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Speaker 2: All Right, guys, Welcome back, Episode thirty four thirty four

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Speaker 2: thirty four Releasion Podcasts Monumental. Monumental. First and foremost, thank

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Speaker 2: you guys for rocking with us. Thank you to the

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Speaker 2: city of Houston. Yeah, ball out there, and then the

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Speaker 2: whole city came out. Shout out to Texas. We we

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Speaker 2: appreciate you. Love was definitely felt. Shout everybody. This is

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Speaker 2: an exciting episode for us because we talk about, you know,

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Speaker 2: business a lot, and we talk about a lot of

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Speaker 2: times and just not just us in general. Like you'll

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Speaker 2: read stuff, you'll hear stuff about hard decisions that have

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Speaker 2: to be made in business, right, But it's.

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Speaker 3: The one thing to read about something or to hear

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Speaker 3: about something, but it's.

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Speaker 2: Another thing to actually get it from, you know, the

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Speaker 2: actual sauce.

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Speaker 3: So this is this is what this is.

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Speaker 2: So we got Jabartie Johnson here and history is pretty legendary.

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Speaker 2: He went viral because he wrote a very interesting article

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Speaker 2: about why he turned down a million dollars. Yeah, so

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Speaker 2: I'm gonna give the quick backstory. So Jabari, We're going

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Speaker 2: to a lot of different things. But he's a Howard,

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Speaker 2: the university alumni.

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Speaker 4: The red is the real.

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Speaker 3: Issue, right, the real one happen shop.

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Speaker 2: So he went to hotward, and then he started throwing

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Speaker 2: these these R and B parties, right, and hip hop parties.

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Speaker 2: At first hip hop Okay, he started throwing hip hop

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Speaker 2: parties and then he noticed at the end of the party,

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Speaker 2: said he would do R and B and then the

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Speaker 2: R and B actually got a bigger crowd reaction than

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Speaker 2: the hip hop's like the rap.

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Speaker 4: It's like, if you hear that that song.

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Speaker 3: The party, man, you hear that song the party, you know,

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Speaker 3: I used to.

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Speaker 2: I went to school in Baltimore, So that was like

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Speaker 2: a legendary, like one fifty five, like put that song on.

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Speaker 3: It's like that had to happen.

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Speaker 2: But all right, So he started to that and then

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Speaker 2: he realized attraction with the R and B.

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Speaker 3: So then he started doing R and B only parties,

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Speaker 3: right shows, show show that month.

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Speaker 2: Y R ANDV only shows, and then that just kind

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Speaker 2: of just took off, and then he started doing like

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Speaker 2: bigger and bigger venues.

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Speaker 3: Right.

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Speaker 2: And if you're familiar with like EDM, right where we're

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Speaker 2: at now with DJs and DJs, some DJs get paid

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Speaker 2: more than entertainments, right, Like these DM sets they'll have

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Speaker 2: like fifty thousand people come with no performance. It's just

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Speaker 2: a DJ kind of like a hype man situation, and

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Speaker 2: they just play the music and it's just a vibe.

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Speaker 3: And he created that with the R and B.

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Speaker 2: Right, So then he started as they started a company

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Speaker 2: called Colors Worldwide, and then he started R and B only,

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Speaker 2: which is that the R and B kind of show.

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Speaker 2: It's an R and B show, right, with no performance.

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Speaker 2: Sometimes you have performance, but it's not built with performance.

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Speaker 2: It's just build with just the music. And that blew.

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Speaker 4: Up you call it d M with a turned into

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Speaker 4: music that.

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Speaker 5: Is yeah, exact exactly.

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Speaker 6: Yeah.

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Speaker 2: And then you started going on tour and then you

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Speaker 2: got offered a million dollars and you turned it down.

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Speaker 2: Now you're doing festival. That's a whole lot going on.

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Speaker 2: First and foremost, thank you for joining us.

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Speaker 6: I'm a big fan of the podcast.

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Speaker 7: Like you were saying, you got not more four times.

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Speaker 5: Yeah, yeah, four times, got to uh, you know, the

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Speaker 5: whole up statement.

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Speaker 2: So we're gonna talk about the business. But before we

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Speaker 2: were talking about the details of the business, I want

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Speaker 2: to talk about the beginning because a lot of times

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Speaker 2: people have ideas, right, but the hardest part for me

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Speaker 2: and for anybody is the first step, right, so you

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Speaker 2: had an idea that you want to start doing the shows, right,

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Speaker 2: and you're young when you first started. You're still young now,

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Speaker 2: but like, what's the first step that you took to

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Speaker 2: get this off the ground and up and running. Yeah, so.

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Speaker 5: I'll give you two first steps. I'll give you the

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Speaker 5: first step of starting like just the company in general

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Speaker 5: colors worldwide, and then I the step of R and

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Speaker 5: B only. So I knew that I could start doing

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Speaker 5: like small events because when I was at Howard, we

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Speaker 5: did like a me and my friends, and I was

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Speaker 5: kind of took the lead on it, but we did

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Speaker 5: a party that was on a on a bus, like

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Speaker 5: a like a party bus, right, And so it was

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Speaker 5: like we had to get a bunch of people to

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Speaker 5: essentially buy tickets. It was really to chip in on

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Speaker 5: the bus price, right, And then we took you know,

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Speaker 5: we had a plan and we sort of took this route.

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Speaker 5: And then I was like, because I was like a filmmaker,

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Speaker 5: I was like videotaping everything and I wanted to make

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Speaker 5: this like cool video and I want to do this

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Speaker 5: like every time we would come back for like homecoming,

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Speaker 5: because homecoming is like really big Howard. That didn't pan out,

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Speaker 5: but like it was like two times and then we

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Speaker 5: finished it. But when I saw that, like that was

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Speaker 5: like I could gather these people. I could get people

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Speaker 5: to like give money to something, and at the end

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Speaker 5: of the day, like it worked, and it had like

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Speaker 5: that's how people they had a good time, and I

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Speaker 5: had the proof to like because I made this little

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Speaker 5: one minute video as like this is proof that it

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Speaker 5: actually happened. I realized, like I could start to congregate

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Speaker 5: people and get people to buy into an experience of mine, right,

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Speaker 5: and so that's how like you know, eventually that would

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Speaker 5: lead to like colors and then R and B Only.

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Speaker 5: The way that started was really playing the music at

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Speaker 5: the end and being like whoa and I asked the crowd.

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Speaker 6: It was just that that moment I.

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Speaker 5: Had like I had the opportunity to legitimate market research,

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Speaker 5: right because I stopped the music and I said, hey, guys,

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Speaker 5: if I just did an R and B only event,

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Speaker 5: would you guys come?

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Speaker 6: And the crowd erupted.

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Speaker 5: They just went you know what I mean, they went crazy,

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Speaker 5: And that was the proof of concept. And then I did,

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Speaker 5: you know, I said, Okay, here's here's the show that

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Speaker 5: I'm you know, introducing it's called R and B only,

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Speaker 5: and I made it free with RSVP. And that's important

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Speaker 5: because I didn't just start charging people immediately, right, Like

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Speaker 5: I gave people the opportunity to come for free, but

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Speaker 5: it really wasn't free. It was them giving me their

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Speaker 5: email at the time. It was an opportunity for me

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Speaker 5: to communicate with them in the future and let them

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Speaker 5: know about my future events. And so I think that

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Speaker 5: was the way to do it. And it's starting small,

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Speaker 5: you know, like the first R and B only we

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Speaker 5: did was in a venue that maybe held two hundred people.

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Speaker 5: You know, it wasn't it wasn't like I didn't come

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Speaker 5: out the gate like let's go for a thousand cap

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Speaker 5: you know, a concert venue. I did it in a

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Speaker 5: very very small bar, and then it grew rapidly shortly

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Speaker 5: after that.

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Speaker 7: Yeah, So I was just saying, like a lot of

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Speaker 7: that is commendable, right, just to go back. It's like

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Speaker 7: a lot of times kids think like I have to

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Speaker 7: be the front of the stage, right, Like I have

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Speaker 7: to be the performer.

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Speaker 4: Right.

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Speaker 7: You flipped that and said, like I don't have to

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Speaker 7: be the performer, I just have to be the curator

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Speaker 7: of the crowd, like.

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Speaker 4: You are the MC on the stage.

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Speaker 6: Yeah, uh huh.

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Speaker 7: So my thing is like when when you realize that

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Speaker 7: what type of demographics were you looking for to come

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Speaker 7: to R and B only?

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Speaker 5: You know, at first, I was just like, whoever wants

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Speaker 5: to come to this thing?

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Speaker 6: Right?

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Speaker 5: And so you know, I wasn't I didn't have a

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Speaker 5: specific idea of the demographic of people that I wanted

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Speaker 5: in mind. What ended up happening was after six months

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Speaker 5: of sort of like doing it and like starting in

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Speaker 5: three cities at first, then it expanding. I started to see, okay,

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Speaker 5: these are the people that liked this show, and that

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Speaker 5: was primarily young. I was just say millennial black and

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Speaker 5: Latino women. It really depended on the makeup of the

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Speaker 5: city that we were in. But I quickly realized, like

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Speaker 5: I thought that this was going to be something where,

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Speaker 5: you know, men would love it because girls are coming here,

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Speaker 5: and like, you know, a yeah, there's you know, if

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Speaker 5: if there's a bunch of women here, men are gonna come.

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Speaker 6: And we have we have a male fan.

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Speaker 5: Base now, but our specific audience is definitely more female leaning,

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Speaker 5: and so everything that we do within the show is

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Speaker 5: with them in mind. You know what I mean, like,

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Speaker 5: so now that we know who our audience is, we

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Speaker 5: know how to talk to our audience. So a lot

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Speaker 5: of times when you see like our voice on social

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Speaker 5: media or our voice in an email, there are subtle,

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Speaker 5: subtle things that make you feel like it's a woman

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Speaker 5: talking to a woman. You know what I mean, because

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Speaker 5: that's who the primary audience is.

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Speaker 3: Now, that's dope. And now I want to go back

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Speaker 3: to what you said before.

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Speaker 2: It's a lot of times we over complicate things, right,

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Speaker 2: business The key to business is keep it simple. So

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Speaker 2: when you say, like market research, the best market research

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Speaker 2: is to action market just as people. So you said,

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Speaker 2: would you be interested? That's no different from going on

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Speaker 2: Instagram putting a poll up in your stories. Hey if

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Speaker 2: I did a live podcast, would you guys be interested?

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Speaker 2: If we want to do a show about the music industry,

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Speaker 2: is that a good idea?

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Speaker 3: Sound off into comments like this is perfect way right.

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Speaker 2: It's not a million dollars for people to do the

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Speaker 2: a these analytics.

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Speaker 3: You have the audience, ask some question.

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Speaker 6: Yep, and you know what you know?

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Speaker 5: I think that another thing that people people miss is

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Speaker 5: in terms of simplicity, right, And we were just talking

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Speaker 5: about this with the name of your podcast, earn your leisure, right,

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Speaker 5: Like you are talking about business moves and how to

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Speaker 5: earn the ability to be able to relax. Right, it's

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Speaker 5: from working, right, And when you know people now, R

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Speaker 5: and B Only just like kind of rolls off the

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Speaker 5: tongue and so when you say it, it sounds like a brand.

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Speaker 6: A lot of people know it.

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Speaker 5: You know, we reach a lot of people, and you know,

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Speaker 5: people were well known at this point, right.

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Speaker 6: I always say like we're.

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Speaker 5: Well known unknowns because like the culture knows about us,

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Speaker 5: but like we're not known on like a corporate level

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Speaker 5: just yet. Right, Like there's a lot of people that

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Speaker 5: are still within the music industry. It's because a lot

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Speaker 5: of these people are dinosaurs. But you know, I digress.

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Speaker 5: But who don't know about us? But but but in

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Speaker 5: the beginning for for people to be able to know

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Speaker 5: about us and know what it was and easily get

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Speaker 5: people to come look at the name R and B Only,

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Speaker 5: it's like we just play R and B music.

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Speaker 3: That's easy, no, you know what I mean?

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Speaker 5: Like now, now, granted we do have like hip hop

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Speaker 5: sets every once in a while to like break the

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Speaker 5: monotony of just you know, R and B music up.

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Speaker 5: But but yeah, it's it's it's simple. It's like, I

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Speaker 5: know what this is. You know what I mean, it's

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Speaker 5: not called like you know, you know, slow dance, you

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Speaker 5: know whatever, you know, you know, Yes, it's unnecessarily.

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Speaker 2: It's actually that's actually a really good point. You gotta

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Speaker 2: give it to them where they can understand it immediately.

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Speaker 2: R and B only don't actually what it is.

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Speaker 5: Because you're still you're still going to get people who

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Speaker 5: don't underst and what it is because the concept is

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Speaker 5: so new, right, So that's another thing. It's like, you know,

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Speaker 5: in our culture, we haven't had something where it's a

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Speaker 5: show but there's no performance essentially, right, Like when you

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Speaker 5: say a show and it's at a venue that normal,

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Speaker 5: you know, artists have concerts in people are just like

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Speaker 5: what is this? Oh you you you don't know how

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Speaker 5: many people ask us, well, what is this?

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Speaker 6: Is it a concert? Is it?

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Speaker 5: This?

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Speaker 6: Is it that?

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Speaker 5: And it's like we have tons of videos showing you

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Speaker 5: what it is. You know, we explain that it is

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Speaker 5: a DJ based experience, but still people are still like,

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Speaker 5: you know, a lot of people just don't are lazy

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Speaker 5: and don't want to do research and you know, a.

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Speaker 2: Lot of people don't have the brain because like even

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Speaker 2: though our think like we put like we do events

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Speaker 2: and we're like go to the event tab on our website,

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Speaker 2: and people was like how.

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Speaker 3: Do I register?

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Speaker 4: Yo? Oh yeah, where do I go?

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Speaker 2: I just said it literally in the capture and you

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Speaker 2: know where you're going to be.

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Speaker 5: Next, And it's it's it's to say this, it's to say,

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Speaker 5: you know, people because we get those type of comments, right, So,

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Speaker 5: like on our social media, you know, somebody will uh

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Speaker 5: you know, they'll they'll they'll tag their friends in a

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Speaker 5: comment and say like, hey, I want you to come

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Speaker 5: with me to this, and then like you know, somebody

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Speaker 5: will literally say like how much are tickets? And it's

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Speaker 5: like you just need to click the buy tickets, you

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Speaker 5: know what I mean. So, but this is the day

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Speaker 5: and age we're living in, right, where like people don't

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Speaker 5: want to go an extra mile and an extra inch, right,

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Speaker 5: yeah it's not a mile, but they don't want to

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Speaker 5: click a button. But but you know they will be

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Speaker 5: weeded out, right, So like those people that won't click

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Speaker 5: on the events tab for you, those those are people

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Speaker 5: that you probably.

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Speaker 6: Don't even want to do that anyways, you know what

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Speaker 6: I mean, right.

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Speaker 5: And it's the same thing for us where it's like

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Speaker 5: you know, push a t set at best, you know,

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Speaker 5: if you know, you know, and that's kind of how

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Speaker 5: we move.

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Speaker 6: You know.

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Speaker 5: It's like we always say our show, there's so much

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Speaker 5: content about our go out there. There's so many videos,

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Speaker 5: there's so many pictures. All you got to do is

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Speaker 5: go to ig TV and look or go to YouTube,

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Speaker 5: Facebook that there's there's media everywhere, and you know it's

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Speaker 5: but but we still even say with that being said,

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Speaker 5: we still say it's just better experience than explained, you

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Speaker 5: know what I mean, Like if you if you can't

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Speaker 5: get it from what we've already explained, then it's cool.

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Speaker 5: But you know, and then hopefully, hopefully you get there

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Speaker 5: from the best marketing tool ever, which is word of mouth.

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Speaker 4: You know.

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Speaker 2: And the power is in the name once again. I mean,

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Speaker 2: you go to LA, you tap in. The first thing

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Speaker 2: you want to do is go to Rosco's Chicken and Waffles.

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Speaker 2: You don't know to roscos Chicken and waffles, not knowing

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Speaker 2: what they serve. They serve chicken and waffle, they serve

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Speaker 2: all the stuff. But it's in the name, So all right,

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Speaker 2: so now we're gonna go into We're gonna go in

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Speaker 2: depth as far as the business model of where you

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Speaker 2: guys are at now, because I think it's interesting. I

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Speaker 2: think it's something that people can really learn from. So

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Speaker 2: that's what you're gonna go into in the next segment.

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Speaker 2: All right, So now we're going to go into the

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Speaker 2: second segment. We're going to this is what eyl is

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Speaker 2: known for and why why he loves this.

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Speaker 3: We're going to go deep into the business side of things.

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Speaker 2: Right. So you have a booming operation right now, right,

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Speaker 2: So can we talk about the inner workings of of

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Speaker 2: how it looks? Because you said something interesting, you said,

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Speaker 2: you know, you're integrated vertically. You know, sometimes you're always

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Speaker 2: interested in so a lot of times, well people heard that,

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Speaker 2: may have heard that for the first time with Lipsey

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Speaker 2: when he said I'm integrated vertically, blew it and people

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Speaker 2: some people didn't fully understand what that means. So can

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Speaker 2: you talk about what the vertical integration for you looks?

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Speaker 5: Like? Yeah, absolutely, I mean, so vertical integration is really

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Speaker 5: just like owning the whole process of your relationship with

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Speaker 5: your consumer. Right, So for us, I'll break down sort

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Speaker 5: of like how an artist normally would get paid from

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Speaker 5: like a live show or tour experience, and then I'll

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Speaker 5: break down how we sort of attacked that model and

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Speaker 5: how vertical integration applies in a live space. So typically

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Speaker 5: a company, e let's just say first, an artist wants

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Speaker 5: to go on a tour.

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Speaker 6: An artist has an agent.

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Speaker 5: That agent then says, hey, this artist is going on tour,

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Speaker 5: and they reach out to promoters to essentially buy maybe

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Speaker 5: the whole tour, and it's just like promoted by one

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Speaker 5: company or individual promoters in certain markets, right, and they

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Speaker 5: buy into a tour and they give that artist a

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Speaker 5: guarantee that it would be like an age or live

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Speaker 5: nation is the.

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Speaker 6: Two big examples of this.

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Speaker 5: And the agents are people like CIA ICM companies in

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Speaker 5: that realm that represent the talent. So the agent says,

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Speaker 5: this artist fee is let's just say twenty thousand dollars.

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Speaker 5: So that artist shows up, performs, people buy tickets, and

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Speaker 5: they get their twenty thousand dollars and they leave. Right now,

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Speaker 5: that's normal. But the thing that the artist doesn't benefit

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Speaker 5: from with that is the consumer data as well as

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Speaker 5: things like the sales of concessions, and that's like food

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Speaker 5: and bar revenue. So how we flip that idea on

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Speaker 5: its head is we don't ask for a guarantee for

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Speaker 5: people to come to our shows. We just rent the venues,

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Speaker 5: assume all the risk for the venue rental, and then

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Speaker 5: we pay the venue whatever the fee is, and then

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Speaker 5: we control the ticketing and when people buy the tickets

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Speaker 5: from us, we retain that consumer data and we're able

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Speaker 5: to remarket and talk to those people, you know, the

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Speaker 5: next time we come and do a show. The thing

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Speaker 5: with an artist when they come in, you know, to

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Speaker 5: a venue, if they want to come back, the only

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Speaker 5: the only way that they can like stay in that

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Speaker 5: same venue or move to a bigger venue is essentially

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Speaker 5: if they're like hot, right, So you have to remain hot,

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Speaker 5: you have to have songs on the radio, you have

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Speaker 5: to you know, be doing all this stuff on Instagram

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Speaker 5: and social media. And with us, we don't have to

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Speaker 5: have any of that. We just have to keep doing

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Speaker 5: more shows essentially and build our consumer base and that

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Speaker 5: just adds to the amount of people that we are

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Speaker 5: able to then notify the next time that we come

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Speaker 5: to the city.

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Speaker 7: That was like what you were saying earlier when you

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Speaker 7: were getting the RSVPs. It was free, but the data

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Speaker 7: was what you really wanted because you've been collected and

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Speaker 7: tell people about the events that you're doing. Yep, right

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Speaker 7: now on the what you're doing now is and you

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Speaker 7: said this in your article, was like when an artist

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Speaker 7: is high, it's easy to you know, get booked for

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Speaker 7: a show, but the maybe five ten years when they're not,

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Speaker 7: they don't have the clientele to even know who their audience.

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Speaker 5: They don't even know who their audience is, exactly, Like

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Speaker 5: they're using all of these third party tools essentially, right,

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Speaker 5: And you know we all know with Instagram, when you

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Speaker 5: make a post, not every one of your followers is

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Speaker 5: going to see that, right, And it's the same thing

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Speaker 5: with an artist when you sell the But but it's

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Speaker 5: even worse, right because like that's that's the most important

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Speaker 5: people that you need to be able to communicate with.

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Speaker 5: Why because those are the people that are literally paying you, right,

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Speaker 5: they are the ones that are that's an actual consumer

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Speaker 5: versus just a follower, Right, somebody who's paid to go

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Speaker 5: and see your show. You're telling me, like, if I'm

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Speaker 5: an artist and I'm not able to talk to those people,

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Speaker 5: that's insane to me. But but you give it up

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Speaker 5: when you take a guarantee and you allow somebody else

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Speaker 5: to assume the risk. But the thing is that and

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00:19:19,680 --> 00:19:25,639
Speaker 5: and here's here's the real catches, where like, the more

404
00:19:26,080 --> 00:19:29,440
Speaker 5: the more tickets that these large companies sell, right, their businesses, right,

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00:19:29,920 --> 00:19:32,400
Speaker 5: they're just building their database. So now if they have

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Speaker 5: three R and B artists that they've done shows with

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Speaker 5: in the past, it's like they can just market the

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Speaker 5: next R and B artist to because these people are

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Speaker 5: interested in this, right and they and they're just huge

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Speaker 5: troths of data essentially, these these large promoters and you know,

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Speaker 5: but people just think that this is the only way

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Speaker 5: that it can be done because for so many years

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Speaker 5: it's been done like this, and people haven't like the

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Speaker 5: thing that's happened in the mus We've seen a influx

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Speaker 5: of people taking a stand and becoming independent on the

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Speaker 5: recorded music side, right, And so a lot of these

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Speaker 5: artists that you see that they're saying like, I'm independent,

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Speaker 5: you know, I don't want to sign a label deal,

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Speaker 5: blah blah blah. Yes, they are independent on their maybe

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Speaker 5: maybe on their recorded music. But police believe that the

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Speaker 5: new record label is just like you know, the live

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Speaker 5: Nations and the AEG's of the world, and like they're

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Speaker 5: still in these touring deals and they're not really independent

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Speaker 5: when it comes to their live operation. And again there's

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Speaker 5: nothing I'm not downplaying, you know, I'm not talking bad

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Speaker 5: about the ags and the live nations of the world

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Speaker 5: by any means. But I think that true independence is

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Speaker 5: being independent in every single.

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Speaker 7: Especially especially if that's where most of the money is

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Speaker 7: coming from. Like they're not taking as much money from

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Speaker 7: the rest you're making it from when you tour, right,

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Speaker 7: So thinking of the long term play where it's like,

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Speaker 7: you know what, I could take this up for money

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Speaker 7: now or long term. I can get the data and

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Speaker 7: now I know my fan base going ten to fifteen,

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Speaker 7: maybe twenty years, but I can still perform in these cities.

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Speaker 3: Absolutely the value is in it.

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Speaker 2: I don't think people I don't even want to brush

439
00:21:07,680 --> 00:21:10,000
Speaker 2: over this because it's I don't think people fully understand

440
00:21:10,000 --> 00:21:14,320
Speaker 2: how valuable data is. Facebook's just had the biggest settlement

441
00:21:14,840 --> 00:21:19,480
Speaker 2: of fine in like the history of everything, and they'll

442
00:21:19,520 --> 00:21:22,680
Speaker 2: take that because everybody knows what happened. They took it information.

443
00:21:22,720 --> 00:21:26,119
Speaker 2: But that's how valuable your information is. It's a reason

444
00:21:26,160 --> 00:21:27,800
Speaker 2: why when you sign up to all of these things.

445
00:21:27,840 --> 00:21:29,800
Speaker 2: They act for your day of birth, to ask where

446
00:21:29,840 --> 00:21:33,880
Speaker 2: you live. They they this is like solid goal, right

447
00:21:33,880 --> 00:21:36,480
Speaker 2: because now they can market to you forever.

448
00:21:37,119 --> 00:21:39,119
Speaker 3: They can market to you forever. They know your likes.

449
00:21:39,320 --> 00:21:41,320
Speaker 2: Now, they can figure out what kind of music you

450
00:21:41,320 --> 00:21:44,040
Speaker 2: listen to, what kind of clothes you wear, every single

451
00:21:44,080 --> 00:21:46,720
Speaker 2: thing that and it's like a lifetime as opposed to

452
00:21:46,800 --> 00:21:51,919
Speaker 2: you go into a store and you buy candy. Right now,

453
00:21:52,760 --> 00:21:54,800
Speaker 2: the only way of doing business is to say, okay,

454
00:21:55,000 --> 00:21:57,359
Speaker 2: you brought that candy. I need you to come into

455
00:21:57,359 --> 00:21:59,959
Speaker 2: the store every week, every day for me to make

456
00:22:00,080 --> 00:22:00,960
Speaker 2: money off of you.

457
00:22:01,040 --> 00:22:01,240
Speaker 3: Right.

458
00:22:01,320 --> 00:22:03,520
Speaker 2: The new ways to say, okay, you brought that candy,

459
00:22:04,280 --> 00:22:06,280
Speaker 2: but when you brought the candy, I made you fill

460
00:22:06,320 --> 00:22:11,000
Speaker 2: out a form. So now I'm text messaging you pictures

461
00:22:11,400 --> 00:22:12,640
Speaker 2: of chocolate bars.

462
00:22:13,640 --> 00:22:14,879
Speaker 4: And you know what.

463
00:22:15,320 --> 00:22:17,920
Speaker 5: Another point to make as as you know, if any

464
00:22:17,960 --> 00:22:21,160
Speaker 5: marketers are listening to this, right, not not just consumers.

465
00:22:21,200 --> 00:22:24,439
Speaker 5: But it's like, because data is so valuable, you need

466
00:22:24,480 --> 00:22:26,080
Speaker 5: to treat it as such. You need to treat it

467
00:22:26,160 --> 00:22:30,800
Speaker 5: as a precious thing. And you can't over extend. You know,

468
00:22:31,160 --> 00:22:33,680
Speaker 5: you're welcome and your ability to market to people right,

469
00:22:33,880 --> 00:22:36,240
Speaker 5: just because you have all this data. For instance, SMS

470
00:22:36,280 --> 00:22:38,879
Speaker 5: with us is huge, right, Like being able to text

471
00:22:39,160 --> 00:22:41,040
Speaker 5: our fan base and let them know when tickets are

472
00:22:41,080 --> 00:22:44,480
Speaker 5: seale are on sale, that's a huge thing. But we

473
00:22:44,560 --> 00:22:47,200
Speaker 5: don't send many text messages because it's intrusive, you know

474
00:22:47,200 --> 00:22:50,160
Speaker 5: what I mean. And if you send a text message

475
00:22:50,160 --> 00:22:54,600
Speaker 5: to people you know too frequently, they will quickly unsubscribe

476
00:22:54,600 --> 00:22:57,359
Speaker 5: from that, right, and and and the and the data

477
00:22:57,440 --> 00:23:00,639
Speaker 5: that is so valuable and important will actually become meaningless

478
00:23:00,720 --> 00:23:04,119
Speaker 5: if you abuse it. So you know, this is the

479
00:23:04,760 --> 00:23:08,000
Speaker 5: thing that people need to understand, Like wild data is valuable,

480
00:23:08,240 --> 00:23:10,160
Speaker 5: it's very important not to abuse that data.

481
00:23:10,400 --> 00:23:13,240
Speaker 2: Yeah, and you don't have to guess because like I said,

482
00:23:13,240 --> 00:23:16,480
Speaker 2: now you can reach out to people and as opposed,

483
00:23:16,560 --> 00:23:18,480
Speaker 2: they might not ever come back to your candy store.

484
00:23:18,520 --> 00:23:20,679
Speaker 2: But that doesn't mean that they can't buy candy, right,

485
00:23:20,680 --> 00:23:22,360
Speaker 2: They don't have to physically be there now. They can

486
00:23:22,480 --> 00:23:24,240
Speaker 2: order it over the mail, or they can order it online.

487
00:23:24,280 --> 00:23:25,560
Speaker 2: They can do a lot of different things. So this

488
00:23:25,640 --> 00:23:27,760
Speaker 2: is why data is so important. And if you think

489
00:23:27,800 --> 00:23:30,160
Speaker 2: about it, it's something that you said to us off

490
00:23:30,160 --> 00:23:32,600
Speaker 2: camera that made a lot of sense, Like even in iTunes,

491
00:23:32,640 --> 00:23:35,640
Speaker 2: like you might sell you might stream a billion records,

492
00:23:35,880 --> 00:23:38,840
Speaker 2: you don't know who's one of those persons that actually

493
00:23:38,840 --> 00:23:41,640
Speaker 2: brought it, right, Like think about that, Like Drake probably,

494
00:23:41,640 --> 00:23:42,800
Speaker 2: I think he broke the streaming record.

495
00:23:43,000 --> 00:23:43,600
Speaker 3: How many records of.

496
00:23:43,600 --> 00:23:45,680
Speaker 4: The stream he did a billion in the first week.

497
00:23:46,000 --> 00:23:49,639
Speaker 3: How many of those people does he actually have relationships with?

498
00:23:49,920 --> 00:23:50,040
Speaker 4: Right?

499
00:23:50,600 --> 00:23:54,640
Speaker 3: Right, that's a billion? Like that's crazy, right, use the computers.

500
00:23:54,240 --> 00:24:00,760
Speaker 2: Right yeah, yeah, Well that's a different conversation. So it's

501
00:24:00,800 --> 00:24:04,080
Speaker 2: like I would rather actually have a million people or

502
00:24:04,119 --> 00:24:08,280
Speaker 2: one hundred thousand people's information absolutely, then one hundred million people.

503
00:24:08,320 --> 00:24:08,800
Speaker 3: I don't know.

504
00:24:09,280 --> 00:24:11,679
Speaker 5: It's the same thing right with us, right, Like you know,

505
00:24:12,280 --> 00:24:14,600
Speaker 5: I'm not going to share our like how many emails

506
00:24:14,600 --> 00:24:17,120
Speaker 5: and phone numbers we have, right, but I will say

507
00:24:17,960 --> 00:24:21,679
Speaker 5: it's it's multiple times how many followers we have on

508
00:24:21,720 --> 00:24:26,520
Speaker 5: instagrams more, way, more, way more. We like this is

509
00:24:26,520 --> 00:24:29,720
Speaker 5: why you know, when like I said, we're kind of

510
00:24:29,720 --> 00:24:32,359
Speaker 5: like sleeping giants, right, because like we may have fifty

511
00:24:32,400 --> 00:24:35,159
Speaker 5: something thousand followers on the R and B only Instagram page,

512
00:24:35,480 --> 00:24:37,600
Speaker 5: but boy, when you look at that email and phone

513
00:24:37,680 --> 00:24:42,200
Speaker 5: number list, you know, you'd be surprised. And that's that's

514
00:24:42,320 --> 00:24:47,200
Speaker 5: essentially how we build our consumer, our relationship, and that's

515
00:24:47,200 --> 00:24:49,800
Speaker 5: how we'll continue to grow is by directly having a

516
00:24:49,840 --> 00:24:52,160
Speaker 5: relationship versus having a relationships.

517
00:24:52,280 --> 00:24:54,640
Speaker 4: I think you coined the term on your audience.

518
00:24:54,800 --> 00:24:55,760
Speaker 6: Yeah, on your audience.

519
00:24:55,840 --> 00:24:56,720
Speaker 4: It was like you have that.

520
00:24:57,320 --> 00:25:01,320
Speaker 7: Direct line of communication with the people who are absolutely.

521
00:25:01,480 --> 00:25:02,440
Speaker 3: So all right.

522
00:25:02,480 --> 00:25:05,160
Speaker 2: And then as far as the monetary side, you guys

523
00:25:05,160 --> 00:25:08,040
Speaker 2: put up all the financial so you can talk about that.

524
00:25:08,080 --> 00:25:09,520
Speaker 2: You talk about that off camera two. That's a little

525
00:25:09,560 --> 00:25:13,000
Speaker 2: different than the regular touring model. Yeah, yeah, yeah, absolutely so.

526
00:25:13,480 --> 00:25:15,120
Speaker 5: I mean, and it's a lot of risk, right, so,

527
00:25:15,160 --> 00:25:17,240
Speaker 5: like think about like I mean, certain venues that we

528
00:25:17,359 --> 00:25:20,760
Speaker 5: play in. They may cost ten twenty thirty grand to

529
00:25:21,200 --> 00:25:25,600
Speaker 5: rent these venues, right, so imagine if you're doing a tour, right, Like,

530
00:25:25,640 --> 00:25:28,160
Speaker 5: that's a lot of upfront capital. And with a lot

531
00:25:28,160 --> 00:25:32,679
Speaker 5: of these companies that own the rooms, you don't have

532
00:25:32,760 --> 00:25:36,280
Speaker 5: to put the whole money up front, but sometimes it's half,

533
00:25:36,359 --> 00:25:39,360
Speaker 5: you know, or sometimes it's a quarter. And so when

534
00:25:39,359 --> 00:25:43,200
Speaker 5: you're talking about thirty shows average of twenty to thirty

535
00:25:43,280 --> 00:25:45,920
Speaker 5: thousand dollars rentals, you know what I mean, Like, this

536
00:25:46,000 --> 00:25:49,320
Speaker 5: can get to be a lot of upfront capital that's

537
00:25:49,320 --> 00:25:52,400
Speaker 5: going out and you have to plan these things way

538
00:25:52,520 --> 00:25:57,119
Speaker 5: in advance, right, sometimes six months, sometimes eighteen months, depending

539
00:25:57,160 --> 00:25:59,760
Speaker 5: on how big the show is and how the availability

540
00:25:59,800 --> 00:26:02,440
Speaker 5: looks for something in a in a marketplace, because I'm

541
00:26:02,480 --> 00:26:06,359
Speaker 5: not just competing with you know, people in like the

542
00:26:06,480 --> 00:26:08,639
Speaker 5: R and B space, right, these are the venues that

543
00:26:08,760 --> 00:26:11,840
Speaker 5: everybody tours in. Right, So I'm competing with the rock

544
00:26:11,880 --> 00:26:14,160
Speaker 5: acts that want to come and book shows there. I'm

545
00:26:14,160 --> 00:26:16,760
Speaker 5: competing with the rap acts, the hip hop acts, the

546
00:26:17,240 --> 00:26:20,479
Speaker 5: R and B X or anybody that's in the live space.

547
00:26:20,800 --> 00:26:23,160
Speaker 5: That's who I'm competing with in terms of like holds

548
00:26:23,160 --> 00:26:23,800
Speaker 5: on venues.

549
00:26:24,160 --> 00:26:25,960
Speaker 6: So you know, you.

550
00:26:25,960 --> 00:26:29,480
Speaker 5: Have to it's it's it's a it's a it's a

551
00:26:29,600 --> 00:26:33,159
Speaker 5: capital upfront business that you don't really see the money

552
00:26:34,200 --> 00:26:37,200
Speaker 5: until it comes back. Because then here's another thing that happens.

553
00:26:37,800 --> 00:26:40,840
Speaker 5: A lot of people are wait last minute to buy

554
00:26:40,840 --> 00:26:42,640
Speaker 5: a ticket to a show. Like think about the last

555
00:26:42,640 --> 00:26:44,520
Speaker 5: time you all might have went to something, right, you

556
00:26:44,600 --> 00:26:46,359
Speaker 5: might you might have said, oh, this thing is happening

557
00:26:46,359 --> 00:26:48,840
Speaker 5: in this weekend, So I'm gonna get a ticket this weekend.

558
00:26:48,960 --> 00:26:50,720
Speaker 7: I mean here in New York, it's like these guys

559
00:26:50,920 --> 00:26:52,760
Speaker 7: they know, like when I get tickets, I'm like the

560
00:26:52,760 --> 00:26:54,760
Speaker 7: first guy in line, because I know they're gonna sell

561
00:26:54,800 --> 00:26:56,840
Speaker 7: out fast, but that can't do it.

562
00:26:56,840 --> 00:26:57,720
Speaker 3: That that's interesting.

563
00:26:57,920 --> 00:27:00,880
Speaker 2: So as far as to say, okay, you're you're you're

564
00:27:00,920 --> 00:27:03,280
Speaker 2: a promoter, right, you're promoting your own events, but you're

565
00:27:03,280 --> 00:27:04,040
Speaker 2: a promoter.

566
00:27:04,240 --> 00:27:07,120
Speaker 5: I wouldn't say we're a promoter. But so I mean

567
00:27:07,560 --> 00:27:10,159
Speaker 5: that's so that's another thing, right, Like in terms of

568
00:27:10,160 --> 00:27:13,840
Speaker 5: the vertical integration, it's like we are the people that

569
00:27:13,880 --> 00:27:17,040
Speaker 5: are actually like producing the event, where the talent for

570
00:27:17,160 --> 00:27:21,120
Speaker 5: the event, we also market this show. So that's an aspect,

571
00:27:21,320 --> 00:27:21,639
Speaker 5: you know what I.

572
00:27:21,680 --> 00:27:25,119
Speaker 2: Mean and what I was going with that as far

573
00:27:25,200 --> 00:27:28,680
Speaker 2: as marketing, right, so promoting marketing, how do you want

574
00:27:28,680 --> 00:27:30,960
Speaker 2: to phrase it? You you you put it out there

575
00:27:31,000 --> 00:27:33,720
Speaker 2: for the public, right, what's the ratio that you look for?

576
00:27:33,760 --> 00:27:36,960
Speaker 3: Okay, the first week I need to have the tickets.

577
00:27:36,960 --> 00:27:38,879
Speaker 2: So that's a great question going into I need to

578
00:27:39,280 --> 00:27:40,880
Speaker 2: like when do you start to like this is looking

579
00:27:40,880 --> 00:27:43,200
Speaker 2: a little shaky, like yeah.

580
00:27:43,400 --> 00:27:45,760
Speaker 5: You know, you know, oh yeah, I mean there's been

581
00:27:45,760 --> 00:27:48,520
Speaker 5: a few shows cancels man shout out to Myrtle Beats,

582
00:27:48,520 --> 00:27:49,160
Speaker 5: South Carolina.

583
00:27:49,200 --> 00:27:50,840
Speaker 4: We love, we love everybody in South Carolina.

584
00:27:50,920 --> 00:27:53,119
Speaker 6: Yeah, but Yugus has got to buy tickets.

585
00:27:54,480 --> 00:27:58,479
Speaker 5: So essentially the way I can I can I can

586
00:27:58,520 --> 00:28:01,040
Speaker 5: phrase it because everybod every place is different, right, some

587
00:28:01,080 --> 00:28:04,479
Speaker 5: places you go to you might sell you know, in

588
00:28:04,520 --> 00:28:06,520
Speaker 5: the in the in the first day when it goes

589
00:28:06,600 --> 00:28:10,480
Speaker 5: on sale, which is the most important day, it might

590
00:28:10,520 --> 00:28:12,480
Speaker 5: it might sell like you know, you might sell ten

591
00:28:12,520 --> 00:28:14,159
Speaker 5: percent of the venue. You might sell five percent of

592
00:28:14,160 --> 00:28:16,119
Speaker 5: the venue. But that show actually may be a sellout

593
00:28:16,119 --> 00:28:18,359
Speaker 5: by the time doors open. You just you know, it

594
00:28:18,400 --> 00:28:22,080
Speaker 5: just depends. But I think if you do sell on

595
00:28:22,160 --> 00:28:24,560
Speaker 5: an on sale, the term is on sale, right, like

596
00:28:24,560 --> 00:28:26,320
Speaker 5: you have an announce. The way this works is you

597
00:28:26,320 --> 00:28:28,040
Speaker 5: have an announce and you have an on sale. So

598
00:28:28,119 --> 00:28:30,520
Speaker 5: typically we announce shows on a Monday, and then we

599
00:28:30,520 --> 00:28:33,400
Speaker 5: actually go on sale on a Friday. So it gives

600
00:28:33,400 --> 00:28:35,879
Speaker 5: people that window to sort of like register for a

601
00:28:35,920 --> 00:28:39,440
Speaker 5: pre sale, and you incentivize people to buy tickets early.

602
00:28:39,760 --> 00:28:43,000
Speaker 5: So when a ticket goes on sale, that's typically the

603
00:28:43,080 --> 00:28:45,959
Speaker 5: cheapest price that that that that that ticket will be

604
00:28:46,200 --> 00:28:49,560
Speaker 5: and you're rewarding people for committing to the show early.

605
00:28:49,920 --> 00:28:52,840
Speaker 5: And so the amount that you I feel like, you know,

606
00:28:52,920 --> 00:28:55,200
Speaker 5: any event producer would want to be at maybe you're

607
00:28:55,240 --> 00:28:57,680
Speaker 5: looking at Yeah, if you're at like fifty percent. That's great,

608
00:28:57,800 --> 00:28:59,520
Speaker 5: you know what I mean. I feel like that's when

609
00:28:59,520 --> 00:29:02,720
Speaker 5: we do numbers like that, we know that at what

610
00:29:02,840 --> 00:29:04,760
Speaker 5: date the concet?

611
00:29:04,880 --> 00:29:07,280
Speaker 6: Yeah, or out? Yeah, like the first forty eight hours.

612
00:29:07,440 --> 00:29:10,320
Speaker 5: That's that's kind of how you know, like the show's

613
00:29:10,440 --> 00:29:12,200
Speaker 5: on pace to sell out, you know what I mean.

614
00:29:13,440 --> 00:29:16,040
Speaker 5: But yeah, then if you have a bad on sale,

615
00:29:16,120 --> 00:29:20,080
Speaker 5: and we've had plenty of those before we got good

616
00:29:20,080 --> 00:29:22,880
Speaker 5: at marketing, uh, you know, you might be at like

617
00:29:23,080 --> 00:29:25,880
Speaker 5: ten percent, five percent, and then you're like, wow, it's

618
00:29:25,920 --> 00:29:28,120
Speaker 5: going to be an uphill battle to sell the rest of.

619
00:29:28,080 --> 00:29:31,480
Speaker 7: These twenty sixteen right, R and B. Only that's when

620
00:29:31,480 --> 00:29:34,040
Speaker 7: it launches, right, Yeah, that's what How many shows? How

621
00:29:34,040 --> 00:29:36,240
Speaker 7: many venues were you guys looking at in that first year?

622
00:29:36,320 --> 00:29:40,640
Speaker 5: In that year we did, uh I think we did

623
00:29:40,680 --> 00:29:44,680
Speaker 5: thirty something, maybe maybe thirty five, and then in two thousand,

624
00:29:45,680 --> 00:29:48,880
Speaker 5: uh no, no, maybe we did. Know twenty sixteen we

625
00:29:48,920 --> 00:29:52,080
Speaker 5: probably did twenty, and then the next year we probably

626
00:29:52,080 --> 00:29:57,240
Speaker 5: did in the thirties, and then last year twenty eighteen.

627
00:29:57,120 --> 00:29:58,600
Speaker 6: We did sixty seven.

628
00:29:58,720 --> 00:30:00,960
Speaker 2: Yeah, so can we all right, So we talked about

629
00:30:00,960 --> 00:30:02,240
Speaker 2: it as far as you guys, you put up the

630
00:30:02,280 --> 00:30:05,000
Speaker 2: money yourself. Right, So obviously it's more of a risk,

631
00:30:05,040 --> 00:30:06,960
Speaker 2: but you get more of reward also, right, definitely. So

632
00:30:07,000 --> 00:30:10,080
Speaker 2: as far as the revenue, what is your revenue look

633
00:30:10,160 --> 00:30:12,720
Speaker 2: like different from others? Like how like you get different

634
00:30:13,120 --> 00:30:16,320
Speaker 2: parts that are regular person that's doing an event wouldn't

635
00:30:16,360 --> 00:30:17,560
Speaker 2: get by not putting out.

636
00:30:17,840 --> 00:30:21,680
Speaker 5: Yeah, I mean, so you know, I got a shout

637
00:30:21,680 --> 00:30:25,080
Speaker 5: out Live Nation. They're they're they're huge. Uh, they're they're

638
00:30:25,080 --> 00:30:27,160
Speaker 5: not investors in our company, but we work with them

639
00:30:27,240 --> 00:30:30,360
Speaker 5: a lot, and we have a very unique and incredible

640
00:30:30,400 --> 00:30:34,640
Speaker 5: relationship with them, and so yeah, you know we we

641
00:30:35,240 --> 00:30:39,560
Speaker 5: there's sometimes where we participate in bar revenue from certain venues.

642
00:30:39,640 --> 00:30:39,840
Speaker 6: Right.

643
00:30:40,280 --> 00:30:43,800
Speaker 5: Uh, there's certain times where uh, and that's just not

644
00:30:43,880 --> 00:30:46,160
Speaker 5: just Live Nation. That's just across the board. Some some

645
00:30:46,360 --> 00:30:49,640
Speaker 5: venues that uh that we're doing shows and some some

646
00:30:49,640 --> 00:30:50,600
Speaker 5: sometimes we don't write.

647
00:30:50,680 --> 00:30:52,440
Speaker 6: Sometimes a venue might.

648
00:30:52,320 --> 00:30:56,600
Speaker 5: Be so in demand that they know there that they

649
00:30:56,640 --> 00:30:59,600
Speaker 5: can sort of like offer this kind of deal and

650
00:30:59,680 --> 00:31:03,640
Speaker 5: like give you anything from the bar. Some venues we

651
00:31:03,760 --> 00:31:09,520
Speaker 5: participate in, uh parking, you know, concessions, which is food

652
00:31:09,520 --> 00:31:13,280
Speaker 5: and beverage sales as well as tickets.

653
00:31:13,360 --> 00:31:16,760
Speaker 4: Right, Like that's something that artists don't get most of the.

654
00:31:18,320 --> 00:31:21,240
Speaker 5: King No, no, no, I mean you you the ones

655
00:31:21,240 --> 00:31:25,320
Speaker 5: that do are probably like you know, they're so big,

656
00:31:25,600 --> 00:31:28,320
Speaker 5: like the Taylor Swifts of the world, maybe the Beyonces

657
00:31:28,360 --> 00:31:31,840
Speaker 5: of the world. Yeah, because it's something that a lot

658
00:31:31,840 --> 00:31:35,160
Speaker 5: of artists. Here's the thing, there are not many artists

659
00:31:35,160 --> 00:31:37,760
Speaker 5: that are producing their own shows. There are not many

660
00:31:37,840 --> 00:31:41,000
Speaker 5: artists that are putting up the capital to do a show.

661
00:31:41,280 --> 00:31:43,560
Speaker 5: They're just getting a guarantee, you know what I mean,

662
00:31:43,640 --> 00:31:46,560
Speaker 5: So like they're not their agents are not even asking

663
00:31:46,640 --> 00:31:47,680
Speaker 5: for some of these things.

664
00:31:47,840 --> 00:31:50,480
Speaker 7: I remember a few years ago, I think, uh, Beyonce

665
00:31:50,560 --> 00:31:53,360
Speaker 7: did a deal with Pepsi and they sponsored the entire tour.

666
00:31:53,440 --> 00:31:56,040
Speaker 7: I think it was the title yea when when she

667
00:31:56,400 --> 00:31:58,440
Speaker 7: was starting to do the baseball stadium. Yeah, I think

668
00:31:58,440 --> 00:32:00,440
Speaker 7: she had just did the Super Bowl. They sponsored her

669
00:32:00,920 --> 00:32:03,640
Speaker 7: Mars and then they did the tour. So like that's

670
00:32:03,680 --> 00:32:06,480
Speaker 7: an example of where yeah, that's sponsorship. They're sponsoring the

671
00:32:06,600 --> 00:32:09,560
Speaker 7: entire tour. So maybe she's like I went to a

672
00:32:09,600 --> 00:32:11,160
Speaker 7: few of their shows and it was like people, don't

673
00:32:11,200 --> 00:32:13,040
Speaker 7: they forget about those calls like when you buy food

674
00:32:13,040 --> 00:32:14,960
Speaker 7: at the venue, Yeah, when you pay forty dollars to

675
00:32:15,040 --> 00:32:17,880
Speaker 7: park at the venue, all these things emerch at.

676
00:32:17,760 --> 00:32:19,680
Speaker 6: The merch at Yeah, and a lot of times when

677
00:32:20,040 --> 00:32:21,320
Speaker 6: artists do do a merch.

678
00:32:22,720 --> 00:32:24,960
Speaker 7: This episode is brought to you by P and C Bank.

679
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693
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694
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698
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699
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700
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701
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707
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711
00:34:16,760 --> 00:34:19,839
Speaker 8: Hey everyone, this is Tatiana Manning, host of Real Talk

712
00:34:19,880 --> 00:34:23,360
Speaker 8: with Pgeni. We know small businesses are dealing with rising

713
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Speaker 8: costs and looking for ways to boost their bottom line.

714
00:34:26,040 --> 00:34:28,520
Speaker 8: That's why we're doing the show to help customers save

715
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Speaker 8: with simple and easy to do steps by making sure

716
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717
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Speaker 8: check us out on pg dot com for slash, Real

718
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Speaker 8: Talk and all other streaming platforms.

719
00:34:44,080 --> 00:34:47,960
Speaker 5: And and they're buying merch at a venue. Typically the

720
00:34:48,040 --> 00:34:50,680
Speaker 5: venues taking some of that percentage, right, Usually it's anywhere

721
00:34:50,719 --> 00:34:53,560
Speaker 5: between like thirty and ten percent that the venue is

722
00:34:53,560 --> 00:34:57,239
Speaker 5: getting just to allow you to sell merch in there. Yeah,

723
00:34:57,280 --> 00:35:02,120
Speaker 5: which is another important reason why owning the data is important, right,

724
00:35:02,160 --> 00:35:05,440
Speaker 5: because if you have a store that you can sell online,

725
00:35:05,680 --> 00:35:07,840
Speaker 5: and you know, these people have came to your show,

726
00:35:08,080 --> 00:35:10,120
Speaker 5: but you had the data to talk to them and say, hey,

727
00:35:10,239 --> 00:35:12,000
Speaker 5: if you didn't get much of the show, you can

728
00:35:12,000 --> 00:35:14,680
Speaker 5: get it online on my online store, and you're not

729
00:35:14,760 --> 00:35:17,960
Speaker 5: having to pay a venue a certain cut of you know,

730
00:35:18,120 --> 00:35:18,640
Speaker 5: that money.

731
00:35:18,800 --> 00:35:20,480
Speaker 3: Brian Leslie has something you're familiar with.

732
00:35:20,560 --> 00:35:23,400
Speaker 6: Yeah, of course with us. What's the phone app?

733
00:35:23,920 --> 00:35:25,000
Speaker 3: He actually reached out to me.

734
00:35:25,239 --> 00:35:28,359
Speaker 2: We had communicated in DM shout out to him, but yeah,

735
00:35:28,400 --> 00:35:31,160
Speaker 2: he has superphone, right, Yeah, he has something similar to that.

736
00:35:31,239 --> 00:35:33,040
Speaker 2: So do you think that this is what we're headed?

737
00:35:33,080 --> 00:35:36,000
Speaker 2: As far as like you, everybody's on the wave of

738
00:35:36,040 --> 00:35:40,160
Speaker 2: owning your masters and being independent. That's pretty much established now,

739
00:35:40,200 --> 00:35:42,400
Speaker 2: even though a lot of people still don't own their masters.

740
00:35:42,400 --> 00:35:44,839
Speaker 2: But at least that's kind of the narrative is out there, right,

741
00:35:45,360 --> 00:35:47,640
Speaker 2: But not a lot of people are talking about this.

742
00:35:47,760 --> 00:35:50,279
Speaker 2: What you're talking about owning your information, owning your data.

743
00:35:50,800 --> 00:35:52,080
Speaker 2: You think that's like the next wave.

744
00:35:52,320 --> 00:35:52,880
Speaker 6: I hope it is.

745
00:35:52,920 --> 00:35:55,160
Speaker 5: And I'm trying to be a person that champions that

746
00:35:55,360 --> 00:35:58,120
Speaker 5: right and that like helps people do that. I mean,

747
00:35:58,200 --> 00:36:00,880
Speaker 5: one thing that I want to start doing is producing

748
00:36:00,960 --> 00:36:04,799
Speaker 5: tours for other artists, but using this model that we have, right,

749
00:36:04,840 --> 00:36:07,719
Speaker 5: so like maybe it's we come in with you know,

750
00:36:08,200 --> 00:36:09,920
Speaker 5: or maybe it's not even a tour, right, maybe it's

751
00:36:09,960 --> 00:36:12,719
Speaker 5: just a festival or one show that we help an

752
00:36:12,800 --> 00:36:15,279
Speaker 5: artist do and so that they can see, like, hey,

753
00:36:16,120 --> 00:36:18,480
Speaker 5: instead of letting, you know, some other person do it,

754
00:36:18,880 --> 00:36:21,640
Speaker 5: like we can share the data, you know what I mean,

755
00:36:21,719 --> 00:36:24,360
Speaker 5: Like and you can actually own the data that you know,

756
00:36:24,800 --> 00:36:27,799
Speaker 5: the five thousand tickets you sell. It would be nice

757
00:36:27,840 --> 00:36:29,680
Speaker 5: to like talk to those people again, you know what

758
00:36:29,719 --> 00:36:31,000
Speaker 5: I mean, And like you kind of have to do

759
00:36:31,040 --> 00:36:33,440
Speaker 5: it in small steps to show people because like a

760
00:36:33,480 --> 00:36:35,799
Speaker 5: lot of people don't realize the importance of it right now.

761
00:36:37,000 --> 00:36:39,719
Speaker 5: But here's another thing that it takes. The reason why

762
00:36:39,800 --> 00:36:46,160
Speaker 5: we've seen this movement towards independence in music and recorded

763
00:36:46,239 --> 00:36:50,040
Speaker 5: music is because the cost of creating the music has

764
00:36:50,080 --> 00:36:53,960
Speaker 5: gone down so significantly right. It still costs a lot

765
00:36:53,960 --> 00:36:56,800
Speaker 5: of money to produce a show for five thousand people

766
00:36:56,880 --> 00:36:59,200
Speaker 5: or two thousand people or one thousand people. Right, there's

767
00:36:59,239 --> 00:37:01,319
Speaker 5: a lot of upfront costs that you have to put out.

768
00:37:02,640 --> 00:37:04,759
Speaker 5: And and that's the thing, Like you can make a

769
00:37:04,800 --> 00:37:07,560
Speaker 5: song for next to nothing right now, you can't produce

770
00:37:07,760 --> 00:37:10,400
Speaker 5: a tour, let alone one event for next to nothing,

771
00:37:10,520 --> 00:37:13,759
Speaker 5: right And so it's this is all a question of risk, right,

772
00:37:13,920 --> 00:37:19,520
Speaker 5: Like I was just uh, really willing to risk all

773
00:37:19,520 --> 00:37:22,439
Speaker 5: of my personal capital because what I I I knew

774
00:37:22,440 --> 00:37:24,919
Speaker 5: that the idea I had was going to work out,

775
00:37:24,960 --> 00:37:29,280
Speaker 5: and I was so I just believed in the idea

776
00:37:29,480 --> 00:37:32,160
Speaker 5: so much, and I was so passionate about this thing.

777
00:37:32,680 --> 00:37:34,920
Speaker 5: But you know a lot of people are not willing

778
00:37:34,920 --> 00:37:37,080
Speaker 5: to bet on themselves when it comes to money.

779
00:37:37,239 --> 00:37:38,799
Speaker 6: And that's that's what's gonna.

780
00:37:38,520 --> 00:37:41,000
Speaker 2: You know, and approach you to you just kept flipping, right, like, yeah,

781
00:37:41,840 --> 00:37:44,760
Speaker 2: flip the profit, put it back in, put the profit

782
00:37:44,840 --> 00:37:45,160
Speaker 2: back in.

783
00:37:45,280 --> 00:37:47,560
Speaker 5: Then you just get absolutely absolutely. I mean to this day,

784
00:37:47,600 --> 00:37:50,920
Speaker 5: I still don't pay myself, you know, a salary. I

785
00:37:51,000 --> 00:37:54,760
Speaker 5: pay my staff, you know, well before I take any money.

786
00:37:55,560 --> 00:37:58,640
Speaker 5: And that's just that's just you know, I invest into

787
00:37:59,080 --> 00:38:03,600
Speaker 5: office space. I invest into production, I invest into people,

788
00:38:04,160 --> 00:38:08,680
Speaker 5: you know, I invest into yeah, like talent, you know

789
00:38:08,719 --> 00:38:10,359
Speaker 5: what I mean. And when I say talent, I don't

790
00:38:10,360 --> 00:38:13,120
Speaker 5: mean just artists, right, I mean like employees and people

791
00:38:13,160 --> 00:38:17,759
Speaker 5: who are going to help the operation grow because me

792
00:38:17,920 --> 00:38:22,680
Speaker 5: taking money out and you know, buying myself something nice.

793
00:38:23,440 --> 00:38:25,759
Speaker 5: You know, money is. I look at money as like

794
00:38:26,239 --> 00:38:29,600
Speaker 5: a tool, right, Like money is. They're like workers. Every

795
00:38:29,600 --> 00:38:32,319
Speaker 5: dollar is like a little small worker that can can

796
00:38:32,400 --> 00:38:36,160
Speaker 5: build and turn into more dollars and turn into more opportunities.

797
00:38:36,440 --> 00:38:39,560
Speaker 5: But you have to put those dollars to work. If

798
00:38:39,560 --> 00:38:42,680
Speaker 5: you just are buying something like you know, because you

799
00:38:42,719 --> 00:38:47,560
Speaker 5: want to reward yourself, that doesn't necessarily it's that value

800
00:38:47,560 --> 00:38:49,120
Speaker 5: is just gone the opportunity.

801
00:38:49,360 --> 00:38:51,359
Speaker 2: It's all about mindset. Once you start to realize, once

802
00:38:51,400 --> 00:38:53,879
Speaker 2: you start to look at money like that, you will

803
00:38:53,960 --> 00:38:56,279
Speaker 2: never really want to buy nine. It's like it's like

804
00:38:56,360 --> 00:38:57,560
Speaker 2: once you really start to look at it like that,

805
00:38:57,600 --> 00:38:59,680
Speaker 2: when you start to understanding like that, right, because it's like, Okay,

806
00:38:59,719 --> 00:39:02,000
Speaker 2: I can by this thirty thousand dollars rolex, but that

807
00:39:02,080 --> 00:39:04,440
Speaker 2: thirty thousand dollars rolls is going to cost me one

808
00:39:04,520 --> 00:39:06,560
Speaker 2: hundred and twenty thousand dollars, like you know what I'm saying,

809
00:39:06,600 --> 00:39:09,760
Speaker 2: because because ultimately that thirty thousand could have got flipped

810
00:39:09,760 --> 00:39:13,040
Speaker 2: four times in two years one year, So then you

811
00:39:13,120 --> 00:39:15,839
Speaker 2: become you got really got it. You gotta be careful because,

812
00:39:15,840 --> 00:39:16,920
Speaker 2: like I say, now you can get to a point

813
00:39:16,920 --> 00:39:18,400
Speaker 2: where you don't never want to spend money because it's

814
00:39:18,400 --> 00:39:20,640
Speaker 2: like I'm putting everything back in but I wanted to.

815
00:39:20,680 --> 00:39:23,279
Speaker 2: Actually I want to ask you one question. Also, have

816
00:39:23,360 --> 00:39:24,920
Speaker 2: you did you ever get bank financing?

817
00:39:25,520 --> 00:39:29,440
Speaker 5: So I've a I've always taken out like loans and stuff, right,

818
00:39:29,719 --> 00:39:33,480
Speaker 5: like bank loans. Yeah, well not from traditional banks but

819
00:39:33,480 --> 00:39:35,959
Speaker 5: like more like startup company banks and stuff like that.

820
00:39:37,200 --> 00:39:39,800
Speaker 5: And yeah, even now we have you know, various loans

821
00:39:39,800 --> 00:39:41,360
Speaker 5: and stuff, and we have a we do have a

822
00:39:41,400 --> 00:39:45,920
Speaker 5: deal with Live Nation that is not it's financing, but

823
00:39:45,960 --> 00:39:47,319
Speaker 5: it's just essentially a loan.

824
00:39:47,480 --> 00:39:48,799
Speaker 2: It's like, let me actually, let me ask you a

825
00:39:48,840 --> 00:39:51,799
Speaker 2: question because this is something that we ain't come I

826
00:39:51,840 --> 00:39:54,600
Speaker 2: just thought about it. But at what point were you

827
00:39:54,719 --> 00:39:57,120
Speaker 2: able to get a bank loan or a line of credit?

828
00:39:57,120 --> 00:39:58,759
Speaker 2: This is something that entrepreneur It all comes down to

829
00:39:58,800 --> 00:40:01,560
Speaker 2: funding money that we well a lot of businesses don't

830
00:40:01,560 --> 00:40:03,239
Speaker 2: get off the ground, especially in our communities that they

831
00:40:03,239 --> 00:40:03,759
Speaker 2: don't have money.

832
00:40:03,800 --> 00:40:04,719
Speaker 6: They absolutely they can't.

833
00:40:04,760 --> 00:40:06,720
Speaker 2: One probably we're gonna talk about funding the next episode,

834
00:40:06,719 --> 00:40:08,839
Speaker 2: the next edition, I mean the next segment. But I

835
00:40:08,840 --> 00:40:11,400
Speaker 2: want to talk about that right now. When were you

836
00:40:11,440 --> 00:40:14,680
Speaker 2: able to secure a relationship with a bank to even

837
00:40:14,719 --> 00:40:19,120
Speaker 2: get alan just I don't the first loan, so.

838
00:40:19,160 --> 00:40:21,839
Speaker 5: You know, it wasn't banks first, I was using I

839
00:40:21,880 --> 00:40:23,960
Speaker 5: was using my American Express card.

840
00:40:23,800 --> 00:40:24,880
Speaker 6: Like a bank.

841
00:40:25,760 --> 00:40:29,080
Speaker 5: Yeah, like so so that is how you know, I

842
00:40:29,160 --> 00:40:31,799
Speaker 5: was building my credit on there. And I was just like,

843
00:40:32,560 --> 00:40:35,440
Speaker 5: you know, using that forty five day window to like

844
00:40:35,640 --> 00:40:37,560
Speaker 5: flip and make money, you know what I mean. So

845
00:40:37,640 --> 00:40:39,399
Speaker 5: like once I once I started again to a point

846
00:40:39,440 --> 00:40:42,320
Speaker 5: where I needed like serious capital, I was just like, okay,

847
00:40:42,560 --> 00:40:45,880
Speaker 5: we got to use this American Express and like hopefully

848
00:40:45,960 --> 00:40:48,600
Speaker 5: we have another event that happens, and then this money

849
00:40:48,600 --> 00:40:51,120
Speaker 5: from this event will pay this American Express bill and

850
00:40:51,160 --> 00:40:53,640
Speaker 5: then to move forward and keep putting holds on venues

851
00:40:53,680 --> 00:40:57,600
Speaker 5: like and that's it. And then the American Express, me

852
00:40:57,680 --> 00:41:00,640
Speaker 5: being building the credit on there, was able to get

853
00:41:00,640 --> 00:41:02,759
Speaker 5: me like other credit cards and that type of thing.

854
00:41:02,800 --> 00:41:06,440
Speaker 5: So I the way that I funded the business initially

855
00:41:06,960 --> 00:41:11,560
Speaker 5: was capital from credit cards and like paying those back

856
00:41:11,680 --> 00:41:13,600
Speaker 5: as fast as I could, and then just.

857
00:41:13,560 --> 00:41:16,239
Speaker 6: The money that was being generated from the actual show.

858
00:41:16,320 --> 00:41:18,719
Speaker 7: Yeah, you went from I think five hundred thousand and

859
00:41:18,719 --> 00:41:22,440
Speaker 7: twenty sixteen to one point two million in twenty seventeen,

860
00:41:23,040 --> 00:41:24,760
Speaker 7: and then to two point one million in two thousand

861
00:41:24,760 --> 00:41:24,920
Speaker 7: and eight.

862
00:41:25,080 --> 00:41:25,239
Speaker 4: Yeah.

863
00:41:25,280 --> 00:41:26,920
Speaker 6: Yeah, I mean that's just in revenues.

864
00:41:27,080 --> 00:41:29,080
Speaker 4: Revenue revenues. Yeah, that was one of your models.

865
00:41:29,120 --> 00:41:31,920
Speaker 7: It was like profit, we're going to anything, we're gonna

866
00:41:32,040 --> 00:41:34,360
Speaker 7: we get right, We're reinvesting profit into product.

867
00:41:34,440 --> 00:41:34,640
Speaker 6: Yep.

868
00:41:34,800 --> 00:41:37,040
Speaker 7: Like that's a model that that is, like people should

869
00:41:37,040 --> 00:41:37,840
Speaker 7: follow that, man.

870
00:41:38,000 --> 00:41:40,760
Speaker 5: Yeah, I think so. I think that, you know, especially

871
00:41:40,800 --> 00:41:43,920
Speaker 5: when something's working. I always tell my team, like, if

872
00:41:43,960 --> 00:41:46,320
Speaker 5: something's working, let's pour the gasoline on it, you know

873
00:41:46,360 --> 00:41:48,560
Speaker 5: what I mean, Like let's let's let's make that little.

874
00:41:48,360 --> 00:41:49,640
Speaker 6: Spark into a wildfire.

875
00:41:49,680 --> 00:41:51,959
Speaker 4: All money in man, Yeah, for sure, for sure.

876
00:41:52,080 --> 00:41:54,200
Speaker 2: So now we're are going to the last segment, and

877
00:41:54,239 --> 00:41:57,280
Speaker 2: when everybody's wenting to here, why you turn down a million.

878
00:41:57,120 --> 00:42:02,400
Speaker 3: Dollars sanity test? Pass it?

879
00:42:02,760 --> 00:42:05,239
Speaker 2: But all right, all right, so now we're going to

880
00:42:05,320 --> 00:42:08,560
Speaker 2: go into everybody didn't wait in the air, right, So

881
00:42:08,880 --> 00:42:13,760
Speaker 2: how could you? So you built the company and correct

882
00:42:13,760 --> 00:42:16,200
Speaker 2: if the numbers is wrong. But this the research that

883
00:42:16,239 --> 00:42:21,239
Speaker 2: we got in twenty sixteen, the gross revenue was one

884
00:42:21,320 --> 00:42:29,120
Speaker 2: hundred and fifty thousand, right, but yeah, sixteen sixteen, yeah, okay,

885
00:42:30,360 --> 00:42:33,359
Speaker 2: and then twenty seventeen we have five hundred thousand, yes,

886
00:42:33,719 --> 00:42:37,040
Speaker 2: and then twenty eighteen we have two point one million.

887
00:42:36,719 --> 00:42:37,880
Speaker 4: Four hundred increase.

888
00:42:38,000 --> 00:42:38,440
Speaker 3: Yeah.

889
00:42:38,719 --> 00:42:40,279
Speaker 2: So then at that point and then at that point

890
00:42:40,280 --> 00:42:44,160
Speaker 2: in time, you're blowing up and you need you need help, right,

891
00:42:44,360 --> 00:42:47,600
Speaker 2: definitely need some financing outside of just flipping it and

892
00:42:47,640 --> 00:42:50,760
Speaker 2: flipping it, So you seek the help of a venture

893
00:42:50,800 --> 00:42:51,600
Speaker 2: capital right.

894
00:42:51,719 --> 00:42:54,319
Speaker 5: Well, yes, they they kind of reached out to me though.

895
00:42:54,760 --> 00:42:57,440
Speaker 5: Well it was funny. I was talking to my agent

896
00:42:57,719 --> 00:43:00,279
Speaker 5: and you know, he was just like, hey, you know,

897
00:43:00,280 --> 00:43:02,120
Speaker 5: what do we want to do for next year and

898
00:43:02,200 --> 00:43:05,120
Speaker 5: stuff like that. And this was in the early days

899
00:43:05,160 --> 00:43:08,560
Speaker 5: with him, and he was just like I was telling him,

900
00:43:08,560 --> 00:43:10,120
Speaker 5: I need some money, man, you know what I mean.

901
00:43:10,120 --> 00:43:12,160
Speaker 4: But you were putting a lot of the profit in.

902
00:43:13,400 --> 00:43:15,600
Speaker 2: I want to understand because people hate you like two

903
00:43:15,680 --> 00:43:18,000
Speaker 2: point one million, and for the average person that doesn't

904
00:43:18,040 --> 00:43:21,080
Speaker 2: understand business, they don't know the difference between gross and that.

905
00:43:21,400 --> 00:43:24,920
Speaker 2: Oh yeah, and they think you're calling out of control,

906
00:43:25,080 --> 00:43:27,800
Speaker 2: like why you need money? But two point one million,

907
00:43:27,920 --> 00:43:30,479
Speaker 2: like you said, I mean that might mean a hundred

908
00:43:30,560 --> 00:43:33,440
Speaker 2: thousand when it's all done, because you got to always

909
00:43:33,440 --> 00:43:35,240
Speaker 2: put money back in this. You gotta pay your employees,

910
00:43:35,239 --> 00:43:38,040
Speaker 2: you got book, So that doesn't mean or you might

911
00:43:38,040 --> 00:43:41,400
Speaker 2: even be a loss. Yeah, I mean there are billion

912
00:43:41,440 --> 00:43:42,680
Speaker 2: dollar companies that there have.

913
00:43:42,640 --> 00:43:45,680
Speaker 5: Been plenty of shows where we've taken losses on like

914
00:43:45,719 --> 00:43:48,400
Speaker 5: where there's been absolutely no profit exactly.

915
00:43:48,480 --> 00:43:51,160
Speaker 2: So all right, so okay, so can you talk us

916
00:43:51,160 --> 00:43:54,120
Speaker 2: through this this VC experience?

917
00:43:54,320 --> 00:43:59,680
Speaker 5: Yeah, okay, So should we just start from the beginning, Yeah, okay. So, uh, basically,

918
00:43:59,760 --> 00:44:05,120
Speaker 5: you know, I needed some capital, and I was I

919
00:44:05,160 --> 00:44:08,400
Speaker 5: was going to banks and mainly traditional lenders, and I

920
00:44:08,440 --> 00:44:10,640
Speaker 5: just wasn't getting enough, right, so maybe I could get

921
00:44:10,680 --> 00:44:15,480
Speaker 5: from like you know, uh, a loan shark essentially like

922
00:44:15,560 --> 00:44:18,279
Speaker 5: two hundred k here, one hundred k here, stuff like that.

923
00:44:19,160 --> 00:44:21,279
Speaker 6: But they were at crazy interest rates too, you know.

924
00:44:21,440 --> 00:44:25,799
Speaker 5: So uh, once the kind of word got out that

925
00:44:25,840 --> 00:44:29,080
Speaker 5: I that I needed some capital, within you know a

926
00:44:29,160 --> 00:44:31,960
Speaker 5: few people in the entertainment industry, people started to reach

927
00:44:31,960 --> 00:44:35,120
Speaker 5: out and I talked to with this one company and

928
00:44:35,840 --> 00:44:39,320
Speaker 5: at first, you know, they were they loved the business model,

929
00:44:39,400 --> 00:44:42,359
Speaker 5: right because they were they were a music company as well,

930
00:44:43,000 --> 00:44:45,120
Speaker 5: and so they loved the business model and they were like,

931
00:44:45,560 --> 00:44:46,759
Speaker 5: this is something that you know.

932
00:44:46,800 --> 00:44:49,040
Speaker 6: We think we can you know, help finance.

933
00:44:49,640 --> 00:44:56,279
Speaker 5: And the initial offer they I had to give them

934
00:44:56,400 --> 00:44:58,279
Speaker 5: my books, right, and they had to look into my

935
00:44:58,320 --> 00:45:00,439
Speaker 5: financials and that type of stuff. So there all kinds

936
00:45:00,480 --> 00:45:03,640
Speaker 5: of like agreement sign nda and stuff like that. But

937
00:45:04,560 --> 00:45:07,080
Speaker 5: ultimately when they looked, they said, Okay, you know, we

938
00:45:07,120 --> 00:45:10,480
Speaker 5: think a million dollars would help this guy's company out,

939
00:45:10,640 --> 00:45:13,000
Speaker 5: but we want to take this large percent.

940
00:45:12,680 --> 00:45:13,520
Speaker 6: For a million dollars.

941
00:45:13,560 --> 00:45:15,640
Speaker 4: You own one hundred percent equity right now.

942
00:45:15,719 --> 00:45:18,839
Speaker 5: I currently own one hundred percent of Colors Worldwide. Yes,

943
00:45:20,320 --> 00:45:25,400
Speaker 5: and the company was Their initial offer was for forty

944
00:45:25,440 --> 00:45:29,680
Speaker 5: percent of the company at one million dollars, and that

945
00:45:29,719 --> 00:45:31,520
Speaker 5: would have put me at like a two point one

946
00:45:31,560 --> 00:45:37,400
Speaker 5: million dollar valuation and something like that. So initially I

947
00:45:37,520 --> 00:45:41,080
Speaker 5: was just like, okay, you're telling me that the company

948
00:45:42,239 --> 00:45:44,400
Speaker 5: is at a two point one million dollar valuation, and

949
00:45:44,560 --> 00:45:46,919
Speaker 5: valuation just means how much your company is worth right now.

950
00:45:47,120 --> 00:45:50,239
Speaker 5: But I had I was that in that time parent frame,

951
00:45:50,280 --> 00:45:53,319
Speaker 5: I was on paste or to make two point something million, right,

952
00:45:53,719 --> 00:45:57,000
Speaker 5: So I was just like, usually to find the value

953
00:45:57,040 --> 00:45:59,680
Speaker 5: of a company, there's a lot of different ways that

954
00:45:59,719 --> 00:46:03,360
Speaker 5: it can be done, but usually you apply a multiple

955
00:46:03,480 --> 00:46:06,480
Speaker 5: of revenues because in an early stage company, you know

956
00:46:06,600 --> 00:46:09,600
Speaker 5: that you're doing exactly you know what you said, right,

957
00:46:09,719 --> 00:46:13,000
Speaker 5: which is you're putting moneies back in. So like revenue

958
00:46:13,040 --> 00:46:15,560
Speaker 5: isn't important in the early stages because you're just trying

959
00:46:15,600 --> 00:46:19,120
Speaker 5: to build audience, right, So you might apply a three

960
00:46:19,440 --> 00:46:20,800
Speaker 5: or four times multiple.

961
00:46:21,080 --> 00:46:22,439
Speaker 3: So for me, I'm.

962
00:46:22,400 --> 00:46:25,840
Speaker 5: Looking like my company is at least worth six million dollars,

963
00:46:26,000 --> 00:46:28,719
Speaker 5: and I really think it's worth like, you know, eight

964
00:46:28,760 --> 00:46:29,480
Speaker 5: million dollars.

965
00:46:29,760 --> 00:46:31,800
Speaker 6: So those are the numbers. I was trying to get

966
00:46:32,160 --> 00:46:33,160
Speaker 6: one point five.

967
00:46:33,000 --> 00:46:35,680
Speaker 5: Million at an eight million dollar valuation, right, That's what

968
00:46:35,760 --> 00:46:37,160
Speaker 5: I was like really looking for.

969
00:46:39,440 --> 00:46:41,680
Speaker 6: And you know when they came in at.

970
00:46:41,640 --> 00:46:46,359
Speaker 5: The at the forty percent mark, I think that they

971
00:46:46,400 --> 00:46:48,040
Speaker 5: just thought that I was like a young kid, you

972
00:46:48,040 --> 00:46:50,120
Speaker 5: know what I mean, Who's just gonna like say, wow,

973
00:46:50,160 --> 00:46:52,520
Speaker 5: here's a million dollars, this could help me out a lot,

974
00:46:52,600 --> 00:46:55,400
Speaker 5: and just like give up that much ownership of my company.

975
00:46:56,320 --> 00:47:01,279
Speaker 5: So then that's where the negotiation process started. But what

976
00:47:01,320 --> 00:47:04,600
Speaker 5: you also don't realize when you're talking about equity investment

977
00:47:05,600 --> 00:47:08,279
Speaker 5: is that there's so many terms that you're going to

978
00:47:08,360 --> 00:47:10,040
Speaker 5: have to iron out, and this is going to be

979
00:47:10,040 --> 00:47:13,319
Speaker 5: a very long process. So from when they offered me

980
00:47:13,400 --> 00:47:17,520
Speaker 5: that to when I ultimately turned it down, it was

981
00:47:17,560 --> 00:47:19,440
Speaker 5: a five month process, you know what I mean, It

982
00:47:19,480 --> 00:47:22,600
Speaker 5: took a really long time. And I'll just you know,

983
00:47:22,760 --> 00:47:27,239
Speaker 5: I'll share some of the terms that you know, were

984
00:47:27,440 --> 00:47:31,640
Speaker 5: unfavorable and that I didn't really like. Uh, you know,

985
00:47:32,000 --> 00:47:33,240
Speaker 5: one of those was.

986
00:47:34,960 --> 00:47:35,800
Speaker 6: There were.

987
00:47:37,800 --> 00:47:42,880
Speaker 5: Thresholds essentially that that would you know, I could essentially

988
00:47:43,560 --> 00:47:46,560
Speaker 5: not spend. In the early days of negotiation, I think

989
00:47:46,560 --> 00:47:49,440
Speaker 5: it was like anything over fifty thousand dollars has to

990
00:47:49,560 --> 00:47:52,759
Speaker 5: get unanimous board approval. And for those that don't know,

991
00:47:52,960 --> 00:47:56,080
Speaker 5: that's saying that, well, number one, we have to appoint

992
00:47:56,080 --> 00:47:59,960
Speaker 5: a board to your company, right, and so the board

993
00:48:00,040 --> 00:48:03,520
Speaker 5: would consist of me and then you know, representatives from

994
00:48:03,560 --> 00:48:06,000
Speaker 5: their company, so like two other people, and to get

995
00:48:06,040 --> 00:48:09,400
Speaker 5: any major decision done, you know, you would have to

996
00:48:09,920 --> 00:48:11,879
Speaker 5: everybody would have to say yes. Now, this is how

997
00:48:11,920 --> 00:48:14,480
Speaker 5: normal companies work, right, Like, this is not anything that's

998
00:48:14,520 --> 00:48:20,440
Speaker 5: weird or new, but we're talking about a small amount

999
00:48:20,440 --> 00:48:22,279
Speaker 5: of money in the grand scheme of things to me,

1000
00:48:22,400 --> 00:48:24,200
Speaker 5: you know what I mean. So I'm not looking to

1001
00:48:24,360 --> 00:48:28,400
Speaker 5: have unanimous Bard approval over spending something as nominal as

1002
00:48:28,760 --> 00:48:32,480
Speaker 5: fifty thousand dollars when I've already built this company to

1003
00:48:32,560 --> 00:48:35,000
Speaker 5: make two point one in gross revelce.

1004
00:48:36,760 --> 00:48:37,200
Speaker 6: Exactly.

1005
00:48:37,320 --> 00:48:41,080
Speaker 5: Yeah, you know. So that was one of the the

1006
00:48:41,080 --> 00:48:47,799
Speaker 5: the issues that I had. Another another issue was divesting equity. Right,

1007
00:48:47,880 --> 00:48:52,120
Speaker 5: So like, uh, you know, there were stipulations in the

1008
00:48:52,160 --> 00:48:56,600
Speaker 5: agreement at certain points where it's like, my equity would

1009
00:48:56,600 --> 00:48:58,680
Speaker 5: have to vest in the company, right, So like I

1010
00:48:58,680 --> 00:49:04,000
Speaker 5: would have to uh, I would have to essentially earn

1011
00:49:04,160 --> 00:49:06,960
Speaker 5: back the equity that I already have, right, So I

1012
00:49:06,960 --> 00:49:10,399
Speaker 5: already owned one hundred percent of the company. But let's

1013
00:49:10,440 --> 00:49:13,200
Speaker 5: say if my you know, equity went down to sixty percent,

1014
00:49:14,080 --> 00:49:14,799
Speaker 5: I would have to work.

1015
00:49:14,960 --> 00:49:16,720
Speaker 6: I would have to agree to work at.

1016
00:49:16,560 --> 00:49:19,520
Speaker 5: The company for a certain amount of time to get

1017
00:49:19,520 --> 00:49:22,239
Speaker 5: that equity back, right, and my equity would vest over years.

1018
00:49:22,239 --> 00:49:25,520
Speaker 5: But again, this is something that is not unusual, but

1019
00:49:25,800 --> 00:49:29,360
Speaker 5: it is unusual for somebody who has already this company's

1020
00:49:29,400 --> 00:49:32,759
Speaker 5: five years old, right, and I've already done this by myself.

1021
00:49:33,280 --> 00:49:35,640
Speaker 5: I'm not vesting equity and something that I've built from

1022
00:49:35,680 --> 00:49:36,239
Speaker 5: the ground up.

1023
00:49:36,280 --> 00:49:36,480
Speaker 6: You know.

1024
00:49:36,560 --> 00:49:38,879
Speaker 4: At one point they got the offer down to one

1025
00:49:38,920 --> 00:49:39,879
Speaker 4: million per.

1026
00:49:40,120 --> 00:49:42,600
Speaker 5: Yeah, uh huh, and I mean huge jump, right, like

1027
00:49:43,040 --> 00:49:47,000
Speaker 5: huge jomp And that was because our revenues were literally

1028
00:49:47,040 --> 00:49:48,680
Speaker 5: coming in in real time, you know what I mean.

1029
00:49:48,760 --> 00:49:51,000
Speaker 5: This was this was happening at the end of twenty eighteen,

1030
00:49:51,400 --> 00:49:53,400
Speaker 5: and the revenues were going up, and they'll saw that.

1031
00:49:53,480 --> 00:49:55,480
Speaker 5: You know, we ended up being able to agree on

1032
00:49:55,520 --> 00:49:59,520
Speaker 5: that point. So then you know, the deal was starting

1033
00:49:59,560 --> 00:50:03,200
Speaker 5: to look a lit a little more favorable. But why

1034
00:50:03,239 --> 00:50:07,640
Speaker 5: I ultimately walked away from the deal was because the

1035
00:50:07,680 --> 00:50:10,080
Speaker 5: threshold limits, right. So it was like I think I

1036
00:50:10,160 --> 00:50:13,360
Speaker 5: had to I think it was two hundred and fifty

1037
00:50:13,440 --> 00:50:17,879
Speaker 5: thousand dollars that if I spent any time anything over

1038
00:50:17,920 --> 00:50:19,600
Speaker 5: the two hundred and fifty thousand, I would have to

1039
00:50:19,600 --> 00:50:23,840
Speaker 5: get unanimous board approval. And again, you know, I I

1040
00:50:24,000 --> 00:50:26,359
Speaker 5: haven't spent over two hundred fifty thousand dollars at one

1041
00:50:26,400 --> 00:50:30,920
Speaker 5: time yet, right, But that's that's how my company's revenues

1042
00:50:30,960 --> 00:50:32,840
Speaker 5: being two million, right, Like, but what happens with my

1043
00:50:32,880 --> 00:50:36,240
Speaker 5: company's revenues or ten million, you know, or twenty million

1044
00:50:36,280 --> 00:50:39,880
Speaker 5: at that the money that even now the amounts of

1045
00:50:39,920 --> 00:50:42,680
Speaker 5: money that I spend on things. You know, if you

1046
00:50:42,719 --> 00:50:46,680
Speaker 5: were have asked me last year, you know, would you

1047
00:50:46,760 --> 00:50:50,080
Speaker 5: have spent you know, over a million dollars in you know,

1048
00:50:50,160 --> 00:50:53,440
Speaker 5: Facebook advertising in two years? I would have been like, yeah, right,

1049
00:50:53,719 --> 00:50:56,600
Speaker 5: you know what I mean, like on on paid ad campaigns.

1050
00:50:56,840 --> 00:50:59,239
Speaker 5: But those are the numbers we're talking about it, you

1051
00:50:59,239 --> 00:51:01,800
Speaker 5: know what I mean, like and and you know, in

1052
00:51:01,800 --> 00:51:07,040
Speaker 5: in years spans. So now I'm just like, you know,

1053
00:51:07,960 --> 00:51:10,200
Speaker 5: I don't want to put myself in a position where

1054
00:51:10,280 --> 00:51:12,360
Speaker 5: when I want to do something, or let's say I

1055
00:51:12,400 --> 00:51:14,279
Speaker 5: want to buy a company, right like, let's say I

1056
00:51:14,320 --> 00:51:18,640
Speaker 5: want to get an equity stake in another company, and

1057
00:51:18,400 --> 00:51:20,239
Speaker 5: and and and the cost is going to be three

1058
00:51:20,280 --> 00:51:23,359
Speaker 5: hundred thousand, four hundred thousand whatever. You know, I don't

1059
00:51:23,360 --> 00:51:25,680
Speaker 5: want to be in a position where I'm having to

1060
00:51:26,600 --> 00:51:30,200
Speaker 5: ask for approval from other people that are a not

1061
00:51:30,239 --> 00:51:33,000
Speaker 5: even a part of the culture. And know, you know,

1062
00:51:33,600 --> 00:51:35,839
Speaker 5: they might not know that this is an actual, real

1063
00:51:35,880 --> 00:51:40,240
Speaker 5: opportunity because they're not they're not a part of the culture.

1064
00:51:40,239 --> 00:51:40,719
Speaker 6: You know what I mean.

1065
00:51:41,200 --> 00:51:43,440
Speaker 7: In my head right now, like if an artist like

1066
00:51:43,480 --> 00:51:45,839
Speaker 7: Chris Brown is like, yeah, I'll do RB, only it's

1067
00:51:45,840 --> 00:51:48,040
Speaker 7: going to cost you three hundred and fifty in your head,

1068
00:51:48,120 --> 00:51:49,480
Speaker 7: on my head, it's like that's a no brainer.

1069
00:51:50,000 --> 00:51:52,800
Speaker 4: Yeah, I gotta get him. But to ask people's approval,

1070
00:51:52,840 --> 00:51:53,279
Speaker 4: it's like.

1071
00:51:53,320 --> 00:51:55,319
Speaker 5: It's like, yeah, they might not they might not know,

1072
00:51:55,400 --> 00:51:59,239
Speaker 5: they might not understand, you know, And and that that's

1073
00:51:59,320 --> 00:52:01,520
Speaker 5: the thing that really, you know, made me walk away.

1074
00:52:01,560 --> 00:52:03,480
Speaker 5: But why I was considering it so much was because

1075
00:52:03,520 --> 00:52:06,000
Speaker 5: I had real situations. I had real overhead. I have

1076
00:52:06,160 --> 00:52:09,239
Speaker 5: real employees that have to provide for themselves. They have,

1077
00:52:09,400 --> 00:52:11,920
Speaker 5: you know, themselves to feed. They might they might have

1078
00:52:11,960 --> 00:52:13,640
Speaker 5: families to feed, they might you know what I mean.

1079
00:52:13,719 --> 00:52:17,000
Speaker 5: So these are this is this is why I was

1080
00:52:17,080 --> 00:52:21,919
Speaker 5: considering taking a deal like that, even though it sort

1081
00:52:21,920 --> 00:52:25,759
Speaker 5: of went against my principles, I knew that what was

1082
00:52:25,840 --> 00:52:29,120
Speaker 5: what was more important for me was that I need

1083
00:52:29,160 --> 00:52:31,680
Speaker 5: to pay my staff to be able to continue to

1084
00:52:31,680 --> 00:52:35,520
Speaker 5: make this thing move and operate. So I thought about

1085
00:52:35,520 --> 00:52:37,799
Speaker 5: it long and hard, and you know, they were still

1086
00:52:37,840 --> 00:52:41,319
Speaker 5: trying to work out the deal. And then what happened was,

1087
00:52:41,320 --> 00:52:43,600
Speaker 5: you know, I just kind of I just knew that

1088
00:52:43,640 --> 00:52:46,200
Speaker 5: it wasn't right, and I just said, you know, I'm

1089
00:52:46,200 --> 00:52:47,560
Speaker 5: gonna I'm gonna walk away from this.

1090
00:52:48,080 --> 00:52:49,680
Speaker 6: But what I want to do.

1091
00:52:49,760 --> 00:52:52,839
Speaker 5: I don't I want to turn you know, I want

1092
00:52:52,880 --> 00:52:56,360
Speaker 5: to turn lemonade out of lemons and not just have

1093
00:52:56,480 --> 00:52:59,640
Speaker 5: this be something that is behind closed doors and that

1094
00:52:59,840 --> 00:53:03,040
Speaker 5: you know, only I know about, only my team knows about.

1095
00:53:03,239 --> 00:53:05,279
Speaker 5: And I want I wanted to help and share with

1096
00:53:05,400 --> 00:53:08,719
Speaker 5: other people. Look, this is something that you guys need

1097
00:53:08,760 --> 00:53:10,080
Speaker 5: to know, you know what I mean, Like, this is

1098
00:53:10,080 --> 00:53:12,319
Speaker 5: something that the up and coming entrepreneur needs to know

1099
00:53:12,640 --> 00:53:15,560
Speaker 5: when building a business and when running into a situation

1100
00:53:15,600 --> 00:53:17,759
Speaker 5: where you feel like you're gonna need capital. Just know

1101
00:53:17,920 --> 00:53:20,960
Speaker 5: that these are things that you're gonna have to consider,

1102
00:53:21,120 --> 00:53:23,680
Speaker 5: right and and and and I wanted to really like

1103
00:53:23,800 --> 00:53:28,799
Speaker 5: explain to people, what, uh, you know that that these

1104
00:53:28,800 --> 00:53:31,920
Speaker 5: things are normal. But again, it just wasn't something that

1105
00:53:32,000 --> 00:53:34,279
Speaker 5: I was comfortable with because I had it would be

1106
00:53:34,360 --> 00:53:37,240
Speaker 5: normal if I was starting this company with these people,

1107
00:53:37,360 --> 00:53:39,879
Speaker 5: but I had already built this company, and then these

1108
00:53:39,960 --> 00:53:42,680
Speaker 5: terms are coming into play. And then at the same time,

1109
00:53:42,719 --> 00:53:45,160
Speaker 5: you know, it was a way that like I wrote

1110
00:53:45,160 --> 00:53:47,719
Speaker 5: this article about my experience and that it kind of went,

1111
00:53:47,760 --> 00:53:51,200
Speaker 5: you know, semi viral, and and it was a way

1112
00:53:51,280 --> 00:53:54,719
Speaker 5: for the world to know that, hey, this is a

1113
00:53:54,719 --> 00:53:57,600
Speaker 5: company that maybe I didn't know about, but maybe this

1114
00:53:57,680 --> 00:53:59,520
Speaker 5: is a good investment opportunity, you know what I mean,

1115
00:53:59,600 --> 00:54:02,360
Speaker 5: Or maybe like I could I could open up another

1116
00:54:02,440 --> 00:54:06,279
Speaker 5: door with sponsorship or something like that and just let

1117
00:54:06,280 --> 00:54:08,120
Speaker 5: people know about sort of like the business that we

1118
00:54:08,120 --> 00:54:11,640
Speaker 5: were doing. And yeah, you know, and and and the

1119
00:54:11,960 --> 00:54:15,080
Speaker 5: article kind of took off and we ended up we

1120
00:54:15,200 --> 00:54:21,160
Speaker 5: ended up getting getting alone actually from another company, and

1121
00:54:21,280 --> 00:54:23,239
Speaker 5: also in the midst of like a bunch of other

1122
00:54:23,360 --> 00:54:26,440
Speaker 5: you know, potential sponsorship things even right now, right like

1123
00:54:26,480 --> 00:54:30,040
Speaker 5: we actually just got our first sponsor for uh, for

1124
00:54:30,239 --> 00:54:33,480
Speaker 5: an upcoming show. We we did a deal with a

1125
00:54:33,520 --> 00:54:38,400
Speaker 5: mobile banking app that actually helps you know, young people,

1126
00:54:38,960 --> 00:54:41,839
Speaker 5: uh with the banking system you know what I mean,

1127
00:54:41,920 --> 00:54:44,280
Speaker 5: that's like kind of broken right now and like charging

1128
00:54:44,280 --> 00:54:45,400
Speaker 5: a lot of fees for stuff.

1129
00:54:45,920 --> 00:54:46,400
Speaker 6: Uh.

1130
00:54:46,520 --> 00:54:49,840
Speaker 5: We've did a partnership with them where we're encouraging people

1131
00:54:50,200 --> 00:54:54,400
Speaker 5: in our audience to use this mobile banking system and

1132
00:54:54,560 --> 00:54:57,120
Speaker 5: they don't have to pay overdraft fees, you know, they don't.

1133
00:54:57,120 --> 00:55:00,719
Speaker 5: They can actually get paychecks if they're working in the

1134
00:55:00,760 --> 00:55:04,480
Speaker 5: gig economy, you know, uber lyft or at a restaurant

1135
00:55:04,480 --> 00:55:08,120
Speaker 5: where they're picking up shift. This company actually pays their

1136
00:55:08,400 --> 00:55:11,280
Speaker 5: their paychecks two days faster, stuff like that.

1137
00:55:11,320 --> 00:55:11,879
Speaker 6: You know what I mean.

1138
00:55:11,960 --> 00:55:14,160
Speaker 3: So now the one thing, the thing I like about

1139
00:55:14,160 --> 00:55:15,160
Speaker 3: the article that you wrote.

1140
00:55:15,200 --> 00:55:17,439
Speaker 2: So you wrote the article when you decided, like you said,

1141
00:55:17,440 --> 00:55:19,160
Speaker 2: when you decided to turn down a million dollars. You

1142
00:55:19,200 --> 00:55:22,160
Speaker 2: wrote the article, but you wrote it right, and yeah,

1143
00:55:22,200 --> 00:55:26,040
Speaker 2: you put it on Twitter and the media just took

1144
00:55:26,040 --> 00:55:27,960
Speaker 2: it from there and they just made a different media

1145
00:55:27,960 --> 00:55:30,239
Speaker 2: outlets started to pick it up. So I say that

1146
00:55:30,360 --> 00:55:32,240
Speaker 2: to say because recently happened.

1147
00:55:32,280 --> 00:55:34,000
Speaker 3: Shout out to I.

1148
00:55:34,000 --> 00:55:37,160
Speaker 2: Think is the brother's name is Naje young, young gentleman

1149
00:55:37,200 --> 00:55:40,920
Speaker 2: from Philly, and he wrote he wrote something on Instagram.

1150
00:55:41,040 --> 00:55:43,960
Speaker 2: He wrote the article himself about himself and it was

1151
00:55:44,000 --> 00:55:47,280
Speaker 2: like four friends that like saved fifty dollars a week

1152
00:55:47,560 --> 00:55:50,520
Speaker 2: for two years and then they brought their first investment property.

1153
00:55:50,520 --> 00:55:51,640
Speaker 3: They all like in their twenties.

1154
00:55:52,000 --> 00:55:55,719
Speaker 2: And he wrote like a eye catching caption on it,

1155
00:55:55,800 --> 00:55:58,160
Speaker 2: like four friends saved money for two years and brought

1156
00:55:58,160 --> 00:55:59,880
Speaker 2: an investment property. And then like all of these blogs,

1157
00:56:00,040 --> 00:56:01,880
Speaker 2: social media started to pick it up. And then I

1158
00:56:02,000 --> 00:56:05,000
Speaker 2: posted it and it got like a lot of viewers

1159
00:56:05,080 --> 00:56:07,120
Speaker 2: that like, I think, I got like six thousand likes,

1160
00:56:07,200 --> 00:56:11,319
Speaker 2: and he actually we actually spoke. So, but I said

1161
00:56:11,480 --> 00:56:14,160
Speaker 2: to say, a lot of times people complain about not

1162
00:56:14,200 --> 00:56:16,759
Speaker 2: getting pressed, but we in the day and age now

1163
00:56:16,800 --> 00:56:19,600
Speaker 2: where you could create your own press, right, So you

1164
00:56:19,680 --> 00:56:22,279
Speaker 2: made that article and that's really the reason why you're

1165
00:56:22,280 --> 00:56:24,320
Speaker 2: here now is because somebody sent me that and was

1166
00:56:24,320 --> 00:56:26,600
Speaker 2: like get them on the podcast and reached out. So

1167
00:56:26,640 --> 00:56:30,120
Speaker 2: it's like, I think that that's brilliant. Whereas you had

1168
00:56:30,120 --> 00:56:33,800
Speaker 2: a story that's an interesting story, right, as opposed to

1169
00:56:33,840 --> 00:56:37,439
Speaker 2: trying to just pitch it to a million different publications

1170
00:56:37,440 --> 00:56:39,760
Speaker 2: and then waiting to see who picks it up, you

1171
00:56:39,800 --> 00:56:43,799
Speaker 2: put it out yourself. It went viral and then publications

1172
00:56:43,840 --> 00:56:46,600
Speaker 2: picked it up from there. You got a whole bunch

1173
00:56:46,600 --> 00:56:51,040
Speaker 2: of opportunities because now it was great promotion, but it's

1174
00:56:51,040 --> 00:56:53,839
Speaker 2: also education as well, because, like you were saying to us,

1175
00:56:53,920 --> 00:56:56,880
Speaker 2: even with like you know, just you use an example

1176
00:56:56,920 --> 00:57:00,680
Speaker 2: of black women that graduate at higher rate than any right,

1177
00:57:00,719 --> 00:57:03,239
Speaker 2: but you know they starting businesses, but they may they

1178
00:57:03,280 --> 00:57:05,720
Speaker 2: get in funding at lower rate than anybody.

1179
00:57:05,400 --> 00:57:06,200
Speaker 6: The lowest rate.

1180
00:57:06,440 --> 00:57:10,000
Speaker 5: Let's be clear, black women are getting venture capital at

1181
00:57:10,040 --> 00:57:14,280
Speaker 5: the lowest rate. They're getting the smallest amount of venture

1182
00:57:14,280 --> 00:57:17,080
Speaker 5: capital of anybody getting venture capital in this country.

1183
00:57:17,120 --> 00:57:17,520
Speaker 6: Right now.

1184
00:57:17,680 --> 00:57:21,360
Speaker 5: But they are graduating. They are the most educated. They're

1185
00:57:21,400 --> 00:57:24,240
Speaker 5: graduating college in our country at the highest rate. That

1186
00:57:24,240 --> 00:57:26,880
Speaker 5: that's bananas to me. That doesn't make any sense. And

1187
00:57:26,920 --> 00:57:30,400
Speaker 5: it's like I wanted that article. And for those that

1188
00:57:30,400 --> 00:57:32,880
Speaker 5: that you know are listening, you can just google why

1189
00:57:32,960 --> 00:57:35,760
Speaker 5: I turned down a million dollars Jabbari or you know,

1190
00:57:35,840 --> 00:57:37,400
Speaker 5: just honestly, if you just google why I turned down

1191
00:57:37,440 --> 00:57:39,120
Speaker 5: a million dollars is the first thing that will pop up.

1192
00:57:39,280 --> 00:57:42,080
Speaker 5: But I wrote it on Medium, and you know, I

1193
00:57:42,160 --> 00:57:45,520
Speaker 5: wanted like those people, those type of people to read

1194
00:57:45,560 --> 00:57:47,880
Speaker 5: this thing, right, like the up and coming entrepreneurs that

1195
00:57:47,920 --> 00:57:53,760
Speaker 5: look like us, to understand the pitfalls and the things

1196
00:57:53,800 --> 00:57:56,200
Speaker 5: that you should be like, even just if you are

1197
00:57:56,280 --> 00:58:00,280
Speaker 5: like some people, just needed to to get an introduction

1198
00:58:00,440 --> 00:58:03,480
Speaker 5: to what terms like valuation mean, or what terms like

1199
00:58:03,560 --> 00:58:06,360
Speaker 5: equity means, what a venture capitalist even is.

1200
00:58:06,440 --> 00:58:06,680
Speaker 3: Right.

1201
00:58:06,800 --> 00:58:09,200
Speaker 5: So it's just that you know, and it may take

1202
00:58:09,200 --> 00:58:11,400
Speaker 5: you twenty minutes to read the article, but I guarantee

1203
00:58:11,440 --> 00:58:14,520
Speaker 5: you that you will walk away from the article with

1204
00:58:14,840 --> 00:58:17,320
Speaker 5: some information that you that you might not have known before.

1205
00:58:18,000 --> 00:58:20,560
Speaker 5: And you know, I tried to make it entertaining. I

1206
00:58:20,600 --> 00:58:23,120
Speaker 5: put jokes in there and stuff like that. But it's

1207
00:58:23,160 --> 00:58:25,680
Speaker 5: just like it's informative, and I think that that's the

1208
00:58:26,080 --> 00:58:29,040
Speaker 5: that's the main thing. It's like, right now, we are

1209
00:58:29,160 --> 00:58:32,320
Speaker 5: using so much of our time to entertain us, but

1210
00:58:32,440 --> 00:58:34,960
Speaker 5: how much of our time is actually informing us when

1211
00:58:35,000 --> 00:58:38,160
Speaker 5: we're when we're spending hours on these social media platforms,

1212
00:58:38,160 --> 00:58:40,400
Speaker 5: you know, And that was the whole goal with like

1213
00:58:40,640 --> 00:58:43,040
Speaker 5: what the article is just trying to inform us.

1214
00:58:43,280 --> 00:58:46,200
Speaker 2: Yeah, I appreciate that. So all right, So what's next?

1215
00:58:46,280 --> 00:58:48,120
Speaker 2: What's next for colors.

1216
00:58:47,720 --> 00:58:49,320
Speaker 4: In R and bl oh Man?

1217
00:58:49,440 --> 00:58:53,600
Speaker 5: So huge, huge recent announcement is we just announced our

1218
00:58:53,640 --> 00:58:57,000
Speaker 5: first R and B only music festival, So for anybody

1219
00:58:57,040 --> 00:59:00,760
Speaker 5: that's in Orlando, Florida, honestly for everybody in America and

1220
00:59:01,760 --> 00:59:04,720
Speaker 5: you know fly in Man. So uh, you know, like

1221
00:59:04,760 --> 00:59:07,840
Speaker 5: we said, our our show is primarily a DJ based show,

1222
00:59:08,200 --> 00:59:10,720
Speaker 5: and sometimes we have guest artists pop out. We've had

1223
00:59:10,760 --> 00:59:14,880
Speaker 5: people like Jaqui, Kishako, Omarion, We've had a lot of

1224
00:59:14,960 --> 00:59:18,280
Speaker 5: R and B stars tank perform at our shows.

1225
00:59:18,320 --> 00:59:19,200
Speaker 6: And now this is.

1226
00:59:19,120 --> 00:59:22,160
Speaker 5: The first time where we've announced artists that are actually

1227
00:59:22,200 --> 00:59:25,320
Speaker 5: gonna be there and they're performing. It's an outdoor venue,

1228
00:59:25,320 --> 00:59:28,560
Speaker 5: We're gonna have food, trucks. We're gonna have actually I

1229
00:59:28,600 --> 00:59:32,000
Speaker 5: never haven't announced this yet, but this is a exclusive.

1230
00:59:32,400 --> 00:59:36,720
Speaker 5: We actually have two helicopters that are gonna be at

1231
00:59:36,760 --> 00:59:40,080
Speaker 5: this show where you can take helicopter rides and fly

1232
00:59:40,200 --> 00:59:42,680
Speaker 5: above the festival and like take pictures.

1233
00:59:42,320 --> 00:59:43,160
Speaker 4: And stuff like that.

1234
00:59:43,600 --> 00:59:47,360
Speaker 5: Yeah, it's gonna be you know, crazy. It's at the place,

1235
00:59:47,400 --> 00:59:51,360
Speaker 5: this place in Orlando called the Orlando Amphitheater, And yeah,

1236
00:59:51,400 --> 00:59:53,640
Speaker 5: I mean tickets are selling fast, so we really you know,

1237
00:59:53,760 --> 01:00:00,160
Speaker 5: hope you guys. Yeah, yeah, Ashanti, Queen Nija, and a

1238
01:00:00,240 --> 01:00:01,920
Speaker 5: new R and B artist by the name of y

1239
01:00:01,960 --> 01:00:04,440
Speaker 5: k O Cyrus who has like a top Billboard hit

1240
01:00:04,520 --> 01:00:04,800
Speaker 5: right now.

1241
01:00:04,800 --> 01:00:05,960
Speaker 6: It's called worth It.

1242
01:00:05,960 --> 01:00:07,840
Speaker 4: It's like I would get he's on a couple of

1243
01:00:07,840 --> 01:00:10,320
Speaker 4: Double XL. Yeah, yeah, yeah, Freshman.

1244
01:00:10,200 --> 01:00:11,400
Speaker 6: You just gotta be worth it.

1245
01:00:11,480 --> 01:00:13,200
Speaker 5: I'm not an R and B sit, but you know

1246
01:00:13,320 --> 01:00:14,920
Speaker 5: a lot of puns when when you sing the song

1247
01:00:15,000 --> 01:00:17,000
Speaker 5: people know what you're talking about. But yeah, he's a

1248
01:00:17,000 --> 01:00:19,640
Speaker 5: freshman this year on Double XL. The only R and

1249
01:00:19,720 --> 01:00:23,040
Speaker 5: B artist on the fresh of the list. And yeah,

1250
01:00:23,120 --> 01:00:25,200
Speaker 5: it's it's uh, that's gonna be huge for us. We

1251
01:00:25,240 --> 01:00:29,640
Speaker 5: also have another show with the Shanty and and another

1252
01:00:29,760 --> 01:00:31,360
Speaker 5: up and coming R and B artist by the name

1253
01:00:31,360 --> 01:00:35,320
Speaker 5: of Keanu today this Friday. By the time they hear this,

1254
01:00:35,400 --> 01:00:37,360
Speaker 5: it might be over but in d C. But yeah,

1255
01:00:37,400 --> 01:00:40,479
Speaker 5: the music festival, it's the biggest, Yeah on two.

1256
01:00:40,400 --> 01:00:42,120
Speaker 4: Gigs with us.

1257
01:00:43,520 --> 01:00:47,880
Speaker 5: Yeah yeah, but but yeah, if you go to R

1258
01:00:47,880 --> 01:00:50,520
Speaker 5: and B only dot com, slash Orlando, or just find

1259
01:00:50,600 --> 01:00:54,240
Speaker 5: us on Instagram at our n B only the letter

1260
01:00:54,360 --> 01:00:57,760
Speaker 5: N you know, that's where all the info is man

1261
01:00:57,800 --> 01:00:59,840
Speaker 5: and you know, you can see past shows, what we

1262
01:00:59,880 --> 01:01:02,920
Speaker 5: have going on in the future. But yeah, so that's

1263
01:01:03,080 --> 01:01:05,960
Speaker 5: that's huge for us in terms of the show elements.

1264
01:01:06,360 --> 01:01:08,200
Speaker 5: We also have you know, a bunch of shows where

1265
01:01:08,240 --> 01:01:10,720
Speaker 5: we're DJing and just like our current team, like we

1266
01:01:10,800 --> 01:01:14,920
Speaker 5: have Miami coming up, we have Sacramento. We have a

1267
01:01:14,920 --> 01:01:16,640
Speaker 5: big show in LA coming up that's kind of like

1268
01:01:16,640 --> 01:01:20,280
Speaker 5: a farewell to LA because we're taking a break until

1269
01:01:20,320 --> 01:01:24,680
Speaker 5: we do another music festival in Los Angeles. And then yeah,

1270
01:01:24,920 --> 01:01:28,000
Speaker 5: Merch new Merch is coming. We have media coming. We

1271
01:01:28,040 --> 01:01:30,200
Speaker 5: have a bunch of shows that we're working on that

1272
01:01:30,240 --> 01:01:32,640
Speaker 5: would be like digital shows in the R and B space.

1273
01:01:32,840 --> 01:01:34,960
Speaker 5: We're really trying to own R and B. So we

1274
01:01:35,040 --> 01:01:37,320
Speaker 5: want anybody who knows about R and B music in

1275
01:01:37,360 --> 01:01:39,880
Speaker 5: the genre. We want R and B Only to be

1276
01:01:39,920 --> 01:01:42,680
Speaker 5: synonymous with that and not just a live event, but

1277
01:01:42,760 --> 01:01:47,560
Speaker 5: also content also you know audio content, you know music,

1278
01:01:47,680 --> 01:01:51,440
Speaker 5: like we eventually we want to start putting out compilations,

1279
01:01:51,520 --> 01:01:53,440
Speaker 5: right so remember back in the day, like Rough Riders

1280
01:01:53,480 --> 01:01:55,480
Speaker 5: Volume one, two and three. We want to do that

1281
01:01:55,520 --> 01:01:57,640
Speaker 5: for R and B, like R and B Only Volume one,

1282
01:01:57,640 --> 01:01:59,280
Speaker 5: two and three, Like the type of thing.

1283
01:01:59,200 --> 01:02:00,760
Speaker 7: You have those commerci was where they had the R

1284
01:02:00,760 --> 01:02:03,400
Speaker 7: and B like the CDs. It would be like thirty songs.

1285
01:02:03,440 --> 01:02:05,880
Speaker 5: Oh yeah, yeah, yeah exactly, like yeah, yeah, yeah, uh huh,

1286
01:02:05,920 --> 01:02:08,080
Speaker 5: so like like that, but just like you know, not

1287
01:02:08,320 --> 01:02:11,000
Speaker 5: for for today's consumer, right, so like stuff that would

1288
01:02:11,000 --> 01:02:15,320
Speaker 5: be on Spotify, Apple Music, that type of stuff. But yeah,

1289
01:02:15,440 --> 01:02:19,440
Speaker 5: just really being the curators and purveyors of R and

1290
01:02:19,440 --> 01:02:21,479
Speaker 5: B music. We even signed the R and B artist

1291
01:02:21,560 --> 01:02:24,440
Speaker 5: you know, his name is Will Wildfire. So he's been

1292
01:02:24,480 --> 01:02:27,920
Speaker 5: like opening up shows for us. Go check him out too.

1293
01:02:28,000 --> 01:02:30,880
Speaker 5: That's incredible, yeah for a new artist, right, like he's

1294
01:02:30,920 --> 01:02:32,920
Speaker 5: able to like get in front of this huge audience

1295
01:02:32,960 --> 01:02:35,760
Speaker 5: that we have around the around.

1296
01:02:35,200 --> 01:02:36,000
Speaker 6: The nation, you know.

1297
01:02:37,400 --> 01:02:39,800
Speaker 5: So yeah, there's a lot of stuff coming even even

1298
01:02:39,880 --> 01:02:41,640
Speaker 5: and that's just on the R and B only front, right,

1299
01:02:41,640 --> 01:02:45,320
Speaker 5: But as Colors grows, we're gonna start producing other events

1300
01:02:45,320 --> 01:02:48,120
Speaker 5: and live shows and other verticals that were underserved. We

1301
01:02:48,160 --> 01:02:50,880
Speaker 5: thought R and B was a huge underserved market, and

1302
01:02:50,920 --> 01:02:54,080
Speaker 5: so you know, we're we're looking in places where you know,

1303
01:02:54,360 --> 01:02:57,560
Speaker 5: there's other opportunities, right, So maybe it's food, maybe it's

1304
01:02:57,640 --> 01:03:00,960
Speaker 5: Latin music, maybe it's you know, certain things in the

1305
01:03:00,960 --> 01:03:05,800
Speaker 5: beauty category. But with comedy, yep, yep, comedy, where we've

1306
01:03:05,800 --> 01:03:07,800
Speaker 5: got a lot more stuff happening in comedy in the

1307
01:03:07,840 --> 01:03:12,040
Speaker 5: near future of twenty twenty. Yeah, So you know, uh,

1308
01:03:12,120 --> 01:03:15,320
Speaker 5: even even if if people have events right like, I'm

1309
01:03:15,360 --> 01:03:18,280
Speaker 5: even interested in if there are certain events that are

1310
01:03:18,280 --> 01:03:21,360
Speaker 5: happening right now and that need help and that are

1311
01:03:21,400 --> 01:03:24,360
Speaker 5: looking to grow and expand and you know, have the

1312
01:03:24,360 --> 01:03:28,280
Speaker 5: potential for a national footprint, I'm interested in potential partnerships,

1313
01:03:28,320 --> 01:03:30,000
Speaker 5: you know what I mean, and putting those events under

1314
01:03:30,000 --> 01:03:34,160
Speaker 5: the Colors umbrella and and and helping expand, you know,

1315
01:03:34,640 --> 01:03:36,200
Speaker 5: and and and do partnerships with.

1316
01:03:36,160 --> 01:03:38,480
Speaker 6: People as well. So that's something that you know we're

1317
01:03:38,520 --> 01:03:39,200
Speaker 6: looking at as well.

1318
01:03:39,560 --> 01:03:40,600
Speaker 3: What's your Instagram?

1319
01:03:40,640 --> 01:03:43,800
Speaker 6: So my instagram is jabari is It's simple j A

1320
01:03:43,920 --> 01:03:45,680
Speaker 6: B A R. I is just my name.

1321
01:03:46,720 --> 01:03:49,320
Speaker 5: Sometimes I say just your Bari and then people be like, oh,

1322
01:03:49,480 --> 01:03:52,520
Speaker 5: it's just like j Ust. No, it's it's just my

1323
01:03:52,600 --> 01:03:56,000
Speaker 5: name Jabbari. And then uh, the R and B only

1324
01:03:56,120 --> 01:03:58,920
Speaker 5: instagram is at R and B only, and the Colors

1325
01:03:58,960 --> 01:04:01,360
Speaker 5: Worldwide Instagram that the parent company that owns R and

1326
01:04:01,400 --> 01:04:03,800
Speaker 5: B only is just Colors Worldwide.

1327
01:04:03,880 --> 01:04:05,200
Speaker 6: So pretty simple for all those.

1328
01:04:06,160 --> 01:04:11,040
Speaker 2: Keep it simple, Keep it simple, right, busy man, Sure, yeah, yeah.

1329
01:04:11,160 --> 01:04:14,360
Speaker 7: Shout out to everybody on patreon dot com Backslasher and

1330
01:04:14,400 --> 01:04:14,840
Speaker 7: a Leisure.

1331
01:04:14,920 --> 01:04:16,560
Speaker 4: You know that is our private pay program.

1332
01:04:16,600 --> 01:04:18,840
Speaker 7: We've had a lot of supporters, uh you know that

1333
01:04:18,920 --> 01:04:22,640
Speaker 7: have come on there, got advice from us, had conversations

1334
01:04:22,640 --> 01:04:24,040
Speaker 7: with us. I want to give a shout out to Terry.

1335
01:04:24,080 --> 01:04:27,439
Speaker 7: He's on one of our older patrons. He actually did

1336
01:04:27,440 --> 01:04:29,880
Speaker 7: a video shouting us out Alan Oakland, So shout out

1337
01:04:29,920 --> 01:04:32,480
Speaker 7: everybody in the Bay, shout out to Terry. And like

1338
01:04:32,520 --> 01:04:36,000
Speaker 7: I said, every every episode. It's a five tier program.

1339
01:04:36,040 --> 01:04:38,880
Speaker 7: You can join any at any level and we're gonna

1340
01:04:38,880 --> 01:04:41,160
Speaker 7: provide information to you either way. There's some bonus content

1341
01:04:41,160 --> 01:04:42,960
Speaker 7: on there as well. You get a chance to get

1342
01:04:42,960 --> 01:04:46,520
Speaker 7: the podcast. You know a few days earlier obviously with

1343
01:04:46,640 --> 01:04:50,240
Speaker 7: no ads and yeah bonus features, So keep logging onto that.

1344
01:04:50,280 --> 01:04:53,200
Speaker 7: Our merch is up on earn leisure dot com. We

1345
01:04:53,280 --> 01:04:55,520
Speaker 7: have some new merchant that's coming up as long as

1346
01:04:55,800 --> 01:04:57,880
Speaker 7: as well as some few initiatives that we're gonna be

1347
01:04:57,920 --> 01:05:00,400
Speaker 7: launching in a very near future for sure.

1348
01:05:00,400 --> 01:05:05,040
Speaker 2: And then once again, as I said previously, my calendar

1349
01:05:05,200 --> 01:05:07,120
Speaker 2: is on earn your leadire dot com as well. So

1350
01:05:07,160 --> 01:05:09,240
Speaker 2: a lot of time people ask me. Everybody knows I'm

1351
01:05:09,280 --> 01:05:12,040
Speaker 2: a financial advice at this point. So you have questions,

1352
01:05:12,520 --> 01:05:14,720
Speaker 2: you got inheritance, you want to roll over all four

1353
01:05:14,760 --> 01:05:17,000
Speaker 2: one K from a job, you want to invest, you

1354
01:05:17,000 --> 01:05:19,360
Speaker 2: can feel free to book a thirty minute free consultation.

1355
01:05:19,960 --> 01:05:22,000
Speaker 2: My calendar is on earn your leadire dot com and

1356
01:05:22,040 --> 01:05:24,880
Speaker 2: that choice that will also be rolling out some very

1357
01:05:24,920 --> 01:05:29,640
Speaker 2: exciting things that we're excited about very soon. My book

1358
01:05:29,640 --> 01:05:32,800
Speaker 2: tip of the week is what's a gift from Jabbari

1359
01:05:33,000 --> 01:05:37,800
Speaker 2: to us? It's called Ego is the Enemy by Ryan Holliday.

1360
01:05:38,440 --> 01:05:40,800
Speaker 2: So we talked about it off camera as far as

1361
01:05:40,800 --> 01:05:44,520
Speaker 2: a lot of times ego, egos to the enemy and everything,

1362
01:05:45,280 --> 01:05:49,040
Speaker 2: business relationships, all kinds of stuff. Ego can lead you

1363
01:05:49,120 --> 01:05:52,440
Speaker 2: to make very bad decisions, and your pride can put

1364
01:05:52,480 --> 01:05:55,880
Speaker 2: you in very bad spots. So mastering your ego. Understanding

1365
01:05:55,880 --> 01:05:58,600
Speaker 2: your ego is extremely important. So that is a book

1366
01:05:58,640 --> 01:06:01,160
Speaker 2: tip of the week. Check it out for and thank

1367
01:06:01,200 --> 01:06:02,760
Speaker 2: you guys for rock orders. Well see you next week.

1368
01:06:02,800 --> 01:06:04,160
Speaker 4: Please please appreciate it.

1369
01:06:04,920 --> 01:06:08,840
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