Latest / Earn Your Leisure / Study Hall: HOW TO SELL ANY PRODUCT & VIRGIL’S OFF WHITE DEAL

Transcript

Study Hall: HOW TO SELL ANY PRODUCT & VIRGIL’S OFF WHITE DEAL · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
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  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
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  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 0:23
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 0:28
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 0:31
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 0:35
  Speaker 1: are here illegally, your next you will be fined nearly
• 0:39
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 0:43
  Speaker 1: never return. But if you register using our CBP home
• 0:46
  Speaker 1: app and leave now, you could be allowed to return legally.
• 0:50
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 0:55
  Speaker 1: border and families will.
• 0:57
  Speaker 2: Be protected sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 3: Even in my book, I wrote this part called one
• 1:02
  Speaker 3: hundred dollars Off Days, where my goal is to build
• 1:03
  Speaker 3: my business on.
• 1:04
  Speaker 4: My off days, just my off days, because.
• 1:06
  Speaker 3: I was working five days a week on my job
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  Speaker 3: two days a week on my dream every single day,
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  Speaker 3: my goal is to go out and sell four T shirts.
• 1:12
  Speaker 3: I'm selling T shirts for twenty five dollars, so I'm
• 1:14
  Speaker 3: trying to sell four T shirts. I'm trying to make
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  Speaker 3: one hundred dollars on each off day. So my boy's like, nah,
• 1:18
  Speaker 3: you got to grind, man, you gotta work every single day.
• 1:21
  Speaker 3: I know myself, I'm low key lazy. I work hard
• 1:23
  Speaker 3: because I'm kind of lazy. I want to get to
• 1:25
  Speaker 3: a point where I got to do nothing, work smart.
• 1:27
  Speaker 4: Yeah, yeah, I mean that's what lazy people say. Yeah.
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  Speaker 3: My goal is I'm focused on. Whatever happens throughout the
• 1:36
  Speaker 3: week is extra. But my goal is on my off days,
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  Speaker 3: feel it would work. If I can put time into
• 1:42
  Speaker 3: my job, I can put time to my business. So
• 1:44
  Speaker 3: I started hitting these these hundred dollars each off day.
• 1:47
  Speaker 3: So I called my boss, like, yo, can you only
• 1:49
  Speaker 3: put me on four days a week instead of five?
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  Speaker 3: Because I knew if I could make two hundred dollars
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  Speaker 3: on two off days, if I had three off days,
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  Speaker 3: I can make three hundred. And that joyt started to hit.
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  Speaker 3: So long story short time I quit my job. I
• 2:01
  Speaker 3: was like working a day a week. So I like,
• 2:03
  Speaker 3: so I teach people to transition out of their job.
• 2:05
  Speaker 3: Let's set these small goals and build from there.
• 2:08
  Speaker 5: So can you talk about that because that's important as
• 2:09
  Speaker 5: far as it's all about strategy in life. And it's
• 2:12
  Speaker 5: like you never just want to jump out the window
• 2:14
  Speaker 5: and anything, So can you break that down a little
• 2:16
  Speaker 5: bit to transition out of your job? I liked that idea?
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  Speaker 2: Was it, like I'm thinking myself, like, was there any
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  Speaker 2: fear in that? Like or how did that play on
• 2:23
  Speaker 2: your mind? Like I'm doing this, I'm out.
• 2:25
  Speaker 4: I don't know.
• 2:26
  Speaker 3: It wasn't really It wasn't really a fear because it
• 2:29
  Speaker 3: happened so gradually, you know what I mean. It's like
• 2:31
  Speaker 3: with this podcast, you drop one episode, then two, then three,
• 2:35
  Speaker 3: and it starts to build. So I'm trying to make
• 2:37
  Speaker 3: on my just two my goal is to make two
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  Speaker 3: hundred dollars a week. If I can't sell eight T
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  Speaker 3: shirts in seven days, you know what I mean. Like,
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  Speaker 3: so it was it wasn't like a fear of oh
• 2:47
  Speaker 3: I got to go quit my job.
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  Speaker 4: That would be scary.
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  Speaker 3: I'm just trying to make a couple more dollars to like,
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  Speaker 3: go to the club and hang out and put something
• 2:54
  Speaker 3: on a bottle. I still wan't going to buy it myself,
• 2:57
  Speaker 3: but I want to be a person that could chip in.
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  Speaker 3: So it wasn't really a fear, especially because since I
• 3:02
  Speaker 3: was a kid, I've always been trying. The hard part
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  Speaker 3: was sticking when I'm only making two hundred dollars a week,
• 3:10
  Speaker 3: or sticking when I'm not really making any money. Instead
• 3:13
  Speaker 3: of saying, yo, you know what, I think I'm a
• 3:14
  Speaker 3: tuy real estate because t shirts don't work.
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  Speaker 4: It was just me.
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  Speaker 3: So the hard part was just staying in my lane
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  Speaker 3: and you know, just stay in one course for a while.
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  Speaker 2: It goes back to your and I looked at you
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  Speaker 2: your page The life cycle of a good idea. Yeah,
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  Speaker 2: this sounds like the life of everybody goes through it too,
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  Speaker 2: you know what I mean, Like, can you break down
• 3:33
  Speaker 2: that process? Because I'm sure there's a lot of people
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  Speaker 2: that have ideas and they make it to the first
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  Speaker 2: age of excitement, but they never make it to the
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  Speaker 2: last dage.
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  Speaker 4: Oh never.
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  Speaker 3: So I came across this presentation. I was on tour
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  Speaker 3: with ET twenty seventeen, and I think like a few
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  Speaker 3: hours before I was supposed to turn in my presentation.
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  Speaker 4: I just I was like, yo, I got it.
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  Speaker 3: The life cycle of a good idea is excitement. Everybody
• 3:57
  Speaker 3: gets excited about the idea. But then you got to
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  Speaker 3: move to where you got to start evolving the idea,
• 4:02
  Speaker 3: which is not as exciting as when you got the
• 4:05
  Speaker 3: id and you get to tell everybody and you see
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  Speaker 3: the vision. Yo, this goal was take me out of
• 4:08
  Speaker 3: my job. So excitement, then evolution, then engagement. So after
• 4:13
  Speaker 3: you evolve it, you got to engage people. That get
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  Speaker 3: scary because you got to actually approach people and make
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  Speaker 3: a sale and buy in. You got to get people
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  Speaker 3: to buy in. But then with engagement comes resistance. You'll
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  Speaker 3: automatically have those people to say, yo, I don't want
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  Speaker 3: to buy it, and then you have to make a decision.
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  Speaker 3: And the decision is either get excited about something else
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  Speaker 3: or move into expansion. But the trick is taking each
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  Speaker 3: stage with you. So if you're excited and you move
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  Speaker 3: to evolution, you got to be excited while you're evolving
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  Speaker 3: the idea. And some people move from evolution to engagement,
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  Speaker 3: but they stop evolving the content. So once you start
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  Speaker 3: to hit resistance, if you're still engaging people and evolving.
• 4:51
  Speaker 3: You're asking people, Okay, why aren't you buying this? Because
• 4:54
  Speaker 3: you're still evolving it. You're still trying to get better,
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  Speaker 3: meaning you're still engaging.
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  Speaker 4: You're assessing it.
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  Speaker 3: You're assessing, and then you make a decision to just
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  Speaker 3: don't get excited about something else, fight through it, take
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  Speaker 3: all that data, get re excited about the same concept,
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  Speaker 3: retool it, keep engaging, go through the resistance.
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  Speaker 4: And then you expand.
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  Speaker 2: You said something important and Shotty comes from a sales background,
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  Speaker 2: and you come from a sales background.
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  Speaker 4: You said A sales starts when somebody says no. Oh
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  Speaker 4: for sure. In my mind, I'm like.
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  Speaker 2: Yeah, somebody said no, it's next to the next person.
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  Speaker 2: What's the importance of that, Like, what's the philosophy bond
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  Speaker 2: that I mean?
• 5:28
  Speaker 3: When you go into a shoe store, obviously somebody comes
• 5:30
  Speaker 3: up to you and they're like, can I help you?
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  Speaker 3: And you always say no, I'm good, Like we're trained
• 5:35
  Speaker 3: to say no. The actual set the game starts when
• 5:38
  Speaker 3: they say no first. So I was expecting, yo, you
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  Speaker 3: want to buy this T shirt? And they say no.
• 5:44
  Speaker 3: I'm like, all right, man, what I gotta go to
• 5:46
  Speaker 3: the next person? But then I realized that one of
• 5:48
  Speaker 3: my mentors said, yo, make them tell you no twice.
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  Speaker 3: So I'm like, yo, would you like to make buy
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  Speaker 3: this T shirt? And they say no, I'm good. I'm like, yo,
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  Speaker 3: are you sure? Look at this, like look at that,
• 5:58
  Speaker 3: like this this, this will be with your shoes, And
• 6:01
  Speaker 3: for some reason I started converting, Like people like, oh,
• 6:04
  Speaker 3: all right, yeah, you're right, let me get it right.
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  Speaker 3: So now you know fast forward. I was able to
• 6:09
  Speaker 3: leave the cheesecake factory and jump into the Kiaks. I
• 6:12
  Speaker 3: make you tell me no to you walk away because Yo,
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  Speaker 3: I've converted on the third sale, I mean the third no,
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  Speaker 3: the fourth no. And sometimes people will buy because they
• 6:21
  Speaker 3: tired of you ask it and they know you're not
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  Speaker 3: gonna let them go. Look I got all right, cool,
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  Speaker 3: just give give me that one here ticket tell you
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  Speaker 3: no more than once.
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  Speaker 5: Yeah. Now the sales is we talked about that a
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  Speaker 5: few times on the podcast is something that most people
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  Speaker 5: are extremely afraid of because nobody likes to talk to strangers.
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  Speaker 5: Like we conditioning as kids not to talk to strangers,
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  Speaker 5: like that's the first thing they tell you, don't talk
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  Speaker 5: to strangers, and that carries over as an adult, and
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  Speaker 5: it's like to walk up to somebody, especially to try
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  Speaker 5: to ask them to buy a product and to spend
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  Speaker 5: money with you. It's like it's terrifying for most people.
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  Speaker 5: But I always say, like, if you can actually sell,
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  Speaker 5: do sales. I recommend anybody that wants to be in
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  Speaker 5: business to do at least one year of sales selling something.
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  Speaker 5: I don't care, whether it's life insurance, whether it's knives,
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  Speaker 5: whether it's the cell phone cases. You got to if
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  Speaker 5: you could sell something a it takes a fear away
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  Speaker 5: and you'll realize that the worst thing in the world
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  Speaker 5: is not a no. It's not like people say no,
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  Speaker 5: you're still living, like you know what I mean. It's
• 7:12
  Speaker 5: like you got to develop stick extend to be an entrepreneur.
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  Speaker 3: I got a clients shouts out of my man saying
• 7:17
  Speaker 3: he came on our coaching call. I have a call
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  Speaker 3: in the mornings, and he said, Man, how do I
• 7:21
  Speaker 3: take my business to the next level? And my COUSTU
• 7:23
  Speaker 3: was like, Yo, how many people do you ask to
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  Speaker 3: buy your service? He said, Man, not that many. I said, YO,
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  Speaker 3: give me a number, like how many people do you
• 7:31
  Speaker 3: actually ask? He said, well, uh, not a whole lot. Bro,
• 7:36
  Speaker 3: how many did you asked yesterday? He said none. I said,
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  Speaker 3: that's the problem. So this is what I want you
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  Speaker 3: to do. Because he's afraid to ask for the sale,
• 7:42
  Speaker 3: I said, or he's afraid to attest. He's afraid to like,
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  Speaker 3: like get into sales. But what I told him was
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  Speaker 3: I just want you to ask three people a day.
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  Speaker 4: That's your goal.
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  Speaker 3: I don't care whether you buy or not, because the
• 7:55
  Speaker 3: pressure is in their answer. But if you condition your
• 7:59
  Speaker 3: mind and say, yo, my goal is not to make
• 8:01
  Speaker 3: a sale. My goal is to just ask five people
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  Speaker 3: every day so I can go to the store and say, yo,
• 8:05
  Speaker 3: I don't want to bother you, my coach, make me
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  Speaker 3: do this. Would you like to buy this T shirt? Okay,
• 8:10
  Speaker 3: that's one. Hey mom, I know I ain't talk to
• 8:13
  Speaker 3: you in a little while. I never I've asked. I
• 8:15
  Speaker 3: never like try to sell you anything. But let me
• 8:17
  Speaker 3: get my number out. And if you can start to
• 8:19
  Speaker 3: get your number out three sales, five, Just make five calls.
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  Speaker 3: Make your goal. Make your goal of the work, not
• 8:26
  Speaker 3: the reward, because the reward is scary because if you
• 8:28
  Speaker 3: don't get it, you're disappointed. But what you can't control
• 8:31
  Speaker 3: is the work. That's the only thing control, So is there.
• 8:34
  Speaker 2: It's like a fine line between persistence and annoyance, because
• 8:38
  Speaker 2: I could imagine like, yo, get this, get this, get this,
• 8:39
  Speaker 2: and it's like, all right, is there a fine line there?
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  Speaker 3: To make a seale, you gotta be kind of annoying
• 8:44
  Speaker 3: a little bit, Okay. I mean at the end of
• 8:48
  Speaker 3: the day, you got to ask curtain people. It's going
• 8:50
  Speaker 3: to be somebody you want to get on the podcast.
• 8:51
  Speaker 3: They say no, next time you're seeing it, you need
• 8:53
  Speaker 3: to ask them again. It's only our inside. We feel
• 8:56
  Speaker 3: like we're being annoying, but sometimes people just forget or
• 9:00
  Speaker 3: and I learned this at the cheesecake factory.
• 9:01
  Speaker 5: Is so dope.
• 9:02
  Speaker 3: People want to they want to eat cheesecake, but they
• 9:06
  Speaker 3: want you to convince them. They want to do it.
• 9:09
  Speaker 3: But the right thing to say is no because it's
• 9:11
  Speaker 3: high in fact calories. But they really want me to ask,
• 9:14
  Speaker 3: They really want me to convince. They feel good strong
• 9:17
  Speaker 3: will because they're saying no because they're on the diet.
• 9:19
  Speaker 4: We got this new one. They'd be happy when I
• 9:22
  Speaker 4: convince them no.
• 9:23
  Speaker 5: It's the no thing is extremely important and it's important
• 9:26
  Speaker 5: for people to understand how to take things personal and
• 9:29
  Speaker 5: you know, I just living in New York. I was
• 9:31
  Speaker 5: on the subway years ago, and I just did like
• 9:34
  Speaker 5: an observation. It's like people, these guys handing out like
• 9:36
  Speaker 5: free newspaper, they're free to any anybody that's like coming
• 9:39
  Speaker 5: through the turnstile, and every single person was like no,
• 9:42
  Speaker 5: I'm gonnay.
• 9:43
  Speaker 4: Look.
• 9:43
  Speaker 5: They was just and I'm thinking to myself, like it's free.
• 9:48
  Speaker 5: It's a free newspaper, why not take it? But it's
• 9:51
  Speaker 5: like they're just conditioned that he's trying to sell me.
• 9:53
  Speaker 5: He's not even trying to sell, it's giving it away,
• 9:56
  Speaker 5: and it's like no. It's like the same thing. It's
• 9:59
  Speaker 5: like a pretty girl, Like you might want to dance
• 10:01
  Speaker 5: with a pretty girl, and before you even she's like no,
• 10:03
  Speaker 5: but was like you didn't even look at me. But
• 10:07
  Speaker 5: she's just used. She's conditioned to say no. So I say,
• 10:10
  Speaker 5: I have to say, like people in general are conditioned
• 10:13
  Speaker 5: to say no, So peeling back that layer and saying like, well,
• 10:16
  Speaker 5: why it's free, it's a free newspaper. You don't want
• 10:19
  Speaker 5: to take it. I mean, like, let me get the
• 10:20
  Speaker 5: note out of the worst and you're not going to
• 10:22
  Speaker 5: convince everybody. But some people, once you just get that
• 10:25
  Speaker 5: first layer, Like, if you can get past that first layer,
• 10:29
  Speaker 5: it's like a home run after that.
• 10:30
  Speaker 3: Yeah, I think how you how you do anything, is
• 10:33
  Speaker 3: how you do everything. So if if you're attempting to
• 10:36
  Speaker 3: make a sale and they say no, if you're working
• 10:39
  Speaker 3: on a product and you just can't figure it out,
• 10:41
  Speaker 3: like these mics, you just couldn't figure out how to
• 10:43
  Speaker 3: get it working, you'll probably stop at that too and
• 10:46
  Speaker 3: just get another mic. Right, But once you develop a
• 10:48
  Speaker 3: certain a certain level of persistence, once you develop that trade,
• 10:53
  Speaker 3: that carries to everything, you know what I mean, Like
• 10:55
  Speaker 3: if you can be if you can be persistent in
• 10:57
  Speaker 3: a in a sales transaction, you could be assistant and
• 11:01
  Speaker 3: getting that person interested enough enough to date you or
• 11:04
  Speaker 3: trying to close that deal. I believe how you do anything,
• 11:07
  Speaker 3: how you do everything.
• 11:07
  Speaker 4: So you sound like you're gonna be the host on
• 11:09
  Speaker 4: Bachelor Man.
• 11:11
  Speaker 5: So what are some steps, Like you said you coach
• 11:13
  Speaker 5: people to become entrepreneurs in nine to five What are
• 11:17
  Speaker 5: some steps. I'm sure there's a lot of people that
• 11:18
  Speaker 5: may listen to this podcast that have nine to five
• 11:21
  Speaker 5: jobs and want to become entrepreneurs. Like, what are some
• 11:23
  Speaker 5: practical steps that people can take.
• 11:24
  Speaker 3: I think the first step is just set a goal,
• 11:26
  Speaker 3: and I don't care what the goal is. Ideally, if
• 11:29
  Speaker 3: you're new in entrepreneurship, you don't want to set a
• 11:32
  Speaker 3: sales goal or a reward goal. You want to set
• 11:35
  Speaker 3: a work goal. So your work goal might be starting
• 11:38
  Speaker 3: out from six to seven, every single day, I'm going
• 11:41
  Speaker 3: to work on this product or this project, whatever it
• 11:44
  Speaker 3: is I'm doing from six to seven. If you got
• 11:46
  Speaker 3: a podcast, from six to seven, I'm reaching out to
• 11:49
  Speaker 3: people to be on my I don't care what they say.
• 11:51
  Speaker 3: Their answer doesn't have anything to do with me, but
• 11:54
  Speaker 3: for me to hit my goal from six to seven.
• 11:56
  Speaker 3: Because that works on consistency. You get more comfortable reaching
• 11:59
  Speaker 3: out and you're putting a whole bunch of people in
• 12:00
  Speaker 3: your pipeline. For this particular scenario, I guess we're podcasting.
• 12:04
  Speaker 3: But the first step is to set a consistent goal
• 12:09
  Speaker 3: that you can hit because you can't control if somebody
• 12:11
  Speaker 3: buys or not, you know what I mean. So I
• 12:13
  Speaker 3: think the first step is if you have a business,
• 12:16
  Speaker 3: you set some work goals, and out of those work goals,
• 12:19
  Speaker 3: if you get comfortable in that long enough, then you
• 12:21
  Speaker 3: set some small reward goals and you just do that consistently.
• 12:25
  Speaker 3: My goal is to sell one a day, whatever the
• 12:27
  Speaker 3: product is. Let me just sell one a day, and
• 12:29
  Speaker 3: you do that often enough, you'll get tired of.
• 12:31
  Speaker 5: That, now, you know what. I'm glad you said that,
• 12:33
  Speaker 5: because that's something that I learned early on in business
• 12:34
  Speaker 5: when I was first came into business, right, and I
• 12:37
  Speaker 5: learned that you can't. People make the mistake all the
• 12:41
  Speaker 5: time because they say, Okay, I want to make a
• 12:42
  Speaker 5: hundred thousand dollars, and in order to do that, I
• 12:45
  Speaker 5: need to make two thousand dollars a week, right, And
• 12:47
  Speaker 5: it's like, okay, I'm gonna make two thousand dollars a week.
• 12:50
  Speaker 5: I'm not going to work two weeks out of the year.
• 12:51
  Speaker 5: So if I make two thousand and fifty weeks, I
• 12:52
  Speaker 5: make a hundred thousand dollars. But that's not really an
• 12:55
  Speaker 5: attainable goal because it's like, what does it take to
• 12:58
  Speaker 5: make two thousand dollars a week? Right?
• 13:00
  Speaker 4: You don't know, He's never done it.
• 13:01
  Speaker 5: So it's like, if you're selling a product, right, you
• 13:04
  Speaker 5: might say, Okay, I need to sell ten of these
• 13:07
  Speaker 5: whatever they are in order to make two thousand. But
• 13:11
  Speaker 5: even saying all right, I'm gonna sell ten products, that's
• 13:13
  Speaker 5: really not a good goal because how are you going
• 13:15
  Speaker 5: to sell ten products? You gotta dig deeper to say, Okay,
• 13:17
  Speaker 5: in order to sell ten products, I know I need
• 13:20
  Speaker 5: to speak to one hundred people exactly. So the goal
• 13:23
  Speaker 5: is not to sell ten products. The goal is to
• 13:26
  Speaker 5: speak to one hundred people. So now get down even
• 13:28
  Speaker 5: deeper and it's like, okay, well, how do I speak
• 13:30
  Speaker 5: to one hundred people. I need to get twenty five referrals.
• 13:33
  Speaker 5: I need to go to five networking events. I need
• 13:36
  Speaker 5: to cold call one hundred people. That's the formula for
• 13:39
  Speaker 5: me to speak. My goal is to if I speak
• 13:41
  Speaker 5: to one hundred people, I'm going to sell ten products.
• 13:43
  Speaker 5: I'm going to make two thousands. But a lot of
• 13:44
  Speaker 5: time people do it backwards. They say I'm gonna make
• 13:46
  Speaker 5: two thousand, they get frustrated because it's June and they
• 13:50
  Speaker 5: haven't made any money, and it's like they just quit.
• 13:53
  Speaker 4: Yeah.
• 13:53
  Speaker 3: The question is like, how long did you think it
• 13:55
  Speaker 3: was going to take to be successful?
• 14:21
  Speaker 5: Kanye West? That's uh, our brother.
• 14:24
  Speaker 4: We can't throw him away.
• 14:25
  Speaker 5: He Kanye West. He went to his concert.
• 14:27
  Speaker 2: I go to a lot of I've been to a
• 14:29
  Speaker 2: number of his concerts. I remember the first time I
• 14:31
  Speaker 2: saw him. He was opening up for Usher on a
• 14:34
  Speaker 2: Confessions tour. That's how far back he went. To his
• 14:36
  Speaker 2: most recent concert. Yeah, I was at the Jesus Is King.
• 14:40
  Speaker 2: We told that story alive.
• 14:41
  Speaker 4: Yeah, I went. I went to Sunday Service.
• 14:43
  Speaker 5: Man, he went to Sunday Services because we was at Complex.
• 14:46
  Speaker 5: Call me, Mike Jamore you we was at Complex con
• 14:50
  Speaker 5: in l A and Long Beach and he had his
• 14:53
  Speaker 5: show and you bought tickets to the show for all
• 14:55
  Speaker 5: of us.
• 14:56
  Speaker 4: Yeah, man, and he.
• 14:58
  Speaker 5: Was about to go is in Inglewood, and and you
• 15:00
  Speaker 5: got in the uber and nobody else got it.
• 15:03
  Speaker 2: Listen, let's paint this picture. It was like three o'clock.
• 15:06
  Speaker 2: I'm like, yo, the show starts at at four. Like,
• 15:09
  Speaker 2: I'm calling this uber right now, Guys, it's a forty
• 15:11
  Speaker 2: five minute ride to Inglewood.
• 15:12
  Speaker 4: Y'all coming with me? And everybody's like. I was like,
• 15:15
  Speaker 4: I'm calling the uber. We all walked outside. I got
• 15:18
  Speaker 4: in the uber. I looked back.
• 15:19
  Speaker 2: I saw y'all standing on the curve. I said, I'm
• 15:22
  Speaker 2: closing this door, and it's gonna be a one man journey,
• 15:24
  Speaker 2: and I looked and y'all took two steps backwards, and
• 15:28
  Speaker 2: I closed the door and I said, I'm going.
• 15:29
  Speaker 5: Yeah, no the fact shout out to ye no disrespect,
• 15:32
  Speaker 5: no disrespect.
• 15:33
  Speaker 4: Yeah, they left me.
• 15:33
  Speaker 5: Y'all just wasn't in vis. You gotta be mentally prepared
• 15:36
  Speaker 5: for that.
• 15:37
  Speaker 4: And I'm not mad at it.
• 15:37
  Speaker 2: I told you when I and I doubled back, I
• 15:39
  Speaker 2: came back, I was like, you know what, some things
• 15:41
  Speaker 2: you need to experience by yourself.
• 15:43
  Speaker 4: I kind of I needed that. Man.
• 15:44
  Speaker 5: It was an emotional moment. Shout Sunday shot. Yeah, you
• 15:47
  Speaker 5: went by yourself, but shout out the complex content. I
• 15:49
  Speaker 5: was pvent. But I say that to say, we're gonna
• 15:52
  Speaker 5: talk about Virgil Ablo. Yeah, right. And Virgil if you
• 15:56
  Speaker 5: if you don't know, is he just recently took the head.
• 16:00
  Speaker 4: Job at the hell designer of Louis vaittan.
• 16:03
  Speaker 5: Louis Vaitton, I think the men's line, the Louis Vuitton, right,
• 16:07
  Speaker 5: and yeah, so's he's big in fashion obviously, but before that,
• 16:12
  Speaker 5: he has a brand called off White. Yep, off White,
• 16:15
  Speaker 5: if you're not familiar, is huge. Just it's it's one
• 16:19
  Speaker 5: of these things where all of the rappers where all
• 16:21
  Speaker 5: the athletes wear it and it costs a thousand dollars
• 16:25
  Speaker 5: for a T shirt. It's crazy. It's like, you know,
• 16:26
  Speaker 5: Off White, It's like a thing. But so I mentioned
• 16:30
  Speaker 5: Kanye West because Virgil comes from Kanye's tree. So when
• 16:33
  Speaker 5: we talk about Kanye's tree, we talk about his musical tree, right,
• 16:37
  Speaker 5: people that have come from him. So the Big Shans
• 16:40
  Speaker 5: of the world, the John Legends of the world, kid
• 16:43
  Speaker 5: Cuddies of the world, these are all people that come
• 16:46
  Speaker 5: from Kanye's earners.
• 16:49
  Speaker 4: What's up?
• 16:50
  Speaker 2: You ever walk into a small business and everything just
• 16:52
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  Speaker 2: Let's Square handle the back end so you can keep
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  Speaker 2: pushing your vision forward. This episode is brought to you
• 17:59
  Speaker 2: by P and C Bank. A lot of people think
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• 18:39
  Speaker 1: An illegal alien from Guatemala charged with raping a child.
• 18:43
  Speaker 1: In Massachusetts. An MS thirteen gang member from Al Salvador
• 18:47
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 18:51
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 18:55
  Speaker 1: some of the heinous migrant criminals caught because of President
• 18:59
  Speaker 1: Donald J. Trum leadership. I'm Christy Noman, the United States
• 19:02
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 19:07
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 19:11
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 19:14
  Speaker 1: were here illegally, your next you will be fine nearly
• 19:18
  Speaker 1: one thousand dollars a day. Imprisoned and deported, you will
• 19:22
  Speaker 1: never return. But if you register using our CBP home
• 19:26
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• 19:30
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 19:35
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• 19:37
  Speaker 4: Sponsored by the United States Department of Homeland Security.
• 19:39
  Speaker 5: Treat we can put Drake in there. No no, no, we
• 19:41
  Speaker 5: can't put Drake in there. No no. We can't play
• 19:43
  Speaker 5: with Drake like that. But so so shout out to
• 19:46
  Speaker 5: the six God, so so so d so. But music
• 19:51
  Speaker 5: is crazy. His branches is crazy in music, but even
• 19:56
  Speaker 5: more impressive is his fashion. Yeah, so people, I would
• 19:59
  Speaker 5: say more impressive. The people come from under Kanye in
• 20:02
  Speaker 5: fashion is Jerry Lorenzo.
• 20:03
  Speaker 4: Yeah, fair God, Fair of God.
• 20:05
  Speaker 5: Virgil Ablow, who we just talked about Off White yep,
• 20:09
  Speaker 5: dn Ce, who worked the Jordan brand yep and what
• 20:13
  Speaker 5: else did he do?
• 20:13
  Speaker 2: He still has it and he has the rs VP shop. Yeah,
• 20:16
  Speaker 2: he has a couple of deals he did. Uh, he
• 20:18
  Speaker 2: did a deal with the NBA where he likes in
• 20:20
  Speaker 2: some of this stuff.
• 20:20
  Speaker 5: Yeah, and Virgil and Kanye actually moved to the all
• 20:24
  Speaker 5: of them. They literally for like six months and they
• 20:27
  Speaker 5: interned at Louis Vautan. So it's crazy. So Louis Vuitton
• 20:30
  Speaker 5: don actually now Louis Vuitton did. Yeah, he got his
• 20:33
  Speaker 5: whole name from that whole vibe. So what happens? Okay,
• 20:36
  Speaker 5: So Virgil starts a company called Off White right, and
• 20:39
  Speaker 5: Off White blows up. Off Fight becomes a really big thing,
• 20:43
  Speaker 5: and it's one of those things, like I said, where
• 20:45
  Speaker 5: everybody's just it's like you got to get an off
• 20:47
  Speaker 5: White shirt.
• 20:48
  Speaker 2: It started before like he built the buzz because he
• 20:50
  Speaker 2: had that there was like this pirate's vision that fashion
• 20:53
  Speaker 2: line that he had done, but it was he was
• 20:54
  Speaker 2: putting it on other pieces of cold and so you
• 20:56
  Speaker 2: might see a Champion sweatshirt, but it had like the
• 20:58
  Speaker 2: Pirate stuff on it. So push your tea obviously, that
• 21:01
  Speaker 2: makes sense.
• 21:01
  Speaker 4: Right.
• 21:01
  Speaker 2: He's part of that that crew, that conglomerate at Kanye conglomerate.
• 21:05
  Speaker 2: So they was wearing it and then that Pirates became
• 21:07
  Speaker 2: a big thing like Jay Whiz and that was big,
• 21:10
  Speaker 2: and then somebody saw the light in him.
• 21:12
  Speaker 5: Yeah, that's a fact. So Marcelo Braun's Berlin Burlin, Marcelo Marcelo, Yeah,
• 21:19
  Speaker 5: you got Marcelo Burlin recruits him to come to Italy, right,
• 21:25
  Speaker 5: and so Mark he owns the New Guard group him,
• 21:28
  Speaker 5: he has two partners, which is a fashion conglomerate, right,
• 21:31
  Speaker 5: So he takes him to Italy and he shows him
• 21:33
  Speaker 5: their manufacturing factories. Like so yeah, we started laughing because
• 21:39
  Speaker 5: it like when Kanye. Remember when Kanye was on Sway
• 21:41
  Speaker 5: and he was like he was talking and nobody really
• 21:44
  Speaker 5: understood what he was talking about, and he was like,
• 21:46
  Speaker 5: I can't produce at this level. I can't produce, and
• 21:49
  Speaker 5: they like why would you, Like were you talking about?
• 21:51
  Speaker 5: And He's like, yo, got.
• 21:52
  Speaker 4: Dance to sweat, They only gonna give us tea shirts
• 21:53
  Speaker 4: and hat.
• 21:54
  Speaker 5: And so he was like and even Sewman was like,
• 21:56
  Speaker 5: what do you Nobody really knew what he was talking about.
• 21:58
  Speaker 5: He didn't really do a good job of explaining when
• 22:00
  Speaker 5: he was talking about. But he was just saying like
• 22:02
  Speaker 5: he didn't have the factories to produce, and it just
• 22:06
  Speaker 5: didn't go over well. Right. But it's crazy because it's
• 22:11
  Speaker 5: like when Virgil, they said, when he when he went
• 22:13
  Speaker 5: there and he saw the factories. I don't know what
• 22:16
  Speaker 5: they put these factors like magical fits like Willie Walker
• 22:18
  Speaker 5: in the Chalcoling factory. So he saw these factories and
• 22:22
  Speaker 5: he realized that he couldn't compete down later type vibe.
• 22:27
  Speaker 5: So he sells his company. And you know what's crazy
• 22:31
  Speaker 5: is that shout out to Dapper Dam. But when Dapper
• 22:34
  Speaker 5: Dam was on the Breakfast Club, when that's what really
• 22:37
  Speaker 5: started this whole vibe. Dapper Dam was on the Breakfast
• 22:40
  Speaker 5: Club and Charlemagne kept pushing them like, yo, why don't
• 22:43
  Speaker 5: you just own your own joint? Like why are you
• 22:46
  Speaker 5: working for Gucci? You've done so much for this company.
• 22:48
  Speaker 5: You brought the street with and conture together, like create
• 22:52
  Speaker 5: your own, create your own things. So then he kept
• 22:54
  Speaker 5: pushing them on that, and then that was like, well,
• 22:56
  Speaker 5: who what black designer owns their own outright, like on
• 23:00
  Speaker 5: high level, on a very high level. And he was
• 23:02
  Speaker 5: like off white Virgil, And then he was like does
• 23:05
  Speaker 5: he does? So then Charlamagne was like, well what does
• 23:11
  Speaker 5: that mean? What are you saying? He's like, I'm not
• 23:12
  Speaker 5: saying anything. He's like, through your research.
• 23:14
  Speaker 2: I promise you, Like as soon as I saw that,
• 23:16
  Speaker 2: and then one week later this whole story.
• 23:18
  Speaker 4: I was like, yo, I'm doing research and then we
• 23:20
  Speaker 4: found this.
• 23:20
  Speaker 5: I'm like so surprised. It turns out that he doesn't
• 23:24
  Speaker 5: own off white. New Guard Group owned off white right
• 23:29
  Speaker 5: majority state. So what happens is that he sold it
• 23:32
  Speaker 5: to the New Guard Group. All right, it happens all
• 23:33
  Speaker 5: the time people sell that company. But what makes this
• 23:35
  Speaker 5: interesting is that he still has control over it in
• 23:39
  Speaker 5: a certain way because he kept the licensing right. So
• 23:43
  Speaker 5: this is very important. This, this is this is where
• 23:44
  Speaker 5: the story gets interesting. So he sold the company to
• 23:46
  Speaker 5: the New Guard Roup, but he kept the licensing rights.
• 23:49
  Speaker 5: So what happens is that New Guard was in control
• 23:52
  Speaker 5: of development, distribution, and manufacturing, so they they watch everything
• 23:55
  Speaker 5: everything right, But but he was in control of licensing them.
• 24:00
  Speaker 5: In order for them to put it in any store
• 24:02
  Speaker 5: or to sell it effectively, they have to rent the
• 24:06
  Speaker 5: licensing rights from him, and then they split. They don't
• 24:09
  Speaker 5: they didn't say what their agreement was as far as
• 24:11
  Speaker 5: the split, but they split. Let's just say hypothetically it's
• 24:13
  Speaker 5: fifty to fifty split. And so he still makes money,
• 24:16
  Speaker 5: but he's not actually doing anything which actually works out
• 24:19
  Speaker 5: for him now just he could focus and to see
• 24:21
  Speaker 5: his energy on running Louis Vatan.
• 24:24
  Speaker 2: Yeah, and that's the beautiful thing about licensing and trademarking
• 24:27
  Speaker 2: is that he can do it with this one and
• 24:29
  Speaker 2: right now, this group that this deal that he has
• 24:31
  Speaker 2: with New Guarden, we'll talk about who they sold it to,
• 24:34
  Speaker 2: is that this one's exclusive. But the next time, and
• 24:37
  Speaker 2: like we said, we don't know the terms of the
• 24:38
  Speaker 2: money in the contract. We don't know the terms of
• 24:40
  Speaker 2: the years either. But as soon as this deal is done,
• 24:42
  Speaker 2: he can license to New Guard, he can license to
• 24:45
  Speaker 2: this person.
• 24:46
  Speaker 4: He could I mean, he can do it as many
• 24:48
  Speaker 4: times or with whoever he wants.
• 24:49
  Speaker 5: So the licensing thing is extremely it's an interesting conversation,
• 24:53
  Speaker 5: especially when it comes to fashion because people don't fully understand,
• 24:56
  Speaker 5: like you know, who's huge in fashion, so this you
• 25:00
  Speaker 5: never really think about it like this and shout out
• 25:02
  Speaker 5: the prince down Now another ey L alumni he was.
• 25:04
  Speaker 5: He was in a store I think like a month ago.
• 25:07
  Speaker 5: He did a whole Instagram clip about this. But Disney
• 25:10
  Speaker 5: licensed their characters out all the time, all the time,
• 25:15
  Speaker 5: especially fashion. They're real big and fashion. So we talked
• 25:17
  Speaker 5: about like back in the day with Iceberg with Goofy,
• 25:21
  Speaker 5: Goofy with Goofy, and Goofy was on all the sweaters.
• 25:25
  Speaker 5: They're not using Goofy, just saying I want to use Goofy. No,
• 25:29
  Speaker 5: you can't do that. It's a selling You got a
• 25:31
  Speaker 5: license it.
• 25:32
  Speaker 4: So they did.
• 25:33
  Speaker 2: They had Mickey too. I remember they I remember the sweater.
• 25:35
  Speaker 2: Mickey had the one. So they had Mickey, they had
• 25:37
  Speaker 2: Goofy Peanuts. They also licensed that. But it's like they
• 25:40
  Speaker 2: have to pay to use those characters.
• 25:42
  Speaker 4: Yeah.
• 25:42
  Speaker 5: And the crazy thing is like, so when you go
• 25:44
  Speaker 5: in the mall, because you see especially now it's Holliday time,
• 25:47
  Speaker 5: you see a bunch of shirts with Snoopy, Mickey, especially
• 25:51
  Speaker 5: Mickey Mouse, Mickey Mouse Mini Mouse. They're huge. You never
• 25:54
  Speaker 5: really tried, you never really paid attention.
• 25:56
  Speaker 4: Right.
• 25:57
  Speaker 5: But if you go and you look at the tag,
• 25:58
  Speaker 5: they're not going to say Disney.
• 26:00
  Speaker 4: Right. You could go in Old Navy right now and
• 26:01
  Speaker 4: find the Mickey Mouse T shirt or Urban Outfitters.
• 26:04
  Speaker 5: And all of these, all of these different companies that
• 26:06
  Speaker 5: put those characters on it, they have to pay Disney, right,
• 26:10
  Speaker 5: So they license their characters out on Fashion, they license
• 26:13
  Speaker 5: other stuff out to the music. Yeah, they like Netflix, right,
• 26:18
  Speaker 5: Like the movies before they started their own streaming service,
• 26:21
  Speaker 5: all of the Marble catalog was on Netflix.
• 26:23
  Speaker 4: Right.
• 26:24
  Speaker 5: Netflix is paying Disney big money, big money to use this.
• 26:28
  Speaker 2: It's the reason why now like with Disney Plus that
• 26:31
  Speaker 2: all like Black Panther's not on Disney Plus yet, or
• 26:34
  Speaker 2: like Star Wars, The New Hope is not on Disney
• 26:36
  Speaker 2: Plus yet because the licensing agreement hasn't run out. As
• 26:38
  Speaker 2: soon as it does, that'll be on Disney Plus. Netflix
• 26:41
  Speaker 2: will never see another Disney product.
• 26:42
  Speaker 5: Yeah. So it's the same thing with fashion and some
• 26:45
  Speaker 5: of your top favorite designers. They don't own, right. You
• 26:51
  Speaker 5: think they do because it's the name, because it's the name,
• 26:54
  Speaker 5: but larger corporations like the New Guard Group, they own it, right,
• 27:00
  Speaker 5: So this happens all the time. Also, we talked about
• 27:02
  Speaker 5: as far as even in real estate.
• 27:04
  Speaker 2: So Trump is a guy in New York City, you know,
• 27:08
  Speaker 2: like especially maybe ten years prior to today, when you
• 27:11
  Speaker 2: drove down the West Side Highway, it was nothing but
• 27:13
  Speaker 2: buildings that said Trump Tower, Trump Tower, Trump Tower, Trump Tower.
• 27:16
  Speaker 2: He doesn't own the building, the land itself. He just
• 27:19
  Speaker 2: licensed his name to put on the building, which in
• 27:22
  Speaker 2: turn people associate with the lifestyle. It's like, this is
• 27:25
  Speaker 2: high luxury. I'm living in the Trump Tower. I have money,
• 27:28
  Speaker 2: I have high luxury. There's a certain lifestyle that comes
• 27:30
  Speaker 2: with it.
• 27:31
  Speaker 5: Yeah, he did that probably the best, honestly. I mean,
• 27:35
  Speaker 5: hate it and love it. But you gotta always look
• 27:37
  Speaker 5: at a business case study, right, You got to take
• 27:40
  Speaker 5: emotions out when you're looking at business. So whether you know,
• 27:43
  Speaker 5: politics is very divisive. So whether you love them, whether
• 27:45
  Speaker 5: you hate him, whatever, you gotta look at the business
• 27:48
  Speaker 5: model behind it, right, Like all of this stuff from
• 27:50
  Speaker 5: his ties, a lot of his golf courses, all of
• 27:55
  Speaker 5: those buildings, those Trump Tower, very few of those does
• 27:58
  Speaker 5: he actually.
• 27:58
  Speaker 4: Owned the casino too.
• 28:00
  Speaker 5: He licensed his name people pay him because he built
• 28:04
  Speaker 5: the brand around Trump, the name Trump, and now it's like, okay,
• 28:09
  Speaker 5: just the name on itself, I can make money via value.
• 28:13
  Speaker 5: So this is what makes the Virgil deal interesting because
• 28:16
  Speaker 5: it's like, okay, like we said, people sell their companies
• 28:18
  Speaker 5: all the time. We talked about Kylie Jenner recently selling
• 28:21
  Speaker 5: fifty percent of our company. So he sold the company,
• 28:24
  Speaker 5: but he also is making money on the back end
• 28:27
  Speaker 5: because he licensed it right.
• 28:29
  Speaker 2: And that's one of the things they said, especially in fashion,
• 28:31
  Speaker 2: if anyone's trying to start something, owning the trademark is
• 28:35
  Speaker 2: probably the most valuable thing you can have in fashion
• 28:37
  Speaker 2: because that lives on forever. Like this least agreement that
• 28:40
  Speaker 2: you might have eventually they're renting, but that lives on forever.
• 28:43
  Speaker 2: As soon as that agreement is done, you can find
• 28:45
  Speaker 2: seven different partners to now license with, and then that
• 28:47
  Speaker 2: lives on in perpetuity. It's like keep that he you
• 28:50
  Speaker 2: know what he does. He owns his masters. We always
• 28:52
  Speaker 2: talk about music. Yeah, Virgil owns his masses.
• 28:55
  Speaker 5: But so but now what happens is that so now
• 28:58
  Speaker 5: guard Croup gets brought happens Okay, so Virgil has to
• 29:01
  Speaker 5: deal with new Guard Group, right, and he sells him
• 29:04
  Speaker 5: a percentage of a large percentage of the company, but
• 29:07
  Speaker 5: he keeps the licensing agreement. Right. They do all of
• 29:10
  Speaker 5: the work, they manufactured, they distributed, they do everything. He
• 29:13
  Speaker 5: gets paid and they have a good relationship, I'm assuming, right,
• 29:17
  Speaker 5: But now new Guard Group gets brought by G three,
• 29:21
  Speaker 5: which is another fashion conglomerate company. So now this way
• 29:25
  Speaker 5: it becomes a little complicated because it's like, Okay, it's
• 29:27
  Speaker 5: like a record label. We have Mickey facts only saying
• 29:29
  Speaker 5: he got dropped by one record label or the record
• 29:31
  Speaker 5: label got acquired by another record label. Right, So it's
• 29:33
  Speaker 5: like you might have a good understanding with an executive
• 29:36
  Speaker 5: at RCA, but now yeah, so now it's a whole different,
• 29:40
  Speaker 5: you know, relationship. So it's the same thing with this, right.
• 29:43
  Speaker 5: So it's like, Okay, you might not be on the
• 29:45
  Speaker 5: same page, right because now you got the company that
• 29:49
  Speaker 5: you sold it to got acquired. So I'm assuming that
• 29:53
  Speaker 5: you know, obviously, Virgil was seasoned, and I'm assuming he
• 29:56
  Speaker 5: has a good counsel and he's around good people that's
• 29:59
  Speaker 5: give him good ice, and he's knowledge with himself. So
• 30:01
  Speaker 5: now what you do is you put a termination Clauset.
• 30:04
  Speaker 2: A termination provision really, So it's like what that means
• 30:06
  Speaker 2: is like if a brand, if the company decides to
• 30:10
  Speaker 2: put out stuff that does not represent the brand any further,
• 30:13
  Speaker 2: then he has the right to say, you know what,
• 30:14
  Speaker 2: we don't want to do business anymore since you've sold
• 30:16
  Speaker 2: it the company and we lost our agreement. If you
• 30:20
  Speaker 2: can't match what we are expectations going forward, if we're
• 30:23
  Speaker 2: not a high luxury brand and going forward we end
• 30:26
  Speaker 2: up in like a TJ Max or something, our deals terminated.
• 30:29
  Speaker 5: Yeah, it's very important. So that's very important because you
• 30:33
  Speaker 5: always gotta I always give the analogy of like when
• 30:35
  Speaker 5: you go to the movies, like before a movie starts,
• 30:38
  Speaker 5: they always say, like, visit an exit right when you're
• 30:40
  Speaker 5: on that point when you get on a plane, before
• 30:43
  Speaker 5: the plane takes off, they tell you where the exit
• 30:45
  Speaker 5: rolls are and they tell you like the procedure like
• 30:48
  Speaker 5: if if an emergency happens, right, So if you really
• 30:52
  Speaker 5: on point before you go to any building, you always
• 30:54
  Speaker 5: got to recognize the exit before you cause it's like
• 30:57
  Speaker 5: getting out is more important than getting in. You have
• 30:59
  Speaker 5: to you have to identify an exit preparably before you
• 31:02
  Speaker 5: even get in. Right, because you don't want to get
• 31:04
  Speaker 5: somewhere and you don't know, then you got to kind
• 31:06
  Speaker 5: of like uk around the room with the exit. So
• 31:08
  Speaker 5: if you like presidents, right, they already mapped out the
• 31:11
  Speaker 5: exit strategy before they actually getting out the secret services job.
• 31:15
  Speaker 5: So in business is no different. Before you do a deal,
• 31:18
  Speaker 5: you got to figure out the exit strategy. Hopefully it
• 31:21
  Speaker 5: doesn't go bad, but you always got to think what
• 31:23
  Speaker 5: if it does. Right, It's like it's like in a
• 31:25
  Speaker 5: prenumptial agreem when you getting married.
• 31:26
  Speaker 4: What's that.
• 31:28
  Speaker 5: Hopefully Hopefully hopefully you never have to use it, but
• 31:31
  Speaker 5: just in case fifty percent chance that it, you know,
• 31:34
  Speaker 5: it doesn't work out, you know, you got to your
• 31:37
  Speaker 5: walking papers already established. So that's extremely important for entrepreneurs.
• 31:41
  Speaker 5: And this is a very high level case, but any
• 31:44
  Speaker 5: level of business ship partnership, whenever you are doing business
• 31:47
  Speaker 5: with somebody, you always got to have an exit built
• 31:49
  Speaker 5: in because if not, now you get.
• 31:52
  Speaker 4: Screwed, Yeah, you get stuck or drop yeah n G.
• 31:56
  Speaker 5: Three. So they also own Donna car right, So that
• 32:01
  Speaker 5: Donna Karen stories is interesting as well because.
• 32:04
  Speaker 4: It's like the flip side of the Virgil situation.
• 32:06
  Speaker 5: Right right, She didn't.
• 32:08
  Speaker 2: She didn't license her name, right, she didn't license her name,
• 32:10
  Speaker 2: and she got acquired.
• 32:11
  Speaker 4: She actually got acquired by lvm A.
• 32:13
  Speaker 5: Lvm A shot the Wall Street Trapper. We talked about
• 32:15
  Speaker 5: that in episode.
• 32:15
  Speaker 2: LVMH, and they just did to deal with Tiffany's. They
• 32:18
  Speaker 2: just bought Tiffany's for sixteen billion.
• 32:19
  Speaker 5: LVMH one of the largest companies in the world.
• 32:22
  Speaker 4: The largest high fashion, one of.
• 32:26
  Speaker 5: The largest, well Apple is the largest, right right right,
• 32:28
  Speaker 5: I'm my fashion fashion Yeah, so LVMH, I said, we
• 32:32
  Speaker 5: talked about that in episode forty four Wall Street Trapper.
• 32:35
  Speaker 5: But they own Louis Vuitton, Hennessy, Moat, a bunch of
• 32:40
  Speaker 5: different stuff Tiffany's. Now they own a long list of
• 32:45
  Speaker 5: high fashion and just high lifestyle items. So she sold,
• 32:50
  Speaker 5: she sold her company to them in two thousand for
• 32:52
  Speaker 5: four and fifty million.
• 32:53
  Speaker 4: That's a lot of money.
• 32:55
  Speaker 5: But that that took out the game, right, but they
• 32:57
  Speaker 5: still use her name.
• 32:58
  Speaker 2: She sold her brand and her entity, so Donna Carratt International,
• 33:02
  Speaker 2: which encompasses DKY and everything else that comes with Donna Karen.
• 33:06
  Speaker 5: But now so they sold did to G three, another
• 33:11
  Speaker 5: G three acquire in twenty fifteen for six hundred and
• 33:15
  Speaker 5: fifty million, so they made two hundred So they made
• 33:17
  Speaker 5: two hundred mil.
• 33:18
  Speaker 2: But during that, like when they sell it, she steps down, right,
• 33:20
  Speaker 2: So she steps down from her position. I think when
• 33:23
  Speaker 2: she sold it to LVMA, she stayed on its head
• 33:24
  Speaker 2: designer twenty fifteen.
• 33:26
  Speaker 4: She steps down. So now she has nothing to do
• 33:28
  Speaker 4: with the brand.
• 33:29
  Speaker 5: No, she's done, but the brand still makes money.
• 33:31
  Speaker 2: The brand is super profitable, like last year I think
• 33:35
  Speaker 2: five hundred and seventy million in profit. She gets none
• 33:38
  Speaker 2: of it, and she has no say in a brand
• 33:41
  Speaker 2: that has her name, Like she could walk into any
• 33:44
  Speaker 2: store to say Donna Karen and it's like wait, they
• 33:47
  Speaker 2: made that, and she can do nothing. Even though it
• 33:49
  Speaker 2: has her name on it, she can't use it.
• 33:51
  Speaker 5: That's interesting because, like I said, a lot of times
• 33:52
  Speaker 5: people don't fully understand, like when they just see headlines
• 33:55
  Speaker 5: in the news. But these are things that I think
• 33:57
  Speaker 5: any entrepreneur can learn from because it's like, Okay, he's
• 34:00
  Speaker 5: so it's a very savvy move that he did where
• 34:02
  Speaker 5: he sold the company, but he kept the licensing right right,
• 34:05
  Speaker 5: So now he's still gonna make money in perpetuity as
• 34:07
  Speaker 5: long as he keeps that.
• 34:08
  Speaker 4: Agreement, the next deal is gonna be silly.
• 34:10
  Speaker 5: And yeah, as long as the company keeps growing, he
• 34:14
  Speaker 5: can renegotiate next time and get even more.
• 34:18
  Speaker 4: Yeah, because that's the thing.
• 34:19
  Speaker 2: It's like when you see this is an exclusive deal,
• 34:22
  Speaker 2: so like you'll see off white like they just did
• 34:24
  Speaker 2: the Ikea drop. Did you see that they put the
• 34:26
  Speaker 2: off White Ikea furniture?
• 34:27
  Speaker 4: Nah? It was crazy, So like that sells out like that,
• 34:30
  Speaker 4: Like the brand just grows once this deal is over.
• 34:33
  Speaker 2: Whenever it is, like, can you imagine the lineup of
• 34:35
  Speaker 2: people who are coming to knock on that door to
• 34:37
  Speaker 2: use the license.
• 34:37
  Speaker 4: It's gonna be ridiculous.
• 34:38
  Speaker 2: He could do it, like right now it's exclusive if
• 34:40
  Speaker 2: he can only use through new Guard, But I can't imagine,
• 34:43
  Speaker 2: Like what's gonna happen when he's a free agent and
• 34:45
  Speaker 2: it's like, yo, who wants to use the license.
• 34:47
  Speaker 4: He's gonna be out of this world.
• 34:49
  Speaker 2: You know.
• 34:49
  Speaker 5: Sometimes you get paid on front in the back end.
• 34:51
  Speaker 4: Yeah, man, and the little Eviton stuff is moving crazy.
• 34:55
  Speaker 5: Yeah, that's a fact. That's a fact.
• 34:57
  Speaker 2: So yeah, we get him more on your leisure that's
• 34:59
  Speaker 2: a fact. Make it happen us get on it. We
• 35:01
  Speaker 2: got to make that happen.
• 35:27
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