1 00:00:01,720 --> 00:00:06,160 Speaker 1: You're listening to Math and Magic, a production of iHeartRadio. 2 00:00:08,080 --> 00:00:10,000 Speaker 2: I've even tried to pay people employees in past, like 3 00:00:10,000 --> 00:00:12,000 Speaker 2: here's one hundred dollars read this book. You know how 4 00:00:12,000 --> 00:00:15,040 Speaker 2: many have done that zero? So it's one of those 5 00:00:15,040 --> 00:00:16,240 Speaker 2: things you can't teach motivation. 6 00:00:20,280 --> 00:00:23,000 Speaker 3: Hi'm Bob Hitman, and welcome to this episode of Math 7 00:00:23,040 --> 00:00:26,439 Speaker 3: and Magic Stories from the Frontiers and Marketing. Today, we 8 00:00:26,520 --> 00:00:30,080 Speaker 3: have a self made entrepreneur grew up in poverty, skipped 9 00:00:30,080 --> 00:00:33,720 Speaker 3: the formal education, and eventually built his own billion dollar 10 00:00:33,800 --> 00:00:37,880 Speaker 3: business from just five thousand dollars in startup capital. He's 11 00:00:37,920 --> 00:00:40,839 Speaker 3: the co founder and CEO of American Financing, one of 12 00:00:40,840 --> 00:00:45,800 Speaker 3: the major national mortgage companies. He's Damian Maldonado. Damien was 13 00:00:45,800 --> 00:00:48,479 Speaker 3: born in Manhattan to a single mom of four. He 14 00:00:48,560 --> 00:00:51,360 Speaker 3: grew up poor, as he says, his family was on 15 00:00:51,440 --> 00:00:54,080 Speaker 3: food stamps even in the good times, and he has 16 00:00:54,280 --> 00:00:57,480 Speaker 3: interesting thoughts on what that taught him and we'll explore 17 00:00:57,520 --> 00:01:01,080 Speaker 3: that today. Although American Financing is in Colorado, Damien has 18 00:01:01,120 --> 00:01:04,600 Speaker 3: moved to Puerto Rico and widened his aperture to hospitality, 19 00:01:04,880 --> 00:01:09,080 Speaker 3: movies and more. He's a newly minted pilot family man 20 00:01:09,440 --> 00:01:12,720 Speaker 3: dog owner and a fun and curious guy. Damien Welcome, 21 00:01:12,920 --> 00:01:16,520 Speaker 3: Thanks Bob, thanks for having me before we dig in today. 22 00:01:16,720 --> 00:01:19,559 Speaker 3: I want to do you in sixty seconds. Are you ready? 23 00:01:19,720 --> 00:01:20,240 Speaker 2: I'm ready. 24 00:01:20,440 --> 00:01:21,840 Speaker 3: Do you prefer caps or dogs? 25 00:01:22,240 --> 00:01:22,600 Speaker 2: Dogs? 26 00:01:23,080 --> 00:01:24,520 Speaker 3: Early riser or night out? 27 00:01:24,600 --> 00:01:25,240 Speaker 2: Early riser? 28 00:01:25,760 --> 00:01:27,080 Speaker 3: West Coast or East Coast? 29 00:01:27,800 --> 00:01:29,520 Speaker 2: Oh? Tough one? East Coast? 30 00:01:29,959 --> 00:01:31,360 Speaker 3: Colorado or Puerto Rico? 31 00:01:31,680 --> 00:01:37,440 Speaker 4: Puerto Rico City or country city? Copa, PEPSI, coke, rock 32 00:01:37,480 --> 00:01:41,679 Speaker 4: and roll or country rock and roll, Books or movies, books, 33 00:01:42,000 --> 00:01:46,720 Speaker 4: crip or eat out, eat out call or text call. 34 00:01:47,400 --> 00:01:50,840 Speaker 4: It's about to get harder. All time favorite music artist 35 00:01:51,200 --> 00:01:56,480 Speaker 4: Bob Marley. First job, door to door, Avon and Candy Sells. 36 00:01:56,800 --> 00:02:01,040 Speaker 4: Smartest person you know Richard Branson, childhood hero maybe Tom Cruise. 37 00:02:01,440 --> 00:02:06,040 Speaker 3: Favorite sport to watch kitesurfing. Technology you can't live without? 38 00:02:06,800 --> 00:02:07,960 Speaker 2: I got, say, the iPhone? 39 00:02:08,240 --> 00:02:12,400 Speaker 4: Favorite holiday summer trips with the kids. Last one, what's 40 00:02:12,400 --> 00:02:14,680 Speaker 4: something you can't live without my kids? 41 00:02:16,080 --> 00:02:21,200 Speaker 3: Great answer? Okay, let's start with the less obvious. Flying. 42 00:02:21,800 --> 00:02:23,760 Speaker 3: I've been a pilot for over fifty years in love 43 00:02:23,840 --> 00:02:27,200 Speaker 3: aviation and you just got your pilot's license. What motivated 44 00:02:27,240 --> 00:02:29,200 Speaker 3: you to do that and how did it happen? 45 00:02:29,400 --> 00:02:32,520 Speaker 2: Well? I haven't quite finished it. I'm still working progress. 46 00:02:32,560 --> 00:02:34,840 Speaker 2: But being able to do a little island hopping from 47 00:02:34,880 --> 00:02:38,800 Speaker 2: Puerto Rico to the bbi's Saint Martin, Saint Bart's all 48 00:02:38,919 --> 00:02:41,919 Speaker 2: that sounds amazing because we're so close to so many islands. 49 00:02:42,560 --> 00:02:44,600 Speaker 3: Being up in the air, having that kind of freedom, 50 00:02:44,600 --> 00:02:46,480 Speaker 3: has it changed your perspective on the world. 51 00:02:46,760 --> 00:02:49,519 Speaker 2: I mean, there's nothing like flying, true freedom, being able 52 00:02:49,600 --> 00:02:52,320 Speaker 2: to go from a place at the drop of a dime. 53 00:02:52,400 --> 00:02:54,120 Speaker 2: I don't think there's anything more freedom than that. 54 00:02:54,400 --> 00:02:57,200 Speaker 3: What have you learned from flying that you can apply 55 00:02:57,280 --> 00:02:58,400 Speaker 3: to your business? 56 00:02:58,919 --> 00:03:02,000 Speaker 2: I mean you have to be a very focused, dedicated 57 00:03:02,200 --> 00:03:04,920 Speaker 2: and on top of your game, zero space for mistakes. 58 00:03:05,400 --> 00:03:07,720 Speaker 3: Before we turn to your business, I want to set 59 00:03:07,720 --> 00:03:10,760 Speaker 3: the stage by going back in time to your childhood. 60 00:03:10,840 --> 00:03:14,119 Speaker 3: Clearly this formed so much of who you are. Can 61 00:03:14,160 --> 00:03:18,279 Speaker 3: you paint that picture for us, the time and the place. 62 00:03:18,560 --> 00:03:20,840 Speaker 2: So early childhood? You know, I was born in New York, 63 00:03:20,840 --> 00:03:23,760 Speaker 2: Puerto Rican descent. My parents we lived here until they 64 00:03:23,800 --> 00:03:25,800 Speaker 2: got the worse, till I was seven. My dad never 65 00:03:25,880 --> 00:03:28,880 Speaker 2: left puert Rico, and then my mom went to Colorado, 66 00:03:29,040 --> 00:03:31,320 Speaker 2: so we were raised there, went to high school there. 67 00:03:31,360 --> 00:03:34,120 Speaker 2: We started our business there. Early on, my mom worked 68 00:03:34,120 --> 00:03:37,200 Speaker 2: at the FBI as a secretary, raising four boys on 69 00:03:37,240 --> 00:03:40,320 Speaker 2: a thirty thousand dollars income. Then she lost her job 70 00:03:40,480 --> 00:03:43,119 Speaker 2: at one point, and when the up being homeless for 71 00:03:43,760 --> 00:03:46,520 Speaker 2: four or five months, living in shelters, and at the 72 00:03:46,520 --> 00:03:48,920 Speaker 2: time I was only ten or eleven. You know, we 73 00:03:48,920 --> 00:03:51,240 Speaker 2: were sleeping with the homeless people in rooms of like 74 00:03:51,280 --> 00:03:53,480 Speaker 2: eight or so people. So that you really look at 75 00:03:53,480 --> 00:03:57,120 Speaker 2: your life really different at that point. So that taught 76 00:03:57,120 --> 00:03:58,840 Speaker 2: me a lot of lessons that I wanted to make 77 00:03:58,880 --> 00:04:00,960 Speaker 2: money and for me me a big thing that changed 78 00:04:01,000 --> 00:04:03,240 Speaker 2: my childhood. My brother Oliver, he got me a lot, 79 00:04:03,360 --> 00:04:05,400 Speaker 2: a lot of job for my first job selling door 80 00:04:05,400 --> 00:04:08,120 Speaker 2: to door candy on Avon and I got a job 81 00:04:08,160 --> 00:04:08,760 Speaker 2: at Toys r US. 82 00:04:09,360 --> 00:04:11,640 Speaker 3: How old were you when you started those jobs. 83 00:04:11,920 --> 00:04:15,200 Speaker 2: I must have been ten or eleven. And you'd go 84 00:04:15,240 --> 00:04:17,360 Speaker 2: in these cars, they drop you off in some neighborhood. 85 00:04:17,360 --> 00:04:18,680 Speaker 2: They give you a box, and then they meet you 86 00:04:18,720 --> 00:04:20,200 Speaker 2: at a certain place. It's kind of scary. You go 87 00:04:20,240 --> 00:04:22,120 Speaker 2: at a night, knock on the door. It was both 88 00:04:22,160 --> 00:04:23,760 Speaker 2: of us. He was a couple of years older me, 89 00:04:23,880 --> 00:04:25,960 Speaker 2: so he must have been twelve or thirteen. I used 90 00:04:26,040 --> 00:04:28,040 Speaker 2: then small and then we'd do a presentation to tell 91 00:04:28,080 --> 00:04:30,600 Speaker 2: you what you what to say and just small and 92 00:04:31,000 --> 00:04:32,600 Speaker 2: look cute and ask for the order. So that was 93 00:04:32,680 --> 00:04:34,320 Speaker 2: kind of my first sales job. And then of course 94 00:04:34,400 --> 00:04:37,120 Speaker 2: we did newspapers when we were that age and my 95 00:04:37,120 --> 00:04:39,320 Speaker 2: mom would wake up early we do the papers. And 96 00:04:39,360 --> 00:04:40,960 Speaker 2: that was interesting because back then you have to collect 97 00:04:41,000 --> 00:04:43,200 Speaker 2: the money from the customers and build door to door 98 00:04:43,240 --> 00:04:45,160 Speaker 2: and say hey, it's time to pay your bill. So 99 00:04:45,360 --> 00:04:47,760 Speaker 2: learning how to deliver the product and then collect the 100 00:04:47,800 --> 00:04:50,840 Speaker 2: money that was an adventure. So it was a family event. 101 00:04:50,960 --> 00:04:54,039 Speaker 2: It was all of us rolling up papers at six am, 102 00:04:54,120 --> 00:04:56,080 Speaker 2: five am and then doing that until you go to 103 00:04:56,160 --> 00:04:59,159 Speaker 2: school seven days a week. Wow, but that taught you 104 00:04:59,160 --> 00:05:00,920 Speaker 2: a lot. I taught you how to work and get 105 00:05:01,000 --> 00:05:03,400 Speaker 2: up early and do those types of things, which is, 106 00:05:03,560 --> 00:05:05,440 Speaker 2: you know, the staple of any business person who want 107 00:05:05,440 --> 00:05:07,880 Speaker 2: to succeed. But then you got a job at Toys 108 00:05:07,960 --> 00:05:10,640 Speaker 2: r US as a cashier in a stocker for twenty 109 00:05:10,640 --> 00:05:12,840 Speaker 2: five an hour. I remember that worked my way up 110 00:05:12,839 --> 00:05:15,159 Speaker 2: to as a manager. Then started marketing health and finness 111 00:05:15,200 --> 00:05:17,400 Speaker 2: clouds and that's kind of where I got my experience 112 00:05:17,520 --> 00:05:18,440 Speaker 2: of sales and marketing. 113 00:05:18,800 --> 00:05:22,120 Speaker 3: So you did not do a formal education did not 114 00:05:22,640 --> 00:05:24,919 Speaker 3: What did you miss with a formal education? And what 115 00:05:25,000 --> 00:05:27,960 Speaker 3: did you gain by not having a formal education? Yeah? 116 00:05:28,080 --> 00:05:30,360 Speaker 2: Good question. I always saw my friends doing all these 117 00:05:30,360 --> 00:05:33,719 Speaker 2: fun parties and that looked really fun, and I thought, man, 118 00:05:33,760 --> 00:05:35,160 Speaker 2: if I could go to college, I would be able 119 00:05:35,200 --> 00:05:36,760 Speaker 2: to go to all these parties. I mean that one 120 00:05:36,839 --> 00:05:39,680 Speaker 2: I thought for sure. As far as education wise, I 121 00:05:39,720 --> 00:05:43,400 Speaker 2: think what I learned not going was a little bit different. 122 00:05:43,560 --> 00:05:46,400 Speaker 2: This marketing company I worked at when I was eighteen, 123 00:05:46,480 --> 00:05:49,000 Speaker 2: right out of high school. So if you Bob, if 124 00:05:49,000 --> 00:05:51,120 Speaker 2: you in the gym in Manhattan, we'd go and market 125 00:05:51,120 --> 00:05:53,719 Speaker 2: it and we saw memberships five hundred to a thousand 126 00:05:53,760 --> 00:05:56,359 Speaker 2: memberships in one to two months. We'd have a call center, 127 00:05:56,360 --> 00:05:59,000 Speaker 2: they'd call people's schedule appointment, we had a presentation, we 128 00:05:59,040 --> 00:06:01,920 Speaker 2: sell a membership, two membership, the gym would service somebody. 129 00:06:01,920 --> 00:06:04,640 Speaker 2: It was a two year contract and basically I did 130 00:06:04,640 --> 00:06:08,000 Speaker 2: it in thirty states and then five different countries, Australia 131 00:06:08,000 --> 00:06:11,279 Speaker 2: and New Zealand, England, the Scotland. That was my sales 132 00:06:11,279 --> 00:06:13,080 Speaker 2: and marketing experience. So we'd open up an office and 133 00:06:13,120 --> 00:06:15,120 Speaker 2: close it down in thirty to forty five days. And 134 00:06:15,160 --> 00:06:17,000 Speaker 2: that taught me all the numbers, like what was the 135 00:06:17,040 --> 00:06:19,960 Speaker 2: cost per lead? What was the projections? And that's how 136 00:06:20,000 --> 00:06:22,360 Speaker 2: I learned my fills and marketing experience. And I don't 137 00:06:22,400 --> 00:06:24,360 Speaker 2: know if college teaches that kind of thing. 138 00:06:25,160 --> 00:06:27,760 Speaker 3: And when you were doing all that, what did you 139 00:06:27,760 --> 00:06:28,760 Speaker 3: imagine your future? 140 00:06:29,000 --> 00:06:32,040 Speaker 2: Was? Well a book in my growing as a businessman 141 00:06:32,200 --> 00:06:34,280 Speaker 2: was Antony. I was awakening a giant within. That was 142 00:06:34,279 --> 00:06:36,240 Speaker 2: the first time I was like, Wow, you control your 143 00:06:36,279 --> 00:06:38,920 Speaker 2: brain and I could do whatever I want and I 144 00:06:38,960 --> 00:06:40,840 Speaker 2: could do whatever I focus on. So that book was 145 00:06:40,839 --> 00:06:43,440 Speaker 2: the first thing that I started believing on myself. And 146 00:06:43,440 --> 00:06:46,000 Speaker 2: then once I started doing sales, I put those things together. 147 00:06:46,040 --> 00:06:47,960 Speaker 2: So if you know how to do cells and you 148 00:06:47,960 --> 00:06:50,200 Speaker 2: can control your brain and you could go whichever direction 149 00:06:50,279 --> 00:06:53,080 Speaker 2: you want, then that's magic. So at that time I 150 00:06:53,120 --> 00:06:55,520 Speaker 2: was like, whoa, I'm going to be a billionaire. I 151 00:06:55,560 --> 00:06:58,200 Speaker 2: figured out to formulaze. Have to work hard, figure out 152 00:06:58,279 --> 00:07:00,960 Speaker 2: a system and duplicate it kind of what we did. 153 00:07:01,440 --> 00:07:04,719 Speaker 3: Here. You are a young kid trying to help your family, 154 00:07:05,360 --> 00:07:08,280 Speaker 3: worried about you know, your day to day living. How 155 00:07:08,320 --> 00:07:11,360 Speaker 3: did you discover Tony Robbins? How did that book land 156 00:07:11,400 --> 00:07:11,760 Speaker 3: on you? 157 00:07:12,040 --> 00:07:14,040 Speaker 2: Again? I hade a lot of credit to my brother Oliver. 158 00:07:14,160 --> 00:07:16,440 Speaker 2: He was an entrepreneur all his life and I'm like, even 159 00:07:16,440 --> 00:07:19,040 Speaker 2: doing the avon ceales and door to door candy, I 160 00:07:19,280 --> 00:07:21,000 Speaker 2: never done anything like that. And so he's like three 161 00:07:21,040 --> 00:07:23,360 Speaker 2: years older than me. So he suggested I read that book. 162 00:07:23,720 --> 00:07:25,720 Speaker 2: And once I read that book, it's a heavy duty book. 163 00:07:25,720 --> 00:07:28,480 Speaker 2: I highly suggest it to people. If you do that book, 164 00:07:28,520 --> 00:07:30,400 Speaker 2: it will change your life. And also not just do 165 00:07:30,440 --> 00:07:32,960 Speaker 2: the book, but do the exercises in it. Sometimes people 166 00:07:32,960 --> 00:07:35,440 Speaker 2: do books and read them and they don't actually apply it, 167 00:07:35,640 --> 00:07:37,240 Speaker 2: and in that case, it's not going to work. I 168 00:07:37,280 --> 00:07:39,600 Speaker 2: remember one of my first first class flights of my 169 00:07:39,680 --> 00:07:41,920 Speaker 2: life when I was young. I must have spend twenty 170 00:07:42,040 --> 00:07:44,360 Speaker 2: years old or twenty one years old, and this guy 171 00:07:44,440 --> 00:07:46,480 Speaker 2: is like asking, does that book really work? And I'm 172 00:07:46,480 --> 00:07:48,680 Speaker 2: like thinking enough for you, I mean, because already you're 173 00:07:48,680 --> 00:07:50,480 Speaker 2: thinking it's not going to work, and for me it 174 00:07:50,600 --> 00:07:51,600 Speaker 2: worked really well. 175 00:07:52,040 --> 00:07:56,080 Speaker 3: So how to growing up without much shape you? What 176 00:07:56,160 --> 00:07:57,560 Speaker 3: are the lessons you took from that? 177 00:07:58,120 --> 00:08:01,280 Speaker 2: It made me appreciate money and look at very differently. 178 00:08:01,520 --> 00:08:03,720 Speaker 2: I'm not a big I mean probably for average person, 179 00:08:03,760 --> 00:08:06,280 Speaker 2: I guess I'm a big spender, but not necessarily scorging. 180 00:08:06,320 --> 00:08:09,360 Speaker 2: I really respect money, and I really look at the 181 00:08:09,480 --> 00:08:12,040 Speaker 2: bottom line. What's my cost per lead, what's her profit margin? 182 00:08:12,320 --> 00:08:14,600 Speaker 2: I really focus on a profit margin. A lot of companies, 183 00:08:14,840 --> 00:08:16,600 Speaker 2: you know, one of these questions like would you rather 184 00:08:16,640 --> 00:08:20,840 Speaker 2: have five hundred million dollar business doing ten percent or 185 00:08:20,960 --> 00:08:24,160 Speaker 2: one hundred million dollars business doing fifty percent margins? You know, 186 00:08:24,200 --> 00:08:26,720 Speaker 2: I've picked a small one, less risk, higher margins, and 187 00:08:26,800 --> 00:08:28,520 Speaker 2: you can scale that better. And I've seen a lot 188 00:08:28,520 --> 00:08:30,880 Speaker 2: of companies too that raise money, they don't really look 189 00:08:30,880 --> 00:08:33,400 Speaker 2: at that bottom line still carefully, especially when you're working 190 00:08:33,400 --> 00:08:35,320 Speaker 2: with other people's money, and that we've bootstrapped the whole 191 00:08:35,360 --> 00:08:37,920 Speaker 2: thing the whole time. We've never borrowed a dying from anyone, 192 00:08:38,160 --> 00:08:40,320 Speaker 2: so it's always been something that I've hired to myself, 193 00:08:40,360 --> 00:08:42,280 Speaker 2: is really focused on those profit margins. And maybe it 194 00:08:42,280 --> 00:08:44,480 Speaker 2: would have been bigger though if we borrowed money. I've 195 00:08:44,480 --> 00:08:46,000 Speaker 2: seen a lot of companies that have done that and 196 00:08:46,040 --> 00:08:48,480 Speaker 2: done really well. But I think being brought up a 197 00:08:48,480 --> 00:08:51,280 Speaker 2: little bit more humbly. You know, I have no debt, 198 00:08:51,480 --> 00:08:53,120 Speaker 2: making sure that our books are really clean. On our 199 00:08:53,120 --> 00:08:55,640 Speaker 2: balance she's really clean. I'm a little bit risk adverse, 200 00:08:55,679 --> 00:08:57,559 Speaker 2: so I don't know if that's a positive or negative. 201 00:08:58,600 --> 00:09:02,280 Speaker 3: You know, it's interesting body's life. I talked to who's 202 00:09:02,280 --> 00:09:07,400 Speaker 3: had success. There's one sort of improbable jump. It's the 203 00:09:07,480 --> 00:09:10,000 Speaker 3: big jump. And I know you were talking about some 204 00:09:10,000 --> 00:09:11,880 Speaker 3: of the sales jobs you had. I knew you did 205 00:09:11,960 --> 00:09:16,240 Speaker 3: yard work, you did janitorial work, and suddenly you get 206 00:09:16,320 --> 00:09:18,640 Speaker 3: into mortgages. How did that happen? 207 00:09:19,200 --> 00:09:21,800 Speaker 2: So that was a big jump because I was marketing. 208 00:09:21,840 --> 00:09:25,000 Speaker 2: I was just finishing up a promotion in Glasgow in Scotland. 209 00:09:25,000 --> 00:09:26,599 Speaker 2: But I was a little burnt out. It must have 210 00:09:26,640 --> 00:09:29,960 Speaker 2: been eighteen nineteen years old, maybe nineteen twenty. But I 211 00:09:30,000 --> 00:09:31,960 Speaker 2: had like fifteen thousand dollars saved up in the bank. 212 00:09:32,000 --> 00:09:34,080 Speaker 2: And I'm like, well, I'm rich. I'm going to go 213 00:09:34,080 --> 00:09:36,240 Speaker 2: to La or New York. I fear out my life 214 00:09:36,280 --> 00:09:37,880 Speaker 2: and see what I'm going to do next. But my 215 00:09:37,920 --> 00:09:41,000 Speaker 2: brother picked me up at the airport and he's like, hey, 216 00:09:41,040 --> 00:09:43,040 Speaker 2: I got your job. You start on Monday at this 217 00:09:43,080 --> 00:09:45,600 Speaker 2: mortgage company. And I'm like, mortgages. I don't know anthy 218 00:09:45,600 --> 00:09:48,480 Speaker 2: about mortgages. I want to go explore. I'm young. I 219 00:09:48,480 --> 00:09:49,959 Speaker 2: want to go figure something out to have money in 220 00:09:50,000 --> 00:09:52,000 Speaker 2: the bank. He's like, no, I put my neck out 221 00:09:52,040 --> 00:09:53,840 Speaker 2: for you. You got to start here. I started out 222 00:09:53,880 --> 00:09:55,680 Speaker 2: on Monday, and there was this company doing one twenty 223 00:09:55,679 --> 00:09:57,920 Speaker 2: five mortgages back in the day, those twenty five percent 224 00:09:57,960 --> 00:10:00,840 Speaker 2: overap reveals, which was part of the Ridge Melton or 225 00:10:00,880 --> 00:10:03,000 Speaker 2: part of the reason they say this company was only 226 00:10:03,040 --> 00:10:05,400 Speaker 2: doing these postcards. That was the only type of advertising 227 00:10:05,400 --> 00:10:08,760 Speaker 2: they were doing. So I go from doing radio, telemarketing 228 00:10:08,880 --> 00:10:10,880 Speaker 2: and all these other phones. I pitched to your CEO 229 00:10:10,920 --> 00:10:13,080 Speaker 2: and I go, hey, I learned all these marketing techniques. 230 00:10:13,080 --> 00:10:14,960 Speaker 2: Will you pay me sixty thousand dollars a year, let 231 00:10:15,040 --> 00:10:16,960 Speaker 2: me run your call center, let me do all this. 232 00:10:17,200 --> 00:10:19,920 Speaker 2: He agreed, and it worked really well. That was an 233 00:10:19,920 --> 00:10:23,400 Speaker 2: average of four to five thousand dollars per client at 234 00:10:23,400 --> 00:10:26,280 Speaker 2: the time, which coming from a world of nineteen dollars 235 00:10:26,360 --> 00:10:29,200 Speaker 2: a month for two year contracts. I'm like, whoa. So 236 00:10:29,400 --> 00:10:31,640 Speaker 2: we put the same exact techniques that we did marketing 237 00:10:31,640 --> 00:10:33,599 Speaker 2: health and fitness clubs and the mortgages. You need a 238 00:10:33,640 --> 00:10:35,440 Speaker 2: lot less customers. And that was kind of the you know, 239 00:10:35,440 --> 00:10:37,760 Speaker 2: we're doing the math and I used love Excel and 240 00:10:37,960 --> 00:10:40,120 Speaker 2: you plug in some numbers and very quickly you're like, wow, 241 00:10:40,160 --> 00:10:42,440 Speaker 2: this is a this is an incredible business. 242 00:10:42,440 --> 00:10:45,160 Speaker 3: You started there. How did you go from working for 243 00:10:45,280 --> 00:10:48,719 Speaker 3: somebody in mortgages to your own company? I guess the 244 00:10:49,080 --> 00:10:51,880 Speaker 3: word is you used five thousand dollars to startup capital 245 00:10:51,920 --> 00:10:52,679 Speaker 3: to get it started. 246 00:10:53,120 --> 00:10:55,120 Speaker 2: So that company I mentioned that was the one doing 247 00:10:55,120 --> 00:10:57,240 Speaker 2: a one twenty five, they ended up going out of business. 248 00:10:57,640 --> 00:10:59,560 Speaker 2: Wall Street stopped buying that paper, so it put us 249 00:10:59,600 --> 00:11:01,280 Speaker 2: in steach o like we needed to figure out what 250 00:11:01,320 --> 00:11:03,800 Speaker 2: to do. So we went on our own and back 251 00:11:03,840 --> 00:11:05,720 Speaker 2: then we started as a broker, which means, you know, 252 00:11:05,800 --> 00:11:08,840 Speaker 2: you close under somebody else's name, kind of by necessity, 253 00:11:08,840 --> 00:11:11,360 Speaker 2: and what we learned we put into effect, and then 254 00:11:11,400 --> 00:11:14,600 Speaker 2: slowly they're started building our reputation, our repertoire as far 255 00:11:14,640 --> 00:11:17,199 Speaker 2: as becoming a banker and then hedging loans and things 256 00:11:17,280 --> 00:11:19,440 Speaker 2: that nature and getting more sophisticated with it, which we 257 00:11:19,520 --> 00:11:22,080 Speaker 2: kind of wanted to do. Anyways, by the company closing down, 258 00:11:22,200 --> 00:11:24,600 Speaker 2: I don't mind working out a company, And I think 259 00:11:24,600 --> 00:11:27,240 Speaker 2: this is something I tell people because nowadays everybody wants 260 00:11:27,280 --> 00:11:29,520 Speaker 2: to be then entrepreneur, but obviously there's a high failure 261 00:11:29,640 --> 00:11:31,880 Speaker 2: rate of that. If you find the right company that 262 00:11:31,920 --> 00:11:34,600 Speaker 2: you could work at and help that company become bigger 263 00:11:34,600 --> 00:11:38,280 Speaker 2: and better. You're probably better off in some cases, at 264 00:11:38,360 --> 00:11:40,959 Speaker 2: least for many years than that extra risk that was 265 00:11:41,000 --> 00:11:43,320 Speaker 2: a necessity. But I really enjoy building companies. It's one 266 00:11:43,320 --> 00:11:44,360 Speaker 2: of my favorite things to do. 267 00:11:44,920 --> 00:11:50,040 Speaker 3: You started local and you moved national? Why and how? 268 00:11:50,720 --> 00:11:53,319 Speaker 2: Yeah, local is when you first started any business. Local 269 00:11:53,440 --> 00:11:55,320 Speaker 2: is the best way, you know, start leaning me or 270 00:11:55,400 --> 00:11:56,800 Speaker 2: you know, if you could go get money. A lot 271 00:11:56,840 --> 00:11:59,080 Speaker 2: of people go and raise money. That's also a great approach. 272 00:11:59,120 --> 00:12:01,280 Speaker 2: But I think if you start local and you figure 273 00:12:01,280 --> 00:12:03,440 Speaker 2: out your market and you figure out how to scale 274 00:12:03,440 --> 00:12:06,080 Speaker 2: that it takes a lot of risk from going national. 275 00:12:06,200 --> 00:12:08,640 Speaker 2: So for us in our industry is very it wasn't 276 00:12:08,679 --> 00:12:10,640 Speaker 2: back then, but it's very regulated. Though. You have to 277 00:12:10,640 --> 00:12:12,800 Speaker 2: get a Colorado license in this case, and then you 278 00:12:12,840 --> 00:12:15,160 Speaker 2: have to get another license. But national is the only 279 00:12:15,160 --> 00:12:17,560 Speaker 2: way to go. I mean America, where obviously is from 280 00:12:17,559 --> 00:12:19,640 Speaker 2: my opinion on an entrepreneur basis the best country in 281 00:12:19,640 --> 00:12:22,160 Speaker 2: the world. And if it works in Colorado, it'll work 282 00:12:22,160 --> 00:12:24,520 Speaker 2: in California. It works in California, it's gonna work in Florida. 283 00:12:24,880 --> 00:12:27,200 Speaker 2: So scaling, I mean, every market's different, so you have 284 00:12:27,240 --> 00:12:29,839 Speaker 2: to adapt to each market. But by being able to 285 00:12:29,880 --> 00:12:32,120 Speaker 2: do successfully in one you know, you hit the whole country, 286 00:12:32,320 --> 00:12:33,640 Speaker 2: but you have to be set up for that, and 287 00:12:33,679 --> 00:12:34,560 Speaker 2: that's a different animal. 288 00:12:35,480 --> 00:12:37,520 Speaker 3: So I got to know you because you were such 289 00:12:37,559 --> 00:12:40,360 Speaker 3: a big user of radio to build your business. How 290 00:12:40,400 --> 00:12:43,480 Speaker 3: did you discover the power of radio and give us 291 00:12:43,480 --> 00:12:45,319 Speaker 3: a clue about how you use it? 292 00:12:45,920 --> 00:12:49,560 Speaker 2: What was crazy? When we first started our company, we 293 00:12:49,679 --> 00:12:51,680 Speaker 2: used to do outbound tall marketing because that's the world 294 00:12:51,760 --> 00:12:53,320 Speaker 2: I came from. So I know how to set up 295 00:12:53,360 --> 00:12:56,120 Speaker 2: call centers and that world is really good. But I've 296 00:12:56,120 --> 00:12:58,720 Speaker 2: never as a consumer. I hate getting tallmarketing calls right 297 00:12:58,760 --> 00:13:01,200 Speaker 2: as I'm sure we all do. So I didn't love 298 00:13:01,400 --> 00:13:04,520 Speaker 2: doing that because this used a tough business on your employees, 299 00:13:04,559 --> 00:13:06,400 Speaker 2: and also customers don't like that, and it's kind of 300 00:13:06,440 --> 00:13:08,880 Speaker 2: a forceful sell. I don't like high pressure cells. Call 301 00:13:08,920 --> 00:13:11,840 Speaker 2: turners are very hig pressure. Especially abound telemarkets is high pressure. 302 00:13:11,920 --> 00:13:14,760 Speaker 2: So my old mentor, actually his name is Dave Simpson. 303 00:13:14,840 --> 00:13:17,400 Speaker 2: He used to work at the National Finish Corporation. I 304 00:13:17,440 --> 00:13:19,440 Speaker 2: called him and I was like, looking for marketing ideas, 305 00:13:19,440 --> 00:13:21,880 Speaker 2: and he goes, you know what could be interesting is radio? 306 00:13:21,960 --> 00:13:24,040 Speaker 2: I go, really, I don't know. He goes, I found 307 00:13:24,040 --> 00:13:26,319 Speaker 2: this guy in Denver. His name is Mike Rosen and 308 00:13:26,400 --> 00:13:29,360 Speaker 2: he's on a fifty KOA. They just lost one of 309 00:13:29,360 --> 00:13:31,600 Speaker 2: their companies, so they have a slot for a financial 310 00:13:31,640 --> 00:13:33,960 Speaker 2: company and do you want it? And I'm like, well, 311 00:13:34,120 --> 00:13:36,040 Speaker 2: how much is it? He's like three hundred and fifty 312 00:13:36,080 --> 00:13:38,560 Speaker 2: dollars for a sixty second spot. I'm like what that 313 00:13:38,679 --> 00:13:41,079 Speaker 2: is so expensive? And I couldn't believe the cost at 314 00:13:41,080 --> 00:13:43,400 Speaker 2: the time. Back then, I was paying the tall markets 315 00:13:43,440 --> 00:13:45,600 Speaker 2: ten dollars an hour, so I'm like, that's thirty five 316 00:13:45,720 --> 00:13:48,440 Speaker 2: hours for a week. Let's say call it day generated 317 00:13:48,520 --> 00:13:51,280 Speaker 2: twenty leads. So I'm like, well, is this radio spot 318 00:13:51,280 --> 00:13:54,440 Speaker 2: going to generate me twenty leads? And what it did 319 00:13:54,640 --> 00:13:58,120 Speaker 2: was it generated maybe, I don't know, somewhere around five 320 00:13:58,240 --> 00:14:00,400 Speaker 2: or six. And I was like, oh, that's not that great. 321 00:14:00,400 --> 00:14:03,080 Speaker 2: But then after we saw our conversion ratios and the 322 00:14:03,120 --> 00:14:05,800 Speaker 2: loan amounts. Once we saw the numbers, we literally switched 323 00:14:05,800 --> 00:14:08,920 Speaker 2: from outbound tell marketing to inbound call center in one 324 00:14:09,040 --> 00:14:11,199 Speaker 2: month and got rid of all the call center activities 325 00:14:11,400 --> 00:14:13,360 Speaker 2: and we just went straight to radio and we just 326 00:14:13,360 --> 00:14:15,840 Speaker 2: did the math reverse engineered it. It was an amazing 327 00:14:15,880 --> 00:14:18,199 Speaker 2: experience because I didn't think that was going to work 328 00:14:18,200 --> 00:14:20,200 Speaker 2: that well, and the loan amounts were better, the quality 329 00:14:20,280 --> 00:14:22,720 Speaker 2: was better, and especially with micros AND's endorsement. 330 00:14:23,320 --> 00:14:26,200 Speaker 3: So what did marketers not understand about radio? 331 00:14:26,760 --> 00:14:29,800 Speaker 2: I think from my experience and talking to a lot 332 00:14:29,840 --> 00:14:32,640 Speaker 2: of people, you'll do a two or three month program 333 00:14:33,000 --> 00:14:35,920 Speaker 2: instead of like doing annually. I think the consistency of 334 00:14:35,960 --> 00:14:38,360 Speaker 2: being out every day, I think is really important. Which 335 00:14:38,360 --> 00:14:40,120 Speaker 2: I don't think a lot of marketers understand that. 336 00:14:40,800 --> 00:14:44,000 Speaker 3: You don't build a business like you did without great management. 337 00:14:44,400 --> 00:14:47,960 Speaker 3: What are your core beliefs about running a great company? 338 00:14:48,280 --> 00:14:51,440 Speaker 2: Now? Have the right people is essential, and sometimes you 339 00:14:51,520 --> 00:14:53,680 Speaker 2: outgrow them and you have to maybe either replace them 340 00:14:53,800 --> 00:14:56,400 Speaker 2: or demote them, or sometimes it can be promoted. But 341 00:14:56,520 --> 00:14:58,360 Speaker 2: it's all about the team. I mean, a business to 342 00:14:58,400 --> 00:15:00,480 Speaker 2: me is nothing but having the right team. If you 343 00:15:00,480 --> 00:15:02,920 Speaker 2: don't have that, you can't grow a business. I've heard 344 00:15:02,920 --> 00:15:05,000 Speaker 2: these companies where they go, you know, we don't even 345 00:15:05,040 --> 00:15:07,120 Speaker 2: do any marketing, and all I hear is like, wow, 346 00:15:07,160 --> 00:15:09,560 Speaker 2: you're staying small, and I imagine that you're doing most 347 00:15:09,560 --> 00:15:12,280 Speaker 2: of the work. And I think, to build a great business, 348 00:15:12,360 --> 00:15:14,480 Speaker 2: and you know there's small business that aren't great, but 349 00:15:14,800 --> 00:15:17,440 Speaker 2: if you really want to grow it, you have to 350 00:15:17,800 --> 00:15:19,200 Speaker 2: hire a team. I mean you have to be able 351 00:15:19,200 --> 00:15:21,160 Speaker 2: to trust those teams. And a lot of times my 352 00:15:21,280 --> 00:15:24,320 Speaker 2: salespeople or my mortgage consultants are they could do it 353 00:15:24,400 --> 00:15:26,720 Speaker 2: much better than I could, and I'm much I rather that, 354 00:15:26,800 --> 00:15:28,880 Speaker 2: you know, I haven't done it in many years. Customer 355 00:15:28,920 --> 00:15:31,560 Speaker 2: service is our main focus. Always do what's right for 356 00:15:31,600 --> 00:15:33,880 Speaker 2: the customer. The team second, because if you don't have 357 00:15:33,920 --> 00:15:35,160 Speaker 2: the customers, you don't have a team. 358 00:15:35,880 --> 00:15:38,840 Speaker 3: So the corollary with this talk a little bit about 359 00:15:38,960 --> 00:15:41,800 Speaker 3: company culture. What does it do for you? How do 360 00:15:41,840 --> 00:15:43,360 Speaker 3: you build it, how do you use it? 361 00:15:43,960 --> 00:15:46,120 Speaker 2: Yeah, I think culture is very important. I read a 362 00:15:46,160 --> 00:15:48,200 Speaker 2: lot of books, and I still read a lot of books. 363 00:15:48,800 --> 00:15:51,520 Speaker 2: One of the companies I really Enmires virgin The culture 364 00:15:51,560 --> 00:15:54,000 Speaker 2: is extremely strong, and I read his books and I 365 00:15:54,080 --> 00:15:55,840 Speaker 2: learned how he did it, and then I put my 366 00:15:55,880 --> 00:15:59,040 Speaker 2: own little magic into it. Zappo's is a great company. 367 00:15:59,160 --> 00:16:00,880 Speaker 2: You know. I've taken my manage been teamed there three 368 00:16:00,920 --> 00:16:03,320 Speaker 2: times to go see how they do it. They show 369 00:16:03,360 --> 00:16:05,040 Speaker 2: you around how it works, and they've been voted one 370 00:16:05,040 --> 00:16:07,480 Speaker 2: of the best companies work for nationally many years in 371 00:16:07,520 --> 00:16:09,880 Speaker 2: a row. I've met Tony Heish and he has a 372 00:16:09,880 --> 00:16:12,880 Speaker 2: book called delivering happiness. I think learning from what a 373 00:16:12,920 --> 00:16:15,320 Speaker 2: lot of companies do and implementing it for your own 374 00:16:15,360 --> 00:16:18,200 Speaker 2: company is very important. But it's everything. It's you know, 375 00:16:18,320 --> 00:16:20,800 Speaker 2: you're spending more time with your coworkers sometimes and your 376 00:16:20,840 --> 00:16:23,680 Speaker 2: own family. So I want people to want to come 377 00:16:23,840 --> 00:16:26,440 Speaker 2: in and work. You know, with this new COVID and 378 00:16:26,600 --> 00:16:28,840 Speaker 2: this hybrid model, we're doing three days a week at 379 00:16:28,880 --> 00:16:31,040 Speaker 2: the office, we were less than that. I prefer being 380 00:16:31,040 --> 00:16:33,360 Speaker 2: in the office all the time, but I do believe 381 00:16:33,360 --> 00:16:35,960 Speaker 2: a lot of work life balance. But I think having 382 00:16:36,200 --> 00:16:38,720 Speaker 2: people wanting to come in to do the work rather 383 00:16:38,760 --> 00:16:41,080 Speaker 2: than you know, when we first started the business in 384 00:16:41,160 --> 00:16:43,680 Speaker 2: ninety nine, if somebody was late, I'd be watching that, 385 00:16:44,000 --> 00:16:45,880 Speaker 2: and I was a little bit too strict, and I 386 00:16:45,920 --> 00:16:48,240 Speaker 2: think that was old school culture. Were now like, you 387 00:16:48,280 --> 00:16:50,520 Speaker 2: show up half an hour late, hour late, just work 388 00:16:50,600 --> 00:16:52,640 Speaker 2: the extra hour, just somehow make it up, and as 389 00:16:52,640 --> 00:16:55,320 Speaker 2: long as you're in your numbers, we're good. Those are 390 00:16:55,400 --> 00:16:57,200 Speaker 2: the things that I think are really important to give. 391 00:16:57,400 --> 00:17:00,720 Speaker 2: The teams nowadays expect to have both life balance, and 392 00:17:00,720 --> 00:17:02,800 Speaker 2: I agree with that, but also very much into the 393 00:17:02,840 --> 00:17:05,119 Speaker 2: customer service and hitting your numbers. We don't have good 394 00:17:05,119 --> 00:17:06,760 Speaker 2: customer service if you're not hitting your numbers, you're going 395 00:17:06,800 --> 00:17:07,560 Speaker 2: to go out of business. 396 00:17:08,000 --> 00:17:11,800 Speaker 3: So you've hired great people. How do you look for people? 397 00:17:11,960 --> 00:17:15,600 Speaker 3: In any words of wisdom on the interview process. 398 00:17:15,160 --> 00:17:18,520 Speaker 2: I really focused on people that are hungry. I love experience, 399 00:17:18,760 --> 00:17:20,399 Speaker 2: but if you have a great experience but you have 400 00:17:20,480 --> 00:17:22,800 Speaker 2: bad attitude, it's not the right fit. If somebody is 401 00:17:22,840 --> 00:17:25,919 Speaker 2: negative and it's not looking for a solution based you know, 402 00:17:26,040 --> 00:17:28,080 Speaker 2: I've had people that complain, but you know, what's the solution? 403 00:17:28,200 --> 00:17:29,720 Speaker 2: How do we fix it? And do you want to 404 00:17:29,720 --> 00:17:31,119 Speaker 2: be part of the solution. If you just want to 405 00:17:31,160 --> 00:17:34,639 Speaker 2: complain and not help solve the problem, that's that's a 406 00:17:34,680 --> 00:17:37,320 Speaker 2: real problem. So I think in life, in personal relationships 407 00:17:37,320 --> 00:17:39,320 Speaker 2: and in business relationships, you always have to be focused 408 00:17:39,359 --> 00:17:42,160 Speaker 2: on how to fix every single problem. And we find 409 00:17:42,160 --> 00:17:45,440 Speaker 2: people all over the place, indeed online people that leave 410 00:17:45,520 --> 00:17:48,119 Speaker 2: end up coming back to American Financing. We really pride 411 00:17:48,119 --> 00:17:49,840 Speaker 2: ourselves in that we've been voted one of the best 412 00:17:49,840 --> 00:17:52,440 Speaker 2: places to work in Colorado many years in a row. 413 00:17:52,600 --> 00:17:54,960 Speaker 2: And it's our goal to want people that want to 414 00:17:54,960 --> 00:17:56,720 Speaker 2: be there. And then you know, if somebody doesn't want 415 00:17:56,720 --> 00:17:58,560 Speaker 2: to be there, hey, let's talk about it. Part as friends, 416 00:17:58,600 --> 00:18:00,520 Speaker 2: because we don't know what's your future looks like, and 417 00:18:00,520 --> 00:18:02,280 Speaker 2: maybe you want to be back, maybe you don't, but 418 00:18:02,359 --> 00:18:04,639 Speaker 2: we always want to have a really good relationship with 419 00:18:04,720 --> 00:18:06,520 Speaker 2: people that are there or that are no longer there. 420 00:18:09,000 --> 00:18:11,360 Speaker 3: More of Math and Magic right after this quick break. 421 00:18:16,760 --> 00:18:19,360 Speaker 3: Welcome back to Math and Magic. Let's hear more from 422 00:18:19,400 --> 00:18:24,080 Speaker 3: my conversation with Damian Maldonado. You built an amazing business, 423 00:18:24,240 --> 00:18:26,920 Speaker 3: but there were certainly big bumps in the road along 424 00:18:26,960 --> 00:18:29,359 Speaker 3: the way. The recent high interest rates, i know, had 425 00:18:29,400 --> 00:18:32,199 Speaker 3: a huge negative impact on the mortgage business in general. 426 00:18:32,440 --> 00:18:36,040 Speaker 3: How did you navigate that adversity and how do you 427 00:18:36,320 --> 00:18:37,960 Speaker 3: navigate all those mumps in the road. 428 00:18:38,400 --> 00:18:41,199 Speaker 2: Yeah, that was extremely challenging. I mean the whole industry 429 00:18:41,240 --> 00:18:44,360 Speaker 2: as a whole when rates went up historic speed, it's 430 00:18:44,400 --> 00:18:47,399 Speaker 2: never happened before. Went from you know, three percent all 431 00:18:47,440 --> 00:18:50,520 Speaker 2: the way to seven and seven plus even eight percent, 432 00:18:50,640 --> 00:18:53,920 Speaker 2: So the whole market fell ninety percent. So we had 433 00:18:53,960 --> 00:18:56,440 Speaker 2: to do layoffs about ninety percent of our people, which 434 00:18:56,520 --> 00:18:59,400 Speaker 2: was really devastating people that have been working there for 435 00:18:59,560 --> 00:19:02,840 Speaker 2: over ten years and even longer. It was very, very tough. 436 00:19:02,960 --> 00:19:05,960 Speaker 2: But if you don't survive, then the whole company goes out. 437 00:19:05,960 --> 00:19:08,480 Speaker 2: Of business. So when you get into that mode, which 438 00:19:08,560 --> 00:19:10,359 Speaker 2: I hate to say it is kind of survival mode, 439 00:19:10,600 --> 00:19:13,040 Speaker 2: and I think, you know, mentally, it's really draining because 440 00:19:13,080 --> 00:19:16,480 Speaker 2: you have to keep yourself going while you're doing these layoffs, 441 00:19:16,520 --> 00:19:18,679 Speaker 2: and so it was it was a challenge. But then 442 00:19:18,720 --> 00:19:20,879 Speaker 2: we focused on our numbers, and before we did that, 443 00:19:20,920 --> 00:19:22,600 Speaker 2: we tried to put the pedal on the gas and 444 00:19:22,760 --> 00:19:24,240 Speaker 2: try to market and do all the things that we 445 00:19:24,320 --> 00:19:26,280 Speaker 2: know how to do, and that didn't work, so we 446 00:19:26,359 --> 00:19:28,320 Speaker 2: ended up taking some pretty big losses the last couple 447 00:19:28,320 --> 00:19:30,840 Speaker 2: of years. It was really challenging, but you know, focusing 448 00:19:30,880 --> 00:19:33,080 Speaker 2: on writing out the storms sort of speak is what 449 00:19:33,119 --> 00:19:35,760 Speaker 2: we did. And now rates recently gone down, so we're 450 00:19:35,800 --> 00:19:37,800 Speaker 2: back to hiring mode. A lot of the people that 451 00:19:37,840 --> 00:19:40,560 Speaker 2: were there before are coming back, which is bringing a 452 00:19:40,560 --> 00:19:42,800 Speaker 2: lot of great energy. They're excited to be there. The 453 00:19:42,840 --> 00:19:44,800 Speaker 2: team that was there already is like, we're getting back 454 00:19:44,840 --> 00:19:46,760 Speaker 2: to we call it AFC two point zero. 455 00:19:47,119 --> 00:19:49,960 Speaker 3: We were talking about your moved Puerto Rico. It's got 456 00:19:50,000 --> 00:19:53,840 Speaker 3: great weather, terrific tax benefits, but I doubt that's why 457 00:19:53,880 --> 00:19:55,480 Speaker 3: you moved. What was your motivation? 458 00:19:55,880 --> 00:19:58,960 Speaker 2: So I moved to Puerto Rico for kite Turfin, so 459 00:19:59,520 --> 00:20:01,560 Speaker 2: where it goes very windy. Ten months are the year 460 00:20:01,880 --> 00:20:05,560 Speaker 2: is wendy, so perfect conditions for kitesurfing. And that was 461 00:20:05,600 --> 00:20:07,320 Speaker 2: the goal, is the kite surfing. As a matter of fact, 462 00:20:07,400 --> 00:20:10,080 Speaker 2: I didn't move here for taxis at all. After you know, 463 00:20:10,160 --> 00:20:12,600 Speaker 2: talking to all my friends and everybody's talking about it, 464 00:20:12,640 --> 00:20:14,679 Speaker 2: I ended up going that route, but it was a 465 00:20:14,720 --> 00:20:16,800 Speaker 2: year and a half after I got here. It's two 466 00:20:16,840 --> 00:20:19,240 Speaker 2: and a half three hour flight to Miami, so it's 467 00:20:19,280 --> 00:20:21,280 Speaker 2: still close, and we got direct flights there everywhere. And 468 00:20:21,320 --> 00:20:23,439 Speaker 2: the culture is very nice. I mean, the people are nice, 469 00:20:23,640 --> 00:20:25,440 Speaker 2: they want to get to know you. It's a really 470 00:20:25,760 --> 00:20:28,000 Speaker 2: great place to live. But I came for that. And 471 00:20:28,040 --> 00:20:30,520 Speaker 2: now we're building businesses here and we're starting to do 472 00:20:30,600 --> 00:20:33,200 Speaker 2: some of our mortgage operations here. We're building quite a 473 00:20:33,200 --> 00:20:35,600 Speaker 2: few different things here. It's a great place to be. 474 00:20:36,200 --> 00:20:39,240 Speaker 3: I gotta sort of taken a side here. What got 475 00:20:39,280 --> 00:20:41,200 Speaker 3: you so interested in kite surfing? 476 00:20:41,480 --> 00:20:44,240 Speaker 2: Well, I was in a well actually two thousand and eight, 477 00:20:44,600 --> 00:20:47,600 Speaker 2: me and my kid's mom. We're not one no longer together, 478 00:20:47,640 --> 00:20:51,520 Speaker 2: but we ended up getting the second home in Miami. 479 00:20:52,000 --> 00:20:54,080 Speaker 2: I'm in the voting Palace over there. In twenty third 480 00:20:54,119 --> 00:20:56,200 Speaker 2: in Collins and I'm looking out the back and I 481 00:20:56,600 --> 00:20:58,280 Speaker 2: see some of that kitesurf from the beach and I'm like, 482 00:20:58,320 --> 00:20:59,679 Speaker 2: what is that? And that was the first time I 483 00:20:59,680 --> 00:21:02,200 Speaker 2: saw it, But then once I started kiding, and it's 484 00:21:02,280 --> 00:21:04,520 Speaker 2: just it's very meditative. You could, you know, fie on 485 00:21:04,600 --> 00:21:07,520 Speaker 2: the water, you could do amazing tricks, you could jump 486 00:21:07,560 --> 00:21:09,760 Speaker 2: really high. It's a great sport. You could really clear 487 00:21:09,840 --> 00:21:11,880 Speaker 2: your brain. And I highly recommend it for anybody that's 488 00:21:12,080 --> 00:21:15,439 Speaker 2: interested in any sport water sports, skiing, snowboarding. I love 489 00:21:15,480 --> 00:21:17,600 Speaker 2: sports in general, but doing kay surfings is a whole 490 00:21:17,600 --> 00:21:18,240 Speaker 2: different animal. 491 00:21:18,520 --> 00:21:21,480 Speaker 3: So your Puerto Rican background, that's clearly important to you. 492 00:21:22,119 --> 00:21:26,160 Speaker 3: How has that culture influenced your own company's culture management? 493 00:21:26,359 --> 00:21:29,159 Speaker 2: Well, Puerto Rico, so I've been back for six years. 494 00:21:29,320 --> 00:21:31,320 Speaker 2: I came here to open up kay surfing schools. We 495 00:21:31,400 --> 00:21:34,280 Speaker 2: bought a little boutique hotel, Nuna Uno. It's a little 496 00:21:34,280 --> 00:21:36,680 Speaker 2: bit challenging to do business in Puerto Rico, or very challenges, 497 00:21:36,800 --> 00:21:39,600 Speaker 2: very political, it's hard to get permits. We basically took 498 00:21:39,640 --> 00:21:41,760 Speaker 2: that same things that we learned from all the other 499 00:21:41,800 --> 00:21:44,919 Speaker 2: businesses and we put it here. So in restaurants, for instance, 500 00:21:44,960 --> 00:21:47,200 Speaker 2: you have a really good GM or a really good chef, 501 00:21:47,480 --> 00:21:48,840 Speaker 2: And in our case, we went up with a really 502 00:21:48,840 --> 00:21:51,119 Speaker 2: good GM to make sure that they're taking care of 503 00:21:51,119 --> 00:21:53,880 Speaker 2: the quality of the food. But same principles apply, having 504 00:21:53,880 --> 00:21:57,160 Speaker 2: a really good team, focusing on the customer service, and 505 00:21:57,200 --> 00:21:58,439 Speaker 2: adding a lot of value. 506 00:21:58,640 --> 00:22:02,520 Speaker 3: You're doing some TV movie, podcasts production. Tell us a 507 00:22:02,560 --> 00:22:03,320 Speaker 3: little bit about that. 508 00:22:03,800 --> 00:22:06,240 Speaker 2: So we're building a media company. So I've met quite 509 00:22:06,240 --> 00:22:08,760 Speaker 2: a few people doing movies here, like Malin Akerman, and 510 00:22:08,840 --> 00:22:10,720 Speaker 2: she did three movies while I was here, and I 511 00:22:10,840 --> 00:22:12,800 Speaker 2: learned about there's great tax credits for that. You have 512 00:22:12,880 --> 00:22:16,399 Speaker 2: forty percent tax credit if you're filling from out of state, 513 00:22:16,440 --> 00:22:19,240 Speaker 2: and then sixty percent of used Puerto Rican staff. That's 514 00:22:19,240 --> 00:22:21,520 Speaker 2: a great benefit in itself. Plus is a great place 515 00:22:21,560 --> 00:22:24,120 Speaker 2: to film. So the studios are going to be ready 516 00:22:24,160 --> 00:22:26,560 Speaker 2: for movies, projects that I think are cool that I 517 00:22:26,880 --> 00:22:28,879 Speaker 2: maybe want to invest in, maybe not, I don't know. 518 00:22:28,920 --> 00:22:31,960 Speaker 2: But we have space for about forty people in rooms 519 00:22:32,000 --> 00:22:33,760 Speaker 2: where they could just come with their team and film, 520 00:22:33,880 --> 00:22:37,160 Speaker 2: and then also podcasts. We love that space. We love radio, 521 00:22:37,200 --> 00:22:38,159 Speaker 2: We love podcasts. 522 00:22:38,280 --> 00:22:41,480 Speaker 3: You travel a lot. Why travel? What does it do 523 00:22:41,600 --> 00:22:42,240 Speaker 3: for you? 524 00:22:42,240 --> 00:22:44,120 Speaker 2: You know, traveling makes you look at the world with 525 00:22:44,280 --> 00:22:46,879 Speaker 2: a very different perspective. You know, I recently went to 526 00:22:46,920 --> 00:22:50,040 Speaker 2: India last year, and when you go to India, it 527 00:22:50,080 --> 00:22:53,560 Speaker 2: gives you a respect for the world, how the world lives, 528 00:22:53,760 --> 00:22:56,399 Speaker 2: and how lucky we are to be in America. But also, 529 00:22:56,520 --> 00:22:58,240 Speaker 2: you know a lot of people in India were very 530 00:22:58,280 --> 00:23:01,480 Speaker 2: happy and didn't have much, and that I really get 531 00:23:01,480 --> 00:23:02,359 Speaker 2: an appreciation for that. 532 00:23:03,080 --> 00:23:05,400 Speaker 3: Let's talk about that story. You've got a great story. 533 00:23:05,720 --> 00:23:08,400 Speaker 3: Sure a lot of kids look at it at you 534 00:23:08,600 --> 00:23:10,919 Speaker 3: and say, I want to do that. What advice do 535 00:23:10,960 --> 00:23:14,080 Speaker 3: you have for kids from circumstances like you grew up 536 00:23:14,080 --> 00:23:16,440 Speaker 3: in who dream of having what you have. 537 00:23:17,400 --> 00:23:20,000 Speaker 2: I always have the same advice, which is really simple. 538 00:23:20,080 --> 00:23:23,800 Speaker 2: I mean, read books. I always recommend three books, and 539 00:23:24,160 --> 00:23:28,400 Speaker 2: these ones and Disorder you go, Awakening Giant Within, then 540 00:23:28,880 --> 00:23:31,160 Speaker 2: Rich Dad, Poor Dad, which you know, is a very 541 00:23:31,200 --> 00:23:33,879 Speaker 2: simple book on how to look at money and then 542 00:23:33,960 --> 00:23:36,439 Speaker 2: think and grow rich. And then from there there's a 543 00:23:36,440 --> 00:23:38,520 Speaker 2: lot of others. But if you start with the base 544 00:23:38,720 --> 00:23:41,479 Speaker 2: like that, and I wish they taught that in college 545 00:23:41,560 --> 00:23:44,280 Speaker 2: or high school, it would be amazing. Teaches you about 546 00:23:44,440 --> 00:23:47,080 Speaker 2: positive thinking about how to be motivated. So if you 547 00:23:47,119 --> 00:23:50,240 Speaker 2: start with the base like that, and you actually apply it. 548 00:23:50,400 --> 00:23:53,080 Speaker 2: I guarantee you're going to be successful the challenges. You know, 549 00:23:53,080 --> 00:23:54,920 Speaker 2: I've even tried to pay people employees and past like 550 00:23:54,960 --> 00:23:56,919 Speaker 2: here's one hundred dollars read this book. You know how 551 00:23:56,960 --> 00:24:00,480 Speaker 2: many have done that? Zero? So one of those things 552 00:24:00,520 --> 00:24:03,200 Speaker 2: you can't teach motivation. And I have had some people 553 00:24:03,240 --> 00:24:05,120 Speaker 2: do it and they've become successful. And I'm not saying 554 00:24:05,119 --> 00:24:07,359 Speaker 2: those because of those books. I'm saying they were already 555 00:24:07,400 --> 00:24:09,520 Speaker 2: going to be successful because they would read the books. 556 00:24:09,760 --> 00:24:11,399 Speaker 2: And I don't think you need college. I don't think 557 00:24:11,440 --> 00:24:13,480 Speaker 2: you need any of that. If you google any subject 558 00:24:13,520 --> 00:24:15,440 Speaker 2: you want, you're going to find a person that did that, 559 00:24:15,760 --> 00:24:18,399 Speaker 2: and it's been there, done that, read their biography, ideally 560 00:24:18,400 --> 00:24:21,760 Speaker 2: autobiography and the amount of information you know gained from that, 561 00:24:21,880 --> 00:24:23,639 Speaker 2: and do it like you're starting it. Do it like 562 00:24:23,640 --> 00:24:26,080 Speaker 2: you're going to college. That is your college. And I 563 00:24:26,400 --> 00:24:30,200 Speaker 2: guarantee success. If you read and you apply what you learn, 564 00:24:30,480 --> 00:24:32,800 Speaker 2: and you keep reading and you keep learning by that, 565 00:24:32,880 --> 00:24:35,240 Speaker 2: you're going to find a mentor latch onto that person. 566 00:24:35,359 --> 00:24:37,120 Speaker 2: Ask a lot of questions, and you're going to find 567 00:24:37,119 --> 00:24:39,440 Speaker 2: another and it just gets you down this path that 568 00:24:39,480 --> 00:24:41,600 Speaker 2: when I love this line when the student's ready to teach, 569 00:24:41,600 --> 00:24:43,520 Speaker 2: you will appear. The way you get ready is by 570 00:24:43,640 --> 00:24:46,040 Speaker 2: having the knowledge to even know what question is to ask? 571 00:24:46,960 --> 00:24:50,200 Speaker 3: What advice do you have for entrepreneurs who are at 572 00:24:50,200 --> 00:24:52,960 Speaker 3: that stage where they've been building the company and building it, 573 00:24:53,320 --> 00:24:57,240 Speaker 3: they're still trying to bring it across the finish line? 574 00:24:57,359 --> 00:24:58,480 Speaker 3: What advice helps them? 575 00:24:59,000 --> 00:25:01,719 Speaker 2: I think main thing is, you know, really watch expenses. 576 00:25:02,040 --> 00:25:04,399 Speaker 2: If you could bootstrap it, bootstrap it, and once you 577 00:25:04,400 --> 00:25:07,200 Speaker 2: have your systems down, then maybe go ask for many 578 00:25:07,200 --> 00:25:09,560 Speaker 2: if you have to at all. I started accompanying with 579 00:25:09,560 --> 00:25:11,960 Speaker 2: five thousand dollars credit card. Me, me and my co 580 00:25:12,000 --> 00:25:13,840 Speaker 2: partner started with five thousand credit We never had to 581 00:25:13,880 --> 00:25:16,040 Speaker 2: use the credit card that was our backup. But I 582 00:25:16,080 --> 00:25:18,120 Speaker 2: got paid five hundred dollars a week if we had 583 00:25:18,119 --> 00:25:21,440 Speaker 2: the money, and she got paid nothing for years. So 584 00:25:21,840 --> 00:25:24,199 Speaker 2: we really bootstrapped it, and a lot of times our 585 00:25:24,200 --> 00:25:27,240 Speaker 2: employees were making more money than us. It takes a 586 00:25:27,280 --> 00:25:30,320 Speaker 2: lot of tenacity or a lot of guts to say, okay, 587 00:25:30,400 --> 00:25:32,960 Speaker 2: well geez, I'm gonna ride this out. I remember one 588 00:25:33,000 --> 00:25:34,840 Speaker 2: of my good friends, carry Hacker, came in with a 589 00:25:34,920 --> 00:25:37,680 Speaker 2: check of twenty thousand dollars. He's like, look, at my 590 00:25:37,680 --> 00:25:40,520 Speaker 2: commission for this month, and at the time, I'm making, 591 00:25:40,720 --> 00:25:42,320 Speaker 2: you know, two thousand dollars a month, so he was 592 00:25:42,400 --> 00:25:44,800 Speaker 2: ten x and what I was making. I was like, jeez, 593 00:25:44,800 --> 00:25:46,199 Speaker 2: I should just go get a job. You know, that 594 00:25:46,280 --> 00:25:48,600 Speaker 2: pops in your head and I'm like, no, We're doing 595 00:25:48,600 --> 00:25:50,560 Speaker 2: this for the long run. But you can't help to 596 00:25:50,560 --> 00:25:54,160 Speaker 2: think that. But we made our company into a billion 597 00:25:54,160 --> 00:25:58,000 Speaker 2: dollar operation, and that had I gave up, that wouldn't 598 00:25:58,000 --> 00:26:00,200 Speaker 2: have happened. But that didn't happen for years. It took 599 00:26:00,240 --> 00:26:01,840 Speaker 2: a long time to make the first million dollars. And 600 00:26:01,840 --> 00:26:03,760 Speaker 2: when I say million dollars, I'm talking a million dollars growths. 601 00:26:03,760 --> 00:26:05,800 Speaker 2: A lot of people use that term really loosely, like 602 00:26:05,840 --> 00:26:07,679 Speaker 2: what is what is making a million dollars? It's not 603 00:26:07,680 --> 00:26:10,440 Speaker 2: making it yourself net or is it your company? Because 604 00:26:10,480 --> 00:26:12,560 Speaker 2: when your company first makes a million dollars, you take 605 00:26:12,600 --> 00:26:15,320 Speaker 2: out your expenses, you might only have forty thousand dollars net, 606 00:26:15,440 --> 00:26:18,359 Speaker 2: and that is your first million technically, right, But you 607 00:26:18,440 --> 00:26:21,320 Speaker 2: only made forty fifty thousand dollars. And that's a great 608 00:26:21,320 --> 00:26:23,840 Speaker 2: accomplishment because if you could do that, then do ten 609 00:26:23,960 --> 00:26:25,919 Speaker 2: now ten million, and now was four hundred thousand if 610 00:26:25,920 --> 00:26:27,760 Speaker 2: you have those kind of margins. But then you figure 611 00:26:27,760 --> 00:26:30,520 Speaker 2: out how you work on your margins and just stay 612 00:26:30,600 --> 00:26:32,919 Speaker 2: lean and mean and tweak and tweak. 613 00:26:33,320 --> 00:26:37,760 Speaker 3: So what advice do you have about navigating work life 614 00:26:37,800 --> 00:26:41,320 Speaker 3: balance You mentioned it earlier, or maybe even work life integration, 615 00:26:41,400 --> 00:26:42,639 Speaker 3: depending on how you look at it. 616 00:26:42,880 --> 00:26:45,080 Speaker 2: Well, I've changed my mind on some things. When I 617 00:26:45,119 --> 00:26:48,240 Speaker 2: first started becoming successful and making good money. I read 618 00:26:48,240 --> 00:26:49,919 Speaker 2: you know, this four Hour work Week, which you know, 619 00:26:49,960 --> 00:26:52,240 Speaker 2: it's a great book, but I don't suggest it or 620 00:26:52,240 --> 00:26:54,680 Speaker 2: recommend it anymore because it kind of got me a 621 00:26:54,720 --> 00:26:57,520 Speaker 2: little bit lazy. And those things work right if especially 622 00:26:57,520 --> 00:27:00,000 Speaker 2: if you're successful. Yeah, you could automate some things. Yeah, 623 00:27:00,400 --> 00:27:03,040 Speaker 2: but I think this hunger that the reason like Elon 624 00:27:03,119 --> 00:27:06,000 Speaker 2: Musk and the Mark Zuckerberg's of the world, and they 625 00:27:06,000 --> 00:27:08,080 Speaker 2: don't have to work right. They could retire a long 626 00:27:08,119 --> 00:27:10,560 Speaker 2: time ago, but guess what, they haven't because they get 627 00:27:10,600 --> 00:27:13,679 Speaker 2: conspired by it and they didn't take their foot off 628 00:27:13,720 --> 00:27:16,879 Speaker 2: the gas at all, and they're innovating and doing amazing things. 629 00:27:17,119 --> 00:27:20,600 Speaker 2: So I think just not getting too comfortable, which can 630 00:27:20,720 --> 00:27:22,720 Speaker 2: happen with success. And a lot of people say, oh, 631 00:27:22,800 --> 00:27:25,520 Speaker 2: do your passion, Well, that's great, advice, but whatever, your 632 00:27:25,520 --> 00:27:27,439 Speaker 2: passion doesn't pay. And they everybody said, oh, you can 633 00:27:27,440 --> 00:27:28,680 Speaker 2: figure out how to make money in your passion. I 634 00:27:28,680 --> 00:27:31,119 Speaker 2: don't believe that. I first say, first figured out how 635 00:27:31,200 --> 00:27:33,400 Speaker 2: are you going to make the best ROI, and then 636 00:27:33,640 --> 00:27:34,640 Speaker 2: implement your passion. 637 00:27:35,520 --> 00:27:38,480 Speaker 3: If you could go back in time, what advice would 638 00:27:38,520 --> 00:27:40,480 Speaker 3: you give your eighteen year old self. 639 00:27:40,800 --> 00:27:44,240 Speaker 2: Oh, my eighteen year old self, I would say, read 640 00:27:44,280 --> 00:27:46,679 Speaker 2: a lot of books, which I did, read a lot 641 00:27:46,720 --> 00:27:49,760 Speaker 2: of books. Work really hard and don't stop. And when 642 00:27:49,800 --> 00:27:52,840 Speaker 2: you do get successful, stay focused on your families, Stay 643 00:27:52,840 --> 00:27:56,000 Speaker 2: focused on making sure that you keep what's most important, 644 00:27:56,320 --> 00:27:59,120 Speaker 2: and don't get distracted by the money, which I think 645 00:27:59,160 --> 00:28:01,639 Speaker 2: can happen to people you stay and humble and learning 646 00:28:01,720 --> 00:28:03,800 Speaker 2: from the mentors, the people that you really admire. Look 647 00:28:03,880 --> 00:28:06,400 Speaker 2: what they do. Use that as a learning tool as 648 00:28:06,560 --> 00:28:09,160 Speaker 2: someone you want people you admire do that. And also 649 00:28:09,200 --> 00:28:11,960 Speaker 2: your circle. Make sure you're surrounding yourself with the right people. 650 00:28:12,160 --> 00:28:14,119 Speaker 2: Some of my best friends are my team members, and 651 00:28:14,400 --> 00:28:16,280 Speaker 2: because we have the same visions and we work together, 652 00:28:16,320 --> 00:28:18,320 Speaker 2: and we work hard, and it's fun to make money 653 00:28:18,359 --> 00:28:20,760 Speaker 2: and grow businesses with your friends. That's more fun actually 654 00:28:21,119 --> 00:28:22,400 Speaker 2: than most things in life. 655 00:28:22,400 --> 00:28:26,560 Speaker 3: I think Math and Magic is about exploring both sides 656 00:28:27,160 --> 00:28:30,840 Speaker 3: of business and marketing, the analytical and the creative side. 657 00:28:31,080 --> 00:28:33,720 Speaker 3: We end each episode with our guests giving a shout 658 00:28:33,720 --> 00:28:36,440 Speaker 3: out to their personal favorites for the greats on both 659 00:28:36,480 --> 00:28:39,320 Speaker 3: sides of the equation. So who gets your nod for 660 00:28:39,400 --> 00:28:43,600 Speaker 3: the best math oriented business person? Someone who sees it 661 00:28:43,640 --> 00:28:44,400 Speaker 3: through the numbers. 662 00:28:44,880 --> 00:28:47,000 Speaker 2: So one of my first mentors, I know he's not 663 00:28:47,000 --> 00:28:49,200 Speaker 2: the best industry or anything like that, but he started 664 00:28:49,240 --> 00:28:50,880 Speaker 2: a company call is Dave Since and started a company 665 00:28:50,920 --> 00:28:53,240 Speaker 2: called National Fitness Corporation. That's where I learned how to 666 00:28:53,240 --> 00:28:56,040 Speaker 2: do myself as in marketing. He did this production sheet 667 00:28:56,040 --> 00:28:58,600 Speaker 2: that I still kind of use now as very sophisticated now, 668 00:28:58,640 --> 00:29:00,920 Speaker 2: but back in the day was just how many leads, 669 00:29:01,080 --> 00:29:03,160 Speaker 2: how many customers you got, what was your conversion ratio? 670 00:29:03,640 --> 00:29:05,400 Speaker 2: And how do that? How many you ended up becoming 671 00:29:05,400 --> 00:29:08,480 Speaker 2: a cell? And then you do matts. For instance, on 672 00:29:08,520 --> 00:29:11,120 Speaker 2: a week, if you had seven days of cells, add 673 00:29:11,120 --> 00:29:13,360 Speaker 2: those up divided by seven time jab by seven industry 674 00:29:13,400 --> 00:29:15,160 Speaker 2: projection and you could do the same for by four 675 00:29:15,200 --> 00:29:18,400 Speaker 2: weeks or whatever. That little formula right there has been 676 00:29:18,520 --> 00:29:21,040 Speaker 2: a big reason why we've been successful in all of 677 00:29:21,080 --> 00:29:24,680 Speaker 2: our businesses. That math equation was amazing for me, and 678 00:29:24,720 --> 00:29:26,720 Speaker 2: there was many others, but to me, that's business, one 679 00:29:26,720 --> 00:29:27,520 Speaker 2: on one. 680 00:29:27,360 --> 00:29:30,720 Speaker 3: Who gets the nod for the best creative the power 681 00:29:30,760 --> 00:29:31,400 Speaker 3: of an idea. 682 00:29:32,240 --> 00:29:35,160 Speaker 2: You know, I would have to say from examples I've heard, 683 00:29:35,280 --> 00:29:37,920 Speaker 2: is Steve Jobs, I mean, to me, would be the 684 00:29:37,960 --> 00:29:41,040 Speaker 2: most magical magician. In two thousand and seven when he 685 00:29:41,280 --> 00:29:44,320 Speaker 2: introduced the iPhone, that was magical and he ended up 686 00:29:44,320 --> 00:29:47,400 Speaker 2: disrupting many industries. But now we can't even walk out 687 00:29:47,400 --> 00:29:49,840 Speaker 2: of our doors without somebody staring at a screen. And 688 00:29:49,880 --> 00:29:52,280 Speaker 2: it's for better or for worse, and it's an amazing innovation, 689 00:29:52,400 --> 00:29:55,000 Speaker 2: but we are stuck to our screens like nothing else. 690 00:29:55,040 --> 00:29:57,080 Speaker 2: So that was a very magical thing that he did, 691 00:29:57,080 --> 00:29:58,720 Speaker 2: and at the time it was revolutionary, is still a 692 00:29:58,760 --> 00:30:01,880 Speaker 2: revolutionary and it became the standard. So I really admire 693 00:30:01,920 --> 00:30:04,360 Speaker 2: what he did in industry. Is an amazing businessman and 694 00:30:04,400 --> 00:30:05,920 Speaker 2: that's something that changed the world. 695 00:30:06,360 --> 00:30:10,280 Speaker 3: Damien, You've got an amazing and inspiring story, and the 696 00:30:10,320 --> 00:30:12,080 Speaker 3: good news is you still got so much ahead of you. 697 00:30:12,440 --> 00:30:18,160 Speaker 3: Thanks for sharing it with us today. Here are a 698 00:30:18,160 --> 00:30:21,160 Speaker 3: few things I picked up for my conversation with Damien. One, 699 00:30:21,560 --> 00:30:24,480 Speaker 3: don't get too comfortable with success. Even when you're on 700 00:30:24,560 --> 00:30:27,200 Speaker 3: top of your company or your industry, you shouldn't take 701 00:30:27,200 --> 00:30:30,080 Speaker 3: your foot off the pedal. There's always room for improvement 702 00:30:30,160 --> 00:30:32,840 Speaker 3: and innovation. Plus, you never know when the economy could 703 00:30:32,840 --> 00:30:37,320 Speaker 3: take a downturn, and honing your survival instincts is essential. Two. 704 00:30:37,960 --> 00:30:41,280 Speaker 3: Education could take many forms. Just because Damien didn't go 705 00:30:41,360 --> 00:30:44,880 Speaker 3: to college doesn't mean he didn't seek out knowledge and lessons. 706 00:30:45,160 --> 00:30:47,720 Speaker 3: There's so much to be gleaned from books and mentors. 707 00:30:48,000 --> 00:30:49,880 Speaker 3: That is, as long as your mind is open to 708 00:30:49,920 --> 00:30:52,640 Speaker 3: the idea that they have something valuable to teach you. 709 00:30:53,280 --> 00:30:57,440 Speaker 3: And absorbing information isn't enough. Need to be adamant about 710 00:30:57,480 --> 00:31:01,400 Speaker 3: applying it to your life and your leadership. Three. Being 711 00:31:01,480 --> 00:31:05,320 Speaker 3: risk adverse doesn't mean you can't grow. In today's world, 712 00:31:05,400 --> 00:31:08,120 Speaker 3: risk take is often applauded for the big payoffs, but 713 00:31:08,280 --> 00:31:11,800 Speaker 3: Damien's humble origins led him to take a bootstrapping approach 714 00:31:11,880 --> 00:31:14,960 Speaker 3: to business. He's living proof that's sticking to your own 715 00:31:15,000 --> 00:31:17,800 Speaker 3: financial means doesn't have to limit what your business is 716 00:31:17,840 --> 00:31:21,920 Speaker 3: capable of. Instead, being conservative can help you perfect your 717 00:31:21,920 --> 00:31:24,880 Speaker 3: business wobble at a local level. Then when you're ready 718 00:31:24,880 --> 00:31:29,160 Speaker 3: to expand, you do it. Right, I'm Bob Pittman. Thanks 719 00:31:29,200 --> 00:31:35,720 Speaker 3: for listening. That's it for today's episode. 720 00:31:35,800 --> 00:31:38,240 Speaker 1: Thanks so much for listening to Math and Magic, a 721 00:31:38,320 --> 00:31:42,120 Speaker 1: production of iHeart Podcasts. The show is created and hosted 722 00:31:42,160 --> 00:31:45,719 Speaker 1: by Bob Pittman. Special thanks to Sydney Rosenblum for booking 723 00:31:45,720 --> 00:31:48,560 Speaker 1: and wrangling our wonderful talent, which is no small feat. 724 00:31:48,920 --> 00:31:52,600 Speaker 1: The Math and Magic team is Jessica Crimechitch and Baheed Fraser. 725 00:31:52,920 --> 00:31:56,720 Speaker 1: Our executive producers are Ali Perry and Nikki Etour. Until 726 00:31:56,760 --> 00:31:57,200 Speaker 1: next time,