Podcasts about rjr nabisco

What drives success in private equity? In this episode of Careers in Finance, we unpack the strategies behind some of the biggest PE deals in history, from Blackstone's transformation of Hilton Hotels to the Dell Technologies buyout. But it's not just about big names and bold moves. We explore how private equity firms approach value creation, from operational restructuring and industry positioning to long-term exit planning.This episode demystifies leveraged buyouts (LBOs), explains why debt is both a tool and a risk, and gives a clear view into the strategic playbook used by top PE firms. Whether you're working in a PE-backed company, aiming for a role in private equity, or simply want to sharpen your understanding of value creation, this conversation offers clarity, relevance, and actionable insight.We also explore cautionary tales, like the RJR Nabisco and Caesars Entertainment buyouts, to highlight what happens when strategy and timing fall out of sync. Perfect for finance professionals looking to deepen their grasp of PE fundamentals.Subscribe for more expert-led episodes like this one, and stay informed on the real decisions that drive career and company outcomes in finance.#PrivateEquity #LeveragedBuyout #CareersInFinance #LBO #FinanceCareers #ValueCreation #CorporateFinance #CFIMemberSpotlight #FinancialStrategy #InvestmentInsights

Welcome to Supreme Court Opinions. In this episode, you'll hear the Court's opinion in Yegiazaryan v Smagin. In this case, the court considered this issue: Does a foreign plaintiff with no alleged connection to the United States state a cognizable claim under the Racketeer Influenced and Corrupt Organizations (RICO) Act when it suffers an injury to an intangible property? The case was decided on June 22, 2023. The Supreme Court held that a plaintiff alleges a “domestic injury” for purposes of filing a private civil suit under the Racketeer Influenced and Corrupt Organizations Act, 18 U-SC. § 1964(c), when the circumstances surrounding the injury indicate it arose in the United States. Justice Sonia Sotomayor authored the 6-3 majority opinion of the Court. The “domestic injury” requirement for private civil RICO suits comes from the Court's decision in RJR Nabisco, Inc. v European Community. However, the RJR Nabisco Court did not explicitly define a “domestic injury,” so the Court adopted a context-specific approach that considers the injury's circumstances—an approach consistent with that case. Applying this approach to Smagin's case, the Court found his injury to be domestic. The majority of the alleged racketeering activities that prevented Smagin from collecting his judgment occurred in the U-S, targeting a California judgment.  Justice Samuel Alito authored a dissenting opinion, in which Justices Clarence Thomas, and Neil Gorsuch joined, arguing that the writ of certiorari should have been dismissed as improvidently granted. The opinion is presented here in its entirety, but with citations omitted. If you appreciate this episode, please subscribe. Thank you. --- Support this podcast: https://podcasters.spotify.com/pod/show/scotus-opinions/support

We're sweeping up the glitter after awarding the 10th annual Rakuten Kobo Emerging Writer Prize to a trio of brilliant authors just a few days ago (more on that to come). We'll be back in your feed with more author interviews soon.  In the meantime... When Kobo in Conversation hosts Michael Tamblyn and Nathan Maharaj aren't reading books and interviewing authors for this show, they're working in the business of selling eBooks, audiobooks, and eReaders. In this episode, Nathan sat Michael down to get his takes on a bunch of book biz news making headlines now.* It's kind of an experiment, and we'll do it again soon—but we'll keep changing it up until we can make it feel right. Thoughts? Questions? Stuff you'd like us to cover? Email Nathan at nmaharaj@kobo.com or drop a comment below if you're listening on YouTube. Topics covered in this episode: What's a publisher, and why doesn't everybody self-publish now? Why does it seem like publishers buying each other all the time? Why are major players in high finance poking around in the book business so much lately? Why are big league publishing executives leaving to create new publishing companies—just to publish books by famous people? Costco's not going to sell books anymore: does it matter? Post-pandemic peril in Australian bookselling The "Spotify for audiobooks" before Spotify decided to be the Spotify for audiobooks   Books mentioned: The Trial: The DOJ's Suit to Block Penguin Random House's Acquisition of Simon & Schuster by Michael Cader of Publishers Lunch Barbarians at the Gate: The Fall of RJR Nabisco by Bryan Burrough and John Helyar The works of Ernest Hemingway, published by Scribner   *Michael may have actually staged a one man studio sit-in, and Nathan rolled tape to get him to leave. Accounts differ.

We're sweeping up the glitter after awarding the 10th annual Rakuten Kobo Emerging Writer Prize to a trio of brilliant authors just a few days ago (more on that to come). We'll be back in your feed with more author interviews soon.  In the meantime... When Kobo in Conversation hosts Michael Tamblyn and Nathan Maharaj aren't reading books and interviewing authors for this show, they're working in the business of selling eBooks, audiobooks, and eReaders. In this episode, Nathan sat Michael down to get his takes on a bunch of book biz news making headlines now.* It's kind of an experiment, and we'll do it again soon—but we'll keep changing it up until we can make it feel right. Thoughts? Questions? Stuff you'd like us to cover? Email Nathan at nmaharaj@kobo.com or drop a comment below if you're listening on YouTube. Topics covered in this episode: What's a publisher, and why doesn't everybody self-publish now? Why does it seem like publishers buying each other all the time? Why are major players in high finance poking around in the book business so much lately? Why are big league publishing executives leaving to create new publishing companies—just to publish books by famous people? Costco's not going to sell books anymore: does it matter? Post-pandemic peril in Australian bookselling The "Spotify for audiobooks" before Spotify decided to be the Spotify for audiobooks   Books mentioned: The Trial: The DOJ's Suit to Block Penguin Random House's Acquisition of Simon & Schuster by Michael Cader of Publishers Lunch Barbarians at the Gate: The Fall of RJR Nabisco by Bryan Burrough and John Helyar The works of Ernest Hemingway, published by Scribner   *Michael may have actually staged a one man studio sit-in, and Nathan rolled tape to get him to leave. Accounts differ.

Cheryl Bachelder is a passionate, purpose-led business leader -- the former CEO of Popeyes® Louisiana Kitchen, Inc. Cheryl is known for her crisp strategic thinking, a franchisee-focused approach, and superior financial performance.  Guided by the servant leadership thinking of Robert Greenleaf, she believes highly caring, collaborative leaders with big ambitions for the enterprise, not themselves, generate the conditions for people to perform their best work. Cheryl Bachelder served as CEO of Popeyes® Louisiana Kitchen, Inc., a NASDAQ traded company with over 2,600 restaurants in 26 countries, from 2007 to 2017. The story of Popeyes success is chronicled in her book, Dare to Serve: How to drive superior results by serving others. During her tenure, Popeyes' stock price grew from $11 to $61, at which time the board sold the company to Restaurant Brands International Inc. for $1.8 billion dollars or $79 per share in March, 2017. Cheryl's earlier career included brand leadership roles at Yum Brands, Domino's Pizza, RJR Nabisco, The Gillette Company and Procter & Gamble.   Cheryl serves as a director on the boards of Pier 1 Imports, Inc. (PIR), US Foods Holding Corp. (USFD), and Chick-Fil-A, Inc. She sits on the advisory board of Procter & Gamble's franchising venture, Tide Dry Cleaners. She is a board member of CEO Forum, an organization that encourages and develops leadership capability in CEOs and senior executives. Cheryl holds a Bachelor's and Masters of Business Administration degree from the Kelley School of Business at Indiana University. She is married 38 years to Chris Bachelder and they have three grown daughters, two terrific son-in-laws, and four handsome grandsons. Cheryl and Chris reside in Atlanta, Georgia and attend Buckhead Church. They are avid learners, fans of the classical education movement, and can always be found reading a good book! Website: Serving Performs at www.cherylbachelder.com Former CEO, Popeyes® Louisiana Kitchen, Inc. Director at Pier 1 Imports, Inc. Director at US Foods Holding Corp. Director at Chick-Fil-A, Inc. Author, Dare to Serve: How to drive superior results by serving others  

In this episode, author and journalist Bryan Burrough joins Bill and Cole Smead to discuss his classic work, "Barbarians at the Gate." The book is a detailed narrative of the high stakes battle for RJR Nabisco. Burrough explores the complex negotiations behind one of the largest leveraged buyouts in corporate history, highlighting the strategies by the major players involved.

Chapter 1 What's Barbarians at the Gate"Barbarians at the Gate: The Fall of RJR Nabisco" is a non-fiction book written by Bryan Burrough and John Helyar. It was first published in 1990 and provides an in-depth account of the leveraged buyout (LBO) of RJR Nabisco, which at the time was the largest corporate takeover in American history. The book delves into the personalities, strategies, and financial maneuvers involved in the battle for control of the company between the management team led by CEO F. Ross Johnson and the rival buyout firms Kohlberg Kravis Roberts & Co. and Forstmann Little & Co. It sheds light on the high stakes world of corporate deal-making during the 1980s and offers a detailed analysis of the events leading up to the ultimate sale of RJR Nabisco.Chapter 2 Why is Barbarians at the Gate Worth Read"Barbarians at the Gate" by Bryan Burrough is worth reading for several reasons:1. Gripping storytelling: The book provides a compelling narrative of the hostile takeover battle between two major U.S. companies, RJR Nabisco and Kohlberg Kravis Roberts (KKR). Burrough takes the reader through the complex negotiations, high-stakes deals, and dramatic events that unfolded during this period. The suspenseful storytelling keeps readers engaged throughout, making it an exciting read.2. Insider perspective: Burrough has conducted extensive research and interviews with key players involved in the events, including CEOs, board members, lawyers, and investment bankers. This insider perspective allows readers to gain an in-depth understanding of the motivations, strategies, and dynamics that drove the takeover process. It provides an invaluable glimpse into the corporate world and the various personalities that shape it.3. Insight into financial world: "Barbarians at the Gate" provides a detailed look into the world of investment banking, leveraged buyouts, and corporate finance. Burrough explains complex financial concepts in a way that is accessible to both finance professionals and general readers. The book offers a unique opportunity to learn about the intricacies of Wall Street and the strategies employed by dealmakers.4. Cultural commentary: Beyond the financial aspect, the book also serves as a commentary on the excesses and greed prevalent in the corporate culture of the 1980s. It sheds light on the extravagant lifestyles of top executives, the obsession with short-term profits, and the impact on employees and society as a whole. "Barbarians at the Gate" provides valuable insights into the world of corporate America during that era.5. Historical significance: The events depicted in "Barbarians at the Gate" were highly influential in shaping the corporate landscape and Wall Street practices. The RJR Nabisco takeover set a record as the largest leveraged buyout of its time and became a symbol of the excesses and risks associated with corporate raiders. The book delves into the strategies employed by KKR and the lessons learned from the deal, making it historically significant for those interested in the evolution of the financial industry.Overall, "Barbarians at the Gate" is worth reading for its gripping storytelling, insider perspective, valuable insights into the financial world, cultural commentary, and historical significance. It appeals to anyone interested in finance, corporate affairs, or simply enjoys a well-told, real-life drama.Chapter 3 Barbarians at the Gate Summary"Barbarians at the Gate" is a bestselling non-fiction book written by Bryan Burrough and John Helyar. It details the events surrounding the leveraged buyout (LBO) of RJR Nabisco, a prominent American food and tobacco company, in the late 1980s.The book...

Next week, we'll release the first episode of Season 3 of Private Equity Deals, this time focusing on deals in the middle market. As an interlude between Season 2 and 3, this week's show is a classic – it's Bain Capital and KKR's take private of Hospital Corporation of America (HCA) in 2006.  The $33 billion club deal was the largest private equity transaction in history at the time and was significantly larger than any deal since KKR's famous run at RJR Nabisco in the late 1980s. The HCA deal showed the private equity industry the scale of what was possible and set the stage for both mega buyouts and public to private deals ever since. My guest is Chris Gordon, a Partner and Co-Head of Private Equity in North America for Bain Capital. Bain Capital today is one of the world's largest private, multi-asset investing firms that oversees over $165 billion in assets. Seventeen years ago, Chris was a younger member of Bain Capital's HCA deal team. HCA is one of the nation's leading healthcare services providers, with over 182 hospitals and 2,300 sites of care in 20 states and the United Kingdom. Its origins date back to 1968 when it was one of the first hospital companies in the United States. Our conversation covers HCA's history, the private equity environment in the mid-2000s, and the impetus for the HCA buyout. We discuss the complexity of navigating a large-scale transaction, conducting due diligence discretely, navigating the financial crisis, and what happened to the company. We turn to HCA's return to the public markets through an IPO in 2011, Bain Capital's eventual exit of the investment, and the implications of the deal on the firm and industry. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Next week, we'll release the first episode of Season 3 of Private Equity Deals, this time focusing on deals in the middle market. As an interlude between Season 2 and 3, this week's show is a classic – it's Bain Capital and KKR's take private of Hospital Corporation of America (HCA) in 2006. The $33 billion club deal was the largest private equity transaction in history at the time and was significantly larger than any deal since KKR's famous run at RJR Nabisco in the late 1980s. The HCA deal showed the private equity industry the scale of what was possible and set the stage for both mega buyouts and public to private deals ever since. My guest is Chris Gordon, a Partner and Co-Head of Private Equity in North America for Bain Capital. Bain Capital today is one of the world's largest private, multi-asset investing firms that oversees over $165 billion in assets. Seventeen years ago, Chris was a younger member of Bain Capital's HCA deal team. HCA is one of the nation's leading healthcare services providers, with over 182 hospitals and 2,300 sites of care in 20 states and the United Kingdom. Its origins date back to 1968 when it was one of the first hospital companies in the United States. Our conversation covers HCA's history, the private equity environment in the mid-2000s, and the impetus for the HCA buyout. We discuss the complexity of navigating a large-scale transaction, conducting due diligence discretely, navigating the financial crisis, and what happened to the company. We turn to HCA's return to the public markets through an IPO in 2011, Bain Capital's eventual exit of the investment, and the implications of the deal on the firm and industry. For full show notes, visit the episode webpage here. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

In RJR Nabisco, this Court, applying the presumption against extraterritoriality, held that a civil RICO plaintiff states a cognizable claim under RICO's private right of action only if it alleges a "domestic"-not foreign-injury. 579 U.S. 325, 354 (2016). The Court left unresolved, however, what legal test determines whether an injury is foreign or domestic. Id. ("[D]isputes may arise as to whether a particular alleged in- jury is 'foreign' or 'domestic.' But we need not concern ourselves with that question in this case."). Since RJR Nabisco, the Courts of Appeals have divided three ways as to the proper legal test for assessing whether a foreign plaintiff suffers a "domestic" injury to intangible property-such as court judgments, arbitration awards, contract rights, patents, and business reputation or goodwill. The question presented is: Does a foreign plaintiff state a cognizable civil RICO claim when it suffers an injury to intangible property, and if so, under what circumstances. In RJR Nabisco, Inc. v. European Community, 579 U.S. 325 (2016), this Court held that a plaintiff proceeding under the Racketeer Influenced and Corrupt Organizations Act ("RICO"), 18 U.S.C. § 1961 et seq., must plead and prove a "domestic" injury to maintain a claim in U.S. court. Following RJR Nabisco, the courts of appeals have split on the issue of where a foreign plaintiff suffers its injury to its intangible property for purposes of the domestic-injury inquiry. On one hand, the Seventh Circuit correctly holds that the foreign plaintiff suffers its injury abroad. On the other, the court below and Third Circuit have adopted an open-ended balancing test to determine the location of the plaintiff's injury. Incorrectly applying that standardless test in reference to defendants' conduct, the Ninth Circuit held below that the plaintiff had suffered a domestic injury, even though he is a foreign resident with no alleged connection to the U.S. The question presented therefore is: Whether a foreign plaintiff with no alleged connection to the United States may nevertheless allege a "domestic" injury under RJR Nabisco sufficient to maintain a RICO action based only on injury to intangible property.

Jim Cacioppo cut his teeth in the financial world in the early 1990s with investment bank Wasserstein Perella. The bank was co-founded by Bruce Wasserstein, the hostile takeover pioneer portrayed in Barbarians at the Gate, the book about his 31 billion dollar takeover bid for RJR Nabisco. Cacioppo, after working at some of New York's most storied hedge funds, broke into the cannabis industry in 2018, and co-founded Jushi Holdings, a growing MSO. He brought a "buy big" strategy with him into cannabis, spending tens of millions of dollars on licenses and acquisitions in states like Illinois and Virginia. In this episode of Seed to CEO, Cacioppo will share: How his finance experience helped him in cannabis How to identify lucrative acquisition opportunities in an ever-changing economic environment How to pick markets for new launches How expand and scale Who is Jim Cacioppo? Jim Cacioppo is the CEO, Chairman and Founder of Jushi, one of the biggest MSOs in the nation. Before breaking into cannabis in 2018, Cacioppo spent more than 20 years with some of the most successful hedge funds in finance. Cacioppo is also Co-Founder and Managing Partner of One East Partners, and previously served as President and Co-Portfolio Manager of Sandell Asset Management and Head of Distressed Debt for Halcyon Management, a global investment firm with over US$9 billion in assets. Cacioppo earned his BA from Colgate University and his MBA from Harvard University.  

Jim Cacioppo cut his teeth in the financial world in the early 1990s with investment bank Wasserstein Perella. The bank was co-founded by Bruce Wasserstein, the hostile takeover pioneer portrayed in Barbarians at the Gate, the book about his 31 billion dollar takeover bid for RJR Nabisco. Cacioppo, after working at some of New York's most storied hedge funds, broke into the cannabis industry in 2018, and co-founded Jushi Holdings, a growing MSO. He brought a "buy big" strategy with him into cannabis, spending tens of millions of dollars on licenses and acquisitions in states like Illinois and Virginia. In this episode of Seed to CEO, Cacioppo will share: How his finance experience helped him in cannabis How to identify lucrative acquisition opportunities in an ever-changing economic environment How to pick markets for new launches How expand and scale Who is Jim Cacioppo? Jim Cacioppo is the CEO, Chairman and Founder of Jushi, one of the biggest MSOs in the nation. Before breaking into cannabis in 2018, Cacioppo spent more than 20 years with some of the most successful hedge funds in finance. Cacioppo is also Co-Founder and Managing Partner of One East Partners, and previously served as President and Co-Portfolio Manager of Sandell Asset Management and Head of Distressed Debt for Halcyon Management, a global investment firm with over US$9 billion in assets. Cacioppo earned his BA from Colgate University and his MBA from Harvard University.  

I asked this week's guest - my dear friend Ozzie - to send his Bio and he sent me the following.You definitely don't want to miss meeting Cousin Ozzie this Wednesday, September 14th, at 7:00 pm EDT.He will NEVER let you down.

In this episode Axel interviews August Biniaz, real estate developer, fund manager, general partner and a real estate private equity thought leader to talk about how to invest in multifamily across the US focusing on private equity and syndication.    For many real estate investors, investing in their own place is fine.  For others the key is to invest in other countries that make more sense and get more profit. August enables investor partners to earn substantial returns by investing in multifamily properties in the hottest US markets.   August and Axel dive deep into how August got started in real estate and created CPI Capital, his real estate Canadian passive investing fund. They also converse about the best US markets to invest in and why, the co syndication model and the value add model, how he became successful starting business by chasing big deals, and the importance of creating and gaining trust and how to do it. Stay tuned!    For ADVICE or want MORE INFO about Real Estate Private Equity, GET IN TOUCH with AUGUST! Send him a connection request on LinkedIn, let him know learned from him on this show and book a 15 minute call with him.   Please subscribe to the show, share it with a friend and send us feedback. Visit www.realestateeffect.ca and follow me on IG @monsaxel   Topics: Welcome August to The Very Real Estate Effect Podcast!: (00:00:00) About August's business model & how he started CPI Capital: (00:01:00)  Doing business in the US market: (00:04:55) What US Markets was he interested in and why: (00:07:54) About first deal in Orlando, Florida & the co syndication model: (00:09:39) How August managed to partner up with other general partners: (00:12:31) How August raised 30MM and his involvement in operations: (00:13:59) About the next deal in Charleston, South Carolina and it's structure: (00:16:57) About deal in Houston, Texas & the value-add model: (00:18:32) What made August so successful in the process of capital raising with big deals: (00:22:20) The importance of creating trust & how to do it: (00:26:48) Wrap-up: (00:30:40)   Who is August? August Biniaz is a Real Estate Developer, Fund Manager, General Partner and a Real Estate Private Equity Thought Leader with 15 years of experience in real estate. He is the Co-founder of CPI Capital, where he acts as the CSO and COO working with operating partners across the US.    He educates his partners about private equity through his business web Academy platform, YouTube Show, Webinars, MeetUp Groups, Real Estate Weekly LinkedIn Newsletter and one on one coaching.    August was instrumental in the closing of over $208 million of multifamily assets since inception.   Mentioned resources:  “Barbarians at the Gate: The Fall of RJR Nabisco” book by Bryan Burrough &John Helyar “King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone” book by David Carey & John E. Morris   Multifamily Investor Nation REIN CRM HubSpot ActiveCampaign   Connect with August Biniaz:  Linkedin Twitter CPI Capital CPI Capital Facebook CPI Capital Instagram The CPI Capital Academy YouTube show   Connect with Axel Monsaingeon: Linkedin  Real Estate Effect Web Facebook Instagram Youtube

My guest today is Troy Johnson. Troy is an 8-figure Amazon seller with 2 Amazon Exits. He co-founded a very popular Amazon tool Seller.tools that helps sellers to monitor their products and also launch them using Manychat flows connected to visa gift cards, and currently is an Advisor to Carbon 6 which is a software suite helping e-commerce sellers in their journeys.   Today we are going to talk about Troy's Journey and pick his brains on how to succeed in Amazon FBA in 2022.   Link from the episode: Carbon 6 - https://www.carbon6.io   Book Troy Recommends: “Rework” by Jason Fried and Heinemeier Hansson -  https://www.amazon.com/Rework?tag=10mj-20 “The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich” by Tim Ferriss - https://www.amazon.com/The-4-Hour-Workweek?tag=10mj-20 “Barbarians at the Gate: The Fall of RJR Nabisco” by Bryan Burrough and John Helyar - https://www.amazon.com/Barbarians-At-The-Gate?tag=10mj-20   Connect with Troy: LinkedIn - https://www.linkedin.com/in/troyjohnston Facebook - https://www.facebook.com/troyjohnston Instagram - https://www.instagram.com/troyjohnston Personal Website -  Websites and Company Social Media: Seller Tools - https://seller.tools   LinkedIn - https://www.linkedin.com/company/sellertools Facebook - https://www.facebook.com/SellerToolsApp Instagram - https://www.instagram.com/seller.tools Twitter - https://twitter.com/SellerToolsLLC   ANATOLY's TOOLS:   Product Development: Helim10 - I use it for  Product Research, Keyword tracking and Listing Optimization .  SPECIAL DEAL: Get 50% your first month or 10% every month: http://bit.ly/CORNERSIIH10  Pickfu - I use it for split testing all of my products and for validation ideas .  SPECIAL DEAL: First split test 50% 0ff  https://www.pickfu.com/10mj   Trademarking: Trademark Angels - For all my trademarking needs.  SPECIAL: Mention Anatoly and 10MJ podcast and get 10% Off your trademark.   HR: Fiverr -  I hire my 3dMockup person and images label designer here on Fiverr - http://bit.ly/10mjFIVERR Upwork - I hire people long term on Upwork - upwork.com  Loom.com - for creating SOP's, I record everything on Loom and give to my VA's Keepa.com - to track historical data such as prices   ANATOLY's  3 Favorite  Business Books: DotCom Secrets by Russel Brunson - I think this is a must read for every online entrepreneurs - http://bit.ly/10MJDotCom 4 hours work week by Tim Ferriss  - This book changed my life and made me become an entrepreneur - http://bit.ly/10MJ4WW The Greatest Salesman In The World  by Og Mandino - Old book but it goes to the core of selling -  http://bit.ly/10MJGREATSM    DISCLAIMER: Some Links are affiliate, it costs you nothing, but helps to keep this podcast on the float   Have questions? Go to https://www.10millionjourney.com   Follow us on: Instagram: @10millionjourney

This week Chris has a garage update, Rob discovers some new shows, John gets "tainted" beer and they all struggle with Skype......again. Other things they manage to squeeze in between communication blackouts:  more thoughts on this year's Olympics, the RJR Nabisco merger/split you probably never knew happened, Bezos in space, college football is realigning their divisions, the recent Anthrax concert stream and a few PC games to check out for free. Enjoy!!

This interview features Carol Thompson Cole, President & CEO, Venture Philanthropy Partners. JB and Carol discuss inclusive growth in the Capital Region, impact investing, and economic empowerment in underserved communities.Hosted by JB Holston. Produced by Jenna Klym, Francesca Ioffreda, Ian Lutz, Nina Sharma, and Justin Matheson-Turner. Learn from leaders doing the work across the Capital Region and beyond. These conversations will showcase innovation, as well as history and culture across our region, to bridge the gap between how we got here and where we are going.About our guest: Carol Thompson Cole is President and CEO of Venture Philanthropy Partners (VPP), a philanthropic investment organization that makes the future brighter for young people living in Greater Washington by tackling the largest barriers to their success and forging partnerships that bring the expertise, passion and reach necessary to achieve life-changing results.Under Cole's leadership for the past 10 years, VPP aligns resources and actions to strengthen nonprofits to serve more youth. VPP's philanthropy uses its convening power to work across sectors to create systemic change to help more young people succeed in school and gain the skills and confidence to attend college or start their career.Prior to VPP, Cole served in a wide range of leadership and management roles in both the public and private sectors. She served as Special Advisor to President Clinton on the District of Columbia and Executive Director of the DC Inter-Agency Task Force. Prior to serving in the Clinton administration, she was the Vice President for Government and Environmental Affairs at RJR Nabisco. Cole spent 12 years holding major management and staff positions in DC government, most notably as the only woman appointed as City Administrator.She is a member of numerous boards, including the Raise DC Leadership Council, the Greater Washington Advisory Board of SunTrust, the Kaiser Permanente Regional Advisory Board, the Federal City Council, and the Board of Trustees of Friendship Public Charter School. She also serves as a Lifetime Trustee of the Urban Institute. Cole has been recognized for her outstanding leadership and dedication to the region through service in government, business and the social sector.Cole earned a B.A. from Smith College, a master's in public administration from the Robert F. Wagner School of Public Service at New York University, and attended the Senior Executives in State and Local Government Program at Harvard University.

In this episode of "Keen On", Andrew is joined by Bryan Burrough, co-author of "Forget the Alamo: The Rise and Fall of an American Myth", to tell the true story of the Battle of the Alamo against the backdrop of Texas's struggle for independence. Bryan Burrough is a special correspondent at Vanity Fair magazine and the author of six books, including the No. 1 New York Times Best-Seller Barbarians at the Gate and his latest, Days of Rage. He is also a three-time winner of the prestigious Gerald Loeb Award for Excellence in Financial Journalism. Born in 1961, Bryan was raised in Temple, Texas, and graduated from the University of Missouri School of Journalism in 1983. From 1983 to 1992 he was a reporter for The Wall Street Journal, where he reported from Dallas, Houston, Pittsburgh and, during the late 1980s, covered the busy mergers and acquisitions beat in New York. He has written for Vanity Fair since 1992. In 1990 Bryan and John Helyar co-authored Barbarians, the story of the fight for control of RJR Nabisco. The book, which spent 39 weeks on the New York Times bestseller list, has been hailed as one of the most influential business narratives of all time. Bryan joined Vanity Fair in 1992, where he has reported from locales as diverse as Hollywood, Nepal, Moscow, Tokyo and Jerusalem. His subsequent books include: Vendetta, Dragonfly, Public Enemies, The Big Rich and Days of Rage. In addition to consulting work for “60 Minutes” and various Hollywood studios, Bryan has authored numerous book reviews and OpEd articles in The New York Times, Los Angeles Times and Washington Post. He has appeared on “Today,” “Good Morning America,” and in many documentary films. Bryan splits his time between Chatam, N.J. and Austin, Texas. Learn more about your ad choices. Visit megaphone.fm/adchoices

Listen in as Women in the Academy and Professions director Karen Guzmán interviews business leader Cheryl Bachelder in this special edition podcast from our Dear Mentor LIVE series. Cheryl Bachelder is the former CEO of Popeyes Louisiana Kitchen, Inc., a multibillion-dollar chain of more than 2,600 restaurants around the world. She has been profiled in the Wall Street Journal, been featured on Mad Money, and received top industry awards. She had prior leadership positions at Yum! Brands, Domino's Pizza, RJR Nabisco, the Gillette Company, and Procter & Gamble. Today, Cheryl serves on a number of boards including the CEO Forum, an organization that encourages and disciples Christian CEOs and senior leaders. Cheryl holds a Bachelor’s and Master's of Business Administration degree from the Kelley School of Business at Indiana University. For show notes or more information please visit our article at The Well. For more information on the Dear Mentor series, please visit http://thewell.intervarsity.org/dear-mentor. If you'd like to support the work of InterVarsity's Women in the Academy and Professions, including future podcasts such as this episode, you can do so at givetoiv.org/wap. Thank you for listening!

If you haven’t tried a coach approach to your leadership, you’re missing a key opportunity to focus on serving instead of selling, and getting buy-in from your team and your clients. We’ll share how superior performance is learned by leaders developing leaders, instead of spending thousands of dollars on courses and conferences. We’ll also provide insights that are integral as you implement a coach approach to servant leadership:   • how to turn the performance into service so you can change results into rewards • how to NOT be the leader you’ve dreaded working for so you can be the leader everyone wants to follow  • how to employ the 6 behaviors critical to serving people well so you can reap a return on your investment      About Cheryl Bachelder   Cheryl A. Bachelder is a passionate restaurant industry executive and former CEO of Popeyes® Louisiana Kitchen, Inc. Cheryl is known for her crisp strategic thinking, franchisee-focused approach, superior financial performance, and the development of outstanding leaders and teams. Cheryl joined Popeyes, Louisiana Kitchen, Inc., in November 2007, after serving as an active member of the Board for a year. She brought more than 35 years of experience in brand building, operations, and public-company management at companies like Yum Brands, Domino’s Pizza, RJR Nabisco, The Gillette Company, and The Procter & Gamble Company. At Popeyes, Cheryl promptly established a Road Map for Results. This strategic framework led to market share gains of eight points, improved guest ratings, and increased restaurant margins (400 basis points in seven years). The improvement in restaurant performance led franchisees to remodel the system and accelerate new unit growth both in the U.S. and abroad. In eight years, the enterprise market cap grew from less than $300 million to over $1.3 billion. At fiscal year-end 2015, Popeyes’ system-wide revenues were $3.1 billion. These revenues were generated by over 2,539 restaurants operated by 360 franchisees and more than 60,000 restaurant employees in the United States, three territories, and 27 foreign countries.

In this week's episode, I have Pete Dunn join me on the WallStJunky podcast. We dive into a number of topics related to the passive approach and the serious shortfalls that most new investors face when pursuing something more active. The common theme in this episode is a focus on the actual act of saving, rather than stressing about the investment selection. If you are a DIY investor, this episode might not be for you, but if you are a DIY investor that is consistently underperforming the market (i.e., chances are that you will over the long-run), than value might still be obtained in this episode. Behavioral finance and the topic of biases are discussed in this episode as it relates to an individual's portfolio performance. Ultimately, it comes down to swallowing your pride, controlling the self-attribution bias, and understanding that a vast majority of investors will significantly underperform the market, and that's okay.... because with the help of ETFs and Index Funds, you can get that market return. Having issues with terms brought up in this episode? Go to this link - https://www.investopedia.com/ Books recommended by Pete Dunn: The Little Book of Common Sense Investing by John C. Bogle All About Asset Allocation by Richard A. Ferri, CFA Work and Life Principles by Raymond T. Dalio The Intelligent Investor by Benjamin Graham Buffets Alpha by Leje Pedersen, Andrea Frazzini and David Kabiller Where Are the Customers Yachts? by Fred Schwed How to Create Wealth Investing in Real Estate by Grant Cardone The Millionaire Booklet by Grant Cardone Cash Flow Quadrant by Robert T. Kiyosaki Fake Money, Fake Teachers, Fake Assets by Robert T. Kiyosaki Rich Dad Poor Dad by Robert T. Kiyosaki Unfair Advantage by Robert T. Kiyosaki Index Revolution by Dr. Charles D. Ellis Fire Yourself by Robert T. Kiyosaki Get Your Financial House in Order By Robert T. Kiyosaki Barbarians at the Gate: the Fall of RJR Nabisco by Bryan Burrough A Random Walk Down Wall Street by Burton Malkiel Valuing Financial Service Firms by Aswath Damodaran Berkshire Verses KKR: Intermediary Influence and Competition by Lawrence A. Cunningham Guide to Investing in Gold and Silver Protect Your Future by Mike Maloney Is (Systematic) Value Investing Dead? by Ronen Isreal, Kristoffer Laursen, and Scott Richardson From assets to income: A goals-based approach to retirement spending by Colleen M. Jaconetti, CPA, CFP, Michael A. DiJoseph, CFA, Zoe B. Odenwalder, and Francis M. Kinniry Jr., CFA Two Big Distortions: Bank Incentives for Debt Financing by Jesse Groenewegen and Peter Wierts The Business of the 21st Century by Robert T. Kiyosaki (note: in my estimation, the business in this book is not good to get into) The Man who Solved the Market: How Jim Simons Launched the Quant Revolution by Gregory Zuckerman Proprietary Trading: Truth and Fiction by Peter Muller The Options Answer by Felix Frey Link to Pete Dunn's YouTube channel below: https://tinyurl.com/PeteJDunnYouTubeChannel Links Pete Dunn's books on investing: https://tinyurl.com/MillenialsCommonSenseInvesting https://tinyurl.com/WarrenBuffetFundOfFunds --- Support this podcast: https://anchor.fm/wallstjunky/support

Cheryl A. Bachelder is a passionate restaurant industry executive and former CEO of Popeyes® Louisiana Kitchen, Inc. Cheryl is known for her crisp strategic thinking, franchisee-focused approach, superior financial performance and the development of outstanding leaders and teams. Cheryl joined Popeyes, Louisiana Kitchen, Inc., in November 2007, after serving as an active member of the Board for a year. She brought more than 35 years of experience in brand building, operations, and public-company management at companies like Yum Brands, Domino’s Pizza, RJR Nabisco, The Gillette Company, and The Procter & Gamble Company. At Popeyes, Cheryl promptly established a Road Map for Results. This strategic framework led to market share gains of eight points, improved guest ratings, and increased restaurant margins (400 basis points in seven years). The improvement in restaurant performance led franchisees to remodel the system and accelerate new unit growth both in the U.S. and abroad. In eight years, the enterprise market cap grew from less than $300 million to over $1.3 billion. At fiscal year-end 2015, Popeyes’ system-wide revenues were $3.1 billion. These revenues were generated by over 2,539 restaurants operated by 360 franchisees and more than 60,000 restaurant employees in the United States, three territories, and 27 foreign countries. Ms. Bachelder created a culture based on the Popeyes Purpose: to inspire servant leaders to achieve superior results. This purpose was expressed in the six principles of how they worked together. The Popeyes team focus was to serve the franchise owners well; together they pursued a bold ambition for the enterprise. This produced exceptional performance results. In March 2015, Ms. Bachelder published a book chronicling the tenets of the Popeyes turnaround, entitled Dare to Serve, Second Edition – How to drive superior results by serving others. Ms. Bachelder has served on the board of directors for Popeyes Louisiana Kitchen, Inc., since 2006; board of directors for Pier 1 Imports, Inc., since 2012; the advisory board of Agile Pursuits Franchising, Inc., a wholly owned subsidiary of Procter & Gamble, since 2009; and the International Franchise Association since February 2015. She also served on the board of directors for True Value Company from 2007 – 2012 and on the board of the National Restaurant Association May 2009 – 2012. In November 2014, Cheryl was certified as an NACD Board Leadership Fellow. Prior to serving as Popeyes CEO, Ms. Bachelder revitalized brand performance in both retail and consumer goods companies. She was president and chief concept officer for KFC Corporate (2001-2003), creating growth plans for the U.S. business in collaboration with the franchise owners. From 1995 – 2000, Ms. Bachelder served as vice president of marketing and product development for Domino’s Pizza, Inc. She was the brand architect responsible for contemporizing the restaurant chain’s image and launching the innovative Heatwave bag which improved product quality and drove strong same-store sales growth for five consecutive years across 5,400 units. Prior to her restaurant experience, Ms. Bachelder served as general manager of the LifeSavers Division of RJR Nabisco. Her early career years included brand management roles at The Gillette Company and The Procter & Gamble Company. In September 2015, Cheryl was awarded The Norman Brinker Award from Nation’s Restaurant News. She has been profiled in the Wall Street Journal and the New York Times, and was named by CNBC’s Jim Cramer as one of his “21 Bankable CEOs” for 2014. In 2012, she was recognized as “Leader of the Year” by the Women’s Foodservice Forum, and received the Silver Plate Award from the International Foodservice Manufacturers Association. Ms. Bachelder holds a Bachelor of Science degree in Business Administration, and a Masters of Business Administration in Finance and Marketing, from the Kelley School of Business at Indiana University. She has been married for over 35 years to Chris Bachelder and they have three grown daughters. On this episode, we discuss her incredible father, Daddy Max, her family’s dinner conversations that contributed to her and all of her siblings being CEOs, the impact of her faith on her leadership, her journey being a female executive, how she integrated life as a business leader with family, how she turned Popeyes around by leading differently, and much more.  Visit https://www.calwalters.me/ for show notes.  

In the 1980s, RJR Nabisco, the producer of the well-known Oreo cookie brand, was acquired by a securities company at a whopping price. The acquisition approach is a classic example of a leveraged buyout. By gathering first-hand data and using fascinating descriptions of the events, the two authors of the book have recreated the most famous Wall Street merger and acquisition war in the 1980s. So, how did KKR, the “barbarian” in the security market, acquire the business tycoon, RJR Nabisco?

Buying a Business With Carl Allen Josh: G’day everyone out there in podcast land and welcome to Business Built Freedom where we build your business and you get to hear other businesses and how business owners have built their businesses up. So today we've got a cool guest on Carl Allen and he's going to be talking to you guys about how you can grow your empire through strategic acquisition and being able to finance your acquisitions without investing any of your own money. So Carl, tell me when is the right time? When's the right moments in your mind where you have that aha moment, I've got to invest and use other people's money? How do you have that mind shift from pulling dollarydos out of your own pocket to grabbing it from someone else's? Get more tips about buying a business at dorksdelivered.com.au Carl: Sure. So Josh, first of all, great to be on the show. Thanks for having me. So what's really interesting is most business owners, you know, don't know the process of what I'm going to talk about. So most business owners will start a company and then their only way to grow it is to do it organically. So more customers, more leads, more products and services. They might do some JVs or affiliate marketing with other people. But they typically don't go down the route of, you know, what can I double my business in a day by essentially acquiring another company. So if you've got a $500,000, or a million dollar business right now that's profitable, and it's taken you five years to get to that stage, it might take you another two years to double it. But if you go and find another business of the same size, you combine it with the business that you already have, and you use other people's money to close that deal, then you can effectively double the size of your business and save two to three years of your life by hustling to grow it organically. And the process is really simple. You know, there's tons of deals out there there's loads of businesses that are for sale for you know, for a lot of different reasons people want to retire, they get bored, frustrated, sick, in a burnt out, you know, run out of ideas. And they decide it's time to sell their business, the business that they've built, and they've made successful. But what's really interesting is people think if you want to buy a million-dollar business, you've got to cut a million-dollar check, and you don't. You can actually get that money from other people. So the first place you can get the money is from the seller. There are some sellers and you might find this strange, they will sell a business and let you pay for that business over time. It's called seller financing or vendor financing in some countries. So that million-dollar purchase, if the business is really profitable, you can pay for that business over time using the profits that the business is generating. The other methods you can use are those trillions of dollars globally of acquisition financing. So if you find a strong business that's got, you know, a healthy balance sheet and it's got great cash flows, then you can use those as leverage to go and get a bank or an investor to give you financing. So you can buy that business, and then you might pay for half of the business up front, the closing payment using that financing, and then pay for the other half of the business, paying the seller over time. Then there are in some instances where you can actually go and sell pieces of that deal to an investor, to an angel investor or a venture capital or private equity company, who will, they'll partner with you in the deal. They'll co own the business with you, but they'll give you a ton of cash flow so that you can go out and bolt these acquisitions on. Because the bigger you grow your business, obviously the more profitable it's going to be. Businesses, and for the most part are worth a multiple of their earnings. And that multiple increases, as the earnings increases, so it compounds. That's why a small business might be worth three times its earnings. Yet, a public company might be worth 30 times its earnings. The bigger the company, the bigger the profit, the bigger the multiple, the bigger the valuation. So the bigger you scale your business through acquisitions, the more it's going to be worth so that when you sell it, the higher your net worth and the more money that you put into your own bank account. Josh: So you've got a bunch of fantastic points, and I have been frantically writing notes here. So ultimately, I guess the metric everyone should be looking at isn't what is something worth its time, because you can have a $500,000 business send it to a million, a million to a 10 million, but it's do you want to have the old not able to use that money and be in a restricted into it in a sense? Well, you know, you're not skydiving or whatever it is that people enjoy doing nowadays. If you're not able to enjoy that wealth, what's the point if it's going to take that long and time, something you can't get back? So, in trying to find a new business, would you look to something that's a mirror business, something that's nearly exactly the same as yours. So you're pretty much buying into the database and staffing systems. Or a Ying Yang, so it's giving you opposing services where they're noncontradictory. But you kind of own the supply chain. What's the process? Carl Lewis: It is all of the above. So if you own a business, then there are three types of acquisition that you can do. So if you own a software company, for example, then you just go out and buy a competitor. So you can go out and buy a company that does very much the same as what you do. So what you're doing with that is you're just doubling down on your market share. And obviously, you're going to get economies of scale if you've gone from being a $5 million business to a $10 million business. There are a lot of economies of scale when you double. The other thing that you can do is you can buy into your supply chain as you've described. So let's say you own an engineering business and a big part of your cost base is acquiring raw materials and other components. You can go and buy that business because then you're doubling down on your margin. So rather than giving a huge part of your margin to a third party, you're keeping that within your own business. And then you can leverage off what that business is doing with its customers. But the smartest type of strategic acquisition is when you buy a complementary business, the yin and yang that you talked about. So let's say you own the software company, you could go out and acquire an IT services company. And then you can sell the software to your IT services customers you just acquired. You can sell the IT services that you just acquired to your existing software company. And then as you bring the two companies together, there's a boatload of financial synergies that you can generate. So you're saving probably on premises. So rent, property tax, utilities, maintenance insurance, all the administrative overhead. You only need one financial controller, one HR person, you can consolidate your marketing budgets. So what happens is when you do that combination, it's a one plus one equals three on the revenue side, because you've got the software revenue, the services revenue, plus the cross sell. And then it's on3 plus one equals five on the profit side, because as you're scaling the revenues on the top line, you're stripping out all this duplicate cost. So you can 5X the value of your company, just by doing one simple bolt on acquisition. Josh: Alright. So if I decided that, hypothetically, I've got an IT company that I'm running and I'm looking to grow this company, okay, hypothetically. Now, if that was to be the case, what would be the next step to using other people's finances to grab a bolt on? It sounds very much like If what you're saying is like a nearly like a joint venture type arrangement where there’s the same client base with his non competitive things that you're doing with each other. So if you were to be buying into the company, how do you go about having someone else say, you know what, that's a great idea. Here's some coin and what's the buyback period? Is that something that's just an overhead? Carl: Yes. So the first thing that you got to do, it's a three stage process, really. So the first thing that you've got to do is you've got to clearly articulate what the perfect business is going to be for you. Because in your situation, the type of business that's going to move the needle in your empire is gonna be very different to the type of business is going to move the needle in my empire. So you ask yourself those kind of high level questions, you know, what type of business strategically is going to make me do a big leap in terms of the size and scale of my business? Once you've determined that, then it's all about deal flow. It's all about deal origination. And there are four primary ways that you can originate deals. So the first one is you can go public with Business Brokers. Obviously, that's the easiest method on the one hand, because you know the business is for sale, they listed it with a broker. But it can often be the most challenging because Business Brokers tend to hype up the valuations of the businesses that they're trying to sell. But Business Brokers will get you a big strong source of deal flow. My personal favorite is to leverage one's network, whether it's via social media, or your human network, because what's interesting is only 20% of business owners that decide to sell a business, actually list it with a business broker, the other 80% it will get passed through their network. And when you're a business owner and you decide to sell, you tap into your inner circle. So you'll talk to your accountant, you'll talk to your lawyer, you'll talk to your wealth manager, you'll talk to your bank or an investor that's tapped into your business. So what I coach my business owner students is how to build those deal intermediary networks and how to leverage them. Get deal flow. And not only does it give you access to deals, you're building relationships with people that once you find a business can help you close that deal. The accountant can help you with the due diligence, for example, to make sure that the business is doing what it says it's doing, and it's in a good place in a good state. And then your lawyer is required to help you paper that deal, to create the legal documents that you need to sign to transfer the ownership of the business from the seller to you, the buyer as the new owner. So once you've got the deal flow, and you've obviously been to see the business, you've talked to the seller, you've got all the information, and you're confident that this business is going to do for you what you think it is, then it's all about financing the deal. So it's all about structuring the deal, so that it's a win for you and it's a win for the seller. And in most deals, you're looking to pay some of the money at closing and then some of the money over time in seller financing. And then once you know how that is basically going to work, then working with financiers to give you the capital to be able to do that. It's actually the easiest part of the process. There's billions of dollars even in Australia, there’s trillions of dollars in the US, but there's billions of dollars even in Australia, available from bank’s finances and investors to go into the right deals. And, you know, my simple message to people that want to do this is don't go and buy distressed businesses. Don't go and buy businesses that are instant trouble because you're just in inheriting somebody else's headaches. You want to buy a business that's cash flowing, that as soon as you buy it, and you integrate it to what you've already got, its earning’s accretive, its earning’s positive from that very first day. And what's interesting is, the more the profit, the stronger the business. Yeah, the more valuable it's going to be, but actually, the easier it is to raise the financing. Josh: Okay. So if you are the seller, I guess and you said is a seller financing or as you also described vendor financing what is short of the seller being distressed or getting out of this part of their life and moving into something else? What is the advantage to the seller and being a put into a seller financing position or selling the business? So why do you see people selling businesses? Or is there a plethora of businesses being sold? I know a lot of businesses, especially with the whole pandemic thing that's been happening, they haven't even considered a broker, they've just gone I don't have any value to sell here. And so they've just closed down and that also interests me, like how many businesses decide I don't think people want to do what I'm doing or I know I can do what I'm doing. I would rather just see it die rather than have someone else kill it, I guess. Carl: Yeah, it's crazy. There's always value in businesses. You know, the beauty is in the eye of the beholder, isn't it? You know, there might be an IT company out there who thinks what you think that, you know, my business isn't worth anything, maybe I closed it down. But for you, you know, that could be an amazing source of new cash flow because you can integrate that into what you've already got. And you're right in what you said, the number one exit strategy for most small businesses is actually to close the door and turn off the lights. And it's such a shame, which is why we have other dealer origination methods outside of going to brokers. So one of the other methods that we teach our business buying students is the concept of a direct approach. So how you can leverage free business information databases, you know, generate a list of businesses that strategically are going to fit what you're looking to do. And then we approached them. So we approach them and we say, Hey, you know, here's, you know, I'm Josh, I own an IT company, and looking to scale my business through acquisitions. I've been studying the marketplace. You know, your business is very appealing to me and you tell them why, so you do a little bit of research or you can outsource that to a VA, you might like their customer base, they might have a really cool process, they might have won some awards, you know, whatever it is, whatever reason you like that business, and how it's gonna move the needle for you, you know, you'll bring that into the conversation, or you'll bring that into the email, or you'll bring that into the letter that you might send them. And then once you've done that, then you start to connect with them, you know, to build some rapport. So there's a really cool couple of hacks that we teach, where we go find them on Facebook, for example. And we look at who they are, do they have a family? What sports are they interested in? You know, do they drink beer? Do they drink wine? Whether they go out for dinner, whether they go on vacation, and then you drop some of that stuff into the conversation. And what you're doing is you're instantly building a relationship with somebody who once they know you like you and trust you, then they're going to be in a much stronger position to potentially want to sell their business to you. And they're thinking of it from the seller side, you'll sit there thinking, I've got this business, I don't really want to work in this business anymore. I don't think I can sell it because who would buy it, maybe I just close it down and liquidate my balance sheet, sell my assets, pay off my liabilities and then just take home the cash that's left, and then all of a sudden you contact them and say, hey, you know, I'm Josh and I'm looking to grow and I really liked your business and you're very complimentary about it. Feels like you know, you've got to know them and what's going on for them and what they do. You know, if I was that person, I'd be like, Dude, come see me. This is amazing. Come see me. I'd love you to have this business. Do you think it's going to really help you? Let's see we can work something out. And then what you find is the more distressed the seller, not in terms of their business, the more distressed they are in terms of their psychology, the bigger component of the deal that they are prepared to put into seller financing. And then, you know, the most common question we get asked about that is, well, what's the risk to the seller if you do the seller financing type deals? So you're not paying them much money at closing, you're just paying them over time. You know, you absorb their business and carry on and make trillions of dollars in profits. What's to say, you're not going to pay the seller? And what we do in most cases, is it's written into the legal agreements that if we don't pay the payments that we're contracted to make, then the seller just gets the business back. So it keeps the seller, you know, highly de risked in that deal process. Josh: Okay, and obviously the buyer very engaged to achieve the objectives. Carl: Yeah. And so it's very different if you're buying a business for the very first time. So if this was your first deal that you were doing and you had no leverage, then clearly, it's only the performance of the business you buy that's going to drive the cash flow for you to pay for the deal. When you own an existing business already, and when we talked before about all the cross selling that you can generate, and all the other cost saving, you know, you might buy a business that’s doing half a million dollars a year in cash flow and your deal as you're going to pay $250,000 of that to the seller over time. If you combine that business with what you're doing, you're able to multiply that where it's generating a million dollars a year of free cash flow, even $2 million a year of free cash flow. So the percentage of that money that you're paying to the seller is a fraction of what is now being internally generated. And sometimes in a deal, you might have to include a little bit of that upside, because the seller might think well, okay, you're buying my business for a million dollars, and you know, you're going to make $5 million dollars out of this if you do it right. And obviously you're gonna have to do all that work. You know, I want a little bit of that as a bonus, so I want 1,500,000 for the deal, not a million. But I'm prepared to take a lot of that money as an urn out, or as a bonus payment or as a contingency payment for how you're going to scale and really explode the value of my business once you've acquired it. So all that comes down to kind of creativity in your deal structure. And, you know, we've been talking for hours if I was to walk you through it in detail, which is, which is why we have some free training available for anyone who's really interested in this and wants to understand, you know, what are the eight steps one needs to go through from a blank piece of paper to closing a bolt on acquisition and combining it with what they already do. Josh: Okay, and I understand that if people did want some training and bits and pieces, you've got a link that people can go. It is trainwithcarl.com/bbfreedom, is that right? Carl: That's absolutely right. Yeah. Josh: You guys have heard it. So trainwithcarl.com/bbfreedom if you guys want to have some of that training to see, and I'm going to be jumping They're checking it out. I think it sounds awesome. And I think that hearing about the way that you can structure these deals to make sure that it's a win/win for both parties, some of them sort of feel like they're losing out is sounds really cool. One of the things you actually brought up earlier was an approach that I think a lot of businesses should do. You've got all this information available online. I'd call it stalking. But that sounds weird, but it's not stalking if people have publicly made the information available to everyone else. If you are researching and finding information and seeing are these the target customers or target acquisitions that you're looking for, what would you normally say is the timeline between picking up the pencil and doing the research to the hammer going down on the sale? Is that sort of a day, a week, a month, 10 years? Carl: So it depends, right? It depends on the size of the business, the complexity of the business, the amount of due diligence you need to do. I've done deals in a day. I've done deals that have taken me six months. So the average is typically about 90 days. If you look at the process of closing a deal, so first of all, you've got to decide what type of business you got to buy, then you've got to do some deal origination, then you've got to go and have meetings, then you've got to do a little bit of analysis about the numbers they'll give you, the type of business, then you've got to make an offer, then you've got to negotiate that offer and get to terms and deal points which are mutually agreeable and a win/win. And then you bring in your little micro deal team, your accountant and your solicitor, your lawyer, and they will kind of hammer out and fine tune the details. They'll do the due diligence, they'll draft the legals, as part of that, then you're raising the financing. And then you're putting together your integration plan. So that as soon as the deal documents are signed, you can get to work and integrating that business into the one you've already got. So bear in mind, most business owners, they've got other things going on that you know they're running their business already. They're probably looking at other deals. They've got families and all these different things. So on average, it's about a 90 day process, but it can be much faster. But again, that depends on the type of business, type of seller, and what else the buying business has got, you know, going on. If they're rolling out a brand new contract, or there's a whole ton of other things that they're doing in their business to grow organically, that can slow down the process, but on average, it's about 90 days. Josh: Okay, so with that being 90 days, I guess, like obviously, that that's if a business is about to is they ready to sort of hit the hammer already, sort of that's not a front from inception perspective, I guess you haven't sort of planted the seed and they've gone maybe I should sell the business or something like that. Or I guess something I hear all the time is every business is ready to sell. It just comes down to the finances and the dollerydoos. So is that you contacting cold calling, contracting a business out of the blue that has at that stage no interest in selling to 90 days and they're like where am I? Carl: It’s the numbers game. So it's like sales, you know, you got to build a pipeline of prospects, some of them are gonna be ready, some of them aren't. You might contact a business, who's had no interest in selling, but then you have the conversation with them. And you trigger various emotions in their mind whether thing, you know what? This has happened for a reason, maybe I should sell maybe I should go and do something else, or you'll be contacting people that are already having those conversations and, and, you know, they don't know where to start, you know, because most people that own businesses never sold a business. About 98% of people that own businesses have never gone through a sale of a previous business. So they don't understand the process or they don't understand the emotions of the process. Josh: Or its like they just entered in a divorce. Carl: Yeah, it's interesting, and it's really a game of psychology in a lot of cases because if you take the typical business owner, you know, they started a business say 20 years ago, and they've run that business for 20 years, they've spent more time in that business than they have with their own family. And often, it's like saying goodbye to your children. You know, I know when my son emigrated to your part of the world, my son, Ryan, he moved to Australia when he was 14, so nine years ago now and he's 23 now. You know, when he when I felt like the seller of a business, you know, my child was leaving me to go off to pastures new. And I was highly supportive of him making that move, and it turned out for him phenomenally. He's an Australian citizen now, by the way, and he lives near you in Brisbane. He's a great guy. When he left I have the same basket of emotions that most business owners feel when they sell a business. They want it to go to a good home, they want to know that it's going to be looked after. They want to know that it's going to grow and it's going to carry on, you know, being successful. So it really is an emotional relationship process. And, you know, sometimes you might find the perfect business and it might take six months for the seller to come round to the concept of selling it. But because it's a numbers game, if you have enough quality shots on goal, if you play in the hands of cards, then you know you're going to laser target those sellers that they are ready, they're just waiting for somebody to have that conversation with them. So it is a numbers game. Josh: I imagine like your training goes into how to as you said 98% of everyone has no idea what they're doing. Everyone had those butterflies in their stomach when they saw the hot girl or hot guy or whatever at school and they went, oh man, I'm going to go talk to them, and 98% of people didn't because they freaked out. And I guess my question is the training of people will freak out about potentially selling their business but as a training sort of put your mind at ease a bit there and put you into a spot that you can say okay, this is how I strategically go about doing this, or is it a helping hand to or getting you the confidence to do that? Carl: Yeah, so it's definitely not a helping hand. What I do is, it's an implementation system. So it's not a helping hand, it's not theory. It's not just a bunch of training videos, kind of a how to guide. It's an implementation system that's been tried and tested over thousands and thousands of deals in lots of different parts of the world. And you know, in Australia, you know, I've personally bought and sold multiple businesses in Australia. So that system, our deal maker, while society system is the implementation engine for any small business owner, or even any want to be business owner to go and buy a business using other people's money. And one of the other things that we didn't talk about yet is if you buy a company, you don't necessarily have to run it. I own nine different companies. I don't work in any of them. I spend about an hour a week, one hour per week in my businesses. I have general managers in my portfolio businesses running them for me. And yeah, I give them little pieces of ownership, they’re my partners. I want them to be incentivized to do the right thing. So I'm an owner/investor. I'm not an owner/operator. There's a really, really big difference. Yeah, I'd say about half of that. So I coach and mentor about 5500 people all over the world to do this. And they're all doing deals every day, in all different countries in all different sectors in all different sizes. And I'd say about half of those students are buying businesses to operate. And half of those students are buying those businesses to be owner/investors. And there's no right or wrong way. If you want to be an owner/investor. The benefits are, number one, you can buy businesses anywhere in the world. So I own businesses in Australia while I was living in the UK. It's a bit of a journey. So obviously, it takes two days to get there. So I'm not going to commute to that business every day. And it means you can own multiple businesses, you don't have to stick with one. If you own multiple businesses, then you don't have to work in every month. It's like getting an executive salary from every single position you own and you stack them. You know, there are benefits of, I guess, being an owner/operator or a business. Some people just like running a business. They like being there everyday. They like that tactical day to day, you know, working in the business. And then there's a hybrid, you know, you could still work in, you can still be in your business every day, but you know, but work on your business. Be the guy that sets up the strategy, be the guy that's all about the planning, be the guy that's all about building those high level, needle moving relationships, and then let your team do the day to day technical, tactical work that execute the plan and the vision that as the owner, you've set up. So there's no right or wrong way. But, yeah, it's all about doing deals. It's what the Wall Street guys do. That's where I grew up. You know, I spent the first 16 years of my career doing large mergers and acquisitions for Wall Street investment bank and for big corporates, and that's where I learned the process. And the mechanism we use, Josh, it's a fancy banking term, it's called an LBO leveraged buyout. So some of the largest companies in the world have been bought and sold through a leveraged buyout model. And a leveraged buyout is you find a business you like, and you just by using other people's money. One of the largest leveraged buyouts in history, massive American company called RJR Nabisco. It was bought for $25 billion in the 1980s. There's a great book about it called Barbarians At the Gate. A must read for any wannabe deal maker. That business was bought for $25 billion. The guy that bought it didn't spend $1 his own money. He’s packaged that model down for the small medium enterprise. It's the same process, just on a much smaller scale. Josh: You stole my final question, which was what would you suggest someone to read to further understand their knowledge of what you do and that's, you've explained it. So make sure to read barbarians at the gate. It’s fantastic. I've really enjoyed having you on the show. And if anyone does have any questions are the popping through on the reviews for us on iTunes, or otherwise jump across to trainwithcarl.com/bbfreedom for more information and to get some training underway. Before we close out there, Carl, has there been anything else you'd like to cover off on? Carl: No, I think we're good and I'm happy to come back. If you want to do a part two. I think there's a lot of extra stuff we didn't dive into. We've got some Australia connections between us. So, yeah, if the listeners really resonate with this. They want us to go deeper on some of the other issues, then I'm happy to come back, dude. Josh: Absolutely. Well, I'd definitely be interested to do that. As I said, like it, you've got a wealth of knowledge there. And I think a lot of people will be very interested in hearing this, especially around this time, where I think a lot of people might be sitting on the fence is what zombie businesses is the main goal coming out in the cracks around the place. So I think there's a really good time to be considering this with different people's mindsets shifting. It's kind of like if there was to be a new year's resolution. It's kind of like we've had three months to think about it instead of one night. So I think we're going to be seeing a lot of changes very, very good, good information. So if anyone is interested, make sure to jump across to trainwithcarl.com//bbfreedom. And yeah, otherwise, go over to iTunes. Leave us some feedback. Give us some love and everyone out there, stay healthy and stay good.

Serving performs. In this episode, Richard talks servant leadership, the challenges women leaders face, and weathering the pandemic with Cheryl Bachelder, former CEO of Popeye's Louisiana Kitchen, Inc. Bachelder has also held leadership positions at Yum! Brands, Domino's Pizza, RJR Nabisco, the Gillette Company, and Procter & Gamble. Today, she serves on boards, mentors CEOs, and invests in philanthropy. DONATE: If you have enjoyed this podcast and want to support what we do, click here. RESOURCES MENTIONED IN THIS EPISODE: “Dare to Serve: How to Drive Superior Results by Serving Others” by Cheryl Bachelder. Buy it here. “Good to Great: Why Some Companies Make the Leap and Others Don't” by Jim Collins. Buy it here. CONNECT: Follow Richard on Twitter. Follow Richard on Facebook. Read Richard's latest blog posts at www.richardblackaby.com. Follow BMI on YouTube. Send questions to podcast@blackaby.org.

Would You Like Your Advertising Agency And TV Commercial On The Front Page Of The New York Times? Not This Executive Creative Director. Not This Time.Let's just start with 1988's The New York Times headline:Cigarette Maker Cuts Off Agency That Made Smoking-Ban TV AdsPatrick Peduto was the ECD and I was the Management Supervisor on Saatchi's Northwest Airlines account. We were just doing our jobs, even super well, when unbeknownst to us, RJR Nabisco simply got pissed off at one of our Northwest Airlines commercials.More show notes about this story including the New York Times story about our no smoking TV commercial are on peterlevitan.com.A nice thing for me… Feedspot has already recognized Advertising Stories as being a top 15 advertising podcast.

Doug Conant was recruited to work as the General Manager for a division in RJR Nabisco. After a rough first meeting with the chairman, Lou Gerstner, which turned out to be a test, Doug discovered how important it is to have the courage of your convictions and with all humility just stand up and be counted.

Former CEO, Popeyes® Louisiana Kitchen, Inc. Director at Pier 1 Imports, Inc. Director at US Foods Holding Corp. Director at Chick-Fil-A, Inc. Author, Dare to Serve: How to drive superior results by serving others Cheryl Bachelder is a passionate, purpose-led business leader -- the former CEO of Popeyes® Louisiana Kitchen, Inc. Cheryl is known for her crisp strategic thinking, a franchisee-focused approach, and superior financial performance.  Guided by the servant leadership thinking of Robert Greenleaf, she believes highly caring, collaborative leaders with big ambitions for the enterprise, not themselves, generate the conditions for people to perform their best work. Cheryl served as CEO of Popeyes® Louisiana Kitchen, Inc., a NASDAQ traded company with over 2,600 restaurants in 26 countries, from 2007 to 2017. The story of Popeyes success is chronicled in her book, Dare to Serve: How to drive superior results by serving others. During her tenure, Popeyes’ stock price grew from $11 to $61, at which time the board sold the company to Restaurant Brands International Inc. for $1.8 billion dollars or $79 per share in March, 2017. Cheryl’s earlier career included brand leadership roles at Yum Brands, Domino’s Pizza, RJR Nabisco, The Gillette Company and Procter & Gamble.   Cheryl serves as a director on the boards of Pier 1 Imports, Inc. (PIR), US Foods Holding Corp. (USFD), and Chick-Fil-A, Inc. She sits on the advisory board of Procter & Gamble’s franchising venture, Tide Dry Cleaners. She is a board member of CEO Forum, an organization that encourages and develops leadership capability in CEOs and senior executives. Cheryl holds a Bachelor’s and Masters of Business Administration degree from the Kelley School of Business at Indiana University. She is married 38 years to Chris Bachelder and they have three grown daughters, two terrific son-in-laws, and four handsome grandsons. Cheryl and Chris reside in Atlanta, Georgia and attend Buckhead Church. They are avid learners, fans of the classical education movement, and can always be found reading a good book! Website: Serving Performs at www.cherylbachelder.com

Markets often top out for a while—or go through a multi-month correction—when greed gets rampant. There are a lot of ways to look at this phenomenon. It can happen when everyday folks are suddenly interested in the stock market.But a more important one comes from corporations themselves. Specifically, one warning of a market top occurs when there’s a record-setting buyout offer from one company to buy another.When big companies merge, it takes big bucks to make it happen. And the acquiring company typically uses a lot of debt to make it happen. These big deals sound great in a roaring economy, when everything goes just right.But in the real world, things don’t always go right. Taking two big companies, with their differing values and cultures, to work together will often take more time, energy, and cost more than on the clean spreadsheets prepared by analysts to justify a deal.That’s when two companies merge. When one company is bought out by another as an investment, the danger is more acute. In that case, a buyout firm is typically based in the finance space, and may not have the operating expertise to understand how to best handle the company they’re acquiring.That’s why the latest record-setting buyout offer from buyout firm KKR to buy Walgreens Boots Alliance is a troubling sign of a market top. It doesn’t mean a big crash in the market is going to happen anytime soon. But if history is any guide, it is a sign that this market has gotten ahead of itself and may be in for some poor performance going into 2020.We’ve seen this trend before with the AOL-Time Warner merger in 2000, and even back in the 1980’s with the RJR/Nabisco merger. These record-setting buyouts saw some short-term market peaks. In the AOL-Time Warner deal, the combination of combining a tech company with a traditional media company was an early warning sign of the high valuations being placed on tech. The RJR/Nabisco Merger saw a food and tobacco conglomerate that had poor returns and profit margins due to high debt levels… leading to an eventual split of the two companies. Step #1 - Get These FREE Reports:Big Book Of Chart Patterns: https://www.tradingtips.com/book-of-chart-patterns/The Ultimate Stock Trading Toolbox: https://www.tradingtips.com/ultimate-toolbox/ 10 Great Stocks Under $10: https://www.tradingtips.com/10-great-stocks-to-buy-under-10/7 Cheap & Good Stocks: https://reports.tradingtips.com/7-cheap-stocks Step #2 - Join Our Premium Advisories:The Next Superstock: https://www.tradingtips.com/3-disruptorsTriple Digit Returns: https://reports.tradingtips.com/pot-mania/Step #3 - Connect With The Community:Trading Tips Official Facebook Group: https://www.facebook.com/groups/tradingtipsdotcom/

We will discuss the myth of “priorities.” Thinking we can balance commitments to money and the Lord is wrongheaded, and doomed to tip to the wrong side.We will discuss Barbarians at the Gate, a book that details the buyout of RJR Nabisco. When making money is the only objective, there’s no limit to how insane the behavior can get.We will discuss professional athletes and their contracts. Measuring men by their wallets is par for the course in sports. That’s not the kind of role model we need these days.We will discuss London, a board game in which you are forced to balance a growing economy with the real problems that it creates. Turns out, more prosperity is not necessarily better.

What's changed in your wholesaling world recently? Your territory? Channel? Comp? Boss? Senior Leader? Change is inevitable. How you deal with change can have a significant impact on your career. Dr. Ron Rembisz has worked for the past 30 years as a full time consultant and executive coach to corporate management. His primary professional focus has been on organizational and leadership effectiveness.  Ron has had a varied career with time spent in management as Executive Director of a large not-for profit organization, as senior consultant with a U.S. based consulting firm. He has worked with large multinational, Fortune 500 companies as well as with many entrepreneurial and start-up organizations such as, Caterpillar, Citigroup, Copley Newspapers, Honeywell, Kraft, Philip Morris/General Foods, RJR Nabisco, TRW, and Xerox. Born and raised in New Jersey, Dr. Rembisz attended undergraduate school at Seton Hall University, graduating with a Bachelor of Arts in Psychology. He received his Ph.D. in Clinical Psychology from Texas Tech University. 

If you haven’t tried a coach approach to your leadership, you’re missing a key opportunity to focus on serving instead of selling, and getting buy in from your team and your clients. We’ll share how superior performance is learned by leaders developing leaders, instead of spending thousands of dollars on courses and conferences. We’ll also provide insights that are integral as you implement a coach approach to servant leadership: how to turn performance into service so you can change results into rewards how to NOT be the leader you’ve dreaded working for so you can be the leader everyone wants to follow  how to employ the 6 behaviors critical to serving people well so you can reap a return on your investment  About Cheryl Bachelder   Cheryl A. Bachelder is a passionate restaurant industry executive and former CEO of Popeyes® Louisiana Kitchen, Inc. Cheryl is known for her crisp strategic thinking, franchisee-focused approach, superior financial performance and the development of outstanding leaders and teams. Cheryl joined Popeyes, Louisiana Kitchen, Inc., in November 2007, after serving as an active member of the Board for a year. She brought more than 35 years of experience in brand building, operations, and public-company management at companies like Yum Brands, Domino’s Pizza, RJR Nabisco, The Gillette Company, and The Procter & Gamble Company. At Popeyes, Cheryl promptly established a Road Map for Results. This strategic framework led to market share gains of eight points, improved guest ratings, and increased restaurant margins (400 basis points in seven years). The improvement in restaurant performance led franchisees to remodel the system and accelerate new unit growth both in the U.S. and abroad. In eight years, the enterprise market cap grew from less than $300 million to over $1.3 billion. At fiscal year-end 2015, Popeyes’ system-wide revenues were $3.1 billion. These revenues were generated by over 2,539 restaurants operated by 360 franchisees and more than 60,000 restaurant employees in the United States, three territories, and 27 foreign countries. Ms. Bachelder created a culture based on the Popeyes Purpose: to inspire servant leaders to achieve superior results. This purpose was expressed in the six principles of how they worked together. The Popeyes team focus was to serve the franchise owners well; together they pursued a bold ambition for the enterprise. This produced exceptional performance results. In March 2015, Ms. Bachelder published a book chronicling the tenets of the Popeyes turnaround, entitled Dare to Serve, Second Edition – How to drive superior results by serving others. Ms. Bachelder has served on the board of directors for Popeyes Louisiana Kitchen, Inc., since 2006; board of directors for Pier 1 Imports, Inc., since 2012; the advisory board of Agile Pursuits Franchising, Inc., a wholly owned subsidiary of Procter & Gamble, since 2009; and the International Franchise Association since February 2015. She also served on the board of directors for True Value Company from 2007 – 2012 and on the board of the National Restaurant Association May 2009 – 2012. In November 2014, Cheryl was certified as an NACD Board Leadership Fellow. Prior to serving as Popeyes CEO, Ms. Bachelder revitalized brand performance in both retail and consumer goods companies. She was president and chief concept officer for KFC Corporate (2001-2003), creating growth plans for the U.S. business in collaboration with the franchise owners. From 1995 – 2000, Ms. Bachelder served as vice president of marketing and product development for Domino’s Pizza, Inc. She was the brand architect responsible for contemporizing the restaurant chain’s image and launching the innovative Heatwave bag which improved product quality and drove strong same-store sales growth for five consecutive years across 5,400 units. Prior to her restaurant experience, Ms. Bachelder served as general manager of the LifeSavers Division of RJR Nabisco. Her early career years included brand management roles at The Gillette Company and The Procter & Gamble Company. In September 2015, Cheryl was awarded The Norman Brinker Award from Nation’s Restaurant News. She has been profiled in the Wall Street Journal and the New York Times, and was named by CNBC’s Jim Cramer as one of his “21 Bankable CEOs” for 2014. In 2012, she was recognized as “Leader of the Year” by the Women’s Foodservice Forum, and received the Silver Plate Award from the International Foodservice Manufacturers Association. Ms. Bachelder holds a Bachelor of Science degree in Business Administration, and a Masters of Business Administration in Finance and Marketing, from the Kelley School of Business at Indiana University. She has been married for over 35 years to Chris Bachelder and they have three grown daughters. You can find out more about Cheryl Bachelder at her website: https://cherylbachelder.com/     

Vincent James and Joann Pierdomenico are the founders of Keep Music Alive, a national 501c3 non-profit that promotes the value of music. They launched two international music holidays: Teach Music Week and Kids Music Day.  Each year, they partner with hundreds of music schools in all 50 states, Canada and beyond to offer free lessons to new students (kids and adults) and hold events celebrating kids playing music. Vincent and Joann are authors of the book series 88+ Ways Music Can Change Your Life. Volume 1 features 100+ inspirational music stories from Vanessa Carlton, Simon Kirke (Bad Company, Free), Rick Wakeman (YES), Bobby Kimball (Toto), Bill Champlin (Chicago), Rob Parissi (Wild Cherry/Play That Funky Music) and more. KeepMusicAlive.org Haven E. Carter is an executive coach, speaker, and the author of Mindful Moments: Everyday Mindfulness for Real People and Making A Difference. Haven teaches mindfulness because she believes speed is the illusion of mastery and to be your best, you need to slow down. "When you pause, you find clarity, you focus, and you are more productive." Her credentials: Nia Black Belt, 52 Moves, 5 Stages of Self Healing Teacher; Energy Therapy–Reiki Jin Kei Do Master and Teacher; Buddho EnerSense Level 3. Haven spent 25+ years in marketing, sales and business development leading teams, developing talent, crafting campaigns and generating new revenues to grow businesses. She worked with RJR Nabisco, Sega of America, and Sony PlayStation. Haven was the Senior Marketing Product Director for Sony and a team leader for the PlayStation launch, still the single most successful product introduction in Sony’s history. https://www.havenecarter.com

Former CEO, Popeyes® Louisiana Kitchen, Inc.Compensation Chair and Director at Pier 1 Imports, Inc.Author, Dare to Serve: How to drive superior results by serving othersCheryl Bachelder is a passionate, purpose-led business leader -- the former CEO of Popeyes® Louisiana Kitchen, Inc. Cheryl is known for her crisp strategic thinking, a franchisee-focused approach, and superior financial performance. Guided by the servant leadership thinking of Robert Greenleaf, she believes highly caring, collaborative leaders with big ambitions for the enterprise, not themselves, generate the conditions for people to perform their best work.Cheryl served as CEO of Popeyes® Louisiana Kitchen, Inc., a NASDAQ traded company with over 2,600 restaurants in 26 countries, from 2007 to 2017. The story of Popeyes success is chronicled in her book, Dare to Serve: How to drive superior results by serving others. During her tenure, Popeyes’ stock price grew from $11 to $61, at which time the board sold the company to Restaurant Brands International Inc. for $1.8 billion dollars or $79 per share in March, 2017.Cheryl’s earlier career included brand leadership roles at Yum Brands, Domino’s Pizza, RJR Nabisco, The Gillette Company and Procter & Gamble. Cheryl is a director and compensation committee chair at Pier 1 Imports, Inc. (PIR). She sits on the advisory board of Procter & Gamble’s franchising venture, Tide Dry Cleaners. She is a member of C200, an organization that fosters, celebrates and advances women’s leadership in business.Cheryl holds a Bachelor’s and Masters of Business Administration degree from the Kelley School of Business at Indiana University. She is married 37 years to Chris Bachelder and they have three grown daughters, two terrific son-in-laws, and three handsome grandsons. Cheryl and Chris reside in Atlanta, Georgia and attend Buckhead Church. They are avid learners, fans of the classical education movement, and can always be found reading a good book!Blog: Serving Performs at www.cherylbachelder.com

Cheryl Bachelder is a passionate, purpose-led business leader — the former CEO of Popeyes® Louisiana Kitchen, Inc. Cheryl is known for her crisp strategic thinking, a franchisee-focused approach, and superior financial performance. Guided by the servant leadership thinking of Robert Greenleaf, she believes highly caring, collaborative leaders with big ambitions for the enterprise, not themselves, generate the conditions for people to perform their best work. Cheryl served as CEO of Popeyes® Louisiana Kitchen, Inc., a NASDAQ traded company with over 2,600 restaurants in 26 countries, from 2007 to 2017. The story of Popeyes success is chronicled in her book, Dare to Serve: How to drive superior results by serving others. During her tenure, Popeyes stock price grew from $11 to $61, at which time the board sold the company to Restaurant Brands International Inc. for $1.8 billion dollars or $79 per share in March 2017. Cheryls earlier career included brand leadership roles at Yum Brands, Dominos Pizza, RJR Nabisco, The Gillette Company and Procter & Gamble. Cheryl is a director and compensation committee chair at Pier 1 Imports, Inc. (PIR). She sits on the advisory board of Procter & Gamble’s franchising venture, Tide Dry Cleaners. She is a member of C200, an organization that fosters, celebrates and advances women’s leadership in business. Cheryl holds a Bachelors and Masters of Business Administration degree from the Kelley School of Business at Indiana University. She is married 36 years to Chris Bachelder and they have three grown daughters, two terrific sons-in-law, and three handsome grandsons. Cheryl and Chris reside in Atlanta, Georgia and attend Buckhead Church. They are avid learners, fans of the classical education movement, and can always be found reading a good book! What you’ll learn about in this episode: How Cheryl’s career path and personal life have bought her many fantastic leadership opportunities Why Cheryl wanted to demonstrate an example of clear, competitive marketplace performance during her time leading Popeyes Why Cheryl chose to title her book “Dare to Serve: How to Drive Superior Results by Serving Others” Why tracking the P&L figures of Popeye’s franchisees was a critical change Cheryl made that helped rebuild trust How the changes Cheryl spearheaded helped Popeyes restaurants increase their sales by an average of 45% What lessons from Cheryl’s book “Dare to Serve” are the biggest takeaways that business owners can learn from Why it’s important to ask yourself “why do I lead?” and to answer the question honestly Why the biggest legacy of Cheryl’s time at Popeyes lies in the development of future leaders Why clear communication and talent management were major pillar of growth for the Popeyes organization during Cheryl’s tenure as CEO Why human dignity is a deep belief Cheryl holds, and why she feels your deep beliefs should be reflected in your work Additional resources: Website: www.cherylbachelder.com LinkedIn: www.linkedin.com/in/cherylb Twitter: @CABachelder Dare to Serve by Cheryl Bachelder: http://a.co/d/7wzfB0Y Derailed by Tim Irwin: http://a.co/d/2jduELd

[REPLAY] My guest this week is Peter Attia, M.D., whose mission is to understand and improve human lifespan and healthspan (or quality of life).  Reading Peter’s research, you find that there are many similarities between health and investing—ideas like compounding—which we explore in detail. We spend a lot of time on mind, body, spirit and performance as it relates to living a better life. Of particular interest is the strategic problem that we face when studying longevity. As Peter puts it in our conversation: we are the species of interest, but we can’t conduct the kinds of experiments on humans—randomized trials, with control groups—that we apply to solve other big problems. So we have to back our way into a better understanding of longevity and quality of life. To that end, we discuss what we can learn from studying centenarians, the problem of progress in science, a drug called Rapamycin (which Peter believes could be revolutionary), eating, the importance of muscle mass, and the idea of distressed tolerance.  We emerge with a framework for thinking about health and well-being which can hopefully help us all live longer, better lives. Please enjoy! For comprehensive show notes on this episode go to http://investorfieldguide.com/attia For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag Posts From Peter Attia That You Should Read Do Calories Matter How You Move Defines How You Live 2016 Update Long List of Questions Answered: Part 1 and Part 2 Links Referenced The Scientific Method-Richard Feynman Knowing Versus Understanding-Feynman again Books Referenced Barbarians at the Gate: The Fall of RJR Nabisco Diffusion of Innovations Good Calories, Bad Calories Show Notes 2:31  – (first question) – Getting Peter to define the concept of wealth and how it might have changed in his life 5:01 – How do you increase the number of really good people in your life. 6:50 – Looking at the relationship between healthspan and lifespan and a chart that Peter created on this specific topic. 11:11 – Drilling down into the different dimensions and aspects of this chart that could be most important for people, especially how compounding plays into our health. 16:57 – The difference between strategies and tactics that will help you extend lifespan 17:54 – The Scientific Method-Richard Feynman 21:41 – Different types of intermittent fasting 28:59 – What role does repair play in health 34:17 – Barbarians at the Gate: The Fall of RJR Nabisco 36:01 – Looking back, what health trends today will look absurd 36:19 – Diffusion of Innovations 39:24 – What are the primary benefits of weight lifting 40:21 – The importance of glucose disposal 45:07 – Good Calories, Bad Calories 46:31 – What is the state of progress in the scientific community 52:14 – Peter is asked about how he guards against getting too attached to old beliefs 1:01:51 – A look at how performance relates to healthspan 1:03:34 –Peter’s first great auto-racing experience 1:09:17 – Looking into Peter’s medical practice and understanding his thinking that goes into helping people 1:18:11 – The most memorable day in Peter’s career 1:22:31 – The kindest thing anyone has done for Peter Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag  

In this inaugural episode Sean and Cameron sit down with local bitcoin and cryptocurrency guru Joe Lassen.BUY CRYPTOS HERE: CoinbaseAm I Being Too Subtle by Sam ZellBarbarians at the Gate: The Fall of RJR Nabisco by Bryan BurroughJoe Lassen on Twitter @jglassen Cameron @camkieffSean @seangill13

So far I’ve spent no time in the podcast discussing real estate, so I was excited to get the chance to talk to the team at Sorin Capital, a billion dollar hedge fund which specializes in commercial real estate, REITs, and commercial mortgage backed securities.  Sorin is lead by Jim Higgins, who founded the firm, and Tom Digan, who coincidentally was a college classmate of mine at Notre Dame. The conversation has two unique angles. The first, which starts about 20 minutes into the conversation after we introduce the sector and opportunity set, is a deep dive into a specific trade: a fairly contrarian take on the retail industry, specifically comparing different types of retail real estate. As you’ll hear, the dispersion of mispricings in the sector may be huge, creating opportunities for specialists to earn real alpha by doing bottom up work. The second angle we explore is what I believe to be a strong model for the future of asset management businesses, that is tailoring products, strategies, and even specific trades to the needs and risk-return profiles that clients want and need, instead of just selling a one-size-fits-all comingled fund.  You’ve probably heard me joke that this podcast should be called “This is who you are up against,” and this episode is a good example. I always enjoy exploring a niche part of the market, and this conversation on real estate is a perfect example of the type of work that firms do on behalf of their clients.  Please enjoy my conversation with the team from Sorin Capital. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Books Referenced Ugly Americans: The True Story of the Ivy League Cowboys Who Raided the Asian Markets for Millions Liars Poker Barbarians at the Gate: The Fall of RJR Nabisco   Show Notes 2:43 - (First Question) –Outline the Real Estate Investment Trust world and what the assets and total value look like 6:10 – What does the profile of investors in the space look like compared to investors in the broader debt markets 9:43 – What are the characteristics of a liquid real estate portfolio that make them so attractive to investors 10:54 – Looking at the history of Sorin Capital and how the business has evolved to where it is today 12:35 – Understanding the idea of securitization of commercial mortgages 17:01 – What really led to the formation of Sorin after working for Bear Stearns 20:19 – Looking at the retail sector in real estate in the scope of actual trades that are being made 25:08 – From an investing standpoint, how do you craft a portfolio that takes advantage of the real estate space as retail appears to be suffering on the surface 30:09 – The different type of real estate investments in the retail sectors and what piece of the pie do they make up 32:43 – How does the business model of the mall work and why is it so connected to the department stores 34:08 – What is the future of malls itself with the big changes happening to the legacy stores that helped them proliferate 37:44 – Why won’t the same thing that has happened to apparel stretched to all sectors of the retail industry 39:09 – How do they search for inefficiencies in the market 41:20 – One of the craziest things they saw on the road that outlined real world craziness in real estate investment 42:23 – What is the duration involved in these types of investments 44:41 – How the portfolio is positioned across these different real estate types 47:49 – Why haven’t others come in and taken advantage of the investments that Sorin is able to 49:03 – Reaction to the idea that the growth of passive ETF’s and investing styles has lengthened the time over which certain inefficiencies would be corrected and are distorting things 51:27 – How much does momentum play into their thinking 54:19 – How evenly distributed are the vintages of these ten year cycles 57:15 – Explaining the idea of deep value bottom up work in the real estate investment world that they have done a deep dive on 59:31 – Best stories from boots on the ground visits 1:04:04 – The origin story for the original Sorin partnership             1:04:42 – Ugly Americans: The True Story of the Ivy League Cowboys Who Raided the Asian Markets for Millions             1:04:43 - Liars Poker             1:04:44 – Barbarians at the Gate: The Fall of RJR Nabisco 1:07:51 – What was it like for Tom getting started and the lessons he learned after an incredible hard time for the market 1:09:24 – What was it like for Jim coming through the crisis 1:11:18 – What is the trend for funds to craft investments specific to investors vs having them buying products that they produce 1:18:29 = Are other hedge fund firms moving to a client demand or solutions-based model? Or are we still very early in the transition 1:22:50 – What would the generalists miss in this space vs someone like Sorin that is a specialist   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

On June 20, 2016, the Supreme Court decided RJR Nabisco, Inc. v. The European Community. The European Community and 26 of its member states sued RJR Nabisco (RJR) in the U.S. District Court for the Eastern District of New York, alleging that RJR conducted a global money-laundering enterprise in violation of several laws, including the Racketeer Influenced and Corrupt Organizations Act (RICO), a federal statute. The alleged RICO enterprise involved the importation of illegal drugs into European countries by Colombian and Russian criminal organizations, with RJR helping to launder their drug money through a cigarette import-purchase scheme. Applying a presumption against extraterritorial application of federal law, the district court dismissed The European Community’s civil RICO claim. The U.S. Court of Appeals for the Second Circuit vacated that judgment and reinstated the RICO claim, however, concluding that various alleged predicates for RICO liability had been intended by Congress to apply extraterritorially, and that other offenses asserted sufficiently important domestic activity to come within RICO’s coverage. RJR subsequently obtained a writ of certiorari from the U.S. Supreme Court on the following question: whether, or to what extent, RICO applies extraterritorially. -- By a vote of 4-3, the Supreme Court reversed the judgment of the Second Circuit and remanded the case. Justice Alito delivered the opinion of the Court, which determined that the question of RICO’s extraterritorial application really divides into two questions: (1) Do RICO’s substantive prohibitions, contained in §1962, apply to conduct that occurs in foreign countries? (2) Does RICO’s private right of action, contained in §1964(c), apply to injuries that are suffered in foreign countries? On the first question, the Court held that under the facts asserted in this case, RICO’s prohibitions did apply extraterritorially. On the second question, however, the Court held that §1964(c)’s private right of action did not overcome the presumption against extraterritoriality, and thus a private RICO plaintiff must allege and prove a domestic injury. Because in this case an earlier stipulation had resulted in waiver and dismissal of respondents’ domestic claims, the Court explained, their remaining RICO damages claims rest entirely on injury suffered abroad and must be dismissed. -- Justice Alito’s majority opinion was joined in full by the Chief Justice and Justices Kennedy and Thomas, and as to Parts I, II, and III by Justices Ginsburg, Breyer, and Kagan. Justice Ginsburg filed an opinion concurring in part, dissenting in part, and dissenting from the judgment, in which Justices Breyer and Kagan joined. Justice Breyer filed an opinion concurring in part, dissenting in part, and dissenting from the judgment. Justice Sotomayor took no part in the consideration or decision of the case. -- To discuss the case, we have Cory L. Andrews, who is senior litigation counsel for the Washington Legal Foundation.

On March 21, 2016, the Supreme Court heard oral argument in RJR Nabisco, Inc. v. The European Community. The European Community and 26 of its member states sued RJR Nabisco (RJR) in the U.S. District Court for the Eastern District of New York, alleging that RJR conducted a global money-laundering enterprise in violation of several laws, including the Racketeer Influenced and Corrupt Organizations Act (RICO), a federal statute. The alleged RICO enterprise involved the importation of illegal drugs into European countries by Colombian and Russian criminal organizations, with RJR helping to launder their drug money through a cigarette import-purchase scheme. Applying a presumption against extraterritorial application of federal law, the district court dismissed The European Community’s civil RICO claim. The U.S. Court of Appeals for the Second Circuit vacated that judgment and reinstated the RICO claim, however, concluding that various alleged predicates for RICO liability had been intended by Congress to apply extraterritorially and that other offenses asserted sufficiently important domestic activity to come within RICO’s coverage. -- The U.S. Supreme Court granted RJR’s subsequent petition for writ of certiorari on the following question: whether, or to what extent, RICO applies extraterritorially. -- To discuss the case, we have Richard A. Samp, who is Chief Counsel at Washington Legal Foundation.

RJR Nabisco, Inc. v. European Community | 03/21/16 | Docket #: 15-138

Cheryl Bachelder is the author of the new book "Dare to serve: How to Drive Superior Results by Serving Others". Cheryl has served as CEO of Popeyes Louisiana Kitchen, Inc. since 2007. Ms. Bachelder has led a remarkable turnaround of the company's financial results with a compelling strategic roadmap for growth and an inspiring purpose and set of principles. The results – industry leading performance for the franchise owners and the shareholders. Ms. Bachelder has more than 35 years of experience in brand building, operations and public-company management at companies like Yum Brands, Domino's Pizza, RJR Nabisco, The Gillette Company and The Procter & Gamble Company.At the time of Ms. Bachelder's 2007 appointment to CEO, Popeyes' guest visits had been declining for years, restaurant sales and profit trends were negative. The company stock price had dropped from $34 in 2002 to $13. The brand was stagnant, and relations between the company and its franchise owners were strained. Ms. Bachelder and her team created a workplace where people were treated with respect and dignity yet challenged to perform at the highest level. Silos and self were set aside in favor of collaboration and team play. And the results were measured with rigor and discipline.By 2014, average restaurant sales were up 25 percent, and profits were up 40 percent. Popeyes' market share had grown from 14 percent to 21 percent, and the stock price was over $40. In 2012, Ms. Bachelder was recognized as Leader of the Year by the Women's Foodservice Forum and received the highest industry award, the Silver Plate, for the quick service restaurant sector, presented by the International Food Manufacturer's Association. She was also recognized as a 2012 Nation's Restaurant News' Golden Chain Award recipient.Key Takeaways:[4:23] Why the mom and pop restaurants seem to be fading away and being replaced by franchises[6:52] How restaurants are starting to implement analytics and technology to get ahead in the marketplace[10:19] How Popeye's is starting to forecast demand of their customers[12:20] What a $15 minimum wage would mean to companies like Popeye's[17:18] How having Louisiana roots has led to Popeye's differentiate from the competitorsWebsites Mentioned:www.cherylbachelder.comwww.daretoserveleaders.com

The Empire Club of Canada Presents: Former Ambassador Ken Taylor In Conversation With Senator Pamela Wallin Ken Taylor, a graduate of University of Toronto, Victoria, B.A. and the University of California Berkeley M.B.A., joined the Canadian Foreign Service in 1959. His assignments ranged from Guatemala, Detroit, Pakistan, London, Ottawa, Tehran and New York. He resigned from the diplomatic service in 1984 to join Nabisco Brands, RJR Nabisco as Senior Vice President International. He formulated and implemented polices to strengthen the $21 billion company's international presence. Following change of control of the company in 1989 he has served either in an advisory capacity as a director for a number of companies both in Canada and abroad. On return from his posting in Iran as Canadian Ambassador during the revolution he received the United States Congressional Gold Medal, The Order of Canada and the key to the city of New York, Los Angeles, San Francisco, Las Vegas and Dallas. From 1998 to 2004 he served as Chancellor of Victoria University in The University of Toronto. He has recently visited Pakistan, Afghanistan, Bangladesh, UAE, Sudan, China, London, Paris, Moscow, Colombia and Mexico on behalf of business interests. Ken Taylor resides in New York but visits Canada frequently. Moderator: The Hon. Pamela Wallin, OC SOM, Canadian Senator Speaker: Ken Taylor, OC, Former Ambassador *The content presented is free of charge but please note that the Empire Club of Canada retains copyright. Neither the speeches themselves nor any part of their content may be used for any purpose other than personal interest or research without the explicit permission of the Empire Club of Canada.* *Views and Opinions Expressed Disclaimer: The views and opinions expressed by the speakers or panelists are those of the speakers or panelists and do not necessarily reflect or represent the official views and opinions, policy or position held by The Empire Club of Canada.*

The same writer who penned the award winning Barbarians at the Gate: Rise and Fall of RJR Nabisco is at it again. He comes on to speak about his latest work, chronicling the history of oil in Texas. The book details Texas' relationship with politics, extraordinary wealth, and wary relationship with the Northeast.