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Did you know: Today's dentists are waiting five years longer to buy a practice than they were a generation ago? Kiera is joined by Brian Hanks of Dental Buyer Advocates to talk about delayed ownership traps and why the future of private practice is an encouraging one (Brian shares numerous data points to back that up). They also touch on overcoming fears and all the information out there that makes everyone seem more prepared for business ownership than they actually are, and how to go about buying a practice while asking the right questions. Episode resources: Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript: Kiera (00:00) Hello, Dental A Team Listeners, this is Kiera, and today is an awesome day. I am so excited to be podcasting with one of my favorite humans. He and I have spoken across the country together. We go to different things, we share clients together. I have Brian Hanks, the owner of Dental Dental Buyer Advocates. And today we're gonna talk about like delayed ownership trap because I think so many people get stuck into this of should I buy, should I not buy? And Brian and I are just here to have a fun rift. So, Brian, welcome to the show today. How are you?   Brian Hanks (00:28) So nice to be back, Kiera. You're one of my favorite people too. Thank you for having me.   Kiera (00:32) Of course. I'm excited, Brian. It's a good time. It's been a hot minute since we podcasted together. So it's time, it's time to talk about this. Because when we were chatting about episodes, you were saying that dentists are now waiting like five years longer to buy a practice than they were a generation ago, which is fascinating to me because I've been on this like whole hot to trap of like, do people buy? Are DSOs taking over? Like, is there still money to be made in private practice? Like literally my chiropractor and I were talking about this the other day because she's like,   My dentist told me that they were like not able to make any money. And I was like, well, they sh just give them my card. Like private practice to me is still one of the best businesses and industries, even if you have to buy a top dollar right now. and so just like super fascinating to talk about like delaying that purchasing, why people do it. But Brian, I've jumped right in and pretended like everybody knows who you are. Brian, give us a little intro of like who you are, how you got into Dental Buyer Advocates, what your background is, and then like let's talk about to delay or not delay buying a practice.   Brian Hanks (01:29) Sure.   Yeah, I one of my favorite stories. I'm an ex-Wall Street guy, so I'm a reformed Wall Streeter. And my father-in-law is a dentist. And I would watch these Wall Street people come in and like sell a very aggressive investments. And when they went bust, they would turn around and sell the crappy investments to dentists who at the time my was my father in law. Active practice, he lived in the Seattle area. And anyway, I went to go work for a dental CPA in the Dallas area. I went to work for another one. So I'm I've lived in the accounting world, Kiera.   And when I was in that world, I got younger dentists who were in the pro they were the associates and they were asking accounting questions and tax questions and you know financial planning questions. And inevitably they would come back to dental practice ownership. Like, how do I do this? How much do I pay? Is   Kiera (02:13) Yeah.   Brian Hanks (02:13) is this a good deal? And so I went looking for the book. I was like, well, where's the book? I was on Amazon, I was other places. There was no book. And I thought, all right, well, let me try writing this book. Famous Last Words, by the way, it's way harder than you assume. But the book is called.   Very creatively, How To Buy A Dental Practice. And that helped me start my own business. And that's   Kiera (02:30) I like it.   Brian Hanks (02:33) what I do. I I only help buyers of dental practices. And, you know, Kiera, my business is good, your business is good. Dentist business, we can talk about why the future of private practice is very bright. I can give you some stats and   Kiera (02:46) Mm-hmm.   Brian Hanks (02:46) statistics. But one of the interesting, the most interesting facts for me is Health Policy Institute has data that shows that.   Dentists get into ownership, like they they end up in ownership. Okay, so I'll give you like they've broken it down by like graduation rates. So like the the   Kiera (03:07) And what I   Brian Hanks (03:08) dental school grads from 1990 and then 1995, and everybody between 95 and 2000, so and so forth. So they have these like vintages of graduates. And   Kiera (03:16) Mm-hmm. Mm-hmm.   Brian Hanks (03:17) very reliably, they're showing that nine out of ten dentists, of which you know there's 203,000 in the US, nine out of ten end up in ownership.   At some point in their career. But like you said,   Kiera (03:27) Fascinating.   Brian Hanks (03:28) they're waiting longer to do it. And I think that's what we're going to talk about.   Kiera (03:32) Yeah. Which like again, I think people are scared. So many students I worked at Midwestern and they're like, Kiera, should I buy? Should I go associate? And I was like, listen, you're just delaying the inevitable so like get in there and get it done. Now, I like always throw an asterisk on that. Like if you're not good at your hand skills, like yeah, go go associate for a hot minute. like if you aren't confident with your speed and with case acceptance and like presenting, that's gonna be but I'll tell you there is nothing more thrilling than throwing yourself into a business that you have to produce for.   You learn case acceptance really freaking fast. Like, ask me how I know. We surely did that. Like I took a student, we took our first practice from 500,000 to 2.4 million in nine months. Like she was a she was a power producer. Do I have an office right now that just bought a practice less than a year ago? We're already on track for two and a half million. Yes. Like there are a lot of success stories from that small town. It's not like they were just given the keys to the kingdom. Like they've had to work for it, they've had to build things. They don't have full schedules. But   I just, I don't know. I'm the same way and I I don't know. I'm I'm at a space of but do what makes you happy. Like, do not go   Brian Hanks (04:37) Yeah.   Kiera (04:38) own a practice and make less than being an associate. That's like a hard line for me too. I'm like, 'cause if you're gonna like not be a good business owner, keep associating. But I   Brian Hanks (04:43) No. Yeah.   Kiera (04:46) agree, I feel like the trajectory of dentists is always to purchase. Like they want their own stamp, they want their name on the building. I will also highly recommend don't put your name on the building. Like that's really fun and not scalable. Ask me again how I know that. Like   Cura's dental consulting was real fun till it wasn't. Like the things you the things you evolve on, but truly I I'm excited to hear why you think people are delaying, what that's costing them. Brian, I love that you always come with a bunch of stats and facts. And I love that you named your book, like How To Buy A Dental Practice. That's what people want to know. so it sometimes simple is no, that is the best.   Brian Hanks (05:13) I know. I just yeah. I'm not the best at marketing, right? So yeah, like we we call Kiera when we need   marketing advice. So okay.   Kiera (05:24) Mm-hmm.   Brian Hanks (05:24) So Kiera, here are some more stats for you.   Kiera (05:28) Okay, ready?   Brian Hanks (05:29) the average owner, dentist, makes $151,000 than the average more than the average associate. Okay, 151. Now that's   Kiera (05:37) I was like, hold on, 151   is bad. That's more than if you're being an associate. You're gonna make 151,000 more. Okay.   Brian Hanks (05:43) Yep. Yeah. And think about why   that is. Yep. That's obviously the you're taking on the risk. You're taking on the the pain and suffering of being an owner, right? So there's some compensation involved in   Kiera (05:51) Mm-hmm.   Brian Hanks (05:52) that. Those are two medians, right? And there is a bell curve around both of those numbers. So is it possible   Kiera (05:57) Course.   Brian Hanks (05:58) to make less as an associate? Yes. Yeah. Is it possible   to make a hell   Kiera (06:01) Mm-hmm. Uh-huh.   Brian Hanks (06:02) of a lot more than $151,000 more than an associate? Absolutely, yes, right. So there's there's room on both end of the ends of those those bell curves. but think about   So here's why I one of the data points why I think private practice ownership and dentistry is still it's bright and it's getting brighter. Is you think about the average associate you talk to, Kiera, the average associate I talk to when we're standing around a cocktail party or at mid mid the you know, wherever, some conference, Yankee, Midwestern.   Kiera (06:30) Mm-hmm.   Brian Hanks (06:31) And I will tell you the average associate that I talk to isn't saying, gosh, Brian, you know what? I love my boss. I love the DSO I'm working for.   I love my hours. I love the insurances we take, the assistant they force me to use, I love her, right? It's the future of private practice dentistry is bright because dentists are people. And people generally like   Kiera (06:52) Mm-hmm.   Brian Hanks (06:52) a little bit of control over their career if they can get it. And dentists absolutely can get it. So that's one of the data points that   Kiera (06:55) Yeah.   Brian Hanks (06:58) I love. Now, are dentists scared to get into ownership? And do higher on average student loan balances scare them marginally more than they did 10 years ago, 20 years ago? For sure.   Yep, absolutely. Here's the mistake   Kiera (07:11) Absolutely.   Brian Hanks (07:11) they make. So I'll give the associates listening or the students or whoever it is that's maybe telling you, Kiera, or telling me, or they're telling their, you know, the the person next to them on the treadmill at the gym while they're listening to this, like, sure, Brian, easy for you to say, but I don't feel ready. Right? I haven't taken all of Care's courses.   Kiera (07:30) Mm-hmm.   Brian Hanks (07:31) I haven't, I don't know how you know, I'm not the pro at treatment planning. My hands beat because you I I want to take this implant course first, right?   You come up, your brain comes up with all these excuses of why you don't feel ready. And I'm not gonna dismiss your feelings. I think your   Kiera (07:45) Mm-hmm.   Brian Hanks (07:46) feelings are valid. You should listen to them, but don't here here's another thing to consider in addition to your feelings. Is you know how there were like a hundred people in your dental school class, probably ish, right? And 10 of whom you would never let near your teeth. Like you watch them go through all four years of dental school and you're like,   Okay, of those 10 over there, like they're never getting, they're never giving me a shot. They're never in that nothing, right?   Kiera (08:10) Yep.   Brian Hanks (08:10) Because I guarantee you, nine out of ten of those dentists, they already own their practice. They're not bankrupt. They're making more money than you,   Kiera (08:16) Yeah.   Brian Hanks (08:17) and they are killing it. Meanwhile, you're scared to run a practice. And those, if   Kiera (08:22) Mm-hmm.   Brian Hanks (08:22) those jokers can figure it out, you can figure it out.   Kiera (08:26) Totally. Well, and I think also on there like, Brian, let's be real. Is anybody ready to be a business owner? Like I wasn't, I'm sure you weren't.   Brian Hanks (08:31) Nope. Nope.   Kiera (08:33) I think are people ready to be parents? The answer is no. Like nobody feels ready for that. Were you ready when you went into dental school? The answer's no. I think that there's this imposter syndrome that hits us all that we think, like, give me a little more time and I'm gonna get ready. Give me a little more time. And I will say that like the brass taxes, you jump into owning a business and you figure it out. Now, should you listen to some podcasts? Should you do some things? Like for sure.   But   like how many consultants and coaches are there that literally are gonna like grab your hand, walk you through, and make sure you don't make the mistakes? Like how many people like yourself are gonna walk you through buying the practice to where it's an actually great practice? I I think that I think there's more help today. Now, do I think there's a lot of noise and a lot of people that might be like posturing out there saying that they know what they're doing? Yes. So make sure you like vet them a little bit before you go and jump on a bandwagon of somebody, like someone who's been there, done that, done that successfully multiple times is who I'd bet on. But like   We are in such a day and age where there is so much information out there. You need to be a great clinician. We're gonna teach you how to be a great business owner. And as long as you're comfortable realizing that you've got to learn that side of it, that's to me, like if you're a good producer and you're a good human, like go for it. There's dentistry is so fun owning and practice because the sky is the limit. And ultimately there is no cap on what you're able to do, what you're able to produce, how you're able to do it.   And I think that there are very few careers out there, very few job opportunities that really are the sky's limit. Now, remember how I told you about that dentist who bought their own practice. They're now doing like two fifty this year, whatever they're he was making five hundred thousand as an associate. And so this   Brian Hanks (10:06) Yeah. Hi Bart.   Kiera (10:08) is one where like people be like, Well, gosh, like, you know, he went from five hundred thousand and now he's at a two point, I think he's gonna end around two to two point four this year. But like he had a great associateship. And so I think   There is still this just like uncanny, unnatural desire that you want to just own, you want to build. And I think dentistry is also if I look at like banks, they lend to dental practices, like almost guaranteed, like they have a they're pretty lucrative with like just shelling money out to your dental practice. And I'm like, if banks are willing to back, you've got to also see that your dental practice, like you have the greatest opportunity of not failing.   of any business venture you're going to do. Why is private equity coming in strong? Because they know dental practices are almost bulletproof of an investment to have. So when I look at all those reasons, I agree with you, Brian. People don't feel like they're ready, but I'm like, you're never gonna feel ready. But you have so many things stacking in your favor to help you be successful.   Brian Hanks (11:03) At the beginning of that, I   I don't I don't want people to miss that. If they missed the wisdom that Kiera just shared at the beginning of that, as she said, yeah, you use parenting. I think you use business ownership as some advice. Like I I just want to repeat what you said because it's so important. Dentistry is not like, I don't know, Kiera, scuba diving, right? If you go get scuba certified, you like practice in the pool. And then they like make you, you know, they learn, you know, you you learn taking the regulator out of your mouth and putting it back in and all that. And I imagine like dentists think   ownership, like there's gonna be some course I can take that's gonna prepare me for ownership kinda like scuba certification. That's like you gotta help me come up with   Kiera (11:38) Yeah.   Brian Hanks (11:39) a better example, but it's not it's not true. It's like parenting,   Kiera (11:42) I got you.   Brian Hanks (11:42) it's like marriage. It's like I don't know, business ownership, whatever it is. Like the the thing that prepares you for it is just doing it. Just just   try it out.   Kiera (11:50) Mm-hmm.   Brian Hanks (11:50) Yep.   Kiera (11:51) Well, and I think Brian, to that point, like the analogy is I think people think business ownership is a skill that can be learned in a one, two, three step versus like marriage, relationships, child, like being parents, business ownership. It's an evolution of soul and it's a it's a creating of who you are. It is not a skill. Like there are skill points to it, like learning to read a p PL, learning how what profitability is.   But business ownership in and of itself, I had a friend she's like, Kiera, you have to have kids. Like it will strip you down to your core and it will like show things to you that you've never had. And I said, Have you ever been a business owner? Cause I'll tell you that I'm pretty confident. I've got a lot of that stripping over here that's like breaking me down to my utter like most. But I think we think business ownership and running a practice, I'm not here to say that there's not like tactical pieces and we've broken it down. Like our team actually just went through this something. I'm like, there's really like   10 things that you need as systems that are really gonna make or break it. And you gotta know a couple of like core foundations and you got to know your numbers. Like beyond that, that's kind of your checklist. But to your point of like scuba diving or cooking or whatever, it's not this like checklist skill that you're going to have. And so I think, like you said, you're gonna look for this course. But I'm like, the course is life, the course is doing it, the course is going through it. And I think you've got to have the confidence of are you confident in you that no matter what comes your way, you're gonna be able to figure it out. And if so, business ownership is there for you.   And I would give more confidence to you than you give yourself. I've watched a lot of students. I worked at Midwestern. To your point of those 10 students, there was probably like 50 of them. Sorry, Midwestern grads, I was not letting any of you touch my mouth. Like genuinely, you needed a few years to practice and I'm not your practicey. But like I think I think you're more equipped than you give yourself credit for. Just like you're more equipped for life than you give yourself credit for. And I think business ownership is the same.   Brian Hanks (13:31) So Kiera, let's break down some of those numbers. by the way, better   analogy for business ownership is like health. Do you remember the first time by the way? if you're listening to this, it's pretty obvious if you're watching, but if you're listening, Kiera's in a lot better shape than me. But if if Kiera, I don't know if you had this moment. I I did when I was like 21, 22, that I realized at the I was at the gym, I was like lifting some weights, and I realized, I'll never be done with this. Like you're never done with health. So I think business ownership is a lot like.   Kiera (13:59) I do remember my moment   of that. Mine was   Brian Hanks (14:01) Yeah.   Kiera (14:03) not at the gym, Brian. Mine was actually in Bali, like a little flex there. I remember because   Brian Hanks (14:07) There you go.   Kiera (14:07) I was like having a lot of like knee and hip pain. And I was like, okay, I just have to like work out and then eventually this is gonna get better. And I remember I was walking down to the pool overlooking the ocean. I was like, I'm never gonna be done. Like this is my forever. Like I'm not like I used to just work out to be like skinny and fit. And now I'm like, no, you gotta do this so you don't freaking hurt and you can actually walk and get out of bed. Like it's never gonna end. And   I   sat there and read a book, quite depressed. And then I was like, okay, like this is what it you're right. It's it's a constant evolution of soul. You're never done parenting, you're never done in a relationship. Like you don't hit this, like, check the box, we've got a golden thing. It is a forever perpetual. But I also think that that's what drives dentists to go into that because they are of this obsession of wanting to be the best of the best. You want to get a better prep. You want to get a better crown crop. You go to CE, you're CE junkies out there. Like, this is just another level of obsession.   Of a space that's going to evolve you as a human and it's gonna allow you to grow. So yeah, thanks. That was that was a great that was a great analogy, Brian. Good good call on that one.   Brian Hanks (15:02) Yeah. Yeah, the the   the negative of the health analogy is that you're never done, but the positive is you can break it down. Like you can learn how to do certain lifts a little better. You can learn how to macro track. You can learn diet and exercise.   Kiera (15:14) So you're right, Brian. Like that was a solid call out on the health analogy. Like this is what people are obsessed about, but they want to have that evolution of soul. They want to like I think that that's why dentists are drawn to ownership, but I think they're just afraid. But I'm like, we're also afraid to work out. We're afraid to have kids. We're afraid like, so don't let fear hold you back. I think it's just a like, I don't know. It doesn't be like Nike, just do it, guys. Like that sounds like terrible business advice on my side.   Brian Hanks (15:37) Well just do it and but remember   remember how good you weren't at at all the clinical stuff that you're really   Kiera (15:44) Mm-hmm.   Brian Hanks (15:44) good at now, right? So dentists, the the superpower that most dentists have is that attention to detail, like the obsession over the details and and the the minutiae. And and as a patient, like I gotta go to filling next week, and as a patient, I want my sister thinking about all of the all of the little details, right? and   Kiera (16:04) Mm-hmm.   Brian Hanks (16:04) that superpower is real.   And I want the density like lean into it. If you're listening to this and that evolution of soul that that Kiera's talking about, part of that evolution for you is just remembering that that superpower that you have comes like there's another side to that coin. It comes with a downside. And the downside is the overthinking when you're not.   You know you're not that good at a thing. And if you know you're not that good at finding a dental practice to buy, analyzing a dental practice to buy, actually buying that practice, applying for a loan, like talking to lawyers, all those things, your brain is gonna start to spin a little bit. And j but but but here's the good news: your brain spun a thousand times already. Remember that first time they opened up the little mannequin to like practice, like prepping a crown or something, and you were like, How do I even do this? Right.   Kiera (16:49) Dexter, their little type   it on.   Brian Hanks (16:51) Yeah, like seriously, like you figure this out. You like and if the dentists that I deal with they're the smartest people on the planet, they're awesome. And and so if you can figure that stuff out,   Kiera (17:02) Mm-hmm.   Brian Hanks (17:02) my gosh, like first of all, hire somebody else like you to just be amazing for you in all the areas that you aren't amazing, and just remember that it doesn't this isn't rocket science. yeah, so you can figure this stuff out.   Kiera (17:14) Mm-hmm.   Brian Hanks (17:14) But okay, so speaking of minutia, speaking of details, I gave you the hundred and fifty one thousand dollar number.   Okay, here I did some math. I'm an accountant. I I know I know spreadsheets.   Kiera (17:22) Yeah.   Brian Hanks (17:24) I know how to do like compound interest and some those things. Here's what I did is I just is I said, what's the cost? Okay, if dentists aren't feeling ready, they want to feel like they have their student loans under control, which is smart, right? I'm a financial planner. Yeah, don't get yourself over your skis in debt. That's great. But like, how much is it gonna cost if you're the statistic?   Right. And the statistic is you're you, listener, right now, if you're not a practice owner, are waiting five years longer to own a practice. How much does that five years cost you? Right. And if you do the math, and I did the math at like a 38-year-old dentist versus a 33-year-old dentist. And I assumed that they actually retired at age, both retired at age 60. Okay. So like different lengths of associate part of your career and owner part of your career.   with compound interest, assuming 7% and some of those other variables that I put in there, it was a $1.14 million difference between those two numbers. So don't forget that while you're busy like taking care of your student loans so you can feel ready to buy a practice, it's costing you an enormous amount of money. And Kiera, I would just add, and I'm curious if you can think of any others, I would say the compound.   the compound effect that I'm talking about is not just money, although money is a big part of it. I think the compound effect applies to other things. Like how many more times and at bats would you have for treatment planning, for managing that difficult assistant, teaching someone how to answer the phones better, hiring, firing. Like there's a compound effect on all of those behavioral things too and and it's gonna cost you some money. So any thoughts on that?   Kiera (19:04) Mm-hmm.   Yeah, I think it's a I I was fascinated. I'm so glad that you went into the 1.1 because we had talked about that pre-show and I was just very fascinated of like, my gosh, like that's so much for people. That's so many things. Like there's a financial dollar amount, which I love because I think dentists really do. Like that's an easy one for me to be like, gosh, like me delaying this decision can cost me that much. But I think like there's also you still have to go through the   growth of learning to run a business. So not only is there a financial delay, but there's also the growth of you getting good at running a business and having it profitable and being able to make this thing run longer. And then you have more opportunities like I think about yourself. And the longer you're able to build this practice and like maybe do multiple like there's to me that's like such a it's fascinating. And I think I think the the call to today is there are some people that definitely are meant to be owners and there's some that aren't.   but I think if you have that itch, that scratch, I would really ask yourself, like, what truly are you waiting for? And when are you going to know that you're actually ready? Like you're never going to feel ready to have a child. You're like, I need to get these ducks in a row. Well, those ducks get in a row and then you got seven more ducks that come behind that you're like, I need get those in a row. So to me it'd be if I'm really wanting to buy a practice, what things do I need to have? Cl schedule a call with Brian. Like, I think Brian, this is why we put you on the podcast. I think you're fantastic. You don't put people into weird zones. you're very much like   If that dentist is producing and you don't do those skills and you don't do those type of procedures, don't buy that practice. Like you're not, you're gonna be broke. You're very, very pro making sure people feel confident and that they're able to buy it. And I think it's like buying a home. I remember when I first like went and talked to somebody about buying a home, I had no freaking clue and I wish I would have known more. But like until you start having the conversations, I think it can feel more daunting than it actually is. Then from there, like listen to the podcast, start listening to there's our podcast, there's other podcasts out there, start reading up on how to buy a practice.   But I think to me, there is like two parts to it. One is finding the right practice. Like what you buy, and I say like eyes wide open when you're looking in, and then rosy glasses as soon as you sign on that dotted line, and you're gonna see a lot and you're just gonna deal with it. From there, make sure you got somebody really solid in your corner. Like our practices, as soon as they buy, we take them on. I try to get them two to three months before they close. I wanna make sure we're getting things in. If you don't close on time or things happen, no problem. We're gonna pause you, get your practice in place. Like it's happened twice in hundreds of offices we've helped.   But then, like from there, just have somebody in your corner, somebody who's gonna help you grow in your first year. Most practices are seeing like a 10 to 30% increase in their first year. So if I'm buying a one million dollar practice, that's a hundred to three hundred thousand dollar uptick just by having somebody in the corner. That's very conservative. A million dollar practice, like we are usually growing those exponentially. But like you don't have to stress and freak out. Hey, I'm pinned.   Brian Hanks (21:45) Yep. By the way, I I d pin put a pin, put a pin, Kiera. You you gotta you gotta underline that. Yeah.   That's like underline that, underline it. Like keep going, keep going. I I'm throwing you off. I'm interrupting you, but like I will tell you the   Kiera (21:59) Yeah.   Brian Hanks (21:59) average buyer I talk to on the phone is so scared of patient attrition. They're like, Kiera, like   I'm gonna have 10%, 20%. What if 50% of the patients don't show up? Listen, that's a real fear. By the way, I want you to have that   Kiera (22:10) Right. Mm-hmm.   Brian Hanks (22:12) fear when you're like doing the margin on my crown, right? Like again, it's your superpower dentist,   Kiera (22:16) Mm-hmm.   Brian Hanks (22:17) but like my stats show exactly the same thing, Kiera is saying I have data to support what Kiera is saying that the average   Kiera (22:22) Mm-hmm.   Brian Hanks (22:24) dentist doesn't they have a negative attrition, which is just two negatives, right? So it's a positive. They the average buyer has more enthusiasm, they've got some more energy, they're gonna update the website, they're gonna maybe get rid of.   That one employee that everybody kind of knew probably s needed to go. And suddenly the practice is just gonna it's gonna take off. Ten to thirty percent. That's yeah, right in line with what I'm seeing. That's awesome. So sorry, I I'm interrupting you, keep going.   Kiera (22:47) Mm-hmm. And I think, no, y you are always this is a conversation. It's not like a dictation. So we're like this is real life rift here. I just think people like when you look at it, I think you're more capable than you think you are. I know that you can get the skills, you can figure it out. Like you said, I'm always like, okay, play the what ifs, lose 50% of your patients. Great. Well, we're gonna take those 50%. And there's ways you can actually grow a practice without even needing to have more new patients.   So   we're gonna maximize all those, we're gonna optimize them. You're going to pull in more people. Like it is one of those things that I'm like, I have yet to have a practice go bankrupt. So knock on wood, like you can be my first challenge accepted. Like I feel very confident that I'm not like, unless you completely botch it and you go into malpractice, like we're probably gonna be just fine. So odds of it happening, so minimal. Are you gonna be a little stressed out? Yeah. Like, welcome to business ownership, but you're also looking for growth, and that's why you're being called to this moment. Like   It will not go away. That itch will not go away until you scratch it. And scratching it, and I love that you said like they're waiting five years and that's a $1.1 million minimum. There's so many other pieces to it. So I think I think a lot of dentists like to have facts. I think a lot of dentists like to have that decision make logical sense. And then we back it up with emotional reasons. And I think it's a wise way to make decisions. But I I would just say if you're even remotely curious, like start going down the path. I know when I was going to buy a house.   I needed to go find out, like, I don't know about lenders, I didn't know about interest rates. I did and until you get into it, just like you wanted to be a dentist, but until you got into it and you started working on that type it on and you learned about dropping the box and like waxing it up and working on Dexter and then taking x-rays, like you didn't know it. And I think most of the time the fear comes from the lack of knowing. I will also say, and I've seen this a lot, Brian, a lot of dentists feel like because I'm a doctor and I'm a dentist, if I buy a practice, I should know how to run a practice. And   Brian Hanks (24:38) And   Kiera (24:38) I just want to like   Scratch that out. I want to tell you that that's not true. But I know a lot of you come in feeling like but Kiera, I'm a dentist, or Brad, I'm a dentist, like I'm a doctor, like people expect me to know this. And I want to say you think people expect you to know that, but the reality is you don't. You just need to be scrappy enough to figure it out. No one's expecting you to know anything. Honestly, you probably know way more than you think you do already. But I I want to just cut that because I know a lot of you have perfectionism like fear of being exposed that you're not that great.   Except that you don't know how to run a business just like you didn't know how to prep a crown, but you learned that and you're gonna learn how to do a business and you're gonna do it exponentially well because you are so detail oriented and you're gonna hire a great team around you, hire great coaches around you that you're literally like it's impossible for you to fail. And so I think Brian, like kudos on it, kudos on the stats, any other thoughts that you have around people and like how do they get to the nitty-gritty of actually going through   Brian Hanks (25:26) Let's get some yeah. I'll hit I'll hit you with more stats. Yeah.   Kiera (25:31) that.   Brian Hanks (25:32) Some more facts for dentists. You and you mentioned the failure rate. What is the actual failure rate in dentistry? It's it's 0.14% of dentists go bankrupt. Okay. And it's always, always, always one   Kiera (25:43) Incredible.   Brian Hanks (25:43) of three things. It's drugs, divorce, and then jail. You know, some kind of felony that doesn't have anything to do with practice. so you stay away from those   Kiera (25:51) Yep.   Brian Hanks (25:52) three things and you're guaranteed not to go bankrupt.   And it so what do dentists actually need to buy practice? We've done a good job of pumping people up, given the rah-rah speech. What do you actually need? You need five things, okay? and I almost guarantee you, unless you're in dental school right now, listening to this, you have the five right now. All right. almost guaranteed. and I'll go from hardest to easiest, Kiera. Okay. Hardest for people to get is you need 50k   Kiera (26:18) Okay.   Brian Hanks (26:19) cash. You need some cash. 50k is your magic number.   Has to be liquid. It's gotta be in a checking   Kiera (26:24) Mm-hmm.   Brian Hanks (26:24) savings money market account. Can't be in an IRA or home equity or something like that. but you need that money to show the bank that you're responsible. And by the way, you don't actually hand that money over to the bank. You keep it. Yeah, the bank just wants to see that you have some money to see that you're responsible.   Kiera (26:39) Mm.   Brian Hanks (26:40) And if you know COVID shuts us down again, can you still pay the bank the bank back a few months? All right. So most people have that.   Kiera (26:46) Mm-hmm, mm-hmm.   Brian Hanks (26:47) They've got fifty K or access to fifty K. That's like a side thing we could talk about.   Kiera (26:51) Totally.   Brian Hanks (26:52) Yep.   Kiera (26:52) Mm-hmm.   Brian Hanks (26:53) you need production history. You got to be able to do about 80% of the production of what a seller could do. So million-dollar GP practice, let's say 250 of that Kiera is hygiene, means the doctor was doing 750k a year in production. that means you as an associate need to do about 600   a year   Kiera (27:12) Mm-hmm.   Brian Hanks (27:12) to buy a million-dollar practice. Okay. Most associates listening, you know, public health, military, there are some special exceptions where we need to learn how to count.   procedures and things   Kiera (27:22) Mm-hmm.   Brian Hanks (27:23) like that. But most associates, they can do 600 to buy a million dollar practice. Okay, the 80%. most dentists don't have any problem with numbers threes and four, number three and four. Number three is you got to have a credit score over 680. It's pretty low. And it's a green light, red light. 681 credit score gets you the same interest rate as an 820. And and then you need a clean credit history is number four. And so no bankruptcies, no short sales, or a really good story.   Behind a bankruptcy or short sale. And then you need one year of experience out of dental school or a residency program. GPR, AEGD, specialty program, whatever it is. If you're in a residency program, you could buy a practice the day you get out of your residency. So that's it. And so technically, Kiera, you need number six. Number six is you need a practice to buy. And I'll be I'll be really blunt with people, that's the   Kiera (28:17) Mm-hmm.   Brian Hanks (28:17) hardest step.   Finding a good practice to buy is the hardest thing because everybody   Kiera (28:21) I agree.   Brian Hanks (28:22) wants to look for the practice in their pajamas. They think it's like buying a house. Like I'm gonna go on the MLS and I'm gonna look   Kiera (28:28) Mm-hmm.   Brian Hanks (28:28) for a dental practice. There is no such thing as the DLS, there's no dental listing service. And so if you're in your pajamas looking for a practice to buy, it's   Kiera (28:34) Mm-hmm.   Brian Hanks (28:36) not there. Sometimes it is, which is why people do it, but it's almost certainly not there, especially in the city you want to live right now. and so we'll have a podcast episode about how to   Find a practice well. But the sh here's the short version is you go talk to dentists. Build a network of dentists that know like and trust you. That's the   Six things and and most associates have And so attitude, like don't let us stop you, don't be scared. Like we did the like pump you up version of the speech. And here's the facts to back that up, is it's not actually that hard. Like with those six things, banks will not only give you a hundred percent of the purchase price, they'll give you a hundred percent of the purchase price, and then they'll hand you another seventy-five K in cash just to make sure you don't run out of money on the first day. Sometimes it's a hundred K. I've seen d banks give two hundred thousand dollars in cash.   Kiera (29:21) Mm-hmm.   Brian Hanks (29:21) before they even walk through the doors with you know the key in hand as an owner. So it's awesome. If if you're thinking about ownership and nine out of ten dentists are at some point in their career, it's it's really not it's not it's simple. It's not necessarily easy, but it's simple.   Kiera (29:41) Yeah. And Brian, even on the I've been talking to the Bank of America guys, and they were like, we even give like thirty to forty thousand to a new startup practice for consulting fees in addition to our working capital because   Brian Hanks (29:52) Yeah.   Kiera (29:53) we know that it's also going to help grow them. So there's so many pieces, and I think you've just listed off like really, I agree, like finding the practice and like sending out the postcards, getting to know the network, finding the dentist, like the practice that actually works for you, finding a seller that wants to sell for the price that you want.   I agree with you 100%. That is the hardest part. But I think Brian, you did an incredible job of breaking this down from the like, okay, you're probably gonna do it. Nine out of ten is do buy that. What are the exact steps that I need to take for this? And then I agree with you. Like, absolutely a follow-up podcast on like how to actually find a practice. But Brian, I'm curious if people are interested, like they want to start connecting and like this is what you do. And I know you guys are really generous with your time. How do people connect in with you to like even start the process? Like, again, I feel like curiosity.   Is the best place to be. Like let's just ask the questions. Let's figure it out. So Brian, how do people get connected in with you?   Brian Hanks (30:41) Pop over to Amazon, type in How To Buy A Dental Practice. That's the book. if you want, by the way, if you want a cheaper copy, you can go to the website. The website is DentalBuyerAdvocates.com. I'm happy to ship it to you like as a publisher copy, no strings attached. but yeah, just pop over to Amazon, DentalBuyerAdvocates.com. Care if people want to email me directly. I always offer this. And it's so fascinating to me how few people actually take me up on it. I would be more than happy to have a half an hour conversation with whoever you are, free of charge.   Send me an email, Brian@BrianHanks.com. It's B-R-I-A-N and Hanks like Tom Hanks. So yeah, that's how you get a hold of me.   Kiera (31:20) Amazing.   Well, Brian, thank you for breaking this down and for all of you listening. I hope that today was just a really insightful podcast for you. I hope it gave you the facts to back it up. I hope it gave you the emotional piece. I hope it gave you kind of the like step by step by step of how to get there. I'm so grateful for Brian being here. Everybody connect in with him. And for all of you listening, thank you for listening and I'll catch you next time on the Dental A Team Podcast.  

In this episode of the Digital Agency Growth Podcast, Dan Englander chats with Marketing Max, a former Wall Streeter turned 7-figure agency founder, about the challenges of building a marketing agency, the power of niching down, and how clarity can unlock scalable growth.Watch our latest video training, How to Take Charge of Your Agency's Future Revenue. During this training, you'll learn how we get qualified appointments every week using tasteful and highly targeted email outreach.Max shares his journey from bombing his Series 7 exam to building and eventually selling an award-winning agency. Along the way, he tackled the common struggles of agency owners: juggling too many services, inconsistent cash flow, and the fear of saying no to clients. By embracing specialization and focusing on high-impact services, Max was able to double his revenue and achieve sustainable growth.If you've ever wondered how to simplify your business, find your niche, and scale on your own terms, this episode is packed with actionable insights to help you move forward.Key TakeawaysThe Risks of Being a Jack-of-All-Trades: How offering too many services can dilute your value and make scaling nearly impossible.The Power of Niching Down: Why focusing on one or two high-impact services not only simplifies operations but also accelerates revenue growth.The Role of ROI in Decision-Making: Learn how Max used impact and profit margin to identify the most valuable services for his agency.Building Systems for Predictable Growth: How treating your agency like a business (not a glorified job) unlocks new opportunities.Staying Top of Mind with Newsletters: Why newsletters are a powerful tool for nurturing leads and building trust in a cost-effective way.Thank you for listening! If you enjoyed this episode, please take a moment to follow, rate and review the podcast and tell me your key takeaways!Learn more about The Digitial Agency Growth Podcast at https://www.salesschema.com/podcast/ and our Video training at http://salesschema.com/takecharge CONNECT WITH MARKETING MAXLinkedInMarketing MaxMarketing Max Podcast YTCONNECT WITH DAN ENGLANDER:LinkedInSales SchemaStop relying on unpredictable referrals and take control of your agency's future growth. Go to salesschema.com/takecharge to access the free training now. Stop relying on unpredictable referrals and take control of your agency's future growth. Go to salesschema.com/takecharge to access the free training now.

The stock market has hit another all-time high this week, and Wall Street's profits for 2024 are off the charts -- nearly TWICE as high as last year's. Meanwhile, the wealth divide in America continues to widen as average folks struggle with the post-COVID surge in cost of living and record high interest rates on their debt. What does this growing difference between the haves and have-nots say about fairness in today's society? And how much farther can it be stretched before some financial and/or social boiling over point is reached? For perspective, we're fortunate to speak today with Nomi Prins, reformed Wall Streeter, author of best-sellers All The Presidents Bankers, Collusion: How Central Bankers Rigged The World, and Permanent Distortion: How the Financial Markets Abandoned The Real Economy Forever. She's also the publisher of Prinsights with Nomi Prins on Substack. Follow Nomi at https://prinsights.substack.com/ WORRIED ABOUT THE MARKET? SCHEDULE YOUR FREE PORTFOLIO REVIEW with Thoughtful Money's endorsed financial advisors at https://www.thoughtfulmoney.com #banks #wealthgap #wallstreet --- Support this podcast: https://podcasters.spotify.com/pod/show/thoughtful-money/support

Maryland Governor Wes Moore, a surrogate for Kamala Harris' Presidential campaign, discusses Governor Tim Walz's appeal to voters in swing states like North Carolina. A Wall Streeter turned nonprofit CEO turned governor, Moore explains what the Harris-Walz ticket means for the business community. Disney is raising prices for its streaming services; Disney CFO Hugh Johnston shares the company's latest quarterly earnings and his vision for the entertainment industry. Plus, X is suing advertisers, and the markets are recuperating from a very volatile few sessions.  Hugh Johnston - 17:40Gov. Wes Moore - 29:16 In this episode:Gov. Wes Moore, @GovWesMooreJoe Kernen, @JoeSquawkAndrew Ross Sorkin,@andrewrsorkinCameron Costa, @CameronCostaNY

In Episode 134 of Ill Literacy, Tim Benson talks with Paul H. Tice, author of The Race to Zero: How ESG Investing Will Crater the Global Financial System. Heartland's Tim Benson is joined by Paul H. Tice, retired Wall-Streeter and adjunct professor of finance at New York University's Stern School of Business, to discuss his new book, The Race to Zero: How ESG Investing Will Crater the Global Financial System. They chat about why ESG and “sustainable investing” has swept across Wall Street, why it has received so little pushback so far, and what the consequences of this new scheme will mean for the global financial system. They also discuss what can be done to push back on this attempted ESG orthodoxy. Get the book here: https://www.encounterbooks.com/books/the-race-to-zero/

In Episode 134 of Ill Literacy, Tim Benson talks with Paul H. Tice, author of The Race to Zero: How ESG Investing Will Crater the Global Financial System. Heartland's Tim Benson is joined by Paul H. Tice, retired Wall-Streeter and adjunct professor of finance at New York University's Stern School of Business, to discuss his new book, The Race to Zero: How ESG Investing Will Crater the Global Financial System. They chat about why ESG and “sustainable investing” has swept across Wall Street, why it has received so little pushback so far, and what the consequences of this new scheme will mean for the global financial system. They also discuss what can be done to push back on this attempted ESG orthodoxy. Get the book here: https://www.encounterbooks.com/books/the-race-to-zero/

This podcast hit paid subscribers' inboxes on Feb. 28. It dropped for free subscribers on March 6. To receive future pods as soon as they're live, and to support independent ski journalism, please consider an upgrade to a paid subscription (on sale at 15% off through March 12, 2024). You can also subscribe to the free tier below:WhoHoward Katkov, Chairman and CEO of Red Mountain Resort, British ColumbiaRecorded onFeb. 8, 2024About Red MountainClick here for a mountain stats overviewOwned by: Red Mountain VenturesLocated in: Rossland, British Columbia, CanadaYear founded: 1947 (beginning of chairlift service)Pass affiliations:* Ikon Pass: 7 days, no blackouts* Ikon Base Pass and Ikon Base Pass Plus: 5 days, holiday blackouts* Lake Louise Pass (described below)Closest neighboring ski areas: Salmo (:58), Whitewater (1:22), Phoenix Mountain (1:33), 49 Degrees North (1:53)Base elevation: 3,887 feet/1,185 metersSummit elevation: 6,807 feet/2,075 metersVertical drop: 2,919 feet/890 metersSkiable Acres: 3,850Average annual snowfall: 300 inches/760 cmTrail count: 119 (17% beginner, 34% intermediate, 23% advanced, 26% expert)Lift count: 8 (2 fixed-grip quads, 3 triples, 1 double, 1 T-bar, 1 carpet)View historic Red Mountain trailmaps on skimap.org. Here are some cool video overviews:Granite Mountain:Red Mountain:Grey Mountain:Rossland:Why I interviewed himIt's never made sense to me, this psychological dividing line between Canada and America. I grew up in central Michigan, in a small town closer to Canada (the bridge between Sarnia and Port Huron stood 142 miles away), than the closest neighboring state (Toledo, Ohio, sat 175 miles south). Yet, I never crossed into Canada until I was 19, by which time I had visited roughly 40 U.S. states. Even then, the place felt more foreign than it should, with its aggressive border guards, pizza at McDonald's, and colored currency. Canada on a map looks easy, but Canada in reality is a bit harder, eh?Red sits just five miles, as the crow flies, north of the U.S. border. If by some fluke of history the mountain were part of Washington, it would be the state's greatest ski area, larger than Crystal and Stevens Pass combined. In fact, it would be the seventh-largest ski area in the country, larger than Mammoth or Snowmass, smaller only than Park City, Palisades, Big Sky, Vail, Heavenly, and Bachelor.But, somehow, the international border acts as a sort of invisibility shield, and skiing Red is a much different experience than visiting any of those giants, with their dense networks of high-speed lifts and destination crowds (well, less so at Bachelor). Sure, Red is an Ikon Pass mountain, and has been for years, but it is not synonymous with the pass, like Jackson or Aspen or Alta-Snowbird. But U.S. skiers – at least those outside of the Pacific Northwest – see Red listed on the Ikon menu and glaze past it like the soda machine at an open bar. It just doesn't seem relevant.Which is weird and probably won't last. And right now Shoosh Emoji Bro is losing his goddamn mind and cursing me for using my platform focused on lift-served snowskiing to hype one of the best and most interesting and most underrated lift-served snowskiing operations in North America. But that's why this whole deal exists, Brah. Because most people ski at the same 20 places and I really think skiing as an idea and as an experience and as a sustainable enterprise will be much better off if we start spreading people out a bit more.What we talked aboutRed pow days; why Red amped up shuttle service between the ski area and Rossland and made it free; old-school Tahoe; “it is the most interesting mountain I've ever skied”; buying a ski area when you've never worked at a ski area; why the real-estate crash didn't bury Red like some other ski areas; why Katkov backed away from a golf course that he spent a year and a half planning at Red; why the 900 lockers at the dead center of the base area aren't going anywhere; housing and cost of living in Rossland; “we look at our neighborhood as an extension of our community of Rossland”; base area development plans; balancing parking with people; why and how Red Mountain still sells affordable ski-in, ski-out real estate; “our ethos is to be accessible for everybody”; whether we could ever see a lift from Rossland to Red; why Red conducted a crowd-funding ownership campaign and what they did with the money; Red's newest ownership partners; the importance of independence; “the reality is that the pass, whether it's the Epic or the Ikon Pass, has radically changed the way that consumers experience skiing”; why Red joined the Ikon Pass and why it's been good for the mountain; the Mountain Collective; why Red has no high-speed lifts and whether we could ever see one; no stress on a powder day; Red's next logical lift upgrades; potential lift-served expansions onto Kirkup, White Wolf, and Mt. Roberts; and the Powder Highway.Why I thought that now was a good time for this interviewMy full-scale assault of Canada, planned for 2023, has turned into more of an old-person's bus tour. I'm stopping at all the big sites, but I sure am taking my time, and I'm not certain that I'm really getting the full experience.Part of this echoes the realization centuries' of armies have had when invading Russia: damn this place is big. I'd hoped to quickly fold the whole country into the newsletter, as I'd been able to do with the Midwest and West when I expanded The Storm's coverage out of the Northeast in 2021. But I'd grown up in the Midwest and been skiing the West annually for decades. I'd underestimated how much that had mattered. I'd skied a bit in Canada, but not consistently enough to kick the door down in the manner I'd hoped. I started counting ski areas in Quebec and stopped when I got to 4,000*, 95 percent of which were named “Mont [some French word with numerous squiggly marks above the letters].” The measurements are different. The money is different. The language, in Quebec, is different. I needed to slow down.So I'm starting with western Canada. Well, I started there last year, when I hosted the leaders of SkiBig3 and Sun Peaks on the podcast. This is the easiest Canadian region for a U.S. American to grasp: Epic, Ikon, Mountain Collective, and Indy Pass penetration is deep, especially in British Columbia. Powdr, Boyne, Vail, and Pacific Group Resorts all own ski areas in the province. There is no language barrier.So, Red today, Panorama next month, Whistler in June. That's the way the podcast calendar sets up now, anyway. I'll move east as I'm able.But Red, in particular, has always fascinated me. If you're wondering what the largest ski area in North America is that has yet to install a high-speed lift, this is your answer. For many of you, that may be a deal-breaker. But I see a time-machine, an opportunity to experience a different sort of skiing, but with modern gear. Like if aliens were to land on today's Earth with their teleportation devices and language-translation brain chips and standard-issue post-industro-materialist silver onesies. Like wow look how much easier the past is when you bring the future with you.Someday, Red will probably build a high-speed lift or two or four, and enough skiers who are burned out on I-70 and LCC but refuse to give up their Ikon Passes will look north and say, “oh my, what's this all about?” And Red will become some version of Jackson Hole or Big Sky or Whistler, beefy but also busy, remote but also accessible. But I wanted to capture Red, as it is today, before it goes away.*Just kidding, there are actually 12,000.^^OK, OK, there are like 90. Or 90,000.Why you should ski Red MountainLet's say you've had an Ikon Pass for the past five or six ski seasons. You've run through the Colorado circuit, navigated the Utah canyons, circled Lake Tahoe. The mountains are big, but so are the crowds. The Ikon Pass, for a moment, was a cool little hack, like having an iPhone in 2008. But then everyone got them, and now the world seems terrible because of it.But let's examine ye ‘ole Ikon partner chart more closely, to see what else may be on offer:What's this whole “Canada” section about? Perhaps, during the pandemic, you resigned yourself to U.S. American travel. Perhaps you don't have a passport. Perhaps converting centimeters to inches ignites a cocktail of panic and confusion in your brain. But all of these are solvable dilemmas. Take a deeper look at Canada.In particular, take a deeper look at Red. Those stats are in American. Meaning this is a ski area bigger than Mammoth, taller than Palisades, snowy as Aspen. And it's just one stop on a stacked Ikon BC roster that also includes Sun Peaks (Canada's second-largest ski area), Revelstoke (the nation's tallest by vertical drop), and Panorama.We are not so many years removed from the age of slow-lift, empty American icons. Alta's first high-speed lift didn't arrive until 1999 (they now have four). Big Sky's tin-can tram showed up in 1995. A 1994 Skiing magazine article described the then-Squaw Valley side of what is now Palisades Tahoe as a pokey and remote fantasyland:…bottomless steeps, vast acreage, 33 lifts and no waiting. America's answer to the wide-open ski circuses of Europe. After all these years the mountain is still uncrowded, except on weekends when people pile in from the San Francisco Bay area in droves. Squaw is unflashy, underbuilt, and seems entirely indifferent to success. The opposite of what you would expect one of America's premier resorts to be.Well that's cute. And it's all gone now. America still holds its secrets, vast, affordable fixed-grip ski areas such as Lost Trail and Discovery and Silver Mountain. But none of them have joined the Ikon Pass, and none gives you the scale of Red, this glorious backwater with fixed-grip lifts that rise 2,400 vertical feet to untracked terrain. Maybe it will stay like this forever, but it probably won't. So go there now.Podcast NotesOn Red's masterplanRed's masterplan outlines potential lift-served expansions onto Kirkup, White Wolf, and Mount Roberts. We discuss the feasibility of each. Here's what the mountain could look like at full build-out:On Jane CosmeticsAn important part of Katkov's backstory is his role as founder of Jane cosmetics, a ‘90s bargain brand popular with teenagers. He built the company into a smash success and sold it to Estée Lauder, who promptly tanked it. Per Can't Hardly Dress:Lauder purchased the company in 1997. Jane was a big deal for Lauder because it was the company's first mass market drugstore brand. Up until that point, Lauder only owned prestige brands like MAC, Clinique, Jo Malone and more. Jane was a revolutionary move for the company and a quick way to enter the drugstore mass market.Lauder had no clue what do with Jane and sales plummeted from $50 million to $25 million by 2004. Several successive sales and relaunches also failed, and, according to the article above, “As it stands today, the brand is dunzo. Leaving behind a default Shopify site, an Instagram unupdated for 213 weeks and a Facebook last touched three years ago.”On Win Smith and SugarbushKatkov's story shares parallels with that of Win Smith, the Wall-Streeter-turned-resort-operator who nurtured Sugarbush between its days as part of the American Skiing Company shipwreck and its 2019 purchase by Alterra. Smith joined me on the podcast four years ago, post-Alterra sale, to share the whole story.On housing in Banff and Sun PeaksCanadian mountain towns are not, in general, backed up against the same cliff as their American counterparts. This is mostly the result of more deliberate regional planning policies that either regulate who's allowed to live where, or allow for smart growth over time (meaning they can build things without 500 lawsuits). I discussed the former model with SkiBig3 (Banff) President Pete Woods here, and the latter with Sun Peaks GM Darcy Alexander here. U.S. Americans could learn a lot from looking north.On not being able to buy slopeside real estate in Oregon, Washington, or California The Pacific Northwest is an extremely weird ski region. The resorts are big and snowy, but unless you live there, you've probably never visited any of them. As I wrote a few weeks back:Last week, Peak Rankings analyzed the matrix of factors that prevent Oregon and Washington ski areas, despite their impressive acreage and snowfall stats, from becoming destination resorts. While the article suggests the mountains' proximity to cities, lousy weather, and difficult access roads as blockers, just about every prominent ski area in America fights some combination of these circumstances. The article's most compelling argument is that, with few exceptions, there's really nowhere to stay on most of the mountains. I've written about this a number of times myself, with this important addendum: There's nowhere to stay on most of the mountains, and no possibility of building anything anytime soon.The reasons for this are many and varied, but can be summarized in this way: U.S. Americans, in thrall to an environmental vision that prizes pure wilderness over development of any kind, have rejected the notion that building dense, human-scaled, walkable mountainside communities would benefit the environment far more than making everyone drive to skiing every single day. Nowhere has this posture taken hold more thoroughly than in the Pacific Northwest.Snowy and expansive British Columbia, perhaps sensing a business opportunity, has done the opposite, streamlining ski resort development through a set of policies known as the B.C. Commercial Alpine Ski Policy. As a result, ski areas in the province have rapidly expanded over the past 30 years…California is a very different market, with plenty of legacy slopeside development. It tends to be expensive, however, as building anything new requires a United Nations treaty, an act of Jesus, and a total eclipse of the sun in late summer of a Leap Year. Perhaps 2024 will be it.On “Fight The Man, Own the Mountain”Red ran a crowd-funding campaign a few years back called “Fight the Man, Own the Mountain.” We discuss this on the pod, but here is a bit more context from a letter Katkov wrote on the subject:Investing in RED means investing in history, independence, and in this growing family that shares the same importance on lifestyle and culture. RED is the oldest ski resort in Western Canada and it has always been fiercely independent. There are not many, if any ski resorts left in North America like Red and the success of our campaign demonstrates a desire by so many of you to, help, in a small way, to protect the lifestyle, soul and ski culture that emanates from Red.RED is a place I've been beyond proud to co-own and captain since 2004 and the door is still open to share that feeling and be a part of our family. But please note that despite the friendly atmosphere, this is one of the Top 20 resorts in North America in terms of terrain. The snow's unreal and the people around here are some of the coolest, most down-to-earth folks you're ever likely to meet. (Trying to keep up with them on the hill is another thing entirely…)With $2 million so far already committed and invested, we wasted no time acting on promised improvements. These upgrades included a full remodel of fan favorite Paradise Lodge (incl. flush toilets!) as well as the expansion of RED's retail and High Performance centres. This summer we'll see the construction of overnight on-mountain cabins and the investor clubhouse (friends welcome!) as well as continued parking expansion. We've heard from a number of early investors that they were beyond stoked to enjoy the new Paradise Lodge so soon after clicking the BUY button. Hey, ownership has its privileges…On the Lake Louise PassKatkov mentions the “Lake Louise Pass,” which Red participates in, along with Castle Mountain and Panorama. He's referring to the Lake Louise Plus Card, which costs $134 Canadian up front. Skiers then get their first, fourth, and seventh days free, and 20 percent off lift tickets for each additional visit. While these sorts of discount cards have been diminished by Epkon domination, versions of them still provide good value across the continent. The Colorado Gems Card, Smugglers' Notch's Bash Badge, and ORDA's frequent skier cards are all solid options for skiers looking to dodge the megapass circus.On the Powder HighwayRed is the closest stop on the Powder Highway to U.S. America. This is what the Powder Highway is:And here's the circuit:Fairmont is just a little guy, but Kicking Horse, Kimberley, and Fernie are Epic Pass partners owned by Resorts of the Canadian Rockies, and Revy, Red, and Panorama are all on Ikon. Whitewater used to be on M.A.X. Pass, but is now pass-less. Just to the west of this resort cluster sits Big White (Indy), Silver Star (Ikon), and Sun Peaks (Ikon). To their east is Sunshine, Lake Louise, Norquay (all Ikon), and Castle (Indy). There are also Cat and heli-ski operations all over the place. You could lose a winter here pretty easily.On Katkov's business backgroundIn this episode of the Fident Capital Podcast, Katkov goes in-depth on his business philosophy and management style. Here's another:On bringing the city to the mountainsWhile this notion, rashly interpreted, could summon ghastly visions of Aspen-esque infestations of Fendi stores in downtown Rossland, it really just means building things other than slopeside mansions with 19 kitchens and a butler's wing. From a 2023 resort press release:Red Development Company, the real estate division of RED Mountain Resort (RED), in conjunction with ACE Project Marketing Group (ACE), recently reported the sell-out of the resort's latest real estate offering during the season opening of the slopes. On offer was The Crescent at RED, a collection of 102 homes, ranging from studio to one bedrooms and lofts featuring a prime ski in – ski out location. Howard Katkov, CEO of RED, and Don Thompson, RED President, first conceived of bringing the smaller urban living model to the alpine slopes in January 2021. ACE coined the concept as "everything you need and nothing you don't" …An important component was ensuring that the price point for The Crescent was accessible to locals and those who know and love the destination. With prices starting mid $300s – an excellent price when converted to USD – and with an achievable 5% deposit down, The Crescent at RED was easily one of the best value propositions in real estate for one of the best ranked ski resorts in North America. Not surprisingly, over 50% of the Crescent buyers were from the United States, spurred on by the extraordinary lifestyle and value offered by The Crescent, but also the new sparsity of Canadian property available to foreign buyers.As a good U.S. American, I ask Katkov why he didn't simply price these units for the one-percenters, and how he managed the House-Flipping Henries who would surely interpret these prices as opportunity. His answers might surprise you, and may give you hope that a different sort of ski town is possible.The Storm publishes year-round, and guarantees 100 articles per year. This is article 15/100 in 2024, and number 515 since launching on Oct. 13, 2019. Get full access to The Storm Skiing Journal and Podcast at www.stormskiing.com/subscribe

The government is bankrupting capitalists. PLUS, Paul Tice, former Wall Streeter and author of The Race to Zero: How ESG Inveting Will Crater the Global Financial System, tells Shaun the truth behind the need for defunding the energy sector - economic control. And Shaun talks to Tom Baker, author of The Fall of the FBI: How a Once Great Agency Became a Threat to Democracy, about the real problem within the FBI and if it can be changed.See omnystudio.com/listener for privacy information.

Kate Lynch, former Wall Streeter, and brother Rick Lynch, a fintech entrepreneur turned bourbon distiller and investor, discuss the bourbon and the Super Premium American Whiskey segment, which grew at a 15.9 percent compounded annual growth rate from 2003 to 2022, and its prospects for continued growth as the bourbon-distilling and drinking trend expands globally. How does one capitalize on this niche investment? They offer a roadmap. (02/2024)

On today's show, Hrvoje broadcasts live from The Greater Reset in Morelia, Mexico where Etienne de la Boetie² makes an in-person appearance and shares some highlights from the first couple days of the conference, discusses ways to fight back against censorship and corrupt government and promotes his upcoming book about Voluntaryism. GUEST OVERVIEW: Organized Crime Researcher, Educator and Professional Speaker, Etienne de la Boetie² is the author of "GOVERNMENT" - THE BIGGEST SCAM IN HISTORY... EXPOSED! Where he makes the case that "Government" is illegitimate, was never intended to protect life, liberty and property but has always been used by inter-generational organized crime to rob and enslave. He is a voluntaryist, author, father, technology entrepreneur, ex-Wall Streeter, cyclist, runner, hot yogi, multi-disciplinarian truther, armchair economist, cryptocurrency enthusiast, and neo-abolitionist. https://government-scam.com/ https://artofliberty.org/ X/Twitter: @UoSlavery

This podcast hit paid subscribers' inboxes on Dec. 28. It dropped for free subscribers on Jan. 4. To receive future pods as soon as they're live, and to support independent ski journalism, please consider an upgrade to a paid subscription. You can also subscribe to the free tier below:WhoJon Schaefer, Owner and General Manager of Berkshire East, Massachusetts and Catamount, straddling the border of Massachusetts and New YorkRecorded onDecember 6, 2023About the mountainsBerkshire EastClick here for a mountain stats overviewOwned by: The Schaefer familyLocated in: Charlemont, MassachusettsYear founded: 1960Pass affiliations:* Berkshire Summit Pass: Unlimited Access* Indy Base Pass: 2 days with blackouts (reservations required)* Indy+ Pass: 2 days, no blackouts (reservations required)Closest neighboring ski areas: Eaglebrook School (:36), Brattleboro (:48), Hermitage Club (:48), Mt. Greylock Ski Club (:52), Mount Snow (:55), Jiminy Peak (:56), Bousquet (:56); Catamount is approximately 90 minutes south of Berkshire EastBase elevation: 660 feetSummit elevation: 1,840 feetVertical drop: 1,180 feetSkiable Acres: 180Average annual snowfall: 110 inchesTrail count: 45Lift count: 7 (1 high-speed quad, 2 fixed-grip quads, 1 triple, 1 double, 2 carpets – view Lift Blog's inventory of Berkshire East's lift fleet)View historic Berkshire East trailmaps on skimap.org.CatamountClick here for a mountain stats overviewOwned by: The Schaefer familyLocated in: Hillsdale, New York and South Egremont, Massachusetts (the resort straddles the state line, and generally seems to use the New York address as its location of record)Year founded: 1939Pass affiliations:* Berkshire Summit Pass: Unlimited Access* Indy Base Pass and Indy+ Pass: 2 days, no blackouts (reservations required)Closest neighboring ski areas: Butternut (:19), Otis Ridge (:35), Bousquet (:40), Mohawk Mountain (:46), Jiminy Peak (:50), Mount Lakeridge (:55), Mt. Greylock Ski Club (1:02); Berkshire East sits approximately 90 minutes north of CatamountBase elevation: 1,000 feetSummit elevation: 2,000 feetVertical drop: 1,000 feetSkiable Acres: 133 acresAverage annual snowfall: 108 inchesTrail count: 44 (35% green, 42% blue, 23% black/double-black)Lift count: 8 (2 fixed-grip quads, 3 triples, 3 carpets – view Lift Blog's inventory of Catamount's lift fleet)View historic Catamount trailmaps on skimap.org.Why I interviewed himMight I nominate Massachusetts as America's most underappreciated ski state? It's easy to understand the oversight. Bordered by three major ski states that are home to a combined 107 ski areas (50 in New York, 27 in Vermont, and 30 in New Hampshire), Massachusetts contains just 13 active lift-served mountains. Two (Easton School and Mount Greylock Ski Club) are private. Five of the remainder deliver vertical drops of 400 feet or fewer. The state's entire lift-served skiable area clocks in at around 1,300 acres, which is smaller than Killington and just a touch larger than Solitude.But the code and character of those 11 public ski areas is what I'm interested in here. Winnowed from some 200 bumps that once ran ropetows up the incline, these survivors are super-adapters, the Darwinian capstones to a century-long puzzle: how to consistently offer skiing in a hostile world that hates you.New England is a rumbler, and always has been. Outside of northern Vermont's Green Mountain Spine (Sugarbush, MRG, Bolton, Stowe, Smuggs, Jay), which snags 200-plus inches of almost automatic annual snowfall, the region's six states can, on any given day from November to April, stage double as Santa's Village or serve as props for sad brown Christmas pining. Immersive reading of the New England Ski History website suggests this contemporary reality reflects historical norms: prior to the widespread introduction of snowmaking, ski areas could sometimes offer just a single-digit number of ski days in particularly difficult winters. Even now, even in good winters, the freeze-thaw cycle is relentless. The rain-snow line is a thing during big storms. Several times in recent years, including this one, furious December rainstorms have washed out weeks of early-season snow and snowmaking.And yet, like sharks, hanging on for hundreds of millions of years as mass extinctions rolled most of the rest of life into the fossil record, the surviving Massachusetts ski area operators found a way to keep moving forward. But these are not sharks – the Colorado- and Utah-based operators haven't plundered the hills rolling west of Boston just yet. Every one of these ski areas (with the exception of investment fund-owned Bousquet), is still family-owned and operated. And these families are among the smartest ski area operators in America.In October, tiny Ski Ward, owned for decades by the LaCroix family, was the first North American ski area to spin lifts for the 2023-24 ski season. Wachusett, a thousand-footer run by the Crowley family since 1968, is a model home for volume urban skiing efficiency. The Fairbank family transformed Jiminy Peak from tadpole (in the 1960s) to alligator before expanding their small empire into New England (the family now runs Bromley, Vermont and owns Cranmore, New Hampshire). The Murdock family has run Butternut since its 1963 founding, and likely saved nearby Otis Ridge from extinction by purchasing the ski area in 2016 (the Murdocks also purchased, but later closed, another nearby ski area, Ski Blandford).The Schaefers, of Charlemont by way of Michigan, are as wiley and wired as any of them. Patriarch Roy Schaefer drove in from the Midwest with a station wagon full of kids in 1978. He stapled then-bankrupt Berkshire East together with the refuse of dead and dying ski areas from all over America. Some time in the mid- to late-aughts, Roy's son Jon took over daily operations and rapidly modernized the lifts, snowmaking, and trail network. Roy's other son Jim, a Wall-Streeter, helped the family take full ownership of the ski area. In 2018, they bought Catamount, a left-behind bump with fantastic fall lines but dated lifts and snowmaking.None of this is new or news to anyone who pays attention to Massachusetts skiing. In fact, Jon Schaefer has appeared on my podcasts twice before (and I've been on his). But in the four years since he joined me for episode nine, a lot has changed at Berkshire, at Catamount, in New England, and across skiing. Daily, the narrative grows that consolidation and megapasses are squeezing family operators out of skiing. My daily work suggests that the opposite may be happening, that independent operators, who have outlasted skiing's extinction event of the low-snow decades and perfected their mad alchemy through decades of swinging the pickaxe into the same mountain, have never had a better story to tell. And Jon Schaefer has one of the better ways of telling it.What we talked aboutEarly openings for both ski areas; what it means that Catamount opened before Berkshire East this season; snowmaking metaphors that I can guarantee you haven't heard before; letting go of things you love as you take on more responsibility; the power of ropetows; Berkshire East's new T-Bar Express, the ski area's first high-speed quad; why Schaefer finally came around on detachable lift technology; the unique dynamics of a multi-generational, family-owned mountain; the long-term plan for the three current top-to-bottom chairlifts; the potential Berkshire East expansion; yes Berkshire is getting busier; the strange math of high-speed versus fixed-grip quads; that balance between modernizing and retaining atmosphere; the Indy Pass' impact on Berkshire and the industry as a whole; whether more mountains could join the Berkshire Summit Pass; whether the Schaefers could buy another ski area; whether they considered buying Jay Peak or are considering buying Burke; assessing the overhaul of Catamount's lift fleet; talking through the clear-cutting of Catamount's frontside trails; parking at Catamount; expansion potential for Catamount; and Catamount being “one of the best small ski areas in the country.”Below: first chair on the new T-Bar Express at Berkshire East:Why I thought that now was a good time for this interviewIf I could somehow itemize and sort the thousands of Storm-related emails and Instagram, Twitter, and Facebook messages that I've read over the past four years, a top-10 request would be some form of this: get Schaefer back on the podcast.There are a couple of reasons for this. One is that Jon is, in my opinion, one of the more unfiltered and original thinkers in skiing. His dad moved the family to Berkshire in 1978. Jon was born in 1980. That means he grew up on the mountain and he lives at the mountain and he holds its past, present, and future in his vision like some shaman of the Berkshires, orchestrating its machinations in a hallucinogenic flow state, crafting, from the ether, a ski area like no other in America.Which leads to the second reason. Because Schaefer is so willful and effective, it can often be difficult for outsiders to see into the eye of the hurricane. You kind of have to let the storm pass. And the past four years have been a bit of a storm, particularly at Catamount, where Covid and supply-chain issues collided with an ambitious but protracted lift-fleet upgrade.But that's all done. Catamount has five functioning chairlifts (all of which, remarkably, were relocated from somewhere else). Berkshire just opened its first high-speed quad, the T-Bar Express. Both mountains are busier than ever, and Berkshire is a perennial Indy Pass top 10 by number of redemptions. And while expansion and a lift shuffle likely loom at Berkshire, both ski areas are, essentially, what the Schaefers want them to be.Which doesn't mean they are ever finished. Schaefer and I touch on this existential reality in the podcast, but we also discuss the other obvious question: now that Catamount's gut-renovation is wrapping up, what's next? Could this ski family, with their popular Berkshire Summit Pass (which is also good at Bousquet), expand with more owned or partner mountains? There are, after all, only so many people in America who know how to capably operate a ski area. You can learn, sure, but most people suck at it, which is (one reason) why there are more lost ski areas than active ones. While I don't root for consolidation necessarily, if ski areas are going to transfer ownership, I'd rather someone proven sign the deed than an unknown. And when it comes to proven, the Schaefers have proven as much as anyone in the country.Questions I wish I'd askedAt some point over the past few years, the Schaefers purchased a Rossland, B.C.-based Cat skiing operation called Big Red Cats. Their terrain covers 20,000 acres on eight peaks. I'm not sure why we didn't get into it.What I got wrongI said that Indy Pass had 130 alpine partners. That was correct on Dec. 6, when we conducted the interview, but the pass has since added Moose Mountain, Alaska and Hudson Bay Mountain, B.C., bringing the total up to 132.Why you should ski Berkshire East and CatamountWhile age, injuries, perspective, volume, skiing with children, and this newsletter have all changed my approach to where and what I ski on any given day, the thing I still love most is the fight. Riding the snowy mountain, in its bruising earthly form, through its trees and drops and undulations, feeling part of something raw and wild. I don't like speed. I like technical and varied terrain that requires deliberate, thoughtful turns. This I find profoundly interesting, like a book that offers, with each page, a captivating new thing.Massachusetts is a great ski state, but it doesn't have a lot of what I just described, that sort of ever-rolling wickedness you'll find clinging to certain mountains in Vermont and New Hampshire. But the state does have one such ski area: Berkshire East. She's ready to fight. Glades and bumps and little cliffs in the woods. Jiminy and Wachusett give you high-speed lifts and operational excellence, but they don't give you (more than nominal) trees. For a skier looking to summon a little Mad River Glen but save themselves a three-hour drive, Berkshire East goes on the storm-chase list.But unlike MRG, Berkshire is a top-to-bottom snowmaking house, and it has to be. While the glades are amazing when you can get them, the operating assumption here is that, more often than not, you can't. And that means the vast majority of skiers – those who prefer groomers to whatever frolics you find in the trees – can head to Berkshire knowing a good day awaits.Catamount, less-snowy and closer to New York City, gives you a more traditional Massachusetts ski experience. More people (it seems), less exploring in the trees (though you can do this a bit). What it has in common with Berkshire is that Catamount is an excellent natural ski mountain. Fall lines, headwalls, winders through the trees. A thousand vert gives you a good run. Head there on a weekday in March, when the whole joint is open, and let them run.Podcast NotesOn Schaefer's previous podcast appearancesSchaefer was the first person to ever agree to join me on The Storm Skiing Podcast, answering my cold email in about four seconds. “Let's do it,” he wrote. It took us a few months to make it happen, but he joined me for episode nine. While he showed up huge, the episode also doubles as a showcase for how much better my own production quality has gotten over the past four years. The intro is sorta… flat:A few months later, Schaefer became the first operator in America to shutter his mountains to help stop the spread of Covid-19. He almost immediately launched an organization called Goggles for Docs, and he joined me on my “Covid-19 & Skiing” miniseries to discuss the initiative:The next year, I joined Jon on his Berkshire Sessions podcast, where we discussed his mountains and Northeast skiing in general:On historic opening and closing dates at Berkshire East and CatamountWe discussed Berkshire and Catamount's historical opening and closing dates. Here's what the past 10 years looked like (the Schaefers took over Catamount starting with the 2018-19 ski season):On Berkshire SnowbasinSchaefer discussed the now-defunct Berkshire Basin ski area in nearby Cummington. The ski area operated from 1949 to 1989, according to New England Ski History, and counted a 550-foot vertical drop (though the map below says 500). Here's a circa 1984 trailmap:Schaefer references efforts to re-open this ski area as a backcountry center, though I couldn't find any reporting on the topic.Stan Brown, whom Schaefer cites for his insight that skiers “are more interested in how they get up the mountain than how they get down” founded Berkshire Snow Basin with his wife, Ruth.On high-speed ropetowsI'll never stop yelling about these things until everyone installs one – these high-speed ropetows can move 4,000 skiers per hour and cost all of $50,000. A more perfect terrain park lift does not exist. This one is at Spirit Mountain, Minnesota (video by me):On when the T-bar came out of Berkshire EastSchaefer refers to the old T-bar that occupied the line where the new high-speed quad now sits. The lift did not extend to the summit, but ran 1,800 feet up from the base, along the run that is still known as Competition (lift F below):On Schaefer's past resistance to high-speed liftsShaun Sutner, a longtime snowsports reporter who has appeared on this podcast three times – most recently in November – summarized Schaefer's onetime resistance to detachable lifts in a 2015 Worcester Telegram & Gazette article:The start of the 2014-15 ski season came with the B-East's first-ever summit quad, a $2 million fixed-grip "medium-speed" lift from Skytrac, a new U.S.-owned lift company. The low-maintenance, elegantly simple conveyance will save millions of dollars over the years. Not only was it less than half the cost of a high-speed detachable quad, but it also eliminates the need for $300,000-$500,000 grip replacements that high-speed lifts need every three or four years.So what changed Schaefer's mind? We discussed in the podcast.On the potential Berkshire East expansionWhile Berkshire East has teased an expansion for several years, details remain scarce (rumors, unfortunately, do not). Schaefer tells us what he's willing to on the podcast, and this image, which the resort presented to a local planning board last year, shows the approximate location of the new terrain pod (around the red dotted line labeled “4”):While this plan suggests the Mountain Top Triple would move to serve the expansion, that may not necessarily be the final plan, Schaefer confirms.On “the gondola side of Stowe” When Schaefer says that the Berkshire expansion will ski like “the gondola side of Stowe,” he's referring to the terrain pod indicated below:Stowe has two gondolas, one of which connects Stowe proper to Spruce Peak, but that's not the terrain he's referring to. The double chair side of Plattekill also skis in the way Schaefer describes, as a series of figure-eights that delightfully frazzles the senses, making the ski area feel far larger than it actually is:On Indy Pass rankingsBerkshire East has finished as a top-10 mountain in number of Indy Pass redemptions every season:On LiftopiaSchaefer references Liftopia, a former online lift ticket broker whose legacy is fading. At one time, I was a huge fan of this Expedia-of-skiing site, where you could score substantial discounts to most major non-Vail ski areas. I hosted founder and CEO Evan Reece way back on podcast number 8:Sadly, the company collapsed with the onset of Covid, as I documented back in 2020:…the industry's most-prominent pure tech entity – Liftopia – has been teetering on existential collapse since failing to pay significant numbers of its partners following the March shutdown. A group of ski area operators tried forcing Liftopia into bankruptcy to recoup their funds. They failed, then appealed, then withdrew that appeal. Outside of the public record, bitter and betrayed ski area operators fumed about the loss of revenues that, as Aspen Snowmass CFO Matt Jones wrote in emails filed in federal court, “were never yours to begin with.” In August, Liftopia CEO Evan Reece announced that he had signed a letter of intent to sell the company.That new owner, Liftopia announced Friday, would be Skitude, a European tech outfit specializing in mobile apps. “The proceeds from the sale will be used to pay creditors,” SAM reported. In an email to an independent ski area operator that was shared with The Storm Skiing Journal Reece wrote that “…all claims will be treated equally,” without specifying whether partners could expect a full or partial repayment. The message also indicated that the new owner may “prioritize ongoing partners,” though it was unclear whether that indicated preference in future business terms or payback of owed funds, or something else altogether.Whatever the outcome, this unsatisfying story is a tale of enormous missed opportunity. No company was better positioned to help lift-served skiing adapt to the social-distancing age than Liftopia. It could have easily expanded and adapted its highly regarded technology to accommodate the almost universal shift to online-only sales for lift tickets, rental reservations, ski lessons, and even appointment times in the lodge. It had 15 years of brand recognition with customers and deep relationships within the ski industry.But ski areas, uncertain about Liftopia's future, have spent an offseason when they could have been building out their presence on a familiar platform scrambling for replacement tech solutions. In addition to the Liftopia-branded site, many ski areas used Liftopia's Cloud Store platform to sell day tickets, season passes, rentals, and more. While it is unclear how many former partners shifted to another point-of-sale system this offseason, several have confirmed to The Storm Skiing Journal that they have done so.I'm not sure how Liftopia would have faired against the modern version of the Indy Pass, but more choice is almost always better for consumers, and I'm still bitter about how this one collapsed.On CaddyshackMovie quotes are generally lost on me, but Schaefer references this one from Caddyshack, so I looked it up and this is what the robots fed me:On the majority of skier visits now being on a season passAccording to the National Ski Areas Association, season pass holders have surpassed day-ticket buyers for total number of skier visits for four consecutive seasons. Without question, this is simply because the industry has gotten very good at incentivizing season pass sales by rolling the most well-known ski areas onto the Epic and Ikon passes. It is unclear whether the NSAA counts the Indy or Mountain Collective passes as season passes, but the number of each of those sold is small in comparison to Epic and Ikon.On the Berkshire Summit PassThe Schaefers have been leaders in establishing compelling regional multimountain ski passes. The Berkshire Summit Pass has, since 2020, delivered access to three solid western Massachusetts ski areas: Berkshire East, Catamount, and partner mountain Bousquet (on the unlimited version only). It is available in unlimited, Sunday through Friday, midweek, and nights-only versions. An Indy Pass add-on makes this a badass cross-New England ski product.On Burke being great and accessible even though it looks as though it's parked at the ass-end of nowhereThe first piece of ski writing I ever published was a New York Ski Blog recap of a Burke ski day in 2019:Last week, winter seemed to be winding down, with above-freezing temps forecast clear up to Canada before St. Patrick's Day. Desperate to extend winter, I had my sights on a storm forecast to dump nearly a foot of new snow across northern Vermont. After considering my options, I locked onto a hill I'd overlooked in 20 years of skiing Vermont: Burke.I'd read the online commentary: steep, funky, heavily gladed, classic New England twisty with high-quality snow well-preserved by cold temps and a lack of crowds. But to get there you have to drive past some big-name ski areas, most with equal or greater vertical drop, skiable acreage and average annual snowfall.Further research uncovered a secret Burke advantage over its better-known neighbors: unlike other mountains that require a post-expressway slog of 30-plus miles on local roads, Burke sits just seven miles off Interstate 91, meaning it was actually the closest northern Vermont option by drive time.As 10 inches of snow piled up Sunday and Monday and areas to the south teeter-tottered along a freeze-thaw cycle that would turn ungroomed trails to granite, Burke looked like my last best shot at mid-winter conditions.Two days after the storm, on the last day of below-freezing temps, I left Brooklyn at 4 am and arrived at 9:15. Read the rest…On Burke's (mostly) hapless ownership historyWe talk quite a bit about Burke Mountain, one of those good New England ski areas with a really terrible business record. Schaefer refers to the unusually huge number of former owners, which, according to New England Ski History, include:* 1964: Burke Mountain Recreation (Doug Kitchel) buys area; eventually went bankrupt* 1987: Paul D. Quinn buys, eventually sells to bank after his bank goes bankrupt* 1990: Hilco, Inc., a bank, takes ownership, then sells to…* 1991: Bernd Schaefers (no relation to Jon), under whom the ski area eventually went bankrupt (for the second time)* 1995: Northern Star Ski Corporation (five owners) buys the ski area, but it eventually goes bankrupt for a third time* 2000: Unidentified auction winner buys Burke and sells it to…* 2000: Burke Mountain Academy, who never wanted to be long-term owner, and sold to…* 2005: Laubert-Adler and the Ginn Corporation, who sold to…* 2012: Aerial Quiros, who engaged in all kinds of shadiness* 2016: Burke becomes the property of U.S. America, as court-appointed receiver takes control of this and Jay Peak. While Jay sold last year, Burke remains for saleOn media reports indicating that there is a bid on BurkeI got excited earlier this year, when the excellent Vermont Digger reported that the sales process for Burke appeared to be underway:Michael Goldberg, the court-appointed receiver in charge of overseeing Burke Mountain ski resort for more than seven years, has an offer to buy the scandal-plagued ski resort in Vermont's Northeast Kingdom.News of the bid came from a recent court filing submitted by Goldberg, predicting that a sale of the property would take place “later this year.”The filing does not name the bidder or the amount of the bid, but the document stated that Goldberg wants to continue to seek qualified buyers, and if a matching or higher price is offered, an auction would be held to sell the resort. …“The Receiver has received an initial offer, and expects to file a motion with the Court in the next month recommending an identical sales process to the Jay Peak sale – a ‘stalking horse' bid, followed by an auction and a subsequent motion asking the Court to approve a final sale,” Goldberg stated in his recent court filing regarding Burke.Well, nothing happened, though the bid remains active, as far as I know. So who knows. I hope whoever buys Burke next, this place can finally stabilize and build.On the West Mountain expansion at CatamountSchaefer discusses a potential expansion at Catamount. New England Ski History hosts a summary page for this one as well:A lift and a variety of trails are proposed for the west side of the ski area, crossing over the Lower Sidewinder trail. The lift would climb 650 vertical feet from a new parking lot to the junction of Upper and Lower Sidewinder. 6 trail segments would be cut above and below the lower switchback of the Lower Sidewinder Trail. All of the terrain would be located in New York state.Here's a circa 2014 map, showing the proposed expansion looker's right:The Storm explores the world of lift-served skiing year-round. Join us.The Storm publishes year-round, and guarantees 100 articles per year. This is article 113/100 in 2023, and number 498 since launching on Oct. 13, 2019. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.stormskiing.com/subscribe

Got a good one today on Talking Manhattan! Noah and John sit down with special guest Ryan Tomasello, Managing Director at KBW, to delve into the transformative changes coming to the real estate industry with a particular focus on new commission structures and the implications of lawsuits against NAR and other major brokerages. We discuss the impact on agents and consumers with potentially more transparent and lower commission rates and the evolution of market structures with increased competition and more diverse pricing models. As a Wall Streeter, Ryan provides a unique, outside perspective on broader economic effects, and in this episode, he underscores the need for real estate professionals to be ready to adapt to changes while effectively communicating value. This is a good one to help you stay ahead and remain competitive in our rapidly evolving industry! Highlights: 02:06 - A high-level overview of what's happening 04:00 - Part of a much bigger storyline 07:50 - "There's a reset coming" 10:36 - Possible new revenue models 13:55 - The 80/20 rule 16:35 - Knock on effects 20:00 - Timeline 23:14 - Winners and losers 25:11 - Final thoughts Ryan's page at KBW: https://www.kbw.com/about-us/our-team/research/ryan-tomasello/ Ryan's page on LinkedIn: https://www.linkedin.com/in/ryantomasello/ ** Want to impress a buyer or seller? Use UrbanDigs Advisor! ** Need data to anchor a listing pitch or support a price reduction? Our customized deep dives close deals faster and make you look like a hero. Plus, subscribers get a big discount so the ROI is literally OFF. THE. CHART. Email support@urbandigs.com and let us know what you need. https://www.urbandigs.com/advisor/ Got questions? We got answers! Visit our forum: https://www.urbandigs.com/forum/index.php?forums/main-forum.2/ Track the New York City real estate market with real-time data and charts: https://www.urbandigs.com/ Link to our overview of Manhattan or Brooklyn real estate stats: https://www.urbandigs.com/marketwide-charts/ For more Manhattan and Brooklyn real estate conversations: http://www.talkingmanhattan.com/

Interview with Dan Coakley, PMG Affordable We hear from Dan Coakley, friend and fellow ex-Wall Streeter. Dan and I met here in Westport, CT in 2008 at the Firehouse (our old offices) and he has an amazing testimony you won’t want to miss. Dan’s Story My personal journey and being pursued by the Lord starts after […]

Interview with Dan Coakley, PMG Affordable We hear from Dan Coakley, friend and fellow ex-Wall Streeter. Dan and I met here in Westport, CT in 2008 at the Firehouse (our old offices) and he has an amazing testimony you won’t want to miss. Dan’s Story My personal journey and being pursued by the Lord starts after […]

On today's show, Etienne de la Boetie² discusses The Scam of Government. GUEST OVERVIEW: Organized Crime Researcher, Educator and Professional Speaker, Etienne de la Boetie² is the author of "Government" - The Biggest Scam in History... Exposed! Where he makes the case that "Government" is illegitimate, was never intended to protect life, liberty and property but has always been used by inter-generational organized crime to rob and enslave. He is a voluntaryist, author, father, technology entrepreneur, ex-Wall Streeter, cyclist, runner, hot yogi, multi-disciplinarian truther, armchair economist, cryptocurrency enthusiast, and neo-abolitionist.

In this episode, Joe is joined by the winner of the 11th Annual FedEx Small Business Grant Contest Barton O'Brien. Bart is a Marine Corps Veteran and the founder of BAYDOG, a pet supply company. Transitioning out of the Marine Corps following his third deployment, Bart attended graduate school before starting a career in finance. Wanting more professionally and personally from his career than life on Wall Street had to offer, Bart shifted his focus to entrepreneurship. Bart shares with Joe the story behind BAYDOG and what makes his company stand out from others in the market. He discusses how skills Veterans learn in the military can empower them as entrepreneurs and the importance of not being afraid to fail. Check out BAYDOG here and remember to use the promo VETERAN20 to save 20%.   About Our Guest   BAYDOG was founded by Barton (Bart) OBrien, a reformed Wall Streeter and avid dog lover. After years of working in finance in London and New York, Bart decided he needed a change. He quit his job and the very next day picked up his new puppy -an adorable white Labrador Retriever named Walter. Soon after, they left the big city and founded BAYDOG, a pet supply business with products that look great, are highly functional, and go with their coastal lifestyle. BAYDOG products are named after different bays throughout the US. And as a Veteran-Owned business, BAYDOG donates a portion of its profits to charities serving veterans and dogs. BAYDOG is the Veteran Entrepreneur winner of the 11th Annual FedEx Small Business Grant Contest.     Join the conversation on Facebook! Check out Veteran on the Move on Facebook to connect with our guests and other listeners. A place where you can network with other like-minded veterans who are transitioning to entrepreneurship and get updates on people, programs and resources to help you in YOUR transition to entrepreneurship. About Our Sponsors Navy Federal Credit Union  From start to finish, Navy Federal's Car Buying Center has everything you need to research, finance, buy, protect and enjoy your next car. You could search for new and used cars, access vehicle history reports and enjoy discounts on auto insurance and more. Now if you have a new car, how about a new home to park it? Navy Federal has you covered there too. They've made it their mission to help military members and their families tackle homeownership. With their new no refi rate drop option, you can buy a home now, and if rates drop later, you could then lower your rate without refinancing. Plus, they also offer mortgage options with zero down payment, so you don't need to wait years to save! Find out more at navyfederal.org. At Navy Federal, our members are the mission.        Want to be our next guest? Send us an email at interview@veteranonthemove.com.  Did you love this episode? Leave us a 5-star rating and review!  Download Joe Crane's Top 7 Paths to Freedom or get it on your mobile device. Text VETERAN to 38470. Veteran On the Move podcast has published over 480 episodes. Our listeners have the opportunity to hear in-depth interviews conducted by host Joe Crane. The podcast features people, programs, and resources to assist veterans in their transition to entrepreneurship.  As a result, Veteran On the Move has over 7,000,000 verified downloads through Stitcher Radio, SoundCloud, iTunes and RSS Feed Syndication making it one of the most popular Military Entrepreneur Shows on the Internet Today.

Unbeknownst to most U.S. Citizens their citizenship has landed them squarely within the jurisdiction of the U.S. Inc. plantation.  Many are now seeking asylum from the gross escalation of abuse offered under the color of privileges, and rationalized by the consent of the governed. Voluntarism is synonymous with the right to Self Determination, and this weeks special guest is on a mission to bring this concept to the ever growing masses with eyes wide open. So do not be afraid of them. There is nothing concealed that will not be disclosed, or hidden that will not be made known.  ~ Matthew 10 26  Organized Crime Researcher, Educator and Professional Speaker, Etienne de la Boetie2 is the author of Government" - The Biggest Scam in History... Exposed is back for this special Part II Alfacast episode. Proving the case that “Government”, of every flavor, has been a scam of inter-generational organized crime since the beginning… and they have been getting away with it… until now… because they have been controlling the media and academia. Boetie2 makes the case that "Government" is illegitimate, was never intended to protect life, liberty and property but has always been used by inter-generational organized crime to rob and enslave, and they have been getting away with it through a partnership with the media to widely control perception. He is a voluntaryist, author, father, technology entrepreneur, ex-Wall Streeter, cyclist, runner, hot yogi, multi-disciplinarian truther, armchair economist, cryptocurrency enthusiast, and neo-abolitionist. In "Government" Boetie2 distills 20+ years of research into short, easily-digestible treatises on individual subjects and optimizes them for the 65% of society who are visual learners while including references and links to more comprehensive research and evidence including books, videos, documentaries, and audio books to accommodate the widest variety of learning preferences.  He is the founder of a start-up public policy organization: The Art of Liberty Foundation that is exposing the illegitimacy and criminality of “government”, and the hidden curriculum of organized crime's mandatory government schools, scouting programs, and police/military “training”: The pseudo-religion of Statism, obedience, fealty, “order-following” and tax slavery. Show links: https://government-scam.com/ https://artofliberty.org/ Join Mike in Nashville this June.  Use code ALFAVEDIC to get 5% off.   https://alfavedic.com/rebels Music and Sky Tickets Now Avail!  https://musicandsky.com Follow Alfa Vedic: https://linktr.ee/alfavedic Follow Mike Winner: https://linktr.ee/djmikewinner

One of the biggest challenges many CEOs and startup founders face is effectively communicating their company's vision to their employees. It can be difficult to help everyone understand where the company is headed and how it can contribute to its success. However, by helping employees connect with their inner selves and bridge the gap between self-awareness and social awareness, leaders can leverage the strengths of their team members and prepare them to speak to the company's vision. This means communicating effectively, helping people understand and embody the company's message, and building their skills to support its goals. You don't need to be perfect, but by giving a clear impression and showing your credibility, trust, and respect in your communication, you can effectively lead your team toward success.Join the conversation with Chuck Garcia as he shares more about Internal communication, emotional Intelligence, the foundations of good communication, and how to leverage the people that work with you to get ahead. Chuck is a former Wall Streeter turned into an executive coach, motivational speaker, and Colombia University professor. He is also the founder of Climb Leadership's executive coaching practice, which focuses on professional development in communication, leadership development, and emotional intelligence. Tune in!During this episode, you will learn about;[00:01] Episode intro and a quick bio of the guest, Chuck Garcia  [01:36] What Chuck does when coaching executives about internal communication[06:05] How synergy and dis-synergy get created in our businesses [07:12] Emotional intelligence in leveraging the people that working with you[10:19] What to focus on when communicating your vision to your team [14:35] The power of pause and conviction in enhancing communication[18:28] About Chuck's book;  Climb To The Top [18:50] The stylistic communication that will gravitate people toward you[21:24] Chuck's recommendation on where to start working on your communication [25:48] Ending the showNotable Quotes Miscommunication often leads to mismatched expectations, resentment, and contempt.Great entrepreneurs take accountability and responsibility for what they do, building the people.If you are clear and concise in your communication, people will rise to that level of expectation if they admire it.We are all a big construction site and work in progress.Resources mentionedClimb To The Top by Chuck Garcia: https://www.amazon.com/Climb-Top-Communication-Leadership-Tactics/dp/1599326884How to Win Friends and Influence People by Dale Carnegie: https://www.amazon.com/How-Win-Friends-Influence-People/dp/0671027034Connect With Chuck Garcia:Website: https://chuckgarcia.com/LinkedIn: https://www.linkedin.com/in/chuck-garcia-015128/

I met Etienne at Anarchapulco 2020, just five minutes before the world got locked down for the scamdemic - a word he taught me when I interviewed him a few weeks later when things went crazy 2.0. While Etienne de la Boetie2 (that's squared) is more known for exposing illegitimate government he's also not shy about calling out the controlled op characters that have infested the so-called freedom movement. Join us live Monday, February 20 at 2:30 PM CST for what will be a very interesting talk to say the least. Etiene's Bio: Organized Crime Researcher, Educator and Professional Speaker, Etienne de la Boetie2 is the author of “Government” The Biggest Scam in History…Exposed! In it he makes the case that "Government" is illegitimate, was never intended to protect life, liberty and property but has always been used by inter-generational organized crime to rob and enslave and they have been getting away with it through a partnership with the media to widely control perception. He is a voluntaryist, author, father, technology entrepreneur, ex-Wall Streeter, cyclist, runner, hot yogi, multi-disciplinarian truther, armchair economist, cryptocurrency enthusiast, and neo-abolitionist. Boetie2 distills 20+ years of research into short, easily-digestible treatises on individual subjects and optimizes them for the 65% of society who are visual learners while including references and links to more comprehensive research and evidence including books, videos, documentaries, and audio books to accommodate the widest variety of learning preferences. He is the founder of a start-up public policy organization: theartofliberty.org that is exposing the illegitimacy and criminality of “government”, and the hidden curriculum of organized crime's mandatory government schools, scouting programs, and police/military “training”: The pseudo-religion of Statism, obedience, fealty, “order-following” and tax slavery, by providing students and teachers with... healthy alternatives of voluntaryism, freedom, love, tolerance, agorism, counter-economics, and crypto-currencies. --- Send in a voice message: https://podcasters.spotify.com/pod/show/beth-martens/message

Mark Gober Talks About Extraterrestrials Mark Gober, is with us for the fifth time. We have watched this brilliant young man become zanier and zanier in his pursuits! He was a buttoned-down Wall Streeter in the beginning. And he started with An End to Upside Down Thinking, where he blew a hole right through traditional scientific notions about consciousness. And by now he is writing about extraterrestrials! But, I'm sorry. Mark is right about everything! And now we are talking about his delightful latest book, which is called An End to Upside Down Contact. What he has to say is going to rock your world! Learn more about Roberta here: http://robertagrimes.com

On today's show Etienne de la Boetie2 discusses COVID-19 and eugenics. GUEST OVERVIEW: Organized Crime Researcher, Educator and Professional Speaker, Etienne de la Boetie2 is the author of "Government" - The Biggest Scam in History... Exposed! Where he makes the case that "Government" is illegitimate, was never intended to protect life, liberty and property but has always been used by inter-generational organized crime to rob and enslave. He is a voluntaryist, author, father, technology entrepreneur, ex-Wall Streeter, cyclist, runner, hot yogi, multi-disciplinarian truther, armchair economist, cryptocurrency enthusiast, and neo-abolitionist.

Mark Gober, is with us for the fifth time. We have watched this brilliant young man become zanier and zanier in his pursuits! He was a buttoned-down Wall Streeter in the beginning. And he started with An End to Upside Down Thinking, where he blew a hole right through traditional scientific notions about consciousness. And by […] The post Mark Gober Talks About Extraterrestrials appeared first on WebTalkRadio.net.

Former Goldman Sachs managing director Jaime Fiore Higgins joins Zerlina on the show to discuss her new book BULLY MARKET: My Story of Money and Misogyny at Goldman Sachs, out now! Jamie Fiore Higgins became one of the few women at the highest ranks of Goldman Sachs. Spurred on by the obligation she felt to her working-class immigrant family, she rose through the ranks and saw it all: out-of-control, lavish parties flowing with never-ending drinks; affairs flouted in the office; rampant drug use; and most pervasively, a discriminatory culture that seemed designed to hold back the few women and people of color employed at the company.Despite Goldman Sachs having the right talking points and statistics, Fiore Higgins soon realized that these provided a veneer to cover up what she found to be an abusive culture. Her account in BULLY MARKET is one filled with shocking stories of harassment and jaw-dropping tales of exclusionary behavior: when she was told she only got promoted because she is a woman; when her coworkers mooed at her after she pumped for her fourth child, defying the superior who had advised her not to breastfeed; or when a male boss used a racial epithet in front of her, other colleagues, and clients without any repercussions.BULLY MARKET sounds the alarm on the culture of finance and corporate America, while offering clear, actionable ideas for creating a fairer workplace. Both a revealing, extraordinary look at the industry and a top Wall Streeter's explosive personal story, Bully Market is an essential account of one woman's experience in a flawed system that speaks to the challenge and urgency for change.Jamie Fiore Higgins worked as a managing director at Goldman Sachs. One of just 8 percent of Goldman employees to earn the managing director title, she was the highest-ranking woman in her department. An active member of the Women's Network Committee, Fiore Higgins spent her workdays running the trainee and internship programs, recruiting, and managing top equity clients and $96 billion in stock. Living in New Jersey with her husband and four children, she is a trained coach, working with teens to hone in on their leadership skills, high school, and college graduates as they begin careers, professionals as they navigate the workforce, and those in midlife looking to reinvent themselves. She is also a contributor for Medium and Thrive Global.

Organized Crime Researcher, Educator and Professional Speaker, Etienne de la Boetie2 is the author of “Government” - The Biggest Scam in History…Exposed!”  Where he makes the case that "Government" is illegitimate, was never intended to protect life, liberty and property but has always been used by inter-generational organized crime to rob and enslave and they have been getting away with it through a partnership with the media to widely control perception.  He is a voluntaryist, author, father, technology entrepreneur, ex-Wall Streeter, cyclist, runner, hot yogi, multi-disciplinarian truther, armchair economist, cryptocurrency enthusiast, and neo-abolitionist.   Guest links: https://artofliberty.org https://linktr.ee/ArtOfLiberty https://government-scam.com    Learn more and apply for our 8 week private coaching program: https://riseabovetheherd.co See all our episodes:  https://hereforthetruth.com Download our free e-book “55 Signs of Low Self-Esteem for Truth Seekers”: https://growyourselfesteem.com Connect with us on Telegram:  https://t.me/areyouhereforthetruth All other links:  https://hereforthetruth.com/links   Hosted by Joel Rafidi & Yerasimos Intro and outro music: “Illusion” by Joel Rafidi Intro voice-over: Namakula (https://www.namakula.com/voice-over)

GUEST OVERVIEW: Organized Crime Researcher, Educator and Professional Speaker, Etienne de la Boetie² is the author of "Government" - The Biggest Scam in History... Exposed! Where he makes the case that "Government" is illegitimate, was never intended to protect life, liberty and property but has always been used by inter-generational organized crime to rob and enslave. He is a voluntaryist, author, father, technology entrepreneur, ex-Wall Streeter, cyclist, runner, hot yogi, multi-disciplinarian truther, armchair economist, cryptocurrency enthusiast, and neo-abolitionist.

If you're banking on the next election to change our present trajectory into further chaos you'll definitely want to tune in to this very special episode of Alfacast. Organized Crime Researcher, Educator and Professional Speaker, Etienne de la Boetie2 is the author of "Government" - The Biggest Scam in History... Exposed! Boetie2 makes the case that "Government" is illegitimate, was never intended to protect life, liberty and property but has always been used by inter-generational organized crime to rob and enslave, and they have been getting away with it through a partnership with the media to widely control perception. He is a voluntaryist, author, father, technology entrepreneur, ex-Wall Streeter, cyclist, runner, hot yogi, multi-disciplinarian truther, armchair economist, cryptocurrency enthusiast, and neo-abolitionist. In "Government" Boetie2 distills 20+ years of research into short, easily-digestible treatises on individual subjects and optimizes them for the 65% of society who are visual learners while including references and links to more comprehensive research and evidence including books, videos, documentaries, and audio books to accommodate the widest variety of learning preferences. He is the founder of a start-up public policy organization: The Art of Liberty Foundation that is exposing the illegitimacy and criminality of “government”, and the hidden curriculum of organized crime's mandatory government schools, scouting programs, and police/military “training”: The pseudo-religion of Statism, obedience, fealty, “order-following” and tax slavery. Show links: https://government-scam.com/ https://artofliberty.org/

Today on Finding Freedom Etienne de la Boetie2 joins the show! He is an organized crime researcher, educator and professional speaker. Etienne de la Boetie is the author of "Government" - The Biggest Scam in History ... Exposed! In the book he makes the case that Government is illegitimate and was never intended to protect life, liberty and property but has always been used by inter-generational organized crime to rob and enslave. Etienne de la Boetie is a voluntaryist, author, father, technology entrepreneur, ex-Wall Streeter, cyclist, hot yogi, multi-disciplinarian truther, armchair economist, cryptocurrency enthusiast, and neo-abolitionist. Buy the book HERE! Learn more about your ad choices. Visit megaphone.fm/adchoices

Today on Finding Freedom Etienne de la Boetie2 joins the show! He is an organized crime researcher, educator and professional speaker. Etienne de la Boetie is the author of "Government" - The Biggest Scam in History ... Exposed! In the book he makes the case that Government is illegitimate and was never intended to protect life, liberty and property but has always been used by inter-generational organized crime to rob and enslave. Etienne de la Boetie is a voluntaryist, author, father, technology entrepreneur, ex-Wall Streeter, cyclist, hot yogi, multi-disciplinarian truther, armchair economist, cryptocurrency enthusiast, and neo-abolitionist. Buy the book HERE!

Mark Gomes is a former Wall Streeter turned independent stock picker and has generated 40% a year for 20 years. Here he shares how he thinks about stocks, pattern recognition, risk-reward framework, and shares some of his favorite investment ideas at this time.

Note: This is a rebroadcast. It originally aired in November 2020. When we think about finance, we typically think about numbers and math. My guest today, however, argues that doing well with money is less about what you can put on a spreadsheet and more about what goes on in your mind, and that if you want to master personal finance, you've got to understand how things like your own history, unique view of the world, and fear and pride influence how you think. His name is Morgan Housel, and he's an investor, a financial journalist, and the author of The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness. Morgan kicks off our conversation by explaining how doing well with money is less about what you know and more about how you behave, and illustrates this point by comparing the true stories of a janitor who saved millions and a prominent Wall Streeter who went bankrupt. He then explains how the seemingly crazy decisions people make around money actually make a kind of sense. From there we get into why you need to know the financial game you're playing and not play someone else's. We then turn to why it's hard to be satisfied with your position in life when your expectations keep rising and why not continually moving your goalposts is the most important skill in personal finance. We discuss how getting off the never-ending treadmill of wanting more requires seeing money not just as a way to buy stuff but to gain greater autonomy, keeping the "man in the car paradox" in mind, and understanding the distinction between being rich and being wealthy. We then talk about the underappreciated, mind-boggling power of compound interest, using the example of Warren Buffet, who made 99% of his wealth after the age of 50. We then discuss why you should view volatility in the stock market as a fee rather than a fine, why pessimistic financial opinions are strangely more appealing than optimistic ones, and why it's best to split the difference and approach your money like a realistic optimist. We end our conversation with the two prongs of Morgan's iron law for building wealth.If reading this in an email, click the title of the post to listen to the show.Show HighlightsWhy personal finance success isn't about knowledge, but psychologyUnderstanding that nobody is actually crazy when it comes to money decisions (even though those decisions might be crazy)Why context is crucial to understanding people's financial choicesWho buys lottery tickets? Why do they do it?Why personal finance is more "personal" than "finance"Are there overarching principles to follow, despite the personal nature of finance and wealth?The underappreciated role of luck in our financesHow to be more content with what you haveKeeping your expectations from rising in lock step with your income/net worthThe difference between being rich and being wealthyThe mind-boggling power of compound interestBalancing optimism and pessimismMorgan's golden rule of financial successResources/People/Articles Mentioned in PodcastAoM's personal finance archivesThe Motley Fool5 Books for the Personal Finance Education You Never HadHow to Achieve a "Rich Life" With Your FinancesWhat Every Young Man Should Understand About the Power of Compound InterestGraduating From a Paycheck Mentality to a Net Worth MentalityWhy and How to Start an Emergency Fund

Do you know how you want your business to come to an end? If you've never thought about your exit strategy, then you need to listen in to this conversation with former career coach and entrepreneur Jena Viviano Dunay.Jena is an ex-Wall Streeter who built a successful career coaching business around her signature program and framework called Recruit the Employer. She had a growing audience, consistent revenue,  coaches working under her, and most importantly, she was getting consistent results for her clients. She had made it. But on this episode she's telling us why she decided to walk away from entrepreneurship and go back to traditional employment. Tune in to hear about.How her business was giving her financial success but not emotional peace or a healthy lifestyle.The physical and emotional signs of burnout, and how to respond when you are experiencing them.How to wait and trust instead of strive and strain when you're feeling stuck.The biggest thing she would have done differently from the very beginning if she knew her business would end this way.LinksFollow Katie on Instagram or visit the website to learn more about her work.

Organized Crime Researcher, Educator and Professional Speaker, Etienne de la Boetie2 is the author of "Government: The Biggest Scam in History Exposed!"  Where he makes the case that "Government" is illegitimate, was never intended to protect life, liberty and property but has always been used by inter-generational organized crime to rob and enslave and they have been getting away with it through a partnership with the media to widely control perception. He is a voluntaryist, author, father, technology entrepreneur, ex-Wall Streeter, cyclist, runner, hot yogi, multi-disciplinarian truther, armchair economist, cryptocurrency enthusiast, and neo-abolitionist. Boetie2 distills 20+ years of research into short, easily-digestible treatises on individual subjects and optimizes them for the 65% of society who are visual learners while including references and links to more comprehensive research and evidence including books, videos, documentaries, and audio books to accommodate the widest variety of learning preferences. He is the founder of a start-up public policy organization: The Art of Liberty Foundation.  government-scam.com freedomcells-org expandingrealitypodcast.com patreon.com/Expanding_Reality VinnyTheSaint

FBOY Island's ISRAEL DIMRI Talks Crazy Sex Parties & Orgies The HBO dating show Fboy Island puts together the classy romance of The Bachelor and the overtly sexual nature of Love Island, and we're going to share information about how to watch the show. Doubters who think that this can't possibly result in any kind of harmonious blend shouldn't knock Fboy Island until they try it. The first season is already airing, with 3 episodes to start, and the tea is hotter than the dresses the main ladies strut in every night. As of July 29, HBO Max has made the first 3 episodes available. Fboy Island brings 24 guys and three women to an island, where they live in separate accommodations. The three women of Fboy Island are then tasked with getting to know the guys, with the goal of finding true love. The catch is that 12 of the 24 guys came into the show disclosing their true intentions. They are there to get their way with the women and leave the show with the money. How can a woman tell a nice guy from a fboy? It's not always easy and that's the fun of the show. The women don't know which is which until the men are eliminated. Through each elimination, the women gain a deeper understanding of just how many nice guys are leaving, as well as how many fboys remain. What reality show fans need to know about Fboy Island is that it is highly educational. It's like a handbook that explains what fboys are and how to spot them from miles away. The three women on the show are Sarah Emig, CJ Franco, and Nakia Renee. They have already divulged their own fboy red flags. As they have explained, they've had many encounters with infamous fboys. They are therefore well-versed when it comes to spotting the signs. The last episode's red flag focused on club promoters. According to the three beauties, club promoters are a clear no-go. That is definitely good to know. Many twists and turns have already occurred throughout the first 3 episodes. It's also interesting to observe the cast of fboy men in a tropical environment, surrounded by their own supposed prey and their own kind. Hopefully, that did not give too much away about the show because Fboy Island is better enjoyed with as little prior knowledge of what will unfold as possible. The less that viewers know going in, the more exciting it is to watch. HBO Max has committed to releasing 3 episodes every Thursday at midnight until August 12. So, there will be plenty of opportunities to binge this series, installment by juicy installment. Fboy Island should please fans of reality dating shows, thanks to its new spin on a trusted format. Reality dating series “FBoy Island” (premiering Thursday, July 29 on HBO Max) sends three women to a lavish villa in the Cayman Islands where they're joined by 24 men. The twist: twelve of them are “nice guys” who are there to find love, and 12 are self-proclaimed “FBoys” — a derogatory term, short for f–kboy, for men who just want to sleep around — there to manipulate the girls in order to win a cash prize if they make it to the end. The ladies, of course, aren't told who's who. And it's pretty hard to pick out the players: All the guys pretty much have ripped abs and suspiciously charming smiles. Should you trust a self-proclaimed “accredited investor” with selfies all over his Instagram feed? Or a Wall Streeter who Glaser, who often talks about dating in her stand-up and on her podcast, said being immersed in the comedy club scene has uniquely prepared her to call out the cads. “When my best friends who are guys do squirrelly things to women they've dated, I go, ‘I know you're not a bad person — why do you shut down like a laptop after sex?' So just knowing a lot of male comics and having these discussions at tables in the Comedy Cellar [has let me] be able to get into the psyche of FBoys who don't even know that they're FBoys.”

When it comes to growing your wealth, most people think about one thing: The stock market. But almost nobody understands the market. They hand their money to a Wall Street firm. Then they hope they don't have to retire on half their savings if the market happens to be down. But you don't have to give your money to bankers and hope for the best. In this episode, Wall Street veteran Lester Himel shows you how to ensure your retirement funds keep growing. After 28 years of working on Wall Street, he now uses a different approach to grow his own and his clients' wealth.  In this episode, he reveals how Wall Street really works. Listen to discover  how to make an informed decision on growing your wealth.  Show highlights include:  How stock market volatility slowly erodes your wealth (even if it looks like you've absorbed the losses) (7:05) Why your 401k is making your banker wealthy instead of you (especially if they promise you'll have millions by the time you retire) (9:48) How seeing yourself at 82 gives you instant clarity on the smart way to deal with your money. (12:32) Why consistency is the antidote to volatility that robs you of your wealth. (16:35) The traits that let you spot a trustworthy firm to grow your money with. (20:51) Why the empty promise of stock dividends slows your welath creation to a crawl  (25:08) Remember to download Grandma's Top Tips for an Independent Financial Future by dropping into https://grandmaswealthwisdom.com/free/. It's time for YOU to break through to a smart, stable, financial future. If you'd like to see how Grandma's timeless wealth strategies can work in your life, schedule your free 15-minute coffee chat with us by visiting www.grandmaswealthwisdom.com/call ... just like Grandma would want us to do.  Links mentioned on the show:  Find out more about Lester Himel here: https://thefinancefixer.com/planners/lester-n-himel/ Read Lester's blog here: https://www.himelfinancial.com/blog Watch the full YouTube video here: https://youtu.be/j8k2Lz0mRZo

What if everything you were taught about how to ascend the success ladder is wrong. Chuck Garcia, Wall Streeter, executive coach, best-selling author, and mountaineer dispels the myth that technical competence is the best way up. He brings clarity on why emotional intelligence integrated with communication skill development are the keys to long-term success.

And I'm your host, Stef Vassos.In season one, I'll be digging into a myriad of topics that affect women, alongside experts and everyday women who are living these experiences.The orgasm gap and women's sexualityThe influence of social media on teen girlsWomen in cannabisBody image issues and how to conquer them and more!Broad World started as a blog in 2012 when I was 20-something, living abroad, and traveling to more than 50 countries. Everywhere I went, I was meeting dynamic, accomplished women who were masters in their fields — sisters from the middle east shattering clothing norms with their fashion line, a Wall Streeter who forfeited security to become a pastry chef — making an impact and diving into the unknown while conquering their fears. Broad World: the Blog became a conduit for those stories worth sharing.The Podcast aims to inspire and broaden perspectives. I hope you like it.Follow us on Instagram @broad_world, and make sure to subscribe on Apple Podcasts or Spotify so you don't miss an episode.It's a Broad World out there — let's discover it together!

Jena Viviano shares her three-step process for making more successful career transitions. — YOU'LL LEARN — 1) The three sources of career clarity 2) Why networking doesn't have to feel sleazy 3) The three things recruiters are always looking for Subscribe or visit AwesomeAtYourJob.com/ep640 for clickable versions of the links below. — ABOUT JENA — Jena Viviano is an ex-Wall Streeter turned career coach and entrepreneur who helps ambitious professionals articulate their personal branded career stories to land their dream jobs. • Jena's LinkedIn: Jena Viviano Dunay • Jena's podcast: Recruit the Employer • Jena's website: RecruitTheEmployer.com — RESOURCES MENTIONED IN THE SHOW — • Software: Loom • Term: Briefcase technique • Book: Rest: Why You Get More Done When You Work Less by Alex Soojung-Kim Pang • Book: The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich by Timothy Ferris — THANK YOU SPONSORS! — • MunkPack. Save 20% on delicious, keto-friendly snacks at Munkpack.com with the promo code AWESOME.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Angelica brings us all things stocks and a little stock drama. GameStop is a very happy camper, but are the Wall-Streeter people? I think not.

Dear Podcast Friends, Happy 2021! We came so close in the United States of America. We came right up to the edge, looking into a very deep and bleak abyss.  But we didn't fall in, we pulled ourselves back, and democracy – at least to the extent we have realized it --  has prevailed. I, along with so many of my fellow citizens, am thrilled. I have not generally been a person to wave the flag of the U.S. and tout our exceptionalism, though I love my country like I love my family. I was one of those kids that resisted saying the Pledge of Allegiance as early as 14 because I was already very aware of what my country was doing in Southeast Asia. Fast forward to this podcast, I am all too aware that the U.S. spends more on our military than the next 10 countries combined, and uses our military might to dominate the world in very much the same way the wealthy have used our police to dominate poor black neighborhoods to keep assets pouring into the hands of a small, mostly white, male few of Wall Streeter types  – some of them my family members. But today I feel more patriotic and proud of my country than ever before. It feels like we have just gone through a hazing, a reckoning and perhaps Donald Trump has done us a favor to wake us up. Like the saying goes – it takes a lot of pounding to create a good bar of steel. I read a book a long while back called the People of the Lie by M. Scott Peck, the same guy who wrote The Road Less Traveled if you remember it. The premise of the book is that lies are the core of human evil.  Seeing ourselves clearly -- as a person, as a country, as a world -- is the beginning of healing and real positive change. As we say in the gestalt world -- awareness works: It's a paradox that change happens most quickly when we can by see the fullness of 'what is' in the present moment. A few weeks back, when the run-off elections in the State of Georgia tipped the balance in the U.S. Senate to a Democratic majority I tweeted: I am so deeply moved by what has just happened in Georgia. Thank you Stacy Abrams. Change Georgia, change the country, change the world.  And “bing” -- I immediately got a like from a young woman in Asia who is an activist for democracy in her own country.  I love how connected we are, and how movements for justice and democracy inspire each other around the world.  After living with the Trump administration for the last four year that used bullying and the fantasy of a lost, white, Christian and patriarchal America, it was so super moving to  see, in the words of one of my friends “A glorious display of inclusivity including all the raw feminine power. . .  -- How bright & radiant” and knowing that that was brought about, in part, by the activism of so many of us, of which I am proud to be a part.  One turning point was on January 21, 2017, when women, with our pussy hats on, marched on Washington in the largest single-day protest in American history that dwarfed Trump's inauguration numbers of the previous day.   So, I am feeling optimistic, but there is so much to do and the climate clock is ticking  The contribution I have chosen to make toward a deeper democracy is focusing on empowering women by building our negotiation capacity, and showcasing through the podcast some cool content about interventions to build common ground in complex systems.  One CAN bring very polarized groups, even warring factions, together to build common ground. I have done it. I have seen it. But so many of our world governments, including my own, are still so steeped in win-lose, adversarial, “power-struggle” methodologies, egged on by a media that leads with what bleeds. Making better use of the collaborative – and yes, more feminine – processes we know work would help us become less polarized, and more creative and relational. Humans are very capable of dealing with complexity and problem solving if given the right process “containers”.  Power over v power with. . . Win-lose, win-win. . . Both of these have big gender implications. On the podcast front, I've been frustrated with how slow I am to get episodes out. There are so many I would like to do, so many cool people to interview – but like so many solo “socialpreneurs” like myself, there is the issue of bandwidth and making a living. This fall, I put together a six-week, virtual course called Women, Negotiation & Power which was thrilling. I will launch an even better version of that course in March so stay tuned, please enroll, or send people my way. Check out this testimonial video here.  I am also super excited by my growing audience of women whose stories and struggles I am hearing either through my online courses, or individual or group coaching. So thank you.  I am here to serve you and make the best content I can for women around negotiation, and for this podcast.  Getting gender right is delicate -- just like democracy.  Patriarchy tends to cut humans in half and say that men can be this way, and women can be that. What is happening is people are becoming more fully human, and being allowed to develop themselves fully, not just according to gender roles, or reconnect, for example, to what it means be a woman and not have the divinity in that taken out in any way. This is exciting, and this will create a more peaceful world. As Carol Gilligan so aptly said feminism is the movement to free democracy from patriarchy.  We have a lot of work to do because honestly the model of so many things is still fundamentally the man, supported by the woman.  It's gonna be weird, but it's gonna happen in the U.S. soon enough, that a woman becomes our next president with or without an intimate partner standing beside her. It's gonna feel uncomfortable and probably unnatural to many because it is uncharted territory in the U.S. though so many other countries around the world are leading the way. So how did we get to this moment in time, to all those colorful flags and empowered women and people on the Capital steps of the U.S., a young black woman, a descendant of slaves, delivering the inaugural poem and declaring her unabashed desire to be President of the U.S. someday? I think it has come from untangling narratives that are untrue. For me, that has defined so much of the work I have done to grow as a human.  Seeing ourselves clearly v. the stories we have made up,  Discovering truth v. lies or fictions like the election was stolen from Donald Trump women came from the rib of Adam, that my brother was more valuable than I was from the moment of birth. These are all untruths, but powerful narratives that have big consequences. So in part B of Herstory, Rabia continues to unpack our human history, herstory, from the perspective of women. Read the full blog here.

Adam Lane Robinson is a Wall Streeter who turned to entrepreneurship after several unique experiences made him realize that it’s what he was made for. He currently runs GetEmails, the World's First-Ever Email-Based Retargeting Software. He’s also the Co-Founder and President of Robly, an Email Marketing firm. In this fascinating talk, you’ll hear about: What made Adam want to become an entrepreneur How to validate your idea How to determine when to pivot How to come up with new ideas to test 3 great tools for measuring user behavior And much more!

When we think about finance, we typically think about numbers and math. My guest today, however, argues that doing well with money is less about what you can put on a spreadsheet and more about what goes on in your mind, and that if you want to master personal finance, you've got to understand how things like your own history, unique view of the world, and fear and pride influence how you think.  His name is Morgan Housel, and he's an investor, a financial journalist, and the author of The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness. Morgan kicks off our conversation by explaining how doing well with money is less about what you know and more about how you behave, and illustrates this point by comparing the true stories of a janitor who saved millions and a prominent Wall Streeter who went bankrupt. He then explains how the seemingly crazy decisions people make around money actually make a kind of sense. From there we get into why you need to know the financial game you’re playing and not play someone else's. We then turn to why it's hard to be satisfied with your position in life when your expectations keep rising and why not continually moving your goalposts is the most important skill in personal finance. We discuss how getting off the never-ending treadmill of wanting more requires seeing money not just as a way to buy stuff but to gain greater autonomy, keeping the "man in the car paradox" in mind, and understanding the distinction between being rich and being wealthy. We then talk about the underappreciated, mind-boggling power of compound interest, using the example of Warren Buffet, who made 99% of his wealth after the age of 50. We then discuss why you should view volatility in the stock market as a fee rather than a fine, why pessimistic financial opinions are strangely more appealing than optimistic ones, and why it's best to split the difference and approach your money like a realistic optimist. We end our conversation with the two prongs of Morgan's iron law for building wealth. Get the show notes at aom.is/moneymindset. See omnystudio.com/listener for privacy information.

Why would someone leave a career on Wall Street to become a career coach? It's all in the pursuit of creating a career that brings purpose and meaning every day you go in to work. Jena Viviano has set out to help others take their career to the next...

Today we're talking to Robin Shobin, soon to be Robin Levine. Robin is an American ex-Wall-Streeter turned editor-in-chief of mature beauty website Charlotte's Book, as well as the founder of the all-natural sports drink Halo Sport. In this episode, Robin will talk about quitting her big-time job on Wall Street to found Charlotte's Book, as well as how she invented Halo Sport and brought it to market. She'll also discuss how she kept going throughout tumultuous changes in her personal life, and give advice for other women balancing personal heartache with professional ambition. We hope you enjoy the episode.

Do you feel that your to do list is out of control? Catherine Avery empowers smart but scattered small business owners to conquer their daily tasks, paperwork, and productivity. A former queen of clutter, she implements proven strategies that get you on a more productive and profitable track. Combining her design sense with streamlined systems and business acumen, she helps her clients master their time, space, and information. A recovering type-A Wall Streeter and cancer survivor and thriver, Catherine knows that time is more valuable than money. Learn more about your ad choices. Visit megaphone.fm/adchoices

For those who missed the first wave and are still looking to get in, we brought back....Bitcoin, Bitcoin, Bitcoin!! Its added seven mill to 50 Cent's bank account, has young people investing like never before and old guys calling it a scam. It was the hottest topic of 2017 as it hit $20,000 in value a coin when most folks still don't understand or know much about it. If the words cryptocurrency, blockchain, bitcoin and Ripple mean nothing to you now, then podd'up my friend because we have enlisted the assistance of Prath, a Wall-Streeter and early bitcoin investor to help us break it all down, and perhaps even convince Shaun to get in on it. Bitcoin - Two Black Guys with Good Credit - Let's go!! Support this show http://supporter.acast.com/2bg. See acast.com/privacy for privacy and opt-out information.

R. Martin Chavez left his Goldman Sachs office in December after decades of work bringing new technology to Wall Street, most recently as Goldman's CFO, though his career began in Silicon Valley. Now, he's returned to the tech world, where he serves on the boards of health technology firms and has gotten involved in the conversation around the "digital dollar." On this week's episode of The Scoop, Chavez broke down some of the changes that have occurred at the intersection of health and technology due to the global pandemic. For instance, a world in quarantine has breathed new life into the field of telemedicine. He also explained why although he sees bitcoin as "an amazing research project," it doesn't quite qualify as money in his view. Chavez compared the coronavirus pandemic to the 2008 financial crisis, in that they are both wake up calls for policymakers. He said the pandemic has been a moment to examine how to build better systems, particularly in the health tech and industrial fields. Meanwhile, it's also illuminated the potential role of a U.S. central bank digital currency as a mechanism for stimulus delivery. While Chavez advocated for a blockchain-based digital dollar, he doesn't think private stablecoins are a suitable stand-in. "Stablecoins are stable right up until the instant that they're not stable," he said.  Here are some of the more specific topics featured in the episode: The themes and trends emerging in the health technology space that will be salient in a post COVID-19 world How the pandemic illuminated the need for resilience in industrial companies and how technology can play a role in reform What legislation is needed to reform industries that were hit hard, and how to prepare a more resilient supply chain Why the former Wall Streeter and long time tech advocate says bitcoin isn't money His view on central bank digital currencies and why stablecoins alone won't do the job of a digital dollar. This episode of The Scoop is brought to you by Bitstamp, the original global cryptocurrency exchange. Since 2011, Bitstamp has been a cornerstone of the industry, earning the trust of over four million individuals and top financial institutions looking for a reliable trading venue. Whether you’re trading on our web platform, mobile app or industry-leading APIs, Bitstamp gives you the professional-grade tools you need to execute your strategy. Download the Bitstamp app or visit Bitstamp.net/Pro to learn more and start trading today!  

There are more than eight million dynamic pages that run on Lenovo.com, where the majority of shoppers go to buy their products. It is a massive Ecommerce platform that has to work for more than one billion website visitors per year. Ajit Sivadasan is the Vice President and General Manager of Lenovo, and even though managing those pages is part of his job, what he’s more interested in is making sure that those pages are offering relevant content and an efficient experience to a new generation driving Ecommerce growth. On this episode of Up Next in Commerce, Ajit explains why figuring out what content is relevant to Gen Z will be the driving factor in how successful your Ecommerce platform will be. 3 Takeaways: There is a massive demographic shift happening in the consumer market, so rather than focusing on producing more and more content, companies need to focus on producing content that is relevant to this new audience of digitally-native consumers Customer irritants are data points that matter and constantly change. Constantly addressing those irritants – from delivery time to language on the credit card processing screen – has an impact on consumer satisfaction and your NPS Behavioral economics states that humans are predictable and predictably irrational. Therefore, you have to take this behavior into account in everything from website design to offering comparisons of products as a counterbalance for the fact that humans will deviate to the path of least resistance more often than not For an in-depth look at this episode, check out the full transcript below. Quotes have been edited for clarity and length. --- Up Next in Commerce is brought to you by Salesforce Commerce Cloud. Respond quickly to changing customer needs with flexible Ecommerce connected to marketing, sales, and service. Deliver intelligent commerce experiences your customers can trust, across every channel. Together, we’re ready for what’s next in commerce. Learn more at salesforce.com/commerce --- Stephanie: Hey everyone. This is Stephanie Postles, your host of Up Next In Commerce. Ajit, how's it going? Ajit: Good. Thank you for getting me on the show, Stephanie. Stephanie: Yeah, I'm excited to have you on. So I'd love to hear a little bit about your background at Lenovo. You've been there 15 years, right? Ajit: Close to, yeah. This is my 15th year. Stephanie: So I'm sure a lot has changed since you joined the company back then. Ajit: Yeah. I joined Lenovo in 2006, and came to Lenovo to build a consumer brand online. And obviously, when I joined, we didn't have much of a infrastructure or even sales. We were in a very limited set of countries. We were actually in four countries and we probably had a very small amount of revenue. Since then, obviously, we have scaled the business about 10X on revenues, and profits have grown about 10X. And we have scaled from four countries to 35 countries. And in the process, we have seen several acquisitions. We acquired the Motorola brand. We acquired the System X brand. So we have had to integrate all of those businesses. So Lenovo has gone from a company that's sold PCs, to being a company that basically is trying to drive intelligent transformation for its enterprise customers, and for its consumers around the world. Obviously, we have a footprint in more than 165 countries. So it's exciting. Ajit: When I joined the company, we were number six in the world. Obviously, we've been number one for a number of years now, and have a significant market share in the PC space, and we continue to make progress in the data center space, which we acquired from IBM. And the Motorola phones, you might have seen some of the latest phones that we introduced. We were the first ones with the foldable phone, that was a take on the Razr phone, the iconic Razr phone. So, yeah, it's been very exciting. We have obviously enjoyed our ride. I'm very excited because we get to interact with a number of customers on Lenovo.com and really bring the technology to life, and the brand to life, using the platform we have. So yeah, it's been a good ride. Stephanie: That's awesome. And what does your day-to-day look like at Lenovo? Ajit: I manage the platform for Lenovo, which is basically Lenovo.com. And since it serves all of our stakeholders, we have the Lenovo.com footprint in more than 90 countries. So I have to manage both the sales side, which is primarily a combination of B2C and SMB. And then I have to manage the enterprise side of the customer. So mostly B2B customers that buy from us using a procurement type of strategy, where we actually service them one-on-one. So I have the sales part, which is basically running the whole end-to-end business, all the way from marketing, CRM, UX/UI design, sales and marketing, phone sales, to really even trying to help with the supply chain piece, working closely with our supply chain organization. Ajit: But then the other side is really trying to figure out how to position Lenovo.com to become a brand voice, and figure out how we bring to life all of the innovation, and the products, and the enterprise strategy we have, for the stakeholders that come to Lenovo.com around the world. We get over a billion people coming to the website any given year. So it is a pretty substantial property. And so we have a ton of work that we need to do to manage all of those aspects that take care of basically all of the customer needs we have. Stephanie: Wow. What are some of the key learnings when it comes to moving globally? So it started out, I think in 1985, and it was just a reseller in China, right? And then, now it's a global company. What has that transition been like, and what have you learned in the process as you open up new countries and start selling there? Ajit: When I joined, obviously, my journey beyond Lenovo, was at Gateway. I was at Gateway for five years. So I've been in the PC space for about 20 years. And what you have to really understand is, all the transitions that have happened in the business model. When I started, internet was relatively new, and people used it as a very siloed organization that was doing just the phone and the web. So it was very limited. But today, as you know, 70% of the traffic that comes to the website is mobile traffic. The patterns have shifted quite a bit. So the business model transformation that has happened over the last 15 years has been interesting. Ajit: And what you see is, initially when we started, a lot of our colleagues around the world were maybe a little apprehensive. They were worried about things like conflict. They were worried about issues like pricing and things like that. And what you notice as things have evolved is, what you find is that, that is a very complimentary system. A number of our customers that are very sophisticated, technology-focused, innovation-focused, want to buy online. They want to be able to customize their products, they want a full breadth of products. And then there is a bunch of customers who would like to go to retail stores, look at our products, touch, understand it a little bit better before they actually make a purchase. So what we have found out is, thought we had a lot of skepticism, maybe even like six, seven years ago, that has changed into, people now trying to figure out how to leverage the business models, including connecting retail and the offline presence we have. How do we get our enterprise customers the best experience possible? How do we make sure the supply chain is responsive? How do we get them more capabilities that love them to buy products on credit, allow them to buy using a subscription type of service, give customized services that add them for SMB customers. Ajit: So, if you really think about it, the evolution has been quite interesting. And look, day-to-day, there's tons of things that you need to do because it's a fast-pace, technology-driven, very innovation-focused space. And people like Amazon and others, they're really driving the paradigm as far as online commerce is concerned. So it's not sufficient for us to just look at our traditional competitors. We also have to understand that the customers are getting sophisticated, and their expectations are much, much higher than what they used to be. So in many ways, the decision to go into a country now, is much more driven by the customers, than it is even proven by our direct stakeholders. And when I say stakeholders, internal folks, because customers really demand that you actually have an online presence. And they really want to transact with you online. So the transition has been interesting, but I think it's accelerating and the business models getting very complex. And our ability to actually react to them fast is going to be critical, as we move to the future. Stephanie: Yeah. I completely agree. So I heard that you have eight million dynamic and other pages, on lenovo.com. Maybe it's more at this point, compared to when I heard that stat'. How do you keep up with all the pages that you have, behind the scenes, being custom, depending on who's coming, depending on what country they're coming from? How do you make sure that it doesn't turn into a black box? like an algorithm when it starts getting too much stuff in it, you're like, "I don't even know what's happening behind the scenes anymore." How do you keep up with the pace? Ajit: A lot of this is automated. If you really think of our bulk of the products... I'll give you an example. So we sell thousands and thousands of third party products, accessories. Whether it is hard drives, whether it is even headphones and monitors and lots of things that are serviced and provided by other companies. And those are all managed automatically. So it's in a database. It's a data-driven process. So you don't have to worry about it. But if you multiply those into the number of countries, suddenly the numbers look staggeringly big. Now, having said that, it still is a pretty big number of pages. And clearly, there is a process for us to manage level one, level two, level three type of page, home page, right? If we look at the efficacy that is periodic checks on usage of the pages, there's teams basically managing content across the site, across the countries. Obviously, there is a strategy for how many layers of product pages we want to have. We look at data to understand who is using it, how often are they using it, and things that are not being used. Obviously they get [inaudible] as time goes by. Ajit: But more and more, it is clear to us that we need a very cohesive data strategy for formality content. So the formats customers prefer for content is changing. A lot more focused on videos, a lot more focused on how to do things, through a short-form video. Even content that you provide in terms of words are very succinct, and to the point. So you let customers pull the data, pull the content, as opposed to publishing everything and letting the customer go through stuff. Clearly it takes a lot of time and effort. And the key is to make sure that your systems, from the product management, all the way to what the customer actually sees on the glass, all managed in a way that makes sense. And that clearly is a challenge, because you've got a lot of legacy systems. And what somebody puts in as they're designing a product, may be marketed different from the marketing content that somebody needs to see in order to make a decision on a sale. Ajit: So you really have to figure out the process, streamline it. You need to make sure, periodically, you look for paradigm shifts. You need to understand demographics. 70% of the population that's going to be in the workforce is going to be millennials. And I can tell you that they are not really interested in reading a lot of stuff. They prefer much short-form formats, and they like videos and things like that. So if you're not connecting with them, and your engagement is not right, I think you're going to have a problem in the long run. So, I think the page count is less of a problem, than relevance. And I think that what we really are trying to do is to figure out how to be relevant, and drive content that truly drives engagement with our audiences. Stephanie: That completely makes sense. Are there certain trends that you see coming that Lenovo is preparing for, when it comes to, like you said, videos, preparing for millennials? What things are on your radar right now that you're preparing for the future? Ajit: So I'd say a couple of things on that. We are definitely seeing a pretty significant shift in demographics. Though we see a bimodal distribution. And by that, we see a lot more older people, and we see a lot more younger people. And the number of people in between actually is very low. So you would see very young people. 60%-70% of the population will be in the 20-30 age group, going forward. Which means that, these are native millennials. These are generation Z, Gen Zs, who basically are native digitally. And therefore, their expectations and how they consume data, and how they consume information is very, very different. So we have to really worry. I think everybody needs to worry, if you're online, as to how they are going to be part of your community, how you're going to get engaged with them, how are you going to keep their interest in the products that you have? Ajit: Part of the challenge is that they are so sophisticated, and are pretty much, in my mind, no nonsense, in terms of technology, that it's highly unlikely that they are going to support anything that is cumbersome, or verbose, or anything that basically takes away from efficiency, in terms of how they deal with online content. And so, I think the big challenge is for companies to truly make that shift of saying, "Look, this was the audience in the past. They had a very different predisposition to how they looked at data, and how they analyzed things. And then there's this new generation that truly is looking at content differently." Ajit: Now, the key points will be when they start truly having money in their pockets, and they're going to be in positions where they're going to be making decisions for companies, in terms of purchasing, technology decisions. And many of them already are making those decisions. And then if you are not able to engage with them appropriately, I think that you have a challenge. So truly trying to figure out how to build that relationship with the gen Z, millennial audience, I think is key. We are definitely looking at a couple of segments where we believe that that's an area that we need to really get good at, which is, gamers who are basically a big part of the online ecosystem. They are very sophisticated. They know exactly what they want. They are very community-driven. They're very content-driven. Ajit: And so, the proxy for us, at least in my mind is, "Look, you now have to figure it out how to engage these people online." Because you will learn from that set of experiences, that if you are, as a brand, not able to work that in your favor, it becomes increasingly challenging, I think, for the brand to have relevance in the future. And so, we are really focused on gamers. We believe that we have to cater to them end-to-end. From content, from products, online experiences, capabilities, giving them access to a broader set of products and portfolio, game titles, being able to give them subscription services and other things. Ajit: And the second audience that's really, really important are students. So a big part of students are going to be online, and quite frankly, this Covid crisis brings out the issue much more readily, where you see high schoolers, pretty much all schoolers, including colleges, basically offering courses online. And everybody's online study. I can tell you that it looked like a big deal when it happened, but we have been thinking about this thing for several years now. And this crisis obviously has accelerated that thinking even more. But the reality is that this is going to be the new norm. And, what is interesting is that a lot of people that aren't online students, because of the fact that for 1,000 years we have always told students that they need to go to a school, and be an apprentice, and study and learn because they can find a job. Ajit: And now, companies have come out and said, "Look, you don't really need a college degree to get a job. All you need is knowledge. And if you're good at something, then we'll figure out a way to test you, and you'll be fine. You don't need a formal degree." And we think that that trend will accelerate in the coming years. And I think that universities and colleges and institutions will figure out how to deal with it. And then at the same time, people like us, brands, we'll have to figure out how to engage this audience. Because, they're looking for information, they're looking for technology, they're looking for solutions. And the question is, "Can we provide them solutions and technologies that make learning online easier for students?" So that is the audience. Obviously, we make PCs, and we make phones, and we made monitors and all these things that really are part of the technology solution that enables people to learn online. And therefore, we believe that we should figure out how to engage with this audience who are basically online, and in a direct way, so that we understand their needs much more concretely. So those are two segments that are key. Stephanie, you had a question? Stephanie: Yeah, that makes sense. When it comes to thinking about this new generation, and they're, like you said, no nonsense. They want things quick. The website better be super quick. They better be able to buy fast. They have, I'd say, a higher risk tolerance when it comes to ordering online, as long as there's a good return policy. They're probably okay with just buying right away and hoping for the best. How are you thinking about your retail strategy? Because like you said, a lot of people in the past have been used to going into stores, and trying things out. Do you see that being something in the future? Especially with Covid, it seems like a good forcing function, where it's pushing more people online, and to just try it instead of having to experience it in person. Are you all shifting your thoughts around that area? Ajit: Well, I think Covid clearly will be an outlier. It will accelerate the digital transformation. But I still think that retail will have a pretty important place and role to play in the long run, but it will get redefined. And for our part, we are doing a couple of things. We are trying to figure out how to help our resellers, how to help our retail partners, and quite frankly trying to connect offline and online in a meaningful way. So where we own stores like in China and India and other places, we are trying to figure out how to connect the online experience with the offline experience, so that people can buy products online. They can go to the shop and order it online there. So really trying to figure out how to manage the customer experience a little bit more readily. Ajit: Now, having said that, I think the interesting transformation that's happening is really trying to connect the social, the retail, and online together. And if we can, at some point, get the mobile piece to work, then it becomes a very, very interesting value proposition for the customer because you truly have the customer for the whole cycle. So if they are outside, we know where they are, and therefore we can give them recommendations if they're interested in looking at our product. If they're online, obviously they can do things online. But if they do stuff on their phone, we can actually translate some of those things meaningfully to their desktop, and therefore we make it very, very easy, experientially for them to experience a good a brand experience. So we don't have to act surprised when the same person is in two different places, or as two different ways they connect to the brand. We just need to figure out how we connect those pieces. Ajit: And I think that these are the types of business model shifts that we will see accelerated as we go through this crisis and beyond. I think that people are finally trying to figure it out, "How are we going to connect this?" Look, Amazon has already done some of this with what they have done with Whole Foods and the Prime. So they've figured out how to connect the store to Prime users, and the online stuff. So the blueprint is there, and I think that most companies are doing some stuff. But I think that you're right. It's going to get accelerated as this crisis progresses. Stephanie: Yeah. I think connecting those platforms is key to making sure you understand the customers and can deliver value to them wherever they're at. Are there any technologies that you guys are experimenting with, to try and connect that online, to offline, to social, and mobile? Ajit: Yeah. It depends from place to place, and it depends on the companies footprint, right? In China, obviously, I think we are the most progressed in terms of the technology piece. We have a substantial online, merged with offline footprint, which connects WeChat, and online cloud, and our application layers, which allows our customers to actually be connected fully with the brand. And it actually connects all the retailers also to the brand in a very, very meaningful way. So that is, I think, the aspirational model for everybody. We have a very different model in Japan, as an example, where we are connected in kiosks, in the retail store, that's connected to the online world. In Taiwan as an example, we have an offline store that we are connected to. In India, it's the same thing. It's an offline-online model. Ajit: So yeah, the business model is different from different country to country. But it also depends on who is innovating more, and what's the landscape look like in the country? So it's not one size fits all. And I would be remiss if I didn't mention that privacy, as an example, is a key consideration in some countries, and some countries they're more relaxed. So it just depends, also, on some of the privacy laws that enable customers to share information more freely versus some others where you can't. Ajit: But my sense is that depending on the country, and depending on the business, you will see hybrid models emerge. They already are emerging. And some will have much more traction than others. But I would see a lot of partnerships being formed between online companies and offline retailers, to really manage the customer experience to be much smoother, and much more productive, going forward. Stephanie: Got it. And I saw that Lenovo is leaning more into focusing on the consumer and their needs, and becoming a more consumer-first company. Is there certain data points that you all are using to meet your consumer better than you were before? Or were in that end-to-end consumer journey do you see the most room for growth or improvement? Ajit: Yeah. Lenovo's history and its heritage has always been a product company. We have some of the best brands in the world, whether it's Thinkpad, Yoga, Moto, System x, these are all brands that are at the top of their game when it comes to their specific categories. Stephanie: I used a ThinkPad at Google. I love my ThinkPad. Ajit: There you go. And nine out of 10 people that I speak to in the business will tell me the same thing. I used to use a ThinkPad before I worked for Lenovo long, long time ago, as well as a consultant for Deloitte. And there's plenty of people who actually use ThinkPad because it's an iconic brand. So we always have been a company of engineers, historically. But as we move into the internet era, and as digital becomes more mainstay, it is absolutely critical for us to really understand what our end users look like, what they are doing with our products, how do we collect feedback that's more direct? And truly, really understand and have a pulse on what the customer sentiment is for our brands. Ajit: It becomes extremely difficult for us to get feedback more directly, as from an indirect channel, because of the fact that we don't really talk to the customer directly. We have to remain and collect information in an indirect fashion. And depending on the privacy laws and other things, it becomes very, very complicated for us to collect information. Having said that, three or four years ago, as a company, we decided that it was such an existential reason for us to really start thinking customers first, and truly trying to figure out how to connect with them, and drive digital transformation, that we decided to start measuring all of our customer segments, whether it's direct or indirect, in either use proxies or direct measures. But mostly, the entire company has been on a Net Promoter Score basis, and trying to understand how customers value our products and our services, and what they actually think about the brand. Ajit: So our employees and our executives get paid based on a customer satisfaction metric. At one point, it was actually imperative, in terms of how they got paid. So we take this very, very seriously. And the transformation is clearly much more evolved than what it was three years ago. And now, pretty much every group in the company has a customer-focused metric. Whether it's product development and supply chain, eCommerce, or our global accounts customers. So everybody is measured on a customer-centric metric, which allows us to then drive the focus that's stated. And it's one of the top priorities for our COO, our CEO, my boss who basically runs all of the PC plus the IDC group. It's a key focus for him. So clearly, it's something that we take very, very seriously, and we are all trying to evolve with this one metric that we can look at and say, "Are we making absolute progress as a company, or not?" Stephanie: Got it. So a lot of times, metrics can actually have unintended consequences where maybe someone's trying to meet that metric and they're not doing the best thing to meet that. Did you see that when you guys were thinking about creating that customer metric? Did you see anything go wrong where you're like, "Oh, that's actually not a good one to rely on?" Any learnings throughout that process? Ajit: Yeah, look, e-commerce, we have been measuring customer satisfaction for the last, I don't know, 13 years or so. So as soon as I joined the company, two years into it, I figured out that, "Look, we need some form of getting feedback from our customers." So we have a very robust and mature process for eCommerce that we've been collecting roughly 20,000 customer feedback from a survey that we do online. So we have had a model for a long time, that uses the feedback. The biggest challenge, always, I think, is trying to figure out correlation of what factors will drive it. I think that's been the big controversy. So is it delivery metrics? Is it quality metrics? Is it product design? Is it the call center experience? So, I think there is a ton of data, and we have requested data to find out the top factors. And those factors keep changing. So- Stephanie: What are the top factors right now, that you see? Ajit: So what we see is product quality is undeniably the number one thing that the customers actually value. Hybrid customers truly value delivery. So delivery times and making sure that you're keeping your commitment in terms of products. They definitely value help in the call center as a metric. So there's probably a list of about 20, that we track. And the big ones really are product quality, delivery, out-of-the-box experience, those kinds of things. Service, as an example, right? We do surveys of customers on their service. That's a pretty important part of their feedback. But the purchase survey that we do is more around the purchasing experience. And customers are not shy, and they give you exactly you know what is important to them. And the one thing that we find is that some of the metrics that are difficult to move. Like product quality, as an example, Lenovo's product quality is very high. So it's always in the 90% range. And for us to move a percentage point on product quality is very, very difficult. Ajit: But there are several others where, like delivery and other metrics that float a lot more in this, there's ability for us to go change that, if you are focused on trying to drive certain changes. So the key for us is to say, "Which are the metrics that we can influence, that the team can actually take actions? Whether it's on the website, whether it's on trying to do training, or whether it's really trying to figure out how we message things to the customer differently, do proactive phone calls." One of the things that we do. But the key is to really identify those things that truly can be moved meaningfully, and we can put energy behind it, and then keep going. Ajit: Last year, we moved our CSAT score, or our NPS score by almost 35%. So that's a pretty substantially good jump, in terms of effectiveness. And that's because we identified a few things that we thought compelling. We had a business management system around it, we made IT changes. So all those things configured into us focusing and moving things in a certain direction. So I think that's the key. When it comes to customer-centricity, the challenge is that the customers are not standing still. Their expectations are going up every single day. So you have to do a lot more, to make meaningful progress. So you can't just stop. You have to continually change and continually improve the processes. Ajit: And that's always tricky because you have to really be at it, and you've got to use data to really understand what's changed, what's moving, what's the new irritant? You have to do social listening, you have to really start scanning your data that you get from your customers to figure out what's the new irritant, and how are you going to manage them. So it is certainly not an easy process. It's a very challenging process. But it is also something, I think, that is very, very important, if you, as a brand, need to keep your customers happy. Stephanie: Yeah, I completely agree. If you were to point to, the larger theme of being able to improve your customer satisfaction score, what was the largest thing that you changed, or adjusted, that made it so you could improve that score, by, I think you said 35%? Ajit: Yeah. So the one big thing that we changed was, we always had a very high amount of customization on the website. So ThinkPads, as you know, can be customized. And obviously, a customized product takes a longer time than if you had something in stare. So we have traditionally had a lot of our ThinkPads customized. And we made a conscious choice to really figure out how to keep stock of some of our high-flying products, or the fast-selling products. And so, that is a pretty significant shift, because when you have to ship something centrally from one warehouse, versus, you have to ship products from a warehouse or a manufacturing facility to a distribution center, and manage inventory, it obviously is not as efficient as trying to run something directly from the factory. Ajit: But we made the choice to move some other products to local distribution, to speed up delivery of our products. And that definitely helped. And we had some issues with supply. We're having some industry-wide constraints on some of the supply. And therefore, this whole process of managing inventory locally really helped us manage customer expectations a little bit better than what we're used to. So that is one example of what we did, that really helped. Ajit: Now, we also made a number of changes on the website, from messaging, whether it's a credit card processing screen, or whether it's a product page, or whether it's a configurator design. Any number of things that we feel are irritating customers, we have it list of maybe 500 items that we work through at any given time. And everybody is going through those things and fixing it. And then that incrementally adds a little bit of help. But the big ticket items are always around supply, product quality, call center management, pricing, promotion challenges. Some customers see discounts that are different, and I.e. managing those correctly... So it really is those big buckets that we want to make sure that we are focused on, we're fixing. And ultimately, the customer feels like we are being responsive to their needs. Stephanie: That's really fun, haring how you're able to drill in on a few of those things, and shift customer perception and happiness so much. Are there certain metrics that you use when it comes to, like you said, looking at what's irritating the customers, or where the website is maybe failing in certain areas? Is there a set of metrics that you look at, maybe bi-weekly or weekly with your team, to see how things are doing? And if so, what are those metrics? Ajit: Yeah. So when you talk about metrics, we have a website, a technical side of looking at metrics for the website, which is the IT organization that basically looks at all the technology stuff. It is, "What does the response time look like? What is your mobile performance? What's the page performance? 404 errors, page not found, the timeout errors on your checkout page, blah, blah, blah, blah. So there's probably like 100 things that somebody looks at every single day and then we manage those by exception. So we know what the numbers are. There's somebody constantly looking at those. Ajit: Then that is the website feedback mechanism, which is, when a customer comes online, something like our opinion lab, or a survey mechanism that basically allows customers to give you a feedback. So we randomly select customers that are on the website. We actually give them the opportunity to respond to the experience. We collect experience on their research process, their buying process, the website complexity, blah, blah, blah. So we get a ton of feedback from our customers on that particular thing. And then like I mentioned to you, we have this thing called the online ordering experience, and the purchase experience. So we get 20,000 or so responses every two weeks from all these countries, which we analyze. Ajit: Then, we obviously have social listening, where we actually listen to what the customers say. And then that is a common section where customers give us comments, and we use some form of AI stuff, to actually binge through all that stuff, to really get the sentiment analysis, and big ticket items that are coming back. And we take all of these things into a composite score that then allows us to go look at and say, "Where are we falling short? What are the benchmarks? What's the threshold? What's the competitive benchmark that we should be looking at for each of these categories? Best in class." And then we benchmark ourselves and figure out what actions we need to take, based on why this mentions the regression analysis to say, "Okay, these things actually have a meaningful impact through the customer experience. And therefore, we got to go figure out how to remove people who are giving us ones twos and threes. How do we increase our nines and tens? And then everybody in between, how do we move them up," to basically minimize the customer irritations that we have in the system. Ajit: So it's a very systematic process. There is a team that basically looks at it. There's a supply chain element that's very real. There is a services element. There is a phone sales element. There is a chat sales element. So it's a very complex set of metrics that basically transcends all of the functional groups that have a small stake in that experience, as the customer goes from the website research, to buying the product, getting it serviced, talking to a customer rep'. So we take the end-to-end customer with journey and figure out all the points, if they touch something, and figure out how to measure them, so that we have an accurate understanding of where the irritant is, and what we need to do to make it better. Stephanie: Got it. So I know when it comes to getting feedback, I go on websites all the time and it's asking me to do a survey, give feedback, and at least for me, I don't normally do it. I just X-off, and I try and find what I want. How are you incentivizing these potential buyers or buyers to give you the feedback, and take these surveys, and get them to do what you want? Ajit: It's tricky. You have to do it in a way that doesn't bias the sample. And that's what I'm most worried about, is that I don't want to incite people to do the wrong thing. So what we do is, we have a... What I've noticed is that the core customers, they are actually always very vocal, especially if they are a brand loyalist. So we get a steady stream of feedback on brands loyals, which is great because I think they are finicky, and they are brand zealots, and they really take pride in making sure that they're providing feedback on things that they like and things that don't like. And quite frankly, it shapes perception and product strategy in many ways because it's a big group of customers. Ajit: The tricky part is the random customer, or the customer that truly hasn't built a relationship with us but just bought something. Those folks, we have to figure out how to drive the subscription into the process a little bit more meaningfully. We periodically a 5% off coupon. We periodically send out emails to people who have bought product. We always send out emails to people buy products for us, saying, "Give us feedback. Tell us what is it that we have done well, and what are the things that we haven't done well." On the phone, obviously, we have more success because we get a chance to talk to people. But it's a combination of things. In the past, I remember like five, six years ago we would run contest that basically gave prizes for people to actually participate. And then we reduce that a little bit, because it may tend to bias the sample a little bit. Ajit: Look, online reviews is the other one. We have a very robust online review process that we have on the website. So we get a ton of online reviews of our particular products also. So we use that, sometimes, to also incent people to give us more feedback. So there isn't a one size fits all answer for others. It just depends. Again, in some countries we get local feedback, and some others... And so, countries where we don't get as much feedback, we try to figure out what's the right way? Can we leverage our community? Can we leverage our brand? And other things. Can we gamify it? So there's lots of strategies depending on which country and which part of the world you're in, to incentivize the customer to actually engage more readily. In some countries it's a challenge. Just because it is challenging in countries like Europe, where trying to get around some of the privacy laws can be tricky. So it's a balance. But we have tried discounts, newsletters, contests, reviews, and rating, promoting them. Ajit: Having said all that, I do believe that building a community and trying to nurture that community is probably the easiest way for us to get more and more feedback, which is what we are trying to do, is to try and figure out how to engage these customers more meaningfully over a longer period of time, beyond the purchasing. But we're connecting them with the brand. And then, I think that that solves some of the feedback issues, because I think we can get a much higher response rate when that happens. Stephanie: Yeah. I've heard a lot of brands leaning towards that community aspect, at least from the people that we've had on the show. What are some of the initiatives that you guys are doing, to create that community? Ajit: Well, I won't give away all the secrets, but- Stephanie: Just give us a couple. Come on. Ajit: So the big communities that we are focused on, obviously one is SMB. SMB, we fundamentally believe are underserved. And I think that there's going to be a lot more SMBs in the workplace, going forward. Because I think a lot of them are millennials and Gen-Zs are very entrepreneurial. With the advent of technology progressing the way it's progressing, and digital technologies becoming more ubiquitous, but with the online space, I do believe that we will see a lot of internet businesses springing up. It's no longer really difficult for somebody to actually open a business or start a business if they have a good idea. So you will see a significant number of people actually coming online in the SMB space. And we are obviously very aware that we need to provide them an experience, a community, and a set of resources that make them productive and useful. Useful in the sense that, we give them something that is useful for them to be more productive. Ajit: So part of our challenge is to try figure out what is really important for them. So we definitely think community is important. But the work, I think, is very, very important. And the question is, "How do we drive relevance? What is really important for the SMB customer as they are online, beyond the products that they buy from us? How do we get them more out of technology? How do we get the more out of their work, their productivity, and how do we make sure that they are ultimately successful as they are part of our ecosystem?" Ajit: So I'll give you an example. Maybe they can hear from other SMB customers who are probably struggling with similar challenges. Maybe the ability to belong to a community that has other people doing similar things, or at least dealing with broad themes that they're dealing with, money, resources, training, those things become important. So the question is, "Can we provide some of those things to our SMB customers that make their lives a little bit easier, and therefore their affinity for our brand a little bit higher?" So that's one thing that we are definitely doing for SMBs. A lot of work to be done. We are just at the very, very early stages. But we do believe that a well thought out, longterm strategy will definitely help our ecosystem and our customers. Likewise, we will be thinking about students and gamers, and trying to figure out what we can do meaningfully to nurture the relationship we have with them. Stephanie: Got it. Have you shifted your strategy around online learning, students, gamers, since Covid started? Did you guys have to go into a quick pivot mode to start doing something different or planning for a different future than what you were maybe planning for six months ago? Ajit: Well, we started this strategy two years ago. Haven't changed much. So therefore, we do have a leg up because we have been thinking this for a little while. Covid just made it a little bit more easier to sell, and get traction. But the strategy we are on has basically been in place for a while, because we have been building IT capabilities and some of those things that we need to service our customers. This is not something you can just spin up in a day. These take much, much more longer-term. And there's plenty of partnerships and relationships that are [inaudible 00:42:24]. So it's not, certainly, something that you can just copy, or you can just do. It is capital-intensive. You need to put money into it. You need to do a lot of development. Do you need to really start thinking about the strategy much more clearly? So it's certainly not something that's the thought about yesterday. But I think that there's a lot more that we need to do to be relevant and to drive this to a scale. Stephanie: Cool. So I've heard that you like behavioral economics. I was wondering- Ajit: Yes. Stephanie: Yeah. I watched a few videos. I'm like, "Oh, me too." What principles have been useful, or how have they shaped the digital experiences that you build at Lenovo? Ajit: Yeah. Look, pretty much everything that you do on a website, or you do on business lends itself to some of the principles from behavioral economics. And some of them that are really interesting... I became a fan of behavioral economics with Dan Ariely, who basically is local here at Duke. And we had Dan come to campus and speak to our people a couple of times. This was like maybe seven, eight years ago. So I've been a big follower of it. And clearly, what I understand from it is that people are predictable, and they can be predictably irrational in how they make decisions. So sometimes, common sense is probably overrated, believe it or not, when it comes to some of the design principles and some of the things that we do from a merchandising and marketing standpoint. Ajit: So big couple of things for me is, look, people want to compare things, right? And they freeze when they're not able to compare things that are similar. If you give them these similar things and ask them to compare it, they always rationalize it to something that is a common denominator. So as an example, you don't have to bet an apple to an orange. Obviously, they are very different fruits. And to ask them to really say which one you like more becomes a preference issue, more than a rational exercise. And so, if you're truly asked them to assign value to it, more likely, they are going to say an apple cost $1 and an orange costs 50 cents. So maybe the apple is 2X better than the orange. That would be the natural way of thinking. Ajit: Now, when you tell them to compare a PC of one kind to a PC of a completely different kind, they are likely to be completely lost because they just are not able to understand the fundamental differences between them. Or, it would take them an inordinate amount of time for them to actually compare the products, disparate products. And so what they do is they start thinking about price. And price is not necessarily the best way to make a decision on something that basically is going to be your technology partner for a few years, and going to make you productive in the kinds of things that you need to do. Ajit: So I've realized that look, you have to really enable a comparison of products in a much more meaningful way. So make sure that the customers don't have to really go out of their way to think about how to compare products. And obviously, it's challenging when we have so many products coming out at this breakneck speed, that some of the technology cannot keep up. But to me, comparing things is an important paradigm, in my opinion. Stephanie: It brings back the memories when I used to open up a bunch of tabs to compare products before the company started shifting to that comparison model. But I do still think there's a long way to go when it comes to, especially comparing tech. Because when I'm looking at a computer and it's saying, "Here's all the specs of this computer." A lot of those things, I don't even know, why would I want to upgrade? Whereas if it said, "Well this means that you'll be able to store this many pictures versus this." Or, "You'll have a much faster internet speed," or, "Remember how your computer's working really slowly when you try and open up Photoshop? It won't do that anymore." It would be nice to start seeing a more consumer perspective of, "What does this do for me?" Instead of just being like, "It's this many terabytes," and all the technical specs to it. Are you all thinking about that kind of shift, or how are you incorporating them? Ajit: Definitely, comparison of products is a big thing. Search, how you do search comparison is a big thing. So we are absolutely focused on it. And to make things worse, the mobile form factor doesn't facilitate very readily, comparison of complex things. So we have to figure out more elegant and meaningful ways in which we can have people compare products on a small form factor like a phone. So yeah, clearly very, very important, on top of our list. Always challenging, always evolving. So yeah, we have to go figure out how to do that. Ajit: One other thing that I would tell you when it comes to behavioral economics and behavioral science is, bias, the role of bias. And I think that this is a big one because I think people will generally, when they're making decisions, executives like me included, we make decisions based on anecdotal evidence, based on what we have done. And we take that size, and of one, and we try to generalize, hypothesize our theory based on a bad experience or a good experience. And we extrapolate that to the population and end up driving everybody crazy and not looking at numbers the right way, and ignoring numbers, and making decisions that are suboptimal. Ajit: So, the work by Kahneman and some of the work that the Israelis have done, especially because it seems like that's where all of the cool stuff is coming from on behavioral economics, from the Hebrew University, the work is really, really telling us not to be biased, and to suspend judgment, and to really focus on what the data tells us, and to pay attention to not fall into the trap of the bias. So, it takes a while, and it takes a lot of effort, but I think it's a good reminder for us to really focus on managing and minimizing our biases, so that we can make optimal decisions that affect our customers in a very positive way. Stephanie: Completely agree. Do you all do trainings at Lenovo? Whether it's for the executives, or the employees, when it comes to how to create surveys and look at the data in a non-biased way, and collect data from certain people, where it's not biased. Do you do anything around that to teach those principles? Ajit: I also teach, sometimes. So I have been pushing this very heavy and hard with my teams. And obviously, a lot of the executives read these books, so it's not lost on them. But look, because we have such a huge direct customer-facing interface, the focus on the online space has to be much inordinately higher, because I think the impact is much, much higher on the direct interface. So we are definitely driving this. A lot of our people are classically trained. They all go to classic UX/UI trading. But more and more, I also have started relying on quantitative data at scale, for making decisions, rather than opinion. So I am not, and my team hates me for this. But I'm not a big fan of qualitative information. I would much rather not ask people anything and just look at the data and interpret the data and start making decisions. Ajit: Because people say one thing, and they do another. And it's not a new notion. I think a lot of people know this. And at scale, when you're talking about tens of millions of records, I think the data doesn't lie. In fact, if the data says that, then that's what we should do because it services a majority of our customers positively. So that's the other principle that I use is, "Don't ask, just look at the data and try and make decisions based on the data. Try to understand the data, and then design your tests and your experiments based on what you see, rather than asking a bunch of people in a panel, and they'll tell you some stuff." And I'm sure it goes in some places, but I am always skeptical when that happens because I'm worried about bias. Stephanie: Do you think, from your experience, a lot of companies are still focusing on that qualitative data and it's actually leading them down the wrong path, or they're creating either new products or new website experiences that are probably going to fail because they're using that qualitative data? Ajit: I am sure people are. But I think people also... They all read these same things. But I think there is probably enough anecdotal evidence that suggests that there's lot of people who still use those principles. So I don't know the exact number, and any guess that I would venture would be wrong, so I would not venture it. But my sense is that yeah, it requires activism, like for some of the people and the executives, to actually read the books, get interested, get excited, and then drive everybody to get to follow it and understand it. It's a field that's still evolving. So it takes effort. Right? And then the infrastructure that's needed to do at-scale testing, and A/B testing, they're not cheap. It's expensive. Ajit: So, I think the question is, how many people are driving digital transformation? How many people are digitally savvy? How many companies are? And my sense is that that's a very small number. I think everybody's talking about digital transformation now, because of all the issues that are around them. But I can tell you that the number of companies that are digitally savvy after you take out some of the tech companies and the internet companies, is very small companies. There are a few who companies have a pretty big gap. So my sense is that they're not, probably, using it as much. Stephanie: Yeah. I completely agree. So, zoom out a bit for the last couple of minutes. In the world of e-commerce, are there any big disruptions you see coming or what do you see in the future, that you guys are planning for? Ajit: Well, I think this whole transformation, this whole crisis actually points to the fact that the digital transition will be much faster. I think that people have realized a couple of things. One, travel, may be overrated. People have realized that education, going to school, sitting in classrooms, may be overrated. People are going to realize that working from home is not such a big deal. And so, I think the workforce productivity, the online education, travel as a paradigm, and how companies operate, all of that will, I think, become ripe for disruption. So you will see, increasingly, technology solutions practices that's going to upend a lot of the work practices, and the educational practices. So that's happening. That's going to happen, and it's going to accelerate. Ajit: Clearly, I think that this will also boost some of the technology things like AR, VR, IOT, both from home and from work. I think it'll accelerate some of those things because it'll be a natural extension of some of the things that people are doing. I think the move to cloud is going to get accelerated, because I think everybody wants access to everything. As 5G comes, I think a lot of these things that are laborious today might experience a complete revival, and complete transformation when it comes to speed, and feel, and what's possible. So I think that the time is right for us to get much more digitally-connected. Ajit: The last one is mobile, in terms of what's going on with mobile and how mobile is going to get a face, or as 5G comes on. So it'll be interesting to see how retail, how millennials and gen-Zs, how SMBs, all of these groups of people that make up a pretty significant part of the population... I think students, gamers and SMB is probably at about 40% of the world's population. So you'll see that there's going to be a significant shift, quite rapidly, in the next three to five years. And there's going to be a considerable amount of disruption that'll happen as a result of this. Ajit: You will see winners and losers. This will be probably a long list of people we're going to go out of business if they're not able to adapt quickly to some of the changes that are happening. The companies that get it naturally will have much bigger gains, which will make them much more competitive, and difficult to beat. So you will see a lot of winners and losers emerging out of this whole crisis, and as the digital evolution continues in a significant way. Stephanie: Yeah. I love that answer. So before we move on to the lightning round, which is where we ask a question and you have one minute or less to answer, are there any other high-level thoughts or words of wisdom that you want to drop in the podcast? Ajit: No. Well, I just tell the people who are in this space, the eCommerce space, that their time has come, finally. So they should just buckle up and help their companies and see where the ride goes. Stephanie: I love that. All right. So the lightning round, like I said, brought to you by Salesforce Commerce Cloud, is where I will ask a question and you have one minute or less to answer it. Are you ready Ajit? Ajit: Okay. Stephanie: All right. What's up next in your travel destinations, after we're allowed to travel? Ajit: I would like to go to Cuba because I'm running very low on my cigars. Stephanie: Wow, that sounds cool. All right. What's up next on your Netflix queue? Ajit: I just finished Ozark. And I'm trying to figure it out how to watch The Last Dance. But it's not on Netflix, unfortunately. Stephanie: Maybe Hulu? Ajit: I've been watching Heist. So maybe I'll keep watching that. Stephanie: Cool. What's up next for... Is it lunchtime there? I guess a little bit past lunch. What's that next for dinner? Ajit: Dinner, I had cooked on the weekend, some lamb curry and some roti. So I'm going to just reheat that and eat it. Stephanie: Yum. What's up next on your podcast list or your reading list? Ajit: Ah, reading. I'm reading The Billion Dollar Whale. Stephanie: What's that one about? Ajit: It's about this dude, Wall Streeter, who basically flees a billion dollars right under the nose of Wall Street and big finance people and everybody else in the world. So it's like DiCaprio movie. Stephanie: Oh, which one is that? The Wolf of Wall Street? Ajit: The Wolf of Wall Street. So it's loosely a character like that. So I'm just a quarter into it. It's unbelievably engaging and interesting. Stephanie: I have to look into that. Ajit: Yeah, you should. It's pretty cool. Stephanie: You have a few, you said? A few more books that you're working on? Ajit: I still haven't finished Homo Sapiens, and some of the books that he had written. So I'm still trying to figure it out when I can finish those, with things slow. Stephanie: All right. What's your favorite tool or technology that you're either learning right now or you're thinking about implementing in the future? Or it could be a skill? Ajit: I don't know about skill. I don't know very many skills. Technology. We are constantly thinking about technology. And the big technology that we are thinking about is how to drive the subscriptions business. So it really is trying to figure out how to give customers the convenience of buying something as they pay-for-use concept. Because I think it's becoming very, very clear that the reason why people like Netflix and Adobe and some of our other customers and clients are successful, is because people are able to pay. And in [inaudible 00:58:45], I think that business model is very appropriate. People don't want to spend a lot of money upfront. So trying to figure out how to make their lives a little easier. Stephanie: Awesome. Yeah, I definitely- Ajit: Hello. Stephanie: Subscription business. All right, the last big one. So it sounds like you guys are doing a great job of staying ahead of expectation, and your competition. So in your opinion, what's up next for e-commerce professionals? Ajit: Well, I think it will become a key priority for most organizations. I think the digital transformation plus e-commerce, if they are in a business that does e-commerce, will become a major priority. The key will be to try and figure out how to build out that strategy in a meaningful way. If they are global, I think they have to figure out how to make it more global. If they are not global, they have to figure out how to get more local. Either way, you really have to figure out what that business model will look like. And it's not going to be easy because you have to deal with legacy systems, and you have to deal with legacy operating processes, and you have to deal with the legacy sales force and the legacy set of go-to-market strategies. So trying to figure out how to meaningfully make sense of it. There's a bunch of companies that are doing well. But there's going to be a bunch of companies that will have to figure this thing out. So they will be busy, and they will be in demand. Stephanie: Awesome. Love it. Any final plugs before we hop off the podcast? Ajit: No. I just want to say that if you have good people that work for you, you should try and figure out how to hold on to them, because it's going to get a mad rush to get to good people. Stephanie: Oh yeah. I completely agree with that one. All right. Ajit, it's been a blast. Thanks so much for coming on the show. Ajit: Thank you so much, Stephanie. I enjoyed our conversation.  

Do you get down on yourself cause you can't focus or commit to one thing?  Do you feel like you're failing when it comes to all the advice the gurus of society tell you you should be doing?  Meet Marie Forleo.  Oprah calls her "the thought leader of the next generation" and her mantra, as well as her New York Times Bestselling book, is Everything is Figureoutable.  Figure it out is exactly what she's done: as a bartender, a Wall Streeter, one of the first Life Coaches and Nike Elite Dance Athletes, the creator and host of the award-winning Marie TV with an audience that spans over 195 countries.  She used to feel like a freak who couldn't focus until she coined the term "Multi-passionate Entrepreneur", leaned into her strengths, and stopped apologizing for the gifts she was born with.  Now you can too.  Let Marie Forleo tell you why EVERYTHING is figure-out-able.  Show Notes are available on our Website  Guest Links    Instagram: @MarieForleo   Marie TV   Marie's Website   Get Marie's Book: Everything Is Figure-Out-Able  Show Links    Follow 10,000 NOs on Instagram   Tell Us Your Favorite Takeaway on Twitter    Join Our Mailing List  If you love the show we’d be so grateful if you would consider leaving a review. It takes less than 60 seconds and really helps make a difference. Plus, I love reading what you guys have to say!    This Episode is Brought to You by Poo~Pourri  Are you going crazy being stuck inside with your family...especially with the smell of their poos? Poo~Pourri is the solution for you, simply spray the bowl before you go, and a layer of essential oils traps bathroom odor before it begins. Poo~Pourri also offers hand sanitizer too: a moisturizing blend of coconut and lavender that kills 99.9% of germs in 15 seconds.   But it's not just about bathroom odor... here's why I love and endorse it.   Poo~Pourri liberates everyone from toxic thoughts & ingredients (not just the product, the company: that's their mantra), they do so much more for their community: 10% of profits are being donated to Texas charities and additional quantities are being donated to medical professionals in need.   And for 10,000 NOs listeners, you can use the code "DELNEGRO15" for 15% off your next order of $25 or more at poopourri.com 

Other topics we discuss: the power of a niche and how to find yoursThe A-Z for setting up your linkedin and using it to grow your businessJena's story of how she took a major leap of faith by leaving a secure job to pursue her true passionJena's distrust in God around finances and how she is learning to trust him in new waysGuest Bio: Jena Viviano is an ex-Wall Streeter turned career coach and entrepreneur who helps $100k+ female professionals articulate their personal branded career story to land their dream jobs.Guest Links: https://www.linkedin.com/in/jenaviviano/ Instagram: @jena_vivianoOther Important Links: DOWNLOAD THE KINGDOM CAPITALISTS DEVOTIONAL!This is a free 10 day resource written by many of the previous guests of this show! It will encourage and challenge you as you seek to build and grow businesses for the glory of God!

Jena Viviano realized that having the job that everybody else wanted wasn't her definition of success after all. Instead, it was about how much time and flexibility she had. And she paid a difficult price figuring that out. Learn how she turned all of that stress into a thriving career helping people. Jena is an ex-Wall Streeter turned career coach and entrepreneur who helps go-getter professionals articulate their personal branded career story to land their dream jobs. http://www.jenaviviano.com

Keep up the practice of self-care, and before you know it, it’s part of your daily life!  To help you maintain this deeply healing focus on self-care, I’m sharing an incredible lineup of bonus mentor challenges — one for you to complete each day, from now until our  live celebration call on January 7. Be sure to listen to this short episode/lovenote I created for you — I explain all about this bonus part of the Holiday Challenge Podcast, and more... The Holiday Challenge was amazing, thanks to you! I’m so thankful you’re part of our sisterhood community, as we practice self-care and use it as the foundation for our businesses, and our lives... I know you’ll love these powerful bonus mentors — and their challenges!  Check out our Holiday Challenge bonus episodes: Emily Cassel Craft the exact kind of upcoming year you want to have, all in a way that’s both soulful and strategic. As a Leadership + Business coach, Emily supports ambitious women entrepreneurs as they embrace soulful strategies for success so they can create more impact (and income) in business and beyond. Jump into Emily’s challenge and create more spaciousness in your life and work. Anna Goldstein Imagine being able to help your clients live out their full potential, just by encouraging them to be more kind! Inspiring, isn’t it? In this challenge, we talk about the energy of kindness, what’s happened in my life because of the kindness of sisterhood — and what can happen for you, too!  Sydney Campos Today’s challenge is so beautifully simple that, as Sydney herself says in the episode, you might wonder whether there’s something missing!  But don’t be fooled — Sydney’s invitation for us will actually uncover insights within each of us about what we truly desire. What unmet needs do you have, deep down? Sydney’s challenge will unlock them. Molly Nichols You’ll be inspired by this challenge with Molly, a renowned fertility coach and healer, when you hear that (just like you) I experience moments of fear of comparison around putting myself out there in the world through my coaching business. And I have a feeling Molly’s challenge will take you by surprise! Jeanine Staples This challenge is perfect for the busy times of year when it’s so easy to rely on a to-do list and live life on autopilot. Dr. Jeanine Staples, isn’t going to let us get away with that! Her refreshing challenge is easy to implement and also has big results. Allison Braun Allison began her business as a sexual expression coach, known by her clients as the Bedroom Joyologist. She quickly noticed her clients were starving for more enjoyment, pleasure and ease — not just in the bedroom but in their careers and businesses, too. Allison’s challenge is all about how pleasure can be productive. Lisa Fraley & Genevieve Shingle Jaffe This challenge from Lisa and Gena — attorneys who specialize in working with creative female entrepreneurs — is all about setting you and your business up for success in the new year. It’s different than goal setting because it has to do with taking simple actions that we normally avoid because they feel heavy or stressful. Don’t miss this info-packed challenge! Ali Shanti Also known as Alexis Neely, Ali calls herself a “truth-telling lawyer and a business priestess.” In this challenge, she talks about creating a positive relationship with the legal, insurance, financial, and tax systems in your business so things run smoothly — PLUS guidance around coming into right relationship with your entrepreneurial archetype. Rachel Pesso Website designer Rachel’s challenge is all about creating a vision to help you recognize your own inner light. Nurturing yourself through self-care gives you the inner resources to step into your power as a business owner and a leader. What a brilliant way to set the tone for this coming year when you finally become a sought-after life coach! Lisa Fabrega Coach and courage curator Lisa’s challenge is all about the energy of commitment. We talk about what can happen for you if you choose to commit yourself to be here and present in the new year! Julie Santiago Today’s challenge from Julie, a Wall Streeter turned women's empowerment coach, especially inspirational, as it asks us to look inward and ask ourselves: What are we contributing? You might notice Julie and I are both a little giddy, not only about our budding friendship, but about how invigorating it feels to use our gifts to be of service. Jennifer Racioppi Jennifer is a coach with expertise in astrology, positive psychology and women's health — and her challenge is one of the most important things we can do to honor the many different religious, spiritual, ancestral and personal beliefs we share in this powerful sisterhood.   Hillary Weiss Copywriter extraordinaire Hillary’s challenge is all about how to uncover YOUR personal point of view — and get seen and heard when you put it all into action with a social share. You’re going to love this! Andrea Owen You may recognize Andrea Owen as host of the podcast “Your Kick Ass Life.” She’s got a simple and energizing challenge for you. I love Andrea’s wisdom in this episode, including: “As we practice letting go of behaviors like perfectionism, control, isolating, people pleasing and numbing out— courage is practiced instead. And courage breeds confidence and happiness.” She’s got a simple and energizing challenge for you! Sora Surya No Sora’s challenge is about celebrating the amazing things you’ve done this past year. She’s a sacred space holder, badass sorceress, transformative business coach and international retreat leader — I know you’ll enjoy honoring your accomplishments for the year! Ginny Muir Ginny was my first health coach and has become my best friend. Her challenge is about completing our experience together and preparing for our live celebration call by going into the depths and shadow of the feminine with intention and ease. Complete one bonus challenge each day, sister — can’t wait to connect for our live celebration call on January 7... For now, take a few moments and listen to this short bonus episode I recorded for you! How to Play Full-Out 1. Earn a Full or Partial Scholarship to Mentor Masterclass If you’d like to be considered for a full or partial scholarship to Mentor Masterclass, download a copy of the Holiday Challenge Reflection & Support Guide (or “workbook”) here.  The workbook contains the reflection questions for podcasts you’ve already listened to during the week, to help reinforce and review what you’ve learned. Simply follow the instructions inside the workbook when you receive it.   The workbook is also your scholarship application. To be considered for the full or partial scholarship, follow the instructions on the workbook information page. Make sure to email your completed workbook between Sunday, December 15 and Wednesday, December 18. (The deadline to enter is 5pm ET on Wednesday, December 18.)   We’ll choose a scholarship winner and announce her name during the Live Call on Tuesday, January 7, 2020. You must be on the call live to win. To make sure you don’t miss it, sign up for the live celebration call here and reserve your space NOW. 2. Reserve A Spot on the Guest List for our Themes Call Now!  Take a quick moment to sign up for our free live sisterhood celebration, The Power of Themes call on January 7. 3. No time to apply for the scholarship to Mentor Masterclass?  You can still fill out a regular application to be considered and approved to be one of the lucky women to invest and join the Mentor Masterclass sisterhood before spaces fill up for 2020! We’re only able to accept a limited number of women in the 2020 class, so the time to join is now. The incredible enrollment bonuses you’ll get are worth $7,300 all on their own — and this is the only time of year we offer these coveted bonuses! (And psst… you’ll hear more juicy details about these bonuses during our live wrap-up call on Tuesday, January 7.) Yours in sisterhood,  Jey Have Questions? If you have a question or need support, follow these two steps: Step One: Take a look at our Frequently Asked Questions document. There’s a good chance you’ll find an immediate answer to your question. Step Two: If you don’t find what you’re looking for, then send an email to Support@MentorMasterclass.com, and someone from our team will get right back to you.

Today’s challenge from Julie, a Wall Streeter turned women’s empowerment coach, especially inspirational, as it asks us to look inward and ask ourselves: What are we contributing? You might notice Julie and I are both a little giddy, not only about our budding friendship, but about how invigorating it feels to use our gifts to be of service.

  Jena Viviano is an ex-Wall Streeter turned career coach and entrepreneur who helps go-getter professionals articulate their personal branded career story to land their dream jobs. Stay tuned to hear us chat about Wall Street, faith journeys, shifting mindsets, eating disorders, and hear me drop Beyoncé’s name because of course! (Bonus: we have a quick chat about dating because Jena has an incredible boyfriend!)   Wall Street ·      We chat about what happens when we achieve the thing we think is going to fulfill us… and turns out it doesn’t fulfill us at all. ·      “God, I don’t know if you are real, but if you are: get me out of here.” ·      During her time on Wall Street, she developed an eating disorder. ·      “Instead of trying to fix the things that are “wrong with me,” why don’t I just lean into the things that I’m really good at.” ·      Jena shares how she was able to make a career pivot.   Integrating Faith at Work ·      “For a long time, I thought about my job being my provider, but really the reality is God is my provider. That mindset shift helped me take bigger risks from taking that side hustle to full hustle.” 1.     Stay silent vs. Bible beating—it doesn’t have to be one or the other. Hear how Jena balances sharing her faith at work. 2.     Are we using our gifts? Are we encouraging others to do the same? 3.     Pray and put action behind it.  4.     Take a redemptive lens to work. 5.     How does generosity play into your work? 6.     Instead of compartmentalizing, show up as a whole person.   Battling an Eating Disorder ·      Jena sought counseling, health coaching, and rewired her thoughts. ·      The first step to healing was changing the environment she was in. ·      Bottom line: there is hope!   Keep up with Jena at her website, podcast, Instagram, and LinkedIn. You can get her free devotional at www.jenaviviano.com/wordatwork.   Single ladies— are you frustrated by the dating world? This is brought to you by my free guide called “6 Tips to Activate Your Dating Life with Intention and Clarity.” These resources propelled me from sitting on the couch to out on a date. Head over to Bit.ly/trwdating to check it out!    XO, Kat

Today I have my dear friend Jena Viviano on the show to talk about our faith and our businesses.    We’re covering things like — How do we share our faith in our business? Should we at all? How do we truly invite God into our business as Christians?  We talk through 5 rhythms you can adopt to help you incorporate your faith and your work beautifully.    Jena is a Wall Streeter turned tech start-up junkie. She’s a talented career coach and entrepreneur who helps mid-to-senior level ambitious professionals land their dream jobs. She’s also a dear friend and past website and branding client of mine! She loves to talk about the topic of Christianity in the workplace — which we are focusing on today.    This is such a beautiful conversation with a sweet friend, and I’m so pumped to have her as my first official guest on the show! (Besides my sweet husband who came on earlier this year!) Sit in on our conversation about faith and work — this is the real stuff that we talk about as friends and we want you to sit in on the conversation! This is an important conversation if you’re a person of faith, and I’m so excited to share it with you!  Links mentioned in this episode:  - Jena’s Word at Work Devotional  - The Circle Maker by Mark Batterson - Fervent by Priscilla Schier  - How to Get a Date Worth Keeping by Dr. Henry Cloud - The 4-Hour Workweek by Tim Ferriss   Click here for the full show notes to get even more from this episode!  Visit Jena’s website here! Visit Elizabeth's website here!

This week’s Misfit Entrepreneur is Adam Robinson. Adam is a serial entrepreneur who has started and bootstrapped multiple companies to 7-figures, most notably, Robly and his latest venture, Get Emails. But, he didn’t start out down the entrepreneur path. He was a trader and investment banker for almost a decade before he made the leap to entrepreneur. In 2017, he made a major change at Robly, where the company changed from everyone coming into the Manhattan office ever day to becoming a fully remote organization – and Adam decided to go on the road working remotely while traveling the world. ​ I am really excited to explore what this change was like and what he learned in addition to his insight on entrepreneurship and how to bootstrap a multi-million dollar company in today’s episode. www.GetEmails.com Get 10% off by using the offer code Misfit when you sign up! ​ www.Robly.com When Adam graduated from college, a friend of his convinced him to go up to New York and get into the trading and investing markets. He managed to get a job at Lehman Brothers. He showed up in New York and was sharing an apart with a few other guys. These guys happened to working on building a business by the name of Vimeo. Adam watched this group of guys begin to flourish and see them really enjoy the fruits of entrepreneurship. While this was going, Adam was doing great at Lehman. He was trading credit default swaps which were the instruments at the center of the 2008 financial crisis. Even though he was doing well, he felt that he had a calling to pursue and build his own business. He managed to save a decent amount of money and in 2011, he left the investment/trading business to start his own business. He invested in several businesses and lost his money. As he says, “The overconfidence of being a Wall Streeter is a real thing.” He didn’t know how to build a team, operating an organization, etc. Fortunately, one of the things he invested in got some legs and eventually became Robly. At the 7:30 mark, Adam talks about how Robly came about and some of the biggest lessons he’s learned on his entrepreneurial journey? Robly came about in a what Adam calls the “luckiest way” Adam made a YouTube video, and the CEO of a failed company, that Adam and his brother were trying to essentially copy and do a better job with, found it and invited him to come meet with him. The CEO showed Adam everything that his company had done wrong and how it could be done right. The CEO essentially gave them the structure of the machine and also showed them some insight and a niche of how to get customers. The big lesson is that “Unless you are very confident that you have an unfair advantage when you are starting, or if you think that if it works out 10% as well as you think is possible that it’s still a great business, keep going.” The key to success was developing one of the first “remarketing” features in the space. Successes and Failures? The main strategy of working the list they had and staying very true to the niche of servicing customers that measured success by “open rate.” It was the success and failure at the same time of Robly to date. Adam had 30+ people dialing every day to sell them. The list ran out faster than Adam thought and trying new lists to market to, outside of the main channel, were not working near as well, so margins began to shrink. The big lesson/failure here was that while things were going well with the main channel, they should have been developing an offering for several other channels/customer types. Because of this, Adam was forced to let go of about 25 of his staff and decided that it would better to make the company a remote work company. Going remote worked out tremendously for the company and the team. Tell us about Get Emails… It is a technology that allows customers to identify up to 35% of the anonymous traffic on their website and get their information to be able to market to. It works because the people identified have opted in and are Can-Spam compliant with lists that can be shared, so they can be given to a business to market to and see who is on their site that may not being captured. This is only legal in the U.S. currently because of the U.S. Can-Spam laws. The only rule is you must have an opt Out link in what you send out to these leads. It is the ultimate niche business. Talk to us about the results you realized from going fully remote as a company? It would have been hard to do with 35 cold-callers. When they scaled down, it made more sense. The effect on the employees when it was done, was night and day. The productivity went up tremendously simply by taking out the daily commute into an office in New York. They eased into it, first going 2 days remote, then 3, and then ultimately full remote was the right way to do it. Having a good operations manager/leader in place will make it easier for you. The employees are happier, turnover The cost is potentially some missing creativity/idea generation that you get when you have a bunch of people in the same office all day, but it is minimal – and the overall benefits outweigh it. What is your best advice on how to be effective as a remote CEO? You must do everything possible to stay connect to people. You must make sure and even over-invest in ways manage and measure accountability. Manage things on a week by week basis with the employees. Have them articulate what they will do over the next week and then when you meet the next week, have them report on it. Track deliverables clearly and concisely What is most important when hiring a remote workforce? The ability self-manage is the single most important skill to have. You need to figure out how to identify the self-management quality when interviewing Having solid remote work experience on a resume is one thing to look for. Interview for examples of times in their life that really required self-management Was there anything that you learned as an investment banker that helped you on your entrepreneurial journey? [Laughs] Almost nothing Adam was shocked when he went out to start a business and sell real products to clients. It was a rude awakening, as nothing he had done really prepared him. His experience would be beneficial in raising capital is needed. Adam learned through self-education ​ What is something you think every entrepreneur should know? Start with an unfair advantage. Find that hack or niche or thing that gives you a real clear advantage. You must have cushion for the mistakes you will make.   Best Quote: A sign that you are on the right track in business is that it will feel so much easier from the beginning vs. trying to force something through. If you haven’t felt that feeling, you need to dig deeper and find a bigger edge or differentiator.   Adam's Misfit 3: It’s all about the team. Not just in your professional life, but personal life. Find the best people to put around you in all aspects of life. The brand is far more important today than it has been ever, especially if you are in software. A sign that you are on the right track in business is that it will feel so much easier from the beginning vs. trying to force something through. If you haven’t felt that feeling, you need to dig deeper and find a bigger edge or differentiator.

Confession time: There’s one major platform on the internet I’m not using to its max potential.  I’ve got Instagram down to a science, a healthy and effective strategy on Facebook… But there’s still one big one that eludes me and that platform is LINKEDIN.  Like my profile is there, I have a really old picture, a few notes about me… But that’s it. So like I always do when I want to learn and grow new skills and knowledge, I’m turning to an expert.  Jena Viviano is an ex-Wall Streeter turned career coach and entrepreneur who helps go-getter professionals articulate their personal branded career story to land their dream jobs. If you want to leverage LinkedIn to attract new career opportunities, make professional connections, and potentially grow your business, this is your episode. This is a masterclass in all things LinkedIn. GOAL DIGGER FB COMMUNITY: https://www.facebook.com/groups/goaldiggerpodcast/ GOAL DIGGER INSTAGRAM: https://www.instagram.com/goaldiggerpodcast/ GOAL DIGGER SHOWNOTES: https://jennakutcherblog.com/linkedin/ 

In 2017, writer, photographer, and reformed-Wall-Streeter-turned-social-critic Chris Arnade appeared as a guest on the Strong Towns Podcast, in an episode that has been one of our most popular and was featured in our Greatest Hits series (listen to it here). Today we've brought him back for another conversation. Arnade became a journalist by accident—the culmination of a journey that began as a series of long walks in his city of New York to “the places they tell you not to go,” talking to anyone who would talk to him. Since then, through photographic essays that approximate a 21st-century version of Jacob Riis’s How the Other Half Lives, he has become possibly the most powerful chronicler working today of what he calls “back row America”—those dealing with poverty, addiction, homelessness, unemployment, social disintegration in communities that are rarely heard from and even more rarely really heard. Dignity, Arnade’s new book about the people in the “back row” (as opposed to the front row of the college-educated elite) has rapidly become one of the most talked-about releases of 2019. Combining photos, interviews, and narrative segments, Dignity intentionally foregrounds the voices of the people that Arnade interviews, rather than Arnade’s own interpretation of their situations or needs. Why “Just Move” Isn’t an Answer A central theme of Arnade’s work is the differences in value system and priorities that make policies promulgated by Front Row experts with elite credentials often a poor fit for the challenges of Back Row America. For example, to America’s educated and mobile elite, it might seem intuitive that the best solution to the lack of jobs or upward mobility in a place like Appalachia or inner-city Baltimore is, “Just move.” And policies might be designed to help people acquire the means to move—providing institutional social services, or lowering the barriers (such as housing cost) to living in places with booming job markets and good schools. Many of Arnade’s subjects see it differently, and he wants his reader to understand why. Maybe they’re helping a family member stay sober. Maybe they’re supporting a friend or relative or don’t want to be far from their children. Maybe it’s something more intangible than that: “Often, place—and the value of place—and it can be as simple as the metaphysical greatness you get from the lakes or hills or trees in your yard. Those things are free to people. The idea of continuity, of being in a place and knowing it values you and you value it: that doesn’t cost anything…. It’s very hard to measure the importance of staying in a community all your life, the network of connections you have, the fact that you wake up every morning and you look out and you see the same lake, and you know every nook and cranny of the lake, or you know the people around the lake. That’s hard to put a price tag on, so we tend to think about it as, “Oh, that’s not very important. People can just find another lake.” Arnade’s subjects span the full spectrum of the American “back row” experience, from rural whites to inner-city people of color. And he doesn’t shy away from the uglier sides of this experience—the vicious cycle of addiction, or the resurgence of overt racism—but he does urge us to avoid platitudes and facile moral judgments, in favor of understanding the systemic reasons that a community is in disarray. Listen to this week’s episode of the Strong Towns Podcast for more about Dignity, the overlap of Arnade’s themes with the Strong Towns movement, and what kind of policy-making process might be more responsive to the needs of all Americans and not just the preferences of elites. (Hint: it sounds a lot like the Strong Towns approach!)

Listen in as Joseph Skrajewski, Wall-Streeter-turned-addiction-educator, talks with host William C. Moyers about the difference between being sober and being in recovery. Discover why sobriety from alcohol or other drug use becomes, for many, the starting place for ongoing personal transformation. Learn more about the role of addiction treatment, the risk of relapse and the importance of addiction recovery support.

This week we are talking with Enid Viana, an ex Wall Streeter who left the demanding world of finance to build her family. Listen as she shares her tumultuous journey through motherhood and how she finally gained the control over her life that she so craved.   Listen as Enid shares how she: Relies on help to with her daily mothering tasks.Explaining and guiding her young children through divorce.Suffers from anxiety, how she copes, and how she’s modeling for her children.Incorporates working into her day while maintaining her “mom” hours.Manages differences in parenting in her divorce.Navigated an unexpected pregnancy while her marriage was on the rocks.There are perks to being single again.Her children are challenging her to be the best she should be.Leans on her parents and nurtures her children’s relationship with their grandparents.Quotables: “You want your children to see your vulnerabilities.” - Enid Viana “There’s a lot that goes into the day.  It’s like a tightrope walk.” - Enid Viana “Kids can sense, the entire vibe has changed....Happy parents, happy children.” - Enid Viana “As mothers we lose ourselves...you give up so much to have children.  We want it all. It’s so hard.” - Enid Viana EPISODE SPONSORS:  Real Plans Patreon: This podcast is made possible by listeners, like you.  We believe that community is key to motherhood, we invite you to consider joining our Patreon community and supporting us with a monthly donation on our page: www.patreon.com/momdeconstructed.   If you would like to become one of our sponsors visit: www.momdeconstructed.com/advertisingand start the conversation! All our sponsor offers are available on our website.  To get all the discounts and perks go to www.momdeconstructed.com/sponsors MORE FROM ENID Hamptons Moms Website Follow Enid on Instagram   MORE FROM MOM DECONSTRUCTED: Support this podcast on Patreon.  Leave a review on ITunes here. Sign up for our newsletter here. Follow Mom Deconstructed on Facebook. Follow Mom Deconstructed on Instagram. Follow Mom Deconstructed on Twitter.     Kate Turza, Postpartum Doula Follow Kate on Facebook Join Kate’s Facebook Group, Reality Tykes   MORE FROM LIZ: Mom...In The Works Follow Liz on Facebook Follow Liz on Instagram Learn more about your ad choices. Visit megaphone.fm/adchoices

It's always scary to hear a Wall Streeter utter the hackneyed phrase, “this time it's different.” And yet today it really is. Especially the economic conditions that make up the operating system for today's world. As markets ride a roller coaster this week, as the political environment is heavily focused on international trade and tariffs on manufactured objects like cars and jeans, the reality is that all of this is yesterday's way of looking at the economy. This, according to Jonathan Haskel, who is a member of the Bank of England's rate-setting Monetary Policy Committee (the equivalent of the US Federal Reserve), a professor of economics at Imperial College London, and the director of the school's doctoral program. He has also taught economics at the London Business School, the Tuck School at Dartmouth, and the Stern School of Business at New York University. Haskel explains in this week's WhoWhatWhy podcast that, while people once invested in things that grow (in the agrarian age) or in things that could be made with steel and sweat (in the manufacturing age), today, no matter how hard politicians try and take us back, the investments are made in human capital, in ideas, in imagination, and in zeros and ones. The problem for economists, according to Haskel, is that things like R&D, marketing, design, and software are much harder to measure and value.   The idea, Haskel tells Jeff Schechtman, is that intangible assets are created, distributed, and often valued differently than traditionally manufactured items. “Products you can't touch have a very different set of dynamics in terms of competition and risk and how you value the companies that make them.” Trying to determine the impact of all of this on the economy — when much of what is produced is abstract, symbolic, and speculative — has been difficult, Haskel explains, because so much has eluded traditional description, measurement, and accounting. For example, he laments that we lack the ability to measure a company, even one as big as Microsoft, whose market value a decade ago was $250 billion, while its physical basis — the value of its properties and equipment — was only about one percent of that. Finally, Haskel explains that the “shift to intangible investment” has widespread consequences that affect long-term inequality, infrastructure development, taxation, and other areas. It also leads to what Haskel calls “secular stagnation,” by allowing firms to scale quickly after they emerge, then engulf and overpower competitors, as opposed to enhancing an economy based on the rising tide that lifts all boats. It's clear that we can't watch the current daily gyrations in the stock market without understanding this evolving dynamic. Jonathan Haskel is the author of Capitalism Without Capital: The Rise of the Intangible Economy (Princeton University Press, November 18, 2017).

Bitcoin, Bitcoin, Bitcoin!! Its added seven mill to 50 Cent's bank account, has young people investing like never before and old guys calling it a scam. It was the hottest topic of 2017 as it hit $20,000 in value a coin when most folks still don't understand or know much about it. If the words cryptocurrency, blockchain, bitcoin and Ripple mean nothing to you now, then podd'up my friend because we have enlisted the assistance of Prath, a Wall-Streeter and early bitcoin investor to help us break it all down, and perhaps even convince Shaun to get in on it. Bitcoin - Two Black Guys with Good Credit - Let's go!! Support this show http://supporter.acast.com/2bg. See acast.com/privacy for privacy and opt-out information.

Sarah Ito is many things: an Army vet, a career Wall Streeter, a lesbian, a feminist, an actor, and a writer. She's worked alongside legendary feminist and gay rights icons like Jean O'Leary and Ginny Vida. She's the most unlikely Trump voter I could ever have imagined, but she sure knew her stuff and had really clear, well-formed opinions. Find a transcript of this episode and detailed fact checks at www.makeamericarelatepodcast.com.

Stephen Hays is a venture capitalist who knows no boundaries. As his VC firm is appropriately named Deep Space VC for a reason, he always thinks outside the galaxy. This episode delves into some tips of how to access such a VC (if you’re a startup), what it takes to win a pitch and ultimately have him buy into your company, and his past life as a true Wall Streeter. No question is off limits, and no answer is too honest with Stephen. You can also view more exciting disruptors from Rebel Role Model Magazine at  rebelrolemodel.com   You can find Stephen at deepspacevc.com

Steve G. Jones board certified  Clinical Hypnotherapist. Avoiding the Holiday Blues. Kerri Swope Senior Director at Care.com HomePay Natalia Alexandria life enthusiast, Natalia is a certified life coach, expert in personal development, author, and motivational speaker. Legally blind, she uses her personal experience of overcoming setbacks to highlight her long-standing belief that anything is possible. A first-generation American, she's an ex-Wall Streeter and business professional with a no nonsense approach to changing your life For more information go to MoneyForLunch.com. Connect with Bert Martinez on Facebook. Connect with Bert Martinez on Twitter. Need help with your business? Contact Bert Martinez. Have Bert Martinez speak at your event!

Series: More Adventures in Missing the Point

Series: More Adventures in Missing the Point