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How Small Business Financial Data Reveals Success or Failure: M&A Expert Shares Hidden Patterns · Private Equity Data Guy

• 0:00
  Five
• 0:00
  of
• 0:00
  the
• 0:00
  HubSpot
• 0:01
  ones
• 0:01
  are
• 0:01
  going
• 0:01
  to
• 0:01
  have
• 0:01
  to
• 0:01
  roll
• 0:01
  onto
• 0:01
  Salesforce,
• 0:02
  but
• 0:03
  that's
• 0:03
  going
• 0:03
  to
• 0:04
  create
• 0:04
  pain,
• 0:05
  create
• 0:06
  a
• 0:06
  lot
• 0:06
  of
• 0:06
  work,
• 0:07
  change
• 0:07
  all
• 0:07
  the
• 0:08
  company's
• 0:08
  standard
• 0:08
  operating
• 0:09
  procedures,
• 0:10
  and
• 0:10
  the
• 0:10
  benefit
• 0:11
  gets
• 0:11
  realized
• 0:11
  at
• 0:11
  the
• 0:11
  enterprise
• 0:12
  level,
• 0:12
  of
• 0:12
  course,
• 0:12
  because
• 0:13
  you've
• 0:13
  got
• 0:13
  the
• 0:13
  integrated
• 0:13
  data.
• 0:14
  But
• 0:14
  that
• 0:14
  individual
• 0:14
  company
• 0:15
  doesn't
• 0:15
  necessarily
• 0:15
  get
• 0:16
  any
• 0:16
  benefit
• 0:16
  from
• 0:17
  doing
• 0:17
  that.
• 0:17
  AI
• 0:18
  has
• 0:18
  made
• 0:18
  a
• 0:18
  lot
• 0:18
  of
• 0:18
  people
• 0:18
  very
• 0:19
  good
• 0:19
  at
• 0:19
  marketing
• 0:19
  very
• 0:19
  quickly,
• 0:22
  and
• 0:23
  it
• 0:23
  hasn't
• 0:23
  made
• 0:23
  a
• 0:23
  lot
• 0:23
  of
• 0:24
  people
• 0:24
  very
• 0:24
  good
• 0:24
  at
• 0:24
  delivering
• 0:25
  value
• 0:25
  very
• 0:25
  quickly.
• 0:26
  There's
• 0:26
  no
• 0:26
  such
• 0:26
  thing
• 0:26
  as
• 0:27
  perfect,
• 0:27
  and
• 0:28
  they
• 0:28
  rely
• 0:28
  on
• 0:28
  the
• 0:28
  illusion
• 0:29
  which
• 0:30
  hands
• 0:30
  up.
• 0:30
  The
• 0:30
  data
• 0:31
  industry
• 0:31
  is
• 0:31
  probably
• 0:31
  partially
• 0:32
  responsible
• 0:32
  for
• 0:33
  this
• 0:33
  illusion
• 0:33
  of
• 0:34
  perfect
• 0:35
  attribution,
• 0:36
  which,
• 0:37
  you
• 0:37
  know,
• 0:37
  maybe
• 0:37
  existed
• 0:38
  20
• 0:39
  years
• 0:39
  ago
• 0:39
  when
• 0:39
  Google
• 0:39
  was
• 0:40
  the
• 0:40
  only
• 0:40
  show
• 0:40
  in
• 0:40
  town
• 0:40
  for
• 0:41
  paid
• 0:41
  media.
• 0:41
  You're
• 0:42
  listening
• 0:42
  to
• 0:42
  the
• 0:42
  Transformed
• 0:43
  with
• 0:43
  Data
• 0:43
  podcast
• 0:44
  with
• 0:44
  Graham
• 0:44
  Crawford,
• 0:45
  CEO
• 0:46
  of
• 0:46
  Crawford
• 0:46
  McMillan.
• 0:47
  Graham
• 0:47
  is
• 0:48
  here
• 0:48
  to
• 0:48
  share
• 0:48
  something
• 0:48
  he's
• 0:49
  genuinely
• 0:49
  passionate
• 0:50
  about.
• 0:50
  He's
• 0:50
  going
• 0:50
  to
• 0:50
  show
• 0:51
  you
• 0:51
  how
• 0:51
  data
• 0:51
  can
• 0:52
  completely
• 0:52
  change
• 0:52
  the
• 0:53
  outcome
• 0:53
  for
• 0:53
  both
• 0:53
  people
• 0:54
  and
• 0:54
  businesses.
• 0:55
  In
• 0:55
  each
• 0:55
  episode,
• 0:55
  he
• 0:56
  sits
• 0:56
  down
• 0:56
  with
• 0:56
  real
• 0:57
  people
• 0:57
  who've
• 0:57
  done
• 0:57
  incredible
• 0:58
  things
• 0:58
  with
• 0:58
  data.
• 0:59
  But
• 0:59
  don't
• 0:59
  worry,
• 1:00
  these
• 1:00
  aren't
• 1:00
  your
• 1:00
  typical
• 1:01
  drivers
• 1:01
  case
• 1:02
  studies.
• 1:02
  Graham
• 1:03
  and
• 1:03
  his
• 1:03
  guests
• 1:03
  bring
• 1:03
  you
• 1:04
  stories
• 1:04
  about
• 1:04
  leaders
• 1:04
  and
• 1:05
  innovators
• 1:05
  who
• 1:05
  saw
• 1:06
  something
• 1:06
  in
• 1:06
  their
• 1:06
  data
• 1:07
  that
• 1:07
  sparked
• 1:07
  a
• 1:07
  brand
• 1:08
  new
• 1:08
  reality.
• 1:09
  These
• 1:09
  are
• 1:09
  changes
• 1:10
  that
• 1:10
  tore
• 1:10
  through
• 1:10
  entire
• 1:11
  industries,
• 1:12
  upended
• 1:12
  company
• 1:12
  cultures,
• 1:13
  and
• 1:13
  sometimes
• 1:14
  even
• 1:14
  changed
• 1:15
  lives.
• 1:16
  So
• 1:16
  whether
• 1:16
  you're
• 1:16
  a
• 1:16
  data
• 1:17
  enthusiast
• 1:17
  or
• 1:18
  just
• 1:18
  curious
• 1:18
  about
• 1:19
  how
• 1:19
  to
• 1:19
  find
• 1:19
  the
• 1:20
  truth
• 1:20
  in
• 1:20
  your
• 1:20
  data,
• 1:21
  join
• 1:21
  Graham
• 1:22
  as
• 1:22
  he
• 1:22
  discovers
• 1:22
  how
• 1:23
  data
• 1:23
  becomes
• 1:23
  more
• 1:24
  than
• 1:24
  just
• 1:24
  numbers.
• 1:25
  It
• 1:25
  becomes
• 1:26
  the
• 1:26
  spark
• 1:26
  that
• 1:27
  ignites
• 1:27
  real,
• 1:28
  meaningful
• 1:28
  change.
• 1:29
  Let's
• 1:30
  get
• 1:30
  started.
• 1:30
  Thanks
• 1:31
  for
• 1:31
  listening.
• 1:31
  Most
• 1:32
  people
• 1:32
  think
• 1:32
  financial
• 1:32
  data
• 1:33
  leads
• 1:33
  to
• 1:33
  better
• 1:33
  decisions.
• 1:34
  But
• 1:35
  Michael
• 1:35
  Young
• 1:35
  has
• 1:35
  seen
• 1:35
  what
• 1:36
  really
• 1:36
  happens
• 1:36
  when
• 1:36
  the
• 1:36
  number
• 1:37
  looks
• 1:37
  perfect
• 1:37
  but
• 1:38
  the
• 1:38
  business
• 1:38
  still
• 1:38
  fails.
• 1:39
  As
• 1:39
  a
• 1:39
  former
• 1:39
  deals
• 1:40
  director
• 1:40
  at
• 1:40
  PwC,
• 1:41
  Michael
• 1:41
  spent
• 1:41
  years
• 1:42
  dissecting
• 1:42
  billion
• 1:43
  dollar
• 1:43
  companies
• 1:43
  for
• 1:43
  MA,
• 1:44
  sporting
• 1:44
  red
• 1:44
  flags
• 1:45
  buried
• 1:45
  deep
• 1:45
  inside
• 1:46
  spreadsheets.
• 1:46
  Now,
• 1:47
  as
• 1:47
  the
• 1:47
  CEO
• 1:47
  of
• 1:47
  Bay
• 1:48
  Business
• 1:48
  Group,
• 1:48
  he
• 1:49
  brings
• 1:49
  that
• 1:49
  forensic
• 1:50
  lens
• 1:50
  to
• 1:51
  small
• 1:51
  businesses
• 1:51
  and
• 1:51
  nonprofits,
• 1:52
  where
• 1:52
  every
• 1:52
  line
• 1:53
  item
• 1:53
  has
• 1:53
  a
• 1:53
  name,
• 1:54
  a
• 1:54
  face,
• 1:55
  a
• 1:55
  real
• 1:55
  emotional
• 1:55
  weight
• 1:56
  to
• 1:56
  it.
• 1:56
  In
• 1:57
  this
• 1:57
  episode,
• 1:57
  we're
• 1:57
  going
• 1:57
  to
• 1:58
  unpack
• 1:58
  the
• 1:58
  hidden
• 1:58
  behaviors
• 1:59
  behind
• 1:59
  financial
• 1:59
  statements,
• 2:00
  why
• 2:00
  sophisticated
• 2:01
  data
• 2:01
  can
• 2:01
  actually
• 2:02
  hurt
• 2:02
  small
• 2:02
  businesses,
• 2:03
  and
• 2:03
  the
• 2:03
  three
• 2:04
  data
• 2:04
  points
• 2:04
  that
• 2:04
  reveal
• 2:04
  whether
• 2:05
  a
• 2:05
  business
• 2:05
  will
• 2:05
  survive
• 2:06
  or
• 2:06
  stall.
• 2:07
  So
• 2:07
  let's
• 2:07
  get
• 2:08
  into
• 2:08
  it.
• 2:08
  Here's
• 2:08
  Michael
• 2:08
  Young.
• 2:09
  Welcome,
• 2:09
  Michael.
• 2:09
  Thanks
• 2:10
  so
• 2:10
  much
• 2:10
  for
• 2:10
  coming
• 2:10
  on.
• 2:10
  Yeah,
• 2:11
  appreciate
• 2:11
  it,
• 2:11
  Graham.
• 2:12
  Great
• 2:12
  to
• 2:12
  be
• 2:12
  on.
• 2:12
  Great.
• 2:13
  So
• 2:13
  many
• 2:14
  cool
• 2:14
  things
• 2:15
  to
• 2:15
  talk
• 2:15
  about
• 2:15
  today,
• 2:15
  and
• 2:16
  both
• 2:16
  of
• 2:17
  us
• 2:17
  have
• 2:17
  spent
• 2:17
  a
• 2:17
  lot
• 2:17
  of
• 2:17
  time
• 2:17
  buried
• 2:18
  in
• 2:18
  data
• 2:18
  in
• 2:19
  our
• 2:19
  careers.
• 2:20
  I'm
• 2:20
  particularly
• 2:21
  interested
• 2:21
  in
• 2:22
  the
• 2:23
  the
• 2:23
  indicators
• 2:24
  that
• 2:24
  you
• 2:24
  have
• 2:25
  around
• 2:25
  businesses.
• 2:26
  And
• 2:27
  as
• 2:27
  someone
• 2:27
  himself
• 2:28
  who's
• 2:29
  had
• 2:29
  a
• 2:29
  background
• 2:29
  in
• 2:30
  Fortune
• 2:30
  500
• 2:30
  and
• 2:30
  now
• 2:31
  works
• 2:31
  in
• 2:31
  smaller
• 2:32
  businesses,
• 2:32
  for
• 2:33
  somebody
• 2:33
  on
• 2:33
  either
• 2:34
  side
• 2:34
  of
• 2:34
  those
• 2:35
  fences,
• 2:35
  what
• 2:35
  are
• 2:36
  some
• 2:36
  of
• 2:36
  the
• 2:36
  things
• 2:36
  and
• 2:37
  the
• 2:37
  patterns
• 2:37
  that
• 2:37
  you
• 2:37
  see
• 2:37
  in
• 2:38
  small
• 2:38
  business
• 2:39
  financial
• 2:39
  data
• 2:40
  that
• 2:40
  would
• 2:40
  shock
• 2:41
  someone
• 2:41
  who's
• 2:41
  only
• 2:41
  used
• 2:42
  to
• 2:42
  Fortune
• 2:43
  500
• 2:43
  style
• 2:44
  way
• 2:44
  of
• 2:45
  dealing
• 2:45
  with
• 2:45
  it?
• 2:45
  I
• 2:46
  think
• 2:46
  it
• 2:46
  really
• 2:46
  is
• 2:46
  the
• 2:47
  problems
• 2:47
  are
• 2:47
  the
• 2:47
  same,
• 2:47
  just
• 2:48
  that
• 2:48
  they're
• 2:48
  different
• 2:49
  scale.
• 2:50
  Often
• 2:50
  it
• 2:51
  comes
• 2:51
  down
• 2:52
  to
• 2:53
  looking
• 2:53
  at
• 2:53
  things
• 2:53
  in
• 2:53
  a
• 2:54
  slightly
• 2:54
  different
• 2:54
  way
• 2:55
  can
• 2:55
  have
• 2:55
  a
• 2:55
  big
• 2:56
  impact.
• 2:56
  And
• 2:56
  so
• 2:57
  I
• 2:57
  think
• 2:57
  at
• 2:58
  Fortune
• 2:58
  500
• 2:59
  it's
• 2:59
  often
• 3:00
  having
• 3:00
  good
• 3:01
  data,
• 3:01
  getting
• 3:02
  data,
• 3:02
  having
• 3:03
  it
• 3:03
  be
• 3:03
  a
• 3:03
  comprehensive
• 3:04
  data
• 3:04
  set.
• 3:05
  Whereas
• 3:06
  like
• 3:06
  for
• 3:06
  a
• 3:06
  small
• 3:06
  business,
• 3:07
  same
• 3:07
  thing,
• 3:07
  looking
• 3:07
  at
• 3:08
  things
• 3:08
  different
• 3:08
  way,
• 3:08
  but
• 3:08
  they're
• 3:08
  used
• 3:08
  to
• 3:09
  only
• 3:09
  looking
• 3:09
  at
• 3:09
  these
• 3:10
  two
• 3:10
  things
• 3:10
  as
• 3:10
  knowing
• 3:10
  if
• 3:11
  things
• 3:11
  are
• 3:11
  going
• 3:11
  good
• 3:12
  or
• 3:12
  bad.
• 3:12
  And
• 3:12
  it's
• 3:12
  like
• 3:12
  if
• 3:13
  they
• 3:13
  look
• 3:13
  at
• 3:13
  it
• 3:13
  in
• 3:13
  a
• 3:13
  third
• 3:13
  way,
• 3:14
  okay,
• 3:14
  that
• 3:14
  is
• 3:15
  pretty
• 3:15
  impactful.
• 3:15
  And
• 3:15
  so
• 3:15
  I
• 3:15
  think
• 3:16
  that's
• 3:17
  often
• 3:19
  kind
• 3:19
  of
• 3:19
  big
• 3:20
  or
• 3:20
  small.
• 3:20
  That's
• 3:21
  often
• 3:21
  the
• 3:21
  challenge
• 3:21
  is
• 3:21
  just
• 3:21
  getting
• 3:22
  a
• 3:22
  full
• 3:22
  view
• 3:22
  of
• 3:23
  what's
• 3:23
  going
• 3:23
  on,
• 3:23
  maybe
• 3:23
  a
• 3:24
  slightly
• 3:24
  different
• 3:24
  way
• 3:25
  and
• 3:25
  thinking.
• 3:25
  About
• 3:26
  the
• 3:26
  smaller
• 3:27
  businesses
• 3:27
  that
• 3:27
  you
• 3:27
  work
• 3:28
  with
• 3:28
  now,
• 3:28
  including
• 3:28
  mine.
• 3:30
  Shout
• 3:30
  out
• 3:30
  to
• 3:30
  Michael
• 3:31
  and
• 3:31
  his
• 3:31
  awesome
• 3:31
  team.
• 3:33
  So
• 3:33
  thinking
• 3:33
  about
• 3:34
  those
• 3:34
  smaller
• 3:34
  businesses,
• 3:35
  what
• 3:35
  are
• 3:36
  some
• 3:36
  of
• 3:36
  the
• 3:36
  things
• 3:37
  that
• 3:37
  catch
• 3:37
  smaller
• 3:38
  businesses
• 3:38
  out?
• 3:38
  So
• 3:38
  for
• 3:39
  example,
• 3:39
  we've
• 3:40
  spoken
• 3:40
  to
• 3:40
  marketers
• 3:41
  and
• 3:41
  brand
• 3:41
  people
• 3:41
  and
• 3:41
  product
• 3:42
  people
• 3:42
  on
• 3:43
  the
• 3:43
  show
• 3:43
  before
• 3:43
  and
• 3:44
  the
• 3:44
  one
• 3:44
  they
• 3:45
  always
• 3:45
  count
• 3:45
  to
• 3:45
  is
• 3:45
  impressions.
• 3:46
  People
• 3:46
  get
• 3:46
  carried
• 3:46
  away
• 3:47
  with
• 3:47
  how
• 3:47
  many
• 3:47
  impressions
• 3:47
  or
• 3:48
  use
• 3:48
  something
• 3:48
  has
• 3:49
  got
• 3:49
  when
• 3:49
  it's
• 3:49
  actually
• 3:49
  not
• 3:50
  always
• 3:50
  a
• 3:50
  good
• 3:50
  indicator
• 3:51
  of
• 3:51
  success.
• 3:51
  Is
• 3:52
  there
• 3:52
  an
• 3:52
  equivalent
• 3:52
  of
• 3:53
  that
• 3:53
  in
• 3:53
  finances
• 3:54
  that
• 3:54
  people
• 3:54
  look
• 3:54
  at
• 3:55
  and
• 3:55
  think
• 3:55
  this
• 3:56
  number's
• 3:56
  good,
• 3:56
  therefore
• 3:57
  everything
• 3:57
  is
• 3:57
  rosy.
• 3:58
  I
• 3:58
  mean
• 3:58
  the
• 3:59
  classic
• 4:00
  example
• 4:00
  is
• 4:00
  just
• 4:00
  everyone
• 4:01
  just
• 4:01
  looking
• 4:01
  at
• 4:02
  pulling
• 4:02
  up
• 4:02
  their
• 4:03
  app
• 4:03
  on
• 4:03
  their
• 4:03
  phone
• 4:03
  and
• 4:03
  looking
• 4:03
  at
• 4:03
  their
• 4:04
  bank
• 4:04
  balance.
• 4:04
  And
• 4:04
  it's
• 4:05
  almost
• 4:05
  that
• 4:05
  are
• 4:05
  just
• 4:05
  looking
• 4:05
  at
• 4:06
  that
• 4:06
  as
• 4:06
  good
• 4:07
  or
• 4:07
  bad.
• 4:07
  And
• 4:07
  yes,
• 4:08
  that
• 4:09
  matters.
• 4:09
  But
• 4:09
  often
• 4:10
  there
• 4:10
  can
• 4:10
  be
• 4:10
  we
• 4:11
  try
• 4:11
  and
• 4:11
  get
• 4:11
  our
• 4:11
  owners
• 4:11
  to
• 4:12
  have
• 4:12
  a
• 4:12
  slightly
• 4:12
  more
• 4:12
  nuanced
• 4:13
  view
• 4:13
  of
• 4:13
  like,
• 4:13
  okay,
• 4:13
  let's
• 4:14
  try
• 4:14
  and
• 4:14
  understand
• 4:15
  what
• 4:15
  is
• 4:15
  driving
• 4:16
  that
• 4:16
  up
• 4:16
  and
• 4:16
  down
• 4:17
  is
• 4:17
  kind
• 4:17
  of
• 4:17
  the
• 4:17
  next
• 4:17
  step.
• 4:18
  And
• 4:18
  so,
• 4:18
  but
• 4:19
  yeah,
• 4:19
  that's
• 4:19
  the
• 4:19
  classic
• 4:19
  example
• 4:20
  is
• 4:20
  we
• 4:20
  had
• 4:20
  try
• 4:20
  and
• 4:20
  get
• 4:20
  our
• 4:20
  owners
• 4:21
  just
• 4:21
  from
• 4:21
  like,
• 4:21
  okay,
• 4:22
  what's
• 4:22
  trying.
• 4:23
  Yes,
• 4:23
  that
• 4:23
  number
• 4:23
  move.
• 4:24
  But
• 4:24
  let's
• 4:24
  try
• 4:24
  and
• 4:24
  understand
• 4:25
  what
• 4:25
  made
• 4:25
  it
• 4:25
  move.
• 4:26
  And
• 4:26
  then
• 4:26
  we
• 4:27
  can
• 4:27
  hopefully
• 4:28
  things
• 4:28
  that
• 4:28
  make
• 4:28
  it
• 4:28
  go
• 4:28
  up,
• 4:29
  we
• 4:29
  can
• 4:29
  do
• 4:29
  a
• 4:29
  lot
• 4:29
  and
• 4:29
  focus
• 4:29
  more
• 4:30
  on
• 4:30
  that.
• 4:30
  And
• 4:30
  so
• 4:30
  I
• 4:31
  think
• 4:31
  kind
• 4:31
  of
• 4:31
  coming
• 4:31
  back
• 4:31
  to
• 4:31
  like
• 4:32
  the
• 4:32
  impressions
• 4:32
  thing,
• 4:33
  it's
• 4:33
  like
• 4:33
  if
• 4:33
  this
• 4:34
  isn't.
• 4:34
  If
• 4:34
  this
• 4:35
  lever
• 4:35
  you
• 4:35
  think
• 4:35
  you're
• 4:35
  pulling
• 4:36
  isn't
• 4:36
  actually
• 4:36
  moving
• 4:37
  those
• 4:37
  dollars
• 4:37
  up.
• 4:38
  Like,
• 4:38
  let's
• 4:38
  focus
• 4:38
  on
• 4:39
  the
• 4:39
  ones
• 4:39
  that
• 4:39
  we
• 4:39
  think
• 4:39
  are.
• 4:41
  And
• 4:41
  so
• 4:42
  that's.
• 4:43
  I
• 4:43
  don't
• 4:43
  know,
• 4:43
  that's
• 4:44
  often
• 4:44
  kind
• 4:44
  of
• 4:44
  the
• 4:44
  first
• 4:44
  step
• 4:45
  is
• 4:45
  making
• 4:45
  people
• 4:46
  focus
• 4:46
  on
• 4:46
  financial
• 4:46
  numbers
• 4:47
  that
• 4:47
  aren't
• 4:47
  just
• 4:47
  the
• 4:48
  cash
• 4:48
  balance
• 4:48
  of
• 4:48
  the
• 4:48
  bank.
• 4:49
  Yeah,
• 4:49
  I
• 4:49
  mean,
• 4:49
  I
• 4:50
  guess
• 4:50
  people
• 4:50
  could
• 4:50
  have
• 4:50
  realized
• 4:51
  revenue
• 4:51
  and
• 4:51
  then
• 4:51
  not
• 4:52
  paid
• 4:52
  for
• 4:52
  the
• 4:52
  services
• 4:53
  that
• 4:53
  they
• 4:54
  use
• 4:55
  to
• 4:55
  deliver
• 4:55
  that
• 4:55
  revenue
• 4:56
  yet.
• 4:56
  Or
• 4:57
  money
• 4:57
  goes,
• 4:57
  as
• 4:58
  I've
• 4:58
  learned,
• 4:58
  money
• 4:59
  goes
• 4:59
  in
• 4:59
  and
• 4:59
  comes
• 4:59
  out
• 5:00
  at
• 5:00
  different
• 5:00
  rates
• 5:01
  sometimes
• 5:02
  as
• 5:02
  well.
• 5:03
  And
• 5:03
  the
• 5:04
  other
• 5:04
  thing
• 5:04
  that
• 5:04
  your
• 5:04
  team
• 5:04
  always
• 5:05
  reminds
• 5:05
  me
• 5:05
  to
• 5:05
  watch
• 5:05
  out
• 5:06
  for
• 5:06
  is
• 5:06
  the
• 5:07
  slow,
• 5:07
  especially
• 5:07
  in
• 5:07
  this
• 5:08
  world
• 5:08
  of
• 5:08
  like
• 5:09
  multiple
• 5:09
  apps
• 5:09
  and
• 5:09
  pieces
• 5:09
  of
• 5:10
  software
• 5:10
  and
• 5:10
  software
• 5:10
  platforms,
• 5:12
  I
• 5:12
  think
• 5:12
  that
• 5:12
  can
• 5:12
  creep
• 5:12
  up
• 5:13
  very
• 5:13
  easily.
• 5:14
  Yeah.
• 5:14
  And
• 5:15
  that's
• 5:15
  like
• 5:15
  we
• 5:16
  had
• 5:16
  a
• 5:16
  client
• 5:16
  we
• 5:16
  were
• 5:16
  talking
• 5:17
  with
• 5:17
  on
• 5:17
  their
• 5:17
  software
• 5:18
  spend
• 5:18
  and
• 5:19
  they're
• 5:19
  like,
• 5:19
  he
• 5:19
  was
• 5:19
  like,
• 5:20
  can
• 5:20
  you
• 5:20
  just
• 5:20
  tell
• 5:20
  me
• 5:20
  which
• 5:21
  apps
• 5:21
  I
• 5:21
  don't
• 5:21
  subscribe
• 5:22
  to?
• 5:22
  That
• 5:22
  might
• 5:22
  be
• 5:22
  an
• 5:22
  easier
• 5:23
  list
• 5:23
  to
• 5:23
  start
• 5:23
  with.
• 5:25
  Often
• 5:26
  business
• 5:26
  owners
• 5:26
  are
• 5:26
  like,
• 5:27
  oh,
• 5:27
  wow,
• 5:27
  that
• 5:27
  does
• 5:27
  seem
• 5:28
  like
• 5:28
  it's
• 5:28
  going
• 5:28
  to
• 5:28
  save
• 5:28
  my
• 5:28
  problem.
• 5:28
  And
• 5:29
  then
• 5:29
  you
• 5:29
  fast
• 5:30
  forward
• 5:30
  6,
• 5:31
  12,
• 5:31
  24
• 5:31
  months
• 5:32
  and
• 5:32
  it's
• 5:32
  like
• 5:32
  an
• 5:32
  ungodly
• 5:33
  number
• 5:33
  of
• 5:33
  subscriptions
• 5:33
  to
• 5:34
  random
• 5:34
  things.
• 5:34
  And
• 5:34
  so
• 5:35
  some
• 5:35
  of
• 5:35
  those
• 5:35
  are
• 5:36
  useful,
• 5:36
  some
• 5:36
  of
• 5:36
  them
• 5:36
  aren't.
• 5:37
  But
• 5:37
  yeah,
• 5:38
  that
• 5:38
  is
• 5:38
  often
• 5:38
  one
• 5:39
  item
• 5:39
  that
• 5:39
  creeps
• 5:40
  up
• 5:40
  way
• 5:40
  too
• 5:40
  quickly
• 5:40
  for
• 5:40
  small
• 5:41
  business
• 5:41
  owners.
• 5:41
  And
• 5:42
  have
• 5:42
  you
• 5:42
  seen
• 5:42
  that
• 5:42
  in.
• 5:44
  More
• 5:44
  and
• 5:44
  more
• 5:44
  of
• 5:44
  the
• 5:45
  pieces
• 5:45
  of
• 5:45
  software
• 5:45
  are
• 5:45
  available,
• 5:46
  like
• 5:46
  software
• 5:47
  engineering
• 5:47
  and
• 5:47
  access
• 5:48
  to
• 5:48
  publishing
• 5:48
  things
• 5:49
  on
• 5:49
  the
• 5:49
  Internet
• 5:49
  becomes
• 5:49
  more
• 5:49
  and
• 5:50
  more
• 5:50
  democratized
• 5:50
  with
• 5:50
  AI.
• 5:51
  Have
• 5:51
  you
• 5:51
  seen
• 5:51
  that
• 5:52
  increase
• 5:52
  and
• 5:52
  grow
• 5:53
  in
• 5:53
  the
• 5:53
  past
• 5:53
  couple
• 5:53
  of
• 5:54
  years?
• 5:54
  Yes,
• 5:55
  I
• 5:55
  think
• 5:55
  it's
• 5:56
  still.
• 5:56
  I
• 5:56
  feel
• 5:56
  like
• 5:57
  it's
• 5:57
  more.
• 5:57
  There's.
• 5:58
  In
• 5:58
  our
• 5:58
  world,
• 5:59
  there's
• 5:59
  niche
• 6:00
  software
• 6:00
  that
• 6:00
  seems
• 6:01
  like
• 6:01
  it's
• 6:01
  going
• 6:01
  to
• 6:01
  solve
• 6:01
  one
• 6:01
  problem.
• 6:02
  And
• 6:03
  Fortune
• 6:03
  500,
• 6:03
  you
• 6:04
  have
• 6:04
  huge
• 6:04
  applications
• 6:05
  that
• 6:05
  are
• 6:05
  going
• 6:05
  to
• 6:05
  be
• 6:05
  able
• 6:05
  to
• 6:05
  fit
• 6:06
  a
• 6:06
  lot
• 6:06
  of
• 6:06
  it
• 6:06
  in.
• 6:06
  But
• 6:07
  in
• 6:07
  small
• 6:07
  business
• 6:07
  land,
• 6:09
  it's
• 6:10
  pretty
• 6:10
  unbelievable.
• 6:10
  The
• 6:11
  number
• 6:11
  of
• 6:11
  applications
• 6:11
  that
• 6:12
  are
• 6:12
  on
• 6:13
  our
• 6:13
  stock
• 6:13
  with
• 6:13
  they
• 6:13
  may
• 6:13
  be
• 6:14
  creating
• 6:15
  invoices
• 6:15
  in
• 6:15
  a
• 6:15
  couple
• 6:16
  of
• 6:16
  different
• 6:16
  systems,
• 6:16
  may
• 6:16
  be
• 6:16
  getting
• 6:17
  payments
• 6:17
  in
• 6:17
  a
• 6:17
  couple
• 6:17
  different
• 6:17
  systems.
• 6:18
  They
• 6:18
  may
• 6:18
  be
• 6:18
  paying
• 6:19
  vendors
• 6:19
  in
• 6:19
  a
• 6:19
  couple
• 6:19
  different
• 6:20
  systems.
• 6:20
  They
• 6:20
  then
• 6:20
  have
• 6:21
  one
• 6:21
  accounting
• 6:21
  system.
• 6:21
  And
• 6:22
  it's
• 6:22
  like,
• 6:22
  wow,
• 6:22
  that
• 6:23
  is
• 6:23
  six
• 6:23
  systems
• 6:23
  for
• 6:24
  a
• 6:24
  $5
• 6:24
  million
• 6:25
  company.
• 6:25
  That's
• 6:25
  crazy.
• 6:26
  But
• 6:26
  it's
• 6:26
  for
• 6:27
  some
• 6:27
  reason
• 6:27
  has
• 6:27
  to
• 6:27
  exist.
• 6:28
  And
• 6:28
  then
• 6:28
  there
• 6:28
  might
• 6:28
  be
• 6:28
  another
• 6:28
  application
• 6:29
  that
• 6:29
  tries
• 6:29
  to
• 6:29
  tie
• 6:29
  it
• 6:29
  all
• 6:29
  together.
• 6:29
  And
• 6:30
  it's
• 6:30
  like,
• 6:30
  that's
• 6:30
  just
• 6:30
  incredible
• 6:31
  complexity
• 6:31
  for
• 6:32
  a
• 6:33
  small
• 6:33
  organization.
• 6:34
  And
• 6:34
  so
• 6:35
  I
• 6:35
  think
• 6:35
  what
• 6:35
  we've
• 6:35
  seen
• 6:36
  is
• 6:36
  like,
• 6:36
  there's
• 6:37
  different
• 6:37
  software
• 6:37
  that
• 6:37
  tries
• 6:38
  to
• 6:38
  make
• 6:38
  each
• 6:38
  of
• 6:38
  those
• 6:39
  fit
• 6:39
  better.
• 6:40
  Because
• 6:40
  basically
• 6:41
  some
• 6:41
  owner
• 6:42
  was
• 6:42
  like,
• 6:42
  hey,
• 6:42
  this,
• 6:43
  I
• 6:43
  think
• 6:43
  this
• 6:43
  would
• 6:43
  help
• 6:44
  me
• 6:44
  in
• 6:44
  this
• 6:44
  one
• 6:44
  instance.
• 6:45
  And
• 6:45
  so
• 6:45
  they
• 6:45
  then
• 6:45
  create
• 6:45
  a
• 6:46
  small
• 6:46
  app
• 6:46
  that
• 6:46
  works
• 6:47
  for
• 6:47
  it.
• 6:47
  And
• 6:47
  so
• 6:47
  I
• 6:47
  think
• 6:47
  that's
• 6:48
  been
• 6:48
  definitely
• 6:49
  see
• 6:49
  that.
• 6:51
  And
• 6:51
  yeah,
• 6:51
  I
• 6:51
  think
• 6:52
  as
• 6:52
  it,
• 6:53
  especially
• 6:53
  with
• 6:53
  like
• 6:54
  low
• 6:54
  code,
• 6:55
  no
• 6:55
  code,
• 6:55
  the
• 6:55
  ability
• 6:55
  to
• 6:56
  kind
• 6:56
  of
• 6:56
  get
• 6:57
  cheap
• 6:57
  developing
• 6:57
  talent,
• 6:58
  like
• 6:58
  there
• 6:58
  is
• 6:58
  more
• 6:58
  people
• 6:59
  just
• 6:59
  trying
• 6:59
  to
• 6:59
  like
• 7:00
  hack
• 7:00
  together
• 7:00
  something
• 7:01
  that
• 7:01
  solves
• 7:01
  them
• 7:01
  and
• 7:02
  start
• 7:02
  signing
• 7:02
  a
• 7:02
  subscription
• 7:03
  based
• 7:03
  off
• 7:03
  that.
• 7:03
  So
• 7:04
  yeah,
• 7:05
  so.
• 7:06
  And
• 7:06
  hackers.
• 7:06
  Hackers
• 7:07
  a
• 7:07
  good
• 7:07
  word
• 7:07
  for
• 7:07
  it.
• 7:07
  I
• 7:08
  mean,
• 7:08
  I
• 7:08
  think
• 7:08
  it's
• 7:09
  very
• 7:09
  easy
• 7:09
  to
• 7:09
  stand
• 7:09
  something
• 7:09
  up
• 7:10
  that
• 7:10
  looks
• 7:10
  good,
• 7:10
  but
• 7:11
  something
• 7:11
  that
• 7:11
  integrates
• 7:11
  properly
• 7:12
  with
• 7:12
  the
• 7:12
  backend,
• 7:12
  that
• 7:12
  authenticates,
• 7:13
  updates
• 7:13
  the
• 7:14
  database
• 7:14
  correctly,
• 7:15
  like
• 7:15
  is.
• 7:16
  I
• 7:16
  think
• 7:16
  at
• 7:16
  least
• 7:17
  my
• 7:17
  assessment
• 7:18
  based
• 7:18
  on
• 7:18
  the
• 7:18
  current
• 7:19
  technology
• 7:19
  is
• 7:19
  amazing
• 7:19
  as
• 7:20
  it
• 7:20
  is.
• 7:21
  There's
• 7:21
  still
• 7:21
  demand
• 7:22
  for
• 7:22
  software
• 7:22
  engineering
• 7:22
  talent
• 7:23
  out
• 7:23
  there,
• 7:23
  particularly
• 7:23
  integration
• 7:24
  engineers
• 7:24
  and
• 7:24
  quality
• 7:25
  testing
• 7:25
  engineers
• 7:27
  to
• 7:28
  make
• 7:28
  sure
• 7:28
  that
• 7:28
  everything
• 7:28
  works.
• 7:29
  And
• 7:29
  actually
• 7:29
  the
• 7:30
  complexity
• 7:30
  you
• 7:30
  mentioned,
• 7:32
  I
• 7:32
  see
• 7:32
  that
• 7:33
  in
• 7:33
  the
• 7:33
  work
• 7:33
  that
• 7:33
  I
• 7:33
  do
• 7:33
  as
• 7:33
  businesses,
• 7:34
  as
• 7:34
  businesses
• 7:35
  grow
• 7:35
  and
• 7:35
  get
• 7:35
  to
• 7:35
  the
• 7:35
  point
• 7:36
  where
• 7:37
  they'll
• 7:37
  call
• 7:37
  me
• 7:38
  and
• 7:38
  my
• 7:38
  team
• 7:38
  in
• 7:38
  that,
• 7:39
  that
• 7:39
  then
• 7:39
  means
• 7:39
  not
• 7:40
  only
• 7:40
  that
• 7:41
  the
• 7:41
  business
• 7:41
  is
• 7:42
  scattered
• 7:42
  across
• 7:43
  the
• 7:43
  six
• 7:43
  different
• 7:44
  systems
• 7:45
  and
• 7:45
  all
• 7:45
  the
• 7:45
  layers
• 7:45
  of
• 7:46
  complexity,
• 7:46
  but
• 7:46
  also
• 7:46
  the
• 7:47
  business's
• 7:47
  data
• 7:47
  is
• 7:47
  then
• 7:48
  scattered
• 7:48
  across
• 7:48
  those
• 7:48
  systems
• 7:49
  and
• 7:49
  anything
• 7:49
  beyond,
• 7:50
  not
• 7:51
  just
• 7:51
  the
• 7:51
  financial
• 7:51
  data,
• 7:51
  but
• 7:53
  how
• 7:53
  the
• 7:53
  revenue
• 7:53
  flows,
• 7:54
  how
• 7:54
  you,
• 7:55
  where
• 7:55
  your
• 7:55
  revenue
• 7:56
  sources
• 7:56
  are
• 7:56
  from,
• 7:57
  how
• 7:57
  you
• 7:57
  work
• 7:57
  out
• 7:57
  your
• 7:58
  lifetime
• 7:58
  value
• 7:58
  of
• 7:58
  customers,
• 7:59
  what
• 7:59
  your
• 7:59
  customer
• 7:59
  acquisition
• 8:00
  costs
• 8:00
  are.
• 8:00
  All
• 8:00
  of
• 8:01
  these
• 8:01
  really
• 8:02
  critical
• 8:02
  business
• 8:02
  metrics
• 8:03
  end
• 8:03
  up
• 8:04
  federated
• 8:05
  across
• 8:05
  multiple
• 8:06
  systems.
• 8:06
  So
• 8:06
  it's
• 8:07
  no
• 8:07
  surprise
• 8:07
  then
• 8:07
  that
• 8:08
  as
• 8:08
  companies
• 8:08
  grow,
• 8:08
  they
• 8:09
  get
• 8:09
  into
• 8:09
  this
• 8:10
  spot
• 8:10
  where
• 8:10
  it's
• 8:10
  like,
• 8:12
  I
• 8:12
  don't
• 8:12
  know
• 8:12
  where
• 8:12
  all
• 8:12
  the
• 8:12
  money's
• 8:13
  coming
• 8:13
  from
• 8:13
  almost
• 8:15
  for
• 8:15
  sure.
• 8:15
  And
• 8:15
  I
• 8:15
  mean,
• 8:15
  there
• 8:15
  was
• 8:16
  a
• 8:16
  client
• 8:17
  we
• 8:17
  were
• 8:17
  working
• 8:17
  with
• 8:18
  like
• 8:18
  home
• 8:18
  services
• 8:19
  business
• 8:19
  that
• 8:19
  had
• 8:20
  two
• 8:20
  service
• 8:20
  offerings,
• 8:21
  right?
• 8:21
  So
• 8:22
  like
• 8:22
  they
• 8:23
  put
• 8:23
  down
• 8:23
  fertilizer,
• 8:24
  they
• 8:24
  then
• 8:25
  came
• 8:25
  and
• 8:25
  turned
• 8:25
  on
• 8:25
  and
• 8:26
  off
• 8:26
  irrigation
• 8:27
  and
• 8:27
  they
• 8:28
  had
• 8:28
  two
• 8:28
  different
• 8:28
  invoicing
• 8:29
  systems.
• 8:30
  And
• 8:31
  they
• 8:33
  didn't
• 8:33
  really
• 8:33
  have
• 8:33
  any
• 8:33
  idea
• 8:34
  which
• 8:34
  customers
• 8:34
  were
• 8:34
  in
• 8:35
  both
• 8:35
  because
• 8:35
  they
• 8:35
  had,
• 8:35
  it
• 8:36
  was
• 8:36
  just
• 8:36
  two
• 8:36
  very
• 8:36
  simple
• 8:36
  systems
• 8:37
  and
• 8:37
  they
• 8:37
  didn't
• 8:37
  really
• 8:37
  need
• 8:38
  to.
• 8:38
  But
• 8:38
  that's
• 8:38
  just
• 8:38
  how
• 8:38
  it
• 8:38
  started
• 8:39
  was
• 8:39
  like
• 8:40
  when
• 8:40
  they
• 8:40
  first
• 8:40
  started
• 8:41
  off
• 8:41
  with
• 8:41
  their
• 8:41
  first
• 8:43
  irrigation
• 8:43
  customer,
• 8:43
  they're
• 8:44
  like,
• 8:44
  oh,
• 8:44
  we're
• 8:44
  just
• 8:44
  going
• 8:44
  to
• 8:44
  use
• 8:44
  this
• 8:44
  for
• 8:45
  the
• 8:45
  invoicing
• 8:45
  here.
• 8:46
  And
• 8:46
  so
• 8:46
  came
• 8:47
  in
• 8:47
  and
• 8:48
  it
• 8:48
  was
• 8:48
  like,
• 8:48
  do
• 8:48
  you
• 8:48
  know
• 8:48
  which
• 8:49
  customers
• 8:49
  you
• 8:49
  serve
• 8:49
  both
• 8:50
  for?
• 8:50
  And
• 8:50
  they
• 8:50
  had
• 8:50
  two
• 8:50
  different
• 8:51
  teams
• 8:51
  going
• 8:51
  out,
• 8:51
  two
• 8:51
  different
• 8:54
  trucks
• 8:55
  and
• 8:55
  everything.
• 8:55
  And
• 8:56
  I
• 8:56
  was
• 8:56
  like,
• 8:56
  one.
• 8:57
  They
• 8:57
  didn't
• 8:57
  realize
• 8:57
  the
• 8:58
  ability
• 8:58
  to
• 8:58
  cross
• 8:59
  sell,
• 8:59
  right?
• 8:59
  So
• 9:00
  like,
• 9:00
  hey,
• 9:01
  what
• 9:01
  if
• 9:01
  I'M
• 9:02
  showing
• 9:02
  up
• 9:02
  this
• 9:02
  house
• 9:02
  four
• 9:02
  times
• 9:03
  here
• 9:03
  for
• 9:03
  fertilizer.
• 9:03
  What
• 9:03
  if
• 9:03
  I
• 9:04
  showed
• 9:04
  up
• 9:04
  two
• 9:04
  more
• 9:04
  times
• 9:04
  to
• 9:05
  turn
• 9:05
  on
• 9:05
  and
• 9:05
  off
• 9:05
  irrigation?
• 9:07
  That
• 9:07
  was
• 9:07
  only
• 9:07
  like
• 9:07
  10%
• 9:08
  overlap.
• 9:08
  So
• 9:08
  it
• 9:08
  was
• 9:09
  like,
• 9:09
  oh
• 9:09
  wow,
• 9:09
  like
• 9:09
  what
• 9:10
  if
• 9:10
  we
• 9:10
  sold
• 9:10
  to
• 9:10
  the
• 9:11
  other
• 9:11
  90%?
• 9:12
  You
• 9:12
  could
• 9:13
  increase
• 9:14
  the
• 9:14
  size
• 9:14
  of
• 9:14
  business
• 9:15
  like
• 9:15
  very
• 9:15
  quickly.
• 9:16
  And
• 9:16
  so
• 9:17
  that
• 9:17
  was
• 9:18
  one
• 9:18
  just
• 9:18
  from
• 9:18
  like
• 9:19
  not
• 9:19
  looking
• 9:19
  at
• 9:19
  things
• 9:20
  a
• 9:20
  certain
• 9:20
  way,
• 9:20
  looking
• 9:21
  at
• 9:21
  kind
• 9:21
  of
• 9:21
  additional
• 9:21
  data
• 9:22
  and
• 9:22
  like
• 9:22
  just
• 9:24
  different
• 9:24
  data
• 9:24
  sets
• 9:25
  sprawl.
• 9:25
  But
• 9:26
  having
• 9:26
  it
• 9:26
  be
• 9:26
  able
• 9:26
  to
• 9:26
  talk
• 9:26
  together
• 9:27
  and
• 9:27
  see
• 9:27
  a
• 9:27
  cohesive
• 9:28
  view
• 9:28
  of
• 9:28
  who
• 9:28
  all
• 9:29
  your
• 9:29
  clients
• 9:29
  were
• 9:29
  was
• 9:29
  like
• 9:31
  that
• 9:31
  would
• 9:31
  be
• 9:31
  really
• 9:31
  helpful.
• 9:32
  And
• 9:33
  so
• 9:33
  yeah,
• 9:34
  that
• 9:34
  was
• 9:34
  one
• 9:34
  where
• 9:34
  it
• 9:35
  was
• 9:35
  like,
• 9:36
  it
• 9:36
  was
• 9:36
  almost
• 9:36
  like
• 9:37
  straight
• 9:37
  out
• 9:37
  of
• 9:37
  like
• 9:37
  the
• 9:37
  private
• 9:38
  equity
• 9:38
  playbook
• 9:38
  of
• 9:39
  okay,
• 9:40
  how
• 9:40
  do
• 9:40
  we
• 9:40
  cross
• 9:40
  sell
• 9:40
  to
• 9:41
  clients?
• 9:41
  And
• 9:41
  it
• 9:41
  was
• 9:42
  like,
• 9:42
  oh,
• 9:42
  this
• 9:42
  was
• 9:43
  like
• 9:43
  a
• 9:43
  perfect
• 9:44
  use
• 9:44
  case
• 9:44
  of
• 9:45
  messy
• 9:46
  data
• 9:46
  leading
• 9:46
  to
• 9:47
  not
• 9:47
  great
• 9:47
  decisions.
• 9:48
  Yeah,
• 9:48
  I
• 9:48
  mean
• 9:49
  there's
• 9:49
  10%
• 9:50
  overlap
• 9:50
  and
• 9:50
  as
• 9:50
  you
• 9:50
  say
• 9:51
  like
• 9:51
  whichever
• 9:52
  side
• 9:52
  of
• 9:52
  the
• 9:52
  overlap
• 9:53
  the
• 9:53
  rest
• 9:53
  of
• 9:54
  the
• 9:54
  customers
• 9:54
  are
• 9:54
  on,
• 9:54
  you
• 9:55
  can
• 9:55
  cross
• 9:55
  sell
• 9:55
  the
• 9:57
  Venn
• 9:57
  diagram
• 9:57
  so
• 9:57
  called
• 9:58
  they
• 9:58
  haven't
• 9:58
  got
• 10:00
  back
• 10:00
  in
• 10:00
  there
• 10:00
  and
• 10:01
  then
• 10:01
  increase
• 10:01
  your
• 10:01
  operational
• 10:02
  efficiency
• 10:02
  because
• 10:03
  you're
• 10:03
  doing
• 10:03
  both
• 10:03
  at
• 10:03
  the
• 10:03
  same
• 10:03
  time
• 10:04
  on
• 10:04
  the
• 10:04
  same
• 10:04
  visit.
• 10:05
  Yeah,
• 10:05
  that's
• 10:06
  a
• 10:06
  big
• 10:06
  booster
• 10:06
  for
• 10:07
  sure.
• 10:07
  I'm
• 10:08
  sure
• 10:08
  you
• 10:08
  see
• 10:08
  a
• 10:08
  lot
• 10:08
  of
• 10:09
  small
• 10:09
  businesses
• 10:11
  come
• 10:11
  through
• 10:12
  and
• 10:13
  you
• 10:13
  know,
• 10:13
  it's
• 10:13
  a
• 10:13
  well
• 10:13
  quoted
• 10:14
  set
• 10:14
  that
• 10:14
  not
• 10:14
  all
• 10:14
  small
• 10:14
  businesses
• 10:15
  are
• 10:15
  successful
• 10:15
  and
• 10:16
  it's
• 10:16
  hard
• 10:17
  to
• 10:17
  stay
• 10:17
  established.
• 10:19
  What
• 10:19
  are
• 10:19
  some
• 10:19
  of
• 10:19
  the
• 10:19
  biggest
• 10:20
  indicators
• 10:20
  that
• 10:20
  you
• 10:21
  see?
• 10:21
  And
• 10:21
  this
• 10:21
  can
• 10:21
  be
• 10:21
  either
• 10:22
  qualitative
• 10:22
  or
• 10:23
  quantitative,
• 10:24
  like
• 10:25
  even
• 10:25
  in
• 10:26
  terms
• 10:26
  of
• 10:26
  founder
• 10:26
  behavior
• 10:27
  and
• 10:27
  attitude,
• 10:27
  like
• 10:27
  what
• 10:27
  are
• 10:27
  some
• 10:28
  of
• 10:28
  the
• 10:28
  biggest
• 10:29
  indicators
• 10:30
  for
• 10:30
  you
• 10:30
  that
• 10:30
  a
• 10:30
  business
• 10:30
  is
• 10:31
  going
• 10:31
  to
• 10:31
  be
• 10:31
  sustainable
• 10:31
  and
• 10:32
  successful
• 10:32
  as
• 10:32
  you,
• 10:32
  as
• 10:33
  you
• 10:33
  see
• 10:33
  them
• 10:33
  come
• 10:33
  in.
• 10:34
  Some
• 10:34
  owners
• 10:34
  are
• 10:35
  able
• 10:35
  to
• 10:35
  kind
• 10:35
  of
• 10:35
  just
• 10:36
  intuitively
• 10:37
  get
• 10:37
  the
• 10:37
  cash
• 10:37
  flow
• 10:37
  piece
• 10:38
  and
• 10:38
  understand
• 10:38
  like
• 10:39
  when
• 10:39
  cash
• 10:39
  is
• 10:39
  coming
• 10:40
  in,
• 10:40
  coming
• 10:40
  out.
• 10:40
  If
• 10:41
  the
• 10:41
  owner
• 10:41
  isn't
• 10:42
  like
• 10:42
  at
• 10:42
  all
• 10:42
  have
• 10:43
  some
• 10:43
  kind
• 10:43
  of
• 10:44
  some
• 10:45
  way
• 10:45
  to
• 10:45
  like
• 10:45
  keep
• 10:46
  the
• 10:46
  sense
• 10:46
  of
• 10:46
  that
• 10:46
  on
• 10:46
  their
• 10:47
  own.
• 10:47
  I
• 10:47
  think
• 10:47
  that's
• 10:47
  where
• 10:48
  it's
• 10:48
  really
• 10:48
  hard.
• 10:48
  Even
• 10:48
  if
• 10:48
  we're
• 10:49
  having
• 10:49
  to
• 10:49
  like
• 10:49
  hey,
• 10:50
  by
• 10:50
  the
• 10:50
  way,
• 10:50
  you
• 10:50
  invoice
• 10:51
  this
• 10:51
  person
• 10:51
  and
• 10:51
  you
• 10:51
  like
• 10:52
  we
• 10:52
  need
• 10:52
  to
• 10:52
  follow
• 10:52
  up.
• 10:53
  Like
• 10:53
  we
• 10:53
  can't
• 10:53
  get
• 10:53
  this
• 10:53
  invoice
• 10:54
  paid.
• 10:54
  If
• 10:55
  the
• 10:55
  owner
• 10:55
  sees
• 10:56
  that
• 10:56
  as
• 10:56
  like
• 10:56
  trivial
• 10:57
  or
• 10:57
  not
• 10:57
  important,
• 10:58
  then
• 10:58
  that's
• 10:58
  where
• 10:58
  it
• 10:58
  gets
• 10:59
  hard.
• 10:59
  And
• 10:59
  the
• 11:00
  owner
• 11:00
  not
• 11:00
  really
• 11:00
  getting
• 11:01
  the
• 11:01
  like
• 11:02
  payment
• 11:02
  terms
• 11:02
  and
• 11:02
  consequences.
• 11:03
  Payment
• 11:03
  terms
• 11:04
  with
• 11:04
  customers,
• 11:05
  if
• 11:05
  that's
• 11:05
  like
• 11:06
  in
• 11:06
  one
• 11:06
  area
• 11:06
  at
• 11:07
  the
• 11:07
  other,
• 11:07
  like
• 11:07
  they're
• 11:07
  just
• 11:07
  a
• 11:07
  salesperson,
• 11:08
  they
• 11:08
  just
• 11:08
  want
• 11:08
  to
• 11:08
  sign
• 11:08
  deals.
• 11:09
  Like
• 11:09
  that's
• 11:10
  where
• 11:10
  it
• 11:10
  gets
• 11:10
  harder
• 11:10
  is
• 11:10
  like
• 11:11
  no,
• 11:11
  you
• 11:11
  have
• 11:11
  to
• 11:11
  like
• 11:12
  need
• 11:12
  to
• 11:12
  get
• 11:12
  this
• 11:12
  collected.
• 11:13
  And
• 11:13
  so
• 11:14
  their
• 11:15
  understanding
• 11:16
  and
• 11:16
  importance
• 11:16
  of,
• 11:17
  like,
• 11:17
  what
• 11:18
  do
• 11:18
  I
• 11:18
  get
• 11:18
  paid?
• 11:19
  This
• 11:19
  is.
• 11:19
  This
• 11:20
  is
• 11:20
  going
• 11:20
  to
• 11:20
  matter.
• 11:20
  Do
• 11:20
  I
• 11:20
  get
• 11:20
  paid
• 11:21
  every
• 11:21
  month?
• 11:21
  Do
• 11:21
  I
• 11:21
  get
• 11:21
  paid
• 11:21
  every
• 11:22
  six
• 11:22
  months?
• 11:22
  Like,
• 11:22
  that
• 11:22
  is
• 11:23
  a
• 11:23
  huge
• 11:23
  part
• 11:24
  of
• 11:24
  the
• 11:25
  owner
• 11:25
  being
• 11:25
  successful.
• 11:26
  Because
• 11:26
  if
• 11:26
  money's
• 11:26
  coming
• 11:27
  in
• 11:27
  consistently,
• 11:27
  you're
• 11:27
  able
• 11:28
  to
• 11:28
  understand
• 11:28
  when
• 11:28
  it's
• 11:28
  coming
• 11:28
  in.
• 11:29
  Like,
• 11:29
  that
• 11:29
  makes
• 11:30
  everything
• 11:30
  else
• 11:30
  a
• 11:30
  lot
• 11:30
  easier.
• 11:32
  So
• 11:32
  I'd
• 11:33
  say
• 11:33
  that
• 11:33
  is
• 11:34
  the,
• 11:34
  like,
• 11:36
  being
• 11:36
  willing
• 11:36
  to
• 11:37
  kind
• 11:37
  of
• 11:37
  roll
• 11:37
  up
• 11:37
  the
• 11:37
  sleeves
• 11:38
  on
• 11:38
  the
• 11:38
  customer's
• 11:39
  pain.
• 11:39
  Timing
• 11:40
  is
• 11:40
  a
• 11:40
  big
• 11:41
  indicator.
• 11:41
  And
• 11:42
  I
• 11:42
  thought
• 11:42
  about
• 11:42
  coming
• 11:43
  in,
• 11:43
  and
• 11:43
  from
• 11:44
  all
• 11:44
  the
• 11:44
  education
• 11:44
  I
• 11:45
  took
• 11:45
  and
• 11:45
  the
• 11:45
  communities
• 11:45
  I
• 11:46
  joined
• 11:46
  and
• 11:46
  the
• 11:47
  coaching
• 11:47
  I
• 11:47
  got,
• 11:48
  I
• 11:48
  try
• 11:49
  and
• 11:49
  think
• 11:49
  about
• 11:49
  it
• 11:49
  in
• 11:49
  three
• 11:49
  segments,
• 11:50
  right?
• 11:50
  So
• 11:50
  acquiring
• 11:51
  customers,
• 11:51
  delivering
• 11:52
  value
• 11:52
  to
• 11:52
  customers.
• 11:53
  And
• 11:53
  then
• 11:54
  there's
• 11:54
  a
• 11:54
  third
• 11:54
  segment
• 11:55
  which
• 11:55
  is
• 11:55
  running
• 11:55
  the
• 11:55
  business,
• 11:55
  like,
• 11:56
  operationally
• 11:58
  running
• 11:58
  the
• 11:58
  business.
• 12:00
  And
• 12:01
  founders
• 12:01
  get
• 12:01
  caught
• 12:02
  in
• 12:02
  this
• 12:02
  trap
• 12:02
  because
• 12:04
  realistically,
• 12:04
  if
• 12:04
  you're
• 12:05
  going
• 12:05
  to
• 12:05
  scale
• 12:05
  and
• 12:05
  grow
• 12:05
  the
• 12:05
  business,
• 12:06
  realistically
• 12:07
  as
• 12:07
  a
• 12:07
  founder,
• 12:07
  you
• 12:07
  can
• 12:07
  only
• 12:08
  really
• 12:08
  be
• 12:08
  involved
• 12:09
  heavily
• 12:10
  or
• 12:10
  significantly
• 12:11
  in
• 12:11
  one
• 12:11
  out
• 12:11
  of
• 12:11
  those
• 12:11
  three.
• 12:12
  But
• 12:12
  yet
• 12:12
  all
• 12:12
  three
• 12:12
  of
• 12:12
  them
• 12:13
  need
• 12:13
  to
• 12:13
  happen.
• 12:14
  So
• 12:14
  there
• 12:15
  comes
• 12:15
  a
• 12:15
  period
• 12:15
  of
• 12:16
  a
• 12:16
  season
• 12:17
  of
• 12:17
  hard,
• 12:17
  I
• 12:17
  think,
• 12:18
  as
• 12:19
  I've
• 12:19
  come
• 12:19
  to
• 12:19
  call
• 12:20
  it,
• 12:20
  where
• 12:20
  either
• 12:21
  you
• 12:21
  have
• 12:22
  to
• 12:22
  work
• 12:22
  three
• 12:22
  times
• 12:22
  as
• 12:23
  much
• 12:23
  because
• 12:23
  you're
• 12:23
  going
• 12:23
  to
• 12:23
  be
• 12:23
  involved
• 12:24
  in
• 12:24
  all
• 12:24
  three
• 12:24
  of
• 12:25
  them,
• 12:25
  or
• 12:25
  you
• 12:25
  recognize
• 12:26
  that
• 12:26
  you
• 12:26
  need
• 12:26
  to
• 12:26
  bring
• 12:27
  people
• 12:27
  in
• 12:27
  and
• 12:28
  invest
• 12:29
  in
• 12:29
  people
• 12:30
  to
• 12:30
  run
• 12:30
  and
• 12:31
  operate
• 12:31
  those
• 12:31
  other
• 12:31
  two
• 12:32
  areas
• 12:32
  that
• 12:33
  you're
• 12:33
  not
• 12:33
  focused
• 12:33
  in
• 12:34
  as
• 12:34
  much.
• 12:34
  Again,
• 12:35
  you
• 12:35
  have
• 12:35
  more
• 12:35
  data
• 12:35
  points
• 12:36
  on
• 12:36
  this
• 12:36
  than
• 12:36
  I
• 12:36
  do.
• 12:37
  I've
• 12:37
  only
• 12:37
  got
• 12:37
  my
• 12:38
  own
• 12:38
  business,
• 12:38
  but
• 12:39
  I've
• 12:39
  had
• 12:39
  focus
• 12:40
  as
• 12:40
  a
• 12:41
  really
• 12:41
  important
• 12:42
  leading
• 12:43
  indicator
• 12:43
  of
• 12:43
  success
• 12:44
  in
• 12:44
  a
• 12:44
  small
• 12:44
  business.
• 12:44
  So
• 12:45
  the
• 12:45
  willingness
• 12:46
  to
• 12:46
  focus
• 12:47
  on
• 12:47
  one
• 12:47
  product,
• 12:47
  to
• 12:48
  focus
• 12:48
  on
• 12:48
  one
• 12:49
  offering.
• 12:49
  And
• 12:49
  I
• 12:50
  think
• 12:50
  the
• 12:50
  psychological
• 12:50
  trap,
• 12:50
  as
• 12:51
  it
• 12:51
  was
• 12:51
  explained
• 12:51
  to
• 12:51
  me
• 12:52
  behind
• 12:52
  that
• 12:52
  is
• 12:53
  entrepreneurs
• 12:54
  have
• 12:54
  inherently
• 12:55
  already
• 12:55
  been
• 12:55
  rewarded
• 12:56
  for
• 12:56
  changing
• 12:56
  what
• 12:57
  they
• 12:57
  do.
• 12:57
  So
• 12:58
  in
• 12:58
  my
• 12:58
  case
• 12:58
  and
• 12:58
  in
• 12:59
  your
• 12:59
  case,
• 12:59
  we
• 13:00
  were
• 13:00
  in
• 13:00
  big
• 13:00
  corporate
• 13:01
  roles,
• 13:01
  we
• 13:02
  left,
• 13:02
  we
• 13:02
  started
• 13:02
  our
• 13:02
  own
• 13:02
  business,
• 13:03
  and
• 13:03
  we've
• 13:03
  had
• 13:03
  a
• 13:03
  very
• 13:03
  rewarding
• 13:04
  experience.
• 13:04
  So
• 13:05
  we
• 13:05
  have
• 13:05
  a
• 13:06
  Pavlovian
• 13:07
  cycle
• 13:07
  of,
• 13:07
  like,
• 13:07
  I
• 13:08
  changed
• 13:08
  what
• 13:08
  I
• 13:08
  was
• 13:08
  doing
• 13:08
  and
• 13:09
  I
• 13:09
  got
• 13:09
  rewarded
• 13:09
  for
• 13:10
  it,
• 13:10
  as
• 13:10
  every
• 13:10
  entrepreneur
• 13:11
  does.
• 13:12
  So
• 13:12
  from
• 13:13
  what
• 13:13
  I've
• 13:13
  read,
• 13:13
  is
• 13:13
  very
• 13:14
  easy
• 13:14
  to
• 13:14
  get
• 13:14
  into
• 13:14
  the,
• 13:15
  okay,
• 13:15
  I'm
• 13:15
  six
• 13:15
  months
• 13:16
  into
• 13:16
  this
• 13:16
  business
• 13:17
  and
• 13:17
  I've
• 13:17
  just
• 13:17
  hit
• 13:18
  the
• 13:18
  hard
• 13:18
  one
• 13:18
  of
• 13:18
  those
• 13:18
  seasons
• 13:19
  of
• 13:19
  hard.
• 13:19
  So
• 13:20
  rather
• 13:20
  than
• 13:20
  address
• 13:20
  it,
• 13:21
  I'll
• 13:21
  just
• 13:21
  go,
• 13:21
  I'll
• 13:22
  add
• 13:22
  a
• 13:22
  product
• 13:22
  or
• 13:23
  I'll
• 13:23
  start
• 13:23
  a
• 13:23
  second
• 13:24
  business
• 13:24
  or
• 13:24
  a
• 13:24
  third
• 13:25
  business
• 13:25
  or
• 13:25
  whatever
• 13:25
  else.
• 13:26
  Like,
• 13:26
  have
• 13:26
  you
• 13:27
  seen
• 13:28
  that
• 13:28
  play
• 13:28
  out
• 13:28
  in
• 13:28
  reality?
• 13:29
  Like
• 13:29
  people
• 13:29
  starting
• 13:30
  multiple
• 13:30
  businesses
• 13:30
  or
• 13:31
  multiple
• 13:31
  product
• 13:31
  lines,
• 13:32
  Right.
• 13:32
  Rather
• 13:32
  than
• 13:32
  scaling
• 13:33
  the
• 13:33
  one
• 13:33
  that
• 13:33
  they've
• 13:34
  seen
• 13:34
  initial
• 13:34
  success
• 13:35
  with.
• 13:35
  Yes.
• 13:35
  And
• 13:36
  we've
• 13:36
  had
• 13:37
  clients
• 13:37
  where
• 13:38
  it's
• 13:38
  like,
• 13:39
  they've
• 13:39
  kind
• 13:40
  of
• 13:40
  go
• 13:40
  in
• 13:40
  the
• 13:40
  opposite
• 13:40
  direction
• 13:41
  of
• 13:41
  like,
• 13:41
  they
• 13:42
  want
• 13:42
  to
• 13:42
  parse
• 13:42
  all
• 13:42
  the
• 13:42
  financial
• 13:43
  data
• 13:43
  to
• 13:43
  figure
• 13:43
  out
• 13:44
  where
• 13:44
  the
• 13:44
  answer
• 13:44
  is
• 13:44
  in
• 13:45
  the
• 13:45
  financial
• 13:45
  data.
• 13:46
  And
• 13:46
  it's
• 13:46
  like,
• 13:47
  okay,
• 13:47
  if.
• 13:48
  Let's
• 13:48
  just
• 13:48
  focus
• 13:48
  on
• 13:49
  getting
• 13:49
  new
• 13:49
  clients
• 13:50
  and
• 13:50
  growing
• 13:51
  revenue
• 13:51
  with
• 13:51
  existing
• 13:51
  clients.
• 13:52
  Like,
• 13:52
  just
• 13:52
  those
• 13:52
  are.
• 13:53
  That's
• 13:53
  what's
• 13:53
  going
• 13:53
  to
• 13:53
  matter.
• 13:53
  But
• 13:54
  they're
• 13:54
  like,
• 13:54
  they
• 13:54
  want
• 13:54
  us
• 13:54
  to
• 13:55
  cut
• 13:55
  the
• 13:55
  data
• 13:55
  a
• 13:55
  million
• 13:55
  different
• 13:55
  ways.
• 13:56
  And
• 13:56
  like,
• 13:57
  it
• 13:57
  was
• 13:57
  a
• 13:57
  data
• 13:57
  set
• 13:58
  of
• 13:58
  like
• 13:58
  10
• 13:58
  clients.
• 13:58
  And
• 13:58
  it's
• 13:59
  like,
• 13:59
  okay,
• 13:59
  there
• 13:59
  isn't
• 13:59
  like,
• 14:00
  there's
• 14:00
  almost
• 14:00
  so
• 14:01
  many
• 14:01
  ways
• 14:01
  to
• 14:01
  cut
• 14:02
  this
• 14:02
  to
• 14:02
  like,
• 14:03
  tell
• 14:03
  you.
• 14:03
  But
• 14:03
  it
• 14:03
  was
• 14:03
  just
• 14:04
  exactly
• 14:04
  that
• 14:05
  of
• 14:05
  getting.
• 14:08
  Changing
• 14:08
  things.
• 14:09
  They
• 14:09
  had
• 14:09
  the
• 14:10
  PE
• 14:10
  reward
• 14:11
  of
• 14:11
  like,
• 14:11
  hey,
• 14:11
  I
• 14:11
  changed
• 14:12
  something.
• 14:12
  I
• 14:12
  focused
• 14:13
  on
• 14:13
  something
• 14:13
  different.
• 14:13
  I
• 14:13
  got
• 14:13
  a
• 14:14
  different.
• 14:14
  When
• 14:14
  really
• 14:14
  it
• 14:14
  was
• 14:15
  like,
• 14:15
  nope,
• 14:15
  we
• 14:15
  need
• 14:16
  to
• 14:16
  go
• 14:16
  get
• 14:17
  new
• 14:17
  clients
• 14:17
  and
• 14:17
  grow
• 14:17
  revenue.
• 14:18
  Existing
• 14:18
  clients
• 14:19
  is
• 14:19
  ultimately
• 14:19
  what
• 14:19
  needed
• 14:19
  to
• 14:20
  happen.
• 14:20
  And
• 14:20
  so
• 14:20
  they
• 14:21
  tried
• 14:21
  all
• 14:21
  different
• 14:21
  kinds
• 14:21
  of
• 14:22
  things,
• 14:22
  like
• 14:22
  reorgang
• 14:22
  out
• 14:22
  reorganizing
• 14:23
  the
• 14:23
  team.
• 14:23
  And
• 14:23
  it's
• 14:24
  like,
• 14:24
  no,
• 14:24
  like
• 14:25
  that.
• 14:25
  That
• 14:25
  isn't
• 14:26
  the
• 14:27
  answer
• 14:27
  here.
• 14:28
  And
• 14:28
  so
• 14:28
  that
• 14:28
  was
• 14:29
  one
• 14:29
  where
• 14:29
  it
• 14:29
  was.
• 14:31
  I
• 14:32
  mean,
• 14:32
  through
• 14:32
  no
• 14:32
  fault
• 14:32
  of.
• 14:32
  I
• 14:33
  feel
• 14:33
  like
• 14:33
  software
• 14:33
  owners
• 14:34
  get
• 14:34
  bombarded
• 14:35
  with
• 14:35
  all
• 14:35
  kinds
• 14:35
  of
• 14:35
  stuff
• 14:36
  and
• 14:36
  all
• 14:36
  kinds
• 14:36
  of
• 14:37
  pieces
• 14:38
  of
• 14:38
  like,
• 14:38
  oh,
• 14:39
  wow,
• 14:39
  that
• 14:39
  does
• 14:39
  sound
• 14:39
  really
• 14:39
  good
• 14:40
  on
• 14:40
  the
• 14:40
  surface.
• 14:40
  And
• 14:41
  so
• 14:41
  you
• 14:41
  change
• 14:41
  something
• 14:42
  to
• 14:42
  try
• 14:42
  and
• 14:42
  do
• 14:42
  it.
• 14:42
  Which
• 14:43
  also
• 14:43
  goes
• 14:43
  back
• 14:43
  to
• 14:43
  why
• 14:44
  there's
• 14:44
  so
• 14:44
  much
• 14:44
  software
• 14:45
  spend.
• 14:45
  Because
• 14:45
  everyone
• 14:45
  gets
• 14:46
  like,
• 14:46
  oh,
• 14:46
  wow,
• 14:47
  that
• 14:47
  is
• 14:47
  good.
• 14:47
  That
• 14:47
  does
• 14:47
  seem
• 14:48
  like
• 14:48
  it's
• 14:48
  going
• 14:48
  to
• 14:48
  solve
• 14:48
  some
• 14:48
  kind
• 14:48
  of
• 14:49
  problem
• 14:49
  for
• 14:49
  me.
• 14:50
  So.
• 14:50
  No,
• 14:51
  I
• 14:51
  think
• 14:51
  we
• 14:52
  see
• 14:52
  that
• 14:53
  very
• 14:53
  well.
• 14:53
  And
• 14:53
  even
• 14:54
  then,
• 14:54
  some
• 14:55
  of
• 14:55
  our
• 14:55
  team
• 14:55
  even
• 14:55
  gets
• 14:57
  frustrated
• 14:58
  when
• 14:58
  like,
• 14:58
  hey,
• 14:59
  we're
• 14:59
  trying
• 14:59
  to
• 14:59
  get
• 14:59
  owners
• 14:59
  to
• 15:00
  get
• 15:00
  respond
• 15:01
  to
• 15:01
  things
• 15:01
  and
• 15:01
  get
• 15:01
  things
• 15:01
  done
• 15:02
  for
• 15:02
  like,
• 15:03
  hey,
• 15:03
  what,
• 15:04
  how
• 15:04
  should
• 15:04
  this
• 15:05
  expense
• 15:05
  be
• 15:05
  classified?
• 15:05
  Or
• 15:05
  how
• 15:06
  should
• 15:06
  I
• 15:06
  do
• 15:06
  this
• 15:06
  and
• 15:06
  that?
• 15:06
  And
• 15:06
  it's
• 15:07
  like,
• 15:07
  yes,
• 15:07
  we
• 15:07
  do
• 15:07
  the
• 15:08
  information,
• 15:08
  but
• 15:08
  that's
• 15:08
  also.
• 15:09
  I
• 15:09
  feel
• 15:09
  like
• 15:09
  the
• 15:09
  owner
• 15:09
  also
• 15:10
  focusing
• 15:10
  on
• 15:10
  like,
• 15:11
  nope,
• 15:11
  this
• 15:12
  week
• 15:12
  is
• 15:12
  all
• 15:12
  sales,
• 15:13
  this
• 15:13
  week
• 15:13
  is
• 15:13
  all
• 15:13
  this.
• 15:13
  And
• 15:14
  like,
• 15:14
  they'll
• 15:14
  get
• 15:14
  back
• 15:15
  to
• 15:15
  us
• 15:15
  when
• 15:15
  they
• 15:15
  need
• 15:15
  to
• 15:16
  because
• 15:16
  they're
• 15:16
  on
• 15:16
  their
• 15:17
  own
• 15:17
  prioritization.
• 15:17
  And
• 15:17
  so
• 15:18
  I
• 15:18
  think
• 15:18
  that's
• 15:18
  part
• 15:19
  of
• 15:19
  the
• 15:19
  delicate
• 15:19
  balance
• 15:19
  we
• 15:20
  have
• 15:20
  with
• 15:20
  our
• 15:20
  clients
• 15:21
  is
• 15:21
  knowing
• 15:21
  like,
• 15:22
  yes,
• 15:22
  accounting
• 15:23
  is
• 15:23
  important,
• 15:23
  but
• 15:24
  it's
• 15:24
  not
• 15:24
  something
• 15:24
  like
• 15:24
  we
• 15:25
  are
• 15:25
  going
• 15:25
  to
• 15:25
  expect
• 15:25
  our
• 15:25
  clients
• 15:26
  responding
• 15:26
  to
• 15:26
  every
• 15:26
  day
• 15:26
  because
• 15:27
  they
• 15:27
  do
• 15:27
  need
• 15:27
  to
• 15:27
  be
• 15:27
  focusing
• 15:28
  on
• 15:28
  the
• 15:28
  other
• 15:29
  elements
• 15:29
  of
• 15:29
  the
• 15:29
  business.
• 15:30
  Yeah,
• 15:31
  of
• 15:31
  course.
• 15:33
  Focus
• 15:34
  is
• 15:34
  definitely
• 15:35
  valuable.
• 15:36
  And
• 15:37
  those
• 15:37
  are
• 15:37
  the
• 15:37
  same
• 15:38
  ones
• 15:38
  who
• 15:38
  land
• 15:38
  on
• 15:39
  you
• 15:39
  in
• 15:39
  April
• 15:40
  and
• 15:40
  be
• 15:40
  like,
• 15:40
  okay,
• 15:41
  I'm
• 15:41
  ready
• 15:41
  to
• 15:41
  talk
• 15:41
  about
• 15:41
  tax
• 15:42
  now.
• 15:44
  I've
• 15:44
  got
• 15:44
  two
• 15:44
  weeks.
• 15:45
  Let's
• 15:45
  get
• 15:45
  this
• 15:46
  tax
• 15:46
  sorted.
• 15:46
  I'm
• 15:46
  sure
• 15:47
  nobody
• 15:47
  else
• 15:47
  is
• 15:47
  asking
• 15:47
  questions
• 15:48
  about
• 15:48
  tax
• 15:48
  at
• 15:48
  this
• 15:48
  point
• 15:49
  in
• 15:49
  time.
• 15:51
  No,
• 15:51
  I
• 15:51
  love
• 15:51
  it.
• 15:52
  And
• 15:54
  yeah,
• 15:54
  the
• 15:55
  focus
• 15:55
  thing
• 15:55
  is.
• 15:55
  And
• 15:56
  you
• 15:56
  brought
• 15:56
  another
• 15:57
  ethos
• 15:57
  or
• 15:57
  point
• 15:57
  I've
• 15:58
  heard
• 15:58
  so
• 15:58
  many
• 15:58
  times
• 15:59
  up
• 15:59
  into
• 16:00
  play
• 16:00
  there.
• 16:00
  And
• 16:00
  the
• 16:00
  example
• 16:01
  you
• 16:01
  use
• 16:01
  about
• 16:01
  the
• 16:02
  need
• 16:02
  more
• 16:02
  clients.
• 16:04
  The
• 16:04
  phrase
• 16:04
  I've
• 16:04
  often
• 16:04
  heard
• 16:05
  you
• 16:05
  use
• 16:05
  is
• 16:05
  that
• 16:05
  the
• 16:05
  progress
• 16:05
  you're
• 16:06
  looking
• 16:06
  for
• 16:06
  lies
• 16:06
  in
• 16:07
  the
• 16:07
  work
• 16:07
  that
• 16:07
  you're
• 16:07
  avoiding.
• 16:09
  And
• 16:09
  some
• 16:09
  people
• 16:09
  are
• 16:10
  much.
• 16:10
  We
• 16:10
  talked
• 16:10
  about
• 16:10
  the
• 16:11
  three
• 16:11
  elements
• 16:11
  of
• 16:11
  a
• 16:11
  business.
• 16:12
  Generating
• 16:13
  business,
• 16:14
  delivering
• 16:14
  value,
• 16:15
  and
• 16:15
  then
• 16:15
  running
• 16:15
  the
• 16:15
  business.
• 16:16
  And
• 16:16
  some
• 16:16
  people
• 16:16
  are
• 16:16
  inherently
• 16:18
  better
• 16:18
  at
• 16:18
  one
• 16:19
  of
• 16:19
  them.
• 16:19
  Some
• 16:19
  people
• 16:19
  are
• 16:19
  inherently
• 16:20
  worse
• 16:20
  at
• 16:20
  one
• 16:20
  of
• 16:20
  those
• 16:21
  three.
• 16:22
  And
• 16:22
  then
• 16:23
  the
• 16:23
  natural
• 16:23
  human
• 16:23
  tendency,
• 16:24
  of
• 16:24
  course,
• 16:24
  is
• 16:24
  to
• 16:24
  avoid
• 16:24
  that.
• 16:25
  Generating
• 16:25
  business
• 16:25
  is
• 16:26
  hard.
• 16:26
  Right?
• 16:26
  You
• 16:26
  know
• 16:26
  that,
• 16:26
  I
• 16:27
  know
• 16:27
  that,
• 16:28
  but
• 16:30
  it's
• 16:31
  critical
• 16:31
  and
• 16:31
  I
• 16:32
  think
• 16:32
  I
• 16:32
  see
• 16:32
  it
• 16:32
  in
• 16:33
  the
• 16:33
  entrepreneur
• 16:33
  communities
• 16:34
  that
• 16:34
  I'm
• 16:34
  in,
• 16:35
  it's
• 16:35
  very
• 16:36
  tempting
• 16:36
  to
• 16:37
  sit
• 16:37
  for
• 16:37
  days
• 16:37
  with
• 16:38
  a
• 16:38
  whiteboard
• 16:38
  finessing
• 16:39
  your
• 16:39
  product
• 16:39
  and
• 16:39
  finessing
• 16:40
  your
• 16:40
  offering
• 16:40
  and,
• 16:41
  like,
• 16:41
  wondering
• 16:42
  how
• 16:42
  you're
• 16:42
  going
• 16:42
  to
• 16:42
  move
• 16:43
  people
• 16:43
  through
• 16:43
  your
• 16:43
  value
• 16:43
  stack
• 16:44
  and
• 16:44
  all
• 16:45
  of
• 16:45
  this
• 16:45
  wonderful
• 16:45
  stuff
• 16:46
  that
• 16:46
  there's
• 16:46
  many
• 16:46
  textbooks
• 16:47
  and
• 16:47
  YouTube
• 16:47
  videos
• 16:47
  about.
• 16:48
  But,
• 16:48
  like,
• 16:48
  if
• 16:48
  there's
• 16:48
  no
• 16:48
  leads
• 16:49
  in
• 16:49
  the
• 16:49
  pipeline,
• 16:50
  then
• 16:50
  it's
• 16:50
  all
• 16:50
  for
• 16:50
  nothing
• 16:53
  at
• 16:53
  the
• 16:53
  end
• 16:53
  of
• 16:53
  the
• 16:53
  day.
• 16:54
  And
• 16:55
  what
• 16:56
  was
• 16:56
  the
• 16:56
  other
• 16:56
  thing
• 16:56
  you
• 16:56
  mentioned
• 16:57
  that
• 16:57
  I
• 16:57
  want
• 16:57
  to
• 16:59
  circle
• 16:59
  back
• 16:59
  to?
• 17:00
  Yeah,
• 17:00
  this
• 17:00
  is
• 17:01
  the.
• 17:02
  It's
• 17:02
  like,
• 17:03
  if
• 17:03
  I
• 17:03
  think
• 17:03
  about
• 17:04
  all
• 17:04
  the
• 17:04
  business
• 17:04
  intelligence
• 17:04
  teams
• 17:05
  that
• 17:05
  I've
• 17:05
  been
• 17:05
  part
• 17:06
  of
• 17:06
  and
• 17:06
  all
• 17:06
  of
• 17:06
  the
• 17:07
  data
• 17:07
  sets
• 17:07
  that
• 17:07
  I've
• 17:07
  collected
• 17:08
  for
• 17:08
  people
• 17:08
  over
• 17:09
  my
• 17:09
  career,
• 17:09
  like,
• 17:10
  ultimately,
• 17:10
  the
• 17:10
  P
• 17:10
  and
• 17:11
  L
• 17:11
  that
• 17:11
  your
• 17:11
  team
• 17:11
  presents
• 17:12
  is
• 17:12
  the
• 17:12
  scorecard.
• 17:14
  So
• 17:14
  ownership
• 17:15
  and
• 17:15
  accountability,
• 17:17
  I
• 17:17
  think,
• 17:17
  are
• 17:18
  pretty
• 17:18
  critical
• 17:18
  as
• 17:18
  well.
• 17:20
  And
• 17:20
  I
• 17:20
  think,
• 17:21
  I
• 17:21
  mean,
• 17:22
  maybe
• 17:22
  your
• 17:22
  team's
• 17:22
  got
• 17:22
  different
• 17:22
  feedback
• 17:23
  on
• 17:23
  me
• 17:23
  than
• 17:24
  I
• 17:24
  realize.
• 17:24
  But,
• 17:25
  you
• 17:25
  know,
• 17:25
  for
• 17:25
  me,
• 17:25
  the
• 17:25
  PNL
• 17:26
  is
• 17:26
  the
• 17:26
  scorecard.
• 17:26
  Like,
• 17:27
  what's
• 17:27
  on
• 17:27
  the
• 17:27
  piano
• 17:28
  is
• 17:28
  the
• 17:28
  result
• 17:28
  of
• 17:28
  what
• 17:28
  me
• 17:29
  and
• 17:29
  my
• 17:29
  team
• 17:29
  have
• 17:29
  done.
• 17:30
  Right.
• 17:31
  It's
• 17:31
  not,
• 17:31
  it's
• 17:32
  not
• 17:32
  the
• 17:32
  other
• 17:32
  way
• 17:32
  around.
• 17:32
  It's
• 17:32
  not
• 17:33
  like,
• 17:33
  oh,
• 17:33
  you
• 17:33
  can,
• 17:34
  you
• 17:34
  need
• 17:34
  to
• 17:34
  cut
• 17:34
  this
• 17:34
  differently
• 17:35
  to
• 17:35
  tell
• 17:35
  me
• 17:35
  a
• 17:35
  different
• 17:35
  story
• 17:36
  so
• 17:36
  that
• 17:36
  I
• 17:36
  can
• 17:36
  feel
• 17:36
  better,
• 17:38
  you
• 17:38
  know,
• 17:38
  you
• 17:39
  know,
• 17:39
  better
• 17:39
  about
• 17:39
  myself.
• 17:40
  It's
• 17:41
  not
• 17:41
  the,
• 17:42
  you
• 17:42
  know,
• 17:43
  the,
• 17:43
  the
• 17:44
  accountants
• 17:45
  and
• 17:45
  the
• 17:46
  advisors
• 17:46
  that
• 17:46
  you
• 17:46
  have
• 17:48
  are
• 17:48
  presenting
• 17:48
  the
• 17:48
  picture
• 17:49
  as
• 17:49
  is
• 17:49
  to
• 17:49
  help
• 17:50
  enable
• 17:50
  you
• 17:50
  to
• 17:50
  make
• 17:51
  a
• 17:51
  decision.
• 17:53
  The
• 17:53
  secret
• 17:53
  is
• 17:54
  not
• 17:54
  in
• 17:54
  fiddling
• 17:55
  the
• 17:55
  numbers
• 17:55
  around
• 17:55
  to
• 17:56
  make
• 17:56
  yourself
• 17:57
  feel
• 17:57
  comfortable.
• 17:58
  Yeah,
• 17:58
  I
• 17:58
  mean,
• 17:58
  there's
• 17:59
  certainly,
• 17:59
  even
• 17:59
  with
• 18:00
  a
• 18:00
  piano,
• 18:01
  there's
• 18:01
  still
• 18:01
  different
• 18:02
  Stories
• 18:02
  you
• 18:02
  can
• 18:02
  tell
• 18:02
  about
• 18:02
  it
• 18:03
  there
• 18:04
  that
• 18:04
  you
• 18:04
  want
• 18:04
  to
• 18:04
  tell.
• 18:05
  But
• 18:05
  I
• 18:06
  think
• 18:06
  that's
• 18:06
  where
• 18:06
  their
• 18:06
  clients.
• 18:06
  It's
• 18:07
  like,
• 18:07
  some
• 18:07
  only
• 18:07
  want
• 18:07
  to
• 18:08
  look
• 18:08
  at
• 18:08
  it
• 18:08
  when
• 18:08
  things
• 18:08
  are
• 18:08
  going
• 18:09
  well.
• 18:09
  Others,
• 18:09
  like,
• 18:09
  we
• 18:10
  can't.
• 18:10
  We
• 18:10
  don't
• 18:10
  hear
• 18:10
  from
• 18:10
  if
• 18:10
  they're
• 18:11
  not
• 18:11
  going
• 18:11
  well.
• 18:11
  And
• 18:11
  it's
• 18:11
  like,
• 18:12
  we
• 18:12
  kind
• 18:12
  of
• 18:12
  just,
• 18:12
  let's
• 18:13
  get
• 18:13
  in
• 18:13
  regular
• 18:13
  cadence.
• 18:13
  Let's
• 18:14
  talk
• 18:14
  through,
• 18:15
  hey,
• 18:15
  here's
• 18:15
  what
• 18:15
  happened
• 18:15
  this
• 18:16
  month.
• 18:16
  If
• 18:16
  we're
• 18:16
  doing
• 18:16
  that
• 18:17
  consistently,
• 18:17
  then
• 18:18
  that
• 18:18
  helps
• 18:19
  kind
• 18:19
  of
• 18:19
  at
• 18:19
  least
• 18:20
  pass
• 18:20
  on
• 18:20
  that
• 18:21
  consistency,
• 18:22
  focus,
• 18:22
  message
• 18:23
  of
• 18:23
  like.
• 18:24
  Because
• 18:24
  often
• 18:24
  the
• 18:25
  owners
• 18:25
  can
• 18:25
  then
• 18:25
  look
• 18:25
  back
• 18:25
  and
• 18:25
  be
• 18:26
  like,
• 18:26
  okay,
• 18:26
  what
• 18:26
  did
• 18:26
  I
• 18:26
  do
• 18:27
  this
• 18:27
  month?
• 18:27
  Or
• 18:27
  what
• 18:27
  did
• 18:27
  I
• 18:27
  do
• 18:27
  differently
• 18:28
  that
• 18:28
  didn't
• 18:28
  result
• 18:28
  in
• 18:29
  this?
• 18:29
  And
• 18:29
  that
• 18:29
  helps
• 18:31
  help
• 18:31
  us
• 18:32
  make
• 18:32
  better
• 18:32
  decisions
• 18:32
  for
• 18:33
  running
• 18:33
  the
• 18:33
  business.
• 18:33
  And
• 18:34
  ultimately,
• 18:34
  like,
• 18:34
  I
• 18:35
  see
• 18:35
  our
• 18:35
  role
• 18:35
  as
• 18:35
  like,
• 18:36
  hey,
• 18:36
  we're.
• 18:38
  Our
• 18:38
  financial
• 18:39
  numbers
• 18:39
  should
• 18:39
  only
• 18:39
  help
• 18:40
  you
• 18:40
  make
• 18:40
  better
• 18:40
  operating
• 18:41
  decisions.
• 18:41
  Like,
• 18:41
  it's
• 18:41
  not
• 18:42
  meant
• 18:42
  to
• 18:42
  be.
• 18:42
  Like.
• 18:43
  And
• 18:43
  so,
• 18:43
  yes,
• 18:44
  that
• 18:44
  it
• 18:44
  is
• 18:44
  a
• 18:44
  scorecard.
• 18:45
  And
• 18:45
  yes,
• 18:45
  but
• 18:45
  this
• 18:45
  workout
• 18:46
  is
• 18:46
  meant
• 18:46
  to
• 18:46
  help
• 18:46
  you
• 18:46
  make
• 18:46
  better
• 18:47
  opportunities
• 18:47
  to
• 18:47
  get
• 18:47
  kind
• 18:48
  of
• 18:48
  where
• 18:48
  business
• 18:48
  owners
• 18:49
  are
• 18:49
  wanting
• 18:50
  to
• 18:50
  go.
• 18:50
  Some
• 18:50
  are
• 18:50
  just
• 18:51
  like,
• 18:51
  some
• 18:52
  want
• 18:52
  to
• 18:52
  double
• 18:52
  every
• 18:53
  other
• 18:53
  day.
• 18:53
  Others
• 18:54
  are
• 18:54
  like,
• 18:54
  no,
• 18:55
  I
• 18:55
  just
• 18:55
  want
• 18:55
  to
• 18:55
  stable
• 18:57
  more.
• 18:57
  More
• 18:58
  on
• 18:58
  the
• 18:58
  stable
• 18:58
  side.
• 18:58
  And
• 18:59
  so
• 18:59
  both
• 18:59
  are
• 19:00
  fine.
• 19:00
  But,
• 19:00
  like,
• 19:00
  let's
• 19:00
  just
• 19:01
  make
• 19:01
  sure
• 19:01
  we're
• 19:01
  tracking
• 19:01
  kind
• 19:02
  of
• 19:02
  where
• 19:02
  you're
• 19:02
  going.
• 19:02
  I
• 19:02
  think,
• 19:03
  yeah,
• 19:03
  like,
• 19:03
  I.
• 19:04
  I'm
• 19:04
  obviously
• 19:04
  biased,
• 19:05
  but
• 19:05
  I
• 19:05
  think
• 19:05
  kind
• 19:06
  of
• 19:06
  the
• 19:06
  financial
• 19:06
  results
• 19:06
  is
• 19:07
  kind
• 19:07
  of
• 19:07
  the
• 19:07
  ultimate
• 19:08
  scorecard.
• 19:08
  But
• 19:08
  it's.
• 19:09
  But
• 19:09
  then
• 19:10
  that
• 19:10
  also
• 19:10
  is
• 19:11
  meant
• 19:11
  to
• 19:11
  then
• 19:11
  help
• 19:12
  as
• 19:12
  things
• 19:12
  are
• 19:12
  changing.
• 19:13
  What
• 19:13
  do
• 19:13
  we
• 19:13
  need
• 19:13
  to
• 19:14
  operationally
• 19:15
  change
• 19:15
  to
• 19:15
  make
• 19:15
  these
• 19:15
  financial
• 19:16
  numbers
• 19:16
  come
• 19:16
  back
• 19:16
  to
• 19:17
  where
• 19:17
  we
• 19:17
  want
• 19:17
  it
• 19:18
  to
• 19:18
  be?
• 19:18
  Yeah,
• 19:19
  it's
• 19:19
  a
• 19:19
  critical
• 19:19
  piece
• 19:20
  of
• 19:20
  data
• 19:20
  as
• 19:20
  far
• 19:20
  as
• 19:21
  I'm
• 19:21
  concerned.
• 19:21
  And
• 19:21
  that's
• 19:22
  why
• 19:22
  I
• 19:22
  prioritize
• 19:23
  getting
• 19:24
  a
• 19:24
  partnership
• 19:24
  with
• 19:25
  someone
• 19:25
  like
• 19:25
  yourself
• 19:26
  as
• 19:26
  soon
• 19:26
  as
• 19:26
  possible
• 19:26
  in
• 19:27
  my
• 19:27
  journey
• 19:27
  because
• 19:27
  I
• 19:27
  think
• 19:28
  it's
• 19:28
  such
• 19:28
  a
• 19:28
  critical
• 19:28
  piece
• 19:29
  of
• 19:29
  data
• 19:29
  to
• 19:29
  discern
• 19:30
  how
• 19:30
  a
• 19:30
  business
• 19:30
  is
• 19:31
  going
• 19:31
  and
• 19:32
  how
• 19:32
  you
• 19:32
  need
• 19:32
  to
• 19:33
  move
• 19:33
  resources
• 19:33
  around
• 19:34
  in
• 19:35
  order
• 19:35
  to
• 19:35
  never
• 19:35
  mind
• 19:36
  all
• 19:36
  of
• 19:36
  the
• 19:36
  legal,
• 19:37
  regulatory,
• 19:38
  financial
• 19:39
  liabilities
• 19:40
  and
• 19:41
  obligations
• 19:41
  that
• 19:42
  you
• 19:42
  have
• 19:42
  to
• 19:43
  the
• 19:43
  government
• 19:44
  while
• 19:44
  you're
• 19:44
  operating
• 19:44
  in
• 19:44
  this
• 19:45
  space.
• 19:46
  That
• 19:46
  said,
• 19:46
  though,
• 19:48
  you
• 19:48
  know,
• 19:48
  P
• 19:48
  and
• 19:49
  L
• 19:49
  never
• 19:49
  tells
• 19:49
  the
• 19:50
  full
• 19:50
  story
• 19:50
  of
• 19:50
  a
• 19:50
  company.
• 19:50
  And
• 19:51
  I
• 19:51
  think
• 19:51
  you've
• 19:51
  been
• 19:51
  involved
• 19:51
  in
• 19:52
  lots
• 19:52
  of
• 19:52
  small
• 19:52
  businesses
• 19:53
  as
• 19:53
  well
• 19:53
  as
• 19:53
  analyzed,
• 19:54
  you
• 19:54
  know,
• 19:54
  hundreds
• 19:54
  of
• 19:55
  M
• 19:55
  and
• 19:55
  A
• 19:55
  deals.
• 19:56
  Like,
• 19:56
  what
• 19:56
  are
• 19:57
  some
• 19:57
  of
• 19:57
  the.
• 19:58
  Let's
• 19:59
  go
• 19:59
  dramatic
• 19:59
  on
• 19:59
  it.
• 20:00
  What
• 20:00
  are
• 20:00
  some
• 20:00
  of
• 20:00
  the
• 20:00
  biggest
• 20:00
  lies
• 20:01
  that.
• 20:01
  Or
• 20:01
  biggest
• 20:02
  things
• 20:02
  that
• 20:02
  are
• 20:02
  hidden
• 20:03
  in
• 20:04
  a
• 20:04
  company's
• 20:05
  financial
• 20:05
  statements?
• 20:06
  That
• 20:06
  doesn't
• 20:06
  always
• 20:06
  talk
• 20:06
  about.
• 20:07
  That
• 20:07
  doesn't
• 20:07
  always
• 20:07
  give
• 20:07
  away
• 20:08
  its
• 20:08
  real
• 20:08
  value.
• 20:08
  I
• 20:09
  think
• 20:10
  going
• 20:10
  back
• 20:10
  to
• 20:10
  my
• 20:10
  previous
• 20:11
  life,
• 20:11
  I
• 20:11
  think
• 20:12
  so,
• 20:12
  was
• 20:13
  helping
• 20:13
  basically
• 20:14
  private
• 20:14
  equity
• 20:15
  evaluate
• 20:15
  deals
• 20:16
  from
• 20:17
  a
• 20:17
  financial
• 20:17
  perspective.
• 20:18
  And
• 20:18
  so
• 20:18
  I
• 20:18
  think
• 20:21
  there's
• 20:21
  elements
• 20:22
  where
• 20:22
  like
• 20:22
  I
• 20:22
  think
• 20:23
  the
• 20:25
  we
• 20:25
  would,
• 20:26
  hey,
• 20:26
  we,
• 20:26
  this
• 20:26
  private
• 20:27
  Equity
• 20:27
  cobble
• 20:27
  together
• 20:27
  10
• 20:28
  businesses
• 20:28
  over
• 20:28
  a
• 20:28
  course
• 20:29
  of
• 20:29
  two
• 20:29
  years.
• 20:29
  We're
• 20:29
  putting
• 20:29
  together
• 20:30
  kind
• 20:30
  of
• 20:30
  hey,
• 20:31
  here's
• 20:31
  what
• 20:31
  the
• 20:31
  financials
• 20:31
  look
• 20:31
  like
• 20:32
  with
• 20:32
  these
• 20:32
  10
• 20:32
  businesses.
• 20:33
  But
• 20:33
  I
• 20:33
  think
• 20:34
  10
• 20:34
  businesses
• 20:35
  coupled
• 20:35
  together
• 20:35
  every
• 20:35
  two
• 20:36
  years
• 20:36
  can
• 20:36
  be
• 20:36
  a
• 20:36
  little
• 20:36
  hard
• 20:37
  to
• 20:37
  like
• 20:37
  that
• 20:37
  financial
• 20:38
  statement.
• 20:38
  It
• 20:39
  is
• 20:39
  very
• 20:39
  different
• 20:39
  than
• 20:39
  kind
• 20:40
  of
• 20:40
  how
• 20:40
  they
• 20:40
  operate.
• 20:40
  It
• 20:40
  makes
• 20:40
  it
• 20:40
  look
• 20:41
  like
• 20:41
  it's
• 20:41
  one
• 20:41
  thing,
• 20:41
  but
• 20:41
  operationally
• 20:42
  right
• 20:42
  now
• 20:42
  it's
• 20:42
  10
• 20:42
  different
• 20:43
  things
• 20:43
  with
• 20:43
  10
• 20:43
  different
• 20:43
  systems
• 20:44
  and
• 20:45
  10
• 20:45
  different
• 20:45
  employee
• 20:46
  benefits
• 20:46
  and
• 20:46
  10
• 20:46
  different
• 20:47
  types
• 20:47
  of
• 20:47
  people,
• 20:47
  10
• 20:48
  different
• 20:48
  types
• 20:48
  of
• 20:48
  culture.
• 20:48
  And
• 20:48
  it's
• 20:49
  like
• 20:49
  this
• 20:49
  isn't
• 20:50
  quite
• 20:50
  as
• 20:50
  uniform
• 20:50
  as
• 20:50
  maybe
• 20:51
  as
• 20:51
  what
• 20:51
  this
• 20:52
  one
• 20:52
  little
• 20:52
  pretty
• 20:52
  spreadsheet
• 20:53
  makes
• 20:53
  all
• 20:53
  this
• 20:53
  look
• 20:54
  like.
• 20:55
  And
• 20:55
  so
• 20:55
  I
• 20:56
  think
• 20:56
  that's
• 20:57
  where
• 20:58
  having
• 20:59
  the
• 20:59
  appreciation
• 21:00
  for
• 21:00
  like
• 21:01
  how
• 21:01
  do
• 21:01
  we
• 21:01
  get
• 21:01
  this
• 21:01
  culture
• 21:02
  into
• 21:02
  one
• 21:02
  place?
• 21:02
  How
• 21:03
  do
• 21:03
  we
• 21:03
  get
• 21:03
  this
• 21:04
  data
• 21:04
  all
• 21:04
  together
• 21:04
  so
• 21:05
  we
• 21:05
  can
• 21:05
  start
• 21:05
  leveraging
• 21:06
  some
• 21:06
  of
• 21:06
  the
• 21:06
  value
• 21:06
  that's
• 21:07
  out
• 21:07
  there.
• 21:07
  How
• 21:08
  do
• 21:08
  we
• 21:10
  then,
• 21:10
  how,
• 21:11
  how
• 21:11
  are
• 21:11
  we
• 21:12
  then
• 21:12
  using
• 21:12
  the
• 21:12
  numbers
• 21:12
  to
• 21:13
  then
• 21:13
  make
• 21:13
  sure
• 21:13
  we're
• 21:13
  reinvesting
• 21:14
  in
• 21:14
  the
• 21:14
  right
• 21:14
  spots
• 21:14
  in
• 21:14
  those
• 21:14
  10
• 21:15
  different
• 21:15
  businesses?
• 21:15
  I
• 21:15
  think
• 21:16
  that
• 21:16
  was
• 21:16
  one
• 21:16
  that
• 21:17
  I
• 21:17
  always
• 21:17
  felt
• 21:17
  a
• 21:17
  little
• 21:18
  funny
• 21:18
  about
• 21:18
  was
• 21:18
  when
• 21:19
  these
• 21:20
  quote
• 21:20
  unquote
• 21:20
  roll
• 21:21
  ups
• 21:21
  were
• 21:21
  happening
• 21:22
  and
• 21:22
  presenting
• 21:22
  kind
• 21:23
  of
• 21:23
  a
• 21:23
  pro
• 21:23
  forma
• 21:23
  view
• 21:23
  of
• 21:23
  all
• 21:24
  10
• 21:24
  of
• 21:24
  them
• 21:24
  together.
• 21:24
  It's
• 21:24
  like
• 21:25
  this
• 21:26
  is
• 21:26
  pretending
• 21:27
  that
• 21:27
  this
• 21:27
  is
• 21:27
  one
• 21:27
  thing
• 21:28
  is
• 21:28
  kind
• 21:28
  of
• 21:28
  pretty
• 21:28
  generous
• 21:29
  view
• 21:29
  right
• 21:29
  now.
• 21:30
  Yes,
• 21:30
  it
• 21:30
  can
• 21:31
  be,
• 21:31
  yes.
• 21:31
  But
• 21:32
  often
• 21:32
  those
• 21:33
  10
• 21:33
  things
• 21:33
  are
• 21:33
  going
• 21:33
  all
• 21:34
  different
• 21:34
  kinds
• 21:34
  of
• 21:34
  directions
• 21:35
  and
• 21:35
  so
• 21:36
  it
• 21:37
  probably
• 21:37
  wasn't
• 21:37
  as
• 21:38
  cohesive
• 21:38
  as
• 21:38
  what
• 21:39
  it
• 21:39
  looked
• 21:39
  like
• 21:39
  on
• 21:39
  the
• 21:40
  servers
• 21:40
  of
• 21:40
  the
• 21:40
  spreadsheet.
• 21:41
  Yeah,
• 21:41
  I
• 21:41
  guess
• 21:41
  in
• 21:42
  that
• 21:42
  case
• 21:42
  you're
• 21:42
  looking
• 21:43
  at,
• 21:43
  it's
• 21:43
  easy
• 21:43
  to
• 21:44
  sell
• 21:44
  the
• 21:44
  upside
• 21:44
  of
• 21:44
  like
• 21:45
  once
• 21:45
  we
• 21:45
  bring
• 21:45
  these
• 21:45
  10
• 21:45
  things
• 21:46
  together,
• 21:46
  we'll
• 21:46
  get
• 21:47
  the
• 21:47
  inner
• 21:47
  roll
• 21:47
  up,
• 21:47
  we'll
• 21:48
  get
• 21:48
  the
• 21:48
  operational
• 21:48
  efficiency
• 21:49
  benefits
• 21:50
  from
• 21:50
  having
• 21:50
  one
• 21:51
  servicing
• 21:51
  platform,
• 21:52
  one
• 21:52
  invoicing
• 21:52
  platform.
• 21:53
  Can
• 21:53
  you
• 21:53
  believe,
• 21:55
  one
• 21:55
  invoicing
• 21:56
  platform,
• 21:56
  One
• 21:56
  platform
• 21:56
  for
• 21:57
  whatever
• 21:57
  it
• 21:57
  might,
• 21:57
  one
• 21:57
  customer
• 21:58
  data
• 21:58
  platform,
• 21:58
  whatever
• 21:59
  it
• 21:59
  might
• 21:59
  be.
• 22:00
  But
• 22:01
  there's
• 22:01
  also
• 22:01
  going
• 22:02
  to
• 22:02
  be
• 22:02
  incongruencies
• 22:03
  as
• 22:03
  well
• 22:03
  of
• 22:03
  things
• 22:04
  like
• 22:04
  hey,
• 22:04
  as
• 22:04
  a
• 22:04
  combined
• 22:05
  company
• 22:05
  it
• 22:05
  no
• 22:05
  longer
• 22:06
  makes
• 22:06
  sense
• 22:07
  to
• 22:07
  offer
• 22:08
  this
• 22:08
  Service
• 22:08
  which
• 22:08
  represents
• 22:09
  60%
• 22:09
  of
• 22:10
  one
• 22:10
  of
• 22:10
  the
• 22:10
  10
• 22:10
  companies
• 22:10
  revenue.
• 22:11
  Right.
• 22:11
  For
• 22:11
  example.
• 22:12
  Yeah.
• 22:12
  Or
• 22:12
  it's
• 22:13
  hey,
• 22:13
  yeah,
• 22:15
  this
• 22:15
  one
• 22:16
  business
• 22:16
  you
• 22:16
  bought.
• 22:17
  Something
• 22:18
  was
• 22:18
  happening
• 22:19
  that
• 22:19
  day
• 22:19
  handed
• 22:20
  off
• 22:20
  and
• 22:20
  we're
• 22:20
  kind
• 22:20
  of
• 22:21
  presenting
• 22:21
  this
• 22:21
  is
• 22:21
  where
• 22:22
  it's
• 22:22
  going
• 22:22
  to
• 22:22
  continue
• 22:22
  to
• 22:22
  go
• 22:22
  and
• 22:22
  it's
• 22:23
  really
• 22:23
  not
• 22:23
  going
• 22:23
  that
• 22:23
  direction
• 22:23
  or
• 22:24
  vice
• 22:24
  versa
• 22:25
  of
• 22:25
  like
• 22:25
  maybe
• 22:25
  we
• 22:25
  can
• 22:26
  pull
• 22:27
  bits
• 22:27
  and
• 22:27
  pieces
• 22:27
  from
• 22:28
  each
• 22:28
  of
• 22:28
  these
• 22:28
  10
• 22:28
  that
• 22:29
  are
• 22:29
  best
• 22:29
  and
• 22:29
  pollinate
• 22:30
  them
• 22:30
  across.
• 22:32
  I
• 22:32
  think
• 22:33
  saw
• 22:33
  it
• 22:33
  go
• 22:33
  both
• 22:33
  ways
• 22:34
  where
• 22:34
  it
• 22:34
  wasn't.
• 22:35
  That
• 22:35
  cohesiveness
• 22:36
  wasn't
• 22:36
  really
• 22:36
  focused
• 22:37
  on
• 22:37
  afterwards.
• 22:37
  And
• 22:37
  I
• 22:37
  think
• 22:38
  if
• 22:38
  it's
• 22:38
  not,
• 22:38
  then
• 22:39
  that's
• 22:39
  where
• 22:39
  it
• 22:40
  starts
• 22:40
  falling
• 22:40
  apart
• 22:40
  because
• 22:40
  it
• 22:41
  is
• 22:41
  10
• 22:41
  different,
• 22:42
  10
• 22:42
  different
• 22:42
  pieces
• 22:44
  that
• 22:44
  aren't
• 22:45
  being
• 22:45
  operated
• 22:45
  together.
• 22:46
  And
• 22:46
  so
• 22:46
  I
• 22:46
  think
• 22:47
  focusing
• 22:47
  on
• 22:47
  that
• 22:48
  operational
• 22:48
  piece
• 22:49
  is
• 22:49
  definitely.
• 22:52
  We
• 22:53
  undersold
• 22:53
  how
• 22:54
  difficult
• 22:54
  it
• 22:54
  was
• 22:54
  to
• 22:54
  bring
• 22:55
  it
• 22:55
  together
• 22:55
  actually
• 22:55
  when
• 22:55
  we
• 22:55
  presented
• 22:56
  it
• 22:56
  as
• 22:56
  one,
• 22:56
  when
• 22:56
  it
• 22:57
  was
• 22:57
  really
• 22:57
  10
• 22:57
  different
• 22:57
  at
• 22:57
  the
• 22:58
  time.
• 22:58
  Yeah.
• 22:58
  I
• 22:58
  mean
• 22:59
  as
• 22:59
  I
• 22:59
  always
• 22:59
  say
• 22:59
  to
• 23:00
  my
• 23:00
  clients,
• 23:00
  change
• 23:00
  is
• 23:01
  inherently
• 23:01
  hard.
• 23:01
  Right.
• 23:02
  We
• 23:02
  can
• 23:02
  design
• 23:03
  the
• 23:03
  most
• 23:03
  technically
• 23:03
  perfect
• 23:05
  data
• 23:05
  architecture
• 23:07
  and
• 23:07
  a
• 23:07
  flawless
• 23:07
  plan
• 23:08
  to
• 23:09
  migrate
• 23:09
  to
• 23:09
  it.
• 23:09
  But
• 23:11
  often
• 23:11
  I
• 23:12
  think
• 23:12
  some
• 23:12
  of
• 23:13
  the
• 23:13
  biggest
• 23:13
  value
• 23:13
  that
• 23:13
  me
• 23:13
  and
• 23:13
  my
• 23:13
  team
• 23:14
  bring
• 23:14
  is
• 23:14
  the
• 23:14
  change
• 23:15
  management
• 23:15
  of
• 23:16
  people
• 23:17
  are
• 23:17
  used
• 23:17
  to
• 23:17
  doing
• 23:17
  their
• 23:17
  jobs
• 23:18
  a
• 23:18
  certain
• 23:18
  way
• 23:19
  and
• 23:19
  we're
• 23:19
  going
• 23:19
  to
• 23:19
  completely
• 23:20
  turn
• 23:20
  that
• 23:20
  on
• 23:20
  its
• 23:21
  head
• 23:21
  and
• 23:21
  make
• 23:21
  them
• 23:21
  use
• 23:21
  different
• 23:22
  systems
• 23:22
  in
• 23:22
  a
• 23:22
  different
• 23:23
  way
• 23:23
  and
• 23:23
  different
• 23:24
  things
• 23:24
  are
• 23:24
  going
• 23:24
  to
• 23:24
  feel
• 23:24
  like
• 23:24
  a
• 23:25
  priority
• 23:25
  compared
• 23:25
  to
• 23:25
  what
• 23:25
  they
• 23:26
  were
• 23:26
  before.
• 23:27
  And
• 23:28
  even
• 23:29
  larger
• 23:29
  businesses
• 23:29
  that
• 23:30
  are
• 23:30
  separated
• 23:30
  off
• 23:31
  into
• 23:31
  verticals.
• 23:34
  I
• 23:34
  think
• 23:34
  about
• 23:34
  this
• 23:34
  concept
• 23:35
  of
• 23:35
  tax
• 23:35
  in
• 23:36
  order
• 23:36
  to
• 23:36
  bring.
• 23:37
  And
• 23:38
  the
• 23:38
  same
• 23:38
  is
• 23:38
  true
• 23:38
  of
• 23:39
  10
• 23:39
  companies
• 23:39
  in
• 23:40
  a
• 23:40
  portfolio
• 23:40
  company
• 23:40
  doing
• 23:41
  a
• 23:41
  roll
• 23:41
  up
• 23:41
  as
• 23:41
  well.
• 23:41
  Right.
• 23:42
  So
• 23:42
  each
• 23:43
  of
• 23:43
  the
• 23:43
  10
• 23:43
  businesses
• 23:44
  are
• 23:44
  going
• 23:44
  to
• 23:44
  have
• 23:44
  to
• 23:44
  go
• 23:45
  through
• 23:45
  some
• 23:45
  change
• 23:46
  pain
• 23:47
  or
• 23:47
  some
• 23:47
  change
• 23:47
  management
• 23:48
  pain
• 23:48
  in
• 23:48
  order
• 23:49
  to
• 23:49
  align
• 23:50
  to
• 23:50
  the
• 23:50
  vision
• 23:50
  for
• 23:51
  the
• 23:51
  rolled
• 23:51
  up
• 23:51
  company.
• 23:52
  And
• 23:52
  that's
• 23:52
  going
• 23:52
  to
• 23:52
  feel
• 23:52
  like
• 23:53
  tax
• 23:53
  almost
• 23:53
  in
• 23:53
  a
• 23:53
  way
• 23:54
  because
• 23:54
  even
• 23:54
  if
• 23:55
  their
• 23:55
  company's
• 23:55
  not
• 23:56
  going
• 23:56
  to
• 23:56
  realize
• 23:56
  any
• 23:56
  individual
• 23:57
  benefit
• 23:57
  and
• 23:58
  sometimes
• 23:58
  it
• 23:58
  might
• 23:58
  even
• 23:58
  go
• 23:58
  backwards,
• 23:59
  CRM
• 23:59
  is
• 24:00
  the
• 24:00
  perfect
• 24:00
  example.
• 24:01
  People
• 24:01
  love
• 24:01
  to
• 24:01
  talk
• 24:01
  about
• 24:02
  CRMs
• 24:03
  and
• 24:03
  if
• 24:03
  those
• 24:03
  are
• 24:03
  on
• 24:03
  10
• 24:04
  different
• 24:04
  CRMs,
• 24:05
  you're
• 24:06
  going
• 24:06
  to
• 24:06
  want
• 24:06
  them
• 24:06
  on
• 24:06
  one
• 24:07
  CRM.
• 24:07
  So
• 24:07
  say
• 24:07
  you've
• 24:07
  got
• 24:08
  five
• 24:08
  on
• 24:08
  Salesforce
• 24:08
  and
• 24:09
  five
• 24:09
  on
• 24:09
  HubSpot,
• 24:10
  just
• 24:10
  for
• 24:10
  example
• 24:10
  and
• 24:11
  then
• 24:11
  five
• 24:11
  of
• 24:11
  the
• 24:11
  HubSpot
• 24:12
  ones
• 24:12
  are
• 24:12
  going
• 24:12
  to
• 24:12
  have
• 24:12
  to
• 24:12
  roll
• 24:12
  onto
• 24:13
  Salesforce.
• 24:14
  That's
• 24:14
  going
• 24:14
  to
• 24:15
  create
• 24:15
  pain,
• 24:16
  create
• 24:17
  a
• 24:17
  lot
• 24:17
  of
• 24:17
  work,
• 24:18
  change
• 24:18
  all
• 24:19
  the
• 24:19
  company's
• 24:19
  standard
• 24:19
  operating
• 24:20
  procedures
• 24:21
  and
• 24:21
  the
• 24:21
  benefit
• 24:22
  gets
• 24:22
  realized
• 24:22
  at
• 24:23
  the
• 24:23
  enterprise
• 24:23
  level,
• 24:23
  of
• 24:23
  course,
• 24:24
  because
• 24:24
  you've
• 24:24
  got
• 24:24
  the
• 24:24
  integrated
• 24:25
  data.
• 24:25
  But
• 24:25
  that
• 24:25
  individual
• 24:26
  company
• 24:26
  doesn't
• 24:26
  necessarily
• 24:27
  get
• 24:27
  any
• 24:27
  benefit
• 24:28
  from
• 24:28
  doing
• 24:28
  that.
• 24:30
  And
• 24:31
  I
• 24:31
  think
• 24:31
  that,
• 24:32
  I
• 24:32
  mean
• 24:32
  that's
• 24:32
  a
• 24:32
  good
• 24:32
  example
• 24:33
  because
• 24:33
  it's
• 24:33
  also
• 24:34
  what
• 24:34
  is
• 24:34
  captured
• 24:35
  in
• 24:35
  a
• 24:35
  CRM
• 24:35
  is
• 24:35
  very
• 24:36
  different
• 24:36
  from
• 24:36
  one
• 24:36
  organization
• 24:36
  to
• 24:37
  another
• 24:38
  and
• 24:38
  the
• 24:38
  consistency
• 24:39
  that
• 24:39
  it's
• 24:39
  done
• 24:39
  is
• 24:39
  like
• 24:40
  it
• 24:40
  almost
• 24:40
  depends
• 24:41
  on
• 24:41
  exactly
• 24:41
  the
• 24:41
  person
• 24:42
  by
• 24:42
  person
• 24:42
  of
• 24:42
  how
• 24:43
  it's
• 24:43
  being
• 24:43
  captured.
• 24:43
  And
• 24:43
  so
• 24:45
  if
• 24:45
  there
• 24:45
  is
• 24:46
  a
• 24:46
  simple
• 24:46
  way
• 24:46
  to
• 24:46
  try
• 24:46
  and
• 24:47
  extract
• 24:47
  different
• 24:47
  things
• 24:47
  you
• 24:48
  want
• 24:48
  from
• 24:48
  it
• 24:48
  of
• 24:48
  each,
• 24:49
  I
• 24:49
  think
• 24:49
  that's,
• 24:50
  that
• 24:51
  can
• 24:51
  be
• 24:51
  very
• 24:51
  helpful.
• 24:51
  But
• 24:52
  yeah,
• 24:52
  it
• 24:52
  is.
• 24:54
  I
• 24:54
  think
• 24:54
  there's
• 24:54
  been
• 24:54
  somewhat
• 24:54
  of
• 24:55
  a
• 24:55
  reckoning
• 24:55
  in
• 24:55
  the
• 24:56
  like,
• 24:56
  lower
• 24:57
  middle
• 24:57
  market,
• 24:58
  like
• 24:58
  private
• 24:58
  equity
• 24:59
  world
• 24:59
  just
• 24:59
  realizing
• 25:00
  that
• 25:00
  like
• 25:00
  you
• 25:01
  can't
• 25:01
  just
• 25:01
  do
• 25:02
  five
• 25:02
  acquisitions
• 25:03
  here.
• 25:03
  I
• 25:03
  now
• 25:03
  have
• 25:03
  a
• 25:04
  pro
• 25:04
  forma
• 25:04
  EBITDA
• 25:04
  of
• 25:05
  this
• 25:05
  and
• 25:05
  I
• 25:05
  can
• 25:05
  now
• 25:05
  trade
• 25:06
  it
• 25:06
  at
• 25:06
  this.
• 25:06
  Like
• 25:06
  there
• 25:06
  is
• 25:07
  operational
• 25:08
  muscle
• 25:09
  that
• 25:09
  has
• 25:09
  to
• 25:09
  come
• 25:09
  in
• 25:10
  to
• 25:10
  make
• 25:11
  sure
• 25:11
  you
• 25:11
  are
• 25:11
  capturing
• 25:11
  kind
• 25:12
  of
• 25:12
  all
• 25:12
  the
• 25:13
  benefits
• 25:13
  that
• 25:13
  you
• 25:13
  kind
• 25:13
  of
• 25:13
  see
• 25:13
  on
• 25:14
  the
• 25:14
  front
• 25:14
  end.
• 25:15
  And
• 25:15
  so
• 25:15
  I
• 25:15
  think
• 25:15
  that
• 25:16
  there's
• 25:16
  definitely
• 25:16
  been
• 25:17
  very
• 25:17
  different
• 25:17
  perspective
• 25:18
  I
• 25:18
  feel
• 25:18
  like
• 25:19
  even
• 25:19
  in
• 25:19
  the
• 25:19
  last
• 25:19
  five
• 25:19
  years
• 25:20
  than
• 25:20
  there
• 25:20
  was
• 25:20
  10
• 25:21
  years
• 25:21
  ago.
• 25:21
  And
• 25:21
  like
• 25:21
  when
• 25:22
  people
• 25:22
  are
• 25:23
  cobbling
• 25:23
  together
• 25:23
  all
• 25:23
  kinds
• 25:24
  of
• 25:24
  stuff.
• 25:24
  So
• 25:24
  yeah,
• 25:24
  it's.
• 25:25
  That
• 25:25
  that
• 25:25
  is
• 25:26
  the
• 25:26
  biggest
• 25:26
  thing
• 25:26
  that
• 25:27
  gets
• 25:27
  lost,
• 25:27
  I
• 25:27
  feel
• 25:27
  like,
• 25:27
  is
• 25:28
  yes,
• 25:28
  we
• 25:28
  can
• 25:28
  change
• 25:28
  this,
• 25:28
  yes
• 25:29
  we
• 25:29
  can
• 25:29
  get
• 25:29
  them
• 25:29
  all
• 25:29
  into
• 25:29
  one
• 25:29
  tier
• 25:30
  of
• 25:30
  yes,
• 25:30
  there's
• 25:30
  many
• 25:30
  benefits,
• 25:31
  but
• 25:31
  the
• 25:31
  person
• 25:32
  that
• 25:32
  is
• 25:32
  going
• 25:32
  to
• 25:32
  be
• 25:32
  changing
• 25:33
  their
• 25:33
  behavior
• 25:33
  is
• 25:34
  that
• 25:35
  sometimes
• 25:35
  doesn't
• 25:35
  show
• 25:35
  up
• 25:36
  in
• 25:36
  the,
• 25:36
  on
• 25:36
  the
• 25:36
  PowerPoint.
• 25:37
  Yeah,
• 25:37
  absolutely.
• 25:38
  And
• 25:38
  you
• 25:38
  know,
• 25:38
  I've,
• 25:39
  I've
• 25:39
  even,
• 25:40
  I've
• 25:40
  had
• 25:41
  prospect
• 25:41
  prospects
• 25:42
  that
• 25:42
  I've
• 25:42
  spoken
• 25:42
  to
• 25:43
  that
• 25:43
  I've
• 25:43
  ended
• 25:43
  up
• 25:44
  offering
• 25:45
  a
• 25:45
  proposal
• 25:45
  to
• 25:45
  because
• 25:46
  actually
• 25:47
  they
• 25:47
  come
• 25:47
  and
• 25:47
  talk
• 25:47
  about
• 25:48
  they
• 25:48
  need
• 25:48
  to
• 25:48
  consolidate
• 25:48
  a
• 25:49
  data
• 25:49
  infrastructure
• 25:49
  or
• 25:50
  pick
• 25:50
  a
• 25:50
  CRM
• 25:50
  and
• 25:51
  put
• 25:51
  it
• 25:51
  across,
• 25:51
  but
• 25:52
  the
• 25:52
  truth
• 25:52
  is
• 25:52
  they're
• 25:52
  just
• 25:52
  not
• 25:53
  collecting
• 25:53
  the
• 25:54
  data.
• 25:54
  You
• 25:54
  can
• 25:54
  put
• 25:54
  a
• 25:54
  CRM
• 25:55
  across
• 25:55
  any
• 25:55
  set
• 25:55
  of
• 25:56
  data,
• 25:56
  but
• 25:56
  if
• 25:56
  there's
• 25:56
  no
• 25:57
  primary
• 25:57
  key
• 25:57
  or
• 25:57
  way
• 25:57
  to
• 25:58
  join
• 25:58
  client
• 25:58
  activity
• 26:01
  across
• 26:01
  that
• 26:01
  data,
• 26:01
  like
• 26:03
  this
• 26:03
  is
• 26:03
  one
• 26:04
  of
• 26:04
  my
• 26:04
  bugbears
• 26:04
  with
• 26:04
  AI.
• 26:05
  AI
• 26:05
  has
• 26:05
  made
• 26:05
  a
• 26:05
  lot
• 26:06
  of
• 26:06
  people
• 26:06
  very
• 26:06
  good
• 26:06
  at
• 26:06
  marketing
• 26:07
  very
• 26:07
  quickly
• 26:10
  and
• 26:10
  it
• 26:10
  hasn't
• 26:11
  made
• 26:11
  a
• 26:11
  lot
• 26:11
  of
• 26:11
  people
• 26:11
  very
• 26:11
  good
• 26:11
  at
• 26:12
  delivering
• 26:12
  value
• 26:12
  very
• 26:12
  quickly
• 26:13
  or
• 26:14
  not
• 26:14
  yet
• 26:14
  at
• 26:14
  least
• 26:15
  I've
• 26:15
  not
• 26:15
  seen
• 26:15
  that
• 26:15
  come
• 26:16
  through
• 26:16
  yet.
• 26:17
  So
• 26:17
  CRMs
• 26:17
  are
• 26:18
  great
• 26:18
  at
• 26:18
  selling
• 26:19
  the
• 26:19
  benefits,
• 26:20
  but
• 26:20
  they
• 26:20
  rely
• 26:21
  on
• 26:21
  perfect,
• 26:22
  uniform,
• 26:22
  well
• 26:22
  organized
• 26:23
  data
• 26:23
  that's
• 26:23
  sort
• 26:24
  of
• 26:24
  treatable
• 26:24
  across
• 26:24
  multiple
• 26:25
  systems.
• 26:25
  And
• 26:26
  they
• 26:26
  sell
• 26:26
  the
• 26:27
  dream
• 26:27
  of,
• 26:28
  oh,
• 26:29
  every
• 26:29
  contact
• 26:30
  point
• 26:30
  with
• 26:30
  my
• 26:30
  customer,
• 26:30
  whether
• 26:31
  they
• 26:31
  call
• 26:31
  me
• 26:31
  or
• 26:32
  text
• 26:32
  me
• 26:32
  or
• 26:32
  email
• 26:33
  me
• 26:34
  or
• 26:34
  visit
• 26:35
  my
• 26:35
  website,
• 26:35
  like
• 26:35
  it'll
• 26:36
  all
• 26:36
  be
• 26:36
  tied
• 26:36
  together
• 26:36
  in
• 26:36
  one
• 26:37
  neat
• 26:37
  place.
• 26:37
  But
• 26:37
  unless
• 26:37
  you've
• 26:38
  got
• 26:38
  the
• 26:38
  data
• 26:38
  infrastructure
• 26:39
  to
• 26:41
  connect
• 26:41
  those
• 26:41
  things
• 26:42
  together,
• 26:42
  like
• 26:43
  the
• 26:43
  CRM
• 26:43
  is
• 26:43
  just
• 26:44
  going
• 26:44
  to
• 26:44
  stand
• 26:44
  and
• 26:44
  stare
• 26:44
  at
• 26:44
  you
• 26:49
  and
• 26:49
  create
• 26:50
  four
• 26:50
  different
• 26:51
  records
• 26:51
  for
• 26:51
  you
• 26:51
  as
• 26:52
  well.
• 26:53
  Yeah,
• 26:53
  I
• 26:53
  mean
• 26:53
  that's
• 26:54
  honestly
• 26:55
  with
• 26:55
  accounting,
• 26:56
  that's
• 26:57
  where
• 26:57
  it's
• 26:57
  like,
• 26:57
  okay,
• 26:57
  well
• 26:58
  we
• 26:58
  have
• 26:58
  to
• 26:58
  have
• 26:58
  the
• 26:58
  right
• 26:58
  answer.
• 26:59
  And
• 26:59
  so
• 27:00
  there
• 27:00
  is
• 27:00
  all
• 27:00
  these
• 27:00
  systems,
• 27:01
  all
• 27:01
  this
• 27:01
  data
• 27:01
  everywhere.
• 27:02
  But
• 27:02
  sometimes
• 27:03
  our
• 27:03
  job
• 27:03
  would
• 27:03
  be
• 27:03
  super
• 27:04
  painful
• 27:04
  because
• 27:04
  it's
• 27:04
  like,
• 27:04
  okay,
• 27:04
  well
• 27:05
  we
• 27:05
  have
• 27:05
  to
• 27:05
  have
• 27:05
  the
• 27:05
  right
• 27:05
  answer.
• 27:06
  Like
• 27:06
  how?
• 27:06
  Like
• 27:06
  what
• 27:07
  was
• 27:07
  invoiced,
• 27:07
  what
• 27:08
  was
• 27:08
  collected,
• 27:08
  like
• 27:09
  what
• 27:09
  is
• 27:09
  the
• 27:09
  correct
• 27:10
  answer
• 27:10
  on
• 27:10
  this?
• 27:10
  And
• 27:10
  so
• 27:11
  that
• 27:11
  can
• 27:12
  be
• 27:12
  like
• 27:12
  AI.
• 27:13
  Yes,
• 27:13
  AI
• 27:13
  can
• 27:14
  pull
• 27:14
  all
• 27:14
  this
• 27:14
  data
• 27:14
  out
• 27:14
  and
• 27:14
  aggregate
• 27:15
  it,
• 27:15
  but
• 27:15
  it's
• 27:15
  like,
• 27:16
  well,
• 27:16
  is
• 27:16
  that
• 27:16
  right
• 27:16
  or
• 27:17
  not?
• 27:17
  And
• 27:17
  so
• 27:18
  that
• 27:18
  like,
• 27:19
  I
• 27:19
  feel
• 27:19
  like,
• 27:20
  I
• 27:20
  don't
• 27:20
  know,
• 27:20
  knock
• 27:20
  on.
• 27:20
  I
• 27:21
  mean
• 27:21
  I'm
• 27:21
  obviously
• 27:21
  biased,
• 27:22
  but
• 27:22
  that's
• 27:22
  one
• 27:22
  of
• 27:22
  the
• 27:22
  biggest
• 27:23
  things
• 27:23
  that
• 27:23
  everyone
• 27:23
  has.
• 27:24
  AI
• 27:24
  is
• 27:24
  going
• 27:24
  to
• 27:24
  change
• 27:24
  accounting.
• 27:25
  AI
• 27:25
  is
• 27:25
  going
• 27:25
  to
• 27:25
  do
• 27:25
  this.
• 27:25
  And
• 27:26
  yes
• 27:26
  it
• 27:26
  is,
• 27:27
  but
• 27:27
  you're
• 27:27
  still
• 27:27
  gonna.
• 27:27
  There's
• 27:28
  still
• 27:28
  that
• 27:28
  element
• 27:28
  of
• 27:28
  like,
• 27:28
  well,
• 27:28
  is
• 27:29
  it
• 27:29
  right
• 27:29
  and
• 27:29
  is
• 27:29
  it
• 27:30
  good?
• 27:30
  And
• 27:30
  so
• 27:30
  like
• 27:31
  that
• 27:31
  isn't.
• 27:31
  We're
• 27:32
  so
• 27:32
  far,
• 27:32
  I
• 27:32
  feel
• 27:32
  like
• 27:33
  from
• 27:33
  having
• 27:33
  quickly
• 27:34
  being
• 27:34
  able
• 27:34
  to
• 27:34
  get
• 27:34
  to
• 27:35
  those
• 27:35
  answers
• 27:35
  of
• 27:35
  is
• 27:35
  it
• 27:36
  right
• 27:36
  or
• 27:36
  is
• 27:36
  it
• 27:36
  good?
• 27:36
  Yeah.
• 27:37
  And
• 27:38
  there
• 27:38
  was
• 27:38
  nuance
• 27:38
  to
• 27:39
  it
• 27:39
  as
• 27:39
  well.
• 27:39
  Like
• 27:39
  even
• 27:39
  to
• 27:39
  pick
• 27:40
  an
• 27:40
  example
• 27:40
  of
• 27:40
  my
• 27:40
  own,
• 27:40
  like
• 27:41
  I
• 27:41
  was
• 27:42
  talking
• 27:42
  with
• 27:42
  your
• 27:42
  team
• 27:42
  just
• 27:42
  before
• 27:42
  you
• 27:43
  came
• 27:43
  on,
• 27:43
  on
• 27:44
  email
• 27:45
  about
• 27:45
  the
• 27:45
  P
• 27:45
  and
• 27:45
  L.
• 27:46
  Like
• 27:46
  one
• 27:46
  of
• 27:47
  my
• 27:47
  main
• 27:47
  clients,
• 27:47
  I
• 27:47
  think
• 27:48
  their
• 27:48
  August
• 27:49
  payment
• 27:49
  because
• 27:50
  of
• 27:50
  holidays
• 27:51
  or
• 27:51
  their
• 27:51
  cycles,
• 27:51
  whatever,
• 27:51
  like
• 27:52
  ended
• 27:52
  up
• 27:52
  landing
• 27:52
  on
• 27:52
  July
• 27:53
  31st.
• 27:53
  So
• 27:53
  I've
• 27:54
  now
• 27:54
  got
• 27:54
  this,
• 27:54
  what
• 27:54
  looks
• 27:55
  like
• 27:55
  a
• 27:55
  wild
• 27:55
  month
• 27:55
  in
• 27:56
  a
• 27:56
  wildly
• 27:56
  successful
• 27:57
  month
• 27:57
  in
• 27:57
  July
• 27:57
  and
• 27:57
  a
• 27:57
  wildly
• 27:58
  unsuccess
• 27:58
  successful
• 27:59
  month
• 27:59
  in
• 27:59
  August
• 28:00
  because
• 28:00
  my
• 28:00
  costs
• 28:01
  proceeded
• 28:01
  on
• 28:02
  the
• 28:02
  typical
• 28:03
  thing.
• 28:03
  And
• 28:03
  that's
• 28:03
  the
• 28:03
  sort
• 28:03
  of
• 28:03
  thing
• 28:04
  nuance
• 28:04
  that
• 28:04
  would
• 28:05
  be
• 28:05
  really
• 28:05
  hard
• 28:05
  for
• 28:05
  an
• 28:05
  AI
• 28:05
  to
• 28:05
  pick
• 28:06
  out.
• 28:06
  Whereas
• 28:07
  for
• 28:07
  a
• 28:07
  human
• 28:07
  it's
• 28:08
  like,
• 28:08
  well,
• 28:08
  obviously
• 28:08
  this
• 28:09
  just
• 28:09
  got
• 28:09
  paid
• 28:09
  a
• 28:09
  day
• 28:09
  earlier
• 28:09
  than
• 28:10
  it
• 28:10
  normally
• 28:10
  does
• 28:10
  and
• 28:10
  it's
• 28:11
  throwing
• 28:11
  all
• 28:11
  the
• 28:11
  numbers
• 28:11
  off.
• 28:12
  Right.
• 28:12
  You've
• 28:12
  got
• 28:12
  two
• 28:12
  payments
• 28:12
  in
• 28:13
  this
• 28:13
  month
• 28:13
  and
• 28:13
  zero
• 28:13
  in
• 28:13
  this
• 28:14
  month.
• 28:14
  So
• 28:15
  therefore
• 28:15
  there's
• 28:15
  nothing
• 28:15
  to
• 28:16
  worry
• 28:16
  about
• 28:16
  from
• 28:16
  this
• 28:16
  huge
• 28:17
  fluctuation
• 28:17
  that
• 28:17
  you're
• 28:18
  seeing.
• 28:18
  I
• 28:18
  mean,
• 28:18
  it's
• 28:19
  another
• 28:19
  thing
• 28:19
  that
• 28:20
  in
• 28:20
  private
• 28:20
  equity
• 28:20
  world,
• 28:20
  obviously
• 28:21
  these
• 28:21
  issues
• 28:21
  get
• 28:21
  shaken
• 28:22
  out
• 28:22
  way
• 28:22
  before
• 28:22
  it
• 28:23
  gets
• 28:23
  to
• 28:24
  an
• 28:24
  acquisition.
• 28:24
  But
• 28:25
  you
• 28:25
  could
• 28:25
  go
• 28:25
  back
• 28:26
  five
• 28:26
  years
• 28:26
  for
• 28:26
  example,
• 28:26
  and
• 28:27
  think
• 28:27
  of,
• 28:27
  you
• 28:28
  could
• 28:28
  have
• 28:28
  a
• 28:28
  stock
• 28:28
  photography
• 28:29
  company
• 28:30
  that's
• 28:30
  got
• 28:30
  an
• 28:30
  incredibly
• 28:31
  healthy
• 28:31
  looking
• 28:31
  P
• 28:31
  and
• 28:32
  L,
• 28:32
  but
• 28:33
  with
• 28:33
  the
• 28:33
  technology
• 28:34
  and
• 28:34
  tools
• 28:34
  that
• 28:34
  have
• 28:35
  since
• 28:35
  become
• 28:35
  available
• 28:36
  at
• 28:36
  the
• 28:36
  time
• 28:36
  we're
• 28:36
  all
• 28:37
  beginning
• 28:37
  to
• 28:38
  come
• 28:38
  available,
• 28:38
  that's
• 28:39
  not
• 28:39
  necessarily
• 28:39
  then
• 28:42
  an
• 28:42
  attractive
• 28:42
  company
• 28:44
  to
• 28:44
  do
• 28:44
  because
• 28:45
  the
• 28:45
  world
• 28:45
  changes
• 28:45
  around
• 28:46
  it
• 28:46
  and
• 28:47
  it's
• 28:48
  again
• 28:51
  the
• 28:52
  other
• 28:52
  tension
• 28:52
  that
• 28:52
  founders
• 28:53
  just
• 28:53
  have
• 28:53
  to
• 28:53
  deal
• 28:53
  with.
• 28:54
  There's
• 28:54
  much
• 28:54
  advantage
• 28:55
  in
• 28:55
  focusing
• 28:55
  what
• 28:55
  you're
• 28:56
  good
• 28:56
  at
• 28:56
  delivering
• 28:56
  and
• 28:56
  carrying
• 28:57
  on
• 28:57
  doing
• 28:57
  that
• 28:57
  and
• 28:57
  making
• 28:57
  it
• 28:57
  better
• 28:58
  and
• 28:58
  scaling
• 28:58
  it.
• 28:59
  But
• 28:59
  also
• 28:59
  you
• 29:00
  need
• 29:00
  to
• 29:00
  be
• 29:00
  aware
• 29:00
  that
• 29:00
  the
• 29:01
  world
• 29:01
  changes
• 29:01
  around
• 29:01
  you
• 29:02
  and
• 29:02
  what
• 29:03
  you
• 29:03
  need
• 29:03
  to
• 29:03
  offer
• 29:03
  might
• 29:03
  change
• 29:04
  as
• 29:04
  well.
• 29:04
  So
• 29:05
  thinking
• 29:05
  about
• 29:05
  small
• 29:06
  businesses
• 29:06
  getting
• 29:06
  started,
• 29:07
  what
• 29:07
  are
• 29:08
  the
• 29:08
  three
• 29:09
  data
• 29:09
  points
• 29:09
  or
• 29:09
  the
• 29:09
  three
• 29:10
  things
• 29:10
  that
• 29:12
  everyone
• 29:12
  who
• 29:12
  does
• 29:12
  it
• 29:12
  wants
• 29:12
  to
• 29:13
  be
• 29:13
  successful?
• 29:13
  Of
• 29:13
  course.
• 29:13
  But
• 29:14
  what
• 29:15
  early
• 29:15
  three
• 29:16
  data
• 29:16
  points
• 29:16
  would
• 29:16
  you
• 29:16
  look
• 29:17
  at
• 29:17
  in
• 29:17
  a
• 29:17
  small
• 29:17
  business
• 29:18
  to
• 29:19
  establish
• 29:19
  whether
• 29:20
  or
• 29:20
  not
• 29:20
  it's
• 29:20
  going
• 29:20
  to
• 29:20
  be
• 29:21
  successful?
• 29:22
  This
• 29:22
  is
• 29:22
  not
• 29:22
  a
• 29:22
  financial
• 29:23
  thing,
• 29:23
  but
• 29:23
  I
• 29:23
  think
• 29:23
  knowing
• 29:23
  the
• 29:24
  why,
• 29:24
  why
• 29:24
  is
• 29:24
  this
• 29:25
  business
• 29:25
  owner
• 29:25
  doing
• 29:25
  this?
• 29:26
  What
• 29:26
  is
• 29:26
  their
• 29:26
  personal
• 29:27
  motivation
• 29:28
  for
• 29:28
  doing
• 29:28
  this?
• 29:29
  I
• 29:29
  think
• 29:29
  if
• 29:29
  it
• 29:29
  is
• 29:30
  like
• 29:30
  a
• 29:31
  genuine
• 29:31
  interest,
• 29:32
  a
• 29:32
  genuine
• 29:32
  passion,
• 29:33
  a
• 29:33
  genuine
• 29:33
  curiosity,
• 29:34
  like
• 29:35
  that
• 29:35
  matters
• 29:36
  versus
• 29:36
  if
• 29:36
  it's
• 29:36
  someone
• 29:37
  who's
• 29:37
  just
• 29:37
  like,
• 29:37
  hey,
• 29:38
  I
• 29:38
  heard
• 29:38
  you
• 29:38
  can
• 29:38
  make
• 29:38
  a
• 29:38
  quick
• 29:38
  buck
• 29:39
  doing
• 29:39
  this.
• 29:40
  And
• 29:40
  so
• 29:40
  like
• 29:41
  that
• 29:42
  ultimate
• 29:43
  reason
• 29:43
  why.
• 29:44
  Like
• 29:44
  that
• 29:44
  gets
• 29:44
  you
• 29:45
  through
• 29:45
  the
• 29:45
  gritty
• 29:46
  stage,
• 29:46
  that
• 29:46
  gets
• 29:46
  you
• 29:46
  through
• 29:47
  the
• 29:47
  troubles,
• 29:47
  that
• 29:47
  gets
• 29:47
  you
• 29:48
  through
• 29:48
  all
• 29:48
  of
• 29:48
  that.
• 29:48
  Like
• 29:48
  that
• 29:49
  to
• 29:49
  me
• 29:49
  is
• 29:49
  like
• 29:49
  almost
• 29:49
  more
• 29:50
  important
• 29:50
  than,
• 29:50
  hey,
• 29:51
  I
• 29:51
  think
• 29:51
  I
• 29:51
  can
• 29:51
  make
• 29:51
  a
• 29:51
  quick
• 29:52
  buck
• 29:52
  doing
• 29:54
  something
• 29:54
  else.
• 29:54
  And
• 29:55
  so
• 29:55
  that
• 29:55
  to
• 29:55
  me,
• 29:56
  for
• 29:56
  the
• 29:56
  business
• 29:56
  owner
• 29:56
  who's
• 29:56
  going
• 29:57
  to
• 29:57
  devote
• 29:58
  a
• 29:58
  lot
• 29:58
  of
• 29:58
  time
• 29:58
  to
• 29:58
  it,
• 29:59
  their
• 29:59
  why
• 30:00
  is
• 30:00
  what's
• 30:00
  going
• 30:00
  to
• 30:00
  get
• 30:00
  them
• 30:00
  through
• 30:00
  the
• 30:01
  challenging
• 30:01
  time.
• 30:01
  Because
• 30:02
  it's
• 30:02
  lonely,
• 30:03
  right?
• 30:04
  There's
• 30:04
  no
• 30:04
  one
• 30:05
  else
• 30:05
  in
• 30:05
  the
• 30:05
  organization
• 30:05
  that
• 30:06
  quite
• 30:06
  has
• 30:06
  the
• 30:06
  same
• 30:07
  perspective
• 30:07
  where
• 30:08
  you
• 30:08
  can
• 30:08
  even
• 30:08
  really
• 30:08
  share
• 30:09
  everything
• 30:09
  with.
• 30:09
  And
• 30:09
  so
• 30:10
  I
• 30:10
  think
• 30:10
  that's
• 30:11
  the
• 30:11
  biggest
• 30:11
  thing
• 30:12
  that
• 30:12
  we
• 30:12
  often
• 30:13
  talk
• 30:13
  to
• 30:14
  our
• 30:14
  owners
• 30:14
  about
• 30:15
  is
• 30:15
  because
• 30:15
  we
• 30:16
  do
• 30:16
  see
• 30:16
  behind
• 30:16
  the
• 30:16
  curtains
• 30:17
  a
• 30:17
  lot,
• 30:17
  we
• 30:17
  do
• 30:17
  have
• 30:18
  kind
• 30:18
  of
• 30:18
  more
• 30:18
  real
• 30:18
  conversations,
• 30:19
  I
• 30:19
  feel
• 30:19
  like,
• 30:20
  with
• 30:20
  the
• 30:20
  owners.
• 30:21
  And
• 30:21
  it's
• 30:21
  like
• 30:21
  there's
• 30:22
  not
• 30:22
  only
• 30:22
  so
• 30:22
  many
• 30:22
  people
• 30:22
  in
• 30:23
  their,
• 30:24
  like
• 30:24
  in
• 30:25
  their
• 30:25
  Rolodex,
• 30:25
  they
• 30:25
  can
• 30:26
  kind
• 30:26
  of
• 30:26
  share
• 30:26
  that
• 30:26
  have
• 30:26
  the
• 30:26
  same
• 30:27
  kind
• 30:27
  of
• 30:27
  behind
• 30:27
  the
• 30:27
  curve
• 30:27
  with
• 30:27
  you.
• 30:28
  And
• 30:28
  so
• 30:28
  I
• 30:28
  think
• 30:29
  that's,
• 30:29
  that's
• 30:30
  kind
• 30:30
  of
• 30:30
  the
• 30:30
  other
• 30:30
  piece
• 30:30
  is
• 30:30
  like,
• 30:31
  do
• 30:31
  you
• 30:31
  have
• 30:31
  someone
• 30:31
  you
• 30:31
  can
• 30:32
  personally
• 30:32
  just
• 30:32
  connect
• 30:33
  with
• 30:33
  and
• 30:33
  talk
• 30:33
  through
• 30:33
  and
• 30:33
  talk
• 30:33
  through
• 30:34
  business
• 30:34
  issues
• 30:34
  even
• 30:35
  if
• 30:35
  it's
• 30:35
  not.
• 30:36
  And
• 30:37
  so
• 30:37
  often
• 30:37
  I
• 30:37
  like,
• 30:38
  we
• 30:38
  like
• 30:38
  to
• 30:38
  meet
• 30:38
  with
• 30:38
  our
• 30:38
  clients
• 30:39
  regularly.
• 30:39
  Yes,
• 30:40
  we
• 30:40
  are
• 30:40
  talking
• 30:40
  through
• 30:40
  like
• 30:41
  your
• 30:41
  software
• 30:42
  spend
• 30:42
  is
• 30:42
  going
• 30:42
  up.
• 30:42
  Yes,
• 30:43
  you
• 30:43
  sold
• 30:43
  more
• 30:43
  of
• 30:44
  X
• 30:44
  product
• 30:44
  instead
• 30:45
  of
• 30:45
  Y
• 30:45
  product.
• 30:46
  But
• 30:46
  it's
• 30:46
  also
• 30:47
  just
• 30:47
  like,
• 30:47
  hey,
• 30:47
  how
• 30:47
  are
• 30:47
  you?
• 30:48
  What's
• 30:48
  going
• 30:48
  on?
• 30:48
  Like
• 30:48
  the
• 30:49
  house,
• 30:49
  how
• 30:49
  are
• 30:49
  things
• 30:50
  going?
• 30:50
  Because
• 30:50
  I
• 30:50
  think
• 30:50
  that
• 30:50
  there
• 30:51
  is
• 30:51
  only
• 30:51
  so
• 30:51
  many
• 30:51
  outlets
• 30:52
  that
• 30:52
  I
• 30:52
  feel
• 30:52
  like
• 30:53
  a
• 30:53
  business
• 30:53
  owner
• 30:53
  has
• 30:54
  for
• 30:54
  that.
• 30:54
  And
• 30:54
  so
• 30:54
  I
• 30:54
  think
• 30:55
  my,
• 30:55
  like
• 30:56
  my
• 30:56
  advice
• 30:56
  to
• 30:56
  someone
• 30:56
  who
• 30:57
  is,
• 30:57
  I'm
• 30:57
  going
• 30:57
  to
• 30:57
  start
• 30:57
  my
• 30:57
  own
• 30:57
  thing.
• 30:58
  What
• 30:58
  are
• 30:58
  you
• 30:58
  going
• 30:58
  to
• 30:58
  do
• 30:58
  is
• 30:58
  like
• 30:59
  one
• 30:59
  know
• 30:59
  your
• 31:00
  why.
• 31:00
  Because
• 31:00
  that's
• 31:00
  when
• 31:00
  you
• 31:00
  get
• 31:00
  you
• 31:01
  through,
• 31:01
  that's
• 31:01
  when
• 31:01
  you
• 31:01
  give
• 31:01
  you
• 31:01
  the
• 31:02
  grit
• 31:02
  to
• 31:02
  get
• 31:02
  through.
• 31:02
  But
• 31:02
  then
• 31:03
  two
• 31:03
  is
• 31:03
  like
• 31:03
  have
• 31:04
  people
• 31:04
  that
• 31:04
  you
• 31:05
  feel
• 31:05
  like
• 31:05
  you
• 31:05
  can
• 31:06
  rely
• 31:06
  on
• 31:06
  and
• 31:07
  help
• 31:07
  you
• 31:07
  when
• 31:07
  you
• 31:07
  have
• 31:08
  challenging
• 31:08
  times
• 31:08
  and
• 31:09
  can
• 31:09
  just
• 31:09
  commiserate
• 31:09
  you.
• 31:10
  Because
• 31:10
  I
• 31:10
  think
• 31:10
  those
• 31:10
  are
• 31:10
  the,
• 31:11
  those
• 31:11
  are
• 31:11
  the
• 31:11
  two
• 31:12
  things
• 31:12
  that
• 31:12
  have
• 31:12
  to
• 31:12
  kind
• 31:12
  of
• 31:12
  be
• 31:13
  in
• 31:13
  place
• 31:13
  for
• 31:13
  an
• 31:13
  entrepreneur
• 31:14
  who's
• 31:14
  starting
• 31:14
  from
• 31:14
  scratch
• 31:15
  to
• 31:15
  kind
• 31:15
  of
• 31:15
  really
• 31:15
  be
• 31:16
  successful.
• 31:16
  And
• 31:16
  so,
• 31:16
  and
• 31:17
  yes,
• 31:17
  there
• 31:17
  are
• 31:17
  things
• 31:18
  kind
• 31:18
  of
• 31:18
  financially
• 31:18
  to
• 31:19
  look
• 31:19
  at.
• 31:19
  Like,
• 31:19
  once
• 31:19
  you
• 31:19
  kind
• 31:19
  of
• 31:19
  get
• 31:20
  beyond
• 31:20
  that,
• 31:20
  like,
• 31:21
  make
• 31:21
  sure
• 31:21
  we
• 31:21
  understand
• 31:21
  how
• 31:22
  we're
• 31:22
  going
• 31:22
  to,
• 31:23
  what
• 31:23
  our
• 31:23
  plan,
• 31:23
  what
• 31:24
  our
• 31:24
  marketing
• 31:25
  plan
• 31:25
  is
• 31:25
  kind
• 31:26
  of
• 31:26
  how
• 31:26
  we're
• 31:26
  going
• 31:26
  to
• 31:26
  get
• 31:26
  paid.
• 31:28
  When
• 31:28
  do
• 31:28
  we
• 31:28
  have,
• 31:28
  do
• 31:29
  we
• 31:29
  have
• 31:29
  a
• 31:29
  way
• 31:29
  to
• 31:29
  measure,
• 31:29
  like
• 31:30
  when
• 31:30
  we
• 31:30
  can
• 31:30
  bring
• 31:30
  on
• 31:31
  additional
• 31:31
  people
• 31:31
  or
• 31:32
  locations
• 31:33
  or
• 31:33
  what
• 31:33
  have
• 31:33
  you
• 31:33
  have
• 31:33
  some
• 31:33
  kind
• 31:34
  of
• 31:34
  consistent
• 31:34
  way
• 31:34
  to
• 31:34
  measure
• 31:34
  that.
• 31:35
  But
• 31:36
  if
• 31:37
  those
• 31:37
  first
• 31:37
  two
• 31:37
  things
• 31:37
  are
• 31:37
  right,
• 31:38
  I
• 31:38
  feel
• 31:38
  like
• 31:38
  the
• 31:38
  owners
• 31:39
  more
• 31:39
  often
• 31:39
  than
• 31:39
  not
• 31:39
  we
• 31:39
  can
• 31:40
  kind
• 31:40
  of
• 31:40
  work
• 31:40
  with
• 31:40
  them
• 31:40
  to
• 31:41
  get
• 31:41
  the
• 31:41
  right
• 31:41
  spots
• 31:41
  from
• 31:41
  there
• 31:42
  financially.
• 31:42
  Yeah,
• 31:43
  and
• 31:43
  just
• 31:43
  a
• 31:43
  quick
• 31:43
  one
• 31:44
  on
• 31:44
  that
• 31:44
  last
• 31:44
  thing.
• 31:44
  This
• 31:45
  is
• 31:45
  just
• 31:46
  another
• 31:48
  tough
• 31:48
  thing
• 31:49
  that
• 31:49
  business
• 31:49
  owners
• 31:49
  have
• 31:49
  to
• 31:50
  deal
• 31:50
  with.
• 31:50
  Like
• 31:50
  if
• 31:50
  you
• 31:50
  go
• 31:50
  to
• 31:52
  the
• 31:52
  books
• 31:52
  and
• 31:53
  to
• 31:53
  the
• 31:53
  youtubes
• 31:53
  and
• 31:53
  whatever
• 31:54
  else
• 31:54
  they'll
• 31:54
  talk
• 31:55
  about,
• 31:55
  you
• 31:55
  know,
• 31:56
  they'll
• 31:56
  sometimes
• 31:58
  oversimplify
• 31:58
  the
• 31:58
  business
• 31:59
  and
• 31:59
  make
• 31:59
  it
• 31:59
  like,
• 32:00
  okay,
• 32:00
  well,
• 32:00
  all
• 32:00
  you
• 32:00
  need
• 32:01
  to
• 32:01
  do
• 32:01
  is
• 32:01
  make
• 32:01
  your
• 32:02
  customer
• 32:02
  lifetime
• 32:02
  value
• 32:03
  higher
• 32:03
  than
• 32:03
  your
• 32:03
  customer
• 32:04
  acquisition
• 32:04
  cost.
• 32:05
  And
• 32:05
  that's
• 32:06
  all
• 32:06
  well
• 32:06
  and
• 32:06
  good,
• 32:06
  but
• 32:06
  you
• 32:07
  know,
• 32:07
  as
• 32:07
  a
• 32:07
  data
• 32:07
  professional,
• 32:09
  you
• 32:10
  have
• 32:10
  to
• 32:10
  get
• 32:10
  many
• 32:10
  months
• 32:10
  and
• 32:11
  many
• 32:11
  years
• 32:11
  off
• 32:11
  and
• 32:11
  in
• 32:12
  before
• 32:12
  you
• 32:12
  even
• 32:12
  know
• 32:12
  what
• 32:12
  those
• 32:13
  numbers
• 32:13
  are.
• 32:13
  Because
• 32:14
  there's
• 32:15
  no
• 32:15
  such
• 32:15
  thing
• 32:15
  as
• 32:15
  perfect.
• 32:16
  And
• 32:16
  they
• 32:17
  rely
• 32:17
  on
• 32:17
  the
• 32:17
  illusion
• 32:17
  which
• 32:19
  hands
• 32:19
  up,
• 32:19
  the
• 32:19
  data
• 32:19
  industry
• 32:20
  is
• 32:20
  probably
• 32:20
  partially
• 32:20
  responsible
• 32:21
  for
• 32:21
  this
• 32:22
  illusion
• 32:22
  of
• 32:23
  perfect
• 32:24
  attribution,
• 32:25
  which
• 32:26
  maybe
• 32:26
  existed
• 32:27
  20
• 32:27
  years
• 32:27
  ago
• 32:28
  when
• 32:28
  Google
• 32:28
  was
• 32:28
  the
• 32:28
  only
• 32:29
  show
• 32:29
  in
• 32:29
  town
• 32:29
  for
• 32:29
  paid
• 32:30
  media.
• 32:30
  And
• 32:31
  you
• 32:31
  ran
• 32:31
  a
• 32:32
  paid
• 32:32
  Google
• 32:32
  Ads
• 32:32
  campaign,
• 32:33
  people
• 32:33
  came
• 32:33
  through
• 32:34
  and
• 32:34
  you
• 32:34
  got
• 32:34
  a
• 32:34
  pretty
• 32:34
  reliable
• 32:35
  customer
• 32:35
  acquisition
• 32:36
  cost
• 32:36
  from
• 32:36
  that.
• 32:37
  Especially
• 32:37
  in
• 32:38
  B2B.
• 32:38
  Nowadays
• 32:39
  you're
• 32:39
  talking
• 32:39
  6,
• 32:40
  7
• 32:40
  touch
• 32:40
  points
• 32:41
  before
• 32:41
  someone
• 32:41
  will
• 32:42
  even
• 32:42
  call
• 32:42
  you.
• 32:44
  And
• 32:44
  then
• 32:45
  do
• 32:45
  you
• 32:45
  do
• 32:45
  last
• 32:45
  touch
• 32:46
  attribution?
• 32:46
  Do
• 32:46
  you
• 32:47
  do
• 32:47
  first
• 32:47
  touch?
• 32:49
  Do
• 32:49
  you
• 32:49
  put
• 32:49
  in
• 32:49
  the
• 32:49
  survey
• 32:50
  question?
• 32:51
  Who
• 32:51
  knows,
• 32:52
  right?
• 32:52
  So
• 32:52
  there's
• 32:53
  no
• 32:53
  easy
• 32:53
  way
• 32:53
  to
• 32:53
  do
• 32:53
  it.
• 32:54
  So
• 32:55
  people
• 32:56
  grossly
• 32:56
  oversimplify
• 32:57
  some
• 32:57
  of
• 32:57
  those
• 32:57
  metrics,
• 32:58
  which
• 32:59
  again,
• 32:59
  in
• 33:00
  a
• 33:00
  perfect
• 33:00
  world
• 33:03
  are
• 33:03
  easy
• 33:03
  to
• 33:03
  come
• 33:03
  by.
• 33:05
  Success
• 33:05
  isn't
• 33:05
  always
• 33:05
  easily
• 33:06
  measurable
• 33:06
  by
• 33:07
  data.
• 33:07
  I
• 33:08
  used
• 33:08
  to
• 33:08
  tell
• 33:08
  people
• 33:08
  this
• 33:09
  in
• 33:09
  corporate
• 33:10
  land,
• 33:10
  right?
• 33:10
  Where
• 33:11
  performance
• 33:12
  is
• 33:12
  managed
• 33:13
  in
• 33:13
  a
• 33:13
  very
• 33:13
  kind
• 33:13
  of
• 33:15
  specific
• 33:15
  and
• 33:15
  normally
• 33:16
  distributed
• 33:16
  way,
• 33:17
  as
• 33:17
  you'll
• 33:17
  know.
• 33:18
  And
• 33:20
  when
• 33:20
  you're
• 33:20
  in
• 33:20
  a
• 33:20
  call
• 33:20
  center,
• 33:20
  it's
• 33:21
  easy
• 33:21
  to
• 33:21
  do
• 33:21
  performance
• 33:21
  management,
• 33:22
  average
• 33:23
  call
• 33:23
  time,
• 33:23
  customer
• 33:24
  satisfaction,
• 33:26
  number
• 33:26
  of
• 33:26
  calls
• 33:26
  taken,
• 33:27
  etc.
• 33:28
  Etc.
• 33:28
  Right.
• 33:28
  You've
• 33:29
  got
• 33:29
  all
• 33:29
  the
• 33:29
  numbers
• 33:29
  there
• 33:29
  and
• 33:30
  you
• 33:30
  can
• 33:30
  stack,
• 33:30
  you
• 33:31
  can
• 33:31
  put
• 33:31
  it
• 33:31
  on
• 33:31
  a
• 33:31
  screen
• 33:31
  in
• 33:32
  the
• 33:32
  call
• 33:32
  center
• 33:32
  and
• 33:32
  say
• 33:32
  these
• 33:33
  are
• 33:33
  the
• 33:33
  best
• 33:33
  employees.
• 33:34
  It's
• 33:34
  very
• 33:34
  easy
• 33:35
  to
• 33:35
  do.
• 33:35
  Obviously,
• 33:35
  the
• 33:35
  more
• 33:35
  complex
• 33:36
  the
• 33:36
  service
• 33:36
  you're
• 33:37
  delivering
• 33:37
  or
• 33:37
  the
• 33:37
  more
• 33:37
  complex
• 33:38
  the
• 33:38
  product
• 33:39
  you're
• 33:39
  offering
• 33:39
  as
• 33:39
  a
• 33:39
  small
• 33:39
  business
• 33:40
  owner,
• 33:41
  the
• 33:41
  harder
• 33:42
  it
• 33:42
  gets
• 33:42
  to
• 33:42
  do.
• 33:45
  So,
• 33:45
  yeah,
• 33:45
  tricky.
• 33:47
  If
• 33:48
  you've
• 33:48
  got
• 33:48
  a
• 33:49
  multimillion
• 33:49
  consumer,
• 33:50
  packaged
• 33:51
  goods,
• 33:51
  online
• 33:52
  sales,
• 33:52
  e
• 33:52
  commerce
• 33:53
  business,
• 33:53
  then
• 33:53
  that's
• 33:54
  a
• 33:54
  lot
• 33:54
  easier
• 33:54
  to
• 33:54
  do
• 33:54
  than
• 33:54
  it
• 33:54
  is
• 33:55
  in
• 33:55
  a
• 33:55
  B2B
• 33:55
  services
• 33:55
  business
• 33:56
  in
• 33:56
  terms
• 33:57
  of
• 33:57
  the
• 33:58
  customer
• 33:58
  acquisition
• 33:59
  costs
• 33:59
  and
• 33:59
  the
• 33:59
  lifetime
• 34:00
  value.
• 34:01
  But
• 34:02
  back
• 34:03
  to
• 34:03
  that
• 34:03
  first
• 34:03
  point,
• 34:03
  a
• 34:03
  big
• 34:04
  fan
• 34:04
  of
• 34:04
  AI.
• 34:04
  I
• 34:04
  think
• 34:04
  it's
• 34:04
  going
• 34:05
  to
• 34:05
  do
• 34:05
  a
• 34:05
  lot
• 34:05
  of
• 34:05
  good
• 34:05
  for
• 34:05
  the
• 34:05
  world
• 34:06
  and
• 34:07
  when
• 34:07
  used
• 34:08
  in
• 34:08
  the
• 34:08
  right
• 34:08
  way,
• 34:08
  in
• 34:08
  the
• 34:09
  right
• 34:09
  places,
• 34:09
  it's
• 34:10
  really
• 34:10
  valuable.
• 34:10
  Nowhere
• 34:11
  near
• 34:11
  replacing
• 34:11
  humans,
• 34:13
  of
• 34:13
  course,
• 34:14
  but
• 34:14
  one
• 34:14
  of
• 34:14
  the
• 34:15
  things
• 34:15
  that's
• 34:16
  accelerated
• 34:16
  in
• 34:16
  tandem
• 34:17
  with
• 34:17
  social
• 34:17
  media
• 34:18
  is
• 34:19
  this
• 34:19
  culture
• 34:20
  of
• 34:20
  instant
• 34:20
  gratification
• 34:21
  that
• 34:21
  we've
• 34:21
  got.
• 34:21
  People
• 34:22
  go
• 34:22
  on
• 34:22
  TikTok
• 34:22
  or
• 34:23
  YouTube
• 34:23
  shorts
• 34:24
  or
• 34:24
  whatever
• 34:24
  it
• 34:24
  might
• 34:24
  be
• 34:24
  and
• 34:25
  you
• 34:25
  get
• 34:25
  something.
• 34:26
  Those
• 34:27
  algorithms
• 34:27
  are
• 34:27
  incredible.
• 34:29
  They
• 34:29
  will
• 34:29
  consistently
• 34:30
  deliver
• 34:30
  something
• 34:30
  that's
• 34:31
  interesting
• 34:31
  to
• 34:31
  you,
• 34:31
  that
• 34:32
  gives
• 34:32
  you
• 34:32
  a
• 34:32
  little
• 34:32
  shot
• 34:32
  of
• 34:32
  dopamine
• 34:33
  that
• 34:34
  makes
• 34:34
  you
• 34:35
  want
• 34:35
  to
• 34:35
  scroll
• 34:35
  and
• 34:35
  do
• 34:35
  the
• 34:35
  next
• 34:35
  one
• 34:36
  and
• 34:36
  scroll
• 34:36
  and
• 34:36
  do
• 34:36
  the
• 34:37
  next
• 34:37
  one.
• 34:37
  And
• 34:37
  people
• 34:37
  are
• 34:37
  used
• 34:37
  to
• 34:38
  instant
• 34:38
  gratification.
• 34:39
  That
• 34:39
  coupled
• 34:40
  with
• 34:40
  what
• 34:40
  I
• 34:40
  mentioned
• 34:40
  before
• 34:41
  about
• 34:41
  people
• 34:41
  being
• 34:41
  amazing
• 34:42
  at
• 34:42
  marketing
• 34:42
  now,
• 34:42
  thanks
• 34:43
  to,
• 34:43
  you
• 34:43
  know,
• 34:43
  there
• 34:44
  are
• 34:44
  some
• 34:44
  things
• 34:44
  and
• 34:44
  patterns
• 34:45
  and
• 34:47
  certain
• 34:47
  pieces
• 34:47
  of
• 34:47
  human
• 34:48
  psychology
• 34:48
  that
• 34:48
  make
• 34:48
  certain
• 34:49
  marketing
• 34:49
  effective,
• 34:50
  right?
• 34:50
  And
• 34:50
  we've,
• 34:51
  we've,
• 34:51
  we've
• 34:51
  studied
• 34:52
  that
• 34:52
  and
• 34:52
  we've
• 34:52
  got
• 34:52
  a
• 34:52
  lot
• 34:52
  of
• 34:52
  data
• 34:53
  about
• 34:53
  that.
• 34:54
  But
• 34:55
  it's
• 34:55
  true
• 34:55
  of
• 34:55
  these
• 34:55
  tools,
• 34:56
  like
• 34:56
  as
• 34:56
  you
• 34:56
  say,
• 34:56
  I
• 34:57
  start
• 34:57
  a
• 34:58
  small
• 34:58
  business,
• 34:58
  like
• 34:59
  I
• 34:59
  see
• 34:59
  them
• 34:59
  every
• 35:00
  day.
• 35:00
  My
• 35:00
  thing,
• 35:00
  oh,
• 35:01
  just
• 35:01
  do
• 35:01
  this
• 35:01
  like
• 35:02
  code
• 35:02
  something
• 35:03
  up,
• 35:03
  do
• 35:03
  a
• 35:03
  low
• 35:03
  code
• 35:04
  thing
• 35:04
  this
• 35:04
  weekend,
• 35:06
  pay
• 35:06
  for
• 35:06
  some
• 35:06
  Google
• 35:06
  Ads
• 35:06
  and
• 35:07
  before
• 35:07
  you
• 35:07
  know
• 35:07
  it,
• 35:07
  you'll
• 35:07
  have
• 35:07
  a
• 35:07
  10k
• 35:08
  a
• 35:08
  month
• 35:09
  business.
• 35:10
  And
• 35:10
  like,
• 35:10
  it
• 35:11
  is
• 35:11
  just
• 35:11
  not
• 35:11
  that
• 35:12
  simple.
• 35:15
  So,
• 35:15
  you
• 35:15
  know,
• 35:16
  I
• 35:16
  see
• 35:16
  and
• 35:16
  bump
• 35:17
  into
• 35:17
  entrepreneurs
• 35:18
  all
• 35:18
  over
• 35:18
  the
• 35:18
  place
• 35:19
  who
• 35:20
  are
• 35:20
  in
• 35:20
  that
• 35:20
  mindset
• 35:21
  and
• 35:21
  they
• 35:21
  get
• 35:21
  disillusioned
• 35:22
  very
• 35:22
  quickly
• 35:22
  when
• 35:23
  they
• 35:23
  realize
• 35:23
  that
• 35:24
  AI
• 35:25
  is
• 35:25
  not
• 35:25
  a
• 35:25
  silver
• 35:25
  bullet.
• 35:26
  Low
• 35:26
  code,
• 35:26
  no
• 35:26
  code
• 35:26
  web
• 35:27
  pages
• 35:27
  are
• 35:27
  not
• 35:28
  a
• 35:28
  silver
• 35:28
  bullet.
• 35:28
  Reading
• 35:29
  one
• 35:29
  YouTube
• 35:29
  and
• 35:30
  doing
• 35:30
  whatever
• 35:31
  else
• 35:31
  and
• 35:31
  I
• 35:31
  think
• 35:32
  you'll
• 35:33
  see
• 35:33
  the
• 35:33
  broken
• 35:33
  pattern
• 35:33
  of
• 35:34
  people
• 35:34
  around
• 35:34
  who've
• 35:35
  done
• 35:35
  the
• 35:37
  drop
• 35:37
  shipping,
• 35:38
  the
• 35:38
  affiliate
• 35:38
  marketing,
• 35:39
  whatever
• 35:40
  the
• 35:40
  latest
• 35:41
  fad
• 35:41
  is.
• 35:42
  And
• 35:42
  sadly
• 35:43
  for
• 35:43
  them,
• 35:44
  online
• 35:44
  gurus
• 35:46
  have
• 35:46
  got
• 35:46
  very
• 35:47
  good
• 35:47
  at
• 35:47
  marketing
• 35:47
  what
• 35:48
  they
• 35:48
  sell
• 35:50
  and
• 35:50
  selling
• 35:50
  the
• 35:51
  dream
• 35:52
  of
• 35:52
  overnight
• 35:52
  success.
• 35:53
  So
• 35:54
  it
• 35:54
  doesn't
• 35:54
  surprise
• 35:54
  me
• 35:54
  that
• 35:55
  you
• 35:55
  see
• 35:55
  people
• 35:55
  like
• 35:55
  that
• 35:55
  come
• 35:55
  through
• 35:56
  people.
• 35:57
  Spending
• 35:57
  time,
• 35:57
  feel
• 35:58
  like
• 35:58
  they're
• 35:58
  marketing,
• 35:58
  feel
• 35:59
  like
• 35:59
  they're
• 36:00
  doing
• 36:00
  all
• 36:00
  kinds.
• 36:00
  They
• 36:01
  have
• 36:01
  a
• 36:01
  huge
• 36:01
  social
• 36:01
  media
• 36:01
  presence.
• 36:02
  And
• 36:02
  it's
• 36:02
  like,
• 36:02
  okay,
• 36:03
  I
• 36:03
  saw
• 36:04
  you
• 36:04
  didn't
• 36:04
  add
• 36:04
  any
• 36:04
  clients
• 36:05
  this
• 36:05
  month,
• 36:05
  but
• 36:05
  you
• 36:05
  spent
• 36:06
  all
• 36:06
  of
• 36:06
  your
• 36:07
  time
• 36:07
  on
• 36:08
  like
• 36:08
  posting
• 36:08
  on
• 36:08
  some
• 36:09
  kind
• 36:09
  of
• 36:09
  social
• 36:09
  thing.
• 36:09
  And
• 36:10
  it's
• 36:10
  like,
• 36:10
  okay,
• 36:11
  that
• 36:11
  probably
• 36:12
  like
• 36:12
  maybe
• 36:13
  we
• 36:13
  should
• 36:14
  have
• 36:14
  you
• 36:14
  thought
• 36:14
  about
• 36:14
  different
• 36:15
  ways
• 36:15
  to
• 36:15
  maybe
• 36:15
  approach
• 36:16
  it
• 36:16
  or
• 36:16
  different
• 36:16
  ways
• 36:16
  to
• 36:16
  spend
• 36:17
  your
• 36:17
  time
• 36:17
  versus
• 36:17
  Because
• 36:17
  I
• 36:18
  think
• 36:18
  there
• 36:18
  is
• 36:18
  an
• 36:21
  coming
• 36:21
  back
• 36:21
  to
• 36:21
  the
• 36:21
  dollars
• 36:22
  telling
• 36:23
  you
• 36:23
  if
• 36:23
  the
• 36:24
  likes
• 36:24
  are
• 36:24
  doing
• 36:24
  anything.
• 36:25
  I
• 36:25
  think
• 36:25
  that's
• 36:25
  where
• 36:26
  sometimes
• 36:26
  people
• 36:27
  can
• 36:27
  get
• 36:27
  that,
• 36:28
  get
• 36:28
  a
• 36:29
  little
• 36:29
  too
• 36:29
  focused
• 36:29
  on
• 36:29
  that
• 36:31
  from
• 36:31
  a
• 36:32
  marketing.
• 36:32
  Then
• 36:33
  they
• 36:33
  feel
• 36:33
  like
• 36:33
  it
• 36:34
  feels
• 36:34
  value
• 36:34
  add.
• 36:34
  But
• 36:35
  it's
• 36:35
  like
• 36:36
  I'm
• 36:36
  not
• 36:36
  convinced
• 36:36
  that
• 36:37
  the
• 36:37
  dollar
• 36:37
  return
• 36:37
  on
• 36:38
  their
• 36:38
  time
• 36:38
  is
• 36:38
  the
• 36:39
  right
• 36:39
  way.
• 36:39
  Oh,
• 36:39
  if
• 36:39
  you.
• 36:39
  That's
• 36:39
  one
• 36:40
  way
• 36:40
  doing
• 36:40
  great.
• 36:41
  But
• 36:41
  that
• 36:41
  is,
• 36:41
  it
• 36:41
  kind
• 36:41
  of
• 36:41
  goes
• 36:42
  to
• 36:42
  that
• 36:42
  same
• 36:42
  reason
• 36:42
  of
• 36:42
  like
• 36:43
  trying
• 36:43
  to
• 36:43
  make
• 36:43
  a
• 36:43
  quick
• 36:43
  buck,
• 36:44
  trying
• 36:44
  to
• 36:44
  like
• 36:44
  sell
• 36:45
  some
• 36:45
  kind
• 36:45
  of
• 36:47
  learning
• 36:47
  solution.
• 36:48
  And
• 36:48
  it's
• 36:48
  like,
• 36:48
  this
• 36:48
  isn't
• 36:49
  this.
• 36:49
  I
• 36:49
  don't
• 36:50
  know.
• 36:50
  And
• 36:50
  even
• 36:50
  the
• 36:51
  people
• 36:51
  that
• 36:51
  get
• 36:51
  it
• 36:51
  right,
• 36:51
  like
• 36:52
  I
• 36:52
  watched
• 36:52
  a
• 36:52
  podcast
• 36:53
  yesterday
• 36:53
  on
• 36:53
  a
• 36:53
  plane
• 36:54
  ride
• 36:54
  and
• 36:55
  it
• 36:55
  was
• 36:55
  the
• 36:55
  guy
• 36:56
  who
• 36:56
  stood
• 36:56
  up
• 36:57
  a,
• 36:58
  who
• 36:58
  made
• 36:58
  an
• 36:58
  app
• 36:58
  called
• 36:59
  Wombo.
• 36:59
  And
• 37:00
  I
• 37:00
  think
• 37:00
  that
• 37:00
  was
• 37:00
  one
• 37:00
  of
• 37:01
  the
• 37:01
  earlier
• 37:01
  ones
• 37:01
  where
• 37:01
  you
• 37:01
  could
• 37:02
  take
• 37:02
  a
• 37:02
  selfie
• 37:02
  of
• 37:02
  your
• 37:02
  face
• 37:02
  and
• 37:03
  it
• 37:03
  would
• 37:03
  put
• 37:03
  it
• 37:03
  on
• 37:03
  a
• 37:03
  silly
• 37:04
  video.
• 37:06
  So
• 37:06
  he
• 37:06
  made
• 37:06
  that
• 37:06
  and
• 37:06
  then
• 37:07
  he
• 37:07
  made
• 37:07
  some
• 37:07
  sort
• 37:07
  of
• 37:07
  dreamscape
• 37:08
  background
• 37:08
  one
• 37:08
  after
• 37:08
  that
• 37:09
  with
• 37:09
  AI
• 37:09
  and
• 37:10
  both
• 37:10
  apps,
• 37:11
  I
• 37:11
  think
• 37:11
  across
• 37:12
  both
• 37:12
  apps,
• 37:12
  he
• 37:12
  had
• 37:12
  500
• 37:13
  million
• 37:13
  downloads
• 37:14
  on
• 37:14
  the
• 37:14
  App
• 37:14
  Store,
• 37:15
  which
• 37:15
  is
• 37:16
  incredible
• 37:16
  success.
• 37:17
  They're
• 37:17
  free
• 37:17
  though,
• 37:18
  right?
• 37:18
  And
• 37:18
  no
• 37:18
  thought
• 37:19
  went
• 37:19
  into
• 37:19
  monetization.
• 37:20
  And
• 37:20
  he
• 37:20
  describes
• 37:21
  a
• 37:21
  moment
• 37:21
  where
• 37:21
  an
• 37:21
  investor
• 37:22
  came
• 37:22
  in,
• 37:23
  didn't
• 37:23
  like
• 37:23
  what
• 37:23
  they
• 37:23
  saw
• 37:24
  and
• 37:24
  they
• 37:24
  had
• 37:25
  assumed
• 37:25
  it
• 37:25
  was
• 37:25
  going
• 37:25
  to
• 37:25
  go
• 37:25
  through
• 37:25
  and
• 37:26
  then
• 37:26
  two
• 37:26
  months
• 37:26
  later
• 37:26
  pulled
• 37:26
  out.
• 37:27
  And
• 37:27
  then
• 37:27
  he
• 37:27
  looked
• 37:28
  at
• 37:28
  his
• 37:28
  numbers
• 37:28
  and
• 37:28
  realized
• 37:28
  he
• 37:28
  had
• 37:29
  negative
• 37:29
  Runway.
• 37:29
  And
• 37:29
  this
• 37:30
  is
• 37:30
  a
• 37:30
  guy
• 37:30
  with
• 37:30
  half
• 37:30
  a
• 37:30
  billion
• 37:31
  app
• 37:31
  downloads,
• 37:32
  right?
• 37:32
  So
• 37:33
  again,
• 37:33
  it's
• 37:34
  the
• 37:34
  ultimate
• 37:35
  vanity
• 37:35
  metric,
• 37:36
  right?
• 37:36
  500
• 37:36
  million
• 37:37
  $0
• 37:38
  downloads
• 37:38
  is
• 37:38
  still
• 37:39
  $0.
• 37:39
  Clearly
• 37:40
  a
• 37:40
  great
• 37:40
  product.
• 37:40
  I
• 37:40
  mean
• 37:40
  there
• 37:40
  was
• 37:41
  a
• 37:41
  happy
• 37:41
  ending
• 37:41
  to
• 37:41
  that
• 37:41
  story
• 37:42
  because
• 37:42
  I
• 37:42
  think
• 37:42
  he
• 37:43
  then
• 37:43
  ended
• 37:43
  up,
• 37:43
  he
• 37:44
  ended
• 37:44
  up.
• 37:44
  Nvidia
• 37:45
  came
• 37:45
  in.
• 37:45
  Nvidia
• 37:46
  invested
• 37:46
  in
• 37:46
  the,
• 37:46
  in
• 37:47
  the
• 37:47
  company.
• 37:47
  And
• 37:47
  they,
• 37:48
  they
• 37:48
  then,
• 37:49
  I
• 37:49
  think
• 37:49
  pioneered
• 37:50
  this
• 37:50
  model
• 37:50
  that
• 37:50
  you
• 37:50
  see
• 37:51
  now
• 37:51
  of
• 37:51
  like,
• 37:52
  well,
• 37:52
  you
• 37:53
  can
• 37:53
  do
• 37:53
  it
• 37:53
  for
• 37:53
  free,
• 37:53
  but
• 37:53
  if
• 37:54
  you
• 37:54
  want
• 37:54
  to
• 37:54
  do
• 37:55
  more
• 37:55
  than
• 37:55
  one
• 37:55
  a
• 37:55
  month,
• 37:56
  if
• 37:56
  you
• 37:56
  want
• 37:56
  to
• 37:56
  do
• 37:57
  four
• 37:57
  a
• 37:57
  month,
• 37:57
  you
• 37:57
  have
• 37:57
  to
• 37:58
  pay
• 37:58
  a
• 37:58
  weekly
• 37:58
  membership
• 37:59
  of
• 37:59
  $0.99
• 38:00
  or
• 38:01
  whatever
• 38:01
  else
• 38:02
  or
• 38:02
  you
• 38:02
  want
• 38:02
  access
• 38:02
  to
• 38:03
  our
• 38:03
  premium
• 38:03
  songs
• 38:04
  in
• 38:04
  the
• 38:04
  background,
• 38:04
  you
• 38:04
  need
• 38:05
  to
• 38:05
  pay
• 38:05
  another
• 38:05
  99
• 38:06
  cents
• 38:06
  and
• 38:06
  then
• 38:06
  suddenly
• 38:07
  99
• 38:07
  cents
• 38:07
  times
• 38:07
  500
• 38:08
  million
• 38:08
  is
• 38:08
  a
• 38:09
  lot
• 38:09
  better
• 38:09
  number.
• 38:09
  A
• 38:10
  lot
• 38:10
  better
• 38:10
  number
• 38:12
  as
• 38:12
  you,
• 38:13
  you
• 38:13
  know,
• 38:13
  getting
• 38:14
  close
• 38:14
  to
• 38:14
  the
• 38:14
  end
• 38:14
  and
• 38:15
  wrapping
• 38:15
  up
• 38:16
  now
• 38:16
  if
• 38:16
  you
• 38:17
  see
• 38:17
  data
• 38:18
  about
• 38:18
  small
• 38:19
  businesses
• 38:19
  and
• 38:19
  that's
• 38:20
  why
• 38:20
  I've
• 38:20
  asked
• 38:20
  you
• 38:20
  questions
• 38:20
  about
• 38:21
  small
• 38:21
  businesses,
• 38:21
  right
• 38:21
  because
• 38:22
  you
• 38:22
  see
• 38:22
  a
• 38:22
  data
• 38:22
  set
• 38:23
  that
• 38:23
  many
• 38:23
  people
• 38:23
  haven't
• 38:24
  got
• 38:24
  access
• 38:24
  to
• 38:24
  about
• 38:24
  multiple
• 38:25
  small
• 38:25
  businesses
• 38:25
  and,
• 38:26
  and
• 38:26
  what
• 38:26
  makes
• 38:26
  them
• 38:26
  succeed
• 38:27
  and
• 38:27
  fail
• 38:28
  small
• 38:28
  business
• 38:29
  going
• 38:29
  forward.
• 38:29
  Like
• 38:30
  if
• 38:30
  what
• 38:30
  you
• 38:30
  see
• 38:31
  could
• 38:31
  predict
• 38:31
  one
• 38:31
  thing
• 38:31
  about
• 38:32
  the
• 38:32
  way
• 38:32
  small
• 38:32
  business
• 38:32
  is
• 38:33
  heading
• 38:33
  or
• 38:33
  the
• 38:33
  future
• 38:34
  of
• 38:34
  finance
• 38:34
  in
• 38:35
  small
• 38:35
  business.
• 38:35
  Like
• 38:35
  what
• 38:36
  patterns
• 38:36
  do
• 38:36
  you
• 38:36
  see
• 38:36
  emerging
• 38:37
  and
• 38:38
  how
• 38:38
  do
• 38:38
  you
• 38:38
  think
• 38:38
  the
• 38:38
  landscape
• 38:39
  is
• 38:39
  going
• 38:39
  to
• 38:39
  shift
• 38:40
  in
• 38:40
  the
• 38:40
  years
• 38:40
  to
• 38:40
  come?
• 38:41
  It
• 38:41
  comes
• 38:41
  back
• 38:41
  to
• 38:41
  some
• 38:41
  kind
• 38:42
  of
• 38:42
  core
• 38:43
  value
• 38:43
  or
• 38:43
  core
• 38:45
  focus
• 38:45
  that
• 38:45
  is
• 38:46
  going
• 38:46
  to
• 38:46
  ultimately
• 38:46
  that's
• 38:47
  whatever
• 38:47
  the
• 38:47
  businesses
• 38:48
  focus
• 38:48
  on
• 38:48
  doing
• 38:49
  it
• 38:49
  and
• 38:49
  doing
• 38:49
  it
• 38:49
  well.
• 38:51
  Everything
• 38:51
  else
• 38:52
  kind
• 38:52
  of
• 38:52
  falls
• 38:52
  inflation
• 38:52
  there
• 38:52
  now
• 38:53
  there's
• 38:53
  like,
• 38:53
  like
• 38:53
  we
• 38:53
  have
• 38:54
  like
• 38:55
  going
• 38:55
  back
• 38:55
  to
• 38:55
  the
• 38:56
  example
• 38:56
  of
• 38:56
  like
• 38:57
  government
• 38:57
  contractors.
• 38:58
  We
• 38:58
  work
• 38:58
  with
• 38:58
  a
• 38:58
  lot
• 38:58
  of
• 38:58
  government
• 38:58
  contractors.
• 39:01
  Some
• 39:02
  know
• 39:02
  how
• 39:02
  to
• 39:02
  win
• 39:02
  government
• 39:03
  contracts
• 39:03
  which
• 39:04
  is
• 39:04
  a
• 39:04
  great.
• 39:05
  But
• 39:05
  if
• 39:05
  it's
• 39:05
  in
• 39:06
  10
• 39:06
  different
• 39:06
  industries
• 39:06
  doing
• 39:07
  10
• 39:07
  different
• 39:07
  things
• 39:07
  like
• 39:07
  that's
• 39:08
  not,
• 39:08
  it's
• 39:08
  very
• 39:09
  hard
• 39:09
  to
• 39:09
  run
• 39:09
  a
• 39:09
  business
• 39:09
  that
• 39:10
  way.
• 39:10
  But
• 39:10
  if
• 39:10
  it
• 39:10
  is
• 39:10
  a
• 39:11
  business
• 39:11
  that
• 39:11
  has
• 39:12
  they're
• 39:12
  just
• 39:13
  in
• 39:13
  one
• 39:13
  industry,
• 39:13
  they
• 39:13
  do
• 39:14
  one
• 39:14
  service,
• 39:14
  they're
• 39:14
  then
• 39:15
  branching
• 39:15
  out
• 39:15
  to
• 39:16
  different
• 39:16
  arms
• 39:16
  of
• 39:17
  the
• 39:17
  government
• 39:17
  to
• 39:17
  do
• 39:17
  things
• 39:18
  like
• 39:18
  that
• 39:19
  is,
• 39:19
  that
• 39:19
  is
• 39:20
  they're,
• 39:20
  they're
• 39:20
  doing
• 39:20
  well
• 39:21
  right
• 39:21
  now.
• 39:21
  Like
• 39:21
  that,
• 39:22
  that
• 39:22
  client
• 39:22
  is
• 39:23
  doing
• 39:23
  well
• 39:23
  right
• 39:23
  now.
• 39:23
  I
• 39:23
  think
• 39:23
  they'll
• 39:24
  continue
• 39:24
  to
• 39:24
  do
• 39:24
  well.
• 39:25
  But
• 39:25
  the
• 39:25
  ones
• 39:25
  who
• 39:26
  came
• 39:26
  in
• 39:26
  over
• 39:26
  the
• 39:26
  last
• 39:26
  10
• 39:27
  years
• 39:27
  and
• 39:27
  like
• 39:27
  had
• 39:27
  10
• 39:27
  different
• 39:28
  services
• 39:28
  across
• 39:28
  10
• 39:28
  different
• 39:29
  agencies
• 39:29
  like
• 39:29
  they're
• 39:30
  the
• 39:30
  ones
• 39:30
  that
• 39:30
  are,
• 39:30
  that
• 39:31
  are
• 39:31
  struggling
• 39:31
  because
• 39:31
  they
• 39:31
  didn't
• 39:31
  have
• 39:32
  that
• 39:32
  focus
• 39:32
  on
• 39:33
  like
• 39:33
  what
• 39:33
  is
• 39:33
  it
• 39:33
  that
• 39:34
  we
• 39:34
  actually
• 39:34
  do.
• 39:35
  And
• 39:36
  so
• 39:36
  I,
• 39:36
  I
• 39:39
  that
• 39:39
  that
• 39:40
  that
• 39:40
  is.
• 39:40
  And
• 39:40
  then
• 39:41
  those
• 39:41
  owners
• 39:41
  talk
• 39:41
  very
• 39:42
  differently
• 39:42
  about
• 39:42
  what
• 39:42
  it
• 39:42
  is
• 39:43
  they
• 39:43
  do
• 39:43
  what
• 39:43
  it
• 39:43
  is
• 39:43
  that
• 39:44
  they
• 39:44
  care
• 39:44
  about
• 39:44
  what
• 39:44
  it
• 39:44
  is
• 39:44
  that
• 39:44
  they're
• 39:47
  and
• 39:47
  their
• 39:48
  why
• 39:48
  of
• 39:48
  why
• 39:49
  they're
• 39:49
  doing
• 39:49
  it.
• 39:49
  And
• 39:49
  so
• 39:49
  I
• 39:50
  think
• 39:52
  that's
• 39:53
  like
• 39:54
  there's
• 39:54
  been
• 39:55
  some
• 39:55
  of
• 39:55
  a
• 39:55
  wrecking
• 39:55
  over
• 39:56
  the
• 39:56
  last
• 39:56
  six
• 39:57
  months
• 39:57
  and
• 39:57
  the
• 39:57
  government
• 39:57
  contracting
• 39:58
  land
• 39:58
  and
• 39:58
  I
• 39:58
  think
• 39:58
  the
• 39:59
  ones
• 39:59
  that
• 39:59
  have
• 40:00
  focused
• 40:00
  on
• 40:01
  be
• 40:01
  competent
• 40:02
  in
• 40:02
  what
• 40:02
  they're
• 40:02
  doing
• 40:02
  and
• 40:03
  not
• 40:03
  just
• 40:03
  their
• 40:03
  ability
• 40:03
  to
• 40:04
  go
• 40:04
  win
• 40:04
  a
• 40:04
  brand
• 40:04
  new
• 40:05
  contract,
• 40:05
  they're
• 40:06
  the
• 40:06
  ones
• 40:06
  that
• 40:06
  have,
• 40:07
  that
• 40:07
  are
• 40:07
  sleeping
• 40:07
  well
• 40:08
  at
• 40:08
  night
• 40:08
  right
• 40:08
  now.
• 40:09
  Yeah,
• 40:09
  it's
• 40:10
  a
• 40:11
  mysterious
• 40:11
  curtain
• 40:11
  that
• 40:11
  I've
• 40:12
  never
• 40:12
  walked
• 40:12
  behind
• 40:12
  the
• 40:12
  world
• 40:12
  of
• 40:12
  government
• 40:13
  contracting.
• 40:13
  So
• 40:15
  I
• 40:15
  Have
• 40:15
  many
• 40:15
  hypotheses
• 40:17
  how
• 40:17
  people
• 40:17
  win
• 40:17
  government
• 40:17
  contracts,
• 40:18
  but
• 40:20
  none
• 40:20
  that
• 40:20
  I'm
• 40:20
  out
• 40:21
  there
• 40:21
  testing
• 40:22
  and
• 40:22
  none
• 40:22
  that
• 40:22
  I'm
• 40:23
  able
• 40:23
  to
• 40:23
  float
• 40:23
  on
• 40:23
  air.
• 40:25
  Yeah,
• 40:25
  no,
• 40:26
  it's
• 40:26
  definitely
• 40:26
  an
• 40:26
  interesting
• 40:26
  world
• 40:27
  I've
• 40:27
  seen
• 40:29
  in
• 40:29
  the
• 40:29
  entrepreneur
• 40:30
  space.
• 40:30
  I've
• 40:31
  seen
• 40:31
  a
• 40:31
  lot
• 40:31
  of
• 40:32
  people
• 40:32
  aggressively
• 40:33
  niching
• 40:34
  and
• 40:34
  we've
• 40:35
  talked
• 40:35
  about
• 40:35
  the
• 40:35
  limitations
• 40:35
  of
• 40:36
  low
• 40:36
  code
• 40:36
  and
• 40:36
  no
• 40:36
  code,
• 40:37
  but
• 40:37
  there
• 40:38
  are
• 40:38
  still
• 40:38
  people
• 40:39
  producing
• 40:39
  amazing
• 40:40
  software
• 40:40
  and
• 40:41
  platforms.
• 40:43
  Again,
• 40:43
  the
• 40:43
  marketing
• 40:44
  of
• 40:44
  IT
• 40:44
  people
• 40:45
  produce
• 40:46
  these
• 40:46
  brilliant
• 40:47
  online
• 40:47
  AI
• 40:47
  driven
• 40:48
  platforms
• 40:49
  and
• 40:49
  they
• 40:49
  credit
• 40:49
  it
• 40:50
  to
• 40:50
  AI,
• 40:50
  but
• 40:50
  actually
• 40:50
  they
• 40:51
  neglect
• 40:51
  to
• 40:51
  mention
• 40:51
  that
• 40:52
  they're
• 40:52
  incredible
• 40:52
  marketers
• 40:53
  and
• 40:53
  incredible
• 40:53
  software
• 40:54
  engineers
• 40:55
  as
• 40:55
  well.
• 40:55
  So
• 40:55
  it's
• 40:56
  possible
• 40:56
  to
• 40:56
  put
• 40:56
  these
• 40:56
  things
• 40:57
  together.
• 40:57
  And
• 40:58
  I've
• 40:59
  seen
• 40:59
  what
• 40:59
  I
• 40:59
  think
• 40:59
  will
• 41:00
  lead
• 41:00
  into
• 41:01
  the
• 41:01
  kind
• 41:01
  of
• 41:01
  downfall
• 41:02
  of
• 41:02
  enterprise
• 41:02
  SaaS
• 41:03
  like
• 41:05
  big
• 41:05
  companies
• 41:06
  like
• 41:06
  Salesforce
• 41:07
  Workday
• 41:08
  who
• 41:08
  focus
• 41:09
  on
• 41:10
  rather
• 41:10
  than.
• 41:13
  They.
• 41:13
  Have
• 41:13
  both
• 41:13
  irons
• 41:13
  in
• 41:14
  the
• 41:14
  fire,
• 41:14
  right?
• 41:14
  They
• 41:14
  get
• 41:15
  more
• 41:15
  customers
• 41:15
  but
• 41:16
  then
• 41:16
  they
• 41:16
  work
• 41:16
  really
• 41:16
  aggressively
• 41:17
  to
• 41:17
  expand
• 41:17
  the
• 41:17
  value
• 41:18
  of
• 41:18
  existing
• 41:18
  customers
• 41:19
  as
• 41:19
  well
• 41:20
  by
• 41:20
  expanding
• 41:21
  the
• 41:21
  value
• 41:21
  of
• 41:21
  offerings.
• 41:22
  So
• 41:22
  you
• 41:23
  go
• 41:23
  to
• 41:23
  Salesforce
• 41:23
  and
• 41:24
  they
• 41:24
  want
• 41:24
  to
• 41:25
  same
• 41:26
  with
• 41:26
  HubSpot
• 41:26
  so
• 41:26
  much
• 41:26
  more
• 41:27
  than
• 41:27
  a
• 41:27
  CRM.
• 41:29
  And
• 41:29
  HubSpot
• 41:30
  didn't
• 41:30
  even
• 41:30
  start
• 41:30
  there.
• 41:30
  Right.
• 41:30
  Someone
• 41:31
  told
• 41:31
  me
• 41:31
  that
• 41:31
  they
• 41:31
  HubSpot
• 41:31
  start
• 41:32
  as
• 41:32
  a
• 41:32
  blog
• 41:33
  software
• 41:34
  and
• 41:34
  they
• 41:34
  have
• 41:34
  all
• 41:34
  these
• 41:34
  modules
• 41:35
  that
• 41:35
  they
• 41:35
  want
• 41:35
  to
• 41:35
  sell
• 41:36
  you.
• 41:36
  And
• 41:36
  all
• 41:36
  of
• 41:36
  that's
• 41:37
  in
• 41:37
  the
• 41:37
  interest
• 41:37
  of.
• 41:38
  And
• 41:38
  what
• 41:38
  it
• 41:39
  means
• 41:39
  is
• 41:39
  for
• 41:39
  smaller
• 41:39
  businesses,
• 41:41
  they're
• 41:41
  looking
• 41:42
  at
• 41:42
  either
• 41:42
  they
• 41:42
  have
• 41:43
  to
• 41:43
  use
• 41:43
  a
• 41:43
  kind
• 41:43
  of
• 41:43
  substandard
• 41:44
  product
• 41:45
  or
• 41:45
  they
• 41:45
  have
• 41:45
  to
• 41:45
  swallow
• 41:47
  enterprise
• 41:47
  license
• 41:48
  fees
• 41:48
  for
• 41:48
  something
• 41:49
  that
• 41:49
  delivers
• 41:49
  way
• 41:49
  more
• 41:50
  functionality
• 41:51
  than
• 41:51
  they
• 41:51
  need.
• 41:52
  And
• 41:52
  actually
• 41:53
  Ramp,
• 41:53
  which
• 41:53
  you
• 41:53
  turned
• 41:53
  me
• 41:54
  onto,
• 41:55
  is
• 41:55
  a
• 41:55
  good
• 41:55
  example
• 41:55
  of
• 41:56
  this.
• 41:56
  This
• 41:56
  is
• 41:56
  aimed
• 41:57
  at
• 41:57
  smaller
• 41:58
  businesses.
• 41:58
  And
• 41:58
  I
• 41:58
  met
• 41:58
  one
• 41:58
  of
• 41:59
  the
• 42:00
  founders
• 42:00
  of
• 42:00
  Ramp
• 42:00
  at
• 42:01
  a
• 42:01
  conference.
• 42:01
  How
• 42:01
  did
• 42:01
  I
• 42:01
  mention
• 42:01
  that
• 42:02
  to
• 42:02
  you?
• 42:04
  And
• 42:04
  he
• 42:04
  said
• 42:04
  we're
• 42:04
  very
• 42:05
  specifically
• 42:05
  focused
• 42:06
  on
• 42:06
  businesses,
• 42:06
  I
• 42:07
  think
• 42:07
  he
• 42:07
  said
• 42:07
  with
• 42:07
  less
• 42:08
  than
• 42:08
  a
• 42:08
  certain
• 42:08
  number
• 42:08
  of
• 42:08
  employees.
• 42:09
  I
• 42:09
  can't
• 42:09
  remember
• 42:09
  what
• 42:09
  it
• 42:10
  was
• 42:10
  like
• 42:10
  less
• 42:10
  than
• 42:10
  25
• 42:11
  employees
• 42:11
  or
• 42:11
  less
• 42:12
  than
• 42:12
  100
• 42:12
  employees.
• 42:13
  I'm
• 42:13
  not
• 42:13
  sure
• 42:13
  what
• 42:13
  it
• 42:14
  was.
• 42:15
  But
• 42:15
  AI
• 42:16
  and
• 42:16
  the
• 42:16
  accessibility
• 42:17
  of
• 42:17
  software
• 42:17
  engineering
• 42:19
  and
• 42:19
  how
• 42:19
  easy
• 42:19
  it
• 42:19
  is
• 42:20
  to
• 42:20
  put
• 42:20
  products
• 42:20
  out
• 42:21
  has
• 42:21
  meant
• 42:22
  that
• 42:22
  people
• 42:22
  can
• 42:22
  niche
• 42:22
  down
• 42:23
  far
• 42:23
  more
• 42:23
  aggressively
• 42:24
  than
• 42:24
  they've
• 42:25
  done
• 42:25
  before.
• 42:25
  And
• 42:26
  you'll
• 42:26
  know,
• 42:27
  Michael,
• 42:27
  if
• 42:27
  someone
• 42:28
  came
• 42:28
  to
• 42:28
  you
• 42:28
  and
• 42:29
  said,
• 42:30
  I
• 42:30
  don't
• 42:31
  know
• 42:31
  what's
• 42:31
  a
• 42:31
  service
• 42:31
  you
• 42:31
  might
• 42:32
  use?
• 42:32
  It's
• 42:33
  hard
• 42:33
  to
• 42:33
  do
• 42:33
  for
• 42:33
  a
• 42:33
  horizontal
• 42:34
  service
• 42:34
  provider.
• 42:34
  But
• 42:35
  accounting,
• 42:35
  for
• 42:36
  example,
• 42:36
  if
• 42:37
  someone
• 42:37
  came
• 42:37
  to
• 42:37
  me
• 42:37
  and
• 42:37
  said,
• 42:38
  okay,
• 42:39
  you've
• 42:39
  got
• 42:39
  Michael
• 42:40
  and
• 42:40
  his
• 42:40
  team,
• 42:40
  but
• 42:41
  I
• 42:41
  specifically
• 42:42
  do
• 42:42
  accounting
• 42:42
  for
• 42:43
  people
• 42:43
  who
• 42:43
  do
• 42:43
  data
• 42:43
  consultancies
• 42:44
  with
• 42:45
  lessons
• 42:45
  from
• 42:45
  10
• 42:45
  employees
• 42:46
  whose
• 42:46
  companies
• 42:47
  are
• 42:47
  less
• 42:47
  than
• 42:47
  three
• 42:47
  years
• 42:48
  old
• 42:48
  whose
• 42:49
  founders
• 42:49
  and
• 42:49
  they
• 42:50
  list
• 42:50
  all
• 42:50
  these
• 42:50
  things
• 42:50
  off
• 42:51
  and
• 42:51
  you're
• 42:51
  like
• 42:52
  oh
• 42:52
  this
• 42:53
  was
• 42:53
  made
• 42:53
  for
• 42:53
  me.
• 42:55
  I'm
• 42:55
  going
• 42:55
  to
• 42:55
  move
• 42:55
  across
• 42:55
  HR
• 42:56
  as
• 42:56
  an
• 42:56
  example.
• 42:56
  So
• 42:56
  if
• 42:57
  someone
• 42:57
  came
• 42:57
  and
• 42:58
  said
• 42:58
  okay,
• 42:59
  rather
• 42:59
  than
• 42:59
  workday,
• 43:01
  say
• 43:01
  you're
• 43:01
  a
• 43:01
  personal
• 43:01
  injury
• 43:02
  lawyer.
• 43:02
  And
• 43:02
  someone
• 43:02
  said
• 43:03
  rather
• 43:03
  than
• 43:03
  workday
• 43:03
  I've
• 43:03
  got
• 43:04
  this
• 43:04
  thing
• 43:04
  and
• 43:04
  it's
• 43:05
  only
• 43:05
  going
• 43:05
  to
• 43:05
  cost
• 43:05
  you
• 43:05
  $10
• 43:06
  a
• 43:06
  month.
• 43:06
  Month.
• 43:06
  And
• 43:07
  it
• 43:07
  does
• 43:07
  HR
• 43:07
  but
• 43:08
  specifically
• 43:08
  for
• 43:09
  personal
• 43:09
  injury
• 43:10
  lawyers.
• 43:10
  And
• 43:10
  it's
• 43:10
  specifically
• 43:12
  the
• 43:13
  features
• 43:13
  are
• 43:14
  set
• 43:14
  to
• 43:14
  match
• 43:14
  the
• 43:14
  way
• 43:15
  personal
• 43:15
  injury
• 43:15
  lawyers
• 43:16
  do
• 43:16
  business.
• 43:16
  The
• 43:17
  outputs
• 43:17
  that
• 43:17
  personal
• 43:17
  injury
• 43:18
  lawyers
• 43:18
  need.
• 43:19
  You'd
• 43:19
  be
• 43:19
  like
• 43:19
  of
• 43:20
  course
• 43:20
  I'm
• 43:20
  going
• 43:20
  to
• 43:21
  switch
• 43:21
  to
• 43:21
  that.
• 43:21
  So
• 43:21
  I've
• 43:22
  seen
• 43:22
  the
• 43:22
  emergence
• 43:22
  of
• 43:22
  some
• 43:23
  of
• 43:23
  those
• 43:23
  ultra
• 43:23
  niched
• 43:24
  offerings
• 43:25
  that
• 43:25
  I
• 43:25
  think
• 43:25
  are
• 43:26
  going
• 43:26
  to
• 43:27
  maybe
• 43:27
  start
• 43:27
  nibbling
• 43:28
  away
• 43:28
  that
• 43:28
  the
• 43:28
  piranhas
• 43:29
  that
• 43:29
  might
• 43:29
  start
• 43:29
  nibbling
• 43:30
  away
• 43:30
  at
• 43:30
  the
• 43:30
  tools
• 43:30
  of
• 43:31
  enterprise
• 43:31
  SaaS.
• 43:31
  So
• 43:32
  I
• 43:32
  think
• 43:32
  we'll
• 43:32
  see
• 43:32
  more
• 43:33
  businesses
• 43:33
  like
• 43:33
  that
• 43:33
  over
• 43:33
  the
• 43:33
  next
• 43:34
  couple
• 43:34
  of
• 43:34
  years.
• 43:35
  Yeah,
• 43:35
  no,
• 43:35
  I
• 43:35
  mean
• 43:35
  it
• 43:36
  makes
• 43:36
  sense.
• 43:36
  I
• 43:36
  mean
• 43:37
  because
• 43:37
  it
• 43:37
  is
• 43:38
  like
• 43:38
  the
• 43:38
  hurdle
• 43:38
  has
• 43:38
  been
• 43:39
  developing
• 43:39
  the
• 43:40
  software
• 43:40
  and
• 43:40
  like
• 43:41
  in
• 43:41
  a
• 43:42
  scalable
• 43:42
  and
• 43:42
  cost
• 43:43
  efficient
• 43:43
  way
• 43:43
  and
• 43:43
  like
• 43:43
  that
• 43:44
  that
• 43:44
  cost
• 43:44
  is
• 43:45
  definitely
• 43:46
  going
• 43:46
  down
• 43:46
  now
• 43:46
  and
• 43:46
  it
• 43:46
  can
• 43:47
  be
• 43:47
  tailored
• 43:47
  a
• 43:47
  lot
• 43:47
  easier
• 43:48
  to
• 43:48
  kind
• 43:48
  of
• 43:48
  who
• 43:48
  the
• 43:48
  ultimate
• 43:49
  audience
• 43:49
  is.
• 43:49
  So
• 43:50
  yeah,
• 43:50
  I
• 43:50
  mean
• 43:50
  it.
• 43:51
  Yeah,
• 43:51
  that
• 43:51
  makes
• 43:51
  a
• 43:51
  lot
• 43:52
  of
• 43:52
  sense
• 43:52
  to
• 43:52
  me.
• 43:52
  Yeah,
• 43:53
  that
• 43:53
  plus
• 43:53
  I
• 43:53
  think
• 43:53
  as
• 43:53
  we've
• 43:54
  talked
• 43:54
  about
• 43:54
  at
• 43:54
  length
• 43:54
  like
• 43:55
  the
• 43:55
  cost
• 43:55
  of.
• 43:55
  The
• 43:56
  cost
• 43:56
  of
• 43:57
  getting
• 43:57
  high
• 43:57
  quality
• 43:57
  marketing
• 43:58
  has
• 43:58
  also
• 43:58
  come
• 43:58
  down
• 44:00
  as
• 44:00
  well
• 44:01
  with
• 44:02
  the
• 44:02
  advent
• 44:02
  of
• 44:02
  AI
• 44:03
  is
• 44:04
  the
• 44:05
  have
• 44:05
  you
• 44:06
  got
• 44:06
  one
• 44:06
  thought
• 44:06
  that
• 44:06
  you
• 44:06
  would
• 44:07
  leave
• 44:08
  us
• 44:08
  with
• 44:09
  the
• 44:09
  community
• 44:10
  of
• 44:10
  small
• 44:10
  business
• 44:10
  owners
• 44:12
  beyond
• 44:12
  the
• 44:12
  starting
• 44:12
  with
• 44:13
  why
• 44:13
  what's
• 44:14
  one
• 44:14
  piece
• 44:14
  of
• 44:14
  encouragement
• 44:15
  you
• 44:15
  give
• 44:16
  as
• 44:16
  a
• 44:16
  successful
• 44:17
  transplant
• 44:18
  out
• 44:18
  of
• 44:18
  corporate
• 44:19
  into
• 44:19
  entrepreneurship
• 44:20
  yourself?
• 44:21
  You've
• 44:21
  been
• 44:21
  a
• 44:21
  great
• 44:21
  encouragement
• 44:22
  and
• 44:22
  help
• 44:22
  to
• 44:22
  me
• 44:22
  in
• 44:23
  my
• 44:23
  journey.
• 44:24
  What's
• 44:24
  the
• 44:24
  one
• 44:24
  thing
• 44:24
  you'd
• 44:25
  say
• 44:25
  to
• 44:25
  someone
• 44:25
  who
• 44:25
  was
• 44:26
  in
• 44:26
  the
• 44:26
  early
• 44:26
  stages
• 44:27
  of
• 44:27
  standing
• 44:28
  up
• 44:28
  a
• 44:28
  business
• 44:28
  or
• 44:28
  thinking
• 44:29
  about
• 44:29
  doing
• 44:29
  it?
• 44:29
  Yeah,
• 44:30
  I
• 44:30
  think
• 44:30
  it's
• 44:30
  just
• 44:31
  trust
• 44:31
  yourself.
• 44:31
  I
• 44:31
  think
• 44:32
  there's
• 44:32
  a
• 44:32
  lot.
• 44:32
  It's
• 44:32
  a
• 44:32
  big
• 44:32
  unknown
• 44:33
  that
• 44:33
  that
• 44:33
  a
• 44:33
  lot
• 44:33
  of
• 44:34
  folks
• 44:34
  are
• 44:34
  jumping
• 44:34
  into
• 44:35
  and
• 44:35
  it's
• 44:35
  if
• 44:36
  you're
• 44:36
  why
• 44:36
  for
• 44:37
  why
• 44:37
  you're
• 44:37
  jumping
• 44:37
  in
• 44:37
  is
• 44:38
  good
• 44:38
  like
• 44:38
  is
• 44:39
  that
• 44:40
  is
• 44:40
  you've
• 44:40
  got
• 44:40
  a
• 44:40
  good
• 44:40
  answer
• 44:41
  there.
• 44:41
  I
• 44:41
  think
• 44:41
  just
• 44:41
  trust
• 44:42
  yourself.
• 44:42
  Like
• 44:42
  everything
• 44:42
  else
• 44:43
  that
• 44:43
  you
• 44:43
  can
• 44:45
  kind
• 44:45
  of
• 44:45
  figure
• 44:45
  out
• 44:46
  everything
• 44:46
  else
• 44:46
  from
• 44:46
  there.
• 44:46
  I
• 44:46
  think
• 44:47
  if
• 44:47
  you
• 44:47
  got
• 44:47
  a
• 44:47
  good
• 44:47
  why
• 44:48
  trust
• 44:48
  yourself
• 44:48
  and
• 44:49
  go.
• 44:50
  Because
• 44:50
  I
• 44:50
  think
• 44:50
  there's
• 44:50
  a
• 44:51
  lot
• 44:51
  of
• 44:51
  folks
• 44:51
  that
• 44:51
  are
• 44:51
  in
• 44:51
  at
• 44:52
  least
• 44:52
  from
• 44:52
  my
• 44:52
  previous
• 44:53
  life
• 44:53
  like
• 44:54
  former
• 44:55
  people
• 44:55
  I
• 44:55
  went
• 44:55
  to
• 44:56
  school
• 44:56
  with
• 44:56
  co
• 44:56
  workers
• 44:57
  that
• 44:57
  are
• 44:57
  all
• 44:57
  like
• 44:58
  that
• 44:58
  sounds
• 44:59
  great
• 44:59
  But
• 44:59
  I
• 44:59
  don't
• 45:00
  know
• 45:00
  if
• 45:00
  that's
• 45:00
  the
• 45:00
  right
• 45:00
  time
• 45:01
  or.
• 45:01
  And
• 45:01
  it's
• 45:01
  like,
• 45:02
  like,
• 45:02
  okay,
• 45:03
  figure
• 45:03
  out
• 45:03
  what
• 45:03
  you're.
• 45:03
  What
• 45:04
  you
• 45:04
  ultimately
• 45:04
  want
• 45:04
  to
• 45:04
  be
• 45:04
  accomplished
• 45:05
  with
• 45:05
  what
• 45:05
  you're
• 45:05
  doing
• 45:05
  with
• 45:05
  your
• 45:05
  time
• 45:06
  and
• 45:07
  trust
• 45:08
  yourself
• 45:08
  from
• 45:08
  there
• 45:08
  and
• 45:08
  go.
• 45:09
  And
• 45:10
  so
• 45:10
  I
• 45:10
  think
• 45:11
  you
• 45:11
  can.
• 45:12
  People
• 45:12
  are
• 45:12
  all,
• 45:13
  can
• 45:13
  you
• 45:13
  solve
• 45:14
  a
• 45:14
  lot
• 45:14
  of
• 45:14
  problems
• 45:15
  that
• 45:15
  you.
• 45:17
  That
• 45:17
  you
• 45:17
  probably
• 45:17
  didn't
• 45:17
  realize.
• 45:18
  And
• 45:18
  I'm
• 45:18
  sure
• 45:18
  you
• 45:18
  do
• 45:18
  it
• 45:18
  all
• 45:18
  the
• 45:19
  time,
• 45:19
  too.
• 45:19
  It's
• 45:19
  like
• 45:20
  something
• 45:20
  comes
• 45:20
  up
• 45:21
  and
• 45:21
  it's
• 45:21
  like,
• 45:21
  that's
• 45:21
  all
• 45:21
  right,
• 45:21
  I'll
• 45:22
  figure
• 45:22
  it
• 45:22
  out.
• 45:22
  Like,
• 45:22
  it's,
• 45:23
  it
• 45:23
  just.
• 45:23
  That's
• 45:23
  part
• 45:23
  of
• 45:24
  what
• 45:24
  being
• 45:24
  a
• 45:24
  small
• 45:24
  business
• 45:25
  center
• 45:25
  is
• 45:25
  like.
• 45:25
  That
• 45:26
  muscle
• 45:26
  gets
• 45:26
  very
• 45:26
  strong
• 45:27
  very
• 45:27
  quickly.
• 45:29
  So
• 45:29
  it's.
• 45:30
  Yeah,
• 45:31
  I
• 45:31
  guess
• 45:31
  my
• 45:31
  advice
• 45:31
  would
• 45:31
  just
• 45:31
  be
• 45:32
  trust
• 45:32
  yourself.
• 45:32
  Yeah,
• 45:33
  I'd
• 45:34
  reflect.
• 45:34
  It's
• 45:34
  a
• 45:34
  leap.
• 45:34
  But
• 45:36
  one,
• 45:36
  it's
• 45:36
  never
• 45:36
  going
• 45:37
  to
• 45:37
  be
• 45:37
  the
• 45:37
  right.
• 45:37
  It's
• 45:37
  never
• 45:37
  going
• 45:37
  to
• 45:38
  be
• 45:38
  the
• 45:38
  perfect
• 45:38
  time.
• 45:39
  And
• 45:39
  two,
• 45:40
  no
• 45:40
  one
• 45:40
  is
• 45:40
  ever
• 45:40
  going
• 45:41
  to
• 45:41
  give
• 45:41
  you.
• 45:41
  If
• 45:41
  you're
• 45:41
  waiting
• 45:41
  for
• 45:42
  permission
• 45:42
  or
• 45:42
  some
• 45:43
  validation
• 45:43
  that
• 45:44
  it's
• 45:44
  the
• 45:44
  right
• 45:44
  time
• 45:44
  to
• 45:44
  make
• 45:45
  the
• 45:45
  leap,
• 45:45
  no
• 45:45
  one's
• 45:45
  ever
• 45:45
  going
• 45:45
  to
• 45:46
  give
• 45:46
  it
• 45:46
  to
• 45:46
  you.
• 45:47
  No
• 45:47
  one's
• 45:48
  ever
• 45:48
  going
• 45:48
  to
• 45:48
  give
• 45:48
  it
• 45:48
  to
• 45:48
  you.
• 45:48
  Well,
• 45:49
  thanks,
• 45:49
  Michael,
• 45:50
  for
• 45:50
  coming
• 45:50
  on.
• 45:50
  And
• 45:50
  thanks
• 45:50
  again
• 45:51
  for
• 45:51
  the
• 45:51
  support
• 45:51
  you
• 45:52
  and
• 45:52
  your
• 45:52
  team
• 45:52
  provide
• 45:53
  me
• 45:53
  as
• 45:53
  well.
• 45:55
  Way
• 45:55
  above
• 45:55
  and
• 45:56
  beyond
• 45:56
  the
• 45:56
  podcast
• 45:57
  appearance.
• 45:57
  I
• 45:57
  really
• 45:57
  appreciate
• 45:58
  you
• 45:58
  all
• 45:59
  and
• 45:59
  it's
• 45:59
  great
• 45:59
  to
• 45:59
  spend
• 46:00
  some
• 46:00
  time
• 46:00
  chatting
• 46:00
  with
• 46:00
  you
• 46:00
  today.
• 46:01
  Yeah,
• 46:01
  no,
• 46:01
  we
• 46:02
  really
• 46:02
  appreciate
• 46:02
  you
• 46:02
  and
• 46:02
  I
• 46:03
  appreciate
• 46:03
  you
• 46:03
  having
• 46:03
  me
• 46:04
  on.
• 46:04
  And
• 46:05
  look
• 46:05
  forward
• 46:05
  to
• 46:06
  New
• 46:06
  York,
• 46:06
  Heather.
• 46:07
  All
• 46:07
  right,
• 46:07
  sweet.
• 46:07
  I'll
• 46:08
  speak
• 46:08
  to
• 46:08
  you
• 46:08
  soon.
• 46:08
  Thanks
• 46:09
  for
• 46:09
  tuning
• 46:09
  in
• 46:09
  to
• 46:09
  Transformed
• 46:10
  with
• 46:10
  Data.
• 46:11
  If
• 46:11
  today's
• 46:12
  conversation
• 46:12
  gave
• 46:13
  you
• 46:13
  even
• 46:13
  one
• 46:13
  insight,
• 46:14
  one
• 46:14
  aha
• 46:14
  moment,
• 46:15
  or
• 46:15
  one
• 46:15
  new
• 46:15
  idea
• 46:16
  to
• 46:16
  take
• 46:16
  action
• 46:16
  on,
• 46:17
  do
• 46:17
  me
• 46:17
  a
• 46:17
  favor.
• 46:18
  Subscribe,
• 46:19
  leave
• 46:19
  a
• 46:19
  review,
• 46:20
  and
• 46:20
  share
• 46:20
  this
• 46:20
  with
• 46:20
  someone
• 46:21
  who's
• 46:21
  ready
• 46:21
  to
• 46:21
  level
• 46:21
  up.
• 46:22
  Until
• 46:22
  next
• 46:23
  time,
• 46:23
  keep
• 46:23
  asking
• 46:24
  the
• 46:24
  right
• 46:24
  questions,
• 46:25
  keep
• 46:25
  challenging
• 46:26
  the
• 46:26
  status
• 46:26
  quo,
• 46:27
  and
• 46:27
  keep
• 46:27
  transforming
• 46:28
  with
• 46:28
  data.