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Speaker 2: All Right, guys, Welcome back, Episode thirty four thirty four
Speaker 2: thirty four Releasion Podcasts Monumental. Monumental. First and foremost, thank
Speaker 2: you guys for rocking with us. Thank you to the
Speaker 2: city of Houston. Yeah, ball out there, and then the
Speaker 2: whole city came out. Shout out to Texas. We we
Speaker 2: appreciate you. Love was definitely felt. Shout everybody. This is
Speaker 2: an exciting episode for us because we talk about, you know,
Speaker 2: business a lot, and we talk about a lot of
Speaker 2: times and just not just us in general. Like you'll
Speaker 2: read stuff, you'll hear stuff about hard decisions that have
Speaker 2: to be made in business, right, But it's.
Speaker 3: The one thing to read about something or to hear
Speaker 3: about something, but it's.
Speaker 2: Another thing to actually get it from, you know, the
Speaker 2: actual sauce.
Speaker 3: So this is this is what this is.
Speaker 2: So we got Jabartie Johnson here and history is pretty legendary.
Speaker 2: He went viral because he wrote a very interesting article
Speaker 2: about why he turned down a million dollars. Yeah, so
Speaker 2: I'm gonna give the quick backstory. So Jabari, We're going
Speaker 2: to a lot of different things. But he's a Howard,
Speaker 2: the university alumni.
Speaker 4: The red is the real.
Speaker 3: Issue, right, the real one happen shop.
Speaker 2: So he went to hotward, and then he started throwing
Speaker 2: these these R and B parties, right, and hip hop parties.
Speaker 2: At first hip hop Okay, he started throwing hip hop
Speaker 2: parties and then he noticed at the end of the party,
Speaker 2: said he would do R and B and then the
Speaker 2: R and B actually got a bigger crowd reaction than
Speaker 2: the hip hop's like the rap.
Speaker 4: It's like, if you hear that that song.
Speaker 3: The party, man, you hear that song the party, you know,
Speaker 3: I used to.
Speaker 2: I went to school in Baltimore, So that was like
Speaker 2: a legendary, like one fifty five, like put that song on.
Speaker 3: It's like that had to happen.
Speaker 2: But all right, So he started to that and then
Speaker 2: he realized attraction with the R and B.
Speaker 3: So then he started doing R and B only parties,
Speaker 3: right shows, show show that month.
Speaker 2: Y R ANDV only shows, and then that just kind
Speaker 2: of just took off, and then he started doing like
Speaker 2: bigger and bigger venues.
Speaker 3: Right.
Speaker 2: And if you're familiar with like EDM, right where we're
Speaker 2: at now with DJs and DJs, some DJs get paid
Speaker 2: more than entertainments, right, Like these DM sets they'll have
Speaker 2: like fifty thousand people come with no performance. It's just
Speaker 2: a DJ kind of like a hype man situation, and
Speaker 2: they just play the music and it's just a vibe.
Speaker 3: And he created that with the R and B.
Speaker 2: Right, So then he started as they started a company
Speaker 2: called Colors Worldwide, and then he started R and B only,
Speaker 2: which is that the R and B kind of show.
Speaker 2: It's an R and B show, right, with no performance.
Speaker 2: Sometimes you have performance, but it's not built with performance.
Speaker 2: It's just build with just the music. And that blew.
Speaker 4: Up you call it d M with a turned into
Speaker 4: music that.
Speaker 5: Is yeah, exact exactly.
Speaker 6: Yeah.
Speaker 2: And then you started going on tour and then you
Speaker 2: got offered a million dollars and you turned it down.
Speaker 2: Now you're doing festival. That's a whole lot going on.
Speaker 2: First and foremost, thank you for joining us.
Speaker 6: I'm a big fan of the podcast.
Speaker 7: Like you were saying, you got not more four times.
Speaker 5: Yeah, yeah, four times, got to uh, you know, the
Speaker 5: whole up statement.
Speaker 2: So we're gonna talk about the business. But before we
Speaker 2: were talking about the details of the business, I want
Speaker 2: to talk about the beginning because a lot of times
Speaker 2: people have ideas, right, but the hardest part for me
Speaker 2: and for anybody is the first step, right, so you
Speaker 2: had an idea that you want to start doing the shows, right,
Speaker 2: and you're young when you first started. You're still young now,
Speaker 2: but like, what's the first step that you took to
Speaker 2: get this off the ground and up and running. Yeah, so.
Speaker 5: I'll give you two first steps. I'll give you the
Speaker 5: first step of starting like just the company in general
Speaker 5: colors worldwide, and then I the step of R and
Speaker 5: B only. So I knew that I could start doing
Speaker 5: like small events because when I was at Howard, we
Speaker 5: did like a me and my friends, and I was
Speaker 5: kind of took the lead on it, but we did
Speaker 5: a party that was on a on a bus, like
Speaker 5: a like a party bus, right, And so it was
Speaker 5: like we had to get a bunch of people to
Speaker 5: essentially buy tickets. It was really to chip in on
Speaker 5: the bus price, right, And then we took you know,
Speaker 5: we had a plan and we sort of took this route.
Speaker 5: And then I was like, because I was like a filmmaker,
Speaker 5: I was like videotaping everything and I wanted to make
Speaker 5: this like cool video and I want to do this
Speaker 5: like every time we would come back for like homecoming,
Speaker 5: because homecoming is like really big Howard. That didn't pan out,
Speaker 5: but like it was like two times and then we
Speaker 5: finished it. But when I saw that, like that was
Speaker 5: like I could gather these people. I could get people
Speaker 5: to like give money to something, and at the end
Speaker 5: of the day, like it worked, and it had like
Speaker 5: that's how people they had a good time, and I
Speaker 5: had the proof to like because I made this little
Speaker 5: one minute video as like this is proof that it
Speaker 5: actually happened. I realized, like I could start to congregate
Speaker 5: people and get people to buy into an experience of mine, right,
Speaker 5: and so that's how like you know, eventually that would
Speaker 5: lead to like colors and then R and B Only.
Speaker 5: The way that started was really playing the music at
Speaker 5: the end and being like whoa and I asked the crowd.
Speaker 6: It was just that that moment I.
Speaker 5: Had like I had the opportunity to legitimate market research,
Speaker 5: right because I stopped the music and I said, hey, guys,
Speaker 5: if I just did an R and B only event,
Speaker 5: would you guys come?
Speaker 6: And the crowd erupted.
Speaker 5: They just went you know what I mean, they went crazy,
Speaker 5: And that was the proof of concept. And then I did,
Speaker 5: you know, I said, Okay, here's here's the show that
Speaker 5: I'm you know, introducing it's called R and B only,
Speaker 5: and I made it free with RSVP. And that's important
Speaker 5: because I didn't just start charging people immediately, right, Like
Speaker 5: I gave people the opportunity to come for free, but
Speaker 5: it really wasn't free. It was them giving me their
Speaker 5: email at the time. It was an opportunity for me
Speaker 5: to communicate with them in the future and let them
Speaker 5: know about my future events. And so I think that
Speaker 5: was the way to do it. And it's starting small,
Speaker 5: you know, like the first R and B only we
Speaker 5: did was in a venue that maybe held two hundred people.
Speaker 5: You know, it wasn't it wasn't like I didn't come
Speaker 5: out the gate like let's go for a thousand cap
Speaker 5: you know, a concert venue. I did it in a
Speaker 5: very very small bar, and then it grew rapidly shortly
Speaker 5: after that.
Speaker 7: Yeah, So I was just saying, like a lot of
Speaker 7: that is commendable, right, just to go back. It's like
Speaker 7: a lot of times kids think like I have to
Speaker 7: be the front of the stage, right, Like I have
Speaker 7: to be the performer.
Speaker 4: Right.
Speaker 7: You flipped that and said, like I don't have to
Speaker 7: be the performer, I just have to be the curator
Speaker 7: of the crowd, like.
Speaker 4: You are the MC on the stage.
Speaker 6: Yeah, uh huh.
Speaker 7: So my thing is like when when you realize that
Speaker 7: what type of demographics were you looking for to come
Speaker 7: to R and B only?
Speaker 5: You know, at first, I was just like, whoever wants
Speaker 5: to come to this thing?
Speaker 6: Right?
Speaker 5: And so you know, I wasn't I didn't have a
Speaker 5: specific idea of the demographic of people that I wanted
Speaker 5: in mind. What ended up happening was after six months
Speaker 5: of sort of like doing it and like starting in
Speaker 5: three cities at first, then it expanding. I started to see, okay,
Speaker 5: these are the people that liked this show, and that
Speaker 5: was primarily young. I was just say millennial black and
Speaker 5: Latino women. It really depended on the makeup of the
Speaker 5: city that we were in. But I quickly realized, like
Speaker 5: I thought that this was going to be something where,
Speaker 5: you know, men would love it because girls are coming here,
Speaker 5: and like, you know, a yeah, there's you know, if
Speaker 5: if there's a bunch of women here, men are gonna come.
Speaker 6: And we have we have a male fan.
Speaker 5: Base now, but our specific audience is definitely more female leaning,
Speaker 5: and so everything that we do within the show is
Speaker 5: with them in mind. You know what I mean, like,
Speaker 5: so now that we know who our audience is, we
Speaker 5: know how to talk to our audience. So a lot
Speaker 5: of times when you see like our voice on social
Speaker 5: media or our voice in an email, there are subtle,
Speaker 5: subtle things that make you feel like it's a woman
Speaker 5: talking to a woman. You know what I mean, because
Speaker 5: that's who the primary audience is.
Speaker 3: Now, that's dope. And now I want to go back
Speaker 3: to what you said before.
Speaker 2: It's a lot of times we over complicate things, right,
Speaker 2: business The key to business is keep it simple. So
Speaker 2: when you say, like market research, the best market research
Speaker 2: is to action market just as people. So you said,
Speaker 2: would you be interested? That's no different from going on
Speaker 2: Instagram putting a poll up in your stories. Hey if
Speaker 2: I did a live podcast, would you guys be interested?
Speaker 2: If we want to do a show about the music industry,
Speaker 2: is that a good idea?
Speaker 3: Sound off into comments like this is perfect way right.
Speaker 2: It's not a million dollars for people to do the
Speaker 2: a these analytics.
Speaker 3: You have the audience, ask some question.
Speaker 6: Yep, and you know what you know?
Speaker 5: I think that another thing that people people miss is
Speaker 5: in terms of simplicity, right, And we were just talking
Speaker 5: about this with the name of your podcast, earn your leisure, right,
Speaker 5: Like you are talking about business moves and how to
Speaker 5: earn the ability to be able to relax. Right, it's
Speaker 5: from working, right, And when you know people now, R
Speaker 5: and B Only just like kind of rolls off the
Speaker 5: tongue and so when you say it, it sounds like a brand.
Speaker 6: A lot of people know it.
Speaker 5: You know, we reach a lot of people, and you know,
Speaker 5: people were well known at this point, right.
Speaker 6: I always say like we're.
Speaker 5: Well known unknowns because like the culture knows about us,
Speaker 5: but like we're not known on like a corporate level
Speaker 5: just yet. Right, Like there's a lot of people that
Speaker 5: are still within the music industry. It's because a lot
Speaker 5: of these people are dinosaurs. But you know, I digress.
Speaker 5: But who don't know about us? But but but in
Speaker 5: the beginning for for people to be able to know
Speaker 5: about us and know what it was and easily get
Speaker 5: people to come look at the name R and B Only,
Speaker 5: it's like we just play R and B music.
Speaker 3: That's easy, no, you know what I mean?
Speaker 5: Like now, now, granted we do have like hip hop
Speaker 5: sets every once in a while to like break the
Speaker 5: monotony of just you know, R and B music up.
Speaker 5: But but yeah, it's it's it's simple. It's like, I
Speaker 5: know what this is. You know what I mean, it's
Speaker 5: not called like you know, you know, slow dance, you
Speaker 5: know whatever, you know, you know, Yes, it's unnecessarily.
Speaker 2: It's actually that's actually a really good point. You gotta
Speaker 2: give it to them where they can understand it immediately.
Speaker 2: R and B only don't actually what it is.
Speaker 5: Because you're still you're still going to get people who
Speaker 5: don't underst and what it is because the concept is
Speaker 5: so new, right, So that's another thing. It's like, you know,
Speaker 5: in our culture, we haven't had something where it's a
Speaker 5: show but there's no performance essentially, right, Like when you
Speaker 5: say a show and it's at a venue that normal,
Speaker 5: you know, artists have concerts in people are just like
Speaker 5: what is this? Oh you you you don't know how
Speaker 5: many people ask us, well, what is this?
Speaker 6: Is it a concert? Is it?
Speaker 5: This?
Speaker 6: Is it that?
Speaker 5: And it's like we have tons of videos showing you
Speaker 5: what it is. You know, we explain that it is
Speaker 5: a DJ based experience, but still people are still like,
Speaker 5: you know, a lot of people just don't are lazy
Speaker 5: and don't want to do research and you know, a.
Speaker 2: Lot of people don't have the brain because like even
Speaker 2: though our think like we put like we do events
Speaker 2: and we're like go to the event tab on our website,
Speaker 2: and people was like how.
Speaker 3: Do I register?
Speaker 4: Yo? Oh yeah, where do I go?
Speaker 2: I just said it literally in the capture and you
Speaker 2: know where you're going to be.
Speaker 5: Next, And it's it's it's to say this, it's to say,
Speaker 5: you know, people because we get those type of comments, right, So,
Speaker 5: like on our social media, you know, somebody will uh
Speaker 5: you know, they'll they'll they'll tag their friends in a
Speaker 5: comment and say like, hey, I want you to come
Speaker 5: with me to this, and then like you know, somebody
Speaker 5: will literally say like how much are tickets? And it's
Speaker 5: like you just need to click the buy tickets, you
Speaker 5: know what I mean. So, but this is the day
Speaker 5: and age we're living in, right, where like people don't
Speaker 5: want to go an extra mile and an extra inch, right,
Speaker 5: yeah it's not a mile, but they don't want to
Speaker 5: click a button. But but you know they will be
Speaker 5: weeded out, right, So like those people that won't click
Speaker 5: on the events tab for you, those those are people
Speaker 5: that you probably.
Speaker 6: Don't even want to do that anyways, you know what
Speaker 6: I mean, right.
Speaker 5: And it's the same thing for us where it's like
Speaker 5: you know, push a t set at best, you know,
Speaker 5: if you know, you know, and that's kind of how
Speaker 5: we move.
Speaker 6: You know.
Speaker 5: It's like we always say our show, there's so much
Speaker 5: content about our go out there. There's so many videos,
Speaker 5: there's so many pictures. All you got to do is
Speaker 5: go to ig TV and look or go to YouTube,
Speaker 5: Facebook that there's there's media everywhere, and you know it's
Speaker 5: but but we still even say with that being said,
Speaker 5: we still say it's just better experience than explained, you
Speaker 5: know what I mean, Like if you if you can't
Speaker 5: get it from what we've already explained, then it's cool.
Speaker 5: But you know, and then hopefully, hopefully you get there
Speaker 5: from the best marketing tool ever, which is word of mouth.
Speaker 4: You know.
Speaker 2: And the power is in the name once again. I mean,
Speaker 2: you go to LA, you tap in. The first thing
Speaker 2: you want to do is go to Rosco's Chicken and Waffles.
Speaker 2: You don't know to roscos Chicken and waffles, not knowing
Speaker 2: what they serve. They serve chicken and waffle, they serve
Speaker 2: all the stuff. But it's in the name, So all right,
Speaker 2: so now we're gonna go into We're gonna go in
Speaker 2: depth as far as the business model of where you
Speaker 2: guys are at now, because I think it's interesting. I
Speaker 2: think it's something that people can really learn from. So
Speaker 2: that's what you're gonna go into in the next segment.
Speaker 2: All right, So now we're going to go into the
Speaker 2: second segment. We're going to this is what eyl is
Speaker 2: known for and why why he loves this.
Speaker 3: We're going to go deep into the business side of things.
Speaker 2: Right. So you have a booming operation right now, right,
Speaker 2: So can we talk about the inner workings of of
Speaker 2: how it looks? Because you said something interesting, you said,
Speaker 2: you know, you're integrated vertically. You know, sometimes you're always
Speaker 2: interested in so a lot of times, well people heard that,
Speaker 2: may have heard that for the first time with Lipsey
Speaker 2: when he said I'm integrated vertically, blew it and people
Speaker 2: some people didn't fully understand what that means. So can
Speaker 2: you talk about what the vertical integration for you looks?
Speaker 5: Like? Yeah, absolutely, I mean, so vertical integration is really
Speaker 5: just like owning the whole process of your relationship with
Speaker 5: your consumer. Right, So for us, I'll break down sort
Speaker 5: of like how an artist normally would get paid from
Speaker 5: like a live show or tour experience, and then I'll
Speaker 5: break down how we sort of attacked that model and
Speaker 5: how vertical integration applies in a live space. So typically
Speaker 5: a company, e let's just say first, an artist wants
Speaker 5: to go on a tour.
Speaker 6: An artist has an agent.
Speaker 5: That agent then says, hey, this artist is going on tour,
Speaker 5: and they reach out to promoters to essentially buy maybe
Speaker 5: the whole tour, and it's just like promoted by one
Speaker 5: company or individual promoters in certain markets, right, and they
Speaker 5: buy into a tour and they give that artist a
Speaker 5: guarantee that it would be like an age or live
Speaker 5: nation is the.
Speaker 6: Two big examples of this.
Speaker 5: And the agents are people like CIA ICM companies in
Speaker 5: that realm that represent the talent. So the agent says,
Speaker 5: this artist fee is let's just say twenty thousand dollars.
Speaker 5: So that artist shows up, performs, people buy tickets, and
Speaker 5: they get their twenty thousand dollars and they leave. Right now,
Speaker 5: that's normal. But the thing that the artist doesn't benefit
Speaker 5: from with that is the consumer data as well as
Speaker 5: things like the sales of concessions, and that's like food
Speaker 5: and bar revenue. So how we flip that idea on
Speaker 5: its head is we don't ask for a guarantee for
Speaker 5: people to come to our shows. We just rent the venues,
Speaker 5: assume all the risk for the venue rental, and then
Speaker 5: we pay the venue whatever the fee is, and then
Speaker 5: we control the ticketing and when people buy the tickets
Speaker 5: from us, we retain that consumer data and we're able
Speaker 5: to remarket and talk to those people, you know, the
Speaker 5: next time we come and do a show. The thing
Speaker 5: with an artist when they come in, you know, to
Speaker 5: a venue, if they want to come back, the only
Speaker 5: the only way that they can like stay in that
Speaker 5: same venue or move to a bigger venue is essentially
Speaker 5: if they're like hot, right, So you have to remain hot,
Speaker 5: you have to have songs on the radio, you have
Speaker 5: to you know, be doing all this stuff on Instagram
Speaker 5: and social media. And with us, we don't have to
Speaker 5: have any of that. We just have to keep doing
Speaker 5: more shows essentially and build our consumer base and that
Speaker 5: just adds to the amount of people that we are
Speaker 5: able to then notify the next time that we come
Speaker 5: to the city.
Speaker 7: That was like what you were saying earlier when you
Speaker 7: were getting the RSVPs. It was free, but the data
Speaker 7: was what you really wanted because you've been collected and
Speaker 7: tell people about the events that you're doing. Yep, right
Speaker 7: now on the what you're doing now is and you
Speaker 7: said this in your article, was like when an artist
Speaker 7: is high, it's easy to you know, get booked for
Speaker 7: a show, but the maybe five ten years when they're not,
Speaker 7: they don't have the clientele to even know who their audience.
Speaker 5: They don't even know who their audience is, exactly, Like
Speaker 5: they're using all of these third party tools essentially, right,
Speaker 5: And you know we all know with Instagram, when you
Speaker 5: make a post, not every one of your followers is
Speaker 5: going to see that, right, And it's the same thing
Speaker 5: with an artist when you sell the But but it's
Speaker 5: even worse, right because like that's that's the most important
Speaker 5: people that you need to be able to communicate with.
Speaker 5: Why because those are the people that are literally paying you, right,
Speaker 5: they are the ones that are that's an actual consumer
Speaker 5: versus just a follower, Right, somebody who's paid to go
Speaker 5: and see your show. You're telling me, like, if I'm
Speaker 5: an artist and I'm not able to talk to those people,
Speaker 5: that's insane to me. But but you give it up
Speaker 5: when you take a guarantee and you allow somebody else
Speaker 5: to assume the risk. But the thing is that and
Speaker 5: and here's here's the real catches, where like, the more
Speaker 5: the more tickets that these large companies sell, right, their businesses, right,
Speaker 5: they're just building their database. So now if they have
Speaker 5: three R and B artists that they've done shows with
Speaker 5: in the past, it's like they can just market the
Speaker 5: next R and B artist to because these people are
Speaker 5: interested in this, right and they and they're just huge
Speaker 5: troths of data essentially, these these large promoters and you know,
Speaker 5: but people just think that this is the only way
Speaker 5: that it can be done because for so many years
Speaker 5: it's been done like this, and people haven't like the
Speaker 5: thing that's happened in the mus We've seen a influx
Speaker 5: of people taking a stand and becoming independent on the
Speaker 5: recorded music side, right, And so a lot of these
Speaker 5: artists that you see that they're saying like, I'm independent,
Speaker 5: you know, I don't want to sign a label deal,
Speaker 5: blah blah blah. Yes, they are independent on their maybe
Speaker 5: maybe on their recorded music. But police believe that the
Speaker 5: new record label is just like you know, the live
Speaker 5: Nations and the AEG's of the world, and like they're
Speaker 5: still in these touring deals and they're not really independent
Speaker 5: when it comes to their live operation. And again there's
Speaker 5: nothing I'm not downplaying, you know, I'm not talking bad
Speaker 5: about the ags and the live nations of the world
Speaker 5: by any means. But I think that true independence is
Speaker 5: being independent in every single.
Speaker 7: Especially especially if that's where most of the money is
Speaker 7: coming from. Like they're not taking as much money from
Speaker 7: the rest you're making it from when you tour, right,
Speaker 7: So thinking of the long term play where it's like,
Speaker 7: you know what, I could take this up for money
Speaker 7: now or long term. I can get the data and
Speaker 7: now I know my fan base going ten to fifteen,
Speaker 7: maybe twenty years, but I can still perform in these cities.
Speaker 3: Absolutely the value is in it.
Speaker 2: I don't think people I don't even want to brush
Speaker 2: over this because it's I don't think people fully understand
Speaker 2: how valuable data is. Facebook's just had the biggest settlement
Speaker 2: of fine in like the history of everything, and they'll
Speaker 2: take that because everybody knows what happened. They took it information.
Speaker 2: But that's how valuable your information is. It's a reason
Speaker 2: why when you sign up to all of these things.
Speaker 2: They act for your day of birth, to ask where
Speaker 2: you live. They they this is like solid goal, right
Speaker 2: because now they can market to you forever.
Speaker 3: They can market to you forever. They know your likes.
Speaker 2: Now, they can figure out what kind of music you
Speaker 2: listen to, what kind of clothes you wear, every single
Speaker 2: thing that and it's like a lifetime as opposed to
Speaker 2: you go into a store and you buy candy. Right now,
Speaker 2: the only way of doing business is to say, okay,
Speaker 2: you brought that candy. I need you to come into
Speaker 2: the store every week, every day for me to make
Speaker 2: money off of you.
Speaker 3: Right.
Speaker 2: The new ways to say, okay, you brought that candy,
Speaker 2: but when you brought the candy, I made you fill
Speaker 2: out a form. So now I'm text messaging you pictures
Speaker 2: of chocolate bars.
Speaker 4: And you know what.
Speaker 5: Another point to make as as you know, if any
Speaker 5: marketers are listening to this, right, not not just consumers.
Speaker 5: But it's like, because data is so valuable, you need
Speaker 5: to treat it as such. You need to treat it
Speaker 5: as a precious thing. And you can't over extend. You know,
Speaker 5: you're welcome and your ability to market to people right,
Speaker 5: just because you have all this data. For instance, SMS
Speaker 5: with us is huge, right, Like being able to text
Speaker 5: our fan base and let them know when tickets are
Speaker 5: seale are on sale, that's a huge thing. But we
Speaker 5: don't send many text messages because it's intrusive, you know
Speaker 5: what I mean. And if you send a text message
Speaker 5: to people you know too frequently, they will quickly unsubscribe
Speaker 5: from that, right, and and and the and the data
Speaker 5: that is so valuable and important will actually become meaningless
Speaker 5: if you abuse it. So you know, this is the
Speaker 5: thing that people need to understand, Like wild data is valuable,
Speaker 5: it's very important not to abuse that data.
Speaker 2: Yeah, and you don't have to guess because like I said,
Speaker 2: now you can reach out to people and as opposed,
Speaker 2: they might not ever come back to your candy store.
Speaker 2: But that doesn't mean that they can't buy candy, right,
Speaker 2: They don't have to physically be there now. They can
Speaker 2: order it over the mail, or they can order it online.
Speaker 2: They can do a lot of different things. So this
Speaker 2: is why data is so important. And if you think
Speaker 2: about it, it's something that you said to us off
Speaker 2: camera that made a lot of sense, Like even in iTunes,
Speaker 2: like you might sell you might stream a billion records,
Speaker 2: you don't know who's one of those persons that actually
Speaker 2: brought it, right, Like think about that, Like Drake probably,
Speaker 2: I think he broke the streaming record.
Speaker 3: How many records of.
Speaker 4: The stream he did a billion in the first week.
Speaker 3: How many of those people does he actually have relationships with?
Speaker 4: Right?
Speaker 3: Right, that's a billion? Like that's crazy, right, use the computers.
Speaker 2: Right yeah, yeah, Well that's a different conversation. So it's
Speaker 2: like I would rather actually have a million people or
Speaker 2: one hundred thousand people's information absolutely, then one hundred million people.
Speaker 3: I don't know.
Speaker 5: It's the same thing right with us, right, Like you know,
Speaker 5: I'm not going to share our like how many emails
Speaker 5: and phone numbers we have, right, but I will say
Speaker 5: it's it's multiple times how many followers we have on
Speaker 5: instagrams more, way, more, way more. We like this is
Speaker 5: why you know, when like I said, we're kind of
Speaker 5: like sleeping giants, right, because like we may have fifty
Speaker 5: something thousand followers on the R and B only Instagram page,
Speaker 5: but boy, when you look at that email and phone
Speaker 5: number list, you know, you'd be surprised. And that's that's
Speaker 5: essentially how we build our consumer, our relationship, and that's
Speaker 5: how we'll continue to grow is by directly having a
Speaker 5: relationship versus having a relationships.
Speaker 4: I think you coined the term on your audience.
Speaker 6: Yeah, on your audience.
Speaker 4: It was like you have that.
Speaker 7: Direct line of communication with the people who are absolutely.
Speaker 3: So all right.
Speaker 2: And then as far as the monetary side, you guys
Speaker 2: put up all the financial so you can talk about that.
Speaker 2: You talk about that off camera two. That's a little
Speaker 2: different than the regular touring model. Yeah, yeah, yeah, absolutely so.
Speaker 5: I mean, and it's a lot of risk, right, so,
Speaker 5: like think about like I mean, certain venues that we
Speaker 5: play in. They may cost ten twenty thirty grand to
Speaker 5: rent these venues, right, so imagine if you're doing a tour, right, Like,
Speaker 5: that's a lot of upfront capital. And with a lot
Speaker 5: of these companies that own the rooms, you don't have
Speaker 5: to put the whole money up front, but sometimes it's half,
Speaker 5: you know, or sometimes it's a quarter. And so when
Speaker 5: you're talking about thirty shows average of twenty to thirty
Speaker 5: thousand dollars rentals, you know what I mean, Like, this
Speaker 5: can get to be a lot of upfront capital that's
Speaker 5: going out and you have to plan these things way
Speaker 5: in advance, right, sometimes six months, sometimes eighteen months, depending
Speaker 5: on how big the show is and how the availability
Speaker 5: looks for something in a in a marketplace, because I'm
Speaker 5: not just competing with you know, people in like the
Speaker 5: R and B space, right, these are the venues that
Speaker 5: everybody tours in. Right, So I'm competing with the rock
Speaker 5: acts that want to come and book shows there. I'm
Speaker 5: competing with the rap acts, the hip hop acts, the
Speaker 5: R and B X or anybody that's in the live space.
Speaker 5: That's who I'm competing with in terms of like holds
Speaker 5: on venues.
Speaker 6: So you know, you.
Speaker 5: Have to it's it's it's a it's a it's a
Speaker 5: capital upfront business that you don't really see the money
Speaker 5: until it comes back. Because then here's another thing that happens.
Speaker 5: A lot of people are wait last minute to buy
Speaker 5: a ticket to a show. Like think about the last
Speaker 5: time you all might have went to something, right, you
Speaker 5: might you might have said, oh, this thing is happening
Speaker 5: in this weekend, So I'm gonna get a ticket this weekend.
Speaker 7: I mean here in New York, it's like these guys
Speaker 7: they know, like when I get tickets, I'm like the
Speaker 7: first guy in line, because I know they're gonna sell
Speaker 7: out fast, but that can't do it.
Speaker 3: That that's interesting.
Speaker 2: So as far as to say, okay, you're you're you're
Speaker 2: a promoter, right, you're promoting your own events, but you're
Speaker 2: a promoter.
Speaker 5: I wouldn't say we're a promoter. But so I mean
Speaker 5: that's so that's another thing, right, Like in terms of
Speaker 5: the vertical integration, it's like we are the people that
Speaker 5: are actually like producing the event, where the talent for
Speaker 5: the event, we also market this show. So that's an aspect,
Speaker 5: you know what I.
Speaker 2: Mean and what I was going with that as far
Speaker 2: as marketing, right, so promoting marketing, how do you want
Speaker 2: to phrase it? You you you put it out there
Speaker 2: for the public, right, what's the ratio that you look for?
Speaker 3: Okay, the first week I need to have the tickets.
Speaker 2: So that's a great question going into I need to
Speaker 2: like when do you start to like this is looking
Speaker 2: a little shaky, like yeah.
Speaker 5: You know, you know, oh yeah, I mean there's been
Speaker 5: a few shows cancels man shout out to Myrtle Beats,
Speaker 5: South Carolina.
Speaker 4: We love, we love everybody in South Carolina.
Speaker 6: Yeah, but Yugus has got to buy tickets.
Speaker 5: So essentially the way I can I can I can
Speaker 5: phrase it because everybod every place is different, right, some
Speaker 5: places you go to you might sell you know, in
Speaker 5: the in the in the first day when it goes
Speaker 5: on sale, which is the most important day, it might
Speaker 5: it might sell like you know, you might sell ten
Speaker 5: percent of the venue. You might sell five percent of
Speaker 5: the venue. But that show actually may be a sellout
Speaker 5: by the time doors open. You just you know, it
Speaker 5: just depends. But I think if you do sell on
Speaker 5: an on sale, the term is on sale, right, like
Speaker 5: you have an announce. The way this works is you
Speaker 5: have an announce and you have an on sale. So
Speaker 5: typically we announce shows on a Monday, and then we
Speaker 5: actually go on sale on a Friday. So it gives
Speaker 5: people that window to sort of like register for a
Speaker 5: pre sale, and you incentivize people to buy tickets early.
Speaker 5: So when a ticket goes on sale, that's typically the
Speaker 5: cheapest price that that that that that ticket will be
Speaker 5: and you're rewarding people for committing to the show early.
Speaker 5: And so the amount that you I feel like, you know,
Speaker 5: any event producer would want to be at maybe you're
Speaker 5: looking at Yeah, if you're at like fifty percent. That's great,
Speaker 5: you know what I mean. I feel like that's when
Speaker 5: we do numbers like that, we know that at what
Speaker 5: date the concet?
Speaker 6: Yeah, or out? Yeah, like the first forty eight hours.
Speaker 5: That's that's kind of how you know, like the show's
Speaker 5: on pace to sell out, you know what I mean.
Speaker 5: But yeah, then if you have a bad on sale,
Speaker 5: and we've had plenty of those before we got good
Speaker 5: at marketing, uh, you know, you might be at like
Speaker 5: ten percent, five percent, and then you're like, wow, it's
Speaker 5: going to be an uphill battle to sell the rest of.
Speaker 7: These twenty sixteen right, R and B. Only that's when
Speaker 7: it launches, right, Yeah, that's what How many shows? How
Speaker 7: many venues were you guys looking at in that first year?
Speaker 5: In that year we did, uh I think we did
Speaker 5: thirty something, maybe maybe thirty five, and then in two thousand,
Speaker 5: uh no, no, maybe we did. Know twenty sixteen we
Speaker 5: probably did twenty, and then the next year we probably
Speaker 5: did in the thirties, and then last year twenty eighteen.
Speaker 6: We did sixty seven.
Speaker 2: Yeah, so can we all right, So we talked about
Speaker 2: it as far as you guys, you put up the
Speaker 2: money yourself. Right, So obviously it's more of a risk,
Speaker 2: but you get more of reward also, right, definitely. So
Speaker 2: as far as the revenue, what is your revenue look
Speaker 2: like different from others? Like how like you get different
Speaker 2: parts that are regular person that's doing an event wouldn't
Speaker 2: get by not putting out.
Speaker 5: Yeah, I mean, so you know, I got a shout
Speaker 5: out Live Nation. They're they're they're huge. Uh, they're they're
Speaker 5: not investors in our company, but we work with them
Speaker 5: a lot, and we have a very unique and incredible
Speaker 5: relationship with them, and so yeah, you know we we
Speaker 5: there's sometimes where we participate in bar revenue from certain venues.
Speaker 6: Right.
Speaker 5: Uh, there's certain times where uh, and that's just not
Speaker 5: just Live Nation. That's just across the board. Some some
Speaker 5: venues that uh that we're doing shows and some some
Speaker 5: sometimes we don't write.
Speaker 6: Sometimes a venue might.
Speaker 5: Be so in demand that they know there that they
Speaker 5: can sort of like offer this kind of deal and
Speaker 5: like give you anything from the bar. Some venues we
Speaker 5: participate in, uh parking, you know, concessions, which is food
Speaker 5: and beverage sales as well as tickets.
Speaker 4: Right, Like that's something that artists don't get most of the.
Speaker 5: King No, no, no, I mean you you the ones
Speaker 5: that do are probably like you know, they're so big,
Speaker 5: like the Taylor Swifts of the world, maybe the Beyonces
Speaker 5: of the world. Yeah, because it's something that a lot
Speaker 5: of artists. Here's the thing, there are not many artists
Speaker 5: that are producing their own shows. There are not many
Speaker 5: artists that are putting up the capital to do a show.
Speaker 5: They're just getting a guarantee, you know what I mean,
Speaker 5: So like they're not their agents are not even asking
Speaker 5: for some of these things.
Speaker 7: I remember a few years ago, I think, uh, Beyonce
Speaker 7: did a deal with Pepsi and they sponsored the entire tour.
Speaker 7: I think it was the title yea when when she
Speaker 7: was starting to do the baseball stadium. Yeah, I think
Speaker 7: she had just did the Super Bowl. They sponsored her
Speaker 7: Mars and then they did the tour. So like that's
Speaker 7: an example of where yeah, that's sponsorship. They're sponsoring the
Speaker 7: entire tour. So maybe she's like I went to a
Speaker 7: few of their shows and it was like people, don't
Speaker 7: they forget about those calls like when you buy food
Speaker 7: at the venue, Yeah, when you pay forty dollars to
Speaker 7: park at the venue, all these things emerch at.
Speaker 6: The merch at Yeah, and a lot of times when
Speaker 6: artists do do a merch.
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Speaker 5: And and they're buying merch at a venue. Typically the
Speaker 5: venues taking some of that percentage, right, Usually it's anywhere
Speaker 5: between like thirty and ten percent that the venue is
Speaker 5: getting just to allow you to sell merch in there. Yeah,
Speaker 5: which is another important reason why owning the data is important, right,
Speaker 5: because if you have a store that you can sell online,
Speaker 5: and you know, these people have came to your show,
Speaker 5: but you had the data to talk to them and say, hey,
Speaker 5: if you didn't get much of the show, you can
Speaker 5: get it online on my online store, and you're not
Speaker 5: having to pay a venue a certain cut of you know,
Speaker 5: that money.
Speaker 3: Brian Leslie has something you're familiar with.
Speaker 6: Yeah, of course with us. What's the phone app?
Speaker 3: He actually reached out to me.
Speaker 2: We had communicated in DM shout out to him, but yeah,
Speaker 2: he has superphone, right, Yeah, he has something similar to that.
Speaker 2: So do you think that this is what we're headed?
Speaker 2: As far as like you, everybody's on the wave of
Speaker 2: owning your masters and being independent. That's pretty much established now,
Speaker 2: even though a lot of people still don't own their masters.
Speaker 2: But at least that's kind of the narrative is out there, right,
Speaker 2: But not a lot of people are talking about this.
Speaker 2: What you're talking about owning your information, owning your data.
Speaker 2: You think that's like the next wave.
Speaker 6: I hope it is.
Speaker 5: And I'm trying to be a person that champions that
Speaker 5: right and that like helps people do that. I mean,
Speaker 5: one thing that I want to start doing is producing
Speaker 5: tours for other artists, but using this model that we have, right,
Speaker 5: so like maybe it's we come in with you know,
Speaker 5: or maybe it's not even a tour, right, maybe it's
Speaker 5: just a festival or one show that we help an
Speaker 5: artist do and so that they can see, like, hey,
Speaker 5: instead of letting, you know, some other person do it,
Speaker 5: like we can share the data, you know what I mean,
Speaker 5: Like and you can actually own the data that you know,
Speaker 5: the five thousand tickets you sell. It would be nice
Speaker 5: to like talk to those people again, you know what
Speaker 5: I mean, And like you kind of have to do
Speaker 5: it in small steps to show people because like a
Speaker 5: lot of people don't realize the importance of it right now.
Speaker 5: But here's another thing that it takes. The reason why
Speaker 5: we've seen this movement towards independence in music and recorded
Speaker 5: music is because the cost of creating the music has
Speaker 5: gone down so significantly right. It still costs a lot
Speaker 5: of money to produce a show for five thousand people
Speaker 5: or two thousand people or one thousand people. Right, there's
Speaker 5: a lot of upfront costs that you have to put out.
Speaker 5: And and that's the thing, Like you can make a
Speaker 5: song for next to nothing right now, you can't produce
Speaker 5: a tour, let alone one event for next to nothing,
Speaker 5: right And so it's this is all a question of risk, right,
Speaker 5: Like I was just uh, really willing to risk all
Speaker 5: of my personal capital because what I I I knew
Speaker 5: that the idea I had was going to work out,
Speaker 5: and I was so I just believed in the idea
Speaker 5: so much, and I was so passionate about this thing.
Speaker 5: But you know a lot of people are not willing
Speaker 5: to bet on themselves when it comes to money.
Speaker 6: And that's that's what's gonna.
Speaker 2: You know, and approach you to you just kept flipping, right, like, yeah,
Speaker 2: flip the profit, put it back in, put the profit
Speaker 2: back in.
Speaker 5: Then you just get absolutely absolutely. I mean to this day,
Speaker 5: I still don't pay myself, you know, a salary. I
Speaker 5: pay my staff, you know, well before I take any money.
Speaker 5: And that's just that's just you know, I invest into
Speaker 5: office space. I invest into production, I invest into people,
Speaker 5: you know, I invest into yeah, like talent, you know
Speaker 5: what I mean. And when I say talent, I don't
Speaker 5: mean just artists, right, I mean like employees and people
Speaker 5: who are going to help the operation grow because me
Speaker 5: taking money out and you know, buying myself something nice.
Speaker 5: You know, money is. I look at money as like
Speaker 5: a tool, right, Like money is. They're like workers. Every
Speaker 5: dollar is like a little small worker that can can
Speaker 5: build and turn into more dollars and turn into more opportunities.
Speaker 5: But you have to put those dollars to work. If
Speaker 5: you just are buying something like you know, because you
Speaker 5: want to reward yourself, that doesn't necessarily it's that value
Speaker 5: is just gone the opportunity.
Speaker 2: It's all about mindset. Once you start to realize, once
Speaker 2: you start to look at money like that, you will
Speaker 2: never really want to buy nine. It's like it's like
Speaker 2: once you really start to look at it like that,
Speaker 2: when you start to understanding like that, right, because it's like, Okay,
Speaker 2: I can by this thirty thousand dollars rolex, but that
Speaker 2: thirty thousand dollars rolls is going to cost me one
Speaker 2: hundred and twenty thousand dollars, like you know what I'm saying,
Speaker 2: because because ultimately that thirty thousand could have got flipped
Speaker 2: four times in two years one year, So then you
Speaker 2: become you got really got it. You gotta be careful because,
Speaker 2: like I say, now you can get to a point
Speaker 2: where you don't never want to spend money because it's
Speaker 2: like I'm putting everything back in but I wanted to.
Speaker 2: Actually I want to ask you one question. Also, have
Speaker 2: you did you ever get bank financing?
Speaker 5: So I've a I've always taken out like loans and stuff, right,
Speaker 5: like bank loans. Yeah, well not from traditional banks but
Speaker 5: like more like startup company banks and stuff like that.
Speaker 5: And yeah, even now we have you know, various loans
Speaker 5: and stuff, and we have a we do have a
Speaker 5: deal with Live Nation that is not it's financing, but
Speaker 5: it's just essentially a loan.
Speaker 2: It's like, let me actually, let me ask you a
Speaker 2: question because this is something that we ain't come I
Speaker 2: just thought about it. But at what point were you
Speaker 2: able to get a bank loan or a line of credit?
Speaker 2: This is something that entrepreneur It all comes down to
Speaker 2: funding money that we well a lot of businesses don't
Speaker 2: get off the ground, especially in our communities that they
Speaker 2: don't have money.
Speaker 6: They absolutely they can't.
Speaker 2: One probably we're gonna talk about funding the next episode,
Speaker 2: the next edition, I mean the next segment. But I
Speaker 2: want to talk about that right now. When were you
Speaker 2: able to secure a relationship with a bank to even
Speaker 2: get alan just I don't the first loan, so.
Speaker 5: You know, it wasn't banks first, I was using I
Speaker 5: was using my American Express card.
Speaker 6: Like a bank.
Speaker 5: Yeah, like so so that is how you know, I
Speaker 5: was building my credit on there. And I was just like,
Speaker 5: you know, using that forty five day window to like
Speaker 5: flip and make money, you know what I mean. So
Speaker 5: like once I once I started again to a point
Speaker 5: where I needed like serious capital, I was just like, okay,
Speaker 5: we got to use this American Express and like hopefully
Speaker 5: we have another event that happens, and then this money
Speaker 5: from this event will pay this American Express bill and
Speaker 5: then to move forward and keep putting holds on venues
Speaker 5: like and that's it. And then the American Express, me
Speaker 5: being building the credit on there, was able to get
Speaker 5: me like other credit cards and that type of thing.
Speaker 5: So I the way that I funded the business initially
Speaker 5: was capital from credit cards and like paying those back
Speaker 5: as fast as I could, and then just.
Speaker 6: The money that was being generated from the actual show.
Speaker 7: Yeah, you went from I think five hundred thousand and
Speaker 7: twenty sixteen to one point two million in twenty seventeen,
Speaker 7: and then to two point one million in two thousand
Speaker 7: and eight.
Speaker 4: Yeah.
Speaker 6: Yeah, I mean that's just in revenues.
Speaker 4: Revenue revenues. Yeah, that was one of your models.
Speaker 7: It was like profit, we're going to anything, we're gonna
Speaker 7: we get right, We're reinvesting profit into product.
Speaker 6: Yep.
Speaker 7: Like that's a model that that is, like people should
Speaker 7: follow that, man.
Speaker 5: Yeah, I think so. I think that, you know, especially
Speaker 5: when something's working. I always tell my team, like, if
Speaker 5: something's working, let's pour the gasoline on it, you know
Speaker 5: what I mean, Like let's let's let's make that little.
Speaker 6: Spark into a wildfire.
Speaker 4: All money in man, Yeah, for sure, for sure.
Speaker 2: So now we're are going to the last segment, and
Speaker 2: when everybody's wenting to here, why you turn down a million.
Speaker 3: Dollars sanity test? Pass it?
Speaker 2: But all right, all right, so now we're going to
Speaker 2: go into everybody didn't wait in the air, right, So
Speaker 2: how could you? So you built the company and correct
Speaker 2: if the numbers is wrong. But this the research that
Speaker 2: we got in twenty sixteen, the gross revenue was one
Speaker 2: hundred and fifty thousand, right, but yeah, sixteen sixteen, yeah, okay,
Speaker 2: and then twenty seventeen we have five hundred thousand, yes,
Speaker 2: and then twenty eighteen we have two point one million.
Speaker 4: Four hundred increase.
Speaker 3: Yeah.
Speaker 2: So then at that point and then at that point
Speaker 2: in time, you're blowing up and you need you need help, right,
Speaker 2: definitely need some financing outside of just flipping it and
Speaker 2: flipping it, So you seek the help of a venture
Speaker 2: capital right.
Speaker 5: Well, yes, they they kind of reached out to me though.
Speaker 5: Well it was funny. I was talking to my agent
Speaker 5: and you know, he was just like, hey, you know,
Speaker 5: what do we want to do for next year and
Speaker 5: stuff like that. And this was in the early days
Speaker 5: with him, and he was just like I was telling him,
Speaker 5: I need some money, man, you know what I mean.
Speaker 4: But you were putting a lot of the profit in.
Speaker 2: I want to understand because people hate you like two
Speaker 2: point one million, and for the average person that doesn't
Speaker 2: understand business, they don't know the difference between gross and that.
Speaker 2: Oh yeah, and they think you're calling out of control,
Speaker 2: like why you need money? But two point one million,
Speaker 2: like you said, I mean that might mean a hundred
Speaker 2: thousand when it's all done, because you got to always
Speaker 2: put money back in this. You gotta pay your employees,
Speaker 2: you got book, So that doesn't mean or you might
Speaker 2: even be a loss. Yeah, I mean there are billion
Speaker 2: dollar companies that there have.
Speaker 5: Been plenty of shows where we've taken losses on like
Speaker 5: where there's been absolutely no profit exactly.
Speaker 2: So all right, so okay, so can you talk us
Speaker 2: through this this VC experience?
Speaker 5: Yeah, okay, So should we just start from the beginning, Yeah, okay. So, uh, basically,
Speaker 5: you know, I needed some capital, and I was I
Speaker 5: was going to banks and mainly traditional lenders, and I
Speaker 5: just wasn't getting enough, right, so maybe I could get
Speaker 5: from like you know, uh, a loan shark essentially like
Speaker 5: two hundred k here, one hundred k here, stuff like that.
Speaker 6: But they were at crazy interest rates too, you know.
Speaker 5: So uh, once the kind of word got out that
Speaker 5: I that I needed some capital, within you know a
Speaker 5: few people in the entertainment industry, people started to reach
Speaker 5: out and I talked to with this one company and
Speaker 5: at first, you know, they were they loved the business model,
Speaker 5: right because they were they were a music company as well,
Speaker 5: and so they loved the business model and they were like,
Speaker 5: this is something that you know.
Speaker 6: We think we can you know, help finance.
Speaker 5: And the initial offer they I had to give them
Speaker 5: my books, right, and they had to look into my
Speaker 5: financials and that type of stuff. So there all kinds
Speaker 5: of like agreement sign nda and stuff like that. But
Speaker 5: ultimately when they looked, they said, Okay, you know, we
Speaker 5: think a million dollars would help this guy's company out,
Speaker 5: but we want to take this large percent.
Speaker 6: For a million dollars.
Speaker 4: You own one hundred percent equity right now.
Speaker 5: I currently own one hundred percent of Colors Worldwide. Yes,
Speaker 5: and the company was Their initial offer was for forty
Speaker 5: percent of the company at one million dollars, and that
Speaker 5: would have put me at like a two point one
Speaker 5: million dollar valuation and something like that. So initially I
Speaker 5: was just like, okay, you're telling me that the company
Speaker 5: is at a two point one million dollar valuation, and
Speaker 5: valuation just means how much your company is worth right now.
Speaker 5: But I had I was that in that time parent frame,
Speaker 5: I was on paste or to make two point something million, right,
Speaker 5: So I was just like, usually to find the value
Speaker 5: of a company, there's a lot of different ways that
Speaker 5: it can be done, but usually you apply a multiple
Speaker 5: of revenues because in an early stage company, you know
Speaker 5: that you're doing exactly you know what you said, right,
Speaker 5: which is you're putting moneies back in. So like revenue
Speaker 5: isn't important in the early stages because you're just trying
Speaker 5: to build audience, right, So you might apply a three
Speaker 5: or four times multiple.
Speaker 3: So for me, I'm.
Speaker 5: Looking like my company is at least worth six million dollars,
Speaker 5: and I really think it's worth like, you know, eight
Speaker 5: million dollars.
Speaker 6: So those are the numbers. I was trying to get
Speaker 6: one point five.
Speaker 5: Million at an eight million dollar valuation, right, That's what
Speaker 5: I was like really looking for.
Speaker 6: And you know when they came in at.
Speaker 5: The at the forty percent mark, I think that they
Speaker 5: just thought that I was like a young kid, you
Speaker 5: know what I mean, Who's just gonna like say, wow,
Speaker 5: here's a million dollars, this could help me out a lot,
Speaker 5: and just like give up that much ownership of my company.
Speaker 5: So then that's where the negotiation process started. But what
Speaker 5: you also don't realize when you're talking about equity investment
Speaker 5: is that there's so many terms that you're going to
Speaker 5: have to iron out, and this is going to be
Speaker 5: a very long process. So from when they offered me
Speaker 5: that to when I ultimately turned it down, it was
Speaker 5: a five month process, you know what I mean, It
Speaker 5: took a really long time. And I'll just you know,
Speaker 5: I'll share some of the terms that you know, were
Speaker 5: unfavorable and that I didn't really like. Uh, you know,
Speaker 5: one of those was.
Speaker 6: There were.
Speaker 5: Thresholds essentially that that would you know, I could essentially
Speaker 5: not spend. In the early days of negotiation, I think
Speaker 5: it was like anything over fifty thousand dollars has to
Speaker 5: get unanimous board approval. And for those that don't know,
Speaker 5: that's saying that, well, number one, we have to appoint
Speaker 5: a board to your company, right, and so the board
Speaker 5: would consist of me and then you know, representatives from
Speaker 5: their company, so like two other people, and to get
Speaker 5: any major decision done, you know, you would have to
Speaker 5: everybody would have to say yes. Now, this is how
Speaker 5: normal companies work, right, Like, this is not anything that's
Speaker 5: weird or new, but we're talking about a small amount
Speaker 5: of money in the grand scheme of things to me,
Speaker 5: you know what I mean. So I'm not looking to
Speaker 5: have unanimous Bard approval over spending something as nominal as
Speaker 5: fifty thousand dollars when I've already built this company to
Speaker 5: make two point one in gross revelce.
Speaker 6: Exactly.
Speaker 5: Yeah, you know. So that was one of the the
Speaker 5: the issues that I had. Another another issue was divesting equity. Right,
Speaker 5: So like, uh, you know, there were stipulations in the
Speaker 5: agreement at certain points where it's like, my equity would
Speaker 5: have to vest in the company, right, So like I
Speaker 5: would have to uh, I would have to essentially earn
Speaker 5: back the equity that I already have, right, So I
Speaker 5: already owned one hundred percent of the company. But let's
Speaker 5: say if my you know, equity went down to sixty percent,
Speaker 5: I would have to work.
Speaker 6: I would have to agree to work at.
Speaker 5: The company for a certain amount of time to get
Speaker 5: that equity back, right, and my equity would vest over years.
Speaker 5: But again, this is something that is not unusual, but
Speaker 5: it is unusual for somebody who has already this company's
Speaker 5: five years old, right, and I've already done this by myself.
Speaker 5: I'm not vesting equity and something that I've built from
Speaker 5: the ground up.
Speaker 6: You know.
Speaker 4: At one point they got the offer down to one
Speaker 4: million per.
Speaker 5: Yeah, uh huh, and I mean huge jump, right, like
Speaker 5: huge jomp And that was because our revenues were literally
Speaker 5: coming in in real time, you know what I mean.
Speaker 5: This was this was happening at the end of twenty eighteen,
Speaker 5: and the revenues were going up, and they'll saw that.
Speaker 5: You know, we ended up being able to agree on
Speaker 5: that point. So then you know, the deal was starting
Speaker 5: to look a lit a little more favorable. But why
Speaker 5: I ultimately walked away from the deal was because the
Speaker 5: threshold limits, right. So it was like I think I
Speaker 5: had to I think it was two hundred and fifty
Speaker 5: thousand dollars that if I spent any time anything over
Speaker 5: the two hundred and fifty thousand, I would have to
Speaker 5: get unanimous board approval. And again, you know, I I
Speaker 5: haven't spent over two hundred fifty thousand dollars at one
Speaker 5: time yet, right, But that's that's how my company's revenues
Speaker 5: being two million, right, Like, but what happens with my
Speaker 5: company's revenues or ten million, you know, or twenty million
Speaker 5: at that the money that even now the amounts of
Speaker 5: money that I spend on things. You know, if you
Speaker 5: were have asked me last year, you know, would you
Speaker 5: have spent you know, over a million dollars in you know,
Speaker 5: Facebook advertising in two years? I would have been like, yeah, right,
Speaker 5: you know what I mean, like on on paid ad campaigns.
Speaker 5: But those are the numbers we're talking about it, you
Speaker 5: know what I mean, like and and you know, in
Speaker 5: in years spans. So now I'm just like, you know,
Speaker 5: I don't want to put myself in a position where
Speaker 5: when I want to do something, or let's say I
Speaker 5: want to buy a company, right like, let's say I
Speaker 5: want to get an equity stake in another company, and
Speaker 5: and and and the cost is going to be three
Speaker 5: hundred thousand, four hundred thousand whatever. You know, I don't
Speaker 5: want to be in a position where I'm having to
Speaker 5: ask for approval from other people that are a not
Speaker 5: even a part of the culture. And know, you know,
Speaker 5: they might not know that this is an actual, real
Speaker 5: opportunity because they're not they're not a part of the culture.
Speaker 6: You know what I mean.
Speaker 7: In my head right now, like if an artist like
Speaker 7: Chris Brown is like, yeah, I'll do RB, only it's
Speaker 7: going to cost you three hundred and fifty in your head,
Speaker 7: on my head, it's like that's a no brainer.
Speaker 4: Yeah, I gotta get him. But to ask people's approval,
Speaker 4: it's like.
Speaker 5: It's like, yeah, they might not they might not know,
Speaker 5: they might not understand, you know, And and that that's
Speaker 5: the thing that really, you know, made me walk away.
Speaker 5: But why I was considering it so much was because
Speaker 5: I had real situations. I had real overhead. I have
Speaker 5: real employees that have to provide for themselves. They have,
Speaker 5: you know, themselves to feed. They might they might have
Speaker 5: families to feed, they might you know what I mean.
Speaker 5: So these are this is this is why I was
Speaker 5: considering taking a deal like that, even though it sort
Speaker 5: of went against my principles, I knew that what was
Speaker 5: what was more important for me was that I need
Speaker 5: to pay my staff to be able to continue to
Speaker 5: make this thing move and operate. So I thought about
Speaker 5: it long and hard, and you know, they were still
Speaker 5: trying to work out the deal. And then what happened was,
Speaker 5: you know, I just kind of I just knew that
Speaker 5: it wasn't right, and I just said, you know, I'm
Speaker 5: gonna I'm gonna walk away from this.
Speaker 6: But what I want to do.
Speaker 5: I don't I want to turn you know, I want
Speaker 5: to turn lemonade out of lemons and not just have
Speaker 5: this be something that is behind closed doors and that
Speaker 5: you know, only I know about, only my team knows about.
Speaker 5: And I want I wanted to help and share with
Speaker 5: other people. Look, this is something that you guys need
Speaker 5: to know, you know what I mean, Like, this is
Speaker 5: something that the up and coming entrepreneur needs to know
Speaker 5: when building a business and when running into a situation
Speaker 5: where you feel like you're gonna need capital. Just know
Speaker 5: that these are things that you're gonna have to consider,
Speaker 5: right and and and and I wanted to really like
Speaker 5: explain to people, what, uh, you know that that these
Speaker 5: things are normal. But again, it just wasn't something that
Speaker 5: I was comfortable with because I had it would be
Speaker 5: normal if I was starting this company with these people,
Speaker 5: but I had already built this company, and then these
Speaker 5: terms are coming into play. And then at the same time,
Speaker 5: you know, it was a way that like I wrote
Speaker 5: this article about my experience and that it kind of went,
Speaker 5: you know, semi viral, and and it was a way
Speaker 5: for the world to know that, hey, this is a
Speaker 5: company that maybe I didn't know about, but maybe this
Speaker 5: is a good investment opportunity, you know what I mean,
Speaker 5: Or maybe like I could I could open up another
Speaker 5: door with sponsorship or something like that and just let
Speaker 5: people know about sort of like the business that we
Speaker 5: were doing. And yeah, you know, and and and the
Speaker 5: article kind of took off and we ended up we
Speaker 5: ended up getting getting alone actually from another company, and
Speaker 5: also in the midst of like a bunch of other
Speaker 5: you know, potential sponsorship things even right now, right like
Speaker 5: we actually just got our first sponsor for uh, for
Speaker 5: an upcoming show. We we did a deal with a
Speaker 5: mobile banking app that actually helps you know, young people,
Speaker 5: uh with the banking system you know what I mean,
Speaker 5: that's like kind of broken right now and like charging
Speaker 5: a lot of fees for stuff.
Speaker 6: Uh.
Speaker 5: We've did a partnership with them where we're encouraging people
Speaker 5: in our audience to use this mobile banking system and
Speaker 5: they don't have to pay overdraft fees, you know, they don't.
Speaker 5: They can actually get paychecks if they're working in the
Speaker 5: gig economy, you know, uber lyft or at a restaurant
Speaker 5: where they're picking up shift. This company actually pays their
Speaker 5: their paychecks two days faster, stuff like that.
Speaker 6: You know what I mean.
Speaker 3: So now the one thing, the thing I like about
Speaker 3: the article that you wrote.
Speaker 2: So you wrote the article when you decided, like you said,
Speaker 2: when you decided to turn down a million dollars. You
Speaker 2: wrote the article, but you wrote it right, and yeah,
Speaker 2: you put it on Twitter and the media just took
Speaker 2: it from there and they just made a different media
Speaker 2: outlets started to pick it up. So I say that
Speaker 2: to say because recently happened.
Speaker 3: Shout out to I.
Speaker 2: Think is the brother's name is Naje young, young gentleman
Speaker 2: from Philly, and he wrote he wrote something on Instagram.
Speaker 2: He wrote the article himself about himself and it was
Speaker 2: like four friends that like saved fifty dollars a week
Speaker 2: for two years and then they brought their first investment property.
Speaker 3: They all like in their twenties.
Speaker 2: And he wrote like a eye catching caption on it,
Speaker 2: like four friends saved money for two years and brought
Speaker 2: an investment property. And then like all of these blogs,
Speaker 2: social media started to pick it up. And then I
Speaker 2: posted it and it got like a lot of viewers
Speaker 2: that like, I think, I got like six thousand likes,
Speaker 2: and he actually we actually spoke. So, but I said
Speaker 2: to say, a lot of times people complain about not
Speaker 2: getting pressed, but we in the day and age now
Speaker 2: where you could create your own press, right, So you
Speaker 2: made that article and that's really the reason why you're
Speaker 2: here now is because somebody sent me that and was
Speaker 2: like get them on the podcast and reached out. So
Speaker 2: it's like, I think that that's brilliant. Whereas you had
Speaker 2: a story that's an interesting story, right, as opposed to
Speaker 2: trying to just pitch it to a million different publications
Speaker 2: and then waiting to see who picks it up, you
Speaker 2: put it out yourself. It went viral and then publications
Speaker 2: picked it up from there. You got a whole bunch
Speaker 2: of opportunities because now it was great promotion, but it's
Speaker 2: also education as well, because, like you were saying to us,
Speaker 2: even with like you know, just you use an example
Speaker 2: of black women that graduate at higher rate than any right,
Speaker 2: but you know they starting businesses, but they may they
Speaker 2: get in funding at lower rate than anybody.
Speaker 6: The lowest rate.
Speaker 5: Let's be clear, black women are getting venture capital at
Speaker 5: the lowest rate. They're getting the smallest amount of venture
Speaker 5: capital of anybody getting venture capital in this country.
Speaker 6: Right now.
Speaker 5: But they are graduating. They are the most educated. They're
Speaker 5: graduating college in our country at the highest rate. That
Speaker 5: that's bananas to me. That doesn't make any sense. And
Speaker 5: it's like I wanted that article. And for those that
Speaker 5: that you know are listening, you can just google why
Speaker 5: I turned down a million dollars Jabbari or you know,
Speaker 5: just honestly, if you just google why I turned down
Speaker 5: a million dollars is the first thing that will pop up.
Speaker 5: But I wrote it on Medium, and you know, I
Speaker 5: wanted like those people, those type of people to read
Speaker 5: this thing, right, like the up and coming entrepreneurs that
Speaker 5: look like us, to understand the pitfalls and the things
Speaker 5: that you should be like, even just if you are
Speaker 5: like some people, just needed to to get an introduction
Speaker 5: to what terms like valuation mean, or what terms like
Speaker 5: equity means, what a venture capitalist even is.
Speaker 3: Right.
Speaker 5: So it's just that you know, and it may take
Speaker 5: you twenty minutes to read the article, but I guarantee
Speaker 5: you that you will walk away from the article with
Speaker 5: some information that you that you might not have known before.
Speaker 5: And you know, I tried to make it entertaining. I
Speaker 5: put jokes in there and stuff like that. But it's
Speaker 5: just like it's informative, and I think that that's the
Speaker 5: that's the main thing. It's like, right now, we are
Speaker 5: using so much of our time to entertain us, but
Speaker 5: how much of our time is actually informing us when
Speaker 5: we're when we're spending hours on these social media platforms,
Speaker 5: you know, And that was the whole goal with like
Speaker 5: what the article is just trying to inform us.
Speaker 2: Yeah, I appreciate that. So all right, So what's next?
Speaker 2: What's next for colors.
Speaker 4: In R and bl oh Man?
Speaker 5: So huge, huge recent announcement is we just announced our
Speaker 5: first R and B only music festival, So for anybody
Speaker 5: that's in Orlando, Florida, honestly for everybody in America and
Speaker 5: you know fly in Man. So uh, you know, like
Speaker 5: we said, our our show is primarily a DJ based show,
Speaker 5: and sometimes we have guest artists pop out. We've had
Speaker 5: people like Jaqui, Kishako, Omarion, We've had a lot of
Speaker 5: R and B stars tank perform at our shows.
Speaker 6: And now this is.
Speaker 5: The first time where we've announced artists that are actually
Speaker 5: gonna be there and they're performing. It's an outdoor venue,
Speaker 5: We're gonna have food, trucks. We're gonna have actually I
Speaker 5: never haven't announced this yet, but this is a exclusive.
Speaker 5: We actually have two helicopters that are gonna be at
Speaker 5: this show where you can take helicopter rides and fly
Speaker 5: above the festival and like take pictures.
Speaker 4: And stuff like that.
Speaker 5: Yeah, it's gonna be you know, crazy. It's at the place,
Speaker 5: this place in Orlando called the Orlando Amphitheater, And yeah,
Speaker 5: I mean tickets are selling fast, so we really you know,
Speaker 5: hope you guys. Yeah, yeah, Ashanti, Queen Nija, and a
Speaker 5: new R and B artist by the name of y
Speaker 5: k O Cyrus who has like a top Billboard hit
Speaker 5: right now.
Speaker 6: It's called worth It.
Speaker 4: It's like I would get he's on a couple of
Speaker 4: Double XL. Yeah, yeah, yeah, Freshman.
Speaker 6: You just gotta be worth it.
Speaker 5: I'm not an R and B sit, but you know
Speaker 5: a lot of puns when when you sing the song
Speaker 5: people know what you're talking about. But yeah, he's a
Speaker 5: freshman this year on Double XL. The only R and
Speaker 5: B artist on the fresh of the list. And yeah,
Speaker 5: it's it's uh, that's gonna be huge for us. We
Speaker 5: also have another show with the Shanty and and another
Speaker 5: up and coming R and B artist by the name
Speaker 5: of Keanu today this Friday. By the time they hear this,
Speaker 5: it might be over but in d C. But yeah,
Speaker 5: the music festival, it's the biggest, Yeah on two.
Speaker 4: Gigs with us.
Speaker 5: Yeah yeah, but but yeah, if you go to R
Speaker 5: and B only dot com, slash Orlando, or just find
Speaker 5: us on Instagram at our n B only the letter
Speaker 5: N you know, that's where all the info is man
Speaker 5: and you know, you can see past shows, what we
Speaker 5: have going on in the future. But yeah, so that's
Speaker 5: that's huge for us in terms of the show elements.
Speaker 5: We also have you know, a bunch of shows where
Speaker 5: we're DJing and just like our current team, like we
Speaker 5: have Miami coming up, we have Sacramento. We have a
Speaker 5: big show in LA coming up that's kind of like
Speaker 5: a farewell to LA because we're taking a break until
Speaker 5: we do another music festival in Los Angeles. And then yeah,
Speaker 5: Merch new Merch is coming. We have media coming. We
Speaker 5: have a bunch of shows that we're working on that
Speaker 5: would be like digital shows in the R and B space.
Speaker 5: We're really trying to own R and B. So we
Speaker 5: want anybody who knows about R and B music in
Speaker 5: the genre. We want R and B Only to be
Speaker 5: synonymous with that and not just a live event, but
Speaker 5: also content also you know audio content, you know music,
Speaker 5: like we eventually we want to start putting out compilations,
Speaker 5: right so remember back in the day, like Rough Riders
Speaker 5: Volume one, two and three. We want to do that
Speaker 5: for R and B, like R and B Only Volume one,
Speaker 5: two and three, Like the type of thing.
Speaker 7: You have those commerci was where they had the R
Speaker 7: and B like the CDs. It would be like thirty songs.
Speaker 5: Oh yeah, yeah, yeah exactly, like yeah, yeah, yeah, uh huh,
Speaker 5: so like like that, but just like you know, not
Speaker 5: for for today's consumer, right, so like stuff that would
Speaker 5: be on Spotify, Apple Music, that type of stuff. But yeah,
Speaker 5: just really being the curators and purveyors of R and
Speaker 5: B music. We even signed the R and B artist
Speaker 5: you know, his name is Will Wildfire. So he's been
Speaker 5: like opening up shows for us. Go check him out too.
Speaker 5: That's incredible, yeah for a new artist, right, like he's
Speaker 5: able to like get in front of this huge audience
Speaker 5: that we have around the around.
Speaker 6: The nation, you know.
Speaker 5: So yeah, there's a lot of stuff coming even even
Speaker 5: and that's just on the R and B only front, right,
Speaker 5: But as Colors grows, we're gonna start producing other events
Speaker 5: and live shows and other verticals that were underserved. We
Speaker 5: thought R and B was a huge underserved market, and
Speaker 5: so you know, we're we're looking in places where you know,
Speaker 5: there's other opportunities, right, So maybe it's food, maybe it's
Speaker 5: Latin music, maybe it's you know, certain things in the
Speaker 5: beauty category. But with comedy, yep, yep, comedy, where we've
Speaker 5: got a lot more stuff happening in comedy in the
Speaker 5: near future of twenty twenty. Yeah, So you know, uh,
Speaker 5: even even if if people have events right like, I'm
Speaker 5: even interested in if there are certain events that are
Speaker 5: happening right now and that need help and that are
Speaker 5: looking to grow and expand and you know, have the
Speaker 5: potential for a national footprint, I'm interested in potential partnerships,
Speaker 5: you know what I mean, and putting those events under
Speaker 5: the Colors umbrella and and and helping expand, you know,
Speaker 5: and and and do partnerships with.
Speaker 6: People as well. So that's something that you know we're
Speaker 6: looking at as well.
Speaker 3: What's your Instagram?
Speaker 6: So my instagram is jabari is It's simple j A
Speaker 6: B A R. I is just my name.
Speaker 5: Sometimes I say just your Bari and then people be like, oh,
Speaker 5: it's just like j Ust. No, it's it's just my
Speaker 5: name Jabbari. And then uh, the R and B only
Speaker 5: instagram is at R and B only, and the Colors
Speaker 5: Worldwide Instagram that the parent company that owns R and
Speaker 5: B only is just Colors Worldwide.
Speaker 6: So pretty simple for all those.
Speaker 2: Keep it simple, Keep it simple, right, busy man, Sure, yeah, yeah.
Speaker 7: Shout out to everybody on patreon dot com Backslasher and
Speaker 7: a Leisure.
Speaker 4: You know that is our private pay program.
Speaker 7: We've had a lot of supporters, uh you know that
Speaker 7: have come on there, got advice from us, had conversations
Speaker 7: with us. I want to give a shout out to Terry.
Speaker 7: He's on one of our older patrons. He actually did
Speaker 7: a video shouting us out Alan Oakland, So shout out
Speaker 7: everybody in the Bay, shout out to Terry. And like
Speaker 7: I said, every every episode. It's a five tier program.
Speaker 7: You can join any at any level and we're gonna
Speaker 7: provide information to you either way. There's some bonus content
Speaker 7: on there as well. You get a chance to get
Speaker 7: the podcast. You know a few days earlier obviously with
Speaker 7: no ads and yeah bonus features, So keep logging onto that.
Speaker 7: Our merch is up on earn leisure dot com. We
Speaker 7: have some new merchant that's coming up as long as
Speaker 7: as well as some few initiatives that we're gonna be
Speaker 7: launching in a very near future for sure.
Speaker 2: And then once again, as I said previously, my calendar
Speaker 2: is on earn your leadire dot com as well. So
Speaker 2: a lot of time people ask me. Everybody knows I'm
Speaker 2: a financial advice at this point. So you have questions,
Speaker 2: you got inheritance, you want to roll over all four
Speaker 2: one K from a job, you want to invest, you
Speaker 2: can feel free to book a thirty minute free consultation.
Speaker 2: My calendar is on earn your leadire dot com and
Speaker 2: that choice that will also be rolling out some very
Speaker 2: exciting things that we're excited about very soon. My book
Speaker 2: tip of the week is what's a gift from Jabbari
Speaker 2: to us? It's called Ego is the Enemy by Ryan Holliday.
Speaker 2: So we talked about it off camera as far as
Speaker 2: a lot of times ego, egos to the enemy and everything,
Speaker 2: business relationships, all kinds of stuff. Ego can lead you
Speaker 2: to make very bad decisions, and your pride can put
Speaker 2: you in very bad spots. So mastering your ego. Understanding
Speaker 2: your ego is extremely important. So that is a book
Speaker 2: tip of the week. Check it out for and thank
Speaker 2: you guys for rock orders. Well see you next week.
Speaker 4: Please please appreciate it.
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