WEBVTT - Cliff Notes: Keys to Turn a Failing Company Around

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<v Speaker 2>to you by P and C Bank, a lot of

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<v Speaker 3>At what point do you really like, hit your stride

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<v Speaker 3>and become like a superstar in the space. Do you think?

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<v Speaker 1>Yeah? What what became important to me was to try

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<v Speaker 1>to try to prove that that the good things that

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<v Speaker 1>were happening weren't environmental. That became that became important to me.

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<v Speaker 1>So I kind of said, okay, Primireil was a good company,

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<v Speaker 1>had momentum us based and I kind of found my

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<v Speaker 1>way there. So now at KDS, this company's not going well.

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<v Speaker 1>Premiere was going well when I arrived. This company's not

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<v Speaker 1>going well. Can I turn that company around? Okay? So

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<v Speaker 1>that was that situation. I want to find another situation

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<v Speaker 1>that doesn't look like any either of these two, and

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<v Speaker 1>I want to deliver in that situation because it's a

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<v Speaker 1>you know now, I've got free You know now, then

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<v Speaker 1>I've got free successes different types of technology, different geographic markets,

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<v Speaker 1>different types of end customers. And if I can do free,

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<v Speaker 1>then that probably answers a question that it's not environmental.

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<v Speaker 1>It's not that I find, you know, I just I'm

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<v Speaker 1>lucky in showing up in good places. So that that

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<v Speaker 1>became that became important to me, And I would say

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<v Speaker 1>after the third one, which was core Hr, which we

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<v Speaker 1>sold to ACCESS for two hundred and fifty million euros,

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<v Speaker 1>after that one, I started to feel like I might

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<v Speaker 1>I might know what I'm doing it. It was like

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<v Speaker 1>at that point I thought, mate, yeah, well.

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<v Speaker 3>How did you turn Let's talk about the second company

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<v Speaker 3>right that you want to You became a CEO, you

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<v Speaker 3>turned it around, and you ended up selling it.

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<v Speaker 1>We sold it to an American Express for one twenty five.

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<v Speaker 3>So how did you turn it around? And what was

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<v Speaker 3>the process of actually selling the company to American Express.

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<v Speaker 1>That company was a Paris headquartered SaaS business that had

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<v Speaker 1>ninety five percent of its customers in France, So the

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<v Speaker 1>play there was geographic expansion. So we grew that company

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<v Speaker 1>in the UK, Germany and the US. So what I

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<v Speaker 1>learned at Motorola and Sales, Premieri and Sales and Oracle

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<v Speaker 1>in sales was pretty much the sharp end of how

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<v Speaker 1>we grew KDS. It was a sales play. I go

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<v Speaker 1>to my could play, So it's really kind of optimizing

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<v Speaker 1>sales and marketing in new new geographies, a little bit

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<v Speaker 1>of what I'd done at prim of Err And we

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<v Speaker 1>created a partnership with American Express where they were relying

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<v Speaker 1>on our technology for a white label arrangement to service

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<v Speaker 1>their customers and as a result of that, they were

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<v Speaker 1>kind of automating, you know, a big part of their business.

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<v Speaker 1>Meant they didn't need people to do a bunch of

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<v Speaker 1>stuff they were using the technology to do. So when

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<v Speaker 1>we knew we wanted to sell the company, we went

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<v Speaker 1>to American Express and said, we have a partnership, this

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<v Speaker 1>is delivering a lot of value for you. You probably

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<v Speaker 1>should think about buying the company, And they kind of said,

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<v Speaker 1>you know, partnership works, why would we buy the company.

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<v Speaker 1>If you know, we can just pay you to white

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<v Speaker 1>label it. So then I went to MasterCard and said,

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<v Speaker 1>we're delivering a service to American Express, you probably ought

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<v Speaker 1>to have the same service. We know you have some relationships,

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<v Speaker 1>but they're not delivering for you in the same way

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<v Speaker 1>as we are for American Express. So we signed a

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<v Speaker 1>deal with MasterCard. It was a commercial dealer at the time.

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<v Speaker 1>So then I started to negotiate an equity position for

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<v Speaker 1>them to invest in KDS. The talk track was, you know,

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<v Speaker 1>if we'd suddenly changed strategy, you're going to be left vulnerable,

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<v Speaker 1>so you should have you know, you should invest, you

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<v Speaker 1>should have a seat, you should have a say, And

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<v Speaker 1>it was supposed to be a twenty five percent. In

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<v Speaker 1>the end it was like a five percent negotiation. But

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<v Speaker 1>the threat of American Express is number one competitor taking

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<v Speaker 1>an equity position in a partner that they relied on

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<v Speaker 1>heavily in Europe brought them, brought them back to the

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<v Speaker 1>table set. It's like creating a bit of competitive tension.

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<v Speaker 1>Even though American Express didn't understand that the investment was

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<v Speaker 1>actually going to be you know, it wasn't really material,

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<v Speaker 1>just the threat of it brought them back to the

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<v Speaker 1>table and then what followed was one of the most

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<v Speaker 1>entertaining negotiations of of my life with the then chairman

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<v Speaker 1>of one half of the American Express, which was their

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<v Speaker 1>travel management business. Negotiated the deal with that guy and

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<v Speaker 1>it was just insane. It included him having me removed

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<v Speaker 1>from his offices twice by security.

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<v Speaker 3>What was such a big It was like Dame Deask situations.

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<v Speaker 2>I'm thinking, like Champagne Bowser is coming in there, how

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<v Speaker 2>did you get in this office?

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<v Speaker 1>And so it had to be removed? What it was

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<v Speaker 1>so funny? I was I was pretty I was pretty

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<v Speaker 1>young too, so I'm trying to remember what what basically

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<v Speaker 1>happened was. After the MasterCard thing, they called and said,

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<v Speaker 1>actually we thought about it. You know, we need to

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<v Speaker 1>have a conversation about acquiring you. Okay, So we all

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<v Speaker 1>showed up, did the presentation. The company at the time

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<v Speaker 1>was turning over pay five million dollars. It wasn't for

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<v Speaker 1>a million years, so it wasn't huge. So we do

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<v Speaker 1>this big presentation. He says, love the company, love what

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<v Speaker 1>you do. I'm going to make you an offer. But

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<v Speaker 1>when I make you this offer, the only thing you

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<v Speaker 1>cannot do is negotiate the offer with me. It's a

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<v Speaker 1>room full of people. We are not going to negotiate

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<v Speaker 1>the but you can ask any question you want to ask.

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<v Speaker 1>And we'd had a great meeting up until this point.

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<v Speaker 1>So he, you know, he writes standard number on the paper,

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<v Speaker 1>slides it across the table. I opened the paper and

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<v Speaker 1>it says six million euros. Now the company's turning over

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<v Speaker 1>forty five million euros. As the offer just doesn't make

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<v Speaker 1>any sense. It's less than we're paying the developers to

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<v Speaker 1>develop the software that we're talking about the company acquiring.

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<v Speaker 1>So I was so stunned when over, I was like, great,

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<v Speaker 1>this doesn't make any sense, Like where did you get

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<v Speaker 1>six million from? So see, I told you the only

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<v Speaker 1>go shake the right that's it. And he picked up

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<v Speaker 1>the phone and like just called somebody and security turned up.

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<v Speaker 1>They said, mister Forldham, sorry, you got to go. And

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<v Speaker 1>I was looking at him like in disbelief, is this really?

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<v Speaker 1>And that was the first time. Then the second time

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<v Speaker 1>it happened, it was a long way further down the cycle.

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<v Speaker 1>He calls me, he says, listen, I'm going to be

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<v Speaker 1>in London. I understand. We didn't see. I to I

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<v Speaker 1>last time. Come up to the office. I'm going to

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<v Speaker 1>set this straight. So I said to my wife at

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<v Speaker 1>the time, Oh, if he's calling me back, it's a

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<v Speaker 1>done deal. Like we don't, it's going to get done.

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<v Speaker 1>So I got to his office. It's just me and him.

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<v Speaker 1>The office is huge in London, and I arrive and

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<v Speaker 1>he's super friendly. How's your weekend? How's your family? You

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<v Speaker 1>like jay Z and Beyonce. I'm like yeah, I'm a

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<v Speaker 1>huge fan. He says, Oh, they've got the apartment above

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<v Speaker 1>mine in Manhattan or wherever, or Jersey. I'm going to

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<v Speaker 1>bring you over. You should meet them on my boat

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<v Speaker 1>next week. Like he's really laying it on. He says, anyway,

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<v Speaker 1>I realized I offended you last time. I've made you

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<v Speaker 1>a new offer. So he gives me an offer. It's

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<v Speaker 1>twelve million euros this time, and we've already told him

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<v Speaker 1>that the clearing number is one hundred million euros, like

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<v Speaker 1>you already he knows this. And I said to him, go, Greg,

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<v Speaker 1>this is ridiculous, like how could you even imagine this

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<v Speaker 1>might be possible? And it just starts screaming. He just

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<v Speaker 1>starts screaming. You know, you're an idiot. You don't know

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<v Speaker 1>what good offer looks like. I can't believe told people

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<v Speaker 1>told me that you're smart, that you know what you're doing.

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<v Speaker 1>I can't believe you've been running this company. Who's let

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<v Speaker 1>you run this company? An he calls security again, that's

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<v Speaker 1>as we removed. And then months after that we get

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<v Speaker 1>the deal done at one hundred and twenty five, but

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<v Speaker 1>it was was he still there?

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<v Speaker 3>He did the deal, So how did it go from

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<v Speaker 3>six to twelve to one hundred and twenty five. That's

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<v Speaker 3>not even close to each other.

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<v Speaker 1>Or two things happened. We started a conversation with booking

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<v Speaker 1>dot Com and they became aware of that. So again

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<v Speaker 1>the competitive tension steeping the actually free things happened. Booking

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<v Speaker 1>dot Com happened. Their partner contract with US was coming

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<v Speaker 1>up for renewal, so I terminated the partner contract. So

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<v Speaker 1>I said completely, we're walking away. Wouldn't say it's a bluff,

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<v Speaker 1>but said, you know, we're not doing us. We're not. Yeah,

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<v Speaker 1>we need to renegotiate the terms of disagreement because we

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<v Speaker 1>don't like them, and we're having other conversations which may

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<v Speaker 1>affect whether or not we can partner with you. Right.

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<v Speaker 1>That was the next thing that happened. And then the

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<v Speaker 1>third thing that happened is I called him and said,

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<v Speaker 1>I got a board meeting on Friday, and during that

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<v Speaker 1>board meeting, I'm going to be looking at free offers

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<v Speaker 1>and if I accept one of those offers, I won't

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<v Speaker 1>be able to negotiate with you to potentially acquire the company.

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<v Speaker 1>So if you want to make me an offer, you

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<v Speaker 1>have to do it by Friday at five o'clock. Okay, by,

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<v Speaker 1>and I put the phone down. There was no time,

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<v Speaker 1>and I had no board meeting on Friday either, by

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<v Speaker 1>the word right. So when I said that to him,

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<v Speaker 1>and then I was at home on Friday, I remember

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<v Speaker 1>playing I was playing Fifa with my son on Friday.

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<v Speaker 1>I completely forgot about this conversation. So I'm playing Fifa

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<v Speaker 1>with my son and I see, I see he's calling

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<v Speaker 1>my phone. I'm looking at phone. Why is he calling me?

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<v Speaker 1>And then I remember that I played this move of

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<v Speaker 1>like you've got until Friday to buy a company. So

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<v Speaker 1>so as soon as I remembered, I'm like, don't answer

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<v Speaker 1>the phone. So I just let the phone ring. So

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<v Speaker 1>he keeps ringing like he's banging the phone at this point,

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<v Speaker 1>so I turned the TV down. I'm like, Greig, I

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<v Speaker 1>just stepped out. And he said, and he says, you

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<v Speaker 1>need to not take any offers. I need to speak

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<v Speaker 1>to you. You need to step out of the meeting right now.

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<v Speaker 1>I said, look, Greg, if you want to make me offer,

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<v Speaker 1>email it to me. I'm in the board meeting right now,

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<v Speaker 1>contult phone. And then this like just happened for the

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<v Speaker 1>next fifteen minutes. This kept happening, and then he sent us.

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<v Speaker 1>He sent us an offer just on the one hundred,

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<v Speaker 1>and I said to him, you know, I told him

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<v Speaker 1>I stepped out at the meeting and I said, Tom, look,

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<v Speaker 1>I really want to do this still with you. I'm

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<v Speaker 1>really going to try it and if this number quite

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<v Speaker 1>gets you there, but I'm going to like stop these

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<v Speaker 1>discussions so that we can progress this. You know, Let's

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<v Speaker 1>take two or three days, see where we can get

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<v Speaker 1>it to. And yeah, we got it to, got to

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<v Speaker 1>one twenty five. Brilliant.

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<v Speaker 3>It's a brilliant.

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<v Speaker 4>An illegal alien from Guatemala charged with raping a child

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<v Speaker 4>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 4>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 4>filming and selling child pornography in Michigan. These are just

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<v Speaker 4>some of the heinous migrant criminals caught because of President

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<v Speaker 4>Donald J. Trump's leadership. I'm Christine Noman, the United States

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<v Speaker 4>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 4>crossings are at the lowest levels ever recorded, and over

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<v Speaker 4>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 4>are here illegally, your next you will be fine nearly

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<v Speaker 4>one thousand dollars a day, imprisoned and deported, you will

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<v Speaker 4>never return. But if you register using our CBP home

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<v Speaker 4>app and leave now, you could be allowed to return legally.

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<v Speaker 4>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 4>border and families will be protected. Sponsored by the United

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<v Speaker 4>States Department of Homeland Security.