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Private Equity Is 20 Years Behind and Running Out of Time · Private Equity Data Guy

• 0:00
  Why
• 0:00
  wouldn't
• 0:00
  you
• 0:00
  go
• 0:01
  to
• 0:01
  these
• 0:01
  businesses
• 0:01
  and
• 0:01
  digitize
• 0:02
  them?
• 0:02
  And
• 0:02
  if
• 0:03
  you
• 0:03
  look
• 0:03
  at
• 0:03
  PE's
• 0:04
  background
• 0:04
  and
• 0:05
  PE
• 0:05
  businesses,
• 0:06
  they're
• 0:06
  not
• 0:07
  buying
• 0:07
  sexy
• 0:07
  companies.
• 0:08
  There's
• 0:08
  nothing
• 0:08
  you
• 0:09
  can
• 0:09
  do.
• 0:09
  You
• 0:09
  step
• 0:10
  up
• 0:10
  and
• 0:10
  you
• 0:10
  knock
• 0:10
  on
• 0:10
  the
• 0:11
  next
• 0:11
  door
• 0:11
  and
• 0:11
  you
• 0:11
  go
• 0:11
  to
• 0:11
  the
• 0:12
  next
• 0:12
  portfolio
• 0:12
  company
• 0:13
  and
• 0:13
  you
• 0:13
  try
• 0:13
  and
• 0:14
  help
• 0:14
  them,
• 0:14
  but
• 0:15
  they've
• 0:15
  got
• 0:15
  no
• 0:15
  power
• 0:15
  to
• 0:15
  actually
• 0:16
  come
• 0:16
  in
• 0:16
  and
• 0:16
  do
• 0:16
  it.
• 0:16
  It's
• 0:16
  all
• 0:17
  influence.
• 0:17
  So
• 0:18
  it's
• 0:18
  like
• 0:18
  you
• 0:19
  talk
• 0:19
  to
• 0:19
  CEO,
• 0:19
  it's
• 0:20
  the
• 0:20
  same
• 0:20
  conversation.
• 0:20
  And
• 0:21
  if
• 0:21
  the
• 0:21
  CEO
• 0:21
  says,
• 0:22
  nah,
• 0:23
  not
• 0:23
  a
• 0:23
  priority
• 0:23
  right
• 0:24
  now,
• 0:24
  or
• 0:24
  you
• 0:24
  got
• 0:25
  these
• 0:25
  copses,
• 0:25
  you
• 0:25
  learn
• 0:26
  nothing.
• 0:26
  You
• 0:27
  learn
• 0:27
  nothing
• 0:27
  because
• 0:27
  it's
• 0:27
  not
• 0:28
  me,
• 0:28
  a
• 0:28
  vendor
• 0:28
  that's
• 0:29
  doing
• 0:29
  the
• 0:29
  pitch
• 0:29
  to
• 0:30
  you
• 0:30
  and
• 0:30
  showing
• 0:30
  you
• 0:30
  the
• 0:31
  latest
• 0:31
  research
• 0:31
  that
• 0:32
  they've
• 0:32
  done.
• 0:33
  Behind
• 0:33
  every
• 0:33
  value
• 0:33
  creation
• 0:34
  plan,
• 0:34
  there's
• 0:35
  a
• 0:35
  data
• 0:35
  problem
• 0:35
  nobody
• 0:36
  wants
• 0:36
  to
• 0:36
  talk
• 0:36
  about.
• 0:37
  Fragmented
• 0:38
  systems,
• 0:38
  metrics
• 0:39
  nobody
• 0:39
  trusts.
• 0:39
  And
• 0:40
  decisions
• 0:40
  made
• 0:40
  on
• 0:40
  gut
• 0:41
  feel
• 0:41
  dressed
• 0:41
  up
• 0:42
  as
• 0:42
  analysis.
• 0:42
  Welcome
• 0:43
  to
• 0:43
  the
• 0:43
  PE
• 0:43
  Data
• 0:44
  Guy.
• 0:44
  Each
• 0:45
  week,
• 0:45
  host
• 0:45
  Graham
• 0:45
  Crawford
• 0:46
  talks
• 0:46
  to
• 0:46
  the
• 0:46
  operating
• 0:47
  partners,
• 0:47
  advisors
• 0:48
  and
• 0:48
  practitioners
• 0:49
  who
• 0:49
  are
• 0:49
  doing
• 0:49
  the
• 0:49
  work
• 0:50
  inside
• 0:50
  portfolio
• 0:51
  companies.
• 0:51
  If
• 0:52
  you
• 0:52
  care
• 0:52
  about
• 0:52
  what
• 0:52
  actually
• 0:53
  drives
• 0:53
  returns
• 0:53
  in
• 0:53
  the
• 0:54
  market,
• 0:54
  then
• 0:54
  you're
• 0:55
  in
• 0:55
  the
• 0:55
  right
• 0:55
  place.
• 0:55
  The
• 0:56
  PE
• 0:56
  data
• 0:56
  guy
• 0:57
  starts
• 0:57
  now.
• 0:58
  Lee
• 0:58
  McCabe
• 0:59
  might
• 0:59
  be
• 0:59
  the
• 0:59
  most
• 0:59
  dangerous
• 1:00
  person
• 1:00
  on
• 1:00
  LinkedIn
• 1:00
  for
• 1:01
  private
• 1:01
  equity.
• 1:01
  Not
• 1:02
  because
• 1:02
  he
• 1:02
  makes
• 1:02
  things
• 1:02
  up,
• 1:03
  but
• 1:03
  because
• 1:03
  he
• 1:03
  says
• 1:03
  what
• 1:04
  every
• 1:04
  operating
• 1:04
  partner,
• 1:05
  LP
• 1:05
  and
• 1:05
  portfolio
• 1:06
  company
• 1:06
  CEO
• 1:06
  is
• 1:07
  already
• 1:07
  thinking,
• 1:07
  but
• 1:07
  nobody's
• 1:08
  allowed
• 1:08
  to
• 1:08
  say
• 1:08
  out
• 1:08
  loud.
• 1:09
  He
• 1:09
  went
• 1:09
  from
• 1:09
  launching
• 1:10
  ebay
• 1:10
  in
• 1:10
  the
• 1:10
  UK
• 1:11
  to
• 1:11
  running
• 1:11
  Asia
• 1:11
  Pacific
• 1:12
  and
• 1:12
  North
• 1:12
  America,
• 1:12
  to
• 1:13
  Expedia,
• 1:13
  to
• 1:14
  being
• 1:14
  the
• 1:14
  first
• 1:14
  global
• 1:14
  head
• 1:15
  of
• 1:15
  travel
• 1:15
  at
• 1:15
  Facebook,
• 1:16
  to
• 1:16
  leading
• 1:16
  Alibaba's
• 1:17
  entire
• 1:17
  North
• 1:17
  American
• 1:18
  business.
• 1:18
  Then
• 1:19
  Lee
• 1:19
  walked
• 1:19
  into
• 1:19
  private
• 1:19
  equity
• 1:20
  and
• 1:20
  saw
• 1:20
  an
• 1:20
  industry
• 1:21
  that
• 1:21
  was
• 1:21
  20
• 1:21
  years
• 1:21
  behind
• 1:22
  on
• 1:22
  digital.
• 1:22
  Running
• 1:23
  portfolio
• 1:23
  companies
• 1:23
  on
• 1:24
  instinct
• 1:24
  instead
• 1:24
  of
• 1:25
  data
• 1:25
  and
• 1:25
  still
• 1:25
  betting
• 1:26
  on
• 1:26
  the
• 1:26
  same
• 1:26
  old
• 1:26
  model
• 1:26
  that
• 1:27
  the
• 1:27
  meth
• 1:27
  no
• 1:27
  longer
• 1:28
  supports.
• 1:28
  Today
• 1:29
  Lee
• 1:30
  runs
• 1:30
  Claymore
• 1:30
  Partners,
• 1:31
  who
• 1:31
  advise
• 1:32
  PE
• 1:32
  firms
• 1:32
  on
• 1:32
  digital
• 1:33
  value
• 1:33
  creation.
• 1:34
  And
• 1:34
  he
• 1:34
  publishes
• 1:35
  the
• 1:35
  very
• 1:35
  popular
• 1:36
  newsletter
• 1:36
  Not
• 1:36
  Very
• 1:37
  Private
• 1:37
  Equity
• 1:38
  and
• 1:38
  has
• 1:38
  built
• 1:38
  a
• 1:38
  huge
• 1:39
  following
• 1:39
  of
• 1:39
  over
• 1:39
  45,000,
• 1:40
  nearly
• 1:41
  50,
• 1:41
  I
• 1:41
  think,
• 1:41
  at
• 1:41
  this
• 1:41
  point
• 1:42
  on
• 1:42
  LinkedIn
• 1:43
  in
• 1:43
  under
• 1:43
  six
• 1:43
  months.
• 1:44
  By
• 1:44
  simply
• 1:45
  refusing
• 1:45
  to
• 1:46
  be
• 1:46
  boring.
• 1:46
  His
• 1:46
  posts
• 1:47
  generate
• 1:47
  thousands
• 1:47
  of
• 1:47
  engagement
• 1:48
  because
• 1:48
  he
• 1:48
  says
• 1:48
  the
• 1:49
  things
• 1:49
  that
• 1:49
  people
• 1:49
  inside
• 1:50
  corporate
• 1:50
  structures
• 1:51
  can
• 1:51
  only
• 1:51
  send
• 1:51
  in
• 1:51
  DMS
• 1:52
  and
• 1:52
  text
• 1:52
  messages
• 1:53
  to
• 1:53
  each
• 1:53
  other.
• 1:53
  On
• 1:54
  top
• 1:54
  of
• 1:54
  that,
• 1:54
  Leah's
• 1:55
  the
• 1:55
  best
• 1:55
  person
• 1:55
  I've
• 1:56
  ever
• 1:56
  met
• 1:56
  from
• 1:56
  Middlesbrough.
• 1:57
  So
• 1:57
  welcome
• 1:58
  to
• 1:58
  the
• 1:58
  Show
• 1:58
  Show.
• 1:58
  Lee,
• 1:59
  great
• 1:59
  to
• 1:59
  have
• 1:59
  you
• 1:59
  on.
• 2:00
  Thanks.
• 2:00
  I
• 2:00
  should
• 2:00
  just
• 2:01
  use
• 2:01
  that
• 2:01
  as
• 2:01
  my
• 2:01
  LinkedIn
• 2:02
  profile.
• 2:02
  Best
• 2:03
  ever
• 2:03
  person
• 2:03
  from
• 2:04
  Middlesbrough.
• 2:05
  Well,
• 2:05
  that
• 2:05
  one
• 2:05
  as
• 2:05
  well.
• 2:06
  I
• 2:06
  can't
• 2:06
  think
• 2:06
  of
• 2:06
  many.
• 2:07
  Brian
• 2:07
  Truff.
• 2:07
  Brian
• 2:08
  Truffle,
• 2:08
  I
• 2:08
  think
• 2:08
  is
• 2:08
  the
• 2:09
  best
• 2:09
  person
• 2:09
  ever
• 2:09
  from
• 2:09
  Middlesbrough.
• 2:10
  Ah,
• 2:10
  there
• 2:11
  you
• 2:11
  go.
• 2:11
  Yeah.
• 2:11
  As
• 2:12
  a,
• 2:12
  as
• 2:12
  a
• 2:12
  former
• 2:12
  Forest
• 2:13
  season
• 2:13
  ticket
• 2:13
  holder
• 2:13
  and
• 2:14
  continuing
• 2:14
  suffering
• 2:15
  fan
• 2:15
  of
• 2:16
  said
• 2:16
  football
• 2:16
  club,
• 2:16
  I
• 2:17
  can't,
• 2:17
  I
• 2:17
  can't
• 2:17
  really
• 2:17
  argue
• 2:18
  with
• 2:18
  that.
• 2:18
  I
• 2:18
  suppose
• 2:18
  April
• 2:19
  should
• 2:19
  never
• 2:19
  be
• 2:19
  boring.
• 2:21
  Yeah,
• 2:21
  there
• 2:21
  you
• 2:21
  go.
• 2:21
  You're
• 2:22
  definitely
• 2:22
  in
• 2:22
  the
• 2:22
  top
• 2:22
  two.
• 2:23
  You're
• 2:23
  definitely
• 2:24
  top
• 2:24
  two.
• 2:25
  Thanks
• 2:25
  for
• 2:25
  coming
• 2:25
  on.
• 2:26
  That's
• 2:26
  an
• 2:26
  amazing
• 2:27
  path,
• 2:27
  an
• 2:27
  amazing
• 2:28
  journey
• 2:28
  that's
• 2:29
  taken
• 2:29
  you
• 2:29
  on.
• 2:29
  Is
• 2:29
  there
• 2:30
  anything
• 2:30
  you'd
• 2:30
  add?
• 2:30
  Like,
• 2:31
  what
• 2:31
  was
• 2:31
  it
• 2:31
  about
• 2:32
  this
• 2:32
  world
• 2:33
  of
• 2:33
  private
• 2:33
  equity
• 2:34
  that
• 2:34
  led
• 2:34
  you
• 2:34
  to
• 2:34
  set
• 2:34
  up
• 2:34
  Claymore
• 2:35
  Partners
• 2:35
  and
• 2:36
  think,
• 2:36
  this
• 2:36
  is
• 2:37
  where
• 2:37
  I
• 2:37
  want
• 2:37
  to
• 2:37
  spend
• 2:37
  my
• 2:37
  time?
• 2:38
  Yeah,
• 2:39
  look,
• 2:39
  I
• 2:39
  think
• 2:39
  it's
• 2:39
  a
• 2:40
  great
• 2:40
  industry,
• 2:41
  it's
• 2:41
  obviously
• 2:41
  a
• 2:42
  lucrative
• 2:42
  industry,
• 2:43
  but
• 2:44
  I
• 2:44
  just
• 2:44
  saw
• 2:44
  the
• 2:45
  opportunity
• 2:45
  for
• 2:45
  change
• 2:46
  in
• 2:46
  this
• 2:46
  industry.
• 2:47
  I
• 2:47
  think
• 2:47
  it's
• 2:47
  been
• 2:47
  doing
• 2:48
  things
• 2:49
  it's
• 2:49
  been
• 2:49
  doing
• 2:49
  for
• 2:49
  the
• 2:49
  past
• 2:50
  20
• 2:50
  years
• 2:50
  and
• 2:50
  that
• 2:50
  served
• 2:51
  it
• 2:51
  very
• 2:52
  well
• 2:52
  and
• 2:52
  it's
• 2:53
  made
• 2:53
  a
• 2:53
  lot
• 2:53
  of
• 2:53
  money
• 2:53
  and
• 2:54
  it's
• 2:54
  created
• 2:54
  great
• 2:54
  businesses.
• 2:55
  There
• 2:55
  have
• 2:55
  been
• 2:55
  some
• 2:56
  bad
• 2:56
  cases,
• 2:56
  of
• 2:56
  course,
• 2:57
  but
• 2:57
  in
• 2:57
  the
• 2:57
  whole,
• 2:57
  I
• 2:58
  think
• 2:58
  it
• 2:58
  helps
• 2:58
  business,
• 2:58
  it
• 2:59
  creates
• 2:59
  great
• 2:59
  industries
• 3:00
  and
• 3:00
  it
• 3:01
  creates
• 3:01
  jobs.
• 3:01
  But
• 3:01
  the
• 3:01
  opportunity
• 3:02
  I
• 3:02
  saw
• 3:03
  was
• 3:04
  digital
• 3:04
  value
• 3:04
  creation.
• 3:05
  And
• 3:07
  as
• 3:07
  you
• 3:07
  listed
• 3:08
  off
• 3:08
  my
• 3:08
  resume.
• 3:09
  Yeah,
• 3:09
  reeled
• 3:10
  it
• 3:10
  minutes
• 3:11
  ago.
• 3:11
  I
• 3:12
  come
• 3:12
  from
• 3:12
  a
• 3:12
  digital
• 3:12
  background
• 3:13
  in
• 3:13
  this
• 3:13
  digital
• 3:14
  bubble
• 3:15
  and
• 3:15
  I
• 3:15
  was
• 3:15
  just
• 3:16
  shocked
• 3:16
  that
• 3:16
  I
• 3:17
  didn't
• 3:17
  see
• 3:17
  PE
• 3:17
  doing
• 3:18
  more
• 3:18
  in
• 3:18
  terms
• 3:18
  of
• 3:19
  digital.
• 3:19
  They
• 3:19
  were
• 3:19
  still
• 3:20
  pulling
• 3:20
  the
• 3:20
  levers
• 3:20
  they
• 3:21
  pulled
• 3:21
  for
• 3:21
  the
• 3:21
  past
• 3:21
  20
• 3:22
  years,
• 3:22
  pricing
• 3:23
  and
• 3:23
  procurement
• 3:24
  and
• 3:25
  financial
• 3:25
  engineering.
• 3:27
  And
• 3:27
  a
• 3:27
  lot
• 3:27
  of
• 3:28
  the
• 3:28
  podcast
• 3:28
  I
• 3:28
  met
• 3:29
  were
• 3:29
  doing
• 3:29
  nothing
• 3:29
  in
• 3:29
  terms
• 3:29
  of
• 3:30
  digital.
• 3:31
  And
• 3:31
  it
• 3:31
  struck
• 3:32
  me
• 3:32
  as
• 3:32
  being
• 3:32
  crazy.
• 3:33
  And
• 3:33
  I
• 3:33
  saw
• 3:33
  it's
• 3:33
  just
• 3:33
  been
• 3:34
  a
• 3:34
  ton
• 3:34
  of
• 3:35
  low
• 3:35
  hanging
• 3:35
  fruit
• 3:36
  that
• 3:37
  why
• 3:37
  wouldn't
• 3:37
  you
• 3:38
  go
• 3:38
  to
• 3:38
  these
• 3:38
  businesses
• 3:39
  and
• 3:39
  digitize
• 3:39
  them?
• 3:40
  And
• 3:40
  if
• 3:40
  you
• 3:40
  look
• 3:40
  at
• 3:41
  PE's
• 3:42
  background
• 3:42
  and
• 3:43
  PE
• 3:43
  businesses,
• 3:44
  they're
• 3:44
  not
• 3:44
  buying
• 3:45
  sexy
• 3:45
  companies
• 3:46
  a
• 3:46
  lot
• 3:46
  of
• 3:46
  the
• 3:46
  time.
• 3:47
  It
• 3:48
  happens
• 3:48
  sometimes.
• 3:48
  But
• 3:49
  if
• 3:49
  you
• 3:49
  look
• 3:49
  at
• 3:49
  most
• 3:49
  of
• 3:49
  the
• 3:49
  companies,
• 3:50
  they're
• 3:50
  big
• 3:51
  old
• 3:51
  boring
• 3:52
  businesses
• 3:53
  that
• 3:53
  spew
• 3:54
  out
• 3:54
  cash
• 3:55
  in
• 3:55
  agriculture
• 3:56
  and
• 3:56
  defense
• 3:57
  and
• 3:57
  manufacturing
• 3:58
  and
• 3:58
  distribution
• 4:00
  and
• 4:00
  home
• 4:00
  services.
• 4:01
  And
• 4:02
  a
• 4:02
  lot
• 4:02
  of
• 4:02
  these
• 4:02
  businesses
• 4:03
  haven't
• 4:03
  digitized,
• 4:04
  so
• 4:04
  they
• 4:04
  haven't
• 4:04
  got
• 4:04
  the
• 4:04
  automation.
• 4:05
  They're
• 4:05
  not
• 4:06
  finding
• 4:06
  the
• 4:06
  leads
• 4:06
  as
• 4:07
  efficiently
• 4:07
  and
• 4:07
  effectively
• 4:08
  as
• 4:08
  they
• 4:08
  should.
• 4:09
  They're
• 4:09
  sitting
• 4:10
  on
• 4:10
  bad
• 4:10
  tech
• 4:10
  stacks.
• 4:11
  They've
• 4:11
  got
• 4:11
  no
• 4:11
  data
• 4:12
  in
• 4:12
  the
• 4:12
  business.
• 4:13
  So
• 4:14
  just
• 4:14
  putting
• 4:14
  in
• 4:14
  foundational
• 4:15
  things
• 4:15
  and
• 4:16
  helping
• 4:16
  them
• 4:17
  build
• 4:17
  a
• 4:17
  business
• 4:17
  built
• 4:18
  on
• 4:18
  data
• 4:19
  is
• 4:19
  a
• 4:19
  massive
• 4:20
  uplift
• 4:20
  for
• 4:21
  99%
• 4:22
  of
• 4:22
  these
• 4:22
  businesses.
• 4:23
  So
• 4:24
  that
• 4:24
  was
• 4:24
  the
• 4:24
  catalyst.
• 4:25
  It
• 4:25
  struck
• 4:25
  me
• 4:25
  as
• 4:26
  a
• 4:26
  crazy
• 4:26
  opportunity.
• 4:28
  That's
• 4:29
  great.
• 4:29
  And
• 4:29
  as
• 4:29
  well
• 4:29
  as
• 4:30
  all
• 4:30
  the
• 4:30
  truth,
• 4:30
  telling
• 4:30
  you,
• 4:30
  that's
• 4:31
  one
• 4:31
  of
• 4:31
  the
• 4:31
  things
• 4:32
  that
• 4:32
  drew
• 4:33
  me
• 4:33
  to
• 4:33
  your
• 4:33
  content
• 4:34
  as
• 4:34
  I
• 4:34
  read
• 4:34
  it
• 4:35
  because
• 4:35
  similarly
• 4:36
  I
• 4:36
  come
• 4:36
  from
• 4:36
  the
• 4:36
  same
• 4:36
  world
• 4:37
  where
• 4:37
  everything
• 4:38
  is
• 4:38
  instrumented
• 4:39
  to
• 4:39
  the
• 4:39
  nth
• 4:39
  degree.
• 4:40
  Right.
• 4:41
  If
• 4:41
  we
• 4:41
  can,
• 4:42
  in
• 4:42
  the
• 4:42
  world
• 4:42
  of
• 4:43
  personal
• 4:43
  financial
• 4:44
  services
• 4:44
  and
• 4:44
  credit
• 4:44
  cards
• 4:44
  that
• 4:45
  I
• 4:45
  used
• 4:45
  to
• 4:45
  operate
• 4:45
  in,
• 4:46
  if
• 4:46
  we
• 4:46
  can
• 4:46
  increase
• 4:47
  the
• 4:47
  number
• 4:48
  of
• 4:48
  people
• 4:48
  who
• 4:48
  get
• 4:48
  to
• 4:48
  the
• 4:48
  bottom
• 4:49
  of
• 4:49
  the
• 4:49
  form
• 4:49
  and
• 4:49
  press
• 4:50
  apply,
• 4:51
  then
• 4:51
  that's
• 4:51
  worth
• 4:51
  tens
• 4:52
  of
• 4:52
  millions
• 4:52
  of
• 4:52
  dollars.
• 4:53
  Right.
• 4:53
  So
• 4:53
  no
• 4:53
  stone
• 4:54
  is
• 4:54
  left
• 4:54
  unturned
• 4:55
  in
• 4:55
  terms
• 4:55
  of
• 4:55
  collecting
• 4:56
  billions
• 4:56
  and
• 4:56
  billions
• 4:56
  of
• 4:56
  rows
• 4:57
  of
• 4:57
  data
• 4:57
  to
• 4:58
  do
• 4:58
  it.
• 4:58
  So
• 4:58
  similar
• 4:59
  to
• 4:59
  you,
• 4:59
  when
• 4:59
  I
• 4:59
  came
• 4:59
  out
• 5:00
  of
• 5:00
  that
• 5:00
  world,
• 5:00
  I
• 5:00
  was
• 5:01
  at
• 5:01
  first
• 5:01
  a
• 5:01
  bit
• 5:01
  shocked
• 5:02
  and
• 5:02
  surprised.
• 5:03
  The
• 5:03
  first
• 5:03
  few
• 5:03
  businesses
• 5:03
  I
• 5:04
  heard
• 5:04
  about
• 5:04
  where
• 5:05
  they
• 5:05
  were
• 5:05
  at
• 5:05
  from
• 5:05
  a
• 5:05
  tech
• 5:05
  perspective.
• 5:06
  But
• 5:07
  increasingly
• 5:08
  it
• 5:08
  seems
• 5:08
  to
• 5:08
  me
• 5:09
  it's
• 5:09
  the
• 5:09
  rule
• 5:09
  and
• 5:10
  not
• 5:10
  the
• 5:10
  exception.
• 5:10
  And
• 5:11
  certainly
• 5:11
  that
• 5:11
  seems
• 5:11
  to
• 5:11
  be
• 5:12
  your
• 5:12
  experience
• 5:13
  as
• 5:13
  well.
• 5:14
  Yeah.
• 5:14
  And
• 5:14
  I
• 5:15
  mean,
• 5:16
  it
• 5:16
  should
• 5:16
  be
• 5:16
  a
• 5:16
  no
• 5:16
  brainer
• 5:17
  that
• 5:17
  every
• 5:17
  CEO
• 5:19
  having
• 5:19
  a
• 5:19
  business
• 5:19
  run
• 5:19
  on
• 5:20
  data
• 5:21
  makes
• 5:21
  your
• 5:21
  decisions
• 5:22
  much
• 5:22
  easier
• 5:23
  because
• 5:23
  data
• 5:24
  will
• 5:24
  point
• 5:24
  where
• 5:24
  the
• 5:24
  opportunities
• 5:25
  are,
• 5:25
  data
• 5:26
  will
• 5:26
  point
• 5:26
  to
• 5:26
  where
• 5:26
  the
• 5:27
  failures
• 5:27
  are.
• 5:28
  And
• 5:29
  you
• 5:29
  should
• 5:29
  be
• 5:29
  able
• 5:29
  to
• 5:29
  improve
• 5:30
  your
• 5:30
  business
• 5:30
  pretty
• 5:31
  easily
• 5:31
  because
• 5:31
  it
• 5:31
  just
• 5:32
  becomes
• 5:32
  math.
• 5:33
  Simple
• 5:33
  things
• 5:34
  like
• 5:34
  looking
• 5:34
  at
• 5:34
  the
• 5:34
  customer
• 5:35
  journey
• 5:35
  and
• 5:35
  all
• 5:35
  the
• 5:35
  conversion
• 5:36
  points
• 5:36
  from,
• 5:37
  you
• 5:37
  know,
• 5:37
  when
• 5:37
  I
• 5:38
  win
• 5:38
  a
• 5:38
  lead
• 5:38
  and
• 5:39
  when
• 5:39
  I
• 5:39
  first
• 5:40
  talk
• 5:40
  to
• 5:40
  them
• 5:41
  through
• 5:41
  the
• 5:41
  several
• 5:42
  points
• 5:42
  to
• 5:42
  and
• 5:43
  actually
• 5:43
  realize
• 5:43
  revenue
• 5:44
  from
• 5:44
  them,
• 5:45
  you
• 5:45
  can
• 5:45
  simply
• 5:45
  look
• 5:46
  at
• 5:46
  the
• 5:46
  conversion
• 5:46
  rates
• 5:46
  on
• 5:47
  every
• 5:47
  point
• 5:48
  and
• 5:48
  just
• 5:49
  moving
• 5:49
  those
• 5:49
  conversion
• 5:50
  rates
• 5:50
  a
• 5:50
  little
• 5:50
  bit
• 5:51
  is
• 5:51
  a
• 5:51
  big
• 5:51
  deal
• 5:52
  in
• 5:52
  terms
• 5:52
  of
• 5:53
  revenue.
• 5:54
  So
• 5:54
  creating
• 5:55
  those
• 5:55
  machines
• 5:55
  for
• 5:56
  your
• 5:56
  business
• 5:57
  should
• 5:58
  be
• 5:58
  foundational
• 5:58
  for
• 5:59
  every
• 5:59
  business
• 5:59
  and
• 6:00
  will
• 6:00
  definitely
• 6:00
  help
• 6:01
  you
• 6:01
  be
• 6:01
  more
• 6:01
  successful.
• 6:02
  Yeah,
• 6:03
  I
• 6:03
  couldn't
• 6:03
  agree
• 6:03
  more.
• 6:04
  You
• 6:05
  listed
• 6:05
  off
• 6:05
  a
• 6:05
  few
• 6:05
  different
• 6:05
  industries
• 6:06
  and
• 6:06
  different
• 6:06
  types
• 6:06
  of
• 6:06
  business.
• 6:07
  There
• 6:07
  is
• 6:07
  the
• 6:08
  one
• 6:08
  type
• 6:08
  of
• 6:09
  business
• 6:09
  that
• 6:09
  you
• 6:10
  think
• 6:10
  currently
• 6:10
  or
• 6:11
  in
• 6:11
  the
• 6:11
  past
• 6:11
  couple
• 6:11
  of
• 6:11
  years
• 6:11
  has
• 6:12
  been
• 6:13
  particularly
• 6:13
  able
• 6:14
  to
• 6:14
  benefit
• 6:14
  from
• 6:14
  this,
• 6:15
  like
• 6:15
  particularly
• 6:15
  far
• 6:16
  behind.
• 6:17
  You
• 6:17
  mentioned
• 6:17
  home
• 6:17
  services.
• 6:18
  I've
• 6:18
  seen
• 6:18
  a
• 6:18
  lot
• 6:18
  of
• 6:19
  Cody
• 6:19
  Sanchez's
• 6:20
  stuff
• 6:20
  of
• 6:20
  how
• 6:21
  she's
• 6:21
  gone
• 6:21
  and
• 6:22
  franchised.
• 6:23
  I
• 6:23
  don't
• 6:23
  know
• 6:23
  if
• 6:23
  you're
• 6:23
  familiar
• 6:24
  with
• 6:24
  the
• 6:24
  pinks
• 6:25
  and
• 6:25
  that
• 6:25
  one
• 6:26
  painter
• 6:26
  and
• 6:27
  the
• 6:28
  work
• 6:28
  that
• 6:28
  she's
• 6:28
  done
• 6:28
  there,
• 6:28
  but
• 6:29
  basically
• 6:29
  she's
• 6:30
  taken
• 6:30
  a
• 6:30
  centralized
• 6:32
  national
• 6:32
  and
• 6:33
  created
• 6:33
  a
• 6:33
  brand.
• 6:33
  Because
• 6:34
  her
• 6:34
  point
• 6:34
  was
• 6:35
  none
• 6:35
  of
• 6:35
  these
• 6:35
  businesses
• 6:36
  ever
• 6:36
  created
• 6:36
  a
• 6:36
  brand.
• 6:36
  So
• 6:37
  she
• 6:37
  just
• 6:37
  created
• 6:38
  a
• 6:38
  recognizable
• 6:38
  national
• 6:38
  brand
• 6:39
  and
• 6:39
  then
• 6:39
  franchised
• 6:40
  it
• 6:40
  out
• 6:41
  and
• 6:41
  mandated
• 6:41
  digital
• 6:42
  marketing
• 6:42
  spend
• 6:42
  and
• 6:43
  monitoring.
• 6:44
  So
• 6:44
  that
• 6:44
  was
• 6:45
  home
• 6:45
  services.
• 6:46
  Have
• 6:46
  you
• 6:46
  seen
• 6:46
  that
• 6:46
  with
• 6:46
  home
• 6:46
  services
• 6:47
  too?
• 6:47
  Or
• 6:47
  there
• 6:47
  are
• 6:47
  other
• 6:48
  types
• 6:48
  of
• 6:48
  businesses
• 6:48
  that
• 6:48
  are
• 6:49
  particularly.
• 6:50
  It's
• 6:50
  really
• 6:50
  not
• 6:50
  hard
• 6:51
  to
• 6:51
  do.
• 6:51
  I
• 6:51
  think
• 6:51
  the
• 6:51
  opportunity
• 6:52
  applies
• 6:52
  across
• 6:53
  the
• 6:53
  board
• 6:53
  and
• 6:54
  I
• 6:54
  simplify
• 6:55
  it
• 6:55
  in
• 6:55
  three
• 6:55
  parents.
• 6:57
  Right.
• 6:57
  So
• 6:58
  consumer
• 6:59
  D2C,
• 7:00
  largely
• 7:01
  E
• 7:01
  commerce.
• 7:02
  You
• 7:02
  would
• 7:02
  expect
• 7:03
  those
• 7:03
  guys
• 7:03
  to
• 7:03
  be
• 7:03
  in
• 7:04
  Good
• 7:04
  shape
• 7:05
  because
• 7:05
  they
• 7:05
  wouldn't
• 7:05
  have
• 7:05
  built.
• 7:06
  It's
• 7:06
  impossible
• 7:07
  to
• 7:07
  build
• 7:07
  a
• 7:07
  big
• 7:07
  business
• 7:08
  without
• 7:08
  building
• 7:08
  a
• 7:08
  business
• 7:09
  built
• 7:09
  on
• 7:09
  data
• 7:09
  and
• 7:09
  E
• 7:10
  commerce.
• 7:10
  So
• 7:11
  those
• 7:11
  guys
• 7:11
  are
• 7:11
  usually
• 7:12
  good.
• 7:12
  There's
• 7:12
  still
• 7:12
  opportunity
• 7:13
  there,
• 7:13
  but
• 7:13
  not
• 7:14
  massive.
• 7:15
  The
• 7:15
  other
• 7:15
  one
• 7:16
  is
• 7:16
  consumer
• 7:16
  services.
• 7:17
  So
• 7:17
  that's
• 7:18
  not
• 7:18
  restricted
• 7:19
  to
• 7:19
  home
• 7:20
  services,
• 7:20
  although
• 7:21
  home
• 7:21
  services
• 7:22
  is
• 7:22
  of
• 7:22
  course
• 7:23
  big
• 7:23
  H
• 7:23
  vac,
• 7:24
  roofing,
• 7:24
  flooring,
• 7:25
  windows,
• 7:27
  etc.
• 7:28
  It
• 7:29
  can
• 7:29
  also
• 7:29
  go
• 7:29
  to
• 7:29
  med
• 7:30
  spas,
• 7:30
  med
• 7:30
  spas,
• 7:32
  doctors,
• 7:33
  dentists,
• 7:34
  health
• 7:35
  clinics,
• 7:37
  and
• 7:37
  I
• 7:37
  think
• 7:37
  there's
• 7:38
  a
• 7:38
  ton
• 7:38
  of
• 7:38
  law
• 7:39
  hanging
• 7:39
  fruit
• 7:39
  there
• 7:40
  because
• 7:41
  the
• 7:41
  majority
• 7:41
  of
• 7:41
  these
• 7:41
  companies
• 7:42
  have
• 7:42
  been
• 7:42
  founder
• 7:43
  led
• 7:43
  and
• 7:43
  typically
• 7:43
  the
• 7:44
  founder
• 7:44
  is
• 7:44
  not
• 7:45
  a
• 7:45
  digital
• 7:45
  or
• 7:45
  data
• 7:46
  guy.
• 7:47
  One
• 7:47
  look,
• 7:48
  they've
• 7:48
  already
• 7:48
  done
• 7:48
  great,
• 7:49
  they've
• 7:49
  already
• 7:49
  done
• 7:50
  a
• 7:50
  phenomenal
• 7:51
  job
• 7:51
  to
• 7:52
  build
• 7:52
  a
• 7:52
  business
• 7:52
  and
• 7:53
  be
• 7:53
  bought
• 7:53
  by
• 7:53
  pe.
• 7:54
  But
• 7:55
  then
• 7:55
  the
• 7:55
  opportunity
• 7:56
  comes
• 7:56
  to
• 7:56
  digitize
• 7:57
  and
• 7:58
  I
• 7:58
  think
• 7:58
  you
• 7:58
  can
• 7:58
  digitize
• 7:59
  these
• 7:59
  businesses
• 8:00
  very
• 8:00
  easy.
• 8:00
  Any
• 8:00
  multi
• 8:01
  location
• 8:01
  consumer
• 8:02
  services
• 8:03
  business,
• 8:04
  you
• 8:04
  can
• 8:04
  digitize
• 8:05
  it
• 8:05
  easily
• 8:06
  by
• 8:06
  doing
• 8:06
  what
• 8:06
  I
• 8:06
  just
• 8:06
  said.
• 8:07
  You
• 8:07
  build
• 8:07
  the
• 8:07
  tech
• 8:07
  stack,
• 8:08
  you
• 8:08
  drop
• 8:08
  in
• 8:08
  the
• 8:08
  bi,
• 8:09
  you
• 8:10
  improve
• 8:10
  conversion
• 8:11
  and
• 8:11
  optimization,
• 8:12
  improve
• 8:12
  the
• 8:12
  digital
• 8:13
  marketing.
• 8:14
  And
• 8:14
  a
• 8:14
  lot
• 8:14
  of
• 8:14
  the
• 8:15
  time
• 8:15
  you're,
• 8:15
  you're
• 8:15
  competing
• 8:16
  against
• 8:16
  mom
• 8:17
  and
• 8:17
  pops
• 8:17
  or
• 8:17
  much
• 8:18
  smaller
• 8:18
  businesses.
• 8:19
  You
• 8:19
  can
• 8:20
  smoke
• 8:20
  them
• 8:20
  straight
• 8:21
  away
• 8:21
  if
• 8:21
  you
• 8:21
  build
• 8:22
  this
• 8:22
  correctly.
• 8:24
  So
• 8:25
  big
• 8:25
  opportunity
• 8:26
  in
• 8:26
  consumer
• 8:27
  services
• 8:29
  and
• 8:29
  then
• 8:29
  the
• 8:29
  other
• 8:30
  one
• 8:30
  is
• 8:31
  B2B
• 8:33
  and
• 8:34
  perhaps
• 8:34
  there's
• 8:34
  a
• 8:34
  big
• 8:34
  opportunity
• 8:35
  in
• 8:35
  B2B
• 8:37
  and
• 8:37
  here's
• 8:38
  why.
• 8:39
  B2B
• 8:39
  again,
• 8:40
  you've
• 8:40
  got
• 8:40
  a
• 8:40
  lot
• 8:41
  of
• 8:41
  big
• 8:41
  old
• 8:41
  businesses
• 8:42
  that
• 8:42
  just
• 8:42
  spew
• 8:43
  out
• 8:43
  cash.
• 8:44
  Good
• 8:44
  businesses
• 8:45
  haven't
• 8:45
  digitized
• 8:46
  at
• 8:46
  all.
• 8:47
  Now
• 8:48
  you
• 8:48
  can
• 8:48
  create
• 8:49
  a
• 8:50
  marketing
• 8:50
  and
• 8:50
  a
• 8:50
  lead
• 8:51
  generation
• 8:51
  machine
• 8:52
  in
• 8:52
  these
• 8:52
  businesses
• 8:52
  pretty
• 8:53
  easily,
• 8:54
  just
• 8:54
  like
• 8:54
  you
• 8:54
  can
• 8:54
  in
• 8:55
  consumer
• 8:55
  services.
• 8:56
  The
• 8:56
  thing
• 8:57
  in
• 8:57
  consumer
• 8:57
  services
• 8:58
  is
• 8:58
  the
• 8:59
  attribution
• 8:59
  is
• 8:59
  there,
• 9:00
  right?
• 9:01
  It's
• 9:01
  not
• 9:01
  as
• 9:01
  clear
• 9:02
  as
• 9:02
  D2C
• 9:03
  where
• 9:03
  you're
• 9:04
  seeing
• 9:04
  immediate
• 9:04
  attribution.
• 9:05
  You
• 9:05
  send
• 9:05
  somebody
• 9:06
  the
• 9:06
  shopping
• 9:06
  cart,
• 9:07
  they
• 9:07
  buy
• 9:07
  something.
• 9:08
  You
• 9:08
  can
• 9:08
  see
• 9:09
  exactly
• 9:10
  what
• 9:10
  I
• 9:10
  paid
• 9:10
  for
• 9:10
  that.
• 9:11
  Click
• 9:11
  what
• 9:11
  I
• 9:11
  paid
• 9:11
  for
• 9:12
  that
• 9:12
  business,
• 9:13
  what
• 9:13
  my
• 9:13
  average
• 9:13
  order
• 9:14
  value
• 9:14
  was.
• 9:14
  You
• 9:14
  can
• 9:15
  get
• 9:15
  ROI
• 9:15
  and
• 9:15
  roas
• 9:16
  straight
• 9:17
  away.
• 9:18
  Consumer
• 9:18
  services
• 9:19
  a
• 9:19
  little
• 9:19
  bit
• 9:19
  harder,
• 9:20
  but
• 9:20
  not
• 9:20
  much
• 9:20
  harder
• 9:21
  because
• 9:22
  the
• 9:22
  sales
• 9:22
  cycle
• 9:23
  is
• 9:23
  probably
• 9:23
  a
• 9:23
  week
• 9:24
  between
• 9:25
  the
• 9:25
  time
• 9:25
  you
• 9:25
  get
• 9:26
  a
• 9:26
  customer
• 9:26
  speak
• 9:27
  to
• 9:27
  them,
• 9:27
  you
• 9:28
  send
• 9:28
  someone
• 9:28
  to
• 9:28
  the
• 9:29
  house,
• 9:29
  you
• 9:29
  know
• 9:29
  whether
• 9:30
  you've
• 9:30
  sold
• 9:30
  that
• 9:30
  product
• 9:31
  or
• 9:31
  not.
• 9:31
  So
• 9:31
  the
• 9:31
  attribution
• 9:32
  is
• 9:32
  there.
• 9:33
  Attribution
• 9:34
  is
• 9:34
  way
• 9:34
  harder
• 9:35
  in
• 9:35
  B2B.
• 9:36
  Yeah,
• 9:36
  tell
• 9:36
  me
• 9:36
  about
• 9:37
  that.
• 9:38
  Because
• 9:38
  depending
• 9:38
  on
• 9:38
  the
• 9:39
  product,
• 9:39
  the
• 9:39
  cycle
• 9:40
  could
• 9:40
  be
• 9:40
  6
• 9:40
  to
• 9:40
  12
• 9:40
  months
• 9:41
  or
• 9:41
  longer.
• 9:42
  So
• 9:42
  you
• 9:42
  could
• 9:43
  build
• 9:43
  the
• 9:43
  best
• 9:44
  lead
• 9:45
  generation
• 9:45
  engine
• 9:46
  in
• 9:46
  the
• 9:46
  world.
• 9:47
  You
• 9:48
  can't
• 9:48
  inform
• 9:48
  it
• 9:49
  with
• 9:49
  attribution
• 9:50
  straight
• 9:50
  away,
• 9:51
  which
• 9:51
  is
• 9:51
  an
• 9:51
  issue.
• 9:52
  So
• 9:52
  you
• 9:52
  could
• 9:53
  be
• 9:53
  Spending
• 9:53
  blindly
• 9:54
  on
• 9:54
  top
• 9:54
  of
• 9:54
  funnel
• 9:55
  and
• 9:55
  getting
• 9:55
  clicks
• 9:56
  and
• 9:56
  getting
• 9:56
  leads
• 9:56
  in,
• 9:57
  you've
• 9:57
  got
• 9:57
  no
• 9:57
  idea
• 9:58
  what's
• 9:58
  happening
• 9:58
  to
• 9:58
  those
• 9:58
  leads.
• 10:00
  So
• 10:00
  that's
• 10:00
  one
• 10:01
  of
• 10:01
  the
• 10:01
  issues.
• 10:01
  The
• 10:01
  other
• 10:02
  issue
• 10:02
  is
• 10:04
  the
• 10:04
  only
• 10:04
  way
• 10:04
  you
• 10:05
  can
• 10:05
  manage
• 10:05
  that
• 10:05
  is
• 10:06
  having
• 10:06
  a
• 10:06
  super
• 10:07
  good
• 10:07
  sales
• 10:07
  team.
• 10:08
  And
• 10:09
  I
• 10:09
  really
• 10:09
  haven't
• 10:09
  experienced
• 10:10
  many
• 10:10
  great
• 10:11
  sales
• 10:11
  teams
• 10:11
  in
• 10:12
  B2B.
• 10:13
  Right.
• 10:13
  And
• 10:13
  you
• 10:13
  need
• 10:14
  a
• 10:14
  superstar
• 10:15
  sales
• 10:15
  leader
• 10:16
  who's
• 10:16
  going
• 10:16
  to
• 10:16
  put
• 10:16
  discipline
• 10:17
  in
• 10:17
  that
• 10:17
  team
• 10:18
  to
• 10:18
  manage
• 10:18
  the
• 10:19
  funnel
• 10:19
  and
• 10:19
  manage
• 10:19
  the
• 10:20
  pipeline
• 10:20
  and
• 10:21
  be
• 10:21
  managing
• 10:21
  that
• 10:21
  CRM
• 10:22
  every
• 10:23
  day
• 10:23
  so
• 10:24
  marketing
• 10:24
  can
• 10:24
  understand
• 10:25
  the
• 10:25
  quality
• 10:26
  of
• 10:26
  those
• 10:26
  leads,
• 10:26
  what's
• 10:27
  happening
• 10:27
  to
• 10:27
  those
• 10:27
  leads,
• 10:28
  where
• 10:28
  they're
• 10:28
  sitting
• 10:28
  in
• 10:28
  the
• 10:29
  pipeline,
• 10:30
  the
• 10:30
  confidence
• 10:31
  level
• 10:31
  of
• 10:32
  converting
• 10:32
  those
• 10:33
  leads,
• 10:34
  what
• 10:34
  they
• 10:34
  think
• 10:35
  the
• 10:35
  transaction
• 10:36
  price
• 10:36
  is
• 10:37
  going
• 10:37
  to
• 10:37
  be
• 10:37
  when
• 10:37
  they
• 10:37
  think
• 10:37
  it's
• 10:38
  going
• 10:38
  to
• 10:38
  happen.
• 10:39
  So
• 10:39
  you
• 10:39
  need
• 10:40
  an
• 10:40
  awesome
• 10:40
  sales
• 10:40
  team
• 10:41
  that
• 10:41
  have
• 10:41
  got
• 10:41
  to
• 10:41
  be
• 10:42
  data
• 10:42
  centric,
• 10:43
  entering
• 10:43
  all
• 10:43
  that
• 10:43
  data.
• 10:44
  And
• 10:44
  historically
• 10:45
  sales
• 10:45
  teams
• 10:46
  haven't
• 10:47
  been
• 10:47
  set
• 10:47
  up
• 10:47
  like
• 10:47
  that
• 10:48
  or
• 10:48
  are
• 10:48
  not
• 10:48
  incentivized
• 10:49
  to
• 10:49
  put
• 10:49
  the
• 10:49
  right
• 10:49
  data
• 10:49
  in.
• 10:50
  Right.
• 10:50
  Or
• 10:50
  have
• 10:51
  the
• 10:51
  wrong
• 10:51
  targets
• 10:52
  that
• 10:52
  make
• 10:53
  them,
• 10:53
  you
• 10:53
  know,
• 10:53
  optimize
• 10:54
  for
• 10:54
  number
• 10:54
  of
• 10:55
  calls
• 10:55
  that
• 10:55
  they
• 10:55
  do
• 10:56
  so
• 10:56
  that
• 10:56
  they
• 10:56
  end
• 10:56
  up
• 10:56
  talking
• 10:57
  to
• 10:57
  a
• 10:57
  load
• 10:57
  of
• 10:58
  disqualified
• 10:59
  leads
• 10:59
  or
• 10:59
  they
• 10:59
  get
• 11:00
  measured
• 11:00
  on
• 11:01
  close
• 11:01
  percentage
• 11:01
  of
• 11:01
  qualified
• 11:02
  leads
• 11:02
  and
• 11:02
  that
• 11:02
  then
• 11:03
  leads
• 11:03
  them
• 11:03
  to
• 11:03
  disqualify
• 11:04
  leads
• 11:04
  who
• 11:04
  might
• 11:04
  have
• 11:04
  actually
• 11:04
  bought
• 11:05
  because
• 11:05
  they're
• 11:05
  trying
• 11:05
  to
• 11:05
  protect
• 11:06
  the
• 11:06
  metrics
• 11:06
  as
• 11:06
  well.
• 11:07
  That's
• 11:08
  just
• 11:08
  one
• 11:08
  of
• 11:08
  the
• 11:08
  many
• 11:09
  examples
• 11:09
  I've
• 11:09
  found
• 11:09
  of
• 11:10
  like
• 11:10
  what
• 11:11
  data
• 11:11
  within
• 11:11
  a
• 11:12
  business
• 11:13
  can't
• 11:14
  may
• 11:14
  not
• 11:14
  always
• 11:14
  be
• 11:15
  a
• 11:15
  good
• 11:15
  thing
• 11:15
  because
• 11:15
  if
• 11:15
  it's
• 11:16
  not
• 11:16
  set
• 11:16
  up
• 11:16
  and
• 11:16
  the
• 11:16
  metrics
• 11:17
  aren't
• 11:17
  set
• 11:17
  correctly
• 11:18
  and
• 11:18
  the
• 11:18
  objectives
• 11:18
  aren't
• 11:19
  set
• 11:19
  and
• 11:19
  people
• 11:19
  don't
• 11:19
  put
• 11:19
  the
• 11:19
  right
• 11:20
  data
• 11:20
  in,
• 11:20
  then
• 11:20
  they
• 11:21
  can
• 11:21
  turn
• 11:21
  into
• 11:21
  a
• 11:21
  mess
• 11:22
  pretty
• 11:22
  fast.
• 11:22
  Yeah,
• 11:23
  so
• 11:23
  I
• 11:23
  mean
• 11:24
  that's
• 11:24
  the
• 11:24
  opportunity
• 11:24
  in
• 11:24
  B2B.
• 11:25
  You
• 11:26
  know,
• 11:26
  if
• 11:26
  a
• 11:26
  CEO
• 11:27
  comes
• 11:27
  in
• 11:27
  and
• 11:28
  says
• 11:28
  I'm
• 11:28
  going
• 11:28
  to
• 11:28
  digitize
• 11:29
  this
• 11:29
  business
• 11:30
  and
• 11:30
  obviously
• 11:31
  he
• 11:31
  has
• 11:31
  the
• 11:31
  power
• 11:31
  to
• 11:32
  do
• 11:32
  that
• 11:32
  and
• 11:32
  employs
• 11:33
  a
• 11:33
  superstar
• 11:34
  head
• 11:34
  of
• 11:34
  sales
• 11:34
  and
• 11:35
  just
• 11:35
  makes
• 11:35
  sure
• 11:36
  that
• 11:36
  sales
• 11:36
  is
• 11:37
  just
• 11:37
  as
• 11:37
  digitized
• 11:38
  as
• 11:38
  the
• 11:38
  marketing
• 11:39
  function.
• 11:40
  You're
• 11:40
  going
• 11:40
  to
• 11:40
  have
• 11:40
  a
• 11:41
  great
• 11:41
  business
• 11:41
  and
• 11:41
  see
• 11:42
  a
• 11:42
  massive
• 11:42
  impact
• 11:43
  on
• 11:43
  doing
• 11:43
  that.
• 11:44
  I
• 11:44
  mean
• 11:45
  we
• 11:45
  both
• 11:45
  operate
• 11:45
  in
• 11:45
  the
• 11:45
  B2B
• 11:46
  world
• 11:46
  as
• 11:46
  well
• 11:46
  and
• 11:47
  you
• 11:47
  know
• 11:48
  the
• 11:48
  numbers.
• 11:48
  I've
• 11:49
  heard
• 11:49
  about
• 11:49
  it.
• 11:49
  Six
• 11:50
  or
• 11:50
  seven
• 11:50
  touch
• 11:50
  points
• 11:51
  before
• 11:51
  someone
• 11:51
  will
• 11:51
  call
• 11:52
  you
• 11:52
  or
• 11:52
  whatever
• 11:52
  else
• 11:52
  like
• 11:53
  largely
• 11:54
  ring
• 11:54
  true.
• 11:55
  How
• 11:55
  do
• 11:55
  you
• 11:55
  approach
• 11:55
  it
• 11:56
  with
• 11:57
  yourself
• 11:57
  within
• 11:58
  Claymore?
• 11:59
  Have
• 11:59
  you
• 11:59
  got
• 11:59
  the
• 11:59
  superstars?
• 12:00
  Yeah,
• 12:01
  look,
• 12:01
  we've
• 12:02
  got
• 12:02
  a
• 12:02
  great
• 12:02
  BD
• 12:03
  team
• 12:03
  but
• 12:03
  look
• 12:04
  I've
• 12:04
  always,
• 12:04
  I
• 12:04
  think
• 12:05
  I
• 12:05
  posted
• 12:05
  about
• 12:05
  this.
• 12:05
  It's
• 12:06
  better
• 12:06
  to
• 12:07
  attract
• 12:08
  than
• 12:08
  Chase
• 12:09
  and
• 12:09
  that's
• 12:09
  Part
• 12:10
  of
• 12:10
  kind
• 12:10
  of
• 12:10
  my
• 12:10
  LinkedIn
• 12:11
  strategy
• 12:11
  where
• 12:12
  I
• 12:12
  just
• 12:12
  post
• 12:12
  what
• 12:12
  I'm
• 12:13
  thinking
• 12:13
  about,
• 12:13
  it
• 12:13
  seems
• 12:14
  to
• 12:14
  resonate
• 12:14
  with
• 12:14
  the
• 12:14
  industry.
• 12:16
  So
• 12:16
  I
• 12:16
  think
• 12:16
  content
• 12:17
  in
• 12:18
  B2B
• 12:18
  is
• 12:18
  a
• 12:18
  massive
• 12:19
  part
• 12:19
  of
• 12:19
  this.
• 12:20
  If
• 12:20
  you
• 12:20
  get
• 12:20
  in
• 12:20
  the
• 12:21
  cadence
• 12:21
  of
• 12:21
  posting
• 12:22
  great
• 12:22
  content
• 12:23
  that
• 12:23
  resonates
• 12:24
  with
• 12:24
  the
• 12:24
  industry,
• 12:25
  you
• 12:25
  shouldn't
• 12:26
  need
• 12:26
  to
• 12:26
  do
• 12:26
  a
• 12:26
  lot
• 12:26
  of
• 12:26
  chasing.
• 12:27
  It
• 12:27
  takes
• 12:28
  time.
• 12:28
  When
• 12:28
  you're
• 12:28
  right,
• 12:28
  it's
• 12:29
  probably
• 12:29
  eight
• 12:29
  touch
• 12:29
  points.
• 12:30
  But
• 12:31
  I
• 12:31
  think
• 12:31
  the
• 12:31
  more
• 12:31
  people
• 12:32
  kind
• 12:32
  of
• 12:32
  see
• 12:32
  your
• 12:33
  message
• 12:33
  and
• 12:33
  see
• 12:34
  your
• 12:34
  point
• 12:34
  of
• 12:34
  view
• 12:35
  and
• 12:35
  they
• 12:36
  start
• 12:36
  to
• 12:36
  learn
• 12:37
  kind
• 12:37
  of
• 12:37
  what
• 12:37
  you're
• 12:37
  about
• 12:37
  and
• 12:38
  what
• 12:38
  your
• 12:38
  commute
• 12:38
  is
• 12:38
  and
• 12:39
  what
• 12:39
  you
• 12:39
  do,
• 12:40
  you
• 12:40
  should
• 12:40
  start
• 12:41
  to
• 12:41
  attract
• 12:41
  inbound
• 12:42
  that
• 12:42
  way.
• 12:43
  And
• 12:43
  that
• 12:43
  inbound,
• 12:44
  of
• 12:44
  course,
• 12:44
  is
• 12:45
  way
• 12:45
  more
• 12:45
  valuable
• 12:46
  than
• 12:46
  you
• 12:47
  trying
• 12:47
  to
• 12:47
  chase
• 12:47
  leads
• 12:48
  and
• 12:48
  hammer
• 12:48
  leads
• 12:49
  every
• 12:49
  day
• 12:49
  and
• 12:49
  go
• 12:50
  after
• 12:50
  people
• 12:51
  and
• 12:51
  try
• 12:51
  and
• 12:51
  find
• 12:51
  those
• 12:52
  intent
• 12:52
  signals
• 12:53
  and
• 12:53
  find
• 12:54
  people
• 12:54
  that
• 12:54
  might
• 12:56
  want
• 12:56
  to
• 12:56
  work
• 12:57
  with
• 12:57
  you
• 12:57
  and
• 12:57
  want
• 12:57
  your
• 12:57
  business.
• 12:58
  So
• 12:58
  I
• 12:59
  think
• 12:59
  it's
• 13:00
  content
• 13:00
  in
• 13:01
  B2B
• 13:01
  is
• 13:01
  paramount.
• 13:02
  Putting
• 13:02
  that
• 13:03
  hard
• 13:03
  work
• 13:03
  in
• 13:03
  to
• 13:03
  begin
• 13:04
  with
• 13:04
  and
• 13:04
  you
• 13:04
  won't
• 13:05
  see
• 13:06
  the
• 13:06
  impact
• 13:06
  and
• 13:07
  you
• 13:07
  won't
• 13:07
  see
• 13:07
  the
• 13:07
  benefit
• 13:08
  of
• 13:08
  that
• 13:08
  straight
• 13:08
  away,
• 13:09
  but
• 13:09
  you've
• 13:10
  just
• 13:10
  got
• 13:10
  to
• 13:10
  believe
• 13:10
  that
• 13:11
  this
• 13:11
  is
• 13:11
  a
• 13:11
  long
• 13:11
  term
• 13:12
  thing,
• 13:12
  greater
• 13:13
  content
• 13:14
  compounds
• 13:15
  and
• 13:15
  the
• 13:16
  more
• 13:16
  you
• 13:16
  put
• 13:16
  out
• 13:16
  there
• 13:17
  and
• 13:17
  the
• 13:17
  more
• 13:17
  people
• 13:17
  that
• 13:18
  hear
• 13:18
  your
• 13:18
  proposition
• 13:19
  and
• 13:19
  hear
• 13:19
  your
• 13:19
  voice,
• 13:20
  they
• 13:21
  may
• 13:21
  not
• 13:21
  be
• 13:21
  in
• 13:21
  market
• 13:22
  the
• 13:22
  first
• 13:22
  time
• 13:22
  you
• 13:23
  see
• 13:23
  it.
• 13:23
  But
• 13:23
  when
• 13:24
  they're
• 13:24
  in
• 13:24
  market
• 13:24
  in
• 13:25
  12
• 13:25
  months
• 13:25
  and
• 13:25
  they've
• 13:25
  already
• 13:26
  seen
• 13:26
  12
• 13:27
  of
• 13:27
  your
• 13:27
  posts
• 13:28
  or
• 13:28
  content
• 13:28
  from
• 13:29
  elsewhere,
• 13:30
  hopefully
• 13:31
  you're
• 13:31
  top
• 13:31
  of
• 13:31
  mind
• 13:32
  when
• 13:32
  they
• 13:32
  need
• 13:33
  your
• 13:33
  service
• 13:33
  and
• 13:34
  they
• 13:34
  reach
• 13:34
  out
• 13:34
  to
• 13:34
  you.
• 13:35
  Yeah,
• 13:36
  and
• 13:36
  that's
• 13:36
  how
• 13:36
  the
• 13:36
  personal
• 13:36
  injury
• 13:37
  lawyers
• 13:37
  do
• 13:37
  it.
• 13:37
  Right.
• 13:38
  That's
• 13:38
  why
• 13:38
  they
• 13:38
  plaster
• 13:38
  their
• 13:39
  faces
• 13:39
  all
• 13:39
  over
• 13:39
  the
• 13:39
  billboards
• 13:40
  like
• 13:41
  they're
• 13:41
  not,
• 13:41
  they're
• 13:41
  not
• 13:41
  advertising.
• 13:42
  I
• 13:42
  mean,
• 13:42
  I'm
• 13:42
  sure
• 13:42
  they're
• 13:43
  advertising
• 13:43
  in
• 13:43
  hospitals
• 13:44
  too,
• 13:44
  but
• 13:44
  you
• 13:44
  know,
• 13:44
  that's
• 13:45
  why
• 13:45
  they're
• 13:45
  everywhere,
• 13:46
  on
• 13:46
  the
• 13:46
  billboards
• 13:46
  and
• 13:47
  the
• 13:47
  taxis,
• 13:47
  at
• 13:47
  bus
• 13:47
  stops.
• 13:48
  Right.
• 13:48
  They're
• 13:48
  trying
• 13:49
  to
• 13:49
  be
• 13:49
  top
• 13:49
  of
• 13:49
  mind
• 13:49
  for
• 13:50
  when
• 13:50
  you
• 13:50
  do
• 13:50
  need
• 13:50
  them.
• 13:51
  There's
• 13:51
  a
• 13:51
  couple
• 13:51
  of
• 13:52
  things
• 13:53
  to
• 13:53
  chew
• 13:53
  on
• 13:53
  out
• 13:54
  of
• 13:54
  that,
• 13:55
  and
• 13:55
  one
• 13:55
  is,
• 13:55
  the
• 13:55
  other
• 13:55
  one,
• 13:56
  I'm
• 13:56
  sure
• 13:56
  you're
• 13:56
  doing
• 13:56
  it
• 13:56
  right,
• 13:57
  is
• 13:57
  to
• 13:57
  be
• 13:57
  data
• 13:58
  driven
• 13:58
  about
• 13:58
  it.
• 13:58
  You
• 13:59
  don't
• 13:59
  instantly
• 13:59
  know
• 13:59
  what
• 13:59
  content's
• 14:00
  going
• 14:00
  to
• 14:00
  resonate
• 14:00
  with
• 14:00
  the
• 14:01
  industry,
• 14:01
  but
• 14:01
  you
• 14:01
  can
• 14:01
  measure
• 14:02
  it,
• 14:03
  right?
• 14:03
  You
• 14:03
  can
• 14:03
  measure
• 14:04
  it
• 14:04
  and
• 14:04
  adjust
• 14:04
  and
• 14:05
  iterate
• 14:05
  your
• 14:05
  approach
• 14:05
  and
• 14:06
  adjust
• 14:06
  your
• 14:07
  content
• 14:07
  strategy.
• 14:07
  So
• 14:08
  that's
• 14:08
  another
• 14:08
  important
• 14:08
  thing
• 14:09
  that
• 14:09
  I've
• 14:10
  learned.
• 14:10
  And
• 14:10
  secondly,
• 14:11
  as
• 14:11
  well
• 14:11
  as
• 14:11
  inbound
• 14:12
  on
• 14:13
  potential
• 14:14
  clients,
• 14:15
  I've
• 14:15
  noticed
• 14:16
  that
• 14:16
  my
• 14:16
  content
• 14:16
  strategy
• 14:17
  gets
• 14:17
  me
• 14:17
  inbound
• 14:17
  on
• 14:17
  talent
• 14:18
  for
• 14:18
  my
• 14:18
  team
• 14:18
  as
• 14:18
  well,
• 14:18
  you
• 14:18
  know,
• 14:18
  I
• 14:19
  started
• 14:19
  by
• 14:19
  asking
• 14:19
  you
• 14:19
  about
• 14:19
  your
• 14:20
  sales
• 14:20
  team,
• 14:20
  but
• 14:21
  I
• 14:22
  probably
• 14:23
  at
• 14:23
  the
• 14:23
  minute
• 14:23
  I'm
• 14:23
  getting
• 14:23
  more
• 14:24
  inbound
• 14:24
  of
• 14:25
  people,
• 14:26
  folks
• 14:26
  I
• 14:27
  know
• 14:27
  to
• 14:27
  be
• 14:27
  extremely
• 14:27
  talented,
• 14:28
  interested
• 14:28
  in
• 14:28
  working
• 14:29
  with
• 14:29
  me,
• 14:31
  you
• 14:31
  know,
• 14:31
  in
• 14:31
  some
• 14:31
  capacity,
• 14:32
  more
• 14:33
  so
• 14:33
  than
• 14:33
  I
• 14:33
  am
• 14:33
  potential
• 14:34
  clients.
• 14:34
  So
• 14:34
  it's,
• 14:35
  it's,
• 14:36
  it's
• 14:36
  a
• 14:36
  win,
• 14:36
  win,
• 14:36
  I
• 14:36
  think
• 14:37
  from
• 14:37
  a
• 14:37
  funnel
• 14:37
  in
• 14:37
  that
• 14:37
  perspective,
• 14:38
  it's
• 14:38
  immensely
• 14:39
  flattering
• 14:39
  when
• 14:40
  you
• 14:40
  get
• 14:40
  that.
• 14:40
  I
• 14:40
  do
• 14:40
  get
• 14:41
  a
• 14:41
  lot
• 14:41
  of
• 14:41
  resumes
• 14:41
  and
• 14:42
  a
• 14:42
  lot
• 14:42
  of
• 14:43
  students
• 14:44
  wanting
• 14:45
  internships
• 14:46
  and
• 14:46
  places
• 14:47
  and
• 14:47
  yeah,
• 14:47
  unfortunately
• 14:48
  I
• 14:48
  can't,
• 14:48
  I
• 14:49
  can't
• 14:49
  place
• 14:50
  many
• 14:50
  of
• 14:50
  them.
• 14:50
  But
• 14:51
  you're
• 14:51
  right,
• 14:51
  it
• 14:51
  definitely
• 14:51
  has
• 14:52
  that
• 14:52
  effect
• 14:52
  as
• 14:52
  well.
• 14:53
  So
• 14:53
  we
• 14:53
  have
• 14:54
  all
• 14:54
  this
• 14:54
  evidence
• 14:54
  that
• 14:54
  the
• 14:55
  old
• 14:55
  playbook
• 14:55
  is
• 14:56
  dead.
• 14:56
  You
• 14:56
  know,
• 14:57
  there
• 14:57
  are,
• 14:57
  there
• 14:57
  are
• 14:57
  people
• 14:58
  other
• 14:58
  than
• 14:59
  me
• 14:59
  and
• 14:59
  you
• 14:59
  who
• 14:59
  have
• 14:59
  come
• 15:00
  from
• 15:00
  a
• 15:00
  very
• 15:00
  data
• 15:01
  driven
• 15:01
  technology
• 15:02
  industry
• 15:03
  and
• 15:03
  sort
• 15:03
  of
• 15:04
  joint
• 15:04
  technology
• 15:04
  companies
• 15:05
  who
• 15:05
  know
• 15:06
  and
• 15:06
  see
• 15:06
  this.
• 15:06
  So
• 15:07
  why
• 15:07
  are
• 15:07
  so
• 15:07
  many
• 15:08
  films
• 15:08
  still
• 15:08
  running
• 15:08
  it,
• 15:09
  you
• 15:09
  think?
• 15:10
  Because
• 15:10
  it's
• 15:10
  worked
• 15:11
  for
• 15:11
  the
• 15:11
  past
• 15:11
  20
• 15:11
  years
• 15:12
  and
• 15:12
  it's
• 15:12
  made
• 15:13
  an
• 15:13
  awful
• 15:13
  lot
• 15:13
  of
• 15:14
  money.
• 15:14
  Yeah,
• 15:15
  but
• 15:15
  looking
• 15:15
  backwards
• 15:16
  and
• 15:17
  the
• 15:17
  pain,
• 15:18
  you
• 15:18
  know,
• 15:18
  the
• 15:19
  pain
• 15:19
  in
• 15:19
  private
• 15:20
  equity,
• 15:22
  it
• 15:22
  takes
• 15:22
  a
• 15:22
  long
• 15:23
  time
• 15:23
  for
• 15:23
  it
• 15:23
  to
• 15:23
  get
• 15:24
  really
• 15:24
  painful.
• 15:25
  You
• 15:25
  can
• 15:25
  sit
• 15:26
  on
• 15:26
  funds
• 15:26
  for
• 15:26
  years,
• 15:27
  you
• 15:28
  can
• 15:28
  push
• 15:28
  them
• 15:28
  into
• 15:28
  continuation
• 15:29
  funds.
• 15:30
  There's
• 15:31
  a
• 15:31
  quote
• 15:31
  that
• 15:31
  I
• 15:31
  like
• 15:32
  and
• 15:32
  I
• 15:32
  can't
• 15:32
  remember
• 15:32
  it's
• 15:33
  attributed
• 15:33
  to,
• 15:34
  that's
• 15:34
  like,
• 15:34
  how
• 15:35
  did
• 15:35
  you
• 15:35
  go
• 15:35
  bankrupt?
• 15:37
  And
• 15:37
  the
• 15:37
  answer
• 15:38
  was
• 15:38
  gradually,
• 15:38
  then
• 15:39
  suddenly
• 15:40
  yes.
• 15:41
  And
• 15:41
  I
• 15:41
  think
• 15:42
  PE
• 15:43
  is
• 15:43
  going
• 15:43
  to
• 15:43
  see
• 15:44
  this
• 15:44
  now
• 15:44
  because
• 15:45
  there's
• 15:45
  going
• 15:45
  to
• 15:45
  be
• 15:45
  a
• 15:45
  lot
• 15:45
  of
• 15:46
  zombie
• 15:46
  funds
• 15:46
  emerge.
• 15:47
  I
• 15:47
  think
• 15:47
  there's
• 15:47
  a
• 15:47
  lot
• 15:47
  of
• 15:48
  firms
• 15:48
  that
• 15:50
  have
• 15:50
  raised
• 15:50
  their
• 15:50
  last
• 15:51
  fund
• 15:51
  and
• 15:51
  they
• 15:51
  don't
• 15:52
  realize
• 15:52
  it
• 15:52
  yet.
• 15:53
  So
• 15:53
  I
• 15:53
  think
• 15:53
  it's
• 15:53
  gonna
• 15:54
  be
• 15:54
  a
• 15:54
  slow
• 15:55
  death
• 15:56
  by
• 15:56
  paper
• 15:56
  cuts.
• 15:57
  But
• 15:58
  people
• 15:58
  are
• 15:58
  starting
• 15:58
  to
• 15:59
  see
• 15:59
  it
• 15:59
  And
• 16:00
  I
• 16:00
  think
• 16:00
  LPs
• 16:01
  are
• 16:01
  starting
• 16:01
  to
• 16:01
  ask
• 16:02
  more
• 16:02
  questions
• 16:02
  around,
• 16:03
  look,
• 16:03
  you
• 16:03
  can't
• 16:04
  just
• 16:04
  buy
• 16:04
  a
• 16:04
  company
• 16:05
  and
• 16:05
  sit
• 16:05
  in
• 16:05
  it
• 16:05
  for
• 16:05
  four
• 16:06
  years.
• 16:07
  Four
• 16:07
  years
• 16:07
  would
• 16:07
  be
• 16:08
  great
• 16:08
  right
• 16:08
  now.
• 16:08
  Most
• 16:09
  of
• 16:09
  these
• 16:09
  companies
• 16:09
  now
• 16:09
  seven
• 16:10
  or
• 16:10
  eight
• 16:10
  years,
• 16:10
  they
• 16:11
  pay
• 16:11
  way
• 16:11
  too
• 16:11
  much
• 16:12
  in
• 16:12
  the
• 16:12
  current
• 16:12
  vintage
• 16:13
  and
• 16:13
  they
• 16:13
  can't
• 16:13
  exit.
• 16:14
  That's
• 16:14
  what's
• 16:14
  gonna
• 16:14
  generate
• 16:15
  the
• 16:15
  zombie
• 16:15
  funds.
• 16:16
  So
• 16:16
  I
• 16:16
  think
• 16:16
  LPs
• 16:17
  are
• 16:17
  gonna
• 16:17
  put
• 16:17
  more
• 16:17
  pressure
• 16:18
  on
• 16:18
  GPS
• 16:19
  to
• 16:19
  say,
• 16:19
  look,
• 16:20
  how
• 16:20
  are
• 16:20
  you?
• 16:20
  You
• 16:20
  need
• 16:20
  to
• 16:21
  create
• 16:21
  value.
• 16:22
  Give
• 16:23
  me
• 16:23
  some
• 16:23
  good
• 16:23
  ideas
• 16:24
  of
• 16:24
  how
• 16:24
  you're
• 16:24
  going
• 16:24
  to
• 16:25
  create
• 16:25
  value
• 16:25
  in
• 16:25
  these
• 16:25
  businesses,
• 16:27
  not
• 16:27
  just
• 16:27
  sit
• 16:28
  on
• 16:28
  them
• 16:28
  and
• 16:28
  cross
• 16:28
  your
• 16:29
  fingers
• 16:29
  that
• 16:29
  the
• 16:29
  CEO
• 16:30
  works
• 16:30
  out
• 16:31
  and
• 16:31
  exit
• 16:31
  in
• 16:32
  four
• 16:32
  to
• 16:32
  five
• 16:32
  years.
• 16:33
  So
• 16:34
  it's
• 16:35
  not
• 16:35
  as
• 16:35
  fast
• 16:35
  as
• 16:35
  you
• 16:36
  would
• 16:36
  hope
• 16:36
  to
• 16:36
  see,
• 16:36
  but
• 16:37
  I
• 16:37
  think
• 16:37
  that
• 16:37
  it's
• 16:38
  definitely
• 16:38
  there
• 16:38
  that
• 16:38
  these
• 16:39
  firms
• 16:39
  are
• 16:39
  waking
• 16:39
  up
• 16:40
  that,
• 16:40
  yeah,
• 16:41
  they
• 16:41
  have
• 16:41
  to
• 16:41
  create
• 16:41
  more
• 16:41
  value.
• 16:42
  They
• 16:42
  can't
• 16:42
  just
• 16:42
  sit
• 16:43
  on
• 16:43
  the
• 16:43
  sidelines.
• 16:44
  And
• 16:44
  those
• 16:44
  things
• 16:44
  that
• 16:44
  you
• 16:44
  mentioned
• 16:45
  are
• 16:45
  symptoms
• 16:45
  surely
• 16:46
  as
• 16:46
  well.
• 16:49
  All
• 16:49
  the
• 16:49
  big
• 16:50
  company
• 16:50
  reports
• 16:50
  are
• 16:50
  talking
• 16:51
  about
• 16:51
  it.
• 16:51
  The
• 16:51
  extension
• 16:52
  of
• 16:52
  holding
• 16:52
  periods,
• 16:53
  how
• 16:53
  that's
• 16:53
  sort
• 16:53
  of
• 16:53
  creeping
• 16:54
  upwards
• 16:55
  slowly
• 16:56
  and
• 16:56
  then
• 16:56
  like
• 16:56
  you
• 16:56
  say,
• 16:57
  probably
• 16:57
  gradually
• 16:57
  and
• 16:58
  then
• 16:58
  suddenly
• 16:59
  and
• 16:59
  then
• 17:00
  secondly,
• 17:01
  the
• 17:01
  other
• 17:01
  thing
• 17:01
  that
• 17:01
  I
• 17:02
  see
• 17:02
  in
• 17:02
  a
• 17:02
  lot
• 17:02
  of
• 17:02
  the
• 17:02
  industry
• 17:02
  reports
• 17:03
  and
• 17:03
  data
• 17:03
  is
• 17:03
  the
• 17:03
  amount
• 17:04
  of
• 17:04
  dry
• 17:04
  powder
• 17:05
  at
• 17:05
  the
• 17:05
  minute
• 17:05
  and
• 17:06
  people
• 17:06
  sort
• 17:07
  of
• 17:07
  being
• 17:07
  tentative
• 17:08
  unless
• 17:08
  the
• 17:09
  deal
• 17:09
  is
• 17:09
  a
• 17:09
  surefire
• 17:09
  win
• 17:11
  to
• 17:11
  actually
• 17:11
  invest
• 17:11
  in
• 17:11
  the
• 17:12
  first
• 17:12
  place.
• 17:12
  So
• 17:12
  those
• 17:13
  two
• 17:13
  things
• 17:13
  will
• 17:13
  surely
• 17:13
  come
• 17:14
  to
• 17:14
  a
• 17:14
  head
• 17:14
  at
• 17:14
  some
• 17:14
  point.
• 17:14
  I
• 17:15
  was
• 17:15
  going
• 17:15
  to
• 17:15
  say
• 17:15
  to
• 17:15
  what
• 17:16
  extent
• 17:16
  do
• 17:16
  you
• 17:16
  think
• 17:16
  the
• 17:16
  lack
• 17:16
  of
• 17:17
  adoption
• 17:17
  of
• 17:17
  digital
• 17:17
  transformation
• 17:18
  or
• 17:19
  data
• 17:20
  driven
• 17:20
  businesses
• 17:21
  are
• 17:21
  driving
• 17:21
  that
• 17:22
  is
• 17:23
  driving
• 17:23
  what?
• 17:24
  The
• 17:24
  dry
• 17:24
  powder?
• 17:25
  The
• 17:25
  longer
• 17:25
  holding
• 17:26
  periods
• 17:26
  in
• 17:26
  the
• 17:26
  amount
• 17:26
  of
• 17:26
  dry
• 17:27
  powder.
• 17:27
  Yeah,
• 17:28
  well,
• 17:28
  I
• 17:28
  think
• 17:28
  it
• 17:29
  could
• 17:29
  have
• 17:29
  hastened
• 17:29
  them
• 17:30
  because
• 17:30
  most
• 17:30
  PE
• 17:30
  firms
• 17:31
  again
• 17:31
  would
• 17:32
  be
• 17:32
  hands
• 17:32
  off.
• 17:33
  That's
• 17:33
  part
• 17:33
  of
• 17:33
  the
• 17:33
  brand,
• 17:34
  right?
• 17:34
  When
• 17:34
  you
• 17:34
  want
• 17:35
  to
• 17:35
  buy
• 17:35
  companies,
• 17:36
  the
• 17:37
  best
• 17:38
  position
• 17:38
  you
• 17:38
  can
• 17:38
  put
• 17:39
  yourself
• 17:39
  in
• 17:39
  is
• 17:39
  to
• 17:40
  say,
• 17:40
  look,
• 17:40
  we
• 17:40
  are
• 17:40
  very
• 17:40
  CEO
• 17:41
  friendly.
• 17:42
  We're
• 17:42
  going
• 17:42
  to
• 17:42
  be
• 17:42
  a
• 17:42
  sponsor
• 17:43
  of
• 17:43
  your
• 17:43
  business
• 17:43
  and
• 17:44
  we're
• 17:44
  going
• 17:44
  to
• 17:44
  come
• 17:44
  in
• 17:44
  and
• 17:45
  we're
• 17:45
  going
• 17:45
  to
• 17:45
  let
• 17:45
  you
• 17:45
  run
• 17:45
  it.
• 17:46
  We'll
• 17:47
  be
• 17:47
  supportive
• 17:47
  and
• 17:47
  we'll
• 17:48
  be
• 17:48
  as
• 17:48
  helpful
• 17:48
  as
• 17:48
  we
• 17:48
  can.
• 17:49
  But
• 17:49
  you're
• 17:49
  the
• 17:50
  man
• 17:50
  in
• 17:50
  charge.
• 17:51
  And
• 17:52
  they've
• 17:52
  realized
• 17:52
  that
• 17:53
  that
• 17:53
  doesn't
• 17:53
  work
• 17:53
  out.
• 17:53
  70%
• 17:54
  of
• 17:54
  portfolio
• 17:55
  could
• 17:55
  be
• 17:55
  CEOs
• 17:57
  don't
• 17:57
  make
• 17:57
  the
• 17:57
  exit.
• 17:59
  So
• 17:59
  that
• 17:59
  means
• 18:00
  the
• 18:00
  system
• 18:00
  is
• 18:01
  broken
• 18:02
  somewhere.
• 18:03
  And
• 18:03
  so
• 18:03
  I
• 18:03
  think
• 18:04
  the
• 18:04
  PE
• 18:04
  firms
• 18:04
  that
• 18:05
  come
• 18:05
  in
• 18:05
  and
• 18:05
  should
• 18:05
  still
• 18:06
  have
• 18:06
  that
• 18:06
  stance
• 18:06
  to
• 18:07
  say,
• 18:07
  look,
• 18:07
  we're
• 18:07
  not
• 18:07
  going
• 18:08
  to
• 18:08
  be,
• 18:09
  it's
• 18:09
  not
• 18:09
  going
• 18:09
  to
• 18:09
  be
• 18:09
  a
• 18:09
  dictatorship.
• 18:10
  We're
• 18:10
  not
• 18:10
  going
• 18:10
  to
• 18:10
  come
• 18:10
  in
• 18:11
  and
• 18:11
  ruin
• 18:11
  your
• 18:11
  business
• 18:11
  and
• 18:12
  be
• 18:12
  all
• 18:12
  over
• 18:12
  it.
• 18:12
  But
• 18:13
  there
• 18:13
  are
• 18:13
  a
• 18:14
  few
• 18:14
  fundamental
• 18:14
  things
• 18:15
  that
• 18:15
  we
• 18:16
  will
• 18:16
  insist
• 18:16
  on
• 18:17
  and
• 18:17
  there
• 18:17
  should
• 18:18
  be
• 18:18
  things
• 18:18
  like
• 18:18
  the
• 18:19
  tech
• 18:19
  stack.
• 18:19
  We
• 18:20
  want
• 18:20
  to
• 18:20
  fix
• 18:20
  your
• 18:20
  tech
• 18:21
  stack
• 18:21
  so
• 18:21
  you
• 18:22
  ingest
• 18:22
  data
• 18:22
  correctly
• 18:23
  and
• 18:23
  you
• 18:23
  understand
• 18:24
  data
• 18:24
  correctly
• 18:25
  and
• 18:25
  you
• 18:26
  have
• 18:26
  a
• 18:26
  business
• 18:26
  run
• 18:26
  on
• 18:27
  data.
• 18:28
  I
• 18:28
  mean
• 18:28
  that
• 18:28
  should
• 18:29
  be
• 18:29
  a
• 18:29
  non
• 18:29
  negotiable
• 18:30
  and
• 18:30
  any
• 18:30
  reasonable
• 18:31
  CEO,
• 18:31
  unless
• 18:32
  they
• 18:32
  were
• 18:32
  defensive
• 18:33
  or
• 18:33
  they
• 18:33
  were
• 18:33
  rude
• 18:33
  about
• 18:34
  being
• 18:34
  exposed
• 18:35
  by
• 18:35
  hiding
• 18:35
  something.
• 18:36
  Yeah,
• 18:36
  well,
• 18:36
  what
• 18:36
  pushed
• 18:37
  back
• 18:37
  on
• 18:37
  that.
• 18:37
  They
• 18:37
  should
• 18:38
  say
• 18:38
  great,
• 18:38
  I
• 18:38
  would
• 18:38
  love
• 18:39
  a
• 18:39
  business
• 18:39
  run
• 18:39
  on
• 18:39
  data
• 18:40
  because
• 18:40
  it's
• 18:41
  going
• 18:41
  to
• 18:41
  make
• 18:41
  it
• 18:41
  easy
• 18:41
  for
• 18:42
  me,
• 18:42
  it's
• 18:42
  going
• 18:42
  to
• 18:42
  make
• 18:42
  it
• 18:42
  easy
• 18:43
  for
• 18:43
  you,
• 18:43
  like
• 18:44
  full
• 18:44
  transparency,
• 18:45
  building
• 18:46
  your
• 18:46
  business
• 18:46
  build
• 18:46
  on
• 18:47
  data
• 18:47
  and
• 18:47
  that
• 18:47
  you
• 18:47
  run
• 18:48
  this
• 18:48
  together
• 18:49
  and
• 18:49
  once
• 18:49
  you
• 18:49
  put
• 18:50
  that
• 18:50
  foundation
• 18:50
  in
• 18:50
  place,
• 18:51
  everything
• 18:51
  becomes
• 18:52
  easier.
• 18:52
  Digital
• 18:53
  marketing
• 18:53
  just
• 18:53
  becomes
• 18:54
  math
• 18:55
  once
• 18:55
  that's
• 18:55
  in
• 18:55
  place.
• 18:56
  So
• 18:57
  I
• 18:57
  think
• 18:57
  that
• 18:57
  there
• 18:58
  are
• 18:58
  some
• 18:58
  P
• 18:58
  firms
• 18:59
  that
• 18:59
  do
• 18:59
  that
• 18:59
  now
• 19:00
  and
• 19:00
  are
• 19:00
  very
• 19:01
  forthcoming
• 19:02
  with
• 19:02
  that
• 19:02
  and
• 19:02
  say,
• 19:02
  look,
• 19:02
  when
• 19:03
  we
• 19:03
  buy
• 19:03
  you,
• 19:04
  this
• 19:04
  is
• 19:04
  going
• 19:04
  to
• 19:04
  happen.
• 19:06
  We're
• 19:06
  not
• 19:07
  going
• 19:07
  to
• 19:07
  negotiate,
• 19:07
  we're
• 19:08
  going
• 19:08
  to
• 19:08
  fix
• 19:08
  your
• 19:08
  tech
• 19:09
  stack
• 19:09
  and
• 19:09
  build
• 19:10
  the
• 19:10
  data
• 19:10
  out
• 19:11
  and
• 19:11
  make
• 19:12
  this
• 19:12
  look
• 19:12
  like
• 19:12
  a
• 19:12
  proper
• 19:13
  business
• 19:13
  that
• 19:13
  you
• 19:14
  can
• 19:14
  then
• 19:14
  run.
• 19:15
  And
• 19:16
  that
• 19:16
  should
• 19:16
  be
• 19:17
  kind
• 19:17
  of
• 19:17
  table
• 19:17
  stakes.
• 19:18
  And
• 19:18
  like
• 19:18
  I
• 19:18
  said,
• 19:18
  I
• 19:18
  think
• 19:18
  there
• 19:19
  are
• 19:19
  a
• 19:19
  few
• 19:19
  PE
• 19:19
  firms
• 19:20
  do
• 19:20
  that.
• 19:20
  I
• 19:20
  think
• 19:20
  Toma
• 19:21
  do
• 19:21
  that
• 19:21
  and
• 19:21
  Vista
• 19:22
  do
• 19:22
  that.
• 19:23
  But
• 19:23
  it's
• 19:23
  pretty
• 19:23
  rare
• 19:24
  and
• 19:25
  this
• 19:25
  current
• 19:25
  period
• 19:26
  has
• 19:26
  got
• 19:26
  to
• 19:26
  be
• 19:26
  a
• 19:27
  wake
• 19:27
  up
• 19:27
  call
• 19:27
  to
• 19:27
  PE
• 19:28
  firms
• 19:28
  to
• 19:28
  say,
• 19:29
  yeah,
• 19:29
  there's
• 19:29
  a
• 19:29
  few
• 19:30
  things
• 19:30
  we
• 19:30
  should
• 19:30
  do
• 19:30
  day
• 19:31
  one
• 19:31
  in
• 19:31
  these
• 19:31
  businesses
• 19:32
  rather
• 19:33
  than
• 19:33
  wait
• 19:33
  around
• 19:35
  a
• 19:35
  few
• 19:35
  years
• 19:35
  and
• 19:36
  just
• 19:36
  hope
• 19:36
  that
• 19:36
  they
• 19:36
  happen.
• 19:37
  Yeah.
• 19:38
  I
• 19:38
  mean
• 19:38
  even
• 19:38
  thinking
• 19:38
  about,
• 19:39
  you
• 19:39
  know,
• 19:39
  as
• 19:39
  a
• 19:39
  data
• 19:40
  person,
• 19:40
  thinking
• 19:40
  about
• 19:40
  the
• 19:41
  second
• 19:41
  order
• 19:41
  advantages
• 19:42
  of
• 19:42
  doing
• 19:42
  that,
• 19:42
  like,
• 19:43
  particularly
• 19:44
  if
• 19:44
  you've
• 19:44
  got
• 19:44
  a
• 19:44
  common
• 19:44
  tech
• 19:45
  stack
• 19:45
  and
• 19:45
  you
• 19:46
  know,
• 19:46
  you
• 19:46
  and
• 19:46
  I
• 19:46
  both
• 19:46
  know,
• 19:48
  Lee,
• 19:49
  when
• 19:49
  you
• 19:49
  go
• 19:49
  into
• 19:49
  a
• 19:49
  business,
• 19:50
  people
• 19:50
  are
• 19:50
  often
• 19:51
  the
• 19:51
  first
• 19:51
  place
• 19:51
  they
• 19:51
  expect
• 19:52
  you
• 19:52
  to
• 19:52
  start
• 19:52
  is
• 19:52
  like,
• 19:52
  oh,
• 19:53
  here's
• 19:53
  my
• 19:53
  secret
• 19:53
  menu
• 19:54
  of
• 19:54
  off
• 19:54
  menu
• 19:55
  tools
• 19:55
  that
• 19:56
  are
• 19:56
  actually
• 19:56
  the
• 19:57
  magic
• 19:57
  ingredients
• 19:57
  for
• 19:57
  an
• 19:58
  amazing
• 19:58
  business.
• 19:58
  When
• 19:58
  the
• 19:59
  truth
• 19:59
  is
• 19:59
  that,
• 19:59
  you
• 20:00
  know,
• 20:00
  up
• 20:00
  until
• 20:00
  the
• 20:01
  the
• 20:01
  advanced
• 20:02
  usage
• 20:02
  levels
• 20:03
  of
• 20:03
  some
• 20:03
  of
• 20:03
  these
• 20:03
  tools
• 20:05
  in
• 20:05
  both
• 20:05
  data
• 20:05
  and
• 20:06
  marketing,
• 20:07
  they
• 20:07
  largely
• 20:08
  do
• 20:08
  the
• 20:08
  same
• 20:08
  thing
• 20:08
  as
• 20:09
  their
• 20:09
  competitors.
• 20:10
  And
• 20:10
  actually
• 20:10
  what's
• 20:10
  important
• 20:10
  is
• 20:11
  getting
• 20:11
  the
• 20:11
  data
• 20:12
  in
• 20:12
  the
• 20:12
  first
• 20:12
  place.
• 20:12
  But
• 20:12
  from
• 20:13
  a
• 20:13
  firm
• 20:13
  perspective,
• 20:14
  if
• 20:14
  you
• 20:14
  have
• 20:14
  a
• 20:14
  regular
• 20:15
  stack
• 20:15
  that
• 20:15
  you
• 20:15
  use
• 20:16
  and
• 20:16
  you
• 20:16
  Deploy
• 20:17
  that
• 20:17
  across
• 20:17
  10,
• 20:18
  15,
• 20:18
  20
• 20:19
  portfolio
• 20:19
  companies,
• 20:20
  then
• 20:20
  you
• 20:20
  have
• 20:20
  an
• 20:21
  ability
• 20:21
  to
• 20:21
  monitor
• 20:21
  your
• 20:22
  fund
• 20:22
  or
• 20:22
  monitor
• 20:23
  a
• 20:23
  portfolio
• 20:23
  of
• 20:24
  companies
• 20:25
  across
• 20:25
  the
• 20:26
  board
• 20:26
  in
• 20:26
  a
• 20:26
  way
• 20:26
  that
• 20:26
  you
• 20:26
  didn't
• 20:27
  have
• 20:27
  before.
• 20:28
  Yeah,
• 20:28
  you
• 20:28
  can
• 20:28
  monitor.
• 20:29
  Just
• 20:29
  saves
• 20:29
  a
• 20:29
  ton
• 20:29
  of
• 20:29
  time.
• 20:30
  Right
• 20:31
  now
• 20:31
  you've
• 20:31
  got
• 20:31
  your
• 20:31
  associates
• 20:32
  in
• 20:32
  the
• 20:32
  firm
• 20:33
  spending
• 20:33
  most
• 20:33
  of
• 20:33
  their
• 20:34
  time
• 20:34
  aggregating
• 20:35
  data
• 20:35
  and
• 20:35
  pulling
• 20:36
  data
• 20:36
  together.
• 20:37
  You're
• 20:37
  putting
• 20:37
  a
• 20:38
  ton
• 20:38
  of
• 20:38
  pressure
• 20:38
  on
• 20:38
  the
• 20:39
  portfolio
• 20:39
  company
• 20:40
  to
• 20:40
  produce
• 20:40
  weekly
• 20:41
  reports
• 20:41
  and
• 20:41
  monthly
• 20:42
  reports
• 20:42
  and
• 20:42
  pulling
• 20:42
  all
• 20:43
  that
• 20:43
  data
• 20:43
  together.
• 20:44
  If
• 20:45
  the
• 20:45
  foundation's
• 20:45
  right,
• 20:46
  you
• 20:46
  can
• 20:46
  automate
• 20:46
  all
• 20:46
  this.
• 20:47
  You
• 20:47
  shouldn't
• 20:47
  be
• 20:47
  chasing
• 20:48
  around
• 20:48
  different
• 20:48
  systems
• 20:49
  for
• 20:49
  data.
• 20:49
  It
• 20:50
  should
• 20:50
  be
• 20:50
  centralized,
• 20:50
  it
• 20:51
  should
• 20:51
  be
• 20:51
  all
• 20:51
  in
• 20:51
  one
• 20:51
  place.
• 20:52
  You
• 20:52
  shouldn't
• 20:53
  produce
• 20:53
  those
• 20:53
  weeks
• 20:54
  of
• 20:54
  monthly
• 20:54
  reports
• 20:54
  at
• 20:55
  the
• 20:55
  touch
• 20:55
  of
• 20:55
  a
• 20:55
  book.
• 20:56
  Really,
• 20:56
  it's
• 20:56
  all
• 20:56
  down
• 20:56
  the
• 20:57
  CEO
• 20:58
  of
• 20:58
  the
• 20:58
  portfolio
• 20:58
  companies.
• 20:59
  If
• 20:59
  the
• 21:00
  CEO
• 21:00
  doesn't
• 21:00
  want
• 21:00
  it,
• 21:00
  it's
• 21:01
  not
• 21:01
  going
• 21:01
  to
• 21:01
  happen.
• 21:02
  If
• 21:02
  the
• 21:02
  CEO
• 21:03
  wants
• 21:03
  it,
• 21:03
  he
• 21:04
  should
• 21:04
  be
• 21:04
  saying,
• 21:04
  the
• 21:04
  P
• 21:05
  firm,
• 21:05
  yes,
• 21:05
  come
• 21:06
  and
• 21:06
  help
• 21:06
  me
• 21:06
  get
• 21:06
  this
• 21:07
  done
• 21:07
  as
• 21:07
  quickly
• 21:07
  as
• 21:08
  possible
• 21:08
  because
• 21:09
  it's
• 21:09
  in
• 21:09
  all
• 21:09
  our
• 21:09
  best
• 21:10
  interest.
• 21:11
  Yeah,
• 21:12
  you're
• 21:12
  preaching
• 21:13
  to
• 21:13
  the
• 21:13
  choir
• 21:13
  over
• 21:13
  here
• 21:13
  for
• 21:14
  sure.
• 21:14
  Like
• 21:14
  I,
• 21:15
  after
• 21:15
  we've
• 21:15
  done
• 21:16
  a
• 21:16
  Data
• 21:16
  assessment
• 21:17
  inside
• 21:18
  a
• 21:18
  company,
• 21:19
  any
• 21:19
  initiative,
• 21:20
  any
• 21:20
  subsequent
• 21:20
  initiative
• 21:21
  that
• 21:21
  we
• 21:21
  do,
• 21:21
  like
• 21:21
  I
• 21:22
  will
• 21:22
  say,
• 21:22
  this
• 21:22
  has
• 21:22
  to
• 21:22
  have
• 21:23
  top
• 21:23
  down
• 21:23
  leadership
• 21:24
  support.
• 21:24
  And
• 21:24
  by
• 21:24
  top
• 21:24
  down,
• 21:25
  I
• 21:25
  mean
• 21:25
  the
• 21:25
  CEO
• 21:26
  leadership
• 21:27
  support.
• 21:27
  Otherwise
• 21:27
  the
• 21:28
  friction
• 21:28
  emerges
• 21:28
  and
• 21:29
  it
• 21:29
  doesn't
• 21:29
  suit
• 21:29
  the
• 21:29
  narrative.
• 21:30
  And
• 21:30
  someone's
• 21:30
  trying
• 21:30
  to
• 21:30
  manage
• 21:31
  perception
• 21:31
  over
• 21:31
  here
• 21:31
  and
• 21:32
  then
• 21:32
  it's
• 21:32
  very
• 21:32
  easy
• 21:33
  to,
• 21:33
  you
• 21:33
  know,
• 21:33
  throw
• 21:34
  the
• 21:34
  spanner
• 21:34
  in
• 21:34
  and
• 21:35
  slow
• 21:35
  everything
• 21:35
  down
• 21:36
  and
• 21:36
  then
• 21:36
  you
• 21:36
  end
• 21:37
  up
• 21:37
  getting
• 21:37
  nowhere.
• 21:37
  And
• 21:37
  that's,
• 21:38
  that's
• 21:38
  not
• 21:38
  the
• 21:38
  sort
• 21:39
  of
• 21:39
  business
• 21:39
  I
• 21:39
  want
• 21:39
  to
• 21:39
  be
• 21:39
  doing.
• 21:40
  No.
• 21:40
  If
• 21:40
  the
• 21:40
  CEO
• 21:41
  doesn't
• 21:41
  want
• 21:41
  it,
• 21:41
  don't
• 21:42
  waste
• 21:42
  your
• 21:42
  time.
• 21:43
  If
• 21:43
  the
• 21:43
  CEO
• 21:43
  doesn't
• 21:44
  get
• 21:44
  it,
• 21:45
  don't
• 21:45
  waste
• 21:45
  your
• 21:46
  time.
• 21:46
  If
• 21:47
  the
• 21:47
  CEO
• 21:48
  kind
• 21:48
  of
• 21:48
  gets
• 21:48
  it
• 21:48
  and
• 21:49
  says,
• 21:49
  well,
• 21:49
  look,
• 21:49
  I'm
• 21:50
  already
• 21:50
  doing
• 21:50
  this
• 21:50
  because
• 21:50
  the
• 21:50
  P
• 21:51
  film
• 21:51
  is
• 21:51
  pushing
• 21:51
  me
• 21:51
  to
• 21:52
  do
• 21:52
  it,
• 21:53
  don't
• 21:53
  waste
• 21:53
  your
• 21:53
  time.
• 21:54
  The
• 21:54
  CEO
• 21:55
  has
• 21:55
  to
• 21:55
  be
• 21:55
  the
• 21:56
  chief
• 21:56
  driver
• 21:57
  of
• 21:57
  all
• 21:58
  of
• 21:58
  this
• 21:59
  and
• 21:59
  if
• 21:59
  it's
• 22:00
  not
• 22:00
  a
• 22:00
  priority
• 22:01
  or
• 22:01
  they
• 22:01
  don't
• 22:02
  get
• 22:02
  it
• 22:02
  or
• 22:02
  don't
• 22:02
  want
• 22:03
  it,
• 22:03
  it's
• 22:03
  a
• 22:03
  waste
• 22:03
  of
• 22:04
  time.
• 22:04
  Yeah,
• 22:05
  that's
• 22:05
  the
• 22:05
  lesson
• 22:05
  I've
• 22:05
  learned
• 22:06
  the
• 22:06
  hard
• 22:06
  way
• 22:06
  for
• 22:06
  sure.
• 22:06
  Like
• 22:07
  across
• 22:07
  my
• 22:08
  years
• 22:08
  in
• 22:08
  business.
• 22:10
  It
• 22:10
  seems
• 22:11
  like
• 22:11
  a
• 22:11
  noble
• 22:11
  cause
• 22:12
  to
• 22:13
  step
• 22:13
  into
• 22:13
  the
• 22:14
  mantle
• 22:14
  and
• 22:14
  be.
• 22:14
  I
• 22:15
  am
• 22:15
  going
• 22:15
  to
• 22:15
  be
• 22:15
  the
• 22:15
  one
• 22:16
  like
• 22:16
  this
• 22:16
  leadership
• 22:17
  team
• 22:17
  doesn't
• 22:17
  think
• 22:17
  data
• 22:17
  is
• 22:18
  a
• 22:18
  strategic
• 22:18
  asset.
• 22:19
  I
• 22:19
  will
• 22:19
  convince
• 22:20
  them
• 22:20
  with
• 22:20
  all
• 22:20
  of
• 22:21
  my
• 22:21
  stories
• 22:21
  and
• 22:21
  my
• 22:21
  wisdom
• 22:23
  and
• 22:24
  I've
• 22:24
  never
• 22:25
  got
• 22:25
  anywhere
• 22:25
  yet.
• 22:26
  No,
• 22:26
  you
• 22:27
  won't.
• 22:29
  Yeah,
• 22:30
  wonderful.
• 22:30
  Do
• 22:31
  you
• 22:31
  say
• 22:31
  the
• 22:31
  operating
• 22:32
  partner
• 22:32
  model
• 22:32
  is
• 22:33
  broken?
• 22:33
  This
• 22:33
  is
• 22:33
  about
• 22:33
  operating
• 22:34
  partners
• 22:35
  being
• 22:35
  empowered
• 22:36
  to
• 22:36
  actually
• 22:36
  make
• 22:36
  change
• 22:37
  when
• 22:37
  they,
• 22:37
  when
• 22:37
  they
• 22:38
  go
• 22:38
  in.
• 22:38
  What
• 22:38
  are
• 22:38
  the
• 22:39
  issues
• 22:39
  going
• 22:40
  over
• 22:40
  there
• 22:40
  that
• 22:40
  all
• 22:40
  stem
• 22:41
  from
• 22:41
  the
• 22:41
  same
• 22:41
  thing?
• 22:42
  Yeah.
• 22:42
  What
• 22:43
  we
• 22:43
  just
• 22:44
  talked
• 22:44
  about,
• 22:44
  the
• 22:44
  culture
• 22:45
  of
• 22:45
  private
• 22:45
  equity,
• 22:46
  you
• 22:46
  know,
• 22:47
  there's,
• 22:47
  there's
• 22:47
  kind
• 22:48
  of
• 22:48
  two
• 22:48
  sides
• 22:48
  to
• 22:48
  it.
• 22:49
  One,
• 22:49
  it's
• 22:49
  getting
• 22:50
  harder
• 22:50
  to
• 22:50
  win
• 22:50
  the
• 22:50
  business
• 22:51
  because
• 22:51
  there
• 22:51
  are
• 22:51
  more
• 22:51
  PE
• 22:52
  firms
• 22:53
  out
• 22:53
  there.
• 22:53
  So
• 22:54
  you're
• 22:54
  always
• 22:54
  in
• 22:54
  an
• 22:55
  auction
• 22:55
  to
• 22:55
  win
• 22:56
  the
• 22:56
  business.
• 22:56
  And
• 22:57
  if
• 22:57
  it's
• 22:57
  a
• 22:57
  great
• 22:57
  business,
• 22:58
  there
• 22:58
  might
• 22:58
  be
• 22:59
  10
• 22:59
  firms
• 23:01
  bidding
• 23:01
  on
• 23:01
  it.
• 23:02
  So
• 23:03
  you
• 23:03
  have
• 23:03
  to
• 23:04
  have
• 23:04
  that
• 23:04
  position
• 23:05
  where,
• 23:05
  look,
• 23:05
  we're
• 23:05
  the
• 23:06
  good
• 23:06
  guys,
• 23:06
  we're
• 23:06
  going
• 23:06
  to
• 23:06
  be
• 23:07
  great
• 23:07
  partners
• 23:07
  with
• 23:07
  you.
• 23:08
  This
• 23:08
  is
• 23:08
  why
• 23:09
  you
• 23:09
  should
• 23:09
  sell
• 23:10
  to
• 23:10
  us.
• 23:11
  We're
• 23:11
  great
• 23:11
  together
• 23:12
  and
• 23:13
  we're
• 23:13
  all
• 23:13
  going
• 23:13
  to
• 23:13
  make
• 23:13
  a
• 23:13
  lot
• 23:14
  of
• 23:14
  money
• 23:14
  and
• 23:14
  we'll
• 23:14
  exit
• 23:15
  this
• 23:16
  in
• 23:16
  four
• 23:16
  years.
• 23:18
  So
• 23:18
  that's
• 23:19
  the
• 23:19
  culture
• 23:19
  most
• 23:19
  PE
• 23:20
  firms
• 23:20
  have.
• 23:20
  I
• 23:20
  mean,
• 23:21
  look,
• 23:21
  ideally
• 23:22
  the
• 23:22
  best
• 23:22
  investment
• 23:23
  is
• 23:24
  you
• 23:24
  buy
• 23:24
  a
• 23:24
  company,
• 23:25
  you
• 23:25
  don't
• 23:25
  talk
• 23:25
  to
• 23:25
  the
• 23:25
  company
• 23:26
  for
• 23:26
  4
• 23:26
  years
• 23:26
  and
• 23:26
  you
• 23:26
  actually
• 23:27
  for
• 23:27
  3x.
• 23:28
  I
• 23:28
  mean
• 23:28
  it
• 23:28
  seems
• 23:28
  very
• 23:29
  easy
• 23:29
  that,
• 23:29
  doesn't
• 23:29
  it?
• 23:29
  That's
• 23:30
  the
• 23:30
  best
• 23:30
  investment,
• 23:30
  right
• 23:31
  but
• 23:31
  of
• 23:31
  course
• 23:31
  that
• 23:31
  doesn't
• 23:32
  happen.
• 23:32
  So
• 23:32
  PE
• 23:32
  firms
• 23:33
  really
• 23:33
  don't
• 23:34
  want
• 23:34
  to
• 23:34
  touch
• 23:34
  these
• 23:34
  companies
• 23:34
  a
• 23:35
  lot.
• 23:35
  If
• 23:35
  the
• 23:35
  company's
• 23:35
  going
• 23:36
  well,
• 23:37
  hands
• 23:37
  off.
• 23:38
  That
• 23:38
  being
• 23:38
  part
• 23:38
  of
• 23:39
  the
• 23:39
  culture,
• 23:40
  that
• 23:40
  means
• 23:41
  the
• 23:41
  operating
• 23:41
  partners
• 23:42
  have
• 23:42
  no
• 23:42
  power
• 23:42
  to
• 23:43
  do
• 23:43
  anything.
• 23:44
  So
• 23:44
  you've
• 23:45
  got
• 23:45
  a
• 23:45
  lot
• 23:45
  of
• 23:45
  frustrating
• 23:45
  operating
• 23:46
  partners
• 23:46
  who
• 23:46
  come
• 23:47
  in
• 23:47
  with
• 23:47
  the
• 23:47
  experience
• 23:48
  who
• 23:48
  can
• 23:48
  look
• 23:48
  at
• 23:48
  a
• 23:48
  business
• 23:49
  and
• 23:49
  say,
• 23:49
  yeah,
• 23:49
  I
• 23:49
  can
• 23:50
  see
• 23:50
  the
• 23:50
  opportunity
• 23:50
  straight
• 23:51
  away,
• 23:51
  I
• 23:52
  can
• 23:52
  see
• 23:52
  the
• 23:52
  gaps
• 23:52
  in
• 23:53
  this
• 23:53
  business.
• 23:53
  I
• 23:54
  could
• 23:54
  probably
• 23:54
  add
• 23:55
  X
• 23:55
  million
• 23:56
  to
• 23:56
  this
• 23:57
  business
• 23:57
  over
• 23:57
  the
• 23:58
  next
• 23:58
  two
• 23:58
  years
• 23:59
  if
• 23:59
  we
• 23:59
  do
• 24:00
  those
• 24:00
  three
• 24:00
  things.
• 24:01
  But
• 24:01
  they've
• 24:02
  got
• 24:02
  no
• 24:02
  power
• 24:02
  to
• 24:02
  actually
• 24:03
  come
• 24:03
  in
• 24:03
  and
• 24:03
  do
• 24:03
  it.
• 24:03
  It's
• 24:03
  all
• 24:03
  influence.
• 24:05
  So
• 24:05
  it's
• 24:05
  like
• 24:06
  you
• 24:06
  talk
• 24:06
  to
• 24:06
  CEO,
• 24:07
  it's
• 24:07
  the
• 24:07
  same
• 24:07
  conversation.
• 24:08
  Even
• 24:08
  though
• 24:09
  the
• 24:09
  firm
• 24:09
  owns
• 24:10
  the
• 24:10
  Portco,
• 24:11
  an
• 24:11
  operating
• 24:12
  partner
• 24:12
  still
• 24:12
  acts
• 24:13
  like
• 24:13
  a
• 24:13
  vendor.
• 24:13
  They
• 24:14
  will
• 24:14
  come
• 24:14
  in
• 24:14
  and
• 24:15
  speak
• 24:15
  to
• 24:15
  the
• 24:16
  CEO
• 24:16
  and
• 24:16
  say,
• 24:16
  look,
• 24:16
  I
• 24:17
  think
• 24:17
  this
• 24:17
  is
• 24:17
  a
• 24:17
  great
• 24:17
  idea
• 24:19
  and
• 24:19
  it's
• 24:19
  going
• 24:19
  to
• 24:19
  add
• 24:19
  a
• 24:20
  lot
• 24:20
  to
• 24:20
  your
• 24:20
  top
• 24:20
  line
• 24:20
  and
• 24:21
  bottom
• 24:21
  line,
• 24:21
  should
• 24:21
  we
• 24:22
  do
• 24:22
  this?
• 24:22
  And
• 24:23
  if
• 24:23
  the
• 24:23
  CEO
• 24:23
  says
• 24:25
  not
• 24:25
  a
• 24:25
  priority
• 24:26
  right
• 24:26
  now,
• 24:26
  or
• 24:27
  maybe
• 24:27
  I'll
• 24:28
  get
• 24:28
  to
• 24:28
  a
• 24:28
  year,
• 24:28
  two
• 24:29
  or
• 24:29
  I
• 24:30
  don't
• 24:30
  see
• 24:30
  the
• 24:30
  value
• 24:30
  in
• 24:30
  that,
• 24:32
  there's
• 24:32
  nothing
• 24:32
  you
• 24:32
  can
• 24:32
  do.
• 24:33
  You
• 24:33
  step
• 24:33
  away
• 24:34
  and
• 24:34
  you
• 24:34
  knock
• 24:35
  on
• 24:35
  the
• 24:35
  next
• 24:35
  or
• 24:35
  you've
• 24:36
  got
• 24:36
  the
• 24:36
  next
• 24:36
  portfolio
• 24:37
  company
• 24:37
  and
• 24:38
  you
• 24:38
  try
• 24:38
  and
• 24:38
  help
• 24:38
  them.
• 24:40
  So
• 24:40
  that's
• 24:41
  the
• 24:41
  challenge
• 24:41
  with
• 24:41
  operating
• 24:42
  partners
• 24:42
  right
• 24:42
  now.
• 24:43
  There's
• 24:43
  no
• 24:43
  power
• 24:43
  to
• 24:44
  actually
• 24:44
  go
• 24:44
  in
• 24:44
  and
• 24:44
  change
• 24:45
  things.
• 24:45
  Even
• 24:46
  though
• 24:46
  there's
• 24:46
  a
• 24:46
  little
• 24:46
  low
• 24:46
  hanging
• 24:47
  fruit
• 24:47
  and
• 24:47
  a
• 24:47
  lot
• 24:47
  of
• 24:47
  easy
• 24:48
  things
• 24:48
  they
• 24:48
  could
• 24:48
  change.
• 24:49
  So
• 24:50
  they
• 24:50
  act
• 24:50
  like
• 24:50
  consultants
• 24:51
  and
• 24:51
  they're
• 24:52
  there
• 24:52
  to
• 24:52
  help
• 24:52
  when
• 24:53
  the
• 24:53
  companies
• 24:53
  need
• 24:53
  them.
• 24:54
  But
• 24:54
  the
• 24:55
  effectiveness
• 24:56
  I
• 24:56
  think
• 24:57
  is
• 24:57
  really
• 24:58
  subdued
• 24:59
  because
• 25:00
  of
• 25:00
  the
• 25:00
  culture
• 25:00
  and
• 25:00
  the
• 25:01
  model
• 25:01
  and
• 25:01
  P
• 25:02
  funds.
• 25:03
  Yeah,
• 25:03
  I
• 25:03
  mean
• 25:03
  human
• 25:04
  beings
• 25:04
  are
• 25:04
  naturally
• 25:04
  change,
• 25:05
  change
• 25:05
  resistant.
• 25:06
  But
• 25:06
  the
• 25:07
  way
• 25:07
  you've
• 25:07
  described
• 25:07
  it
• 25:07
  there,
• 25:08
  it,
• 25:09
  it's
• 25:09
  a
• 25:09
  bit
• 25:10
  of
• 25:10
  a
• 25:10
  paradox,
• 25:10
  right,
• 25:10
  because
• 25:11
  as
• 25:11
  you
• 25:11
  say,
• 25:11
  there's
• 25:11
  competition
• 25:12
  for
• 25:12
  good
• 25:12
  companies
• 25:13
  and
• 25:13
  at
• 25:13
  the
• 25:14
  minute
• 25:14
  the
• 25:14
  ones
• 25:14
  who,
• 25:15
  the
• 25:15
  firms
• 25:15
  who
• 25:16
  are
• 25:16
  winning
• 25:16
  are
• 25:16
  the
• 25:16
  ones
• 25:16
  who
• 25:16
  are
• 25:16
  saying,
• 25:17
  oh,
• 25:17
  we
• 25:17
  wanted
• 25:17
  to
• 25:17
  fear,
• 25:17
  we
• 25:18
  won't
• 25:18
  get,
• 25:18
  we
• 25:18
  won't
• 25:18
  go
• 25:18
  in
• 25:18
  and
• 25:18
  change
• 25:19
  things.
• 25:19
  But
• 25:19
  actually
• 25:19
  the
• 25:19
  route
• 25:20
  to
• 25:20
  value
• 25:20
  is
• 25:20
  the
• 25:20
  opposite
• 25:21
  approach
• 25:21
  of
• 25:21
  that.
• 25:22
  But
• 25:22
  until
• 25:23
  the,
• 25:23
  the,
• 25:24
  the
• 25:24
  acquisitions
• 25:25
  or
• 25:25
  the
• 25:25
  win
• 25:25
  or
• 25:25
  the
• 25:26
  winning
• 25:26
  of
• 25:26
  the
• 25:26
  deal
• 25:26
  starts
• 25:27
  going
• 25:27
  to
• 25:27
  those
• 25:27
  companies
• 25:27
  who
• 25:28
  are
• 25:28
  saying
• 25:28
  I'm
• 25:28
  going
• 25:28
  to
• 25:28
  do
• 25:28
  it,
• 25:29
  then
• 25:29
  the
• 25:29
  cycle
• 25:29
  is
• 25:29
  going
• 25:30
  to
• 25:30
  continue.
• 25:30
  So
• 25:30
  how
• 25:31
  do
• 25:31
  you
• 25:31
  think
• 25:31
  we
• 25:31
  break
• 25:31
  that?
• 25:32
  I
• 25:32
  think
• 25:33
  the
• 25:33
  current
• 25:34
  conditions
• 25:34
  are
• 25:34
  going
• 25:34
  to
• 25:34
  break
• 25:35
  it
• 25:35
  all.
• 25:36
  The
• 25:36
  failure
• 25:37
  in
• 25:37
  the
• 25:37
  system,
• 25:38
  although
• 25:38
  slow,
• 25:39
  is
• 25:39
  going
• 25:39
  to
• 25:39
  happen.
• 25:41
  So
• 25:41
  I
• 25:41
  think
• 25:41
  people
• 25:41
  start
• 25:42
  witnessing
• 25:42
  the
• 25:42
  failures
• 25:43
  in
• 25:43
  the
• 25:43
  system
• 25:43
  and
• 25:44
  they've
• 25:44
  got
• 25:44
  no
• 25:44
  choice
• 25:45
  they
• 25:45
  have
• 25:45
  to
• 25:45
  change
• 25:45
  it
• 25:45
  at
• 25:46
  some
• 25:46
  point.
• 25:47
  Yeah,
• 25:47
  well,
• 25:47
  I
• 25:47
  look
• 25:48
  forward
• 25:48
  to
• 25:48
  that
• 25:48
  day
• 25:48
  as
• 25:48
  well
• 25:49
  because
• 25:49
  it's,
• 25:49
  I
• 25:49
  don't
• 25:50
  know,
• 25:50
  I
• 25:50
  take
• 25:50
  real
• 25:50
  pleasure
• 25:51
  in
• 25:51
  being
• 25:52
  the
• 25:52
  kind
• 25:52
  of,
• 25:52
  I'd
• 25:53
  say
• 25:54
  a
• 25:54
  wartime
• 25:55
  operator
• 25:55
  rather
• 25:55
  than
• 25:55
  a
• 25:56
  peacetime
• 25:56
  operator.
• 25:56
  I
• 25:57
  want
• 25:57
  to
• 25:57
  go
• 25:57
  in
• 25:57
  and
• 25:58
  identify
• 25:58
  the
• 25:58
  highest
• 25:59
  value
• 25:59
  changes
• 26:00
  to
• 26:00
  make
• 26:00
  and
• 26:00
  then
• 26:00
  go
• 26:00
  through
• 26:00
  and
• 26:01
  make
• 26:01
  them
• 26:01
  because
• 26:01
  we're
• 26:01
  doing
• 26:01
  it
• 26:01
  in
• 26:02
  the
• 26:02
  best
• 26:02
  interest
• 26:02
  of
• 26:02
  the
• 26:02
  business
• 26:03
  and
• 26:03
  everyone
• 26:03
  who
• 26:03
  works
• 26:03
  there.
• 26:04
  Right.
• 26:04
  That's,
• 26:04
  that's.
• 26:05
  You
• 26:05
  talked
• 26:05
  about
• 26:05
  the
• 26:06
  perfect
• 26:06
  PE
• 26:06
  investment.
• 26:06
  That's
• 26:07
  the
• 26:07
  perfect
• 26:07
  kind
• 26:07
  of
• 26:08
  operating
• 26:08
  partner,
• 26:09
  consultancy
• 26:09
  model.
• 26:10
  Right.
• 26:10
  We
• 26:10
  can
• 26:10
  go
• 26:10
  in,
• 26:10
  we're
• 26:10
  empowered,
• 26:11
  we
• 26:11
  can
• 26:11
  make
• 26:11
  this
• 26:11
  change,
• 26:12
  we
• 26:12
  can
• 26:13
  transform
• 26:13
  things
• 26:13
  and
• 26:13
  we
• 26:13
  can
• 26:14
  move
• 26:14
  away
• 26:14
  again.
• 26:14
  It's
• 26:15
  much
• 26:15
  easier
• 26:15
  to
• 26:15
  be
• 26:16
  a
• 26:16
  peacetime
• 26:16
  operator
• 26:17
  because
• 26:17
  if
• 26:17
  you're
• 26:17
  a
• 26:17
  peacetime
• 26:18
  operator,
• 26:18
  you're
• 26:18
  starting
• 26:19
  day
• 26:19
  one
• 26:20
  in
• 26:20
  a
• 26:20
  good
• 26:20
  business
• 26:21
  and
• 26:21
  it
• 26:21
  has
• 26:21
  to
• 26:21
  be
• 26:22
  a
• 26:22
  good
• 26:22
  business
• 26:22
  or
• 26:22
  the
• 26:22
  people
• 26:23
  wouldn't
• 26:23
  have
• 26:23
  bought
• 26:23
  them.
• 26:24
  So,
• 26:24
  yeah,
• 26:25
  starting
• 26:25
  in
• 26:25
  daytime
• 26:26
  is
• 26:26
  much
• 26:26
  easier
• 26:27
  than
• 26:28
  starting
• 26:28
  three
• 26:28
  years
• 26:29
  later
• 26:29
  when
• 26:29
  you've
• 26:30
  had
• 26:30
  to
• 26:30
  restructure
• 26:30
  the
• 26:31
  business
• 26:31
  and
• 26:31
  fire
• 26:32
  the
• 26:32
  CEO.
• 26:32
  And
• 26:33
  now
• 26:33
  you've
• 26:33
  got
• 26:33
  no
• 26:33
  choice,
• 26:34
  you
• 26:34
  have
• 26:34
  to
• 26:34
  get
• 26:34
  in.
• 26:35
  Now
• 26:35
  you're
• 26:36
  in
• 26:36
  wartime,
• 26:36
  unfortunately,
• 26:37
  you
• 26:37
  haven't
• 26:38
  got
• 26:38
  the
• 26:38
  arsenal
• 26:38
  because
• 26:38
  the
• 26:39
  cash
• 26:39
  flow
• 26:39
  is
• 26:39
  not
• 26:39
  there
• 26:40
  and
• 26:40
  the
• 26:40
  investment's
• 26:41
  not
• 26:41
  there.
• 26:42
  So
• 26:42
  you've
• 26:42
  got
• 26:42
  to
• 26:42
  fix
• 26:43
  things.
• 26:44
  Wartime
• 26:45
  is
• 26:45
  a
• 26:45
  lot
• 26:45
  harder.
• 26:46
  That's
• 26:46
  why
• 26:47
  peacetime
• 26:47
  means
• 26:48
  fixing
• 26:48
  this
• 26:48
  from
• 26:49
  day
• 26:49
  one
• 26:51
  and
• 26:51
  getting
• 26:51
  it
• 26:51
  right
• 26:53
  is
• 26:54
  the
• 26:55
  logical
• 26:55
  way
• 26:55
  for
• 26:56
  me.
• 26:56
  Yeah,
• 26:57
  it
• 26:57
  makes
• 26:57
  sense.
• 26:58
  I
• 26:58
  mean,
• 26:58
  the
• 26:58
  grass
• 26:58
  is
• 26:58
  always
• 26:59
  greener,
• 26:59
  isn't
• 26:59
  it?
• 26:59
  But
• 26:59
  the
• 26:59
  thing
• 27:00
  that's
• 27:00
  harder
• 27:00
  for
• 27:00
  me
• 27:00
  in
• 27:00
  peacetime
• 27:01
  is
• 27:01
  there's
• 27:01
  always
• 27:01
  a
• 27:01
  reason
• 27:02
  to
• 27:03
  overthink
• 27:03
  decisions,
• 27:04
  to
• 27:04
  intellectualize
• 27:05
  things,
• 27:05
  to
• 27:05
  get
• 27:06
  involved
• 27:06
  in
• 27:06
  the
• 27:06
  transformation
• 27:07
  theater
• 27:07
  that
• 27:07
  I
• 27:07
  know
• 27:07
  we've
• 27:08
  both
• 27:08
  spoken
• 27:08
  about
• 27:08
  separately
• 27:10
  of
• 27:10
  like,
• 27:11
  well,
• 27:11
  let's
• 27:11
  do
• 27:11
  this
• 27:11
  really
• 27:12
  impressive
• 27:12
  looking
• 27:12
  slide
• 27:12
  deck
• 27:13
  and
• 27:13
  then
• 27:13
  sort
• 27:13
  of
• 27:14
  inch
• 27:14
  our
• 27:14
  way
• 27:14
  forward
• 27:15
  with
• 27:15
  no
• 27:15
  real
• 27:15
  impetus
• 27:16
  and
• 27:16
  no
• 27:16
  real
• 27:16
  catalyst
• 27:17
  for
• 27:18
  change.
• 27:19
  That's
• 27:19
  the
• 27:19
  tricky
• 27:19
  bit
• 27:19
  for
• 27:19
  me
• 27:20
  about
• 27:20
  the
• 27:20
  peacetime.
• 27:21
  Yeah,
• 27:21
  there's
• 27:21
  a
• 27:21
  trick.
• 27:22
  Look,
• 27:22
  it's
• 27:22
  always
• 27:22
  better
• 27:23
  to
• 27:23
  change
• 27:23
  the
• 27:23
  roof
• 27:23
  while
• 27:24
  the
• 27:24
  sun
• 27:24
  is
• 27:24
  shining,
• 27:25
  right?
• 27:26
  So
• 27:27
  yes,
• 27:27
  there
• 27:28
  might
• 27:28
  be
• 27:28
  a
• 27:28
  lot
• 27:28
  of
• 27:28
  noise
• 27:28
  in
• 27:28
  that
• 27:29
  because
• 27:29
  the
• 27:29
  pressure
• 27:30
  is
• 27:30
  not
• 27:30
  there
• 27:31
  and
• 27:31
  business
• 27:31
  is
• 27:32
  good.
• 27:32
  So
• 27:33
  they
• 27:33
  may
• 27:33
  not
• 27:33
  see
• 27:33
  the
• 27:34
  value
• 27:34
  digitizing
• 27:35
  their
• 27:35
  business
• 27:35
  or
• 27:35
  building
• 27:36
  a
• 27:36
  business
• 27:36
  built
• 27:36
  on
• 27:37
  data.
• 27:37
  So,
• 27:38
  but
• 27:38
  I
• 27:38
  think
• 27:38
  that's
• 27:38
  down
• 27:39
  to
• 27:39
  the
• 27:39
  P
• 27:39
  firm
• 27:39
  and
• 27:40
  the
• 27:40
  CEO
• 27:40
  to
• 27:40
  say
• 27:41
  business
• 27:41
  is
• 27:41
  good.
• 27:41
  But
• 27:42
  there
• 27:42
  are
• 27:42
  a
• 27:42
  few
• 27:42
  obvious
• 27:43
  things,
• 27:43
  foundational
• 27:44
  things
• 27:44
  we
• 27:45
  just
• 27:45
  haven't
• 27:45
  built
• 27:45
  in
• 27:45
  this
• 27:45
  business.
• 27:47
  And
• 27:48
  business
• 27:48
  may
• 27:49
  not
• 27:49
  be
• 27:49
  good
• 27:49
  forever.
• 27:50
  And
• 27:50
  I'll
• 27:50
  feel
• 27:50
  a
• 27:51
  lot
• 27:51
  more
• 27:51
  comfortable
• 27:51
  if
• 27:52
  the
• 27:52
  foundation
• 27:52
  is
• 27:53
  strong
• 27:53
  in
• 27:54
  this
• 27:54
  house.
• 27:55
  Yeah.
• 27:56
  No
• 27:56
  doubt
• 27:57
  though,
• 27:57
  that's
• 27:57
  the
• 27:57
  happier
• 27:57
  way.
• 27:59
  No
• 27:59
  doubt
• 27:59
  that's
• 27:59
  the
• 28:00
  happier
• 28:00
  way
• 28:00
  to
• 28:00
  do
• 28:00
  it
• 28:00
  as
• 28:01
  well.
• 28:02
  A
• 28:03
  different
• 28:03
  set
• 28:03
  of
• 28:03
  challenges
• 28:03
  for
• 28:04
  sure.
• 28:06
  Switching
• 28:06
  up
• 28:06
  a
• 28:06
  bit
• 28:07
  like.
• 28:07
  Let's
• 28:07
  talk
• 28:07
  about
• 28:08
  P
• 28:08
  firms
• 28:08
  as
• 28:09
  media
• 28:10
  companies.
• 28:10
  I
• 28:11
  had
• 28:11
  someone
• 28:11
  on
• 28:11
  the
• 28:11
  podcast
• 28:12
  from
• 28:12
  Nike
• 28:13
  a
• 28:13
  couple
• 28:13
  of
• 28:13
  months
• 28:13
  back
• 28:14
  and
• 28:14
  he
• 28:14
  said
• 28:15
  to
• 28:15
  me
• 28:15
  that
• 28:15
  the
• 28:15
  most
• 28:15
  common
• 28:15
  misconception
• 28:16
  about
• 28:16
  Nike
• 28:16
  is
• 28:17
  that
• 28:17
  they're
• 28:17
  a
• 28:17
  sportswear
• 28:17
  company.
• 28:18
  They're
• 28:18
  a
• 28:18
  media
• 28:18
  company
• 28:20
  who
• 28:21
  sells
• 28:21
  sportswear,
• 28:22
  who
• 28:22
  just
• 28:22
  so
• 28:22
  happens
• 28:23
  to
• 28:23
  sell
• 28:23
  sportswear.
• 28:24
  And
• 28:24
  I
• 28:24
  think
• 28:24
  you've
• 28:25
  demonstrated
• 28:25
  with
• 28:25
  the
• 28:25
  work
• 28:26
  that
• 28:26
  you've
• 28:26
  done
• 28:27
  just
• 28:27
  how
• 28:27
  important
• 28:28
  like
• 28:28
  creating
• 28:29
  and
• 28:30
  doing
• 28:30
  business
• 28:30
  around
• 28:31
  a
• 28:31
  narrative
• 28:31
  can
• 28:32
  be
• 28:32
  and
• 28:32
  how
• 28:32
  powerful
• 28:33
  an
• 28:33
  effect
• 28:33
  that
• 28:34
  can
• 28:34
  be.
• 28:34
  Yet,
• 28:35
  you
• 28:35
  know,
• 28:36
  you
• 28:36
  look
• 28:36
  for
• 28:36
  PE
• 28:36
  content
• 28:37
  across
• 28:37
  LinkedIn,
• 28:37
  across
• 28:38
  Substack,
• 28:38
  across
• 28:38
  wherever
• 28:39
  else
• 28:39
  outside
• 28:39
  of
• 28:40
  folks
• 28:40
  like
• 28:40
  yourself.
• 28:40
  It's
• 28:41
  very
• 28:41
  quiet
• 28:41
  out
• 28:41
  there.
• 28:42
  There's
• 28:42
  a
• 28:42
  little
• 28:42
  bit
• 28:42
  of
• 28:42
  a.
• 28:44
  A
• 28:44
  desert.
• 28:45
  Is
• 28:45
  that
• 28:45
  something
• 28:46
  else
• 28:46
  that
• 28:46
  is
• 28:46
  also
• 28:47
  going
• 28:47
  to
• 28:47
  have
• 28:47
  to
• 28:47
  change
• 28:47
  in
• 28:47
  the
• 28:48
  future
• 28:48
  where.
• 28:48
  Where
• 28:48
  the
• 28:49
  industry
• 28:49
  might
• 28:49
  have
• 28:49
  to
• 28:49
  catch
• 28:49
  up
• 28:50
  with
• 28:50
  the
• 28:50
  rest
• 28:50
  of
• 28:50
  the
• 28:50
  world?
• 28:51
  Yeah,
• 28:51
  look.
• 28:51
  And
• 28:51
  a
• 28:52
  few
• 28:52
  companies
• 28:52
  get
• 28:52
  it.
• 28:52
  I
• 28:52
  think
• 28:53
  Parker
• 28:53
  Gale
• 28:54
  do
• 28:54
  a
• 28:54
  great
• 28:55
  job.
• 28:55
  They
• 28:55
  have
• 28:55
  a
• 28:55
  podcast,
• 28:57
  the
• 28:57
  private
• 28:58
  equity
• 28:58
  fund
• 28:58
  cast.
• 28:58
  They
• 28:59
  do
• 28:59
  a
• 28:59
  good
• 28:59
  job
• 28:59
  of
• 28:59
  that
• 28:59
  because
• 29:00
  they
• 29:00
  realize
• 29:00
  early
• 29:01
  on
• 29:01
  it's
• 29:01
  important
• 29:02
  and
• 29:03
  I
• 29:03
  think,
• 29:03
  look,
• 29:03
  moving
• 29:04
  forward.
• 29:04
  I
• 29:05
  saw
• 29:05
  an
• 29:05
  article
• 29:05
  the
• 29:05
  other
• 29:05
  day
• 29:06
  about
• 29:06
  things
• 29:07
  you
• 29:07
  should.
• 29:07
  AI
• 29:08
  is
• 29:08
  going
• 29:08
  to
• 29:08
  commoditize
• 29:09
  a
• 29:09
  lot
• 29:09
  of
• 29:09
  things.
• 29:10
  It
• 29:11
  won't
• 29:11
  commoditize
• 29:11
  brand.
• 29:12
  So
• 29:13
  the
• 29:13
  importance
• 29:13
  of
• 29:13
  building
• 29:14
  a
• 29:14
  strong
• 29:14
  brand
• 29:15
  for
• 29:15
  your
• 29:15
  business.
• 29:16
  AI
• 29:16
  won't
• 29:16
  commoditize
• 29:17
  that.
• 29:18
  And
• 29:18
  the
• 29:18
  importance
• 29:19
  of
• 29:19
  building
• 29:19
  a
• 29:19
  strong
• 29:20
  brand
• 29:21
  and
• 29:21
  personal
• 29:21
  profile
• 29:22
  for
• 29:22
  yourself
• 29:23
  has
• 29:23
  never
• 29:24
  been
• 29:24
  easier
• 29:25
  on
• 29:25
  platforms
• 29:25
  like
• 29:25
  LinkedIn
• 29:26
  if
• 29:26
  you're
• 29:26
  a
• 29:27
  consumer.
• 29:27
  Everything
• 29:28
  else
• 29:28
  TikTok
• 29:29
  instead.
• 29:29
  It's
• 29:29
  never
• 29:29
  been
• 29:30
  easier
• 29:30
  to
• 29:30
  create
• 29:30
  a
• 29:31
  strong
• 29:31
  brand
• 29:31
  for
• 29:31
  yourself.
• 29:32
  I
• 29:32
  think
• 29:33
  that's
• 29:33
  really
• 29:33
  important
• 29:34
  for
• 29:34
  individuals
• 29:35
  and
• 29:35
  businesses
• 29:36
  to
• 29:36
  have
• 29:36
  that
• 29:36
  moat
• 29:37
  as
• 29:37
  things
• 29:37
  will
• 29:38
  get
• 29:38
  harder.
• 29:39
  There
• 29:39
  is
• 29:39
  no
• 29:39
  downside
• 29:40
  of
• 29:41
  building
• 29:41
  that
• 29:41
  moat
• 29:42
  for
• 29:42
  yourself.
• 29:42
  There'll
• 29:43
  never
• 29:43
  be
• 29:43
  a
• 29:43
  downside
• 29:45
  of
• 29:45
  having
• 29:45
  a
• 29:45
  big
• 29:45
  audience.
• 29:47
  You
• 29:47
  carry
• 29:47
  on
• 29:47
  building
• 29:48
  your
• 29:48
  audience
• 29:48
  and
• 29:48
  that
• 29:49
  gives
• 29:49
  you
• 29:49
  optionality.
• 29:50
  And
• 29:50
  there
• 29:50
  are
• 29:51
  more
• 29:51
  and
• 29:51
  more
• 29:51
  things
• 29:51
  that
• 29:52
  you'd
• 29:52
  be
• 29:52
  able
• 29:52
  to
• 29:52
  do
• 29:52
  with
• 29:53
  that
• 29:53
  audience
• 29:53
  over
• 29:54
  time
• 29:54
  as
• 29:55
  you.
• 29:55
  You
• 29:55
  build
• 29:55
  a
• 29:55
  reputation
• 29:56
  with
• 29:56
  them.
• 29:57
  So,
• 29:57
  yeah,
• 29:58
  I
• 29:58
  think
• 29:58
  the
• 29:58
  things
• 29:58
  that
• 29:59
  PE
• 29:59
  firms
• 29:59
  miss,
• 30:00
  if
• 30:00
  you
• 30:00
  look
• 30:00
  at
• 30:00
  their
• 30:00
  websites,
• 30:02
  it's
• 30:02
  just.
• 30:03
  It's
• 30:03
  the
• 30:03
  same.
• 30:03
  It's
• 30:04
  like
• 30:04
  Groundhog
• 30:04
  Day.
• 30:04
  And
• 30:05
  you
• 30:05
  look
• 30:05
  through
• 30:05
  every
• 30:05
  website
• 30:06
  because
• 30:07
  they
• 30:07
  think
• 30:07
  their
• 30:07
  websites,
• 30:08
  in
• 30:08
  which
• 30:08
  they
• 30:09
  are,
• 30:09
  are
• 30:10
  a
• 30:10
  pitchbook
• 30:10
  for
• 30:11
  LPs.
• 30:12
  Yeah.
• 30:13
  So
• 30:13
  they
• 30:13
  talk
• 30:13
  about
• 30:14
  their
• 30:14
  team
• 30:14
  and
• 30:15
  talk
• 30:15
  about
• 30:15
  how
• 30:15
  successful
• 30:16
  they've
• 30:16
  Been
• 30:16
  investing.
• 30:17
  If
• 30:17
  you're
• 30:17
  lucky,
• 30:17
  you
• 30:17
  might
• 30:18
  get
• 30:18
  a
• 30:18
  few
• 30:18
  case
• 30:18
  studies,
• 30:19
  portfolio
• 30:19
  companies.
• 30:20
  And
• 30:20
  they'll
• 30:21
  give
• 30:21
  you
• 30:21
  the
• 30:21
  history
• 30:21
  of
• 30:21
  the
• 30:22
  firm
• 30:22
  through
• 30:22
  the
• 30:23
  funds
• 30:23
  and
• 30:23
  how
• 30:23
  much
• 30:24
  each
• 30:24
  fund
• 30:25
  has
• 30:25
  returned.
• 30:26
  But
• 30:27
  the
• 30:28
  companies
• 30:28
  that
• 30:28
  get
• 30:28
  it
• 30:29
  say,
• 30:29
  look,
• 30:29
  our
• 30:30
  site
• 30:30
  should
• 30:30
  be
• 30:30
  a
• 30:31
  pitchbook
• 30:31
  for
• 30:31
  founders.
• 30:32
  There
• 30:32
  should
• 30:33
  be
• 30:33
  a
• 30:33
  pitchbook
• 30:33
  for
• 30:34
  future
• 30:34
  portfolio
• 30:35
  companies.
• 30:36
  We
• 30:37
  want
• 30:37
  to
• 30:37
  position
• 30:37
  ourselves
• 30:38
  as
• 30:38
  being
• 30:38
  great
• 30:38
  partners
• 30:39
  and
• 30:39
  great
• 30:39
  guys
• 30:39
  to
• 30:40
  work
• 30:40
  with.
• 30:41
  You
• 30:41
  don't
• 30:41
  get
• 30:41
  that
• 30:41
  many
• 30:41
  of
• 30:42
  the
• 30:42
  websites
• 30:42
  now
• 30:43
  or
• 30:43
  very
• 30:43
  few.
• 30:44
  And
• 30:45
  like
• 30:45
  I
• 30:45
  said
• 30:45
  earlier,
• 30:45
  it's
• 30:46
  much
• 30:46
  better
• 30:46
  to
• 30:46
  attract
• 30:47
  than
• 30:47
  chase.
• 30:48
  So
• 30:48
  VC
• 30:49
  gets
• 30:49
  this
• 30:50
  like
• 30:50
  Andreessen
• 30:51
  and
• 30:52
  20
• 30:52
  VC
• 30:53
  who
• 30:53
  will
• 30:54
  say,
• 30:54
  look,
• 30:54
  we're
• 30:54
  half
• 30:54
  media
• 30:55
  firm,
• 30:56
  half
• 30:57
  venture
• 30:57
  capital
• 30:58
  business.
• 30:59
  And
• 30:59
  I
• 30:59
  think
• 30:59
  that's
• 31:00
  right.
• 31:00
  The
• 31:00
  more
• 31:00
  content
• 31:00
  you
• 31:01
  put
• 31:01
  out
• 31:01
  there
• 31:01
  is
• 31:01
  valuable.
• 31:02
  You're
• 31:02
  educating
• 31:03
  people,
• 31:03
  you're
• 31:04
  creating
• 31:04
  a
• 31:04
  brand
• 31:04
  for
• 31:05
  yourself.
• 31:06
  And
• 31:06
  I
• 31:06
  think
• 31:07
  the
• 31:07
  value
• 31:07
  of
• 31:07
  that
• 31:08
  over
• 31:08
  time
• 31:08
  is,
• 31:09
  you
• 31:09
  know,
• 31:10
  when
• 31:10
  you're
• 31:10
  buying
• 31:11
  these
• 31:11
  businesses.
• 31:12
  I
• 31:12
  mean,
• 31:12
  I
• 31:13
  think
• 31:13
  about
• 31:13
  the
• 31:13
  typical
• 31:13
  business
• 31:14
  that
• 31:14
  private
• 31:14
  equity
• 31:15
  buys.
• 31:16
  It'd
• 31:17
  be
• 31:17
  interesting
• 31:17
  to
• 31:17
  do
• 31:17
  a
• 31:17
  survey.
• 31:18
  You
• 31:18
  know,
• 31:18
  if
• 31:18
  you
• 31:18
  ask
• 31:19
  the
• 31:19
  typical
• 31:19
  CEO
• 31:20
  which
• 31:21
  P
• 31:21
  firm
• 31:21
  would
• 31:21
  you
• 31:21
  like
• 31:21
  to
• 31:22
  buy
• 31:22
  you,
• 31:23
  they'll
• 31:23
  name
• 31:23
  the
• 31:23
  top
• 31:24
  10
• 31:24
  because
• 31:24
  that's
• 31:24
  all
• 31:25
  they've
• 31:25
  heard
• 31:25
  of.
• 31:26
  Oh,
• 31:26
  Blackstone,
• 31:27
  KKR,
• 31:28
  Carlisle,
• 31:29
  Apollo,
• 31:31
  German
• 31:31
  Atlantic.
• 31:33
  That
• 31:33
  might
• 31:33
  be
• 31:34
  it.
• 31:34
  Because
• 31:34
  those
• 31:35
  are
• 31:36
  the
• 31:36
  big
• 31:36
  firms
• 31:37
  that
• 31:37
  they
• 31:37
  would
• 31:37
  have
• 31:37
  heard
• 31:37
  of.
• 31:37
  Yeah,
• 31:38
  big
• 31:38
  brands.
• 31:38
  Well,
• 31:39
  99%
• 31:39
  of
• 31:39
  the
• 31:40
  time
• 31:40
  it's
• 31:40
  not
• 31:40
  those
• 31:40
  firms
• 31:41
  that
• 31:41
  are
• 31:41
  going
• 31:41
  to
• 31:41
  buy
• 31:41
  them.
• 31:42
  Right.
• 31:42
  It's
• 31:42
  going
• 31:42
  to
• 31:43
  be
• 31:43
  one
• 31:43
  of
• 31:43
  the
• 31:43
  other
• 31:43
  17,000
• 31:44
  firms
• 31:45
  across
• 31:45
  the
• 31:45
  US
• 31:45
  that
• 31:45
  they've
• 31:46
  never
• 31:46
  heard
• 31:46
  of.
• 31:47
  So
• 31:47
  the
• 31:47
  first
• 31:47
  time
• 31:48
  they
• 31:48
  hear
• 31:48
  about
• 31:48
  these
• 31:48
  companies,
• 31:49
  they're
• 31:49
  in
• 31:49
  auction.
• 31:50
  There'd
• 31:50
  be
• 31:51
  four
• 31:51
  companies
• 31:51
  bidding
• 31:52
  to
• 31:52
  buy
• 31:52
  the
• 31:52
  business.
• 31:53
  And
• 31:53
  you
• 31:53
  have
• 31:54
  to
• 31:54
  start
• 31:54
  to
• 31:54
  meet
• 31:54
  the
• 31:55
  partners
• 31:55
  and
• 31:55
  learn
• 31:56
  about
• 31:56
  the
• 31:56
  PE
• 31:57
  firm
• 31:57
  and
• 31:58
  you
• 31:58
  go
• 31:58
  for
• 31:58
  dinners
• 31:59
  with
• 31:59
  them
• 32:00
  and
• 32:00
  there's
• 32:01
  diligence
• 32:01
  on
• 32:01
  both
• 32:01
  sides.
• 32:02
  If
• 32:02
  you're
• 32:02
  a
• 32:02
  smart
• 32:03
  company,
• 32:03
  you
• 32:03
  should
• 32:03
  be
• 32:04
  diligent
• 32:04
  in
• 32:05
  that
• 32:05
  pfan
• 32:06
  just
• 32:06
  as
• 32:06
  hard
• 32:07
  as
• 32:07
  they're
• 32:07
  diligencing
• 32:08
  you.
• 32:09
  But
• 32:09
  still,
• 32:09
  these
• 32:09
  are
• 32:10
  called
• 32:10
  connections.
• 32:11
  So
• 32:11
  these
• 32:11
  are
• 32:11
  guys
• 32:11
  you've
• 32:12
  just
• 32:12
  met
• 32:12
  and
• 32:13
  you
• 32:13
  don't
• 32:14
  really
• 32:14
  know
• 32:14
  them
• 32:15
  much
• 32:15
  better.
• 32:15
  If
• 32:15
  that
• 32:16
  pfirm
• 32:16
  had
• 32:16
  been
• 32:17
  working
• 32:17
  on
• 32:17
  their
• 32:17
  brand
• 32:17
  for
• 32:18
  the
• 32:18
  past
• 32:18
  five
• 32:18
  years
• 32:18
  and
• 32:19
  putting
• 32:19
  out
• 32:19
  great
• 32:19
  content
• 32:20
  about
• 32:21
  success
• 32:22
  stories,
• 32:22
  interviews
• 32:23
  with
• 32:23
  their
• 32:23
  founders.
• 32:24
  We
• 32:25
  turned
• 32:25
  this
• 32:25
  H
• 32:25
  Vac
• 32:26
  company
• 32:26
  around,
• 32:26
  we
• 32:26
  were
• 32:27
  good
• 32:27
  to
• 32:27
  work
• 32:27
  with.
• 32:29
  Founder,
• 32:29
  a
• 32:29
  lot
• 32:29
  of
• 32:30
  money,
• 32:30
  his
• 32:31
  insights,
• 32:31
  our
• 32:32
  playbook.
• 32:32
  They
• 32:33
  should
• 32:33
  publish
• 32:33
  the
• 32:33
  playbooks.
• 32:34
  There's
• 32:34
  no
• 32:34
  secret
• 32:35
  source
• 32:35
  in
• 32:35
  private
• 32:35
  equity.
• 32:36
  Everyone's
• 32:36
  running
• 32:36
  the
• 32:37
  same
• 32:37
  playbooks.
• 32:38
  Well,
• 32:38
  be
• 32:39
  transparent.
• 32:40
  Share
• 32:40
  that.
• 32:41
  I
• 32:41
  mean,
• 32:42
  there's
• 32:42
  no
• 32:42
  secrets
• 32:43
  to
• 32:43
  rip
• 32:43
  off.
• 32:43
  Share
• 32:43
  the
• 32:44
  playbook.
• 32:44
  Share
• 32:44
  how
• 32:44
  you
• 32:44
  think
• 32:45
  about
• 32:46
  value
• 32:46
  creation,
• 32:47
  share
• 32:47
  how
• 32:48
  you
• 32:48
  think
• 32:48
  about
• 32:48
  partnerships,
• 32:49
  share
• 32:49
  the
• 32:49
  success
• 32:50
  stories,
• 32:51
  comment
• 32:51
  on
• 32:51
  the
• 32:52
  current
• 32:52
  news,
• 32:52
  comment
• 32:52
  how
• 32:53
  you
• 32:53
  think
• 32:53
  AI
• 32:54
  is
• 32:54
  going
• 32:54
  to
• 32:54
  impact
• 32:54
  private
• 32:54
  equity
• 32:55
  going
• 32:55
  forward.
• 32:56
  Start
• 32:57
  posting
• 32:57
  great
• 32:57
  content
• 32:59
  and
• 32:59
  then
• 32:59
  founders
• 33:00
  will
• 33:00
  have
• 33:00
  heard
• 33:00
  about
• 33:01
  you
• 33:01
  and
• 33:02
  it
• 33:02
  won't
• 33:03
  be
• 33:03
  a
• 33:03
  call
• 33:03
  interaction
• 33:04
  every
• 33:04
  time.
• 33:05
  They'll
• 33:05
  say,
• 33:05
  okay,
• 33:05
  there
• 33:05
  were
• 33:05
  four
• 33:06
  guys
• 33:06
  bidding
• 33:06
  for
• 33:07
  me
• 33:07
  and
• 33:07
  one
• 33:08
  of
• 33:08
  the
• 33:08
  P
• 33:08
  firms.
• 33:08
  Well,
• 33:09
  I've
• 33:09
  been
• 33:09
  reading
• 33:09
  their
• 33:09
  content
• 33:10
  for
• 33:10
  the
• 33:10
  past
• 33:10
  three
• 33:10
  years
• 33:11
  and
• 33:11
  I
• 33:11
  feel
• 33:12
  like
• 33:12
  I
• 33:12
  already
• 33:12
  know
• 33:12
  them.
• 33:13
  And
• 33:13
  they
• 33:13
  say,
• 33:13
  my
• 33:14
  good
• 33:14
  guys,
• 33:15
  you've
• 33:15
  got
• 33:16
  much
• 33:16
  more
• 33:16
  chance
• 33:16
  of
• 33:17
  winning.
• 33:17
  The
• 33:17
  P
• 33:17
  firms
• 33:18
  have
• 33:18
  much
• 33:18
  more
• 33:18
  chance
• 33:18
  of
• 33:19
  winning
• 33:19
  that
• 33:19
  deal
• 33:19
  than
• 33:19
  they
• 33:19
  had
• 33:20
  now
• 33:21
  because
• 33:21
  they're
• 33:21
  an
• 33:21
  unknown
• 33:22
  entity
• 33:23
  in
• 33:23
  nearly
• 33:24
  every
• 33:24
  case.
• 33:26
  Yeah,
• 33:26
  totally
• 33:27
  true.
• 33:27
  Something
• 33:27
  I've
• 33:28
  been
• 33:28
  thinking
• 33:28
  about,
• 33:28
  and
• 33:28
  I
• 33:28
  know
• 33:29
  you've
• 33:29
  been
• 33:29
  thinking
• 33:29
  about
• 33:29
  too,
• 33:29
  because
• 33:30
  I
• 33:30
  read
• 33:31
  something
• 33:31
  you'd
• 33:32
  posted
• 33:32
  about
• 33:32
  it.
• 33:34
  You
• 33:34
  know,
• 33:34
  longer
• 33:35
  term,
• 33:36
  assuming
• 33:36
  the
• 33:37
  death
• 33:37
  by
• 33:37
  thousand
• 33:37
  cuts
• 33:38
  continues
• 33:39
  like
• 33:39
  could
• 33:39
  over
• 33:40
  time,
• 33:40
  people
• 33:40
  like
• 33:40
  me
• 33:40
  and
• 33:41
  you
• 33:41
  become
• 33:41
  threats
• 33:41
  to
• 33:41
  these
• 33:42
  firms.
• 33:42
  Because
• 33:42
  I'm
• 33:43
  not
• 33:43
  talking
• 33:43
  about
• 33:43
  overthrowing
• 33:44
  Blackstone
• 33:44
  or
• 33:45
  whatever,
• 33:45
  to
• 33:45
  be
• 33:45
  clear,
• 33:46
  but
• 33:47
  part
• 33:47
  of
• 33:47
  the
• 33:47
  marketing
• 33:48
  I
• 33:48
  do,
• 33:48
  I
• 33:48
  try
• 33:49
  and
• 33:49
  be
• 33:49
  value
• 33:49
  led.
• 33:49
  I
• 33:50
  try
• 33:50
  and
• 33:50
  deliver
• 33:50
  good
• 33:50
  content,
• 33:50
  I
• 33:51
  try
• 33:51
  and
• 33:52
  put
• 33:52
  playbooks
• 33:52
  out
• 33:53
  there
• 33:53
  that
• 33:53
  people
• 33:53
  can
• 33:53
  use.
• 33:54
  Right,
• 33:54
  sure,
• 33:54
  my
• 33:54
  team
• 33:54
  can
• 33:55
  come
• 33:55
  and
• 33:56
  implement
• 33:56
  this
• 33:57
  for
• 33:57
  you.
• 33:57
  But
• 33:57
  like,
• 33:57
  this
• 33:57
  is
• 33:57
  how
• 33:57
  you
• 33:58
  should
• 33:58
  run
• 33:58
  your
• 33:58
  data
• 33:58
  shop,
• 33:58
  this
• 33:59
  is
• 33:59
  how
• 33:59
  you
• 33:59
  should
• 33:59
  run
• 33:59
  your
• 33:59
  reporting.
• 34:00
  This
• 34:00
  is
• 34:00
  how
• 34:00
  you
• 34:00
  should
• 34:00
  set
• 34:00
  your
• 34:01
  KPIs.
• 34:01
  What
• 34:02
  has
• 34:02
  happened
• 34:02
  more
• 34:02
  and
• 34:02
  more
• 34:03
  to
• 34:03
  me
• 34:03
  is
• 34:03
  that
• 34:04
  rather
• 34:04
  than
• 34:05
  as
• 34:05
  well
• 34:05
  as
• 34:05
  PE
• 34:05
  firms,
• 34:06
  companies
• 34:07
  who
• 34:07
  one
• 34:07
  day
• 34:07
  might
• 34:08
  be
• 34:08
  potential
• 34:08
  acquisition
• 34:09
  targets
• 34:09
  for
• 34:09
  PE
• 34:10
  firms
• 34:10
  come
• 34:10
  and
• 34:10
  say,
• 34:11
  oh,
• 34:11
  I
• 34:11
  see
• 34:12
  you
• 34:12
  do
• 34:12
  great
• 34:12
  value
• 34:12
  creation.
• 34:13
  How
• 34:13
  about
• 34:14
  we
• 34:14
  do
• 34:14
  it
• 34:14
  together
• 34:14
  now
• 34:15
  before
• 34:15
  the
• 34:15
  PE
• 34:15
  firms
• 34:16
  are
• 34:16
  in
• 34:16
  the
• 34:16
  picture?
• 34:17
  And
• 34:17
  then
• 34:17
  that
• 34:17
  then
• 34:18
  opens
• 34:18
  up
• 34:18
  an
• 34:18
  opportunity
• 34:19
  for
• 34:19
  you
• 34:19
  to,
• 34:19
  to,
• 34:20
  you
• 34:20
  know,
• 34:20
  maybe
• 34:20
  take
• 34:20
  some
• 34:21
  equity,
• 34:21
  maybe
• 34:22
  invest
• 34:22
  in
• 34:22
  there,
• 34:22
  maybe
• 34:23
  like
• 34:23
  stake
• 34:24
  a
• 34:24
  little
• 34:24
  bit
• 34:24
  in
• 34:24
  the
• 34:24
  future
• 34:25
  of
• 34:25
  this
• 34:25
  company
• 34:25
  and
• 34:26
  kind
• 34:27
  of
• 34:27
  nibble
• 34:27
  a
• 34:27
  little
• 34:27
  bit
• 34:27
  away
• 34:28
  at
• 34:28
  the
• 34:28
  bottom
• 34:28
  of
• 34:28
  the
• 34:28
  market.
• 34:29
  Is
• 34:29
  that
• 34:29
  a
• 34:29
  channel
• 34:29
  that
• 34:30
  you,
• 34:30
  that
• 34:30
  you're
• 34:30
  looking
• 34:31
  towards?
• 34:31
  It's
• 34:32
  not
• 34:32
  a,
• 34:32
  it's
• 34:32
  not
• 34:32
  a
• 34:32
  threat
• 34:32
  to
• 34:33
  PE
• 34:33
  firms.
• 34:33
  One,
• 34:34
  it's
• 34:34
  probably
• 34:35
  good
• 34:35
  learnings
• 34:35
  for
• 34:36
  PE
• 34:36
  firms
• 34:36
  to
• 34:37
  copy
• 34:37
  that.
• 34:37
  There's
• 34:38
  also
• 34:38
  kind
• 34:38
  of
• 34:39
  a,
• 34:39
  not
• 34:39
  a
• 34:40
  new
• 34:40
  level
• 34:40
  of
• 34:40
  pe,
• 34:40
  but
• 34:41
  one
• 34:41
  that's
• 34:41
  definitely
• 34:42
  growing
• 34:42
  faster,
• 34:42
  which
• 34:42
  is
• 34:43
  the
• 34:43
  search
• 34:43
  funders.
• 34:44
  There
• 34:44
  are
• 34:44
  a
• 34:44
  lot
• 34:44
  of
• 34:45
  guys
• 34:45
  stepping
• 34:45
  away
• 34:46
  from
• 34:46
  PE
• 34:46
  firms
• 34:47
  and
• 34:47
  raising
• 34:47
  their
• 34:47
  own
• 34:47
  funds
• 34:48
  or
• 34:48
  finding
• 34:49
  a
• 34:49
  business
• 34:49
  first,
• 34:50
  then
• 34:50
  getting
• 34:51
  the
• 34:51
  investment
• 34:51
  to
• 34:52
  fund
• 34:52
  that
• 34:52
  business
• 34:53
  and
• 34:53
  running
• 34:54
  this.
• 34:54
  I
• 34:54
  think
• 34:54
  that
• 34:54
  part
• 34:55
  of
• 34:55
  the
• 34:55
  market
• 34:55
  is
• 34:55
  growing
• 34:56
  pretty
• 34:56
  quickly.
• 34:57
  And
• 34:57
  typically
• 34:58
  those
• 34:58
  are
• 34:58
  guys
• 34:58
  that
• 34:59
  have
• 34:59
  worked
• 34:59
  in
• 34:59
  peace
• 35:00
  or
• 35:00
  they
• 35:00
  know
• 35:01
  the
• 35:01
  business,
• 35:02
  but
• 35:02
  they're
• 35:03
  being
• 35:03
  disappointed
• 35:04
  with
• 35:04
  their
• 35:04
  firm
• 35:04
  and
• 35:05
  thought
• 35:05
  they
• 35:05
  could
• 35:05
  do
• 35:05
  better
• 35:06
  and
• 35:06
  step
• 35:06
  away
• 35:07
  and
• 35:07
  they
• 35:07
  start
• 35:08
  buying
• 35:08
  one
• 35:08
  business
• 35:09
  and
• 35:09
  if
• 35:09
  they're
• 35:09
  successful
• 35:10
  with
• 35:10
  that,
• 35:10
  they
• 35:11
  might
• 35:11
  buy
• 35:11
  another
• 35:11
  one.
• 35:12
  If
• 35:12
  they're
• 35:12
  successful
• 35:13
  with
• 35:13
  that,
• 35:13
  they
• 35:13
  might
• 35:13
  raise
• 35:14
  a
• 35:14
  small
• 35:14
  fund.
• 35:15
  So
• 35:15
  I
• 35:16
  think
• 35:16
  it's
• 35:16
  the
• 35:16
  next
• 35:16
  generation
• 35:17
  of
• 35:17
  guys
• 35:18
  like
• 35:18
  that
• 35:18
  where
• 35:18
  we'll
• 35:19
  see
• 35:20
  P
• 35:20
  firms
• 35:20
  start
• 35:21
  to
• 35:21
  emerge
• 35:21
  and
• 35:21
  pay
• 35:22
  firms
• 35:22
  that
• 35:22
  look
• 35:22
  very
• 35:23
  different,
• 35:24
  that
• 35:24
  will
• 35:24
  be
• 35:25
  half
• 35:25
  media
• 35:25
  firm,
• 35:26
  half
• 35:26
  P
• 35:26
  firm
• 35:27
  and
• 35:27
  will
• 35:27
  be
• 35:27
  way
• 35:28
  more
• 35:28
  forward
• 35:28
  thinking
• 35:30
  about
• 35:30
  how
• 35:30
  they
• 35:31
  build
• 35:31
  a
• 35:31
  brand
• 35:31
  and
• 35:32
  how
• 35:32
  they
• 35:32
  build
• 35:32
  their
• 35:32
  personal
• 35:33
  brand.
• 35:33
  Yeah,
• 35:34
  no,
• 35:34
  no,
• 35:34
  I
• 35:34
  like
• 35:34
  the
• 35:34
  idea
• 35:35
  of
• 35:35
  it.
• 35:35
  It'll
• 35:35
  be
• 35:35
  interesting
• 35:35
  to
• 35:36
  see
• 35:36
  how
• 35:37
  it
• 35:37
  plays
• 35:38
  out.
• 35:38
  Why
• 35:38
  people
• 35:38
  will
• 35:39
  always,
• 35:39
  as
• 35:39
  you
• 35:39
  say,
• 35:39
  go
• 35:39
  towards
• 35:40
  the
• 35:40
  trust
• 35:41
  and
• 35:41
  go
• 35:41
  towards
• 35:42
  what
• 35:42
  the
• 35:42
  value
• 35:42
  is
• 35:42
  as
• 35:42
  well.
• 35:43
  So
• 35:43
  we'll
• 35:44
  keep
• 35:44
  people,
• 35:44
  we'll
• 35:44
  keep
• 35:44
  putting
• 35:45
  out
• 35:45
  there
• 35:45
  and,
• 35:46
  and,
• 35:46
  and,
• 35:46
  and
• 35:47
  see
• 35:47
  what
• 35:47
  happens.
• 35:49
  Channel
• 35:49
  wise
• 35:49
  for
• 35:49
  you.
• 35:51
  Very
• 35:51
  successful
• 35:51
  on
• 35:51
  LinkedIn
• 35:52
  as
• 35:52
  well
• 35:52
  as
• 35:53
  substack.
• 35:53
  Like
• 35:54
  do
• 35:54
  you
• 35:54
  have
• 35:54
  other
• 35:54
  channels
• 35:54
  that
• 35:55
  you
• 35:55
  push
• 35:55
  as
• 35:55
  well?
• 35:55
  Like
• 35:56
  do
• 35:56
  you
• 35:56
  have
• 35:56
  a
• 35:56
  multi
• 35:56
  channel
• 35:56
  strategy?
• 35:57
  Are
• 35:57
  you
• 35:57
  more
• 35:58
  deliberately
• 35:58
  focused
• 35:58
  on
• 35:59
  those?
• 35:59
  Like
• 35:59
  what,
• 35:59
  what's
• 36:00
  your
• 36:00
  approach?
• 36:01
  No,
• 36:01
  there's,
• 36:01
  I
• 36:02
  mean
• 36:02
  linked,
• 36:02
  LinkedIn
• 36:03
  and
• 36:03
  the
• 36:04
  not
• 36:04
  very
• 36:04
  private
• 36:04
  equity
• 36:05
  newsletter
• 36:06
  and
• 36:07
  building,
• 36:07
  building
• 36:08
  out
• 36:08
  that
• 36:08
  media
• 36:08
  business
• 36:09
  because
• 36:10
  I
• 36:10
  think
• 36:10
  that's
• 36:10
  also
• 36:10
  interesting.
• 36:11
  Another
• 36:11
  opportunity.
• 36:12
  If
• 36:12
  you
• 36:12
  look
• 36:12
  at
• 36:12
  private
• 36:13
  equity
• 36:13
  media,
• 36:14
  it's
• 36:14
  also
• 36:14
  terrible.
• 36:16
  It's
• 36:16
  very
• 36:16
  boring,
• 36:17
  isn't
• 36:17
  it?
• 36:17
  Very
• 36:18
  boring.
• 36:19
  You
• 36:20
  look
• 36:20
  at
• 36:21
  the
• 36:21
  content
• 36:21
  on
• 36:22
  the
• 36:22
  private
• 36:22
  equity
• 36:22
  media
• 36:23
  sites,
• 36:23
  no
• 36:23
  one
• 36:23
  has
• 36:23
  a
• 36:24
  voice.
• 36:24
  It's
• 36:25
  just
• 36:25
  you're
• 36:25
  getting
• 36:25
  the
• 36:26
  same
• 36:26
  droll
• 36:27
  news
• 36:27
  stories
• 36:28
  you're
• 36:28
  getting
• 36:28
  everywhere.
• 36:29
  If
• 36:29
  you
• 36:29
  go
• 36:30
  to
• 36:31
  private
• 36:31
  equity
• 36:32
  conferences,
• 36:33
  you're
• 36:33
  not
• 36:33
  getting
• 36:34
  great
• 36:34
  content
• 36:34
  there
• 36:35
  because
• 36:36
  the
• 36:36
  model
• 36:36
  is
• 36:36
  broken.
• 36:38
  They
• 36:38
  sell
• 36:39
  their
• 36:39
  keynotes
• 36:39
  in
• 36:40
  those
• 36:40
  conferences.
• 36:41
  So
• 36:41
  when
• 36:42
  you
• 36:42
  sell
• 36:42
  a
• 36:42
  keynote,
• 36:42
  the
• 36:43
  keynote
• 36:43
  ends
• 36:43
  up
• 36:43
  being
• 36:43
  a
• 36:44
  quasi
• 36:44
  sales
• 36:44
  pitch.
• 36:45
  So
• 36:45
  you.
• 36:46
  Oh
• 36:46
  yeah,
• 36:46
  not
• 36:46
  even
• 36:46
  quasi.
• 36:47
  Those
• 36:47
  are
• 36:47
  expensive.
• 36:48
  They're
• 36:48
  like
• 36:48
  tens
• 36:48
  of
• 36:48
  thousands
• 36:48
  of
• 36:49
  dollars,
• 36:49
  those
• 36:49
  things.
• 36:49
  You
• 36:50
  got
• 36:50
  these
• 36:50
  copses.
• 36:50
  You
• 36:50
  learn
• 36:51
  nothing,
• 36:51
  right?
• 36:51
  You
• 36:52
  learn
• 36:52
  nothing
• 36:52
  because
• 36:52
  it's
• 36:53
  normally
• 36:53
  a
• 36:53
  vendor
• 36:54
  that's
• 36:54
  doing
• 36:54
  the
• 36:54
  pitch
• 36:55
  to
• 36:55
  you
• 36:55
  and
• 36:55
  showing
• 36:55
  you
• 36:56
  the
• 36:56
  latest
• 36:56
  research
• 36:57
  that
• 36:57
  they've
• 36:57
  done.
• 36:58
  Or
• 36:59
  you're
• 36:59
  listening
• 37:00
  to
• 37:00
  panels
• 37:00
  of
• 37:01
  private
• 37:02
  equity
• 37:02
  guys
• 37:03
  who
• 37:03
  can't
• 37:04
  say
• 37:04
  anything.
• 37:05
  They're
• 37:05
  looked
• 37:06
  down
• 37:06
  by
• 37:06
  the
• 37:06
  gc
• 37:08
  can't
• 37:08
  be
• 37:08
  disruptive,
• 37:09
  they
• 37:09
  can't
• 37:09
  be
• 37:09
  provocative.
• 37:11
  They're
• 37:11
  going
• 37:11
  to
• 37:11
  give
• 37:11
  you
• 37:12
  the
• 37:12
  story
• 37:13
  that
• 37:13
  everything's
• 37:13
  great
• 37:14
  and
• 37:14
  the
• 37:14
  P
• 37:14
  firm
• 37:15
  wants
• 37:15
  you
• 37:15
  to
• 37:15
  lead
• 37:15
  with.
• 37:17
  They're
• 37:17
  going
• 37:17
  to
• 37:17
  obviously
• 37:18
  talk
• 37:18
  about
• 37:18
  AI
• 37:19
  and
• 37:19
  yeah,
• 37:19
  we're
• 37:20
  all
• 37:20
  over
• 37:20
  AI,
• 37:21
  we're
• 37:21
  testing
• 37:21
  things
• 37:22
  and
• 37:22
  yeah,
• 37:23
  hopefully
• 37:24
  AI
• 37:24
  is
• 37:24
  going
• 37:24
  to
• 37:24
  be
• 37:24
  great.
• 37:25
  And
• 37:26
  we're
• 37:26
  just
• 37:26
  discovering
• 37:27
  right
• 37:27
  now
• 37:27
  you
• 37:28
  Learn
• 37:28
  nothing
• 37:28
  at
• 37:29
  these
• 37:29
  conferences.
• 37:30
  So
• 37:30
  I
• 37:31
  think
• 37:31
  the
• 37:31
  opportunity
• 37:32
  there
• 37:32
  is
• 37:32
  to
• 37:32
  build
• 37:32
  something
• 37:33
  very
• 37:33
  different.
• 37:34
  That
• 37:35
  is
• 37:35
  disruptive
• 37:36
  to
• 37:36
  say,
• 37:36
  okay,
• 37:37
  actually,
• 37:37
  we're
• 37:37
  not
• 37:38
  going
• 37:38
  to
• 37:38
  sell
• 37:38
  the
• 37:38
  content
• 37:39
  to
• 37:39
  vendors.
• 37:40
  We're
• 37:40
  going
• 37:40
  to
• 37:40
  create
• 37:41
  the
• 37:41
  content
• 37:41
  in
• 37:41
  a
• 37:41
  way
• 37:42
  better
• 37:42
  way
• 37:42
  that
• 37:42
  you
• 37:42
  would
• 37:42
  actually
• 37:43
  pay
• 37:43
  to
• 37:43
  attend
• 37:43
  the
• 37:43
  conference.
• 37:44
  Because
• 37:45
  the
• 37:45
  content's
• 37:45
  going
• 37:45
  to
• 37:45
  be
• 37:46
  great
• 37:46
  and
• 37:46
  you're
• 37:46
  going
• 37:46
  to
• 37:46
  learn
• 37:47
  something
• 37:47
  from
• 37:47
  that
• 37:47
  content.
• 37:49
  And
• 37:49
  that
• 37:49
  may
• 37:49
  be,
• 37:50
  you
• 37:50
  know,
• 37:50
  not
• 37:51
  having
• 37:51
  a
• 37:51
  P
• 37:51
  guy.
• 37:51
  Talk
• 37:52
  about
• 37:52
  Google,
• 37:52
  putting
• 37:53
  Google
• 37:53
  on
• 37:53
  stage
• 37:54
  and
• 37:54
  hanging
• 37:54
  from
• 37:54
  Google,
• 37:55
  how
• 37:55
  they're
• 37:55
  thinking
• 37:55
  about
• 37:56
  P,
• 37:56
  how
• 37:56
  they're
• 37:56
  thinking
• 37:57
  about
• 37:57
  the
• 37:57
  future
• 37:57
  of
• 37:57
  AI,
• 37:58
  how
• 37:58
  they're
• 37:58
  thinking
• 37:58
  about
• 37:58
  Gemini,
• 37:59
  etc.
• 38:00
  Not
• 38:01
  by
• 38:01
  putting
• 38:01
  a
• 38:01
  P
• 38:02
  guy
• 38:02
  on
• 38:02
  stage
• 38:02
  and
• 38:03
  giving
• 38:03
  you
• 38:04
  the
• 38:04
  sales
• 38:04
  pitch
• 38:04
  of
• 38:05
  how
• 38:05
  well
• 38:05
  their
• 38:05
  portfolio
• 38:06
  company
• 38:06
  is
• 38:06
  doing.
• 38:07
  Getting
• 38:07
  a
• 38:08
  CEO
• 38:08
  who
• 38:08
  just
• 38:08
  exited
• 38:09
  from
• 38:09
  PE
• 38:10
  with
• 38:10
  a
• 38:10
  very
• 38:11
  successful
• 38:11
  exit,
• 38:12
  put
• 38:12
  them
• 38:12
  on
• 38:12
  stage
• 38:13
  and
• 38:13
  get
• 38:13
  them
• 38:13
  to
• 38:14
  present.
• 38:14
  Well,
• 38:14
  actually,
• 38:14
  how
• 38:15
  was
• 38:15
  it?
• 38:15
  How
• 38:15
  was
• 38:15
  it
• 38:15
  working
• 38:16
  with
• 38:16
  pe?
• 38:16
  What
• 38:16
  did
• 38:17
  you
• 38:17
  like?
• 38:17
  What
• 38:17
  didn't
• 38:18
  you
• 38:18
  like?
• 38:18
  How
• 38:19
  did
• 38:19
  you
• 38:19
  grow
• 38:19
  your
• 38:19
  H
• 38:20
  VAC
• 38:20
  business
• 38:21
  from
• 38:21
  10
• 38:21
  markets
• 38:22
  to
• 38:22
  50
• 38:22
  markets
• 38:22
  in
• 38:23
  4
• 38:23
  years?
• 38:24
  Tell
• 38:24
  us
• 38:25
  exactly
• 38:25
  what
• 38:26
  did
• 38:26
  you
• 38:26
  do?
• 38:26
  How
• 38:26
  can
• 38:26
  we
• 38:27
  learn
• 38:27
  from
• 38:27
  this?
• 38:28
  I
• 38:28
  mean,
• 38:28
  I
• 38:28
  don't
• 38:29
  think
• 38:29
  it's
• 38:29
  hard
• 38:29
  putting
• 38:29
  great
• 38:30
  content
• 38:30
  together,
• 38:31
  but
• 38:31
  the
• 38:31
  CO
• 38:32
  model
• 38:32
  in
• 38:32
  P
• 38:32
  Media
• 38:35
  will
• 38:35
  not
• 38:35
  allow
• 38:35
  that
• 38:35
  to
• 38:35
  happen
• 38:36
  because
• 38:36
  they're
• 38:37
  stuck
• 38:37
  on
• 38:37
  the
• 38:37
  drug
• 38:38
  of
• 38:38
  monetizing
• 38:39
  keynotes
• 38:39
  and
• 38:39
  monetizing
• 38:40
  the
• 38:40
  content.
• 38:41
  And
• 38:41
  while
• 38:41
  you're
• 38:42
  stuck
• 38:42
  on
• 38:42
  that,
• 38:43
  it
• 38:43
  won't
• 38:44
  be
• 38:44
  good
• 38:44
  content.
• 38:45
  Yeah,
• 38:47
  it's
• 38:47
  ridiculous.
• 38:48
  And
• 38:48
  I
• 38:48
  looked
• 38:49
  at
• 38:49
  a
• 38:49
  couple
• 38:49
  this
• 38:49
  year.
• 38:49
  I
• 38:50
  looked
• 38:50
  at,
• 38:50
  I
• 38:50
  think
• 38:50
  a
• 38:50
  P.E.I.
• 38:51
  one
• 38:52
  in
• 38:52
  New
• 38:52
  York,
• 38:53
  and
• 38:53
  that
• 38:53
  was
• 38:53
  a
• 38:54
  P.E.I.
• 38:55
  operating
• 38:55
  partners
• 38:55
  forum,
• 38:56
  I
• 38:56
  think
• 38:56
  it
• 38:56
  was
• 38:56
  called,
• 38:56
  and
• 38:57
  they
• 38:57
  wanted
• 38:57
  65,000
• 38:58
  US
• 38:58
  to
• 38:59
  go.
• 38:59
  If
• 38:59
  you're
• 38:59
  not
• 39:00
  a
• 39:00
  PE
• 39:00
  person,
• 39:01
  like,
• 39:01
  are
• 39:01
  you
• 39:01
  kidding
• 39:01
  me?
• 39:03
  So,
• 39:03
  yeah,
• 39:03
  I've
• 39:03
  very
• 39:03
  much,
• 39:04
  very
• 39:04
  much
• 39:04
  seen
• 39:04
  the
• 39:04
  model
• 39:05
  and
• 39:06
  totally
• 39:07
  see
• 39:07
  the
• 39:07
  need
• 39:07
  for
• 39:08
  something
• 39:08
  new,
• 39:08
  something
• 39:09
  exciting,
• 39:09
  something
• 39:09
  disruptive.
• 39:10
  So
• 39:11
  I
• 39:11
  get
• 39:12
  two
• 39:12
  more
• 39:12
  questions
• 39:12
  on
• 39:12
  that.
• 39:13
  What
• 39:13
  are
• 39:13
  we
• 39:14
  going
• 39:14
  to
• 39:14
  call
• 39:14
  it
• 39:14
  and
• 39:14
  when
• 39:14
  are
• 39:14
  we
• 39:15
  putting
• 39:15
  it?
• 39:15
  Only
• 39:16
  it's
• 39:16
  loud
• 39:16
  now.
• 39:16
  It's
• 39:17
  called
• 39:17
  Not
• 39:17
  Very
• 39:17
  Private
• 39:18
  Equity
• 39:18
  Dot
• 39:19
  com.
• 39:20
  So
• 39:21
  that's
• 39:21
  the
• 39:21
  newsletter.
• 39:21
  Are
• 39:21
  you
• 39:21
  going
• 39:22
  to
• 39:22
  host?
• 39:22
  Are
• 39:22
  you
• 39:22
  going
• 39:22
  to
• 39:22
  have
• 39:22
  a
• 39:22
  conference?
• 39:23
  Yeah,
• 39:23
  that's
• 39:24
  the
• 39:24
  brand.
• 39:25
  So,
• 39:25
  yeah,
• 39:25
  that
• 39:25
  will
• 39:25
  start
• 39:26
  with.
• 39:26
  We'll
• 39:26
  start
• 39:26
  with
• 39:27
  dinners,
• 39:27
  private
• 39:27
  equity
• 39:28
  dinners.
• 39:29
  And
• 39:29
  you
• 39:29
  go
• 39:29
  from
• 39:29
  there.
• 39:30
  Dinners
• 39:30
  become
• 39:30
  cocktails.
• 39:31
  There'll
• 39:31
  be
• 39:31
  events
• 39:32
  at
• 39:33
  some
• 39:33
  point,
• 39:34
  but
• 39:34
  the
• 39:34
  brand
• 39:34
  is
• 39:34
  not
• 39:35
  very
• 39:35
  private
• 39:35
  equity.
• 39:37
  Right.
• 39:37
  Let
• 39:38
  me
• 39:38
  know
• 39:38
  how
• 39:38
  I
• 39:38
  can
• 39:38
  help.
• 39:38
  You
• 39:39
  need
• 39:39
  some
• 39:39
  east
• 39:39
  coast
• 39:41
  foundation?
• 39:41
  I
• 39:41
  got
• 39:42
  you.
• 39:43
  Okay.
• 39:45
  I
• 39:45
  love
• 39:45
  it.
• 39:46
  Well,
• 39:46
  I'll
• 39:46
  look
• 39:46
  forward
• 39:46
  to
• 39:46
  it.
• 39:47
  And
• 39:47
  I'll
• 39:47
  look
• 39:47
  forward
• 39:47
  to
• 39:47
  the,
• 39:48
  you
• 39:48
  know,
• 39:48
  a
• 39:48
  chance
• 39:49
  to
• 39:49
  come
• 39:49
  to
• 39:49
  one
• 39:49
  of
• 39:49
  them.
• 39:49
  And
• 39:50
  you
• 39:50
  know,
• 39:51
  whenever
• 39:51
  the
• 39:51
  first
• 39:51
  not
• 39:51
  very
• 39:52
  private
• 39:52
  equity
• 39:52
  conference
• 39:53
  kicks
• 39:53
  in,
• 39:54
  you
• 39:54
  bet
• 39:55
  your
• 39:55
  bottom
• 39:55
  dollar,
• 39:55
  I'll
• 39:55
  be
• 39:55
  there.
• 39:56
  Cool.
• 39:58
  So
• 39:59
  I
• 39:59
  know
• 39:59
  we,
• 39:59
  we,
• 39:59
  we
• 40:00
  pushed
• 40:00
  the,
• 40:00
  the
• 40:00
  substack
• 40:01
  and
• 40:01
  LinkedIn
• 40:01
  a
• 40:01
  couple
• 40:01
  of
• 40:02
  times,
• 40:02
  but
• 40:03
  folks,
• 40:04
  for
• 40:04
  the
• 40:04
  folks
• 40:04
  listening,
• 40:05
  if,
• 40:05
  if
• 40:05
  someone
• 40:05
  wants
• 40:06
  to
• 40:06
  find
• 40:06
  you
• 40:07
  and
• 40:07
  they
• 40:07
  don't
• 40:07
  already
• 40:07
  trip
• 40:08
  over
• 40:08
  you
• 40:08
  on
• 40:08
  LinkedIn,
• 40:09
  like,
• 40:09
  what.
• 40:09
  Where's
• 40:10
  the
• 40:10
  best,
• 40:10
  where's
• 40:10
  the
• 40:10
  first
• 40:10
  place
• 40:10
  you'd
• 40:11
  send
• 40:11
  them?
• 40:12
  Yeah,
• 40:12
  find
• 40:12
  me
• 40:13
  on
• 40:13
  LinkedIn.
• 40:14
  You'll
• 40:14
  get
• 40:14
  all
• 40:14
  my
• 40:15
  details
• 40:15
  there.
• 40:16
  Yeah,
• 40:16
  it's
• 40:17
  easy
• 40:17
  to
• 40:17
  spot.
• 40:17
  I'll
• 40:17
  vouch
• 40:18
  for.
• 40:18
  I'll
• 40:19
  vouch
• 40:19
  for
• 40:19
  you.
• 40:19
  Look
• 40:20
  at
• 40:20
  the
• 40:20
  website.
• 40:20
  Notveryprivateequity.com.
• 40:23
  cool.
• 40:24
  Well,
• 40:24
  thanks
• 40:25
  so
• 40:25
  much
• 40:25
  for
• 40:26
  the
• 40:26
  time
• 40:26
  coming
• 40:26
  on
• 40:27
  me,
• 40:27
  like
• 40:27
  if
• 40:28
  it's,
• 40:28
  if
• 40:28
  I'm
• 40:28
  plugging
• 40:28
  and
• 40:29
  my
• 40:29
  company,
• 40:29
  Claymore
• 40:30
  Partners,
• 40:30
  take
• 40:30
  a
• 40:30
  look@claymorepartners.com
• 40:32
  as
• 40:32
  well.
• 40:33
  Yeah,
• 40:34
  very
• 40:34
  good.
• 40:34
  Great
• 40:35
  website.
• 40:36
  Love
• 40:37
  it.
• 40:37
  Well,
• 40:37
  thanks.
• 40:38
  I
• 40:38
  appreciate
• 40:38
  you
• 40:38
  taking
• 40:38
  the
• 40:39
  time
• 40:39
  to
• 40:40
  come
• 40:40
  on
• 40:40
  Lee.
• 40:41
  Not
• 40:41
  the
• 40:41
  bad
• 40:41
  boy
• 40:42
  of
• 40:42
  private
• 40:42
  equity,
• 40:42
  the
• 40:42
  truth
• 40:43
  teller
• 40:43
  of
• 40:43
  private
• 40:43
  equity.
• 40:44
  And
• 40:44
  look
• 40:44
  forward
• 40:44
  to
• 40:45
  continuing
• 40:45
  to
• 40:45
  keep
• 40:45
  up
• 40:45
  with
• 40:46
  your
• 40:46
  stuff
• 40:47
  on
• 40:47
  LinkedIn
• 40:47
  and,
• 40:47
  and
• 40:48
  play
• 40:48
  whatever
• 40:49
  part
• 40:49
  I
• 40:49
  can
• 40:50
  in
• 40:50
  the
• 40:50
  revolution.
• 40:51
  Great.
• 40:51
  Thanks
• 40:51
  for
• 40:52
  having
• 40:52
  me.
• 40:52
  All
• 40:53
  right,
• 40:53
  take
• 40:53
  care.
• 40:54
  Thanks
• 40:54
  for
• 40:54
  listening
• 40:55
  to
• 40:55
  the
• 40:55
  PE
• 40:55
  Data
• 40:56
  guy.
• 40:56
  The
• 40:57
  place
• 40:57
  where
• 40:57
  private
• 40:57
  equity
• 40:58
  meets
• 40:58
  data.
• 40:59
  Please
• 40:59
  forward
• 41:00
  this
• 41:00
  episode
• 41:00
  to
• 41:00
  your
• 41:01
  favorite
• 41:01
  private
• 41:01
  equity
• 41:02
  friend.
• 41:02
  Thanks
• 41:03
  for
• 41:03
  listening.
• 41:04
  See
• 41:04
  you
• 41:04
  next
• 41:04
  time.