Latest / Financial Survival Network / Beyond Borders: Enhancing Business Profitability Through Global Suppliers - Sebastian Herz #6124

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Beyond Borders: Enhancing Business Profitability Through Global Suppliers - Sebastian Herz #6124 · Financial Survival Network

0:00
Speaker 1: It's not only China sourcing, it's global sourcing. So we
0:03
Speaker 1: do of course China is still a strong market for it,
0:05
Speaker 1: but also the ones for example, if we do look
0:07
Speaker 1: into getting out of China, I mean we do global
0:09
Speaker 1: product sourcing. That's what we call Signify global product sourcing.
0:13
Speaker 1: But what we usually bring to the table is that
0:15
Speaker 1: most of the companies who have either raw material to
0:18
Speaker 1: purchase or they're getting private label products done through third
0:22
Speaker 1: party manufacturers, they don't usually have the time and or
0:25
Speaker 1: the knowledge of finding about thirty potential producers, contacting them,
0:30
Speaker 1: getting quotations, comparing the quotations, and negotiating one against the
0:33
Speaker 1: other one.
0:34
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0:38
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0:55
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1:01
Speaker 3: And welcome you are listening to and watching the Financial
1:04
Speaker 3: Survival Network. I'm your host, Carrie Lutz. Hey, you know,
1:08
Speaker 3: for a while I've been helping businesses turn around and
1:12
Speaker 3: well person you're about to hear from, not exactly the
1:14
Speaker 3: same kind of business, definitely related. Name is Sebastian Hers,
1:19
Speaker 3: and you help businesses increase their profits by cutting costs,
1:24
Speaker 3: which is something that every business should be doing on
1:27
Speaker 3: a monthly or a very least a quarterly basis Sebastian.
1:31
Speaker 3: It's great to have you on the show. How'd you
1:33
Speaker 3: get into this? Harry?
1:34
Speaker 1: Thank you so much for this? And I think you
1:37
Speaker 1: hit like a very very good use case. Aud you
1:40
Speaker 1: say it does an English like you hit a nail
1:41
Speaker 1: on the head. You should look, of course, especially when
1:45
Speaker 1: it comes to turning your business around, whether you're spending
1:48
Speaker 1: too much or not. And we're sourcing companies, so we're
1:51
Speaker 1: finding manufacturers negotiating prices and reducing the purchasing costs.
1:55
Speaker 3: That's the ultimate target, of course for it. And how
1:58
Speaker 3: do we get to this?
1:59
Speaker 1: Well, I got to admit it's not me, it's my
2:01
Speaker 1: better half. She's been doing sourcing all her life long.
2:05
Speaker 1: I should usually not say that she's been doing sourcing
2:08
Speaker 1: for twenty years, but only nineteen years, because she's not
2:11
Speaker 1: don exaggerated.
2:13
Speaker 3: And we used to both.
2:16
Speaker 1: She's from Russia, from Germany, and we both used to
2:19
Speaker 1: live in China, so we got to know each other
2:22
Speaker 1: in China. I'm an electrical engineer and stayed with a
2:27
Speaker 1: large Swiss company for twelve years, and she's been doing sourcing.
2:31
Speaker 1: Then in the end of China, I started building my
2:34
Speaker 1: first private label product business and all of a sudden,
2:38
Speaker 1: of course sourcing was one of the topics for myself.
2:40
Speaker 1: And she bothered me three times, or it bothered is
2:44
Speaker 1: the wrong word, but usually when what can you not
2:47
Speaker 1: do against women?
2:51
Speaker 3: You can't win against them?
2:52
Speaker 1: So three times she asked me in it all right,
2:54
Speaker 1: I'll join you. And this all of a sudden is
2:57
Speaker 1: how we then got together with Signified Global Product Sourcing
3:01
Speaker 1: into a deeper, more and more sourcing together.
3:03
Speaker 3: Yeah. Never never argue with a woman. You can only lose, right,
3:10
Speaker 3: I like that one.
3:11
Speaker 1: I think that's that's hitting and nail on the head again.
3:15
Speaker 3: Yeah, hice. So all right, so you were out expert
3:20
Speaker 3: in China outsourcing and it kind of led to this,
3:24
Speaker 3: and what do you think you bring to the table, Like,
3:27
Speaker 3: what is your your avatar, your typical archetypal. Buy in
3:34
Speaker 3: two needs you and maybe not doesn't know it.
3:36
Speaker 1: It's it's not only China sourcing. It's global sourcing, so
3:39
Speaker 1: we do. Of course China is still a strong market
3:41
Speaker 1: for it, but also the ones for example, if we
3:43
Speaker 1: do look into getting out of China, I mean we
3:45
Speaker 1: do global product sourcing. That's what we call signified global
3:49
Speaker 1: product sourcing. But what we usually bring to the table
3:51
Speaker 1: is that most of the companies who have either raw
3:54
Speaker 1: material to purchase or they're getting private label products done
3:58
Speaker 1: through third party manufacturers, they don't usually have the time
4:01
Speaker 1: and or the knowledge of finding about thirty potential producers,
4:05
Speaker 1: contacting them, getting quotations, comparing the quotations, and negotiating one
4:09
Speaker 1: against the other one. So it is something anybody could
4:13
Speaker 1: do on his or her own with a little bit
4:16
Speaker 1: of course of sourcing knowledge, negotiation power.
4:18
Speaker 3: Et cetera.
4:19
Speaker 1: But it's just simply really the time that most of
4:21
Speaker 1: the medium and large companies don't have to look into
4:25
Speaker 1: so many potential quotations or finding so many because in
4:30
Speaker 1: typical or in today's world is typical that purchasing staff,
4:34
Speaker 1: whether in large companies or us on small private label businesses,
4:38
Speaker 1: they may get three or four quotations typically to have
4:41
Speaker 1: a comparison and think we're at the right track. This
4:45
Speaker 1: is usually good for the beginning, but especially when you
4:47
Speaker 1: have products that sell well or you have issues. Of course,
4:50
Speaker 1: with finances, you can look whether your costs of a
4:53
Speaker 1: good sold are too expensive. And it's I think not
4:56
Speaker 1: a secret. I mean, the more quotations you get, the
4:59
Speaker 1: better leverage negotiation you have. Right, that's the unspoken or
5:02
Speaker 1: spoken truth of what brings success in saving money.
5:07
Speaker 3: So when you're looking though, sometimes the price could be
5:11
Speaker 3: too cheap or too expensive, do you like usually throw
5:14
Speaker 3: up the cheapest and the highest? How do you do that?
5:16
Speaker 1: I mean the target would be of course, if things
5:19
Speaker 1: go well, out of those thirty potential producers may work
5:21
Speaker 1: get five to eight quotations. Maybe if it goes well,
5:24
Speaker 1: or even better at ten to twelve. Maybe if it
5:26
Speaker 1: goes really well, if you're going into China and seartually there,
5:28
Speaker 1: maybe you get fifteen, twenty or twenty five. So of course,
5:31
Speaker 1: if you do see where the average usually lays, and
5:34
Speaker 1: you see one that really escapes and run the way
5:36
Speaker 1: with extremely low prices, you think is like, yeah, there
5:39
Speaker 1: must be something wrong. And then the most expensive and
5:42
Speaker 1: extreme ones that get out of the normal average, of
5:46
Speaker 1: course you would kick them out as well. But then
5:49
Speaker 1: you'll start looking at the ones which are reasonable. I mean,
5:51
Speaker 1: it may not hurt still to have a look at that,
5:53
Speaker 1: but like you rightly say, it may be if it's
5:56
Speaker 1: like extremely cheap or extremely expensive, there's something there's something
6:01
Speaker 1: that's different with that product.
6:02
Speaker 3: Gotcha, I say, so, yeah, you really you got to
6:06
Speaker 3: do your due diligence on these potential suppliers, right.
6:10
Speaker 1: Absolutely, yes, yeah, And I mean one of the other
6:13
Speaker 1: secrets maybe to do is also if you do this,
6:15
Speaker 1: of course on your own, kick out any trading companies
6:18
Speaker 1: if you can, if you're willing to take the effort
6:20
Speaker 1: of being responsible of course for your product on your own.
6:24
Speaker 1: If youse, say, companies they're moving big boxes, turning them
6:26
Speaker 1: into small boxes and ship them out and then ask
6:29
Speaker 1: for a FT twenty thirty forty fifty eighty percent margin,
6:32
Speaker 1: which or sometimes even more so, trading companies is like
6:36
Speaker 1: a red flag for us usually unless.
6:38
Speaker 3: A client really wants to have them.
6:40
Speaker 1: We don't need middlemen, not all the time.
6:43
Speaker 3: Well, I always learned in college and management. You can
6:47
Speaker 3: get rid of a middleman, but you can't get rid
6:49
Speaker 3: of this.
6:50
Speaker 1: Function, right, yes, but you can change the way how
6:55
Speaker 1: a middleman is being charge or how he charges. Like
6:58
Speaker 1: most of the middleman would call us as a middleman,
7:01
Speaker 1: you know, many times they would buy the product and
7:03
Speaker 1: resell it or get a contract for getting a percentage
7:05
Speaker 1: of the order volume.
7:07
Speaker 3: And those are.
7:08
Speaker 1: Unnecessary costs where you say, why.
7:09
Speaker 3: Should for doing that work once?
7:12
Speaker 1: You should always earn so many percent forever? Yeah, just
7:16
Speaker 1: finding a producer on the order volume.
7:18
Speaker 3: That used to be the case.
7:20
Speaker 1: But I think this is something where we're i would say,
7:23
Speaker 1: revolutionizing the market. And maybe some companies don't like us
7:27
Speaker 1: because of that.
7:28
Speaker 3: Well that's their problem. Your duty is to your client
7:32
Speaker 3: to get them the best possible deals to help them
7:34
Speaker 3: maximize their their profits. Right, if you ever.
7:38
Speaker 1: Look for a job, carry that was a very good summary.
7:41
Speaker 1: I don't think I could afford you.
7:42
Speaker 3: Though, but yeah, hey, that's what I usually tell clients.
7:46
Speaker 3: I don't want to work with you can't afford me,
7:48
Speaker 3: and that makes them want to work with me more.
7:50
Speaker 3: But sorry for another day. But so, so, what are
7:57
Speaker 3: three things that any business could do right now to
8:00
Speaker 3: cut their costs?
8:03
Speaker 1: Where let me ask, where's the audience for you? Mostly
8:05
Speaker 1: in the US, I would assume, right.
8:07
Speaker 3: In the US, But we got Canadians and then Europe.
8:11
Speaker 3: You know, we got three percent of the audience in UK,
8:14
Speaker 3: Netherlands and Germany, so this.
8:17
Speaker 1: Is really the majority, of course for the US and.
8:21
Speaker 3: Cat Yeah, eighty five percent is here in North America. Yeah, so,
8:27
Speaker 3: I mean definitely.
8:27
Speaker 1: One of the things I think that applies for anybody
8:30
Speaker 1: is to ask yourself, all right, do I really get
8:32
Speaker 1: the best prices? And I am very very often hear oh,
8:35
Speaker 1: we're working for such a long time. We're working for
8:37
Speaker 1: ten years, fifteen years with the same supplier. That's usually
8:40
Speaker 1: a sign that you don't have the best prices, because
8:43
Speaker 1: of course they also want to earn money, and something
8:45
Speaker 1: has changed in the market. There are probably more producers
8:48
Speaker 1: in there. And I mean we've saved our clients no
8:51
Speaker 1: more than have a billion with a bee like.
8:53
Speaker 3: Bravo and long. That's a lot of money. Yeah, indeed.
8:59
Speaker 1: And the second thing, especially when it comes to the US,
9:03
Speaker 1: I would look, I mean, China still is a great country.
9:06
Speaker 1: We've been in there, I mean politically wise that maybe
9:10
Speaker 1: you know, of course different reasons, but what I'm saying
9:11
Speaker 1: in terms of production and et cetera, it's still a
9:15
Speaker 1: great country. We're still doing about forty percent sourcing inside China,
9:19
Speaker 1: which is the largest by far for a single country.
9:23
Speaker 1: But I mean an economic economic war always has somewhat
9:27
Speaker 1: been going on between the US and China, but I
9:30
Speaker 1: mean since Trump back then in twenty eighteen implemented even
9:34
Speaker 1: more anti dumping tariffs against products from China, and the
9:37
Speaker 1: question really comes up as like, okay, can I get
9:40
Speaker 1: this product from a different country but China, because I
9:44
Speaker 1: think back then it was a two hundred and fifty
9:45
Speaker 1: or two hundred and eighty billion lawler market. Who cares
9:48
Speaker 1: about thirty billion?
9:49
Speaker 3: Right that.
9:53
Speaker 1: They had at least twenty five percent additional import tax.
9:56
Speaker 1: And please do not do not do to make the
9:58
Speaker 1: mistake and sheet and different tariff code cheat with a value.
10:02
Speaker 1: So just to get around the anti dumping tariffs because
10:05
Speaker 1: a country does not make any money, a country doesn't
10:08
Speaker 1: have any money, A country has taken taxes in the top. Yeah,
10:13
Speaker 1: and if they need money, and they'll check you out
10:16
Speaker 1: and they find some mistakes, believe me, they go deeper.
10:19
Speaker 1: We have a few companies, two of them are also
10:22
Speaker 1: product businesses, and I mean US Germans. I think we
10:26
Speaker 1: may be a little bit more afraid or more aware
10:29
Speaker 1: of that compared to what I see a lot of
10:30
Speaker 1: times in the US. But I've gone through customs checks
10:33
Speaker 1: and I'm super happy that they found like minor mistakes,
10:37
Speaker 1: but you know, the minor mistakes, and they started digging.
10:39
Speaker 1: They wanted to see the invo as a still bank
10:41
Speaker 1: transfers all of those things, and was like, if there
10:45
Speaker 1: was one small mistake, paid one thousand, five hundred extra,
10:47
Speaker 1: which wasn't really much, but the rest was correct. But
10:50
Speaker 1: if a country wants money, they will go for it.
10:53
Speaker 3: And they got to pay you know, a few mispayments there,
10:59
Speaker 3: and they've already paid for your fee. Right, what do
11:01
Speaker 3: you mean a few misspayments, Yeah, a few misstaken payments,
11:08
Speaker 3: a few you know.
11:10
Speaker 1: Right, I mean whenever we came on the right payments
11:14
Speaker 1: or just looking at the penalties, I mean, yes, you
11:16
Speaker 1: may very simply do it once. Right, it covers any
11:20
Speaker 1: of the cost that you would have. So one of
11:22
Speaker 1: the ones we said, like, you know, do you really
11:24
Speaker 1: have the best prices. The second time is like is
11:26
Speaker 1: China the right country or for the simple reason, a
11:29
Speaker 1: government does not tax a product. A government taxes a
11:33
Speaker 1: product from a specific country. So that's say I give
11:35
Speaker 1: you one example, one of our they do beauty accessories.
11:38
Speaker 1: Also German guys selling in the US, selling over their
11:40
Speaker 1: own web page. I think that year back then was
11:42
Speaker 1: like thirty million dollars. Was like, hats of guys, you
11:45
Speaker 1: really know how to do marketing. And we found the
11:49
Speaker 1: product actually even one dollar cheaper in Vietnam and zero
11:52
Speaker 1: percent import tariffs. And they saved eight hundred and ten
11:54
Speaker 1: thousand dollars alone on import terms the whole year with
11:58
Speaker 1: the products that we optimize. They say fourteen million dollars
12:01
Speaker 1: by finding a cheaper supplier and no import taxes from Vietnam.
12:06
Speaker 3: And the certain thing I would.
12:07
Speaker 1: Say is that you can do besides that, get more quotations,
12:12
Speaker 1: find more suppliers and ask around and or go in
12:16
Speaker 1: with your existing supplier and said, guys, we've been doing
12:19
Speaker 1: business for so long together. I do understand here and
12:22
Speaker 1: there on this and that. But you know what, we
12:23
Speaker 1: have a lot of other orders offers as well. If
12:26
Speaker 1: that is true, can we do something about the price?
12:30
Speaker 1: Really the simple thing of just asking, even on the
12:34
Speaker 1: next order, even if it's the same amount of units
12:38
Speaker 1: that you're ordering, our own team got for our own products.
12:40
Speaker 1: I think in that one day was like a three
12:43
Speaker 1: three order row. I think in the average fourteen point
12:45
Speaker 1: eight percent saved just by asking. We was like, wow,
12:48
Speaker 1: that's additional savings.
12:51
Speaker 3: Well, we had a saying in law school, if you
12:53
Speaker 3: don't ask, you don't get.
12:56
Speaker 1: Uh. Absolutely right, Yep, that's so true.
13:01
Speaker 3: That's absolutely true.
13:02
Speaker 1: I mean what you need to do is, you know,
13:03
Speaker 1: business a bit is stune in between people, and if
13:06
Speaker 1: people don't talk to one another. That's why you know,
13:08
Speaker 1: I'm not really afraid of AI is taking over all
13:10
Speaker 1: those negotiations. It will be people in the end still
13:14
Speaker 1: communicating one another and deciding whether I do want to
13:18
Speaker 1: take that business from you for the amount of money
13:21
Speaker 1: you're offering me or not. But true, yeah, And another
13:27
Speaker 1: good praise in general out there is you may have
13:29
Speaker 1: heard this, I carry you for sure have heard this
13:32
Speaker 1: that the real money is made in purchasing, not in sales,
13:35
Speaker 1: or not only in sales.
13:37
Speaker 3: Well, you have to have the sales in order to
13:40
Speaker 3: do the purchasing, right, what you.
13:42
Speaker 1: Can purchase before, of course everything and not sell. But yes,
13:46
Speaker 1: some makes you get the sales. But then you know,
13:49
Speaker 1: the cheaper you buy, the more money of course you made.
13:51
Speaker 1: But yes, if you want to make.
13:53
Speaker 3: Again in the US, like when a contractor it's or
14:00
Speaker 3: a construction project, after they get the award, the first
14:03
Speaker 3: thing they do is go back and try to cut
14:05
Speaker 3: the costs and get the get the suppliers to lower
14:10
Speaker 3: their costs, right, to lower the bill, right. Yeah, So
14:14
Speaker 3: it makes a lot of sense, doesn't it. Absolutely? Yeah. So,
14:20
Speaker 3: so tell us some success stories things that you've been
14:23
Speaker 3: able to achieve for clients. You gave us one example,
14:28
Speaker 3: some overpayments you found and that led to them saving
14:34
Speaker 3: not all the money in the world, but hey, every
14:36
Speaker 3: it's a process, right, Every savings leads to more savings.
14:42
Speaker 1: So I mean another success again is one of the
14:44
Speaker 1: beauty accessories products. It was again the first product was
14:48
Speaker 1: like five hundred thousand units ordered a year. One dollar
14:51
Speaker 1: sheep was half a million saved original purchase in Bible
14:54
Speaker 1: six dollars, so it was three millions, and those twenty
14:57
Speaker 1: percent out of three millions, eight hundred and ten thousand
14:59
Speaker 1: just save from product number one went in the other
15:02
Speaker 1: seven or eight products, and then it was the savings
15:04
Speaker 1: of fourteen million just by changing from China to Vietnam
15:08
Speaker 1: and or in general looking for a new supplier. Now
15:12
Speaker 1: another one that was a cosmetics brand, so creams and cosmetics.
15:17
Speaker 1: I think it was a business of around like twenty
15:19
Speaker 1: six million dollars. Also, heads off, he's built this in
15:22
Speaker 1: three years from scratch to twenty six million dollar in revenue.
15:25
Speaker 3: That's pretty neat. And and in the first.
15:29
Speaker 1: Eight months back then, my wife was still doing it alone.
15:32
Speaker 1: But she's saved in the first eight months one point
15:34
Speaker 1: four million dollars. And if he's had I think back
15:36
Speaker 1: then two and a half million dollar in profit or
15:38
Speaker 1: so an additional one point four million dollars, I think
15:41
Speaker 1: we're like forty the forty six percent or something on
15:45
Speaker 1: there like it as additional profit. That's amazing finding.
15:52
Speaker 3: I mean.
15:53
Speaker 1: Another thing is, of course, if let's go for some
15:55
Speaker 1: big electronics companies fortune five hundred, so I can't give
15:59
Speaker 1: an aime there about this specific product. But when they
16:03
Speaker 1: couldn't produce anymore during the chips crisis, why or because
16:07
Speaker 1: they are previous free suppliers, you know, they didn't have
16:10
Speaker 1: any stock of computer chips anymore and memory modules and
16:14
Speaker 1: why not? Well, because they also only looked into their
16:17
Speaker 1: into their own typical pre sourcing channels. And we said, guys,
16:22
Speaker 1: it doesn't you know, if you're looking always in the
16:25
Speaker 1: same spot and there is nothing, then there's a very
16:28
Speaker 1: good book like The Cheese Manager or the Device Manager.
16:30
Speaker 1: And I think if you start looking in the same thing,
16:34
Speaker 1: or when you lost your key and you're looking at
16:36
Speaker 1: night under the street light and the key's not there,
16:39
Speaker 1: you will not find it there. It may be somewhere
16:41
Speaker 1: in the dark. And we actually went in and then
16:44
Speaker 1: later found As weird as it sounds, but electronic chips
16:48
Speaker 1: in textile producers literally under the pillows because they knew
16:53
Speaker 1: something was going to happen. They knew the market is
16:55
Speaker 1: going to crash in terms of chips, so they bought
16:57
Speaker 1: empty the market stopped everything in and they're owned as a
17:00
Speaker 1: textile training company. They knew what's going to happen. I
17:04
Speaker 1: can charge ten, twenty fifty or sometimes one hundred times
17:07
Speaker 1: the price of some of the products one hundred percent
17:10
Speaker 1: up front payment with no invoice. And believe me, how
17:16
Speaker 1: how what's the English word? How the big clients were
17:21
Speaker 1: really like needing it? How they are desperate?
17:24
Speaker 3: Yeah, they didn't even you know, that's the problem. They
17:27
Speaker 3: don't necessarily know they need it until until you do
17:32
Speaker 3: it right. Until they find you and you show them
17:34
Speaker 3: the way yeaeah.
17:36
Speaker 1: And I mean many of them could still not buy it,
17:39
Speaker 1: because I mean, obviously those are not ways that could
17:41
Speaker 1: be according to their compliance. But some other electronic companies,
17:44
Speaker 1: of course without setting the details, but they went in
17:46
Speaker 1: bought chips because they knew, all right, it doesn't matter,
17:49
Speaker 1: we need to buy them, and then they could produce
17:51
Speaker 1: in two digit millions. Again, finally, while somewhat outperforming legal
17:57
Speaker 1: or not so legal legally their competitors. And there's tons
18:02
Speaker 1: of finding alternative producers, finding getting your products near shoring,
18:07
Speaker 1: get it the production closer to your home, so maybe
18:11
Speaker 1: you're even in the same economic region. You can get
18:14
Speaker 1: much much better payment terms. Let's say, well, for example,
18:17
Speaker 1: like ninety days net or whatever, three percent discount on
18:20
Speaker 1: thirty days payment. After receiving the goods, you may by
18:25
Speaker 1: switching over your supply chain ors the tours near shoring
18:28
Speaker 1: or the smaller batches. But more frequently you have less
18:32
Speaker 1: bound at all, and with the late payments you may
18:35
Speaker 1: build up a positive cash flow. On the other hand,
18:38
Speaker 1: you don't have like seven eight nine weeks sea time, no,
18:41
Speaker 1: because you throw it on the truck and it's going
18:43
Speaker 1: to be there in three days, and all of those
18:46
Speaker 1: things may of course, I mean there's there's there's tons
18:48
Speaker 1: of stories that either share.
18:51
Speaker 3: I just say, I'm sure you got a lot of them,
18:53
Speaker 3: like we all do, right, Yeah. So hey, So when
19:00
Speaker 3: when you're approaching what a quiet you agree to do
19:03
Speaker 3: business with them, what's the first thing you do with them?
19:06
Speaker 1: I mean usually, of course, when it comes to really
19:08
Speaker 1: getting started with the sourcing, it is of understanding the product.
19:13
Speaker 1: It's not like, you know, they come to me, it's
19:14
Speaker 1: like where's the best market? That's usually what they say
19:17
Speaker 1: is like, so where do I best buy products? I'm
19:19
Speaker 1: saying that I need to understand the product because you know,
19:23
Speaker 1: getting freshly squeezed orange juice from Alaska is maybe not
19:27
Speaker 1: the best choice.
19:29
Speaker 3: Yeah, it's not a good idea, and.
19:32
Speaker 1: Getting bamboo out of Europe is maybe also not the
19:36
Speaker 1: best ideas. So we would be looking at the product
19:38
Speaker 1: of the way, how it's being made, what are the
19:41
Speaker 1: main components, And when we, for example, say can I
19:44
Speaker 1: give this as an example?
19:46
Speaker 3: Sure, I'm thinking right now if I should or not.
19:49
Speaker 1: Let's say, let's it's just some kind of basket out
19:52
Speaker 1: of felt material and some bamboo holdings or frames around it.
20:00
Speaker 1: So the question is like whether it makes sense to,
20:01
Speaker 1: you know, get it from Europe because Europe doesn't really
20:04
Speaker 1: have bamboo. Should it be a bamboo producer on the
20:06
Speaker 1: other in Asia who doesn't really know about textile, or
20:10
Speaker 1: should it be on the other hand, a textile producer
20:13
Speaker 1: somewhere in the Asian region, depending on which country of course,
20:16
Speaker 1: looking of course into the import tariffs or looking into
20:20
Speaker 1: the customs duties and saying whether a textile company who
20:25
Speaker 1: would purchase bamboo frames from somewhere else would be the
20:30
Speaker 1: right choice to look into. So without understanding the product,
20:33
Speaker 1: you can't really understand where the product.
20:35
Speaker 3: Should come from, gotcha.
20:37
Speaker 1: I mean, with the focus of making it the most
20:39
Speaker 1: affordable you can. Belias this hears in Germany, but it
20:42
Speaker 1: will be probably like ten times surprise.
20:45
Speaker 3: Hey, it makes a lot of sense. Sometimes you got
20:47
Speaker 3: to pay the price to get the quality you want.
20:49
Speaker 3: Other times you know, it just makes it. Well, Hey,
20:53
Speaker 3: appreciate you coming on, Sebastian. Just tell us how do
20:55
Speaker 3: we connect with you on the web. Where do we
20:57
Speaker 3: find you? How do you work with the people?
21:01
Speaker 1: Jerry, thanks a lot, I mean for this real great offer.
21:04
Speaker 1: It's it's nice to be here. I mean quite simple.
21:07
Speaker 1: Go to signify dot net z in the beginning of
21:09
Speaker 1: Y and the end so z I g N I
21:12
Speaker 1: F Y dot net and there's just a booking calendar.
21:16
Speaker 1: Just book a call, doesn't cost anything. We'll have a
21:18
Speaker 1: chat and we'll hop on a call and see and
21:21
Speaker 1: explore of these possibilities to find additional producers and better
21:25
Speaker 1: prices for your products and or if it's possible, of course,
21:28
Speaker 1: to reduce to purchasing cost. And I think that's already
21:31
Speaker 1: very very EASi is signify dot net and just book
21:35
Speaker 1: a call.
21:36
Speaker 3: All right, Hey, appreciate you coming on. And if you've
21:38
Speaker 3: got a question for Sebastian or myself, shoot me an email, okay.
21:42
Speaker 3: L At Carrie Let's dot com you'll find a link
21:45
Speaker 3: to Sebastian's site and the show out to this interview
21:47
Speaker 3: on Financial Survival Network dot com. While you're there, please
21:51
Speaker 3: sign up for free newsletter. You get a lot of
21:53
Speaker 3: great info like what Sebastian's sharing with you here and
21:56
Speaker 3: Sebastian will definitely talk to you again. Appreciate you coming on.
22:00
Speaker 1: Thank you so much for my slight Thanks for.
22:02
Speaker 2: Listening to Carrie Letz's Financial Survival Network your solution to
22:06
Speaker 2: today's trying times. For the latest, go to Financial Survivalnetwork
22:11
Speaker 2: dot com. Financial Survival Network now more than ever