1 00:00:00,400 --> 00:00:03,120 Speaker 1: Coach, the energy out there felt different. What changed for 2 00:00:03,160 --> 00:00:03,800 Speaker 1: the team today? 3 00:00:03,880 --> 00:00:06,000 Speaker 2: It was the new game day scratches from the California 4 00:00:06,080 --> 00:00:07,080 Speaker 2: Lottery players. 5 00:00:07,120 --> 00:00:07,520 Speaker 3: Everything. 6 00:00:07,840 --> 00:00:09,799 Speaker 2: Those games sent the team's energy through the roof. 7 00:00:09,880 --> 00:00:11,880 Speaker 1: Are you saying it was the off field play that 8 00:00:11,920 --> 00:00:13,000 Speaker 1: made the difference on the field. 9 00:00:13,119 --> 00:00:15,840 Speaker 2: Hey, little play makes your day, and today it made 10 00:00:15,880 --> 00:00:16,279 Speaker 2: the game. 11 00:00:16,760 --> 00:00:19,319 Speaker 4: That's all of now, Coach, one more question play the 12 00:00:19,360 --> 00:00:22,119 Speaker 4: new Los Angeles Chargers, San Francisco forty nine ers and 13 00:00:22,160 --> 00:00:25,440 Speaker 4: Los Angeles Rams scratchers from the California Lottery. A little 14 00:00:25,440 --> 00:00:28,480 Speaker 4: play can make your day. Peace made responsibilit must be 15 00:00:28,480 --> 00:00:30,280 Speaker 4: eighteen years or older to purchase late or claim. 16 00:00:30,240 --> 00:00:30,800 Speaker 3: What's going on? 17 00:00:30,880 --> 00:00:33,960 Speaker 5: Earners, Welcome to EYLI University, the number one place for 18 00:00:34,080 --> 00:00:35,000 Speaker 5: business education. 19 00:00:35,120 --> 00:00:36,640 Speaker 3: Shatty Tail will be bringing yes. 20 00:00:36,720 --> 00:00:40,120 Speaker 6: Eyl University already has over one hundred past webinars from 21 00:00:40,240 --> 00:00:44,960 Speaker 6: all areas of business. It includes weekly webinars from industry leaders. 22 00:00:45,200 --> 00:00:48,720 Speaker 6: It includes access to our investment Facebook group, movie club, 23 00:00:48,920 --> 00:00:52,599 Speaker 6: our book club. It also includes access to monthly financial 24 00:00:52,640 --> 00:00:55,520 Speaker 6: planning calls with yours truly. But what has been added 25 00:00:56,040 --> 00:00:59,200 Speaker 6: has access to MG the Mortgage Guy's Home Buyers Blueprint 26 00:00:59,240 --> 00:01:01,800 Speaker 6: over fourteen hours everything you need to know as far 27 00:01:01,800 --> 00:01:02,880 Speaker 6: as the home buying. 28 00:01:02,640 --> 00:01:03,600 Speaker 3: Process is concerned. 29 00:01:03,840 --> 00:01:06,800 Speaker 6: And also what has been added is access to our 30 00:01:06,880 --> 00:01:10,800 Speaker 6: monthly group chat call. So once a month, Me, Troy 31 00:01:10,840 --> 00:01:12,320 Speaker 6: and the whole team is going to let you in 32 00:01:12,360 --> 00:01:15,240 Speaker 6: on our personal plays, our portfolio, what we're doing, and 33 00:01:15,360 --> 00:01:18,679 Speaker 6: more so all of that, we are running for a 34 00:01:18,720 --> 00:01:23,400 Speaker 6: special promo code of seventy percent off for limited time only, 35 00:01:23,520 --> 00:01:26,720 Speaker 6: So had the Eyluniversity dot com right now and take 36 00:01:26,760 --> 00:01:27,360 Speaker 6: advantage you know. 37 00:01:27,319 --> 00:01:28,800 Speaker 3: Not its words, don't wait, don't hesitate it. 38 00:01:28,800 --> 00:01:30,440 Speaker 7: We'll see you on the other side. 39 00:01:31,680 --> 00:01:36,920 Speaker 3: My graduates from my school being false bad drop bag drop, 40 00:01:37,560 --> 00:01:40,000 Speaker 3: Mike drop backdrop b drop. 41 00:01:50,040 --> 00:01:51,920 Speaker 6: All right, so now we're gonna talk about VC. So 42 00:01:52,080 --> 00:01:54,760 Speaker 6: we talked about vcs before. Previously, we had an XNFL 43 00:01:54,760 --> 00:01:57,240 Speaker 6: play shot out to Mike Brown and he's doing equity 44 00:01:57,280 --> 00:01:59,960 Speaker 6: crowdfunding and he went to Duke he used to work 45 00:02:00,000 --> 00:02:05,960 Speaker 6: work in Silicon Valley, so he's Silicon Valley and so yeah, 46 00:02:06,000 --> 00:02:07,880 Speaker 6: he told us about the whole VC process and all that. 47 00:02:08,040 --> 00:02:10,080 Speaker 6: But like I said, one of the good things about 48 00:02:10,120 --> 00:02:11,840 Speaker 6: Ernie Lisia is that it's kind of turned into like 49 00:02:11,840 --> 00:02:14,200 Speaker 6: a college course in sorts where it's like you know, 50 00:02:14,240 --> 00:02:16,840 Speaker 6: a lot of these things you hear about, but nobody 51 00:02:16,880 --> 00:02:20,720 Speaker 6: really knows the inner workings of it. And from his perspective, 52 00:02:20,760 --> 00:02:23,240 Speaker 6: he told us from the outside end, but you actually 53 00:02:23,400 --> 00:02:26,960 Speaker 6: have a VC firm. Yes, so this is we're just 54 00:02:27,000 --> 00:02:29,760 Speaker 6: getting the apple sauce from the apple orchard. Yes, so 55 00:02:30,040 --> 00:02:33,120 Speaker 6: this is dope. So all right, all right, so we 56 00:02:33,200 --> 00:02:34,680 Speaker 6: gotta tell a story on this. How did you How 57 00:02:34,680 --> 00:02:36,600 Speaker 6: did you come into the venture capital world? 58 00:02:37,320 --> 00:02:43,080 Speaker 8: Okay, so after I sold my business, I at that 59 00:02:43,200 --> 00:02:46,040 Speaker 8: time was very passionate about building some kind of startup 60 00:02:46,040 --> 00:02:49,280 Speaker 8: community in Harlem. So I did that and it initially 61 00:02:49,280 --> 00:02:51,040 Speaker 8: started as like a little meet up that we call 62 00:02:51,120 --> 00:02:54,400 Speaker 8: co found Harlem, and it just kind of turned into 63 00:02:54,680 --> 00:02:56,440 Speaker 8: you know, at that point, because I sold the business, 64 00:02:56,480 --> 00:02:58,639 Speaker 8: I had a lot more bandwidth and creativity and runway, 65 00:02:58,680 --> 00:03:00,680 Speaker 8: and I wanted to make some shit happen, and so 66 00:03:00,720 --> 00:03:03,320 Speaker 8: we added a little business model behind it. It was 67 00:03:03,360 --> 00:03:06,440 Speaker 8: not a great one, but it turned into incubator of sorts. 68 00:03:06,600 --> 00:03:09,800 Speaker 8: I convinced a developer to give me space for free. 69 00:03:10,240 --> 00:03:13,640 Speaker 8: By the way, this is a thing you can I learned. 70 00:03:13,720 --> 00:03:15,760 Speaker 8: I learned a lot through co Found Harlem because it 71 00:03:15,800 --> 00:03:18,600 Speaker 8: was a non for profit that focused on economic development 72 00:03:18,680 --> 00:03:22,440 Speaker 8: so improve in the area. And so that that got 73 00:03:22,520 --> 00:03:24,320 Speaker 8: me to interface with politics. 74 00:03:24,560 --> 00:03:27,680 Speaker 6: So clpful because people might not be familiar. Co Found 75 00:03:27,680 --> 00:03:31,200 Speaker 6: Harlem was an initiative that you started to help small 76 00:03:31,240 --> 00:03:33,040 Speaker 6: businesses in Harlem get capital right. 77 00:03:33,160 --> 00:03:35,760 Speaker 8: Yes, it was the first incubator in Harlem, and so 78 00:03:35,920 --> 00:03:40,160 Speaker 8: that kind of project I stepped up a little bit 79 00:03:40,200 --> 00:03:42,120 Speaker 8: in my thinking. I got a little bit more macro 80 00:03:42,240 --> 00:03:45,160 Speaker 8: because I was going from just operating a business. 81 00:03:45,320 --> 00:03:46,680 Speaker 7: Now I'm helping other people operate. 82 00:03:47,040 --> 00:03:50,680 Speaker 8: So I'm interfacing with politics because I discovered, oh shit, 83 00:03:50,800 --> 00:03:54,080 Speaker 8: politicians care about the area getting better, but more. 84 00:03:53,880 --> 00:03:55,080 Speaker 7: Important than politicians. 85 00:03:55,400 --> 00:03:59,800 Speaker 8: Politicians have power, but real estate developers have a very 86 00:03:59,840 --> 00:04:02,880 Speaker 8: long term interest in the area. I discovered longer term 87 00:04:02,880 --> 00:04:05,080 Speaker 8: than politicians because politics are just like looking for the 88 00:04:05,160 --> 00:04:05,680 Speaker 8: quick election. 89 00:04:05,880 --> 00:04:08,560 Speaker 7: Yeah, these momokers are here forty fifty years. 90 00:04:09,200 --> 00:04:12,440 Speaker 8: And so I pitched a developer to give me free space, 91 00:04:13,760 --> 00:04:15,000 Speaker 8: and you know, it was a very. 92 00:04:14,880 --> 00:04:16,560 Speaker 7: Bold thing, and she was like, why would I do that. 93 00:04:16,640 --> 00:04:19,279 Speaker 8: I was like, well, because I'm gonna incubate businesses and 94 00:04:19,320 --> 00:04:21,000 Speaker 8: the only thing I'm going to ask for them is 95 00:04:21,040 --> 00:04:22,119 Speaker 8: that they stay in Harlem. 96 00:04:22,200 --> 00:04:23,440 Speaker 9: Yeah, I think that's one of the things you said 97 00:04:23,480 --> 00:04:26,359 Speaker 9: right that the businesses had to put their headquarters in Harlem. 98 00:04:26,480 --> 00:04:27,760 Speaker 7: Yes, for four years. 99 00:04:27,960 --> 00:04:29,520 Speaker 8: It ended up it started as four I ended up 100 00:04:29,520 --> 00:04:32,160 Speaker 8: being two Oka and so anyway, so yeah, so we 101 00:04:32,160 --> 00:04:34,039 Speaker 8: were able to get free space because they were like, 102 00:04:34,040 --> 00:04:36,280 Speaker 8: all right, bet, like, we want the value of our 103 00:04:36,320 --> 00:04:39,200 Speaker 8: proper our main business residence is to go up. So 104 00:04:39,240 --> 00:04:41,320 Speaker 8: they had some retail that was opened, so our bet 105 00:04:41,320 --> 00:04:43,679 Speaker 8: cool take that. So yeah, so we got the space, 106 00:04:43,720 --> 00:04:45,600 Speaker 8: we got mentors, we made a little bit of buzz, 107 00:04:45,600 --> 00:04:47,800 Speaker 8: we got companies applying. All of a sudden, I'm running 108 00:04:47,800 --> 00:04:50,880 Speaker 8: an incubator. It's a non for profit incubator. I'm raising 109 00:04:50,920 --> 00:04:54,320 Speaker 8: money through grants and fund you know, and sponsors and 110 00:04:54,320 --> 00:04:58,280 Speaker 8: shit like that. And I inadvertently got into running kind. 111 00:04:58,200 --> 00:04:59,720 Speaker 7: Of an event's business. We had a little bit of 112 00:04:59,760 --> 00:05:00,520 Speaker 7: event That's. 113 00:05:00,400 --> 00:05:03,120 Speaker 8: When I really started dipping my toe into content and 114 00:05:03,160 --> 00:05:06,640 Speaker 8: building a community type business. And then eventually one of 115 00:05:06,680 --> 00:05:12,080 Speaker 8: my biggest donors, who I didn't know. His name is 116 00:05:12,160 --> 00:05:16,440 Speaker 8: David Rose. He's a very prolific angel investor. He's one 117 00:05:16,440 --> 00:05:18,520 Speaker 8: of the most active in New York City. He pretty 118 00:05:18,560 --> 00:05:20,520 Speaker 8: much was like, yo, I come from a big real 119 00:05:20,640 --> 00:05:23,280 Speaker 8: estate family. You might not know that, but I want 120 00:05:23,320 --> 00:05:25,320 Speaker 8: you to do what you did for cofound Harlem for 121 00:05:25,480 --> 00:05:27,080 Speaker 8: us and learn the investment side. 122 00:05:27,120 --> 00:05:28,720 Speaker 7: Can you describe what an angel funder? 123 00:05:29,000 --> 00:05:33,920 Speaker 8: Yes, So an angel investor invests in startups with their 124 00:05:33,960 --> 00:05:39,000 Speaker 8: own money. A VC of venture capitalists invest in startups 125 00:05:39,240 --> 00:05:42,480 Speaker 8: with other people's money. And that's really the key distinction. 126 00:05:43,120 --> 00:05:46,080 Speaker 8: And so David Rose is a prolific angel and he 127 00:05:46,200 --> 00:05:49,560 Speaker 8: wanted me to He wanted to recruit me and help 128 00:05:49,640 --> 00:05:53,360 Speaker 8: him run a fund, as a real estate technology fund. 129 00:05:53,440 --> 00:05:56,600 Speaker 8: So we invested in real estate technology, not physical stuff, 130 00:05:57,160 --> 00:05:59,520 Speaker 8: property management software. And I told Dave, I was like, yo, 131 00:05:59,520 --> 00:06:01,000 Speaker 8: I don't really know any of this. He's like, John, 132 00:06:01,040 --> 00:06:03,120 Speaker 8: we know real estate. You bring your energy. 133 00:06:03,360 --> 00:06:04,760 Speaker 7: So anyway, fast forward a year. 134 00:06:05,640 --> 00:06:08,840 Speaker 8: We learned, you know, we made some good investments, and 135 00:06:09,080 --> 00:06:11,080 Speaker 8: like I sourced the deals on my own, like I 136 00:06:11,080 --> 00:06:12,920 Speaker 8: did everything on my own because they was too busy 137 00:06:12,960 --> 00:06:15,760 Speaker 8: to really give me guidance. But the most important thing 138 00:06:15,839 --> 00:06:19,120 Speaker 8: I learned had nothing to do with the job itself. 139 00:06:19,440 --> 00:06:22,920 Speaker 8: It had to do with like the family had generational wealth, 140 00:06:23,560 --> 00:06:27,800 Speaker 8: Like they controlled thous dozens of thousands of units in 141 00:06:27,880 --> 00:06:31,040 Speaker 8: New York City. I mean truly a legacy family, man. 142 00:06:31,120 --> 00:06:34,360 Speaker 8: I mean, when you go to you know, Dizzey's Club, 143 00:06:34,520 --> 00:06:37,440 Speaker 8: That's that's the Rose. You know the Rose Hall. If 144 00:06:37,520 --> 00:06:39,160 Speaker 8: you go to the American Museum of Natural History, it's 145 00:06:39,200 --> 00:06:42,279 Speaker 8: the Rose Planetarium. Like they're embedded in what it means 146 00:06:42,279 --> 00:06:45,880 Speaker 8: to be New York. Mister Rose, as David's father, large 147 00:06:45,880 --> 00:06:48,720 Speaker 8: and part funded Martin Luther King Junior's original Millienmire March 148 00:06:48,760 --> 00:06:51,880 Speaker 8: in nineteen sixty three. I mean, we're talking about a 149 00:06:52,000 --> 00:06:54,360 Speaker 8: legacy family. And so at that point, man, I really 150 00:06:54,400 --> 00:06:56,240 Speaker 8: caught the bug. I was like, yo, I gotta go 151 00:06:56,480 --> 00:07:00,240 Speaker 8: do this for us. So I went back uptown. I 152 00:07:00,360 --> 00:07:03,520 Speaker 8: met the fellas whom are now my partners at ACP. 153 00:07:04,240 --> 00:07:07,200 Speaker 8: They had their own background. They come from a more 154 00:07:07,360 --> 00:07:11,640 Speaker 8: academic background, and they were fortunate to be exposed to 155 00:07:12,120 --> 00:07:15,360 Speaker 8: finance early. You know, I learned this shit through being 156 00:07:15,400 --> 00:07:18,760 Speaker 8: an entrepreneur. They learned this through like there are pathways 157 00:07:18,760 --> 00:07:22,320 Speaker 8: and programs in place. There's one called SEO and there's 158 00:07:22,360 --> 00:07:26,280 Speaker 8: one called MLT. These are placement programs specifically for people 159 00:07:26,320 --> 00:07:29,280 Speaker 8: of color to break into investment banking. That's only in 160 00:07:29,320 --> 00:07:32,840 Speaker 8: New York or this is nationwide, I want to say. 161 00:07:33,480 --> 00:07:36,880 Speaker 8: And and yeah, these brothers actually all you know, they 162 00:07:37,000 --> 00:07:38,320 Speaker 8: the group was bigger back then. 163 00:07:38,560 --> 00:07:39,920 Speaker 7: They all met in these. 164 00:07:39,840 --> 00:07:43,720 Speaker 8: Placement programs, all working for banks, Goldman, Bank of America, 165 00:07:43,760 --> 00:07:46,280 Speaker 8: shit like that, and they decided like, yo, let's put 166 00:07:46,280 --> 00:07:48,680 Speaker 8: our bread to work. So that you know, they started 167 00:07:48,680 --> 00:07:51,120 Speaker 8: doing that, and they kept hearing about me, because that's 168 00:07:51,160 --> 00:07:54,520 Speaker 8: one thing. If you are top of mind at whatever 169 00:07:54,560 --> 00:07:57,600 Speaker 8: you do, you're going to get more opportunities. And so 170 00:07:58,240 --> 00:08:00,559 Speaker 8: you know, eventually they came on my radar, we met, 171 00:08:01,200 --> 00:08:04,680 Speaker 8: and we started investing together. And one thing to clarify, 172 00:08:04,880 --> 00:08:08,200 Speaker 8: and this is really important because you know, people want 173 00:08:08,240 --> 00:08:10,080 Speaker 8: to get into VC like they think, if you don't 174 00:08:10,080 --> 00:08:12,760 Speaker 8: have a million dollars, you can't do it. But in reality, 175 00:08:12,880 --> 00:08:15,440 Speaker 8: our first few checks were like ten or fifteen K 176 00:08:15,960 --> 00:08:19,880 Speaker 8: by the way, split between like five guys, so it's 177 00:08:19,920 --> 00:08:22,640 Speaker 8: like it was like literally two or three k each. 178 00:08:23,160 --> 00:08:25,040 Speaker 3: So that's what you all came to the table, like 179 00:08:25,120 --> 00:08:26,040 Speaker 3: three thousand piece. 180 00:08:26,360 --> 00:08:30,760 Speaker 7: Yes, that's enough right now. Now, Look, if you. 181 00:08:32,360 --> 00:08:36,080 Speaker 8: Can't make slash save enough to make two or three K, 182 00:08:36,160 --> 00:08:40,000 Speaker 8: you're not ready. But if you're not bullshitting and you're 183 00:08:40,040 --> 00:08:43,200 Speaker 8: serious about your shit, you can stack two K, two 184 00:08:43,240 --> 00:08:43,719 Speaker 8: or three K. 185 00:08:43,960 --> 00:08:46,760 Speaker 9: So five of you come up with three thousand, got fifteen, 186 00:08:47,080 --> 00:08:49,440 Speaker 9: We put together fifteen and then what's the vision now? 187 00:08:49,480 --> 00:08:51,800 Speaker 8: Like and then and then it's like, all right, bet, 188 00:08:52,320 --> 00:08:53,760 Speaker 8: now where do we put it? 189 00:08:54,280 --> 00:08:54,520 Speaker 3: You know? 190 00:08:55,160 --> 00:08:59,120 Speaker 8: And so the quality of your deal flow increases over time. 191 00:08:59,640 --> 00:09:02,400 Speaker 8: But at first, you know, we caught word of a 192 00:09:02,679 --> 00:09:04,680 Speaker 8: local cafe that was looking for money. 193 00:09:05,080 --> 00:09:05,360 Speaker 6: Cool. 194 00:09:05,400 --> 00:09:07,200 Speaker 8: We put a little bit of bread into that, got 195 00:09:07,200 --> 00:09:09,480 Speaker 8: to experience what it was like to be invested in 196 00:09:09,520 --> 00:09:13,640 Speaker 8: small business. We caught word of a dental practice. A 197 00:09:13,720 --> 00:09:16,000 Speaker 8: guy that was buying in dental practice is looking for money. 198 00:09:16,520 --> 00:09:16,800 Speaker 7: Ooh. 199 00:09:17,480 --> 00:09:19,840 Speaker 8: You know, because you start communicating y'all, I'm looking for 200 00:09:19,880 --> 00:09:22,199 Speaker 8: businesses to invest in, you do get deal flow back. 201 00:09:22,480 --> 00:09:24,439 Speaker 8: You put it out and you start getting deal flow back. 202 00:09:25,320 --> 00:09:27,520 Speaker 8: We caught word of a venture company, and so we 203 00:09:27,559 --> 00:09:30,360 Speaker 8: invested in a couple of different few different assets. 204 00:09:30,400 --> 00:09:32,400 Speaker 7: The initial fifteen. No, we're grossing as we go. 205 00:09:32,520 --> 00:09:35,439 Speaker 8: No. So it was like we did capital calls, which 206 00:09:35,480 --> 00:09:37,800 Speaker 8: is like, hey, we found a deal, it's time to 207 00:09:37,800 --> 00:09:38,400 Speaker 8: put bread up. 208 00:09:39,040 --> 00:09:40,800 Speaker 7: So that's a capital call, and you hit the whole group. 209 00:09:40,840 --> 00:09:43,160 Speaker 7: Between all the five of you, there was like six six, 210 00:09:43,640 --> 00:09:44,600 Speaker 7: So there was like six all right. 211 00:09:44,640 --> 00:09:46,280 Speaker 6: So now it's like, okay, we put the first fifteen, 212 00:09:46,360 --> 00:09:48,240 Speaker 6: but you you have to put five more in. 213 00:09:48,200 --> 00:09:50,920 Speaker 8: Each Yeah, I mean five was a lot for me 214 00:09:50,960 --> 00:09:53,840 Speaker 8: at the time, but like you know, it was like, hey, 215 00:09:53,840 --> 00:09:56,800 Speaker 8: we found a deal. Who can put what was really 216 00:09:56,800 --> 00:09:59,440 Speaker 8: the question? And like if I was more liquid at 217 00:09:59,440 --> 00:10:01,319 Speaker 8: that time and really liked the deal, I might have 218 00:10:01,400 --> 00:10:01,840 Speaker 8: put four. 219 00:10:02,480 --> 00:10:03,440 Speaker 7: And then we might've had. 220 00:10:03,320 --> 00:10:04,920 Speaker 8: A partner who was like, ooh, I can only put 221 00:10:04,960 --> 00:10:08,600 Speaker 8: one right now, and so it would vary and so yeah, 222 00:10:08,679 --> 00:10:09,280 Speaker 8: over time. 223 00:10:09,800 --> 00:10:10,000 Speaker 5: You know. 224 00:10:10,080 --> 00:10:12,319 Speaker 8: The interesting thing, and this is credit to my partners 225 00:10:12,360 --> 00:10:16,120 Speaker 8: at harm Capital, is like we always treated twenty five 226 00:10:16,240 --> 00:10:21,480 Speaker 8: k like it was twenty five million, and now we've 227 00:10:21,480 --> 00:10:24,360 Speaker 8: closed on twenty five million. So you know, so it's 228 00:10:24,400 --> 00:10:28,480 Speaker 8: just crazy because you got to treat the baby step 229 00:10:28,640 --> 00:10:30,560 Speaker 8: with as much respect as the end goal. 230 00:10:30,760 --> 00:10:32,400 Speaker 6: So how did you all right, how did that work out? 231 00:10:32,440 --> 00:10:35,000 Speaker 6: As far as the first early like look at even 232 00:10:35,040 --> 00:10:36,760 Speaker 6: the first deal that you had a dentist office or 233 00:10:36,760 --> 00:10:39,040 Speaker 6: the bakery. You gave him like what like five thousand 234 00:10:39,120 --> 00:10:40,640 Speaker 6: dollars something like that or yeah. 235 00:10:40,720 --> 00:10:42,920 Speaker 8: So so the way the actual mechanics is, I know 236 00:10:43,800 --> 00:10:47,600 Speaker 8: Yl likes to get into that is so the way 237 00:10:47,640 --> 00:10:49,040 Speaker 8: you do it is you form an LLC. 238 00:10:49,600 --> 00:10:53,160 Speaker 7: Okay, okay, and so each of the partners become members 239 00:10:53,200 --> 00:10:53,920 Speaker 7: in that LLC. 240 00:10:54,280 --> 00:10:57,600 Speaker 8: You name that shit whatever you want, and yeah, so 241 00:10:57,640 --> 00:10:59,880 Speaker 8: it ends up being what we call an SPV, which 242 00:11:00,120 --> 00:11:02,920 Speaker 8: is a special purpose vehicle, which is pretty much fancy 243 00:11:02,920 --> 00:11:07,120 Speaker 8: talk for saying like, hey, anytime we invest in said company, 244 00:11:07,160 --> 00:11:10,440 Speaker 8: it's gonna come through this entity, right, And the LLC 245 00:11:10,760 --> 00:11:14,360 Speaker 8: is a fascinating legal entity because it's a flow through entity. 246 00:11:14,840 --> 00:11:17,840 Speaker 8: So it's like, you become members in that and like 247 00:11:18,320 --> 00:11:22,560 Speaker 8: you on the company. Let's say we invest in you know, 248 00:11:22,640 --> 00:11:26,800 Speaker 8: the cafe on that company's docs, on the formation documents 249 00:11:26,840 --> 00:11:30,360 Speaker 8: for that company, they're going to see Harlem Capital Partners 250 00:11:30,559 --> 00:11:31,440 Speaker 8: LLC on there. 251 00:11:32,120 --> 00:11:33,600 Speaker 7: But then you. 252 00:11:33,559 --> 00:11:37,000 Speaker 8: Know, if we make a profit or a loss, the 253 00:11:37,040 --> 00:11:40,280 Speaker 8: profits and or losses from that entity flows through to 254 00:11:40,320 --> 00:11:42,960 Speaker 8: each of the individual partners. So it's really just like 255 00:11:43,000 --> 00:11:47,079 Speaker 8: a like a shield. It's like a step step away 256 00:11:47,200 --> 00:11:51,040 Speaker 8: is removed. So anyway you make an LLC, you invite whomever, 257 00:11:51,280 --> 00:11:53,840 Speaker 8: for anyone listening who wants to create a little syndicate. 258 00:11:53,960 --> 00:11:57,600 Speaker 8: That's what you call it, an angel syndicate. You invite 259 00:11:57,600 --> 00:11:59,880 Speaker 8: homies that you think are serious, you join the l 260 00:12:00,120 --> 00:12:02,200 Speaker 8: see you brand it, come up with a cool name, 261 00:12:02,840 --> 00:12:05,280 Speaker 8: and then you start communicating into the world at large 262 00:12:05,280 --> 00:12:08,040 Speaker 8: that you're looking to invest, and you know, and then 263 00:12:08,040 --> 00:12:10,439 Speaker 8: you look for deal flow, and that's you know, that's 264 00:12:10,440 --> 00:12:12,120 Speaker 8: how it works. And so we would put ten k, 265 00:12:12,600 --> 00:12:14,440 Speaker 8: and then I think we ended up doing like six 266 00:12:14,480 --> 00:12:18,280 Speaker 8: deals as angels, ten, fifteen, twenty if it was a 267 00:12:18,280 --> 00:12:23,440 Speaker 8: hot deal, ten if I was low on cash, and like, man, 268 00:12:24,000 --> 00:12:27,120 Speaker 8: it's not really about We haven't seen a dollar, by 269 00:12:27,160 --> 00:12:29,040 Speaker 8: the way, from any of the Angel investments we've made. 270 00:12:30,040 --> 00:12:33,679 Speaker 8: In fact, we've lost money. Yeah, the cafe closed down. 271 00:12:34,080 --> 00:12:36,440 Speaker 8: You know, we've seen some distributions from the dental practice, 272 00:12:36,480 --> 00:12:38,240 Speaker 8: but not really a lot of stuff doesn't work out 273 00:12:38,280 --> 00:12:41,840 Speaker 8: according to plan. But the most important thing is being 274 00:12:41,920 --> 00:12:45,520 Speaker 8: on the ride. Like I don't listen to anyone in 275 00:12:45,559 --> 00:12:49,040 Speaker 8: business who hasn't lost more money than me. Like, you 276 00:12:49,200 --> 00:12:52,080 Speaker 8: gotta get skin in the game. I can't take you 277 00:12:52,080 --> 00:12:54,760 Speaker 8: serious if you don't have skin in the game. Like 278 00:12:55,640 --> 00:12:57,760 Speaker 8: you guys got cameras, you got mics. 279 00:12:57,760 --> 00:12:59,600 Speaker 3: Lost a lot of money if this shit. 280 00:12:59,400 --> 00:13:03,360 Speaker 8: Wouldn't have worked, Like you know, you got the focus right, 281 00:13:03,400 --> 00:13:05,040 Speaker 8: you got the mac butt, Like you know what I'm saying. 282 00:13:05,040 --> 00:13:07,120 Speaker 8: Like you guys are putting bread in you put bread 283 00:13:07,200 --> 00:13:10,800 Speaker 8: up to buy the shirts. You're putting bread in right, 284 00:13:10,960 --> 00:13:13,800 Speaker 8: and and so anyway, with the angel investing thing, it's 285 00:13:13,840 --> 00:13:15,920 Speaker 8: a lot more important to get in the game. 286 00:13:16,600 --> 00:13:18,120 Speaker 7: And you will not know this why. 287 00:13:18,080 --> 00:13:19,400 Speaker 8: At the beginning you asked me, like, yo, if I 288 00:13:19,440 --> 00:13:20,840 Speaker 8: got any book tips, and I said, I don't really 289 00:13:20,880 --> 00:13:24,559 Speaker 8: fuck with books, because you will not know what acid 290 00:13:24,640 --> 00:13:26,520 Speaker 8: class you like until you invest in it. 291 00:13:27,000 --> 00:13:28,319 Speaker 7: I thought I loved. 292 00:13:28,080 --> 00:13:30,360 Speaker 8: Investing in small business, and then I discovered I really 293 00:13:30,400 --> 00:13:32,319 Speaker 8: don't like this ship because when I was meeting with 294 00:13:32,360 --> 00:13:34,480 Speaker 8: the business owners, we were talking about napkins and forks, 295 00:13:34,520 --> 00:13:36,520 Speaker 8: and I'm like, dude, you know, I want to talk 296 00:13:36,520 --> 00:13:39,439 Speaker 8: about scale, and you know, like this just wasn't It 297 00:13:39,559 --> 00:13:40,040 Speaker 8: wasn't for me. 298 00:13:40,880 --> 00:13:43,480 Speaker 7: I discovered that I like real estate a lot. 299 00:13:43,679 --> 00:13:46,240 Speaker 8: I love real estate. I wouldn't have known that unless 300 00:13:46,280 --> 00:13:48,040 Speaker 8: I jumped in. So I'm a really big fan of 301 00:13:48,120 --> 00:13:50,240 Speaker 8: jumping in. And if you can't jump in a big scale, 302 00:13:50,240 --> 00:13:51,520 Speaker 8: you're jumping in a small scale. 303 00:13:52,040 --> 00:13:54,040 Speaker 7: Just jump in. So how does that work when it's 304 00:13:54,040 --> 00:13:54,480 Speaker 7: six of you? 305 00:13:54,640 --> 00:13:57,679 Speaker 9: Right as far as decisions, is it like majority or 306 00:13:57,720 --> 00:13:59,320 Speaker 9: if it's like you know what, you don't like it, 307 00:13:59,360 --> 00:14:00,199 Speaker 9: you're just not part. 308 00:14:00,679 --> 00:14:02,440 Speaker 7: Yeah, So it has changed over time. 309 00:14:02,520 --> 00:14:05,920 Speaker 8: So when we were an angel syndicate, it was like, hey, 310 00:14:05,960 --> 00:14:06,720 Speaker 8: are you interested. 311 00:14:06,800 --> 00:14:07,960 Speaker 7: Some folks might have said no. 312 00:14:09,160 --> 00:14:11,760 Speaker 8: But also, you know, going back to this business is 313 00:14:11,800 --> 00:14:14,440 Speaker 8: really a people first thing. You know, it's also respect 314 00:14:14,480 --> 00:14:16,400 Speaker 8: for your partners, because your partner might find a good 315 00:14:16,440 --> 00:14:18,800 Speaker 8: deal and you know, might have gotten in a good 316 00:14:18,840 --> 00:14:22,520 Speaker 8: rapport with that founder and then two months in it's 317 00:14:22,560 --> 00:14:25,240 Speaker 8: time to invest, and like, you know, I want to 318 00:14:25,240 --> 00:14:27,680 Speaker 8: support the fact that my partner's excited about this deal, 319 00:14:27,800 --> 00:14:30,120 Speaker 8: and I'm gonna put I'm not going to step up big. 320 00:14:30,480 --> 00:14:32,280 Speaker 8: I might put up a thousand and be like yo, 321 00:14:32,320 --> 00:14:36,760 Speaker 8: all right, cool, you know, put that in the deal. Conversely, 322 00:14:36,960 --> 00:14:38,920 Speaker 8: when it's a hot deal, when it's by the way, 323 00:14:39,000 --> 00:14:42,480 Speaker 8: hot deals, you're not they're not pitching you, you're pitching 324 00:14:42,520 --> 00:14:47,280 Speaker 8: them to get in. Hot deals are oversubscribed, meaning a 325 00:14:47,360 --> 00:14:51,200 Speaker 8: company typically will raise a finite amount of capital that's 326 00:14:51,240 --> 00:14:55,760 Speaker 8: what we call around at a fixed evaluation. Okay, so 327 00:14:55,800 --> 00:14:58,240 Speaker 8: they'll say, hey, I'm raising one point five million dollars 328 00:14:58,360 --> 00:15:01,120 Speaker 8: at an eight million dollar valuation, i e. They're giving 329 00:15:01,160 --> 00:15:04,160 Speaker 8: away twenty percent of the company. And then if it's 330 00:15:04,200 --> 00:15:10,320 Speaker 8: a high deal, you get good funds in investing, and 331 00:15:10,400 --> 00:15:13,680 Speaker 8: so like a fund you know, is like for anyone 332 00:15:14,000 --> 00:15:17,920 Speaker 8: maybe doesn't know, is like you know entrepreneurs who go 333 00:15:17,920 --> 00:15:18,640 Speaker 8: out there and rate. 334 00:15:19,840 --> 00:15:22,080 Speaker 5: This episode is brought to you by P and C Bank. 335 00:15:22,480 --> 00:15:25,240 Speaker 5: A lot of people think podcasts about work are boring, 336 00:15:25,440 --> 00:15:29,280 Speaker 5: and sure they definitely can be, but understanding a professionals 337 00:15:29,360 --> 00:15:32,640 Speaker 5: routine shows us how they achieve their success little by little, 338 00:15:33,000 --> 00:15:36,680 Speaker 5: day after day. It's like banking with P and C Bank. 339 00:15:37,120 --> 00:15:39,920 Speaker 5: It might seem boring to safe plan and make calculated 340 00:15:39,960 --> 00:15:43,080 Speaker 5: decisions with your bank, but keeping your money boring is 341 00:15:43,080 --> 00:15:46,440 Speaker 5: what helps you live or more happily fulfilled life. P 342 00:15:46,520 --> 00:15:51,360 Speaker 5: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 343 00:15:51,400 --> 00:15:54,040 Speaker 5: Boring since eighteen sixty five is a service mark of 344 00:15:54,080 --> 00:15:57,320 Speaker 5: the PNC Financial Service Group, Inc. P and C Bank 345 00:15:57,760 --> 00:16:00,360 Speaker 5: National Association member FDIC. 346 00:16:03,040 --> 00:16:03,360 Speaker 8: Erners. 347 00:16:03,360 --> 00:16:03,720 Speaker 3: What's up? 348 00:16:03,800 --> 00:16:06,280 Speaker 5: You ever walk into a small business and everything just 349 00:16:06,440 --> 00:16:09,600 Speaker 5: works like, the checkout is fast, the receipts are digital, 350 00:16:10,120 --> 00:16:13,120 Speaker 5: tipping is a breeze, and you're out the door before 351 00:16:13,120 --> 00:16:17,280 Speaker 5: the line even builds. Odds are they're using Square? We 352 00:16:17,440 --> 00:16:20,000 Speaker 5: love supporting businesses that run on Square because it just 353 00:16:20,040 --> 00:16:23,240 Speaker 5: feels seamless, whether it's a local coffee shop, a vendor 354 00:16:23,320 --> 00:16:25,560 Speaker 5: at a pop up market, or even one of our 355 00:16:25,640 --> 00:16:29,280 Speaker 5: merch partners. Square makes it easy for them to take payments, 356 00:16:29,480 --> 00:16:33,240 Speaker 5: manage inventory, and run their business with confidence, all from 357 00:16:33,320 --> 00:16:36,720 Speaker 5: one simple system. If you're a business owner or even 358 00:16:36,800 --> 00:16:40,280 Speaker 5: just thinking about launching something soon, Square is hands down 359 00:16:40,360 --> 00:16:42,720 Speaker 5: one of the best tools out there to help you start, 360 00:16:43,080 --> 00:16:46,640 Speaker 5: run and grow. It's not just about payments, it's about 361 00:16:46,680 --> 00:16:49,080 Speaker 5: giving you time back so you can focus on what 362 00:16:49,280 --> 00:16:52,920 Speaker 5: matters most ready. To see how Square can transform your business, 363 00:16:53,200 --> 00:16:57,840 Speaker 5: visit Square dot com backslash go backslash eyl to learn 364 00:16:57,880 --> 00:17:03,080 Speaker 5: more that Square dot com backslash, go backslash uyl. Don't wait, 365 00:17:03,360 --> 00:17:06,199 Speaker 5: don't hesitate. Let's Square handle the back end so you 366 00:17:06,200 --> 00:17:07,879 Speaker 5: can keep pushing your vision forward. 367 00:17:10,480 --> 00:17:13,240 Speaker 1: Coach, the energy out there felt different. What changed for 368 00:17:13,280 --> 00:17:13,919 Speaker 1: the team today? 369 00:17:14,000 --> 00:17:16,159 Speaker 2: It was the new game day, scratches from the California 370 00:17:16,200 --> 00:17:19,560 Speaker 2: Lottery players, everything. Those games sent the team's energy through 371 00:17:19,600 --> 00:17:19,920 Speaker 2: the roof. 372 00:17:20,000 --> 00:17:21,960 Speaker 1: Are you saying it was the off field play that 373 00:17:22,040 --> 00:17:23,160 Speaker 1: made the difference on the field. 374 00:17:23,240 --> 00:17:25,960 Speaker 2: Hey, little play makes your day, and today it made 375 00:17:26,000 --> 00:17:29,200 Speaker 2: the game. That's all for now, Coach, One more question. 376 00:17:29,080 --> 00:17:31,919 Speaker 4: Play the new Los Angeles Chargers, San Francisco forty nine 377 00:17:32,000 --> 00:17:35,080 Speaker 4: ers and Los Angeles Rams Scratchers from the California Lottery. 378 00:17:35,160 --> 00:17:38,280 Speaker 4: A little play can make your day. Peace made responsibily. 379 00:17:38,359 --> 00:17:40,480 Speaker 4: Must be eighteen years or older to purchase plate or claim. 380 00:17:40,240 --> 00:17:44,480 Speaker 8: Paise money from the market. You know, in institutions and downmns, 381 00:17:44,480 --> 00:17:47,080 Speaker 8: shit like that. And you know they have a great 382 00:17:47,119 --> 00:17:50,240 Speaker 8: brand name. And over time, especially from Silicon Valley, you've 383 00:17:50,240 --> 00:17:54,000 Speaker 8: had prestige funds emerge. These are funds that have proven 384 00:17:54,040 --> 00:17:57,959 Speaker 8: track record that they know how to spot winners Sequoia, Benchmark, 385 00:17:58,240 --> 00:18:00,400 Speaker 8: Kleiner Perkins. 386 00:17:59,800 --> 00:18:02,320 Speaker 7: Whenever you see them on the cap table. 387 00:18:02,440 --> 00:18:06,119 Speaker 8: The cap table is short for capitalization table, which is 388 00:18:06,280 --> 00:18:09,639 Speaker 8: the page on your company's documents that shows who owns 389 00:18:09,680 --> 00:18:12,840 Speaker 8: what and so the cap table, you'll see a list 390 00:18:12,840 --> 00:18:18,160 Speaker 8: and it'll say NAS invested fifty K owns too PID. Yeah, 391 00:18:18,160 --> 00:18:20,440 Speaker 8: and so he also invests an angel you know such 392 00:18:20,480 --> 00:18:21,359 Speaker 8: and such invested this. 393 00:18:21,640 --> 00:18:23,840 Speaker 7: So the cap table. So we have this thing in VC. 394 00:18:24,040 --> 00:18:26,600 Speaker 8: You want to be on cap tables, you know, like 395 00:18:26,680 --> 00:18:27,800 Speaker 8: a lot of motherfuckers talking shit. 396 00:18:27,880 --> 00:18:29,760 Speaker 7: But I never see you on the cap table. You know, 397 00:18:30,600 --> 00:18:31,200 Speaker 7: you might be at. 398 00:18:31,080 --> 00:18:32,560 Speaker 8: The club table, but I don't see you at the 399 00:18:32,560 --> 00:18:36,560 Speaker 8: cat table at the crap table. Yeah right right, so 400 00:18:37,720 --> 00:18:39,720 Speaker 8: that's good on the cat table. 401 00:18:39,720 --> 00:18:40,760 Speaker 7: You ain't on the cat table. 402 00:18:41,400 --> 00:18:48,000 Speaker 8: So so so anyway, Yeah, when you see a marquee fund, 403 00:18:48,200 --> 00:18:50,159 Speaker 8: meaning a top fund on the cat table, it's a 404 00:18:50,160 --> 00:18:53,479 Speaker 8: competitive deal. That founder has options, and we were fortunate 405 00:18:53,600 --> 00:18:56,480 Speaker 8: a couple of times to squeeze into a very competitive deal. 406 00:18:57,240 --> 00:18:59,639 Speaker 8: And in those deals, when a deal is hot, you 407 00:18:59,680 --> 00:19:02,040 Speaker 8: want to make sure you as much as it costs you. 408 00:19:02,080 --> 00:19:03,919 Speaker 8: I don't care if you got to pawn your fucking watch, 409 00:19:04,680 --> 00:19:06,639 Speaker 8: get in the deal in as big of a way 410 00:19:06,680 --> 00:19:07,240 Speaker 8: as you can. 411 00:19:07,720 --> 00:19:09,600 Speaker 7: You might lose that money. I'm not gonna lie. 412 00:19:10,040 --> 00:19:13,400 Speaker 8: But when you can get a good amount of exposure 413 00:19:13,440 --> 00:19:15,840 Speaker 8: into that deal, you know those deals that end up 414 00:19:15,840 --> 00:19:16,879 Speaker 8: doing ten twenty. 415 00:19:16,840 --> 00:19:19,280 Speaker 6: X, I'm an ask you a question for some good 416 00:19:19,320 --> 00:19:22,159 Speaker 6: deal before I forget this. The reason the reason why 417 00:19:22,200 --> 00:19:23,800 Speaker 6: I like this podcast is that we get to interview 418 00:19:23,840 --> 00:19:25,800 Speaker 6: people and nobody. Like the last guest that we had 419 00:19:25,880 --> 00:19:28,560 Speaker 6: was talking about stocks shot the Wallstreet Trapper and he 420 00:19:28,720 --> 00:19:31,440 Speaker 6: was saying how it excites him and like you I 421 00:19:31,440 --> 00:19:33,760 Speaker 6: could see like it's like you've seen paid in full before. 422 00:19:33,880 --> 00:19:37,480 Speaker 7: Yeah, okay, so so and. 423 00:19:37,600 --> 00:19:39,800 Speaker 6: Mitch, he was like I love a game. Obviously he 424 00:19:39,880 --> 00:19:42,280 Speaker 6: was talk about illegal game. But business is like a 425 00:19:42,359 --> 00:19:45,359 Speaker 6: it's like a competitive sport. So it's like, that's what 426 00:19:45,480 --> 00:19:47,920 Speaker 6: I really loved, Like even with Steve Jobs when he 427 00:19:47,960 --> 00:19:50,000 Speaker 6: said that it's the process that really excites him, not 428 00:19:50,040 --> 00:19:53,720 Speaker 6: even getting this is the journey. And it's like for 429 00:19:53,760 --> 00:19:56,199 Speaker 6: people I really want everybody to understand, even like with 430 00:19:56,240 --> 00:19:59,000 Speaker 6: the podcast, it's like it's ups and downs, but it's 431 00:19:59,040 --> 00:20:00,160 Speaker 6: an exciting ride. 432 00:20:00,080 --> 00:20:01,119 Speaker 3: Sure, and I could tell it. 433 00:20:01,200 --> 00:20:03,399 Speaker 6: I could see the excitement when you're telling a story, 434 00:20:03,440 --> 00:20:07,400 Speaker 6: and it's like for people that have never been entrepreneurs, I. 435 00:20:07,440 --> 00:20:09,400 Speaker 3: Just encourage just to have that feeling. 436 00:20:09,880 --> 00:20:10,120 Speaker 8: Yeah. 437 00:20:10,160 --> 00:20:12,000 Speaker 3: Man, it's like a natural. 438 00:20:12,280 --> 00:20:13,480 Speaker 7: The feeling is everything, bro. 439 00:20:13,600 --> 00:20:14,960 Speaker 3: But I wanted to ask you, so, how do you all? 440 00:20:15,040 --> 00:20:15,159 Speaker 8: Right? 441 00:20:15,200 --> 00:20:17,040 Speaker 6: So you started as Angel investors and you said that 442 00:20:17,080 --> 00:20:18,840 Speaker 6: didn't really work out for you guys for the most part, 443 00:20:18,880 --> 00:20:19,640 Speaker 6: it wasn't profitable. 444 00:20:20,119 --> 00:20:22,760 Speaker 8: Yeah, I mean so, so one thing to know is 445 00:20:22,800 --> 00:20:25,800 Speaker 8: like when you make an angel investment, the yield curve 446 00:20:25,960 --> 00:20:29,239 Speaker 8: on it, meaning the amount of time with which you're 447 00:20:29,240 --> 00:20:32,400 Speaker 8: expected to make anything back, if at all, is typically 448 00:20:32,440 --> 00:20:35,440 Speaker 8: seven to nine years because that's the average life cycle 449 00:20:35,480 --> 00:20:37,440 Speaker 8: of a business. And so when I say we haven't 450 00:20:37,480 --> 00:20:40,840 Speaker 8: made any money, it's like a chance for sure, and 451 00:20:41,119 --> 00:20:43,480 Speaker 8: we're in some companies that were expecting to make some 452 00:20:43,560 --> 00:20:48,040 Speaker 8: money back. But like you, I quickly found out, like 453 00:20:48,080 --> 00:20:51,119 Speaker 8: it's funny because you know I'm making you know, we're 454 00:20:51,160 --> 00:20:52,879 Speaker 8: making deals and every time we make a deal, and 455 00:20:53,080 --> 00:20:55,359 Speaker 8: we announced that deal, and so my social was blowing up. 456 00:20:55,520 --> 00:20:56,639 Speaker 7: Yo, your angel. 457 00:20:57,080 --> 00:21:00,640 Speaker 8: I'm like, yeah, yeah, you know, and then I'm I'm like, fuck, 458 00:21:00,920 --> 00:21:04,920 Speaker 8: I'm not seeing any money. Like it just literally feels 459 00:21:04,960 --> 00:21:08,119 Speaker 8: like you're just like your money's just disappearing because it 460 00:21:08,200 --> 00:21:11,800 Speaker 8: goes to work. And then what happens for anyone who 461 00:21:11,800 --> 00:21:14,760 Speaker 8: doesn't know how you make money adventure? You only make 462 00:21:14,840 --> 00:21:20,199 Speaker 8: money in venture on a liquidation event, which is the 463 00:21:20,280 --> 00:21:24,560 Speaker 8: company is sold. You do not contrary to small business investing, 464 00:21:24,600 --> 00:21:28,199 Speaker 8: if you invest in an ice cream shop, barbershop, restaurant, whatever, 465 00:21:28,680 --> 00:21:29,840 Speaker 8: you're yielding. 466 00:21:29,480 --> 00:21:31,520 Speaker 7: Profits, so you have a profit split. 467 00:21:31,720 --> 00:21:35,080 Speaker 9: So because the example would be like when nas Or 468 00:21:35,080 --> 00:21:37,760 Speaker 9: in his firm invest in Ring and then Ring gets 469 00:21:37,800 --> 00:21:39,679 Speaker 9: put by Amazon. 470 00:21:39,440 --> 00:21:43,520 Speaker 8: Or pill pack correct right, pill pack. So if you 471 00:21:43,560 --> 00:21:46,920 Speaker 8: invest in a restaurant, you're making quarterly dividends. You get 472 00:21:46,960 --> 00:21:52,040 Speaker 8: cash flows in venture because you're typically reinvesting profits in 473 00:21:52,080 --> 00:21:55,640 Speaker 8: the business because growth and profits are inversely correlated. If 474 00:21:55,640 --> 00:21:58,119 Speaker 8: you want to grow, you got to sacrifice profits, and 475 00:21:58,160 --> 00:22:00,760 Speaker 8: so it's a very different kind of investing game. So 476 00:22:01,200 --> 00:22:04,320 Speaker 8: you don't invest in a startup with the pretense that 477 00:22:04,320 --> 00:22:06,840 Speaker 8: you're going to get profits. 478 00:22:06,880 --> 00:22:09,960 Speaker 7: You would be hurting that business. So the trick. 479 00:22:09,880 --> 00:22:12,960 Speaker 8: Is jumping in and getting in early at a nice valuation. 480 00:22:13,240 --> 00:22:17,359 Speaker 8: On average, we invest in businesses along the businesses that 481 00:22:17,400 --> 00:22:19,760 Speaker 8: are coming from the Midwest are on average valued between 482 00:22:19,800 --> 00:22:22,840 Speaker 8: four to six million inventure and businesses along the coast 483 00:22:22,920 --> 00:22:26,800 Speaker 8: are valued between eight to ten million. So now eighty 484 00:22:26,880 --> 00:22:29,880 Speaker 8: percent of m and A, which is mergers and acquisitions, 485 00:22:30,320 --> 00:22:32,520 Speaker 8: are happening right now between the one hundred and fifty 486 00:22:32,560 --> 00:22:35,400 Speaker 8: to two hundred million dollars price point. Like gimblet Media 487 00:22:35,440 --> 00:22:38,560 Speaker 8: got acquired for two hundred million by Spotify or whatever. 488 00:22:39,000 --> 00:22:40,639 Speaker 8: If I would have gotten into Gimli Media when they 489 00:22:40,680 --> 00:22:42,639 Speaker 8: were worth ten million, you do the math on that. 490 00:22:42,680 --> 00:22:45,440 Speaker 8: You get in at ten, they get sold at two hundred. Whoop, 491 00:22:45,600 --> 00:22:48,240 Speaker 8: you know you got a twenty x. So what money 492 00:22:48,240 --> 00:22:50,239 Speaker 8: did you put into that deal? You know, if you 493 00:22:50,240 --> 00:22:52,520 Speaker 8: put in one hundred, that'll tell you what you net 494 00:22:52,600 --> 00:22:56,120 Speaker 8: at the back end. So anyway, I'm just clarifying how 495 00:22:56,119 --> 00:22:58,760 Speaker 8: you actually make money in venture. You get in into 496 00:22:58,760 --> 00:23:02,000 Speaker 8: the sweet spot, and then that business grows and if 497 00:23:02,040 --> 00:23:05,199 Speaker 8: you're fortunate, it gets acquired and then you net. 498 00:23:05,520 --> 00:23:09,600 Speaker 9: What's the difference between the valuation of cities that are 499 00:23:09,640 --> 00:23:11,160 Speaker 9: inland and the ones against the coast. 500 00:23:11,240 --> 00:23:12,040 Speaker 7: That's a great question. 501 00:23:12,680 --> 00:23:16,800 Speaker 8: And the real reason that businesses are priced differently based 502 00:23:16,800 --> 00:23:19,040 Speaker 8: on geographies is due to cost of living. 503 00:23:19,359 --> 00:23:20,240 Speaker 7: Okay, so like. 504 00:23:20,240 --> 00:23:23,080 Speaker 8: Businesses make, you might make more as an individual in 505 00:23:23,080 --> 00:23:27,639 Speaker 8: New York, and so as a result, employees are more expensive, 506 00:23:27,800 --> 00:23:30,880 Speaker 8: offices are worth more and so, and there's also more 507 00:23:30,920 --> 00:23:33,439 Speaker 8: capital in that market, and so you can usually justify 508 00:23:33,480 --> 00:23:36,399 Speaker 8: a higher price point, Whereas I love investing in businesses 509 00:23:36,440 --> 00:23:38,600 Speaker 8: from the Midwest because they're reasonably priced. 510 00:23:38,680 --> 00:23:40,440 Speaker 7: In fact, they say this is a nugget. 511 00:23:40,760 --> 00:23:44,480 Speaker 8: Vcs say that the actual valuation, the true valuation of 512 00:23:44,480 --> 00:23:47,280 Speaker 8: a business is the Midwest valuation. And then when you 513 00:23:47,320 --> 00:23:50,000 Speaker 8: go out to the coast you get inflated because when 514 00:23:50,000 --> 00:23:52,359 Speaker 8: you're in Silicon Valley, those motherfuckers will pay any price 515 00:23:52,359 --> 00:23:56,399 Speaker 8: for any business. And so we actually rarely invested, We 516 00:23:56,440 --> 00:23:58,720 Speaker 8: haven't invested in a single business from the valley, because 517 00:23:58,760 --> 00:24:01,200 Speaker 8: by the time they come to us, they're like, oh, yeah, 518 00:24:01,200 --> 00:24:03,480 Speaker 8: we're worth twenty million dollars. I'm like, show me a revenue. 519 00:24:03,480 --> 00:24:06,119 Speaker 8: They got one hundred k revenue. I ain't paying twenty 520 00:24:06,119 --> 00:24:09,840 Speaker 8: million for one hundred k revenue. So, like there's one 521 00:24:09,880 --> 00:24:12,360 Speaker 8: thing to know as well. It's like there's actual different 522 00:24:12,800 --> 00:24:17,639 Speaker 8: investment climates among the coasts. The West coast is very like, yo, 523 00:24:17,720 --> 00:24:20,240 Speaker 8: we're looking at scale by any means, and the East 524 00:24:20,240 --> 00:24:22,440 Speaker 8: Coast is a little bit more like conservative, We're looking 525 00:24:22,440 --> 00:24:25,920 Speaker 8: for revenue and a little bit more modest growth, but revenue. 526 00:24:25,960 --> 00:24:28,520 Speaker 6: So how did you guys go? You have twenty five 527 00:24:28,560 --> 00:24:30,680 Speaker 6: million dollar war chests right now. 528 00:24:31,200 --> 00:24:34,439 Speaker 8: Yeah, yeah, it's a little bit beyond that. And we 529 00:24:34,520 --> 00:24:36,000 Speaker 8: get this a lot because people say, yeah, I want 530 00:24:36,000 --> 00:24:38,600 Speaker 8: to break into VC. Well, there's a number of ways. 531 00:24:38,800 --> 00:24:39,520 Speaker 7: You either. 532 00:24:41,600 --> 00:24:44,480 Speaker 8: Work at a venture firm, good luck breaking into one, 533 00:24:44,600 --> 00:24:48,560 Speaker 8: they're very exclusive, or like the path that we took, 534 00:24:48,640 --> 00:24:51,240 Speaker 8: we started as angels, and eventually once you have enough 535 00:24:51,280 --> 00:24:54,200 Speaker 8: of a track record you can you can go out 536 00:24:54,240 --> 00:24:57,240 Speaker 8: to the market as a whole and say hey, here's 537 00:24:57,280 --> 00:25:00,800 Speaker 8: my thesis, like here's my idea, and it could be 538 00:25:01,040 --> 00:25:03,000 Speaker 8: like our shit is around investing in the you know, 539 00:25:03,040 --> 00:25:06,560 Speaker 8: diverse founders, like we invest in women and minorities. But 540 00:25:06,640 --> 00:25:08,480 Speaker 8: that doesn't have to be your thesis. Your thesis could 541 00:25:08,480 --> 00:25:10,560 Speaker 8: be around sports, Your thesis could be around music. Yo, 542 00:25:10,680 --> 00:25:13,600 Speaker 8: I want to create a fund that invests in you know, 543 00:25:13,800 --> 00:25:20,440 Speaker 8: music companies, sports companies, sewage, you name it. And the 544 00:25:20,600 --> 00:25:22,320 Speaker 8: true test of whether you can raise a fund or 545 00:25:22,359 --> 00:25:24,080 Speaker 8: not is if you can convince enough people to believe 546 00:25:24,080 --> 00:25:26,720 Speaker 8: in your ship. And what I found out raising money 547 00:25:27,560 --> 00:25:32,000 Speaker 8: is there's a lot of montherfuckers with money for wealth. 548 00:25:32,320 --> 00:25:36,040 Speaker 9: You said you said that the founding the goal is 549 00:25:36,400 --> 00:25:39,280 Speaker 9: to invest in one thousand companies over the next twenty years, right, sir, 550 00:25:39,440 --> 00:25:41,560 Speaker 9: So that would mean like fifty companies, is that the goal? 551 00:25:41,600 --> 00:25:43,040 Speaker 9: Like you're doing fifty companies, we're. 552 00:25:43,800 --> 00:25:47,280 Speaker 8: Doing a thousand founders over twenty years. So like if 553 00:25:47,280 --> 00:25:49,240 Speaker 8: we invest in one company has four founders, we're counting 554 00:25:49,240 --> 00:25:52,280 Speaker 8: that as four. But yeah, the way our fund model 555 00:25:52,600 --> 00:25:56,520 Speaker 8: is structure. Right now, we're looking at doing uh, you know, 556 00:25:56,720 --> 00:26:01,040 Speaker 8: thirty deals out of this first fund and then you 557 00:26:01,040 --> 00:26:03,320 Speaker 8: know it'll accelerate, so it's not very linear. It's like 558 00:26:03,400 --> 00:26:05,760 Speaker 8: our first fund might be twenty five to forty million 559 00:26:06,040 --> 00:26:08,359 Speaker 8: our second fund is going to be one hundred million, 560 00:26:08,560 --> 00:26:11,440 Speaker 8: then court you know, then quarter billion and then a billion. 561 00:26:11,480 --> 00:26:13,040 Speaker 7: You know, we're you know, we're thinking pretty big. 562 00:26:13,080 --> 00:26:15,760 Speaker 6: So it's our relationship people. You build relationship people when 563 00:26:15,760 --> 00:26:16,760 Speaker 6: they invest in your fund. 564 00:26:17,119 --> 00:26:18,040 Speaker 7: Yep, that's right. 565 00:26:18,200 --> 00:26:22,840 Speaker 8: The same way that entrepreneurs are asking for money, we're 566 00:26:22,880 --> 00:26:23,520 Speaker 8: doing the same ship. 567 00:26:23,800 --> 00:26:24,119 Speaker 3: Okay. 568 00:26:24,160 --> 00:26:26,520 Speaker 8: And so the biggest misconception, like when we close our 569 00:26:26,560 --> 00:26:28,640 Speaker 8: fund and we make the announcement, I think it's gonna 570 00:26:28,640 --> 00:26:31,560 Speaker 8: make a very big splash because we're gonna be like, 571 00:26:31,840 --> 00:26:34,920 Speaker 8: you know, young of color, and I think we we're 572 00:26:34,960 --> 00:26:38,719 Speaker 8: gonna raise a considerable amount. People are gonna look at 573 00:26:38,760 --> 00:26:40,520 Speaker 8: the headline and automatically think. 574 00:26:40,359 --> 00:26:41,040 Speaker 5: That you. 575 00:26:42,520 --> 00:26:43,080 Speaker 7: Our bread. 576 00:26:43,160 --> 00:26:47,480 Speaker 8: Okay, full disclosure, not our It's very important that. 577 00:26:47,560 --> 00:26:49,880 Speaker 6: A lot of times people that Angel in the VC 578 00:26:50,000 --> 00:26:51,439 Speaker 6: they kind of get that mix and they think, if 579 00:26:51,480 --> 00:26:53,800 Speaker 6: you have a VC firm, all of that money is 580 00:26:53,840 --> 00:26:55,160 Speaker 6: your money that you're putting up. 581 00:26:55,280 --> 00:26:57,359 Speaker 8: Yeah, and if you want so, I'll just break this 582 00:26:57,400 --> 00:27:00,840 Speaker 8: down quickly. The fund my all right, this is how 583 00:27:00,880 --> 00:27:03,840 Speaker 8: you make money. When you cross over from ANGEL to VC. 584 00:27:04,840 --> 00:27:07,200 Speaker 8: You get paid a what's called the two and twenty. 585 00:27:07,359 --> 00:27:11,560 Speaker 8: That's the fee structure. So the two refers to your 586 00:27:11,680 --> 00:27:15,399 Speaker 8: management fee. So whatever the total size of your fund is. 587 00:27:15,440 --> 00:27:17,560 Speaker 8: This is why your incentivized to go for a big fund. 588 00:27:17,960 --> 00:27:20,959 Speaker 8: Whatever the total size of that fund is, two percent 589 00:27:21,000 --> 00:27:24,879 Speaker 8: of that annually is what you make as your fee. 590 00:27:25,240 --> 00:27:27,960 Speaker 8: So on a twenty five million dollar fund, two percent 591 00:27:28,000 --> 00:27:30,760 Speaker 8: of that is five hundred grand, So you get five 592 00:27:30,840 --> 00:27:37,160 Speaker 8: hundred grand every year to pay for a salary, office, travel, everything. Now, 593 00:27:37,880 --> 00:27:39,960 Speaker 8: if you know, with a team of four in office 594 00:27:40,000 --> 00:27:41,840 Speaker 8: and stuff like that, like you know, you might make 595 00:27:41,880 --> 00:27:44,800 Speaker 8: one hundred g's on salary, Like that's nice, but you're 596 00:27:44,800 --> 00:27:46,760 Speaker 8: not going to get rich off of that. You're not 597 00:27:46,960 --> 00:27:48,080 Speaker 8: meant to get rich off of that. 598 00:27:48,520 --> 00:27:50,520 Speaker 7: The LP. There's two kinds of partners in the fund. 599 00:27:50,560 --> 00:27:52,959 Speaker 8: There's the GP, the general partner, which is the partner's 600 00:27:52,960 --> 00:27:55,040 Speaker 8: putting in the work, and then there's the LP's a 601 00:27:55,080 --> 00:27:58,760 Speaker 8: limited partners, the person who's investing. So your LPs do 602 00:27:58,800 --> 00:28:00,680 Speaker 8: not want you to get rich off the fees because 603 00:28:00,680 --> 00:28:03,280 Speaker 8: then you would never work. You get rich on the 604 00:28:03,359 --> 00:28:05,480 Speaker 8: other side. I remember I said it's two and twenty 605 00:28:05,600 --> 00:28:08,359 Speaker 8: too is a management fee. The twenty is what we 606 00:28:08,400 --> 00:28:12,320 Speaker 8: call the carry, and the carry is your share of 607 00:28:12,359 --> 00:28:18,120 Speaker 8: the profits. So now because we can, because we can 608 00:28:18,240 --> 00:28:19,200 Speaker 8: get in a little detail. 609 00:28:19,240 --> 00:28:20,080 Speaker 7: I'll just explain this. 610 00:28:21,080 --> 00:28:23,639 Speaker 8: Typically, you as the GP, if you set out to 611 00:28:23,680 --> 00:28:26,800 Speaker 8: go raise a fund, your commitment to the fund. You 612 00:28:27,240 --> 00:28:31,399 Speaker 8: put up one percent of the total fund. Okay, So 613 00:28:31,600 --> 00:28:34,200 Speaker 8: if my partners and I are set out to raise, 614 00:28:34,240 --> 00:28:37,560 Speaker 8: as an example, twenty million, one percent of that is 615 00:28:37,600 --> 00:28:39,760 Speaker 8: two hundred thousand. So we have to come up with 616 00:28:39,760 --> 00:28:42,360 Speaker 8: two hundred g's across you know, the four of us. Okay, 617 00:28:42,400 --> 00:28:46,880 Speaker 8: bet now, but here's a mind blowing ship. Remember I 618 00:28:46,920 --> 00:28:49,640 Speaker 8: said the twenty is that refers to your share of 619 00:28:49,640 --> 00:28:53,640 Speaker 8: the profits, which is twenty percent. So we're making twenty 620 00:28:53,680 --> 00:28:58,520 Speaker 8: percent of the profits on twenty million. So it's just 621 00:28:58,600 --> 00:29:01,800 Speaker 8: like you know, I guess it might be complicated. It's 622 00:29:01,880 --> 00:29:03,760 Speaker 8: like ingrained in me now, so it's not the complicated 623 00:29:03,800 --> 00:29:07,360 Speaker 8: to me now. But like in a nutshell, you're if 624 00:29:07,400 --> 00:29:09,959 Speaker 8: you can put together two hundred g's, it's buying you 625 00:29:10,040 --> 00:29:12,920 Speaker 8: a ticket to get the profits on twenty million. 626 00:29:14,000 --> 00:29:15,160 Speaker 3: Like, so that's two million. 627 00:29:16,160 --> 00:29:17,760 Speaker 8: Well, it depends on how much money you make with 628 00:29:17,760 --> 00:29:20,320 Speaker 8: the twenty million, and that's the incentive. So it's like, 629 00:29:20,760 --> 00:29:22,600 Speaker 8: can you make this twenty million and turn it into 630 00:29:22,640 --> 00:29:25,600 Speaker 8: one hundred million. If you do, you get twenty percent 631 00:29:25,640 --> 00:29:27,160 Speaker 8: of that, you get twenty million millions. 632 00:29:27,240 --> 00:29:28,240 Speaker 3: Yeah, you know. 633 00:29:28,320 --> 00:29:30,360 Speaker 7: So it's like it gets complicated, but like. 634 00:29:30,320 --> 00:29:32,760 Speaker 6: How can people if they want to move on to 635 00:29:32,760 --> 00:29:34,920 Speaker 6: the next segment? But I want to So if people 636 00:29:34,960 --> 00:29:38,920 Speaker 6: are interested in like pitching their business, It's like shark tank. 637 00:29:39,000 --> 00:29:40,200 Speaker 3: How realistic is shark tank? 638 00:29:41,800 --> 00:29:47,560 Speaker 8: Shark Tank is to angel investing what Indiana Jones is out. 639 00:29:50,400 --> 00:29:52,080 Speaker 10: So they're not coming in front of you and you're not, 640 00:29:53,160 --> 00:29:59,160 Speaker 10: So how do they Jones to Indiana Jones? 641 00:30:00,120 --> 00:30:00,920 Speaker 7: Nothing like that shit? 642 00:30:02,680 --> 00:30:06,080 Speaker 8: Yeah, So yeah, the real way is like people send 643 00:30:06,320 --> 00:30:09,040 Speaker 8: in a pitch deck and we you know, and then 644 00:30:09,240 --> 00:30:11,960 Speaker 8: you know, if the pitch deck looks good, then we 645 00:30:11,960 --> 00:30:14,520 Speaker 8: will sign apart. There's different levels of a deal screen, 646 00:30:14,680 --> 00:30:17,600 Speaker 8: so you know, pitch deck looks good, If not, then 647 00:30:17,600 --> 00:30:20,400 Speaker 8: we'll we'll we pass pretty quick. And we see a 648 00:30:20,440 --> 00:30:22,480 Speaker 8: thousand deals a year. We invest in ten deals a year, 649 00:30:22,600 --> 00:30:24,880 Speaker 8: so we're talking about a one percent investment rate. 650 00:30:25,400 --> 00:30:27,320 Speaker 7: So if we see a hot deal. 651 00:30:28,200 --> 00:30:31,240 Speaker 8: One partner's jumping on the phone with that founder, then 652 00:30:31,400 --> 00:30:33,760 Speaker 8: that partner reports back with about a page of notes 653 00:30:33,800 --> 00:30:34,560 Speaker 8: to the rest of the team. 654 00:30:34,640 --> 00:30:34,800 Speaker 3: Yo. 655 00:30:35,840 --> 00:30:39,200 Speaker 8: Cool, And then if there's interest, then another partner will 656 00:30:39,280 --> 00:30:41,800 Speaker 8: jump in as many partners as are interested. Then we 657 00:30:41,880 --> 00:30:44,080 Speaker 8: jump in with the full with the full team, we 658 00:30:44,200 --> 00:30:47,080 Speaker 8: try and get a fuller team situation, and we learn more. 659 00:30:47,320 --> 00:30:49,360 Speaker 8: We have interns, so then our interns might go and 660 00:30:49,400 --> 00:30:52,280 Speaker 8: do market research and analyze what we can expect to make, 661 00:30:52,680 --> 00:30:56,800 Speaker 8: and then interest grows. And usually you have every partner 662 00:30:56,880 --> 00:30:59,440 Speaker 8: leads their own deal at the fund. So it's all 663 00:30:59,440 --> 00:31:02,560 Speaker 8: about like a right, what deals? What deals am I getting? 664 00:31:03,120 --> 00:31:06,280 Speaker 8: Versus Brandon versus Jerry versus on reed, We're all looking 665 00:31:06,320 --> 00:31:09,640 Speaker 8: for our own deals. And to your question about voting, 666 00:31:09,720 --> 00:31:14,440 Speaker 8: we have a conviction over consensus philosophy. Like it's not 667 00:31:14,480 --> 00:31:16,400 Speaker 8: like all of us have to agree. It's like if 668 00:31:16,400 --> 00:31:18,640 Speaker 8: someone really worked up about this deal, and can you 669 00:31:18,680 --> 00:31:20,480 Speaker 8: get people excited, You're. 670 00:31:20,440 --> 00:31:22,440 Speaker 7: Judging off the passion of one of your partners for. 671 00:31:22,400 --> 00:31:25,520 Speaker 8: Sure, and their ability to defend the deal. And we'll 672 00:31:25,920 --> 00:31:29,040 Speaker 8: test you. We'll he check each other and grill each other, like, yo, 673 00:31:29,160 --> 00:31:30,880 Speaker 8: I don't know if this deal is gonna make it. 674 00:31:31,000 --> 00:31:33,080 Speaker 8: Like like I try to get a media deal through 675 00:31:33,200 --> 00:31:35,400 Speaker 8: and I couldn't get it through. It got shut down 676 00:31:35,680 --> 00:31:38,280 Speaker 8: because my partners were like yo, you know, the media 677 00:31:38,320 --> 00:31:40,960 Speaker 8: climate is really hairy right now. You know Vice and 678 00:31:41,120 --> 00:31:44,920 Speaker 8: BuzzFeed and Refinery twenty nine. You know they're not doing 679 00:31:44,920 --> 00:31:46,280 Speaker 8: too well and they're the big dogs, so how the 680 00:31:46,320 --> 00:31:48,760 Speaker 8: small dogs and you just it's a mental game. 681 00:31:49,240 --> 00:31:52,640 Speaker 7: And if you can get people excited, then. 682 00:31:53,080 --> 00:31:55,080 Speaker 8: We close the deal and we say, all right, bet 683 00:31:55,080 --> 00:31:57,320 Speaker 8: we're gonna invest X amount and then we just wire 684 00:31:57,360 --> 00:32:00,800 Speaker 8: them the money and then we put the prayers up there. 685 00:32:00,840 --> 00:32:03,000 Speaker 6: You have it, ladies and gentlemen, one O one, one 686 00:32:03,040 --> 00:32:05,720 Speaker 6: O three, one o four on one oh five. That 687 00:32:05,840 --> 00:32:09,480 Speaker 6: was it, right, Venture capital and Angel Investments. 688 00:32:10,080 --> 00:32:15,320 Speaker 2: My graduates from my school being forced bad drops drop, 689 00:32:15,920 --> 00:32:16,640 Speaker 2: Mike drop. 690 00:32:16,960 --> 00:32:18,400 Speaker 3: Bad drop drop. 691 00:32:28,960 --> 00:32:32,840 Speaker 11: You just realized your business needed to hire someone yesterday. 692 00:32:33,360 --> 00:32:38,080 Speaker 11: How can you find amazing candidates fast? Easy? Just use Indeed. 693 00:32:38,520 --> 00:32:41,240 Speaker 11: Stop struggling to get your job posts seen on other 694 00:32:41,320 --> 00:32:45,000 Speaker 11: job sites. With INDEED sponsored jobs, your post jumps to 695 00:32:45,040 --> 00:32:47,560 Speaker 11: the top of the page for your relevant candidates, so 696 00:32:47,680 --> 00:32:50,680 Speaker 11: you can reach the people you want faster. According to 697 00:32:50,720 --> 00:32:54,680 Speaker 11: Indeed data, sponsored jobs posted directly on Indeed have forty 698 00:32:54,680 --> 00:32:58,600 Speaker 11: five percent more applications than non sponsored jobs. Don't wait 699 00:32:58,640 --> 00:33:02,080 Speaker 11: any longer, speed up your hiring right now with Indeed 700 00:33:02,520 --> 00:33:04,760 Speaker 11: and listeners of this show will get a seventy five 701 00:33:04,840 --> 00:33:08,000 Speaker 11: dollars sponsored job credit to get your jobs more visibility 702 00:33:08,160 --> 00:33:12,960 Speaker 11: at indeed dot com slash p o d kat z thirteen. 703 00:33:13,640 --> 00:33:16,960 Speaker 11: Just go to indeed dot com slash po d kat 704 00:33:17,120 --> 00:33:20,600 Speaker 11: z thirteen right now and support our show by saying 705 00:33:20,600 --> 00:33:24,000 Speaker 11: you heard about Indeed on this podcast. Terms and conditions apply. 706 00:33:24,400 --> 00:33:26,600 Speaker 11: Hiring Indeed is all you need