "We seek a strategic partner, we're going to take meetings over the next two months?" Or was it, "Hey, these relationships that we create in the industry, we got some inbounds, let's take these meetings with perhaps a little bit more intent than we would've a couple of years ago."Zach Blume:It was not a formal process in the sense that we had a banker or some advisor who was guiding us through it. But it was a process in that it was fairly intentional. Remember sitting down with Nate and Kai and listing out the players in the original entertainment world, whether that was individuals or production companies, mostly who we think would be good partners for us, and starting to navigate through our network to see who would be interested in talking. And the thing that I've found, especially in that period, which was 2017, '18 was when we were starting to have those conversations, it was a pretty hot period for digital media. I think there was a lot of consolidation going on. Our experience was once we started having a couple of those conversations, and people started to see our numbers and see the fact that we were running an actually profitable business that was growing year over year.It just like word got out, and it was a little bit of a domino. And so I just remember over the course of 2017, 2018, we took like 15 or 20 strategic meetings with potential strategic partners. Again, not running it through a banker or anything like that, but just kind of word of mouth. And it was a really interesting experience, and learned a lot about ourselves and about the space. And we just really clicked with Brent Montgomery and Ed Simpson, who were, at the time they, had sold their TV production company to ITV and they were working at ITV at the time but starting to think about what their post-ITV move was going to be, which would eventually become Wheelhouse and just to immediate connection with both of them on a personal and kind of business level.To them, we looked like a really smart partner. They felt like a really smart partner to us. And that's how that started. And there were other conversations going on at the time, but Brent and Ed and eventually Wheelhouse always felt like the right fit for us.Chris Erwin:From that first meeting with Wheelhouse, did they indicate in the room, "Hey, we want to do a deal, we're going to make an offer," or did it take a while to get there?Zach Blume:Well, this story I always tell about Ed, who everybody should know, Ed Simpson, he's an amazing guy, is that within five minutes of our first meeting he asked us, "Are you Butellas?" And I was floored. I was like-Chris Erwin:Gets right to the point.Zach Blume:I was like, we just shook hands. We were just getting to know each other, but I think honestly it's a testament to directness, and I think that actually really helped was kind of just getting our cards on the table from early days. And I think from the beginning. It was clear that Ed and Brent were looking for their first partners. Brent is also like no BS. He knows what he wants, he goes out and gets it, and the intent for an investment, a partnership of some sort, was clear from the very beginning. The eventual process took very long.Chris Erwin:How long was that process?Zach Blume:I think the timeframe from offer letter or LOI to signed paperwork was about a year. But I think there was a six-month or eight-month, even maybe even a full-year courtship before that. So the whole process from first meeting with Ed, where he asked us what our EBITDA was after shaking his hand, to signing paperwork and then collapsing on the floor because we were so exhausted was maybe year and a half, two years.Chris Erwin:Yeah. It always takes longer than people expect.Zach Blume:Yeah. It's incredible. And there were multiple points where that deal almost fell completely apart. In fact, I was sure it was done. It was toast. And what I've learned from other founders that I've talked to that have done deals, whether it's a sale or a minority investment or some sort of strategic partnership like this, is every time there's a deal, it almost fails twice or three times or more.It's just in the nature of things when there's two negotiators that there's going to be some moments of staring into the abyss. And I actually haven't heard of a deal that hasn't had that. So I learned that, in retrospect, at the time, they were hugely existential moments because we had put so much time and energy, and money into making this happen and having the deal almost fell apart multiple times was, it was really intense.Chris Erwin:Yeah. After having been a part of many M&A and capital raising processes throughout my career before RockWater when I was a banker, and then also at Big Frame, where I hired my old investment bank to represent us in a sale to Awesomeness backed by DreamWorks. And then at RockWater now, there's so many variables. You have different business models, you have different team cultures, you have leadership, you have investors, and to align on, are we working towards the same mission? Do we want the same thing in the future? Do we want the same thing now when we integrate? Where are we complementary? Will we actually succeed combined, or there alternative ways to do this? And I think it really is a special thing. We read a lot of deal headlines in the trade, so everyone thinks like, "Oh, deals get done all the time, it's easy."For all those headlines of the success, there's many, many more instances where deals have fallen apart that we don't hear about. I think the best thing that you guys had, Zach, was your BATNA, your Best Alternative to a Negotiated Agreement, but also your leverage. You had a profitable independent business. It was you, Zach, and Kai as the founders. You were growing, and you were profitable, and you could sustain with a partner or without a partner. And essentially, that led to a great deal for you guys. So it's awesome to say.Zach Blume:Yeah, it's true. I mean, we were not trying to parachute at our business in any stretch. We weren't trying to sell to then do an arm out to then leave. We were trying to level up, and I agree it was our ability to walk was good leverage for us, but we really wanted to do it because we really had committed ourselves to making this type of strategic move. I think it's very different when you're trying to capitalize on a moment in exit versus when you're trying to make an actual partnership to take the next step up in a business. And we just weren't ready to, and we still aren't ready to sunset Portal A.This is becoming our life's work. We are committed. We are always kind of doubling down on our commitment. Sometimes I can't believe I've been doing this for 12 years. It's unbelievable. And I hope that we do it for many, many, many, many, many more years.Chris Erwin:You found your magnum opus in the first company that you founded pretty rare and pretty incredible, right?Zach Blume:Yeah. I mean it's amazing, but it also puts a lot of pressure on that to fulfill a lot of parts of your being and or your professional desires. When you're focused on one thing for so long, as opposed to a lot of entrepreneurs who kind of jump or leapfrog from one thing to the next. We've had to come to grips with the fact that this is our baby, and it's continuing to be our baby. And it's a long play. It's a long run.Chris Erwin:This is actually a good segue to think about how this business is fulfilling to you, kind of over the past couple of years, some key changes that you've made of, how you're rewarding some of your most prominent team members, elevating them to partner and then thinking about what you want to grow into. So let's get into that. I look at your business. In your 20s, it was kind of the freshman segment of Portal A really starting to become into a real business. Then in your 30s, it's kind of like the sophomore years where you're starting to scale up and start to realize some pretty incredible success. And now you've got this incredible foundation.So not to aid you in front of everyone, but I think you and the founding team are entering your 40s over the next year or two years or so, entering the junior and senior years of your business. And for you guys to continue to be excited and fulfilled, tell us about some of the recent moves that you've made at the company and then where you want to go. What does that look like?Zach Blume:It's a great question. I wonder what happens after the junior and senior year sets. We're definitely at a different life stage, just on a personal level, then we were when we were on the treadmill moving 100 miles per hour in our 20s and in the kind of like the first half of Portal A and the deal with Wheelhouse was definitely like a marker, or maybe it was the dividing line between the freshman and sophomore era as you put it.First of all, I mean the last couple of years have been crazy, the pandemic, the election in 2020, there's been a lot of volatility in the world over the last few years, but what we're trying to do in the face of that volatility and kind of coming out of the Wheelhouse partnership, which again marked a new chapter for us is, create A on the business side sustainability and kind of consistency. And we've been able to do that. I mean, we've been profitable, consistent from a numbers perspective for many years, but it definitely felt for many years, we were running on a treadmill trying to keep up.And over the last several years, we've been trying to do as we enter into new periods of our lives personally, as we bring other people into the business as partners is create a business that doesn't feel like you're about to gasp for air and collapse at the end of every year, but actually create something that's sustainable and supports other parts of our lives that are really important to us. Family, having kids, all that type of stuff.I think on the business side, it's like, and I think we've done this over the last several years, but how do we move from sprinting to running at a good pace and building something that feels sustainable over the course of the next chapter of our lives as our lives change. And that's been really important, and you mentioned this, but bringing, we brought four new partners into the business. Our head of production, our head of business operations, our managing director, and our head of talent partnerships all had been with us for five to seven years each. And we made them partners a couple of years ago.We've invested in our team in a way that we always try to take care of people, but we truly doubled down on that over the last several years so that people feel like they're working at a place that they can work at for many years and feel very taken care of and part of a community, et cetera.Chris Erwin:Quick question on partnership front. So when you elevate these individuals to partners, does that mean there's a compensation bump but is also a bigger voice at the table for bigger strategic decisions for the company? What is the value exchange for that?Zach Blume:They went from kind of executives to partners. I mean, they're always executives, and I think what a partnership means is they participate in the profitability of the company. They participate in an exit. If there is a future, another deal on the horizon, they would have a stake in that. And then they have visibility into all aspects of the business and a seat at the table for really important business decisions around the type of work we take on, the type of things we invest in, the vision that we lay out for the company, the priorities for the year or for the next few years, et cetera.So it's been incredible, and I think it was a big moment. It was always Nate, Kai, and I sitting in a room, staring at each other's faces and trying to figure things out. And to bring in Robyn, Emma, Elyse, and Brittani, they're all so incredibly smart and powerful in their own ways, and it's just made our decision-making much more thoughtful, multifaceted, strategic, and I think intelligent, that group of three became a group of seven. That's been a major milestone and moment for us.So that was a big part of things. And investing in our team and doubling down on the team's wellness and creating a pace of work that was sustainable, not working over Thanksgiving, all that type, taking long breaks, giving days, all sorts of steps we've taken over the last several years to make Portal A sustainable business entity over many years.So that's number one in terms of what this chapter looks like. And I think number two is we just want to make good shit. At the end of the day, when we put ourselves in the future and try to look back on what will feel most valuable about this whole experience, what we make because we are a creative company is at the top of the list. So investing in the quality of the work that we do, investing in projects that may not be the most profitable or they may even not be profitable at all, but that are important to us creatively experimenting in new content formats, longer form, feature-length type stuff, short film, all sorts of getting back to kind of our roots in some ways as experimental content producers and investing in the quality of the work that we're making either on the original side of the business or on the brand side of the business that has become kind of central to our whole vision and identity is just this relentless commitment to quality.Chris Erwin:I want to touch on that because when we were preparing for this interview, something that we spoke about was, yeah, your commitment to creative quality and craft. Sometimes that is undervalued, sometimes that feels like it's going against the grain, and like you said, Zach, maybe there's a near-term impact where these new IP concepts, they're not profitable immediately, but there's actually long-term value to it where adherence to that mission keeps the leadership and founding team galvanized and fulfilled. It also keeps your business exciting for new team members that you want to recruit, building towards future opportunity where there can be much more meaningful revenues to generate in the future.So that's hard to do when you face kind of the near-term headwinds of those decisions, but you got to be steadfast in that it's clearly worked for you guys for over 12 years, and I think that that's just an important reminder that this is a founding value of our company and that's what's going to continue to drive long term success for the next 10, 20 plus years.Zach Blume:Everything you just said, I would like you to come speak to our company, and we can all talk about it together. I mean, that's exactly where we are at. What we'll define the next five, 10, however many years of this adventure will be the quality of the work that we're making. I don't want to speak too soon, and I'm going to knock on wood, but I feel like we've cracked the code on how to run this business well and how to find good people, take care of our people, take care of ourselves, find our lane and operate really well in our lane. And what's going to define the next chapter is how good is the stuff we're making. Is it something we're proud of? And that's both from a kind of, almost like, a spiritual or existential level, but it does layer back to business because we believe what will differentiate us is the quality of the work that we're creating. And so it will lead to new opportunity and new horizons when we're making really good stuff.Chris Erwin:Last one or two questions before we get into rapid fire and we close out here is, are there any current projects that you're working on or things that you're thinking about that maybe are good signals to the listeners of the type of things that you're going to be doing more of going forward?Zach Blume:One really interesting one is completely different from a lot of the work that people may know us for, but my partner Nate is developing a feature documentary. We've done one feature-length documentary, we did it with YouTube original called State of Pride, all about the origins and the genesis of Pride festivals across the country. And it's a beautiful film called State of Pride. It's on YouTube. Nate did a really cool, together with Portal A, did a really cool 30-minute documentary in 2020 about the response from the Trump administration to the first year of COVID.So we've definitely played with longer-form documentary projects. This project is called Fault Lines, and it is a longer-formed feature documentary about housing in America and about the shortage of housing in America, which is driving up housing costs for everybody. Kind of like the deep backstory on where that all comes from.No brands associated with that project. It's going to be financed by foundations and private funders, but we're really excited about it, and it's that kind of getting back to telling interesting stories, experimenting with new formats. It's not going to be the core of our business for the next several years, but we are going to be investing in those types of projects where we can kind of make a name for ourselves in new spaces.And then, of course, we're doing all sorts of cool stuff with our brand partners like big, splashy campaigns that are coming out later this year that I shouldn't talk about yet, but doing a lot of work with Target and Google and we have long-standing partners at Lenovo, the computer maker and all sorts of cool branded stuff. We have original shows in the pipeline.So I think the business mix for us is branded content. Again, nothing that we make should ever feel like a commercial, and if it does, we've failed ourselves and our partners. So content that is made in partnership with brands feels like something you'd actually want to watch. That's one pillar. The second pillar is original series. We just released Level Up, which is a show on Snapchat starting Stephen Curry mentoring a new generation of athletes. So there's all sorts of series like that that we're working on.Then this new area, which is short films, documentary feature films that we're investing in as a loss leader, like truly a loss leader, but as a way to diversify the type of content we're making and invest in quality like I was just talking about.Chris Erwin:That's great. You guys are doing a lot. Last quick question before rapid fire, how would you succinctly describe how your leadership philosophy has evolved now, being, call it 12 years into the Portal A business?Zach Blume:When you're building something, especially for us, we started from zero. We didn't come from the space. We didn't have any relationships. It was completely homegrown and organic. When you're building something, it's like you're captaining a tiny little ship in very rocky waters, and it is survival in some ways. I mean, it's both like I'm just picturing someone on the deck of a little dinghy in the middle of the ocean, just like yelling and surviving and getting thrown all over the place, and you're just trying to survive and make it through the first few years. And I think that was in many ways what leadership, just getting through the choppy waters and trying to grow and survive, was what it looked like for many years in the early days of growing our company.I think now that we've made it through those choppy waters and kind of established ourselves and built something that has a foundation underneath it. I really focus on sustainability and vision. And so that means creating an environment where people can be fulfilled creatively in terms of the people that they work with in terms of the pace of the work, both for the team that works with us and also for us, for ourselves. So creating that kind of a rhythm that feels not like you're like a tiny boat in a gigantic ocean and just trying to survive, but that feels steady and sustainable and solid. So creating that kind of consistency and strength, and that's one side of it. And then, for many years, it was just eat what you killed. And that was so many years of growing the company.Now it's like, "Okay, who do we want to be and who are we and who do we want to be?" And I think I spend so much time thinking about that and then communicating that back to the team and then repeating it over and over and over and over again and giving people something that they can understand and hold onto and feel like they're working toward a common cause has become so much more important now than it was when we were just basically in survival mode. So I think, yeah, sustainability and vision have become the most important pieces.Chris Erwin:I love that. Very well said, Zach. All right, so last segment from me giving you a bit of kudos at the end of this interview. Look, a lot of the people that I interview on the show, I've known for years, if not decades or more. I've actually interviewed people that I've known for over 30 years on this show. I've really only gotten to know you over the past. I think like two to three months through a handful of conversations. But I will say some of the kudos is it feels like I've known you a lot longer than that. I think we have a really shared sensibility, and I think that that's a testament to in this space.What I really like about being at the intersection of digital and entertainment is that there's just some really good people in it. And I think that's not the same from a lot of other industries that I've worked in. And I think you really embody that spirit. I think you really care about your people. I think you really care about your clients and your team and your partners, and that's really valuable. And I can even sense that in what the audience isn't hearing in between these segments is I really just love that note, how you are like the rah-rah spirit for your team. You've even been that for me, talking me up about me as a podcast host and supporting our content work where I'm going through a bit of my own existential crisis with RockWater on, I can feel that very positive energy from you, and I think that makes you a very, very, very compelling leader.Lastly, just to reiterate one of the points I made earlier, you have this extreme focus on your core service and product and on your team and doing right by your client partners. And I think that is actually shows incredible strategic focus and vision versus some really complex framework for how Portal A is going to take over the entire digital entertainment ecosystem with 10 different business models. You guys have nailed your core, and it's given you so much opportunity for what I define as the very exciting junior and senior years that are going to come for you. So massive kudos to you and the team for what you've built exemplary, and I look forward to many more conversations in the future.Zach Blume:Thank you. It feels like you understand us, and I really appreciate that. So thank you for that.Chris Erwin:For sure. Easy to do. All right, so to the rapid-fire, I'm going to ask six questions and the rules or as follows, you'll provide short answers. Maybe just one sentence, maybe just one to two words. Do you understand the rules, Zach?Zach Blume:Yes, I do.Chris Erwin:Okay, cool. All right, first one, proudest life moment.Zach Blume:Birth of my daughter.Chris Erwin:What do you want to do less of in 2022?Zach Blume:Worrying about the state of our union?Chris Erwin:Okay, what do you want to do more of?Zach Blume:Making work that we are proud of and stands the test of time.Chris Erwin:One to two things drive your success?Zach Blume:Focus and commitment, and loyalty.Chris Erwin:Okay, last three here. Advice for media execs going into the second half of this year and 2023.Zach Blume:Brace yourselves. I mean, I don't want to fear monger or create an atmosphere of angst or anxiety, but I definitely can see that there are headwinds ahead and many of us have been through these periods before, and we can make it through, but it's definitely a time to focus on fundamentals and be aware of your costs and brace yourselves for what could be a choppy period.Chris Erwin:Yeah, well said. Any future startup ambitions?Zach Blume:Not beyond what we're doing. I mean, if there's ever sunset to Portal A, I would love to get involved again in the political world. And we've done a lot of political work over the years through Portal A but at the moment, continuing to double down on what we're building.Chris Erwin:Got it. The easy final one for you. How can people get in contact with you?Zach Blume:I don't know, old school email, I mean, really old school, I guess, would be a landline, but email Zach, Z-A-C-H@portal-a.com, or you can find me on LinkedIn, but that sounds really lame, so just send me an email.Chris Erwin:Okay. I think LinkedIn is great.Zach Blume:No, I love Linkedin, but I just don't want to be the guy hawking his LinkedIn profile.Chris Erwin:Got it. All right, Zach, that's it. Thanks for being on the Come Up podcast.Zach Blume:It's been a pleasure, Chris. It's a great service to the digital media, community and world and really appreciated being here.Chris Erwin:All right, quick heads up that our company has a new service offering. We just introduced RockWater Plus, which is for companies who want an ongoing consulting partner at a low monthly retainer, yet also need a partner who can flex up for bigger projects when they arise. So who is this for? Well, three main stakeholders. One, operators who seek growth and better run operations. Two, investors who need help with custom industry research and diligence. And three, leadership who wants a bolt-on strategy team and thought partner.So what is included with RockWater Plus? We do weekly calls to review KPIs or any ad hoc operational needs. We create KPI dashboards to do monthly performanc

Début de l'enquête publique sur le recours à la Loi sur les mesures d'urgence. La Fonderie Horne prépare déjà des mesures pour réduire ses émissions d'arsenic sous la barre des 15 nanogrammes par mètre cubes d'air. La Russie a de nouveau intensifié ses frappes sur plusieurs villes d'Ukraine. | Mathieu Belhumeur (journaliste-présentateur)

En février dernier aux États-Unis, Samuel Alito, un des six juges conservateurs de la Cour suprême, rédigeait un projet d'arrêt remettant en cause le droit à l'IVG. Le texte revient sur la décision historique, Roe v. Wade, de 1973, qui protège et encadre l'avortement. La décision devrait intervenir à la fin du mois de juin. Chaque semaine, le mardi, Lionel Gendron nous adresse une lettre d'Amérique. Un podcast sous forme de courrier audio, posté depuis Manhattan, à New York. Une carte-postale sonore pour nous aider à mieux comprendre cette Amérique à la fois si familière et parfois totalement déconcertante.

durée : 00:58:52 - Entendez-vous l'éco ? - par : Tiphaine de Rocquigny - Comment les économistes, de la fin du XVIIIe siècle aux années 1870, se sont-ils saisis de la question de l'accumulation du capital, en lien avec les transformations industrielles auxquels ils font face ? - invités : Isabelle Garo philosophe, enseignante en classes préparatoires; Nathalie Sigot Professeure de sciences économiques à l'Université Panthéon-Sorbonne (Paris I)

"Quel malheur pour vous, pharisiens ! Vous aussi, les docteurs de la Loi, malheureux êtes-vous !" Méditation de l'évangile (Lc 11, 42-46) par la pasteur Corinne Charriau Chant final: "Dieu, mon salut" par la communauté des Béatitudes

Among the recruitment milestones that populate Bryan Morris's CFO resume, few can match the 6-month talent acquisition binge that he launched during the first quarter of 2015. “In terms of key hires, I never hired faster than I did then,” comments Morris, as he begins to lay out the circumstances that led to his need to speedily attract and hire talent. At the time, Morris was the newly appointed CFO of Xamarin, a creator of software tools used for mobile apps development.   This firm, then led by cofounder and CEO Nat Freidman, had doubled its revenue annually for the previous few years yet had theretofore focused its talent recruitment efforts mainly on nabbing software engineers and intrepid salespeople. “When it came to people, sales, marketing, and R&D were way out ahead of G&A, so I knew that my first few months would be dedicated to recruiting,” recalls Morris, who notes that until his arrival, the developer had outsourced its accounting function while relying on fractional CFO services to patch any management voids. “I made five key hires—head of HR, head of technical recruiting, controller, head of FP&A, and our first corporate counsel—all within the first 6 months,” remarks Morris, who believes that hiring can at times benefit from its own momentum. He explains: “Sometimes, when you're in a great situation and your company is growing, the press is great and the buzz is good—and what happens is that one great hire begets another. So, I kind of had this pinwheel going.” Still, what happened next made Morris's energetic hiring spree all the more consequential. During the second half of 2015, as Xamarin was preparing for another capital raise, Microsoft—one of the developer's strategic partners—acknowledged that not only would it be willing to serve as a reference on behalf of Xamarin for the venture investor community but also it might be interested in partnering with Xamarin to pursue something more strategic.   Subsequently, 12 months into Morris's CFO tenure at Xamarin, company management signed a letter of intent (LOI) to sell the business to Microsoft. Looking back, Morris doesn't hesitate to expose some of the drama that preceded Microsoft's signed LOI. “Here were my team and I—with only some 3 to 6 months of working together—and suddenly we were up against one of the most capable technology buyers in the world,” remembers Morris, who today believes that the timing of Xamarin's key hires and the timing of the deal were not unrelated events. “I couldn't have done it by myself,” observes Morris, who points out that there were a number of 20-hour days during the period leading up to the finalization of the deal. Morris notes that the merger provided mostly great outcomes for both investors and Xamarin employees—not excluding CEO Nat Friedman, who until late 2021 served as CEO of GitHub, which Microsoft had acquired in 2018. Looking back on the CEO who hired him and the subsequent “pinwheel effect” that within 6 months transformed Xamarin's lines of functional management, Morris highlights a shared mission: “Luckily, Nat was completely on board—he knew what I was inheriting, so he gave me the green light to go ahead and hire.” –Jack Sweeney

durée : 01:35:22 - Fictions / Théâtre et Cie - En Colombie, une jeune réalisatrice tourne un film dénonçant les liens entre une multinationale exploitant les mines de charbon et un groupe paramilitaire.

"JE CHOISIS LA VOIE QUI MÈNE ENTRE LES DEUX GRANDES LIGNES DE FORCE." "La Balance est un signe d'équilibre, qui pèse les valeurs afin d'atteindre le juste équilibre entre les paires d'opposés, grâce à l'utilisation judicieuse de la faculté d'analyse équilibrée de la pensée. La Balance gouverne les professions de Loi, et maintient les équilibres entre ce qui est juste et faux, entre le négatif et le positif. La Balance est le “soutien de la Loi”. La Loi doit être le gardien de la justesse positive et pas seulement l'instrument d'une implacabilité forcenée. Tout comme nous cherchons à éliminer la force de nos relations nationales, et tout comme il est évident, de nos jours, que le processus de pénalités drastiques n'a pas réussi à prévenir de la délinquance ou à détourner les gens de l'égoïsme forcené (car tel est, en fait, le crime) et, selon le comportement d'être en société (opposé à la position non-socialisée de ceux qui contreviennent systématiquement à la loi) est considéré comme désirable car enseigné, également, au sein de tout système scolaire; il émerge donc dans la conscience publique que l'apprentissage des justes relations humaines ainsi que la diffusion de la capacité à accéder à la maîtrise de soi, à la croissance de la conscience altruiste (tel est le but, subjectif et souvent encore embryonnaire de toute procédure légale) représentent l'approche destinée aux jeunes. La clé de la croissance est de cultiver l'innocuité. L'innocuité n'est pas négativité ni inaction; il s'agit d'une qualité d'être en ”position parfaite”, d'accéder à un point de vue complet, à une compréhension du divin.”

durée : 01:35:22 - Fictions / Théâtre et Cie - En Colombie, une jeune réalisatrice tourne un film dénonçant les liens entre une multinationale exploitant les mines de charbon et un groupe paramilitaire.

O marketing digital esportivo representa hoje uma oportunidade de negócios altamente lucrativa para muitos clubes, atletas, torcedores e startups. Já ouviu falar de fans tokens? A projeção para patrocínios esportivos envolvendo criptoativos é a de movimentar US$ 5 bilhões até 2026. João Ortega, da LOI e Felipe Vasconcellos, da Socios.com, nos ajudam a desvendar esse mercado.Links do episódioA série "Lakers: Hora de Vencer", na HBOO livro “Delivering Happiness”, do Tony HsiehO livro “O gênio do crime”, de J.C. Marinho SilviaO livro “Digital Sport Marketing”, de Alan Seymour e Paul Blakey_____FALE CONOSCOEmail: news@theshift.info_____ASSINE A THE SHIFTwww.theshift.info

Contractor, if YOU do not value YOUR time, no one else will. Contractors must value their time. Contractors must set a precedence so that the customer will value their time. A customer will waste a contractor's time without thinking twice about it. Some of them don't care, but many of them don't understand. You must understand the real costs that go into all of your services, including things that you think are good marketing items such as offering FREE estimates. How often does a contractor write an estimate only to have a customer use the detailed scope and cost to hire someone cheaper? We will discuss creative ways that contractors are being clear and consistent with their client intake, onboarding, and sales processes. At a minimum, contractors need to understand their costs in offering FREE estimates. When a contractor provides an estimate they have actual costs in providing this service, items such as travel, fuel, time, and resources spent. With limited time to spend, the contractor should also understand the drain on opportunity costs. What could a contractor have spent that same time doing if they weren't wasting time on a bad lead? How much additional work and revenue could you add to your load if you reduced the amount of time wasted on the wrong "customers"? This is PART 2 of a conversation that we started on The DYOJO Podcast Episode 90. The listener will hear from more peers in the construction industry as well as a deeper dive (as promised) into the implementation of the Letter of Intent (LOI). We will also share a portion of a slideshow presentation on the cost of wasted time and the potential gains of more intentionally applying that time to productive activities for your company. Reduce the time that you spend with tire kickers so that you can grow your business with people who actually have a scope of work in mind and a realistic budget that they are willing to work with. When the contractor is the only one with "skin in the game" they often are the ones left "holding the bag"; it's time to do better. In this episode: 0:00 What is a contractor's time worth? 1:50 Recap of TDP 90 - The MYTH of FREE Estimates 3:20 The consultation or staged approach 6:30 Our sponsors 8:20 Testing the LOI with Restoration Rundown 13:00 Assignment of Benefits with Dave Mason & Ed Cross 17:24 A breakdown of the costs of wasted time Thursdays are for The DYOJO Podcast - helping contractors shorten their DANG learning curve for personal and professional development. Thank You To Our Sponsors: The Institute of Inspection Cleaning and Restoration Certification (IICRC) is a professional certification and standard-development non-profit organization for the inspection, cleaning, and restoration industries. Advocate Claim Service was founded to provide policyholders, brokers, and attorneys with a dedicated claim professional to develop a comprehensive claim presentation strategy. Read David Princeton's column, Dear David, in C&R Magazine. Author Jon Isaacson, The Intentional Restorer, shares his two decades of professional experience to help anyone involved with, or interested in, the art of estimating to shorten their DANG learning curve for improvement. How To Suck Less At Estimating: Habits For Better Project Outcomes.

durée : 00:02:12 - Le monde est à nous - C'est une victoire pour les victimes de la dictature en Espagne : 50 ans après la mort de Franco, une loi met fin au "silence des vaincus".

durée : 00:30:00 - Les Nuits de France Culture - L'architecte Le Corbusier victime consentante d'un cambriolage ? C'était dans l'émission "Ce soir on cambriole !" de Max Favalelli. Le Corbusier expliquait la signification pour lui d'une sélection d'objets qu'il gardait dans son atelier : coquillage, os, pierre, statue... L'architecte Le Corbusier victime consentante d'un cambriolage ?  * C'était dans l'émission "Ce soir on cambriole !" de Max Favalelli. Le concept était le suivant : Max Favalelli s'introduisait chez une personnalité, lui subtilisait quelques objets et interrogeait ensuite ladite personnalité sur son lien avec ceux-ci. Ce soir-là nous étions chez Le Corbusier, dans son atelier qu'il appelait son archipel, l'architecte vivait dans une de ses oeuvres et sa collection privée recelait quelques surprises. Premiers larcins des coquillages et voici ce qu'en disait l'architecte :  La vraie formation que j'ai toujours eue c'est de considérer la nature, l'étudier et en recevoir la leçon. En effet, j'ai un faible pour les coquillages parce que le coquillage est une forme de merveille qui, depuis que je suis gosse, m'a toujours épaté, il n'y rien de plus beau qu'un coquillage.c'est l'harmonie-même, c'est la loi de l'harmonie, l'idée est simple : elle se développe soit par rayonnement, soit par spirale, intérieurement et extérieurement de manière étonnante.  Second objet volé chez Le Corbusier : une pierre. L'architecte avoue qu'il l'a lui-même dérobé en Égypte, il s'agit d'une pierre de la pyramide de Khéops. Un fragment de branche torsadée, qui ressemble à une colonne torse... Un objet qui ressemblait à  une éponge desséchée, ramassée sur la route de Biarritz... Le Corbusier explique. Un débris d'os, une boite d'allumette à propos de laquelle il explique :  C'est une petite dévotion que j'ai à l'égard du feu, le vieux païen qui est moi et qui se trouve avoir dans sa poche le feu à disposition, dans un petit emballage pelliculaire de bois, j'ai toujours trouvé cela admirable, on peut presque s'asseoir sur une boite d'allumette tant c'est solide... pour un bâtisseur c'est une leçon de chose. Par Max Favalelli - Avec Le Corbusier Ce soir on cambriole - Le Corbusier (1ère diffusion : 31/07/1960 Chaîne Parisienne) Indexation web : Sandrine England, Documentation sonore de Radio France Archive Ina-Radio France

Welcome back to How To Scale Commercial Real Estate with Sam Wilson! Today's guest is Henry Eisenstein, Henry has sold and been a part of over 300 million worth of real estate transactions. Passionate about living life as an example to others. Henry loves everything Real Estate. A Long time broker and investor. From residential to commercial, and every aspect in between. Henry and His team are here to adhere to our client's needs and dreams.   [00:00 - 04:16] Opening Segment He originally started finding assets to fix and flip Today Henry runs a whole acquisition department in several different states and different asset classes. [04:16 - 10:37] Shifting to Commercial Real Estate Henry first worked in residential real estate before shifting to commercial real estate. For the first two and a half years of his business, He spent 18 hours a day cold calling to find commercial assets to put under contract to then sell to other investors. Covid changed everything for Henry and he was able to rebuild his business within nine months without any staff. Today he is still doing three to six transactions per month focusing on writing contracts and conversations rather than selling properties.   [12:23 - 19:05] Realization in Scaling and Running a Business Henry shares how they scaled their business quickly and made a lot of mistakes along the way. He points out that one of the mistakes he made was overstaffing and not watching their budget. Henry also talks about how they brought on new team members by hiring fast and firing faster.  With that said, They made sure to screen team members for personality, mindset, and skillsets that would be beneficial to the company.   [19:05 - 25:28] How to cut through the noise and find the gold when it comes to self-development How to deal with employees who are not a good fit for the team or who may be cancerous. Getting rid of the employee as soon as possible, as it is bad for the employee, the team, and the morale of the employees. investing in oneself by spending money on self-development courses or coaches.   [25:28 - 26:23] Closing Segment Reach out to Henry!  Links Below -----------------------------------------------------------------------------   Tweetable Quotes: “I had literally dozens and dozens of people who just asked me to coach them. But I tell everybody on the call that the biggest difference between me and other people is that I never pitch my course,  I make 95% or more of my income from everything in real estate and less than 5% from my coaching business.  All these huge people who are incredibly successful. A small percentage of that is from coaching. Because they care and they want to help you not because they need the money for their business” - Henry Eisenstein Connect with Henry Eisenstein by following him on Facebook, Instagram, and Linkedin  Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook   LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in!   Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below:   [00:00:00] Henry Eisentein: Focus on making calls, Make your calls, make your calls. And you're like telling 'em you gotta make $50 a day, a hundred dollars, $200 a day. Guess what? That may lead to money, but it's not guaranteed. If you tell them now, , you need to, focus on conversations or focus on appointments. It may lead to money, but doesn't guarantee it. But the one thing that more importantly than anything is contracts. And if you write more contracts than any other team, you're probably gonna make more money than any other team.  [00:00:34] Sam Wilson: Henry Eisenstein has sold and been a part of over 300 million worth of real estate transactions. Henry, welcome to the show.  [00:00:42] Henry Eisentein: Thank  [00:00:42] Sam Wilson: you so much, Sam. Appreciate it. Hey man, The pleasure's mine. Listen, hey, there are three questions. Ask every guest who comes in the show in 90 seconds or last, can you tell me where did you start? Where are you now, and how did you get there?  [00:00:52] Henry Eisentein: So, I was the depressed, quiet kid in the back of the room, back in elementary school. I dropped out twice outta college and then a buddy of mine basically said he was making a ton of money selling real estate. Long story short, that was a lie. And so I lost my shirt during the first few years in real estate. I learned how to make investors a lot of money, and then I figured I was on the wrong side of the table. So I spent the last half decade learning how to do that. So, you know, I don't know. It might be a little faster than 90 seconds, but I  [00:01:17] Sam Wilson: think that was like 14. Whatever. No, it's great. No, I love it, man. That's, that's funny you say he, you saw buddy making a ton of money in real estate, selling real estate, and you said that was a lie. Why do you say.  [00:01:29] Henry Eisentein: So, he was like, he made $20,000 in a month. I was like, Wow, that's more money than I had made in half a year right at the time. And I was 20 years old. And then I found out he was selling his mom's house up, his mom buy a house, and it was like one other close friend, and he never made more than 20 grand a month ever again. So,  [00:01:44] Sam Wilson: yeah. Right. You stuck with it though, I mean, you said you did that for a few years.  [00:01:49] Henry Eisentein: Yeah, two years. And then actually I quit the business for about six months. Went to a Tony Robbins event, changed my life forever, and I got back into business with a vengeance and, it served me pretty well.  [00:01:58] Sam Wilson: Okay. Tell, I like this story. Tell me you went to a Tony Robbins event, it changed your life, and then you said, I'm getting back into real estate. What happened?  [00:02:07] Henry Eisentein: Yeah, so I quit the business because, blamed the industry instead of myself, which was my first mistake. And, I was just doing the wrong things. And I wasn't seeing the result from it. I quit. The business was just kind of putting around doing a bunch of different business venture that went absolutely nowhere. , went to a Tony Robbins event, got the business coach and my business coach still May, 2018, 2018 January. He's like, Listen, kid, I was 23 at the time, 27, about to be 28 next month. And he's like, who do you know that you've ever studied or listened to? Out in the world, super successful, who had five different companies at 23 years old and became wildly successful. It's like not a single person that I've ever met. And he is like, Great, you're not about to be the first one. So he is like, You gotta focus on one thing for a decade and I promise you'll be successful. And he was not wrong. So I got back in the business, super focused, got a little bit more clear on exactly what I need to do on a day to day. And thankfully it worked out. [00:02:55] Sam Wilson: How hard was it focusing on one thing? I mean, that's something that entrepreneurs, myself, even you're convicting the interviewer here today. I've got two different lines of business that I am definitely involved in. Some of them overlap, but not entirely sure how  [00:03:12] Henry Eisentein: you focus. I think it was a blessing in disguise to. When I quit because it gave me the, out, like to, to really taste the, the grass is greener thing, I, I tasted the grass on the other side and it sucked. And, it was not greener . And, again, I feel like the grass is greener just where you water it, it's not, it's, once you stay focused and you do the right things, you can be successful in any industry if you choose to. And I can, I knew what to do in real estate. I just, I was doing. , a bunch of other things that weren't working. So I got back into business, focused on making my calls. I got really good at cold calling and changed everything.  [00:03:44] Sam Wilson: Cold calling. Okay. But you had to have a focus when you got back into the business talking, using the word focus. I mean, you don't just jump back in Okay, hey, it sounds like you were doing residential real estate there for the first focus on Rey first. Yep. More commercial. Okay. When you got back into real estate, was it still focused on residential or had you shifted what you were working  [00:04:03] Henry Eisentein: on? Yeah. Commercial then happened for about two and a half years. Um, So first two and a half years in the business, you know, called last, called six. So like first three were REI in the last three has been a bit, a bit of mix, but more so on the commercial side in the last 24 months or so. So right when I got back in the business, I basically spent 18 hours a day cold calling. So I actually went through my dialer recently cuz I'm, I post a lot of YouTube videos and, I was like, you know what? It'd be kinda interesting to know actually how many calls I made. It was like over 400,000 calls in a matter of 36 months. So it was, And that was just through the dialer. That was not just, you know, normal dials that you'd make on your cell phone every day. So quite, quite a number, to achieve some result,  [00:04:38] Sam Wilson: What were you dialing for?  [00:04:41] Henry Eisentein: Most of the expired circle prospect. I mean, I was looking for listings, but like a majority of also what I had built out in the meantime, which is, , kind of a niche for working with investors, which is what, I still focus on today just in a different scale.  but, I learned how to basically prospect for investment deals  [00:04:54] Sam Wilson: pro. So you're, so this is on the commercial real estate side. You are using your dialer, you're calling. To find commercial assets to put under contract to then sell to other  [00:05:05] Henry Eisentein: investors? Partially now, but yeah, I mean, it basically, it originally started with just trying to find fix and flips, right? That's, that's where it stemmed from. And then now it's turned into, I have a whole acquisitions department that I run in several different states and, several different asset classes now. And, we do a mix of, every type of marketing you can.  [00:05:21] Sam Wilson: So, so when, for those fix and flip properties, was this stuff for you to fix and flip, or was this stuff you were then wholesaling to other fix and flippers? Yeah,  [00:05:30] Henry Eisentein: so I, I focused more mostly on, just on the agent side at the time, But again, I it's kind of interesting. I made them millions and millions and millions of dollars. And I made, I was young, but I made about a million bucks by the time I was 26. And it just, it changed everything for me. I made them a ton and it was just like, it basically set me up for success once I figured out. Cause I learned through them, I learned through their experiences, so I made decent money, but instead, like, I basically got paid for an education, which was, it ended up being the best thing that never happened to me. [00:05:56] Sam Wilson: Absolutely. So once you start seeing, so you make a million bucks, you make your investors a whole bunch of money. You're dialing like crazy. when did you, or, what was the major shift in the business to that takes it to where it is today? ,  [00:06:11] Henry Eisentein: Covid did. Covid changed everything for me. Okay. , going into Covid, I was 25 years old, 24 years old, 25, 24. , thankfully I lived at home cause I lost everything. I had a million dollar a year of revenue business. , but I was spending, 50 Gs a month just in, just in salaries and unnecessary cost and living a high life and blah, blah, blah. And, Covid took me to zero real. Wow. And, I wasn't said I, I wasn't cash heavy. I, made a lot of mistakes and what Covid taught me was to live lean to me, and I rebuilt it back and then some within nine months. But I did it without, with very virtually no staff. I had two versus 13. And, thankfully at that time, one of my mentors basically said to me, Listen, the market, and this was back at the end of like back end of 20. My, basically my mentor goes to me, Listen, a lot of realtors are thinking, this is gonna last forever and I need you to start acting like this is gonna end tomorrow. So you need to figure out how, if you sold half the amount of properties tomorrow, how would you make more money this year? If you still wanted to increase your business and still bring home more money, but you were gonna sell half as much properties, how would you do it? It was just a complete mind shift for me. So, but you know, toward, in the middle of 2020 or towards the end of it, I flipped into a lot more commercial and private equity and investments.  [00:07:27] Sam Wilson: That is so is that the answer to, to the problem which was moving into commercial assets? You're doing half the transactions but making the same and or twice as, , Yeah. Twice as much money. That was the equate. Three times  [00:07:39] Henry Eisentein: as much money. Yeah. So it's like, I basically kind of said to myself like, if I wanted to work 10 or 20 hours a week, what would I have to do in order to sell, you know, still make more money? , and a big part of it is, Become the investor,  and, if you become the investor , and stop selling 'em as an agent because you're basically, you're helping other people make millions while you make tens of thousands of dollars, right? So you're, , unless it don't me wrong, you get started, I don't disagree. You should definitely start off that way. So, cuz you can learn on somebody else's dime instead of making the mistakes on your own. But eventually you gotta take the leap. And I, thankfully I took the leap and I haven't looked back since.  [00:08:10] Sam Wilson: Yeah. There, I mean, there, there are compelling reasons to be an agent or to be a broker. I think and, and it's strange. and I'm gonna, I'm gonna disagree with you a little bit in this, but probably also agree with you in the end that yes, you just need to be an investor. that's where it comes down to is the, I'm both like,  [00:08:25] Henry Eisentein: I'll forever be both, you know, like, you know, I think that it's smart to, to never get rid of your license. I think it's silly to, you know, think about it that way because there's a lot of deals. I don't meet my criteria and I'll make my couple bucks, you know, like in. You know, I've figured out and I teach people how to basically scale their commissions to endless amounts of money because, you know, instead of just seeing it through, See, the problem is that realtors see life through a keyhole. You know what I'm saying? Like they only see it through, how do I list this property and make my two or 3% right? I see if he's a property and say, What is the most profitable way to make money on this deal? Right? And I just do that one thing, right? And sometimes it is listing it  [00:08:56] Sam Wilson: just most of the time it. Just most of the time it's not, I think, I think it's inter, especially in times of of incredible uncertainty, it sure is nice to be able to just broker a property. You can offset a lot of risk and you can still get a payday and it's a hundred percent and.  [00:09:12] Henry Eisentein: A good portion of, I, I still, you know, I'm doing, you know, somewhere between three and six transactions a month. But just let you know the number I used to do, I was doing 120 residential sales to make half of what I'm making. You know, it's just, cuz it, it's just a little bit different of a focus,  [00:09:26] Sam Wilson: 120 residential sales to make Ha Yeah. That, the numbers just don't, don't seem to don't add up. They don't add up. Absolutely not. No. I love that. And that's the idea behind. You know, a lot of what we talk about in this show is how to scale, how to grow, how to, how to attack a zero onto the same amount and or less effort than what you're doing right now. A hundred percent. So that is awesome. You are known for finding off market deals. Obviously you told us this. You've placed 400,000 calls. What are you focusing on right now in the off market commercial real estate space? Yeah. So,  [00:10:02] Henry Eisentein, I think that the the only things that matter, the only metrics that we count are really, are most important to our companies, is conversations, which we just talked about. I had a lot of them. Right, Right. And then the second thing is contracts and just writing as many as you can every day. Right. So, like, you know, it's like you could have, you know, I think the biggest mistake people make is they don't make enough offers. , just cuz the deal, you know, you get a deal, doesn, you know, write an offer on every property you. They're gonna, majority are gonna say no. We both know that. Right? But there is gonna be a large percentage that say yes just because you started putting your numbers on, you know, put pen to paper. And, I just don't think enough people do that. So, you know, we're trying to write, you know, somewhere between, you know, five and 10 contracts a day. And, , it just, you know, your, your number's skyrocket when you start thinking, you know, only focusing on certain metrics. Cause it's, it's like the only metric that actually puts money in your. Is writing a contract, you know, everything leads to it. But a con, you know, a contract written actually leads the money in your pocket. [00:10:57] Sam Wilson: How are, when you say writing a contract, cuz there's kind of I'm, I'm either putting on my broker hat or I'm putting on letter of intent. Okay. Yeah. So you're saying Lois put it Yeah, we, we, we  [00:11:08] Henry Eisentein: lead with letter, letters of intent. Right. So what'll happen is, like, I'll give you an example. Um, you know, we have a, we have a guy who called, you know, one of our, one of our sales guys calls this person, uh, he's got an eight family, in a local town near us. He wants to sell it for 170 grand a unit. He's probably worth a hundred eighty, a hundred eighty-five grand a unit. So we, you know, there's a, there's a good, decent amount of spread on the deal. What I'll do is I'll send him a letter of intent for me to be the purchase. Right. Okay. What'll happen is then I'll work on, you know, either brokering it or wholesaling it, double closing on the deal, if I choose to, or I'll just close on it for 170 grand a unit, which is what I might, you know, we might do. You know, it just depends on what we end up doing towards the end.  [00:11:45] Sam Wilson: Right. So you guys have conversations and contracts, tell us how you spooled your team back up. Cuz you went and said 13, I think down to two  [00:11:53] Henry Eisentein: and Yeah. , so basically the only thing I could, the biggest mistake that I made was. I was hiring way, I hired way too quickly and had, there was like, I would bring people on just for the heck of it, right? And don't hear me wrong, it's like, it sort of the mentality of there's a task that needs to be done and you don't wanna do it, so you hire it out, right? Instead. Now what I do is that I'll say, What is the least amount of employees, the least amount of people possible to make sure x, y, and Z tasks get complete? Hmm. And I'll only, you can, I'll only hire through an insatiable profit, right? So it's like, unless they, an incredible amount of profits coming in where like, you know, one thing is just absolutely, like, it's super necessary to hire an additional person cuz you're talking, if you just give another employee a dollar raise, okay? To give them one or two or three extra tasks, think about the savings instead of hiring somebody again at another $20 an hour for a single task, right? So I, I just, I, before I didn't see the difference. I know it sounds kind of obvious, but like, listen, I'm 24, 25 years old when I had that kind of stuff, so it was, I was just having fun with it. [00:12:59] Sam Wilson: Yeah, man, that's, that's fantastic. But to do, to do that in the time of, in the short of the time of you've done, I mean, you've made some fast moves. you. It's, it, it's it for a lot of us, and, I'm a slow learner, probably a slower thinker. You know, it takes me a while before like, I get the message where it's like, Oh, okay, I've been doing this for nine months and. Maybe I should change it, but to move with the pace, which you did, it's like, it's like daily, It's an iterative process on a daily basis for you. With with, with rapid tweaks to what you were doing, how did you know when you were doing the right thing versus doing the wrong thing?  [00:13:37] Henry Eisentein: Um, I'm a freak when it comes to self development. So I've been in coaching for a long time. I've been a, I've been a, a part of every type of coaching group you could possibly imagine from just specifically real estate, to business, to sales, to entrepreneurship, to leadership, to you name it. And, I'm a sponge to it. Like I, I know that , you know, I, I heard a long time ago that, listen, if Michael Jordan had a coach from the day he started playing basketball to the day, you know, the, uh, day he retired, You know, why don't you have a coach? And I was like, That's probably a good idea, . So I got a coach and I'm obsessed with self development, so I'm constantly learning, constantly adapting, and just kind of always being a student, just having a student's mindset. Like I, I just don't know. I'm open to, you know, I love when people disagree with me.  Disagree with me. Tell me why. Maybe I'll adapt it. Maybe, you know, I don't know everything, you know, I'm open  [00:14:20] Sam Wilson: to it.  Right. No, that's awesome. What are some of the mistakes? You said, you know, you'd made a lot of mistakes and I, and uh, I think we learned as much from, probably more from mistakes as we do with them, that we do our successes. What were some of the mistakes other than maybe overstaffing and not watching your budget that you made, you know, in your, call it pre covid slash covid business. .  [00:14:43] Henry Eisentein: Let's see. A couple mistakes. Uh, a big one is, is um, not questioning everything where I had one way of thinking. And just because you think that way of thinking works doesn't mean there's not a way of thinking that works better.  If not way better, if not to a point where you've never thought that you could possibly make that work, ever. I'll give you a quick example. About, call it January of last year, about a year and a half ago. Right. , I met my fiance. I just had my game from Party LA this past weekend, and, when I met her I was working 120 hours a week, like, and I would just make up the excuse that I love working and then like, you know, I was obsessive with what I do and, some people can agree with me and some people could say I'm crazy for it, but I was just 24 7, 365 working. I loved it. I was like, I was at the office for til from 7:00 AM to 11:00 PM. now I work like two, three hours a day. Like it's just like you and I make four times as much money with lot less stress and I just, it forced me into a way of thinking that I never thought was possible, which was if you can structure your company to look any way you want to, it's just like you, you get with what you get, with what you put up with. Hmm. Right. You get what you settle for. And I settled for thinking though, I had to work 120 hours a week in order to make great money. And don't get me wrong, it got me to, a great income. I had no time freedom, , And then , I was like, I guess the only way to make more money is to work more, which is false, right?  And I just had to restructure the way I do business, which is now what, being, you know, more on the private equity investment side, and again, looking at every deal for, what is the most profitable way for me when I look at a piece of real estate. How are  [00:16:23] Sam Wilson: you training your team to make.  Five, would you say five or 10 offers a day? Conversations and contracts. How are you training your team to get that many Lois out? That makes sense. When you're even, you know, let's say all those get accepted, obviously they're an loi so they're not binding, but even if half of 'em every day get accepted, how do you know that you're even making offers that make any reasonable amount of sense for you as an investor? [00:16:50] Henry Eisentein: So, this initiatives, basically bottlenecked by. So I'm the last one who reviews something or as long as one of my partners who I trust. , but, we will write otherwise that we know that if they got accepted, I could sell it for, a decent profit no matter what if worst case scenario brokerage for 10 or 20 or 50 grand, at a worst case scenario. So, um, we're not exactly going in at. And, . You know, every day it's not 10, most of the time it's somewhere between two and five. Our metrics is every single person , on the team needs to write up one contract today above everything else. You can fall short at every category. Write at LOI today, right? And, it's just like, it's so interesting where like, if you find the right metric, your business can double in a matter of 90 days. And it's just, it's so fascinating cuz if you like, think about it, if you tell your team, you need to focus on making calls, right? Focus on making calls, Make your calls, make your calls. And you're like telling 'em you gotta make $50 a day, a hundred dollars, $200 a day. Guess what? That may lead to money, but it's not guaranteed. If you tell them now, you know, you need to, you know, focus on conversations or focus on appointments. It may lead to money, doesn't guarantee. But the one thing that more importantly than anything is contracts. And if you write more contracts than any other team, you're probably gonna make more money than any other team.  [00:18:06] Sam Wilson: That is awesome. I love it. Find the right metric. Measure that metric, man. That's, that's really powerful stuff. How have you brought the right team members on? I'm sure that in your, , rapid scaling approach, which I love, maybe there's been some missteps, maybe there's been the right steps. How have you done it in such a way without getting burned out, bringing people on board?  Was  [00:18:30] Henry Eisentein: Gary Van once said? Hire fast, fire, faster, , and , go look, I'll give everybody a chance, you know, like as long as I got a couple key things, like I listen, I can train you on the logistics. I can't train you on mindset. I can't train you on personality, I can't train you on, you know, how you approach it, like your attitude. I can't train people on that. But if you're open, coachable, loyal, respectful, I can teach you the risk. So it's if anybody matches those criteria from like a DISC assessment purpose, I'll do a disc on everybody.  But if, again, if you're personable, that can make everything else happen. Obviously I'm not gonna put a salesperson role into a contract role cause they're gonna freak out and wanna leave tomorrow. But, so that's why the disc assessment comes into play. But, and if, look, if there are cancerous to your team. I've learned like the, one of the mistakes I made a while back was that I wouldn't get rid of the cancerous people. , I would wait till they left cuz I hated firing people. And then I realized that I'm only hurting myself by doing that. Yeah. So now we just get rid of the second. We feel like there's any type, minimum, like smallest little thing if any type of thing that's even leading towards the wrong stuff. Get  [00:19:31] Sam Wilson: rid of immediately. Yeah. And that's tough. I mean cuz there's, I've always hated firing people. It's just, I'm like, it's like the worst day of my life when it's like, Hey look, we, this just isn't working. But what I've discovered as I've gotten older is one is it's bad for them to keep them around. It's bad for you, keep them around. It's just all together bad. For the team. Bad for the team. Yeah. Morale goes down. People don't like, it's like, Hey, there's just, It's just bad. It's just bad. There is nothing  [00:19:59] Henry Eisentein: positive when it comes to having an employee that it should not be with your team. There's nothing positive.  [00:20:04] Sam Wilson: It may not be that they're bad people. It could just be a bad fit. It could be the bad role. It could be just say, this is not the right job for you. And it's not that, It's not that you're say, I hate you. I don't, it's just, this is just not a right fit. There's a good old boy in Memphis he always said, Sam, Hey, when's the first time that you should fire somebody? I'm like, I don't know. He said, The first time you think about it, I'm like a hundred percent. That's interesting. , and I've said that on the, that quote on the show before, Cuz it, cuz I've found it to be pretty profound in the sense that it's like he's never been wrong. I've never not eventually gotten to that point where it's like, Hey, look, we're breaking up real sorry, but you gotta go. [00:20:41] Henry Eisentein: Yeah. Like it's a, it's like a, I've never regretted also like if I felt like they needed to go, I've never regretted  [00:20:47] Sam Wilson: letting them. No. No. And that's, and again, this is, this comes from a, I think for all, maybe for me, I, you get the sense of same from you. It comes from a place of love where it's a hundred percent, Look, this is what's best for you. It's best for us. You gotta go. So that's really cool. I love , your approach there where it's hey, when this just isn't working, it's just not working , in that way to, nip that in the bud is, that's really powerful. It takes courage, but it is powerful. Tell me, you mentioned they're your self development freak, one, self development coaches, mentors, those can be, incredibly expensive investments in yourself. What would you say to somebody who maybe is starting out on a budget? They're starting out and they're going, Hey, you know what, I've got, I need some self development help, but maybe I don't have a hundred thousand dollars to put into self development personal coaches this year. What do you tell that person? [00:21:41] Henry Eisentein: I'll say two things. Number one, if you found somebody for a hundred grand, I wouldn't, I mean, I don't know what to do. I know, I'm just saying. but, listen, like I, I would go into debt for yourself, right? I would go, I would get a credit card, and I would go into debt, and I would get a coach immediately. because wow, the, the return on investment for investing in yourself is such, it's as close to infinite as you can possibly imagine. , I've spent nearly a half a million dollars in the last seven years investing in myself. And, I can tell you as a double, two time college dropout there. Like there is no way, shape, and. Form that I should be making the money than I am without having the self education, right? , I'm a freak about education. I, I think it's, it's literally the only reason why I am here today and I'm on the track. I am. And, um, you know, I wouldn't have met some of the people I have. I, it's like short, it's like a shortcut. You know, I, when I tell, when I'm coaching people, I always say like, Listen, if I could tell you that if you could spend every dollar that you spent investing in yourself is one more dollar per year that you'll make for the rest of your life, how much money would you. [00:22:38] Sam Wilson, as much as I can get my hands on,  [00:22:40] Henry Eisentein: that's the point. That's how I think about it too, right? Like I've never spent money investing in myself and had a bad, it's never been a bad investment. That's  [00:22:48] Sam Wilson: awesome. What, what advice would you give? Because if, and I'm, I'm gonna preface my own question with an a, Yeah. Just give a preface to it, which is that I feel like there's a lot of people selling, not bogus, but just kind of courses and things that it's just like there's a lot of garbage out there. Being pedald as self-help, as development. How do you cut through the noise and find the gold? Yeah, I mean,  [00:23:13] Henry Eisentein: listen, I would probably, first off, start with the people who are at the top. Like, go learn from like the people who, like the big, big people, like people like Grant Cardone, Tony Robbins, Ed Mylet, Andy Silla, people who are like, you know, like they've, they're worth a ton of money because of the companies they've built and now they're doing it from a place of like, I just wanna help people. And, stop starting with people like you've never heard of. And like also like, look, I run , a small coaching thing, right? Just cuz I had like literally dozens and dozens of people who just asked me to coach them. And I'm like, I guess I should do something right? But I tell everybody on the call, like, the biggest difference between me and other people and I never pitch my course, but the biggest thing I tell them, I make 95% or more of my income from everything in real estate. Right? Right. And less than 5% from my coaching business. And I, it will stay that way for the rest of my life. It's the same thing with Grand Cardone. It's the same way with Andy, Priscilla, Tony, I mean like, you know, all these huge, you know, all these huge people who are incredibly successful. A small percentage of that is from coaching. Cuz they want, because they care. Right? And they wanna help you not because they need the money for their business, you know, or to. There you  [00:24:18] Sam Wilson: go. That, that's the gold answer I was looking for, and I hadn't, hadn't quite thought about it that way. , but it's absolutely correct. It's, the phrase I use is the guru. But no, do, it's the, it's the person that, like, they're gonna sell you a real estate coaching course, but you're like, So do you actively do real estate? They're like, Well, you know, I did 30 years ago. You're like, Right. Don't any sense. Okay. I'm next. Like, no, I'm not buying those who can't  [00:24:43] Henry Eisentein: teach. You know, like that's just what ends up happening. You know, as a failed as investor, you might as well teach  [00:24:48] Sam Wilson: people how to invest. Right. And that's not entirely true, but it does give you an easy way to cut out a lot of the noise. So, that's awesome, Henry. I love what you've done. I love the way you've built it. I love, the fact that you're a two-time college dropout. That yet self proclaims. I love education. I mean, it's one of those things that, I too, hated school, but I love to learn. And it's, I love to learn. I'm a voracious reader. Love to digest and find new information , and kind of internalize it, but I just can't, I can't do school either, So that's really cool. I love what you've done here. You've shared with us all kinds of really cool tips and tricks. You've, , shared with some, some mistakes you've made and how to avoid those. We talked about hiring and building a team. We've covered, finding off market commercial real estate deals and how you boil it down to two things, conversations and contracts and how you hold your team accountable with that. So, lots of great stuff here that you've presented to us today. Certainly appreciate it. If our listeners wanna get in touch with you or learn more about you, what is the best way to do that?  [00:25:47] Henry Eisentein: just Google my name, Henry Eisenstein. I promise you. I'll, and look, reach out, DM me,  [00:25:51] Sam Wilson: I'm always here to support. Absolutely. We'll make sure you put those links there in the show notes. And Henry, thank you again for coming today. Certainly appreciate it. Appreciate you too, Sam.