WEBVTT - Study Hall: HOW TO SELL ANY PRODUCT & VIRGIL’S OFF WHITE DEAL

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

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<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

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<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 1>are here illegally, your next you will be fined nearly

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<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

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<v Speaker 1>never return. But if you register using our CBP home

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<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 1>border and families will.

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<v Speaker 2>Be protected sponsored by the United States Department of Homeland Security.

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<v Speaker 3>Even in my book, I wrote this part called one

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<v Speaker 3>hundred dollars Off Days, where my goal is to build

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<v Speaker 3>my business on.

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<v Speaker 4>My off days, just my off days, because.

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<v Speaker 3>I was working five days a week on my job

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<v Speaker 3>two days a week on my dream every single day,

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<v Speaker 3>my goal is to go out and sell four T shirts.

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<v Speaker 3>I'm selling T shirts for twenty five dollars, so I'm

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<v Speaker 3>trying to sell four T shirts. I'm trying to make

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<v Speaker 3>one hundred dollars on each off day. So my boy's like, nah,

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<v Speaker 3>you got to grind, man, you gotta work every single day.

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<v Speaker 3>I know myself, I'm low key lazy. I work hard

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<v Speaker 3>because I'm kind of lazy. I want to get to

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<v Speaker 3>a point where I got to do nothing, work smart.

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<v Speaker 4>Yeah, yeah, I mean that's what lazy people say. Yeah.

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<v Speaker 3>My goal is I'm focused on. Whatever happens throughout the

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<v Speaker 3>week is extra. But my goal is on my off days,

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<v Speaker 3>feel it would work. If I can put time into

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<v Speaker 3>my job, I can put time to my business. So

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<v Speaker 3>I started hitting these these hundred dollars each off day.

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<v Speaker 3>So I called my boss, like, yo, can you only

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<v Speaker 3>put me on four days a week instead of five?

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<v Speaker 3>Because I knew if I could make two hundred dollars

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<v Speaker 3>on two off days, if I had three off days,

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<v Speaker 3>I can make three hundred. And that joyt started to hit.

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<v Speaker 3>So long story short time I quit my job. I

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<v Speaker 3>was like working a day a week. So I like,

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<v Speaker 3>so I teach people to transition out of their job.

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<v Speaker 3>Let's set these small goals and build from there.

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<v Speaker 5>So can you talk about that because that's important as

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<v Speaker 5>far as it's all about strategy in life. And it's

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<v Speaker 5>like you never just want to jump out the window

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<v Speaker 5>and anything, So can you break that down a little

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<v Speaker 5>bit to transition out of your job? I liked that idea?

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<v Speaker 2>Was it, like I'm thinking myself, like, was there any

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<v Speaker 2>fear in that? Like or how did that play on

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<v Speaker 2>your mind? Like I'm doing this, I'm out.

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<v Speaker 4>I don't know.

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<v Speaker 3>It wasn't really It wasn't really a fear because it

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<v Speaker 3>happened so gradually, you know what I mean. It's like

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<v Speaker 3>with this podcast, you drop one episode, then two, then three,

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<v Speaker 3>and it starts to build. So I'm trying to make

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<v Speaker 3>on my just two my goal is to make two

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<v Speaker 3>hundred dollars a week. If I can't sell eight T

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<v Speaker 3>shirts in seven days, you know what I mean. Like,

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<v Speaker 3>so it was it wasn't like a fear of oh

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<v Speaker 3>I got to go quit my job.

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<v Speaker 4>That would be scary.

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<v Speaker 3>I'm just trying to make a couple more dollars to like,

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<v Speaker 3>go to the club and hang out and put something

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<v Speaker 3>on a bottle. I still wan't going to buy it myself,

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<v Speaker 3>but I want to be a person that could chip in.

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<v Speaker 3>So it wasn't really a fear, especially because since I

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<v Speaker 3>was a kid, I've always been trying. The hard part

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<v Speaker 3>was sticking when I'm only making two hundred dollars a week,

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<v Speaker 3>or sticking when I'm not really making any money. Instead

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<v Speaker 3>of saying, yo, you know what, I think I'm a

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<v Speaker 3>tuy real estate because t shirts don't work.

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<v Speaker 4>It was just me.

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<v Speaker 3>So the hard part was just staying in my lane

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<v Speaker 3>and you know, just stay in one course for a while.

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<v Speaker 2>It goes back to your and I looked at you

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<v Speaker 2>your page The life cycle of a good idea. Yeah,

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<v Speaker 2>this sounds like the life of everybody goes through it too,

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<v Speaker 2>you know what I mean, Like, can you break down

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<v Speaker 2>that process? Because I'm sure there's a lot of people

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<v Speaker 2>that have ideas and they make it to the first

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<v Speaker 2>age of excitement, but they never make it to the

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<v Speaker 2>last dage.

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<v Speaker 4>Oh never.

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<v Speaker 3>So I came across this presentation. I was on tour

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<v Speaker 3>with ET twenty seventeen, and I think like a few

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<v Speaker 3>hours before I was supposed to turn in my presentation.

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<v Speaker 4>I just I was like, yo, I got it.

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<v Speaker 3>The life cycle of a good idea is excitement. Everybody

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<v Speaker 3>gets excited about the idea. But then you got to

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<v Speaker 3>move to where you got to start evolving the idea,

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<v Speaker 3>which is not as exciting as when you got the

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<v Speaker 3>id and you get to tell everybody and you see

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<v Speaker 3>the vision. Yo, this goal was take me out of

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<v Speaker 3>my job. So excitement, then evolution, then engagement. So after

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<v Speaker 3>you evolve it, you got to engage people. That get

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<v Speaker 3>scary because you got to actually approach people and make

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<v Speaker 3>a sale and buy in. You got to get people

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<v Speaker 3>to buy in. But then with engagement comes resistance. You'll

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<v Speaker 3>automatically have those people to say, yo, I don't want

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<v Speaker 3>to buy it, and then you have to make a decision.

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<v Speaker 3>And the decision is either get excited about something else

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<v Speaker 3>or move into expansion. But the trick is taking each

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<v Speaker 3>stage with you. So if you're excited and you move

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<v Speaker 3>to evolution, you got to be excited while you're evolving

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<v Speaker 3>the idea. And some people move from evolution to engagement,

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<v Speaker 3>but they stop evolving the content. So once you start

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<v Speaker 3>to hit resistance, if you're still engaging people and evolving.

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<v Speaker 3>You're asking people, Okay, why aren't you buying this? Because

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<v Speaker 3>you're still evolving it. You're still trying to get better,

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<v Speaker 3>meaning you're still engaging.

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<v Speaker 4>You're assessing it.

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<v Speaker 3>You're assessing, and then you make a decision to just

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<v Speaker 3>don't get excited about something else, fight through it, take

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<v Speaker 3>all that data, get re excited about the same concept,

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<v Speaker 3>retool it, keep engaging, go through the resistance.

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<v Speaker 4>And then you expand.

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<v Speaker 2>You said something important and Shotty comes from a sales background,

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<v Speaker 2>and you come from a sales background.

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<v Speaker 4>You said A sales starts when somebody says no. Oh

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<v Speaker 4>for sure. In my mind, I'm like.

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<v Speaker 2>Yeah, somebody said no, it's next to the next person.

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<v Speaker 2>What's the importance of that, Like, what's the philosophy bond

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<v Speaker 2>that I mean?

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<v Speaker 3>When you go into a shoe store, obviously somebody comes

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<v Speaker 3>up to you and they're like, can I help you?

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<v Speaker 3>And you always say no, I'm good, Like we're trained

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<v Speaker 3>to say no. The actual set the game starts when

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<v Speaker 3>they say no first. So I was expecting, yo, you

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<v Speaker 3>want to buy this T shirt? And they say no.

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<v Speaker 3>I'm like, all right, man, what I gotta go to

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<v Speaker 3>the next person? But then I realized that one of

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<v Speaker 3>my mentors said, yo, make them tell you no twice.

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<v Speaker 3>So I'm like, yo, would you like to make buy

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<v Speaker 3>this T shirt? And they say no, I'm good. I'm like, yo,

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<v Speaker 3>are you sure? Look at this, like look at that,

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<v Speaker 3>like this this, this will be with your shoes, And

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<v Speaker 3>for some reason I started converting, Like people like, oh,

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<v Speaker 3>all right, yeah, you're right, let me get it right.

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<v Speaker 3>So now you know fast forward. I was able to

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<v Speaker 3>leave the cheesecake factory and jump into the Kiaks. I

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<v Speaker 3>make you tell me no to you walk away because Yo,

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<v Speaker 3>I've converted on the third sale, I mean the third no,

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<v Speaker 3>the fourth no. And sometimes people will buy because they

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<v Speaker 3>tired of you ask it and they know you're not

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<v Speaker 3>gonna let them go. Look I got all right, cool,

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<v Speaker 3>just give give me that one here ticket tell you

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<v Speaker 3>no more than once.

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<v Speaker 5>Yeah. Now the sales is we talked about that a

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<v Speaker 5>few times on the podcast is something that most people

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<v Speaker 5>are extremely afraid of because nobody likes to talk to strangers.

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<v Speaker 5>Like we conditioning as kids not to talk to strangers,

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<v Speaker 5>like that's the first thing they tell you, don't talk

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<v Speaker 5>to strangers, and that carries over as an adult, and

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<v Speaker 5>it's like to walk up to somebody, especially to try

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<v Speaker 5>to ask them to buy a product and to spend

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<v Speaker 5>money with you. It's like it's terrifying for most people.

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<v Speaker 5>But I always say, like, if you can actually sell,

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<v Speaker 5>do sales. I recommend anybody that wants to be in

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<v Speaker 5>business to do at least one year of sales selling something.

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<v Speaker 5>I don't care, whether it's life insurance, whether it's knives,

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<v Speaker 5>whether it's the cell phone cases. You got to if

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<v Speaker 5>you could sell something a it takes a fear away

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<v Speaker 5>and you'll realize that the worst thing in the world

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<v Speaker 5>is not a no. It's not like people say no,

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<v Speaker 5>you're still living, like you know what I mean. It's

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<v Speaker 5>like you got to develop stick extend to be an entrepreneur.

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<v Speaker 3>I got a clients shouts out of my man saying

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<v Speaker 3>he came on our coaching call. I have a call

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<v Speaker 3>in the mornings, and he said, Man, how do I

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<v Speaker 3>take my business to the next level? And my COUSTU

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<v Speaker 3>was like, Yo, how many people do you ask to

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<v Speaker 3>buy your service? He said, Man, not that many. I said, YO,

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<v Speaker 3>give me a number, like how many people do you

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<v Speaker 3>actually ask? He said, well, uh, not a whole lot. Bro,

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<v Speaker 3>how many did you asked yesterday? He said none. I said,

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<v Speaker 3>that's the problem. So this is what I want you

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<v Speaker 3>to do. Because he's afraid to ask for the sale,

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<v Speaker 3>I said, or he's afraid to attest. He's afraid to like,

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<v Speaker 3>like get into sales. But what I told him was

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<v Speaker 3>I just want you to ask three people a day.

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<v Speaker 4>That's your goal.

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<v Speaker 3>I don't care whether you buy or not, because the

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<v Speaker 3>pressure is in their answer. But if you condition your

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<v Speaker 3>mind and say, yo, my goal is not to make

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<v Speaker 3>a sale. My goal is to just ask five people

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<v Speaker 3>every day so I can go to the store and say, yo,

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<v Speaker 3>I don't want to bother you, my coach, make me

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<v Speaker 3>do this. Would you like to buy this T shirt? Okay,

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<v Speaker 3>that's one. Hey mom, I know I ain't talk to

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<v Speaker 3>you in a little while. I never I've asked. I

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<v Speaker 3>never like try to sell you anything. But let me

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<v Speaker 3>get my number out. And if you can start to

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<v Speaker 3>get your number out three sales, five, Just make five calls.

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<v Speaker 3>Make your goal. Make your goal of the work, not

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<v Speaker 3>the reward, because the reward is scary because if you

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<v Speaker 3>don't get it, you're disappointed. But what you can't control

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<v Speaker 3>is the work. That's the only thing control, So is there.

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<v Speaker 2>It's like a fine line between persistence and annoyance, because

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<v Speaker 2>I could imagine like, yo, get this, get this, get this,

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<v Speaker 2>and it's like, all right, is there a fine line there?

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<v Speaker 3>To make a seale, you gotta be kind of annoying

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<v Speaker 3>a little bit, Okay. I mean at the end of

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<v Speaker 3>the day, you got to ask curtain people. It's going

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<v Speaker 3>to be somebody you want to get on the podcast.

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<v Speaker 3>They say no, next time you're seeing it, you need

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<v Speaker 3>to ask them again. It's only our inside. We feel

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<v Speaker 3>like we're being annoying, but sometimes people just forget or

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<v Speaker 3>and I learned this at the cheesecake factory.

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<v Speaker 5>Is so dope.

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<v Speaker 3>People want to they want to eat cheesecake, but they

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<v Speaker 3>want you to convince them. They want to do it.

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<v Speaker 3>But the right thing to say is no because it's

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<v Speaker 3>high in fact calories. But they really want me to ask,

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<v Speaker 3>They really want me to convince. They feel good strong

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<v Speaker 3>will because they're saying no because they're on the diet.

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<v Speaker 4>We got this new one. They'd be happy when I

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<v Speaker 4>convince them no.

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<v Speaker 5>It's the no thing is extremely important and it's important

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<v Speaker 5>for people to understand how to take things personal and

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<v Speaker 5>you know, I just living in New York. I was

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<v Speaker 5>on the subway years ago, and I just did like

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<v Speaker 5>an observation. It's like people, these guys handing out like

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<v Speaker 5>free newspaper, they're free to any anybody that's like coming

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<v Speaker 5>through the turnstile, and every single person was like no,

0:09:42.880 --> 0:09:43.320
<v Speaker 5>I'm gonnay.

0:09:43.320 --> 0:09:43.480
<v Speaker 4>Look.

0:09:43.559 --> 0:09:47.720
<v Speaker 5>They was just and I'm thinking to myself, like it's free.

0:09:48.000 --> 0:09:51.000
<v Speaker 5>It's a free newspaper, why not take it? But it's

0:09:51.040 --> 0:09:53.760
<v Speaker 5>like they're just conditioned that he's trying to sell me.

0:09:53.760 --> 0:09:55.560
<v Speaker 5>He's not even trying to sell, it's giving it away,

0:09:56.120 --> 0:09:59.040
<v Speaker 5>and it's like no. It's like the same thing. It's

0:09:59.080 --> 0:10:01.640
<v Speaker 5>like a pretty girl, Like you might want to dance

0:10:01.679 --> 0:10:03.520
<v Speaker 5>with a pretty girl, and before you even she's like no,

0:10:03.920 --> 0:10:07.719
<v Speaker 5>but was like you didn't even look at me. But

0:10:07.840 --> 0:10:10.719
<v Speaker 5>she's just used. She's conditioned to say no. So I say,

0:10:10.720 --> 0:10:13.280
<v Speaker 5>I have to say, like people in general are conditioned

0:10:13.280 --> 0:10:16.680
<v Speaker 5>to say no, So peeling back that layer and saying like, well,

0:10:16.800 --> 0:10:19.280
<v Speaker 5>why it's free, it's a free newspaper. You don't want

0:10:19.280 --> 0:10:20.880
<v Speaker 5>to take it. I mean, like, let me get the

0:10:20.920 --> 0:10:22.360
<v Speaker 5>note out of the worst and you're not going to

0:10:22.400 --> 0:10:25.800
<v Speaker 5>convince everybody. But some people, once you just get that

0:10:25.960 --> 0:10:28.240
<v Speaker 5>first layer, Like, if you can get past that first layer,

0:10:29.160 --> 0:10:30.320
<v Speaker 5>it's like a home run after that.

0:10:30.480 --> 0:10:33.000
<v Speaker 3>Yeah, I think how you how you do anything, is

0:10:33.000 --> 0:10:36.800
<v Speaker 3>how you do everything. So if if you're attempting to

0:10:36.800 --> 0:10:39.439
<v Speaker 3>make a sale and they say no, if you're working

0:10:39.480 --> 0:10:41.240
<v Speaker 3>on a product and you just can't figure it out,

0:10:41.320 --> 0:10:43.040
<v Speaker 3>like these mics, you just couldn't figure out how to

0:10:43.040 --> 0:10:45.960
<v Speaker 3>get it working, you'll probably stop at that too and

0:10:46.000 --> 0:10:48.800
<v Speaker 3>just get another mic. Right, But once you develop a

0:10:48.840 --> 0:10:53.080
<v Speaker 3>certain a certain level of persistence, once you develop that trade,

0:10:53.160 --> 0:10:55.520
<v Speaker 3>that carries to everything, you know what I mean, Like

0:10:55.559 --> 0:10:57.800
<v Speaker 3>if you can be if you can be persistent in

0:10:57.840 --> 0:11:01.119
<v Speaker 3>a in a sales transaction, you could be assistant and

0:11:01.320 --> 0:11:04.560
<v Speaker 3>getting that person interested enough enough to date you or

0:11:04.920 --> 0:11:07.000
<v Speaker 3>trying to close that deal. I believe how you do anything,

0:11:07.120 --> 0:11:07.800
<v Speaker 3>how you do everything.

0:11:07.960 --> 0:11:09.480
<v Speaker 4>So you sound like you're gonna be the host on

0:11:09.520 --> 0:11:10.000
<v Speaker 4>Bachelor Man.

0:11:11.360 --> 0:11:13.120
<v Speaker 5>So what are some steps, Like you said you coach

0:11:13.160 --> 0:11:17.120
<v Speaker 5>people to become entrepreneurs in nine to five What are

0:11:17.120 --> 0:11:18.720
<v Speaker 5>some steps. I'm sure there's a lot of people that

0:11:18.960 --> 0:11:21.240
<v Speaker 5>may listen to this podcast that have nine to five

0:11:21.320 --> 0:11:23.080
<v Speaker 5>jobs and want to become entrepreneurs. Like, what are some

0:11:23.080 --> 0:11:24.520
<v Speaker 5>practical steps that people can take.

0:11:24.679 --> 0:11:26.560
<v Speaker 3>I think the first step is just set a goal,

0:11:26.679 --> 0:11:29.559
<v Speaker 3>and I don't care what the goal is. Ideally, if

0:11:29.559 --> 0:11:32.360
<v Speaker 3>you're new in entrepreneurship, you don't want to set a

0:11:32.920 --> 0:11:35.520
<v Speaker 3>sales goal or a reward goal. You want to set

0:11:35.520 --> 0:11:38.280
<v Speaker 3>a work goal. So your work goal might be starting

0:11:38.280 --> 0:11:41.840
<v Speaker 3>out from six to seven, every single day, I'm going

0:11:41.880 --> 0:11:44.880
<v Speaker 3>to work on this product or this project, whatever it

0:11:44.920 --> 0:11:46.640
<v Speaker 3>is I'm doing from six to seven. If you got

0:11:46.640 --> 0:11:49.000
<v Speaker 3>a podcast, from six to seven, I'm reaching out to

0:11:49.080 --> 0:11:51.560
<v Speaker 3>people to be on my I don't care what they say.

0:11:51.600 --> 0:11:53.520
<v Speaker 3>Their answer doesn't have anything to do with me, but

0:11:54.000 --> 0:11:56.240
<v Speaker 3>for me to hit my goal from six to seven.

0:11:56.240 --> 0:11:59.079
<v Speaker 3>Because that works on consistency. You get more comfortable reaching

0:11:59.080 --> 0:12:00.559
<v Speaker 3>out and you're putting a whole bunch of people in

0:12:00.600 --> 0:12:04.680
<v Speaker 3>your pipeline. For this particular scenario, I guess we're podcasting.

0:12:04.720 --> 0:12:09.160
<v Speaker 3>But the first step is to set a consistent goal

0:12:09.360 --> 0:12:11.559
<v Speaker 3>that you can hit because you can't control if somebody

0:12:11.559 --> 0:12:13.439
<v Speaker 3>buys or not, you know what I mean. So I

0:12:13.520 --> 0:12:16.040
<v Speaker 3>think the first step is if you have a business,

0:12:16.559 --> 0:12:19.440
<v Speaker 3>you set some work goals, and out of those work goals,

0:12:19.480 --> 0:12:21.520
<v Speaker 3>if you get comfortable in that long enough, then you

0:12:21.559 --> 0:12:25.280
<v Speaker 3>set some small reward goals and you just do that consistently.

0:12:25.360 --> 0:12:27.360
<v Speaker 3>My goal is to sell one a day, whatever the

0:12:27.360 --> 0:12:29.720
<v Speaker 3>product is. Let me just sell one a day, and

0:12:29.760 --> 0:12:31.640
<v Speaker 3>you do that often enough, you'll get tired of.

0:12:31.559 --> 0:12:33.000
<v Speaker 5>That, now, you know what. I'm glad you said that,

0:12:33.040 --> 0:12:34.959
<v Speaker 5>because that's something that I learned early on in business

0:12:34.960 --> 0:12:37.679
<v Speaker 5>when I was first came into business, right, and I

0:12:37.760 --> 0:12:41.360
<v Speaker 5>learned that you can't. People make the mistake all the

0:12:41.400 --> 0:12:42.599
<v Speaker 5>time because they say, Okay, I want to make a

0:12:42.720 --> 0:12:45.680
<v Speaker 5>hundred thousand dollars, and in order to do that, I

0:12:45.760 --> 0:12:47.880
<v Speaker 5>need to make two thousand dollars a week, right, And

0:12:47.880 --> 0:12:50.040
<v Speaker 5>it's like, okay, I'm gonna make two thousand dollars a week.

0:12:50.040 --> 0:12:51.520
<v Speaker 5>I'm not going to work two weeks out of the year.

0:12:51.600 --> 0:12:52.959
<v Speaker 5>So if I make two thousand and fifty weeks, I

0:12:52.960 --> 0:12:55.800
<v Speaker 5>make a hundred thousand dollars. But that's not really an

0:12:55.840 --> 0:12:58.520
<v Speaker 5>attainable goal because it's like, what does it take to

0:12:58.559 --> 0:12:59.959
<v Speaker 5>make two thousand dollars a week? Right?

0:13:00.040 --> 0:13:01.360
<v Speaker 4>You don't know, He's never done it.

0:13:01.400 --> 0:13:04.240
<v Speaker 5>So it's like, if you're selling a product, right, you

0:13:04.320 --> 0:13:07.400
<v Speaker 5>might say, Okay, I need to sell ten of these

0:13:07.520 --> 0:13:10.160
<v Speaker 5>whatever they are in order to make two thousand. But

0:13:11.200 --> 0:13:13.680
<v Speaker 5>even saying all right, I'm gonna sell ten products, that's

0:13:13.679 --> 0:13:15.400
<v Speaker 5>really not a good goal because how are you going

0:13:15.440 --> 0:13:17.360
<v Speaker 5>to sell ten products? You gotta dig deeper to say, Okay,

0:13:17.400 --> 0:13:20.040
<v Speaker 5>in order to sell ten products, I know I need

0:13:20.080 --> 0:13:23.440
<v Speaker 5>to speak to one hundred people exactly. So the goal

0:13:23.520 --> 0:13:26.360
<v Speaker 5>is not to sell ten products. The goal is to

0:13:26.360 --> 0:13:28.880
<v Speaker 5>speak to one hundred people. So now get down even

0:13:28.920 --> 0:13:30.560
<v Speaker 5>deeper and it's like, okay, well, how do I speak

0:13:30.600 --> 0:13:33.640
<v Speaker 5>to one hundred people. I need to get twenty five referrals.

0:13:33.760 --> 0:13:36.319
<v Speaker 5>I need to go to five networking events. I need

0:13:36.320 --> 0:13:38.960
<v Speaker 5>to cold call one hundred people. That's the formula for

0:13:39.000 --> 0:13:41.000
<v Speaker 5>me to speak. My goal is to if I speak

0:13:41.000 --> 0:13:43.000
<v Speaker 5>to one hundred people, I'm going to sell ten products.

0:13:43.000 --> 0:13:44.599
<v Speaker 5>I'm going to make two thousands. But a lot of

0:13:44.640 --> 0:13:46.960
<v Speaker 5>time people do it backwards. They say I'm gonna make

0:13:46.960 --> 0:13:50.160
<v Speaker 5>two thousand, they get frustrated because it's June and they

0:13:50.240 --> 0:13:53.200
<v Speaker 5>haven't made any money, and it's like they just quit.

0:13:53.400 --> 0:13:53.600
<v Speaker 4>Yeah.

0:13:53.640 --> 0:13:55.080
<v Speaker 3>The question is like, how long did you think it

0:13:55.120 --> 0:13:57.000
<v Speaker 3>was going to take to be successful?

0:14:21.880 --> 0:14:24.640
<v Speaker 5>Kanye West? That's uh, our brother.

0:14:24.680 --> 0:14:25.640
<v Speaker 4>We can't throw him away.

0:14:25.480 --> 0:14:27.240
<v Speaker 5>He Kanye West. He went to his concert.

0:14:27.360 --> 0:14:29.640
<v Speaker 2>I go to a lot of I've been to a

0:14:29.760 --> 0:14:31.440
<v Speaker 2>number of his concerts. I remember the first time I

0:14:31.440 --> 0:14:34.320
<v Speaker 2>saw him. He was opening up for Usher on a

0:14:34.360 --> 0:14:36.520
<v Speaker 2>Confessions tour. That's how far back he went. To his

0:14:36.560 --> 0:14:39.920
<v Speaker 2>most recent concert. Yeah, I was at the Jesus Is King.

0:14:40.000 --> 0:14:41.200
<v Speaker 2>We told that story alive.

0:14:41.280 --> 0:14:43.120
<v Speaker 4>Yeah, I went. I went to Sunday Service.

0:14:43.160 --> 0:14:46.040
<v Speaker 5>Man, he went to Sunday Services because we was at Complex.

0:14:46.120 --> 0:14:50.600
<v Speaker 5>Call me, Mike Jamore you we was at Complex con

0:14:50.640 --> 0:14:52.960
<v Speaker 5>in l A and Long Beach and he had his

0:14:53.080 --> 0:14:55.720
<v Speaker 5>show and you bought tickets to the show for all

0:14:55.760 --> 0:14:56.160
<v Speaker 5>of us.

0:14:56.480 --> 0:14:58.000
<v Speaker 4>Yeah, man, and he.

0:14:58.040 --> 0:15:00.200
<v Speaker 5>Was about to go is in Inglewood, and and you

0:15:00.240 --> 0:15:03.480
<v Speaker 5>got in the uber and nobody else got it.

0:15:03.760 --> 0:15:06.520
<v Speaker 2>Listen, let's paint this picture. It was like three o'clock.

0:15:06.520 --> 0:15:08.960
<v Speaker 2>I'm like, yo, the show starts at at four. Like,

0:15:09.040 --> 0:15:11.280
<v Speaker 2>I'm calling this uber right now, Guys, it's a forty

0:15:11.280 --> 0:15:12.840
<v Speaker 2>five minute ride to Inglewood.

0:15:12.880 --> 0:15:15.600
<v Speaker 4>Y'all coming with me? And everybody's like. I was like,

0:15:15.640 --> 0:15:18.720
<v Speaker 4>I'm calling the uber. We all walked outside. I got

0:15:18.720 --> 0:15:19.720
<v Speaker 4>in the uber. I looked back.

0:15:19.760 --> 0:15:22.080
<v Speaker 2>I saw y'all standing on the curve. I said, I'm

0:15:22.080 --> 0:15:24.240
<v Speaker 2>closing this door, and it's gonna be a one man journey,

0:15:24.800 --> 0:15:28.040
<v Speaker 2>and I looked and y'all took two steps backwards, and

0:15:28.040 --> 0:15:29.440
<v Speaker 2>I closed the door and I said, I'm going.

0:15:29.360 --> 0:15:32.360
<v Speaker 5>Yeah, no the fact shout out to ye no disrespect,

0:15:32.360 --> 0:15:32.960
<v Speaker 5>no disrespect.

0:15:33.040 --> 0:15:33.680
<v Speaker 4>Yeah, they left me.

0:15:33.760 --> 0:15:36.880
<v Speaker 5>Y'all just wasn't in vis. You gotta be mentally prepared

0:15:36.920 --> 0:15:37.160
<v Speaker 5>for that.

0:15:37.200 --> 0:15:37.920
<v Speaker 4>And I'm not mad at it.

0:15:37.960 --> 0:15:39.800
<v Speaker 2>I told you when I and I doubled back, I

0:15:39.840 --> 0:15:41.480
<v Speaker 2>came back, I was like, you know what, some things

0:15:41.560 --> 0:15:43.040
<v Speaker 2>you need to experience by yourself.

0:15:43.240 --> 0:15:44.560
<v Speaker 4>I kind of I needed that. Man.

0:15:44.600 --> 0:15:47.040
<v Speaker 5>It was an emotional moment. Shout Sunday shot. Yeah, you

0:15:47.080 --> 0:15:49.800
<v Speaker 5>went by yourself, but shout out the complex content. I

0:15:49.800 --> 0:15:52.160
<v Speaker 5>was pvent. But I say that to say, we're gonna

0:15:52.160 --> 0:15:55.960
<v Speaker 5>talk about Virgil Ablo. Yeah, right. And Virgil if you

0:15:56.280 --> 0:16:01.000
<v Speaker 5>if you don't know, is he just recently took the head.

0:16:00.920 --> 0:16:03.320
<v Speaker 4>Job at the hell designer of Louis vaittan.

0:16:03.120 --> 0:16:05.400
<v Speaker 5>Louis Vaitton, I think the men's line, the Louis Vuitton, right,

0:16:07.720 --> 0:16:11.880
<v Speaker 5>and yeah, so's he's big in fashion obviously, but before that,

0:16:12.160 --> 0:16:15.520
<v Speaker 5>he has a brand called off White. Yep, off White,

0:16:15.600 --> 0:16:19.040
<v Speaker 5>if you're not familiar, is huge. Just it's it's one

0:16:19.040 --> 0:16:21.480
<v Speaker 5>of these things where all of the rappers where all

0:16:21.560 --> 0:16:25.080
<v Speaker 5>the athletes wear it and it costs a thousand dollars

0:16:25.080 --> 0:16:26.800
<v Speaker 5>for a T shirt. It's crazy. It's like, you know,

0:16:26.840 --> 0:16:30.160
<v Speaker 5>Off White, It's like a thing. But so I mentioned

0:16:30.200 --> 0:16:33.280
<v Speaker 5>Kanye West because Virgil comes from Kanye's tree. So when

0:16:33.280 --> 0:16:36.680
<v Speaker 5>we talk about Kanye's tree, we talk about his musical tree, right,

0:16:37.200 --> 0:16:40.160
<v Speaker 5>people that have come from him. So the Big Shans

0:16:40.200 --> 0:16:43.880
<v Speaker 5>of the world, the John Legends of the world, kid

0:16:43.920 --> 0:16:46.760
<v Speaker 5>Cuddies of the world, these are all people that come

0:16:46.800 --> 0:16:49.600
<v Speaker 5>from Kanye's earners.

0:16:49.600 --> 0:16:49.960
<v Speaker 4>What's up?

0:16:50.040 --> 0:16:52.520
<v Speaker 2>You ever walk into a small business and everything just

0:16:52.680 --> 0:16:55.840
<v Speaker 2>works like the checkout is fast, the seats of digital

0:16:56.400 --> 0:16:59.360
<v Speaker 2>tipping is a breeze, and you're out the door before

0:16:59.360 --> 0:17:03.880
<v Speaker 2>the line even odds are they're using Square. We love

0:17:03.920 --> 0:17:07.080
<v Speaker 2>supporting businesses that run on Square because it just feels seamless.

0:17:07.200 --> 0:17:09.760
<v Speaker 2>Whether it's a local coffee shop, a vendor at a

0:17:09.800 --> 0:17:12.640
<v Speaker 2>pop up market, or even one of our merch partners.

0:17:12.880 --> 0:17:16.679
<v Speaker 2>Square makes it easy for them to take payments, manage inventory,

0:17:16.800 --> 0:17:20.680
<v Speaker 2>and run their business with confidence, all from one simple system.

0:17:21.160 --> 0:17:23.720
<v Speaker 2>If you're a business owner or even just thinking about

0:17:23.800 --> 0:17:26.919
<v Speaker 2>launching something soon, Square is hands down one of the

0:17:26.920 --> 0:17:30.359
<v Speaker 2>best tools out there to help you start, run and grow.

0:17:30.680 --> 0:17:33.680
<v Speaker 2>It's not just about payments. It's about giving you time

0:17:33.760 --> 0:17:36.680
<v Speaker 2>back so you can focus on what matters most Ready.

0:17:36.720 --> 0:17:40.119
<v Speaker 2>To see how Square can transform your business, visit Square

0:17:40.200 --> 0:17:44.720
<v Speaker 2>dot com backslash go backslash eyl to learn more that

0:17:44.920 --> 0:17:50.360
<v Speaker 2>Square dot com backslash, go backslash eyl. Don't wait, don't hesitate.

0:17:50.480 --> 0:17:52.840
<v Speaker 2>Let's Square handle the back end so you can keep

0:17:52.880 --> 0:17:58.960
<v Speaker 2>pushing your vision forward. This episode is brought to you

0:17:59.000 --> 0:18:01.280
<v Speaker 2>by P and C Bank. A lot of people think

0:18:01.359 --> 0:18:05.239
<v Speaker 2>podcasts about work are boring, and sure, they definitely can be,

0:18:05.720 --> 0:18:08.960
<v Speaker 2>but understanding a professional's routine shows us how they achieve

0:18:09.040 --> 0:18:13.240
<v Speaker 2>their success little by little, day after day. It's like

0:18:13.320 --> 0:18:16.119
<v Speaker 2>banking with P and C Bank. It might seem boring

0:18:16.119 --> 0:18:18.960
<v Speaker 2>to save, plan and make calculated decisions with your bank,

0:18:19.440 --> 0:18:21.880
<v Speaker 2>but keeping your money boring is what helps you live

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<v Speaker 2>a more happily fulfilled life. P and C Bank Brilliantly

0:18:26.119 --> 0:18:30.679
<v Speaker 2>Boring since eighteen sixty five. Brilliantly Boring since eighteen sixty

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<v Speaker 2>five is a service mark of the PNC Financial Service Group, Inc.

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<v Speaker 2>P and C Bank National Association Member FDIC.

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child.

0:18:43.280 --> 0:18:47.080
<v Speaker 1>In Massachusetts. An MS thirteen gang member from Al Salvador

0:18:47.320 --> 0:18:51.480
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:18:51.560 --> 0:18:55.439
<v Speaker 1>filming and selling child pornography in Michigan. These are just

0:18:55.520 --> 0:18:59.280
<v Speaker 1>some of the heinous migrant criminals caught because of President

0:18:59.320 --> 0:19:02.919
<v Speaker 1>Donald J. Trum leadership. I'm Christy Noman, the United States

0:19:02.920 --> 0:19:07.720
<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:19:07.760 --> 0:19:11.320
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:19:11.359 --> 0:19:14.600
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

0:19:14.640 --> 0:19:18.520
<v Speaker 1>were here illegally, your next you will be fine nearly

0:19:18.600 --> 0:19:22.600
<v Speaker 1>one thousand dollars a day. Imprisoned and deported, you will

0:19:22.640 --> 0:19:26.280
<v Speaker 1>never return. But if you register using our CBP home

0:19:26.320 --> 0:19:29.720
<v Speaker 1>app and leave now, you could be allowed to return legally.

0:19:30.080 --> 0:19:34.840
<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

0:19:35.000 --> 0:19:37.440
<v Speaker 1>border and families will be protected.

0:19:37.520 --> 0:19:39.680
<v Speaker 4>Sponsored by the United States Department of Homeland Security.

0:19:39.760 --> 0:19:41.680
<v Speaker 5>Treat we can put Drake in there. No no, no, we

0:19:41.680 --> 0:19:43.720
<v Speaker 5>can't put Drake in there. No no. We can't play

0:19:43.720 --> 0:19:46.359
<v Speaker 5>with Drake like that. But so so shout out to

0:19:46.359 --> 0:19:51.600
<v Speaker 5>the six God, so so so d so. But music

0:19:51.720 --> 0:19:56.160
<v Speaker 5>is crazy. His branches is crazy in music, but even

0:19:56.240 --> 0:19:59.840
<v Speaker 5>more impressive is his fashion. Yeah, so people, I would

0:19:59.840 --> 0:20:02.159
<v Speaker 5>say more impressive. The people come from under Kanye in

0:20:02.200 --> 0:20:03.480
<v Speaker 5>fashion is Jerry Lorenzo.

0:20:03.600 --> 0:20:04.880
<v Speaker 4>Yeah, fair God, Fair of God.

0:20:05.920 --> 0:20:08.280
<v Speaker 5>Virgil Ablow, who we just talked about Off White yep,

0:20:09.800 --> 0:20:13.159
<v Speaker 5>dn Ce, who worked the Jordan brand yep and what

0:20:13.240 --> 0:20:13.760
<v Speaker 5>else did he do?

0:20:13.840 --> 0:20:16.800
<v Speaker 2>He still has it and he has the rs VP shop. Yeah,

0:20:16.960 --> 0:20:18.560
<v Speaker 2>he has a couple of deals he did. Uh, he

0:20:18.600 --> 0:20:20.080
<v Speaker 2>did a deal with the NBA where he likes in

0:20:20.119 --> 0:20:20.640
<v Speaker 2>some of this stuff.

0:20:20.680 --> 0:20:24.800
<v Speaker 5>Yeah, and Virgil and Kanye actually moved to the all

0:20:24.840 --> 0:20:27.280
<v Speaker 5>of them. They literally for like six months and they

0:20:27.520 --> 0:20:30.840
<v Speaker 5>interned at Louis Vautan. So it's crazy. So Louis Vuitton

0:20:30.960 --> 0:20:33.439
<v Speaker 5>don actually now Louis Vuitton did. Yeah, he got his

0:20:33.480 --> 0:20:36.320
<v Speaker 5>whole name from that whole vibe. So what happens? Okay,

0:20:36.359 --> 0:20:39.159
<v Speaker 5>So Virgil starts a company called Off White right, and

0:20:39.280 --> 0:20:42.840
<v Speaker 5>Off White blows up. Off Fight becomes a really big thing,

0:20:43.160 --> 0:20:45.480
<v Speaker 5>and it's one of those things, like I said, where

0:20:45.560 --> 0:20:47.560
<v Speaker 5>everybody's just it's like you got to get an off

0:20:47.560 --> 0:20:48.520
<v Speaker 5>White shirt.

0:20:48.640 --> 0:20:50.720
<v Speaker 2>It started before like he built the buzz because he

0:20:50.760 --> 0:20:53.560
<v Speaker 2>had that there was like this pirate's vision that fashion

0:20:53.560 --> 0:20:54.919
<v Speaker 2>line that he had done, but it was he was

0:20:54.960 --> 0:20:56.520
<v Speaker 2>putting it on other pieces of cold and so you

0:20:56.560 --> 0:20:58.840
<v Speaker 2>might see a Champion sweatshirt, but it had like the

0:20:58.880 --> 0:21:01.200
<v Speaker 2>Pirate stuff on it. So push your tea obviously, that

0:21:01.280 --> 0:21:01.720
<v Speaker 2>makes sense.

0:21:01.800 --> 0:21:01.919
<v Speaker 4>Right.

0:21:01.920 --> 0:21:05.320
<v Speaker 2>He's part of that that crew, that conglomerate at Kanye conglomerate.

0:21:05.400 --> 0:21:07.359
<v Speaker 2>So they was wearing it and then that Pirates became

0:21:07.520 --> 0:21:09.440
<v Speaker 2>a big thing like Jay Whiz and that was big,

0:21:10.040 --> 0:21:12.320
<v Speaker 2>and then somebody saw the light in him.

0:21:12.440 --> 0:21:19.240
<v Speaker 5>Yeah, that's a fact. So Marcelo Braun's Berlin Burlin, Marcelo Marcelo, Yeah,

0:21:19.280 --> 0:21:24.720
<v Speaker 5>you got Marcelo Burlin recruits him to come to Italy, right,

0:21:25.119 --> 0:21:28.479
<v Speaker 5>and so Mark he owns the New Guard group him,

0:21:28.600 --> 0:21:31.000
<v Speaker 5>he has two partners, which is a fashion conglomerate, right,

0:21:31.359 --> 0:21:33.480
<v Speaker 5>So he takes him to Italy and he shows him

0:21:33.560 --> 0:21:39.480
<v Speaker 5>their manufacturing factories. Like so yeah, we started laughing because

0:21:39.480 --> 0:21:41.879
<v Speaker 5>it like when Kanye. Remember when Kanye was on Sway

0:21:41.960 --> 0:21:44.600
<v Speaker 5>and he was like he was talking and nobody really

0:21:44.680 --> 0:21:46.399
<v Speaker 5>understood what he was talking about, and he was like,

0:21:46.800 --> 0:21:49.439
<v Speaker 5>I can't produce at this level. I can't produce, and

0:21:49.440 --> 0:21:51.400
<v Speaker 5>they like why would you, Like were you talking about?

0:21:51.400 --> 0:21:52.200
<v Speaker 5>And He's like, yo, got.

0:21:52.160 --> 0:21:53.800
<v Speaker 4>Dance to sweat, They only gonna give us tea shirts

0:21:53.800 --> 0:21:54.200
<v Speaker 4>and hat.

0:21:54.119 --> 0:21:56.000
<v Speaker 5>And so he was like and even Sewman was like,

0:21:56.040 --> 0:21:58.399
<v Speaker 5>what do you Nobody really knew what he was talking about.

0:21:58.440 --> 0:22:00.199
<v Speaker 5>He didn't really do a good job of explaining when

0:22:00.240 --> 0:22:01.639
<v Speaker 5>he was talking about. But he was just saying like

0:22:02.080 --> 0:22:06.080
<v Speaker 5>he didn't have the factories to produce, and it just

0:22:06.119 --> 0:22:11.160
<v Speaker 5>didn't go over well. Right. But it's crazy because it's

0:22:11.160 --> 0:22:13.400
<v Speaker 5>like when Virgil, they said, when he when he went

0:22:13.440 --> 0:22:16.040
<v Speaker 5>there and he saw the factories. I don't know what

0:22:16.080 --> 0:22:18.359
<v Speaker 5>they put these factors like magical fits like Willie Walker

0:22:18.359 --> 0:22:22.080
<v Speaker 5>in the Chalcoling factory. So he saw these factories and

0:22:22.119 --> 0:22:27.240
<v Speaker 5>he realized that he couldn't compete down later type vibe.

0:22:27.359 --> 0:22:31.480
<v Speaker 5>So he sells his company. And you know what's crazy

0:22:31.600 --> 0:22:34.080
<v Speaker 5>is that shout out to Dapper Dam. But when Dapper

0:22:34.160 --> 0:22:37.400
<v Speaker 5>Dam was on the Breakfast Club, when that's what really

0:22:37.440 --> 0:22:40.040
<v Speaker 5>started this whole vibe. Dapper Dam was on the Breakfast

0:22:40.040 --> 0:22:43.359
<v Speaker 5>Club and Charlemagne kept pushing them like, yo, why don't

0:22:43.359 --> 0:22:46.200
<v Speaker 5>you just own your own joint? Like why are you

0:22:46.280 --> 0:22:48.720
<v Speaker 5>working for Gucci? You've done so much for this company.

0:22:48.760 --> 0:22:52.240
<v Speaker 5>You brought the street with and conture together, like create

0:22:52.240 --> 0:22:54.000
<v Speaker 5>your own, create your own things. So then he kept

0:22:54.040 --> 0:22:56.520
<v Speaker 5>pushing them on that, and then that was like, well,

0:22:56.560 --> 0:22:59.840
<v Speaker 5>who what black designer owns their own outright, like on

0:23:00.080 --> 0:23:02.359
<v Speaker 5>high level, on a very high level. And he was

0:23:02.400 --> 0:23:05.359
<v Speaker 5>like off white Virgil, And then he was like does

0:23:05.400 --> 0:23:11.080
<v Speaker 5>he does? So then Charlamagne was like, well what does

0:23:11.080 --> 0:23:12.560
<v Speaker 5>that mean? What are you saying? He's like, I'm not

0:23:12.560 --> 0:23:14.520
<v Speaker 5>saying anything. He's like, through your research.

0:23:14.240 --> 0:23:16.080
<v Speaker 2>I promise you, Like as soon as I saw that,

0:23:16.160 --> 0:23:17.680
<v Speaker 2>and then one week later this whole story.

0:23:18.119 --> 0:23:20.159
<v Speaker 4>I was like, yo, I'm doing research and then we

0:23:20.240 --> 0:23:20.600
<v Speaker 4>found this.

0:23:20.680 --> 0:23:24.359
<v Speaker 5>I'm like so surprised. It turns out that he doesn't

0:23:24.359 --> 0:23:27.280
<v Speaker 5>own off white. New Guard Group owned off white right

0:23:29.240 --> 0:23:32.399
<v Speaker 5>majority state. So what happens is that he sold it

0:23:32.440 --> 0:23:33.800
<v Speaker 5>to the New Guard Group. All right, it happens all

0:23:33.800 --> 0:23:35.359
<v Speaker 5>the time people sell that company. But what makes this

0:23:35.480 --> 0:23:39.000
<v Speaker 5>interesting is that he still has control over it in

0:23:39.040 --> 0:23:42.959
<v Speaker 5>a certain way because he kept the licensing right. So

0:23:43.000 --> 0:23:44.600
<v Speaker 5>this is very important. This, this is this is where

0:23:44.600 --> 0:23:46.720
<v Speaker 5>the story gets interesting. So he sold the company to

0:23:46.720 --> 0:23:48.720
<v Speaker 5>the New Guard Roup, but he kept the licensing rights.

0:23:49.280 --> 0:23:52.359
<v Speaker 5>So what happens is that New Guard was in control

0:23:52.400 --> 0:23:55.840
<v Speaker 5>of development, distribution, and manufacturing, so they they watch everything

0:23:55.880 --> 0:24:00.479
<v Speaker 5>everything right, But but he was in control of licensing them.

0:24:00.880 --> 0:24:02.639
<v Speaker 5>In order for them to put it in any store

0:24:02.720 --> 0:24:06.439
<v Speaker 5>or to sell it effectively, they have to rent the

0:24:06.520 --> 0:24:09.560
<v Speaker 5>licensing rights from him, and then they split. They don't

0:24:09.600 --> 0:24:11.280
<v Speaker 5>they didn't say what their agreement was as far as

0:24:11.320 --> 0:24:13.760
<v Speaker 5>the split, but they split. Let's just say hypothetically it's

0:24:13.760 --> 0:24:16.720
<v Speaker 5>fifty to fifty split. And so he still makes money,

0:24:16.760 --> 0:24:19.040
<v Speaker 5>but he's not actually doing anything which actually works out

0:24:19.040 --> 0:24:21.560
<v Speaker 5>for him now just he could focus and to see

0:24:21.600 --> 0:24:24.520
<v Speaker 5>his energy on running Louis Vatan.

0:24:24.600 --> 0:24:27.320
<v Speaker 2>Yeah, and that's the beautiful thing about licensing and trademarking

0:24:27.400 --> 0:24:29.399
<v Speaker 2>is that he can do it with this one and

0:24:29.480 --> 0:24:31.120
<v Speaker 2>right now, this group that this deal that he has

0:24:31.160 --> 0:24:34.399
<v Speaker 2>with New Guarden, we'll talk about who they sold it to,

0:24:34.520 --> 0:24:36.800
<v Speaker 2>is that this one's exclusive. But the next time, and

0:24:37.080 --> 0:24:38.320
<v Speaker 2>like we said, we don't know the terms of the

0:24:38.320 --> 0:24:40.159
<v Speaker 2>money in the contract. We don't know the terms of

0:24:40.160 --> 0:24:42.159
<v Speaker 2>the years either. But as soon as this deal is done,

0:24:42.440 --> 0:24:45.600
<v Speaker 2>he can license to New Guard, he can license to

0:24:45.920 --> 0:24:46.359
<v Speaker 2>this person.

0:24:46.440 --> 0:24:48.160
<v Speaker 4>He could I mean, he can do it as many

0:24:48.160 --> 0:24:49.680
<v Speaker 4>times or with whoever he wants.

0:24:49.680 --> 0:24:53.160
<v Speaker 5>So the licensing thing is extremely it's an interesting conversation,

0:24:53.440 --> 0:24:56.080
<v Speaker 5>especially when it comes to fashion because people don't fully understand,

0:24:56.119 --> 0:25:00.800
<v Speaker 5>like you know, who's huge in fashion, so this you

0:25:00.800 --> 0:25:02.400
<v Speaker 5>never really think about it like this and shout out

0:25:02.400 --> 0:25:04.560
<v Speaker 5>the prince down Now another ey L alumni he was.

0:25:04.600 --> 0:25:06.880
<v Speaker 5>He was in a store I think like a month ago.

0:25:07.080 --> 0:25:10.800
<v Speaker 5>He did a whole Instagram clip about this. But Disney

0:25:10.920 --> 0:25:15.280
<v Speaker 5>licensed their characters out all the time, all the time,

0:25:15.400 --> 0:25:17.760
<v Speaker 5>especially fashion. They're real big and fashion. So we talked

0:25:17.760 --> 0:25:21.240
<v Speaker 5>about like back in the day with Iceberg with Goofy,

0:25:21.359 --> 0:25:25.480
<v Speaker 5>Goofy with Goofy, and Goofy was on all the sweaters.

0:25:25.680 --> 0:25:29.720
<v Speaker 5>They're not using Goofy, just saying I want to use Goofy. No,

0:25:29.800 --> 0:25:31.560
<v Speaker 5>you can't do that. It's a selling You got a

0:25:31.640 --> 0:25:32.200
<v Speaker 5>license it.

0:25:32.880 --> 0:25:33.240
<v Speaker 4>So they did.

0:25:33.320 --> 0:25:35.280
<v Speaker 2>They had Mickey too. I remember they I remember the sweater.

0:25:35.680 --> 0:25:37.720
<v Speaker 2>Mickey had the one. So they had Mickey, they had

0:25:37.760 --> 0:25:40.400
<v Speaker 2>Goofy Peanuts. They also licensed that. But it's like they

0:25:40.440 --> 0:25:42.160
<v Speaker 2>have to pay to use those characters.

0:25:42.240 --> 0:25:42.480
<v Speaker 4>Yeah.

0:25:42.680 --> 0:25:44.560
<v Speaker 5>And the crazy thing is like, so when you go

0:25:44.600 --> 0:25:46.960
<v Speaker 5>in the mall, because you see especially now it's Holliday time,

0:25:47.359 --> 0:25:51.080
<v Speaker 5>you see a bunch of shirts with Snoopy, Mickey, especially

0:25:51.119 --> 0:25:54.679
<v Speaker 5>Mickey Mouse, Mickey Mouse Mini Mouse. They're huge. You never

0:25:54.720 --> 0:25:56.399
<v Speaker 5>really tried, you never really paid attention.

0:25:56.520 --> 0:25:56.680
<v Speaker 4>Right.

0:25:57.000 --> 0:25:58.680
<v Speaker 5>But if you go and you look at the tag,

0:25:58.720 --> 0:26:00.359
<v Speaker 5>they're not going to say Disney.

0:26:00.400 --> 0:26:01.879
<v Speaker 4>Right. You could go in Old Navy right now and

0:26:01.880 --> 0:26:04.679
<v Speaker 4>find the Mickey Mouse T shirt or Urban Outfitters.

0:26:04.280 --> 0:26:06.760
<v Speaker 5>And all of these, all of these different companies that

0:26:06.960 --> 0:26:10.320
<v Speaker 5>put those characters on it, they have to pay Disney, right,

0:26:10.359 --> 0:26:13.320
<v Speaker 5>So they license their characters out on Fashion, they license

0:26:13.400 --> 0:26:18.239
<v Speaker 5>other stuff out to the music. Yeah, they like Netflix, right,

0:26:18.320 --> 0:26:21.199
<v Speaker 5>Like the movies before they started their own streaming service,

0:26:21.359 --> 0:26:23.520
<v Speaker 5>all of the Marble catalog was on Netflix.

0:26:23.600 --> 0:26:23.800
<v Speaker 4>Right.

0:26:24.400 --> 0:26:28.879
<v Speaker 5>Netflix is paying Disney big money, big money to use this.

0:26:28.920 --> 0:26:31.040
<v Speaker 2>It's the reason why now like with Disney Plus that

0:26:31.520 --> 0:26:34.600
<v Speaker 2>all like Black Panther's not on Disney Plus yet, or

0:26:34.680 --> 0:26:36.480
<v Speaker 2>like Star Wars, The New Hope is not on Disney

0:26:36.480 --> 0:26:38.879
<v Speaker 2>Plus yet because the licensing agreement hasn't run out. As

0:26:38.920 --> 0:26:41.080
<v Speaker 2>soon as it does, that'll be on Disney Plus. Netflix

0:26:41.080 --> 0:26:42.439
<v Speaker 2>will never see another Disney product.

0:26:42.520 --> 0:26:45.000
<v Speaker 5>Yeah. So it's the same thing with fashion and some

0:26:45.040 --> 0:26:51.840
<v Speaker 5>of your top favorite designers. They don't own, right. You

0:26:51.920 --> 0:26:54.200
<v Speaker 5>think they do because it's the name, because it's the name,

0:26:54.520 --> 0:27:00.000
<v Speaker 5>but larger corporations like the New Guard Group, they own it, right,

0:27:00.359 --> 0:27:02.440
<v Speaker 5>So this happens all the time. Also, we talked about

0:27:02.480 --> 0:27:03.720
<v Speaker 5>as far as even in real estate.

0:27:04.240 --> 0:27:08.199
<v Speaker 2>So Trump is a guy in New York City, you know,

0:27:08.280 --> 0:27:11.399
<v Speaker 2>like especially maybe ten years prior to today, when you

0:27:11.480 --> 0:27:13.240
<v Speaker 2>drove down the West Side Highway, it was nothing but

0:27:13.320 --> 0:27:15.880
<v Speaker 2>buildings that said Trump Tower, Trump Tower, Trump Tower, Trump Tower.

0:27:16.280 --> 0:27:19.520
<v Speaker 2>He doesn't own the building, the land itself. He just

0:27:19.640 --> 0:27:22.280
<v Speaker 2>licensed his name to put on the building, which in

0:27:22.320 --> 0:27:25.480
<v Speaker 2>turn people associate with the lifestyle. It's like, this is

0:27:25.520 --> 0:27:28.480
<v Speaker 2>high luxury. I'm living in the Trump Tower. I have money,

0:27:28.480 --> 0:27:30.600
<v Speaker 2>I have high luxury. There's a certain lifestyle that comes

0:27:30.600 --> 0:27:30.879
<v Speaker 2>with it.

0:27:31.040 --> 0:27:35.479
<v Speaker 5>Yeah, he did that probably the best, honestly. I mean,

0:27:35.520 --> 0:27:37.600
<v Speaker 5>hate it and love it. But you gotta always look

0:27:37.600 --> 0:27:40.560
<v Speaker 5>at a business case study, right, You got to take

0:27:40.560 --> 0:27:43.159
<v Speaker 5>emotions out when you're looking at business. So whether you know,

0:27:43.240 --> 0:27:45.440
<v Speaker 5>politics is very divisive. So whether you love them, whether

0:27:45.480 --> 0:27:48.280
<v Speaker 5>you hate him, whatever, you gotta look at the business

0:27:48.280 --> 0:27:50.880
<v Speaker 5>model behind it, right, Like all of this stuff from

0:27:50.960 --> 0:27:55.080
<v Speaker 5>his ties, a lot of his golf courses, all of

0:27:55.080 --> 0:27:58.160
<v Speaker 5>those buildings, those Trump Tower, very few of those does

0:27:58.200 --> 0:27:59.159
<v Speaker 5>he actually.

0:27:58.800 --> 0:27:59.720
<v Speaker 4>Owned the casino too.

0:28:00.400 --> 0:28:04.280
<v Speaker 5>He licensed his name people pay him because he built

0:28:04.320 --> 0:28:09.000
<v Speaker 5>the brand around Trump, the name Trump, and now it's like, okay,

0:28:09.400 --> 0:28:12.639
<v Speaker 5>just the name on itself, I can make money via value.

0:28:13.440 --> 0:28:16.480
<v Speaker 5>So this is what makes the Virgil deal interesting because

0:28:16.520 --> 0:28:18.760
<v Speaker 5>it's like, okay, like we said, people sell their companies

0:28:18.760 --> 0:28:21.040
<v Speaker 5>all the time. We talked about Kylie Jenner recently selling

0:28:21.480 --> 0:28:24.400
<v Speaker 5>fifty percent of our company. So he sold the company,

0:28:24.520 --> 0:28:27.959
<v Speaker 5>but he also is making money on the back end

0:28:27.960 --> 0:28:29.439
<v Speaker 5>because he licensed it right.

0:28:29.760 --> 0:28:31.760
<v Speaker 2>And that's one of the things they said, especially in fashion,

0:28:31.760 --> 0:28:35.080
<v Speaker 2>if anyone's trying to start something, owning the trademark is

0:28:35.119 --> 0:28:37.160
<v Speaker 2>probably the most valuable thing you can have in fashion

0:28:37.200 --> 0:28:39.960
<v Speaker 2>because that lives on forever. Like this least agreement that

0:28:40.000 --> 0:28:43.080
<v Speaker 2>you might have eventually they're renting, but that lives on forever.

0:28:43.080 --> 0:28:44.800
<v Speaker 2>As soon as that agreement is done, you can find

0:28:45.000 --> 0:28:47.800
<v Speaker 2>seven different partners to now license with, and then that

0:28:47.840 --> 0:28:50.840
<v Speaker 2>lives on in perpetuity. It's like keep that he you

0:28:50.840 --> 0:28:52.760
<v Speaker 2>know what he does. He owns his masters. We always

0:28:52.760 --> 0:28:54.959
<v Speaker 2>talk about music. Yeah, Virgil owns his masses.

0:28:55.040 --> 0:28:58.440
<v Speaker 5>But so but now what happens is that so now

0:28:58.520 --> 0:29:01.360
<v Speaker 5>guard Croup gets brought happens Okay, so Virgil has to

0:29:01.400 --> 0:29:04.360
<v Speaker 5>deal with new Guard Group, right, and he sells him

0:29:04.880 --> 0:29:06.960
<v Speaker 5>a percentage of a large percentage of the company, but

0:29:07.000 --> 0:29:10.800
<v Speaker 5>he keeps the licensing agreement. Right. They do all of

0:29:10.840 --> 0:29:13.520
<v Speaker 5>the work, they manufactured, they distributed, they do everything. He

0:29:13.560 --> 0:29:16.880
<v Speaker 5>gets paid and they have a good relationship, I'm assuming, right,

0:29:17.600 --> 0:29:21.200
<v Speaker 5>But now new Guard Group gets brought by G three,

0:29:21.280 --> 0:29:25.120
<v Speaker 5>which is another fashion conglomerate company. So now this way

0:29:25.120 --> 0:29:27.840
<v Speaker 5>it becomes a little complicated because it's like, Okay, it's

0:29:27.840 --> 0:29:29.640
<v Speaker 5>like a record label. We have Mickey facts only saying

0:29:29.640 --> 0:29:31.480
<v Speaker 5>he got dropped by one record label or the record

0:29:31.520 --> 0:29:33.560
<v Speaker 5>label got acquired by another record label. Right, So it's

0:29:33.600 --> 0:29:36.160
<v Speaker 5>like you might have a good understanding with an executive

0:29:36.200 --> 0:29:40.280
<v Speaker 5>at RCA, but now yeah, so now it's a whole different,

0:29:40.600 --> 0:29:43.440
<v Speaker 5>you know, relationship. So it's the same thing with this, right.

0:29:43.520 --> 0:29:45.760
<v Speaker 5>So it's like, Okay, you might not be on the

0:29:45.760 --> 0:29:49.280
<v Speaker 5>same page, right because now you got the company that

0:29:49.320 --> 0:29:53.520
<v Speaker 5>you sold it to got acquired. So I'm assuming that

0:29:53.600 --> 0:29:56.520
<v Speaker 5>you know, obviously, Virgil was seasoned, and I'm assuming he

0:29:56.560 --> 0:29:59.440
<v Speaker 5>has a good counsel and he's around good people that's

0:29:59.440 --> 0:30:01.760
<v Speaker 5>give him good ice, and he's knowledge with himself. So

0:30:01.880 --> 0:30:04.280
<v Speaker 5>now what you do is you put a termination Clauset.

0:30:04.000 --> 0:30:06.800
<v Speaker 2>A termination provision really, So it's like what that means

0:30:06.880 --> 0:30:10.440
<v Speaker 2>is like if a brand, if the company decides to

0:30:10.480 --> 0:30:13.040
<v Speaker 2>put out stuff that does not represent the brand any further,

0:30:13.240 --> 0:30:14.800
<v Speaker 2>then he has the right to say, you know what,

0:30:14.880 --> 0:30:16.880
<v Speaker 2>we don't want to do business anymore since you've sold

0:30:16.920 --> 0:30:20.239
<v Speaker 2>it the company and we lost our agreement. If you

0:30:20.280 --> 0:30:23.680
<v Speaker 2>can't match what we are expectations going forward, if we're

0:30:23.720 --> 0:30:26.239
<v Speaker 2>not a high luxury brand and going forward we end

0:30:26.280 --> 0:30:29.360
<v Speaker 2>up in like a TJ Max or something, our deals terminated.

0:30:29.680 --> 0:30:33.360
<v Speaker 5>Yeah, it's very important. So that's very important because you

0:30:33.440 --> 0:30:35.880
<v Speaker 5>always gotta I always give the analogy of like when

0:30:35.920 --> 0:30:38.000
<v Speaker 5>you go to the movies, like before a movie starts,

0:30:38.000 --> 0:30:40.200
<v Speaker 5>they always say, like, visit an exit right when you're

0:30:40.360 --> 0:30:43.000
<v Speaker 5>on that point when you get on a plane, before

0:30:43.000 --> 0:30:45.280
<v Speaker 5>the plane takes off, they tell you where the exit

0:30:45.320 --> 0:30:48.160
<v Speaker 5>rolls are and they tell you like the procedure like

0:30:48.240 --> 0:30:51.960
<v Speaker 5>if if an emergency happens, right, So if you really

0:30:52.120 --> 0:30:54.400
<v Speaker 5>on point before you go to any building, you always

0:30:54.400 --> 0:30:56.920
<v Speaker 5>got to recognize the exit before you cause it's like

0:30:57.000 --> 0:30:59.719
<v Speaker 5>getting out is more important than getting in. You have

0:30:59.800 --> 0:31:02.640
<v Speaker 5>to you have to identify an exit preparably before you

0:31:02.680 --> 0:31:04.479
<v Speaker 5>even get in. Right, because you don't want to get

0:31:04.520 --> 0:31:06.280
<v Speaker 5>somewhere and you don't know, then you got to kind

0:31:06.280 --> 0:31:08.240
<v Speaker 5>of like uk around the room with the exit. So

0:31:08.320 --> 0:31:11.560
<v Speaker 5>if you like presidents, right, they already mapped out the

0:31:11.640 --> 0:31:15.240
<v Speaker 5>exit strategy before they actually getting out the secret services job.

0:31:15.800 --> 0:31:18.720
<v Speaker 5>So in business is no different. Before you do a deal,

0:31:18.720 --> 0:31:21.200
<v Speaker 5>you got to figure out the exit strategy. Hopefully it

0:31:21.240 --> 0:31:23.239
<v Speaker 5>doesn't go bad, but you always got to think what

0:31:23.280 --> 0:31:25.040
<v Speaker 5>if it does. Right, It's like it's like in a

0:31:25.080 --> 0:31:26.720
<v Speaker 5>prenumptial agreem when you getting married.

0:31:26.560 --> 0:31:26.960
<v Speaker 4>What's that.

0:31:28.760 --> 0:31:31.440
<v Speaker 5>Hopefully Hopefully hopefully you never have to use it, but

0:31:31.920 --> 0:31:34.000
<v Speaker 5>just in case fifty percent chance that it, you know,

0:31:34.960 --> 0:31:37.560
<v Speaker 5>it doesn't work out, you know, you got to your

0:31:37.560 --> 0:31:41.720
<v Speaker 5>walking papers already established. So that's extremely important for entrepreneurs.

0:31:41.720 --> 0:31:44.080
<v Speaker 5>And this is a very high level case, but any

0:31:44.160 --> 0:31:47.440
<v Speaker 5>level of business ship partnership, whenever you are doing business

0:31:47.480 --> 0:31:49.960
<v Speaker 5>with somebody, you always got to have an exit built

0:31:49.960 --> 0:31:52.800
<v Speaker 5>in because if not, now you get.

0:31:52.640 --> 0:31:56.120
<v Speaker 4>Screwed, Yeah, you get stuck or drop yeah n G.

0:31:56.320 --> 0:32:01.120
<v Speaker 5>Three. So they also own Donna car right, So that

0:32:01.200 --> 0:32:04.680
<v Speaker 5>Donna Karen stories is interesting as well because.

0:32:04.400 --> 0:32:06.320
<v Speaker 4>It's like the flip side of the Virgil situation.

0:32:06.640 --> 0:32:08.200
<v Speaker 5>Right right, She didn't.

0:32:08.200 --> 0:32:10.480
<v Speaker 2>She didn't license her name, right, she didn't license her name,

0:32:10.560 --> 0:32:11.720
<v Speaker 2>and she got acquired.

0:32:11.880 --> 0:32:13.400
<v Speaker 4>She actually got acquired by lvm A.

0:32:13.560 --> 0:32:15.360
<v Speaker 5>Lvm A shot the Wall Street Trapper. We talked about

0:32:15.360 --> 0:32:16.160
<v Speaker 5>that in episode.

0:32:15.880 --> 0:32:18.320
<v Speaker 2>LVMH, and they just did to deal with Tiffany's. They

0:32:18.320 --> 0:32:19.800
<v Speaker 2>just bought Tiffany's for sixteen billion.

0:32:19.960 --> 0:32:22.600
<v Speaker 5>LVMH one of the largest companies in the world.

0:32:22.400 --> 0:32:26.080
<v Speaker 4>The largest high fashion, one of.

0:32:26.040 --> 0:32:28.680
<v Speaker 5>The largest, well Apple is the largest, right right right,

0:32:28.720 --> 0:32:32.560
<v Speaker 5>I'm my fashion fashion Yeah, so LVMH, I said, we

0:32:32.560 --> 0:32:35.280
<v Speaker 5>talked about that in episode forty four Wall Street Trapper.

0:32:35.560 --> 0:32:40.480
<v Speaker 5>But they own Louis Vuitton, Hennessy, Moat, a bunch of

0:32:40.520 --> 0:32:45.080
<v Speaker 5>different stuff Tiffany's. Now they own a long list of

0:32:45.200 --> 0:32:50.280
<v Speaker 5>high fashion and just high lifestyle items. So she sold,

0:32:50.360 --> 0:32:52.200
<v Speaker 5>she sold her company to them in two thousand for

0:32:52.240 --> 0:32:53.320
<v Speaker 5>four and fifty million.

0:32:53.320 --> 0:32:54.200
<v Speaker 4>That's a lot of money.

0:32:55.200 --> 0:32:57.520
<v Speaker 5>But that that took out the game, right, but they

0:32:57.520 --> 0:32:58.240
<v Speaker 5>still use her name.

0:32:58.920 --> 0:33:02.320
<v Speaker 2>She sold her brand and her entity, so Donna Carratt International,

0:33:02.360 --> 0:33:05.920
<v Speaker 2>which encompasses DKY and everything else that comes with Donna Karen.

0:33:06.560 --> 0:33:10.920
<v Speaker 5>But now so they sold did to G three, another

0:33:11.000 --> 0:33:15.040
<v Speaker 5>G three acquire in twenty fifteen for six hundred and

0:33:15.040 --> 0:33:17.080
<v Speaker 5>fifty million, so they made two hundred So they made

0:33:17.120 --> 0:33:17.880
<v Speaker 5>two hundred mil.

0:33:18.000 --> 0:33:20.960
<v Speaker 2>But during that, like when they sell it, she steps down, right,

0:33:20.960 --> 0:33:23.120
<v Speaker 2>So she steps down from her position. I think when

0:33:23.120 --> 0:33:24.800
<v Speaker 2>she sold it to LVMA, she stayed on its head

0:33:24.800 --> 0:33:26.400
<v Speaker 2>designer twenty fifteen.

0:33:26.440 --> 0:33:28.680
<v Speaker 4>She steps down. So now she has nothing to do

0:33:28.760 --> 0:33:29.280
<v Speaker 4>with the brand.

0:33:29.400 --> 0:33:31.719
<v Speaker 5>No, she's done, but the brand still makes money.

0:33:31.880 --> 0:33:35.240
<v Speaker 2>The brand is super profitable, like last year I think

0:33:35.320 --> 0:33:38.360
<v Speaker 2>five hundred and seventy million in profit. She gets none

0:33:38.360 --> 0:33:41.200
<v Speaker 2>of it, and she has no say in a brand

0:33:41.200 --> 0:33:44.800
<v Speaker 2>that has her name, Like she could walk into any

0:33:44.840 --> 0:33:47.880
<v Speaker 2>store to say Donna Karen and it's like wait, they

0:33:47.880 --> 0:33:49.720
<v Speaker 2>made that, and she can do nothing. Even though it

0:33:49.760 --> 0:33:51.040
<v Speaker 2>has her name on it, she can't use it.

0:33:51.040 --> 0:33:52.880
<v Speaker 5>That's interesting because, like I said, a lot of times

0:33:52.880 --> 0:33:55.120
<v Speaker 5>people don't fully understand, like when they just see headlines

0:33:55.120 --> 0:33:57.600
<v Speaker 5>in the news. But these are things that I think

0:33:57.640 --> 0:34:00.440
<v Speaker 5>any entrepreneur can learn from because it's like, Okay, he's

0:34:00.440 --> 0:34:02.240
<v Speaker 5>so it's a very savvy move that he did where

0:34:02.240 --> 0:34:04.880
<v Speaker 5>he sold the company, but he kept the licensing right right,

0:34:05.200 --> 0:34:07.840
<v Speaker 5>So now he's still gonna make money in perpetuity as

0:34:07.880 --> 0:34:08.960
<v Speaker 5>long as he keeps that.

0:34:08.920 --> 0:34:10.760
<v Speaker 4>Agreement, the next deal is gonna be silly.

0:34:10.920 --> 0:34:14.319
<v Speaker 5>And yeah, as long as the company keeps growing, he

0:34:14.400 --> 0:34:18.120
<v Speaker 5>can renegotiate next time and get even more.

0:34:18.200 --> 0:34:19.560
<v Speaker 4>Yeah, because that's the thing.

0:34:19.560 --> 0:34:21.960
<v Speaker 2>It's like when you see this is an exclusive deal,

0:34:22.360 --> 0:34:24.319
<v Speaker 2>so like you'll see off white like they just did

0:34:24.360 --> 0:34:26.440
<v Speaker 2>the Ikea drop. Did you see that they put the

0:34:26.440 --> 0:34:27.840
<v Speaker 2>off White Ikea furniture?

0:34:27.960 --> 0:34:30.319
<v Speaker 4>Nah? It was crazy, So like that sells out like that,

0:34:30.360 --> 0:34:32.960
<v Speaker 4>Like the brand just grows once this deal is over.

0:34:33.040 --> 0:34:35.320
<v Speaker 2>Whenever it is, like, can you imagine the lineup of

0:34:35.360 --> 0:34:37.000
<v Speaker 2>people who are coming to knock on that door to

0:34:37.080 --> 0:34:37.640
<v Speaker 2>use the license.

0:34:37.600 --> 0:34:38.799
<v Speaker 4>It's gonna be ridiculous.

0:34:38.840 --> 0:34:40.799
<v Speaker 2>He could do it, like right now it's exclusive if

0:34:40.840 --> 0:34:43.719
<v Speaker 2>he can only use through new Guard, But I can't imagine,

0:34:43.760 --> 0:34:45.759
<v Speaker 2>Like what's gonna happen when he's a free agent and

0:34:45.800 --> 0:34:47.480
<v Speaker 2>it's like, yo, who wants to use the license.

0:34:47.840 --> 0:34:48.799
<v Speaker 4>He's gonna be out of this world.

0:34:49.440 --> 0:34:49.600
<v Speaker 2>You know.

0:34:49.760 --> 0:34:51.719
<v Speaker 5>Sometimes you get paid on front in the back end.

0:34:51.800 --> 0:34:54.760
<v Speaker 4>Yeah, man, and the little Eviton stuff is moving crazy.

0:34:55.280 --> 0:34:57.120
<v Speaker 5>Yeah, that's a fact. That's a fact.

0:34:57.239 --> 0:34:59.200
<v Speaker 2>So yeah, we get him more on your leisure that's

0:34:59.239 --> 0:35:01.560
<v Speaker 2>a fact. Make it happen us get on it. We

0:35:01.600 --> 0:35:02.440
<v Speaker 2>got to make that happen.

0:35:27.920 --> 0:35:31.799
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