Latest / Elevate Podcast: Powered by Braden / Elevate Ep 71 Part 1: Justin Padgett, President at Valeo Financial Advisors, LLC

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Elevate Ep 71 Part 1: Justin Padgett, President at Valeo Financial Advisors, LLC · Elevate Podcast: Powered by Braden

• 0:02
  Welcome to the Elevate podcast, where
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  every leader has a story. We bring you
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  conversations with influential leaders
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  who are shaping our local communities.
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  Hear about their path to leadership and
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  experiences that define them and how
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  they're driving meaningful impact today.
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  Hey everybody, Jason here with another
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  episode of the Elevate Powered by Brain
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  podcast. Now, this one's going to
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  actually be a first where I'm actually
• 0:26
  talking to a couple of individuals that
• 0:29
  have worked together for a number of
• 0:30
  years in an organization, but I'm not
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  talking to them at the same time. Going
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  to be talking to them a couple of
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  different stories and sharing their
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  backgrounds and their journey, uh, both
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  from an organizational standpoint and
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  then kind of some new things they have
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  going on, but this one's going to be an
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  awful lot of fun. But, so Justin,
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  welcome to the show.
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  >> Yes, absolutely. Thanks for having me.
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  All right. So, before we go back to your
• 0:49
  genesis, let's kind of tell everybody
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  who you're with today, company and
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  title, and then we'll get started. So,
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  yeah, company and title.
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  >> Yeah. Uh Justin Padet, president of
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  Loyal Financial Advisors.
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  >> Awesome. Great building there in
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  Caramel. Beautiful facility. I know
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  that's awesome where you guys are today,
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  but it isn't where you started. So,
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  let's go back to the beginning. Where
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  you from originally?
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  >> Yeah, from uh northwest side of
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  Indianapolis. Okay. So, grew up out past
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  Eagle Creek um Reservoir. Uh went to
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  went to Pike High School. All right. And
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  uh uh it's unique spot. I mean Pike ice
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  Pike Township is one I think the largest
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  um s from a size perspective. So we
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  relived okay
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  >> we lived in kind of a unique corner
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  where you could hit a golf ball to
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  Indrix County uh and go to Brownsburg.
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  You could hit a golf ball in Wayne
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  Township, go to Ben Davis, but we were I
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  think some like 13 miles from the actual
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  high school where where we live. So
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  unique uh unique uh experience. And mom
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  and dad still live there. So still get
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  to get back over there.
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  >> So you get to go back to back to the
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  home where you been.
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  >> Yes. That's awesome. By the way,
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  >> from about uh first grade on where
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  they've been.
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  >> That's cool. All right. So Pike Pike
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  High School. What were you doing back
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  then? What were you thinking? Did you
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  have an idea where you were going to go
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  and what was going to come next?
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  >> Sports. Uh that's that's, you know, sort
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  of the original business, you know.
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  >> So what what sport? Competitive. Uh
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  basketball, baseball were kind of the
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  two biggest focus. a lot better at
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  baseball but like basketball a lot more
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  like brothers you know I was I was
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  better at baseball too I mean I love
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  basketball you know one of those day I
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  could be Michael Jordan and I'm like
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  [sighs] no I can't but really I can't do
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  that that I said I can't do it right
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  >> sports right you know you know kind of
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  school you know you know gravitate to
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  what's interesting and that's such a
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  shame theme in my life you know I I will
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  uh early stages in high school and
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  whatnot you know yeah you got to perform
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  in to get to college from that instance.
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  But what what is interesting like kind
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  of a police detective mind so I'm always
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  trying to figure things out and kind of
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  word in that in that fashion and that's
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  really what what high school was. High
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  school was also uh I mean you know you
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  know we we lived where we lived was
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  interesting because it was a lot of the
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  Indianapolis Motor Speedway u me
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  mechanics
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  >> all have houses here and this is also
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  when the the speedway was more than a
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  few weeks it was you know five or six
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  weeks.
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  >> Yeah it was it was a month of May.
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  Correct. Monday plus. And everyone was
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  hubbed here. And what all of those
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  parties needed in the summer because
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  they were on the racing circuit was to
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  get the grass cut, right? So, so first
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  spreadsheet I ever did, right? You know,
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  with Microsoft Works, right, was was
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  back running and and taking the lawn
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  mower down road to go our ass, you know,
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  up and down for everybody that just
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  wasn't there, right? Because circus with
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  the speedways. So,
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  >> so that that was good, you know. Uh, you
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  know, first job job with Noble Romans,
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  right? Or Yeah. Great. Great pizza.
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  Tossing pizzas, right? So,
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  >> so did you learn to throw pizza on the
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  air? Oh, yeah. Stupid human human trick.
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  >> Every now and then I could pull it out
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  and uh
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  >> you might be the first on the show that
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  could say that I can throw seats. That's
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  awesome.
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  >> Yeah. So, uh, no no better arm and wrist
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  workout than Friday night on a busy
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  pizza restaurant to uh to to work on
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  that front. But that was, you know, you
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  get to work with a diverse, you know,
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  group group of of folks, gift the
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  backgrounds. Uh they out of the out of
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  the store, they ran an assistant um
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  manager training program. So I don't
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  know, 16 17 years old, I was helping run
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  and at one point at you know, even
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  before I think 18 was running that
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  management program for for Nova Romans,
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  teaching people how to run the
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  restaurant. It was just it's a
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  everything in life. What I always think
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  is a is a combination of what you've
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  done in the and that was just
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  >> unique fun experience and not not a
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  pretty cool trick to bring out at
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  parties. Heck yeah. Toss a towel around
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  like a pizza.
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  >> Yeah, you may have to come back on the
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  show and teach us how to do that. So,
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  all right. So, Pike High School,
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  baseball, basketball, working at Noble
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  Romans. You did mention though a lot of
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  people cut grass.
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  >> Yes. Not everybody talked about using a
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  spreadsheet or that stuff. So, maybe
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  that's going to foreshadow some things
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  that are coming in.
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  >> For sure.
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  >> So, you finish up high school. What's
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  interesting? Where do you go next?
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  >> Yeah. Um, I knew I wanted to study uh
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  business, right? I couldn't know exactly
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  what I wanted to do. That's a natural
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  gravitation down to IU Bloomington
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  between there and my Ohio. My best
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  friends went to my Ohio, which is good.
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  Probably didn't go there. May not have
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  may not have finished up very well.
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  Different trajectory in life, but uh had
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  a had a good spot. Had a um good family
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  friend um who was u in a his dad was in
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  a fraternity down there, so connected
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  into that. So, it was kind of the seal
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  the deal. Okay. And from then,
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  >> um, it was experiences, right? The Kelly
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  School of of Business is incredible
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  opportunities that that it provides. I
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  joke that I I think I've got the most
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  majors with the worst GPA. Uh, at Kelly
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  School, I actually joked with the dean
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  this summer at an event spoke at him
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  with and said, you know, but it was all
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  about the experience. I go back again. I
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  probably get a whole lot better grades
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  for it. But it was just, you know,
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  thirst for knowledge and just kind of
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  pulling all those in. So, finance,
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  international studies, legal studies,
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  uh, major and got a minor in psychology.
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  Um, for my own kid, minor in psychology
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  was probably what I used used the most
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  today and maybe used the most in the
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  respective career.
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  >> Yeah.
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  >> Because we're we're we're humans and you
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  have to interact and and deal with deal.
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  >> Well, you're in the you're in the people
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  business.
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  >> Yes. Finance, all those different types.
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  Whatever business you're in, ultimately
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  you're really in the people for sure.
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  And so, I could see you leveraging that
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  that probably the most of everything you
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  do.
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  >> Yeah. 100%. and and we're in we're in
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  the advice side of the people business,
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  >> right? And if you're providing advice to
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  someone,
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  >> you have to have a firm understanding of
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  where they're coming from, what their
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  makeup, what their background, where
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  it's going, regardless of how right your
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  answer is,
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  >> you know, so you may have the right
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  answer, but if not played right and in
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  the right situation or not delivered
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  correctly or not actually built up
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  correctly, good luck. Yeah,
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  >> those are a boil on the water and people
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  will look at you with the most logical
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  the exact answer that would be AI or or
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  what the what the test would say and
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  they're not going to take it because
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  you're not you're not doing the other
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  part of it.
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  >> By the way, it's just great advice in
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  general, right? Obviously, we know a
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  little bit about what you guys do for a
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  business standpoint, but just anybody
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  out there.
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  >> That's exactly right. We're all in the
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  people business. So, having a
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  conversation, building no like and trust
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  relationships, those things are
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  extremely important.
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  >> Absolutely.
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  >> All right. All right. So, you finish up
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  at Kelly School of Business. You kind of
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  study a little bit of everything.
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  >> Yeah.
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  >> What do you think the future's going to
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  hold and where do you go?
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  >> It was a unique future because like we
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  graduated about 6 months after 911,
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  right? So, so talk about a a
• 7:36
  unbelievable tragedy. It's amazing. You
• 7:39
  know, I think we just hit 25 years,
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  right? Almost ages this story, right?
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  And ages myself, but um but the job
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  market was atrocious, right? Because no
• 7:48
  one knew what was going on, right? and
• 7:50
  it erect the stock market, erect
• 7:52
  multiple industries. It was uh it just
• 7:55
  you know what what are we going to do?
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  >> And um and what led and drove that uh is
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  something that's near and dear to my
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  heart are internships on where I wanted
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  to go, right?
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  >> So um first internship was I Township
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  Assessor's Office, right? You know, it
• 8:11
  used to be in the in the state of
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  Indiana, how you assess property value
• 8:15
  is you went into commercial properties
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  and ask how many bathrooms they had and
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  what your square footage and they used
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  that to extrapolate what the value of
• 8:22
  your building was.
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  >> No kidding. Bathrooms and square
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  footage.
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  >> Yeah. Early two 20 early 2000s is when
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  market value actually came in. Okay.
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  >> So, what a unique experience to walk
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  into businesses in part 100 and your
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  first question is how many bathrooms do
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  you have?
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  >> Yeah.
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  >> You know, so I don't need to use one. I
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  don't need one, but I need to know how
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  many.
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  >> Yes. Exactly. This is on my list to
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  check here. Um, you know, good great
• 8:44
  experience. I realized that that service
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  wasn't wasn't in my future. The next one
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  had a whole lot of connotations to how
• 8:51
  my story has evolved. Okay.
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  >> Uh, with Duke Realy.
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  >> Uh, I uh was in an industrial leasing
• 8:56
  office with Duke Realy and there's
• 8:59
  >> uh the the the city, the state, the
• 9:02
  Midwest, maybe the country doesn't give
• 9:04
  um Duke realy enough credit for the
• 9:06
  actual scope, size, wake that they
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  provided.
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  >> Yeah. uh but the amount of of uh real
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  estate and entrepreneurs, developers,
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  various different skill sets that all
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  evolve from that respective group you
• 9:20
  could name. And there's a host of the
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  different sponsors that we'll get into a
• 9:23
  little bit with our TBO group are are
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  from Duke. So that experience put a
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  nugget in in my noggin to be like this
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  is interesting. We've got something
• 9:32
  something unique here. What can I do
• 9:34
  maybe that in the future? following
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  internship with Northwestern Mutual
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  which was it's just is a form of
• 9:40
  financial services and it was you know a
• 9:42
  great experience not what I wanted to do
• 9:45
  you need insurance you need risk
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  management yeah in your plan but it but
• 9:49
  it's not necessarily how how I thought
• 9:52
  it should be delivered or consumed right
• 9:54
  so so coming through those internships
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  I'm like all right well a I don't have a
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  whole lot of options because there's not
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  a whole lot of jobs
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  >> yeah sure
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  >> but where can I find something that you
• 10:03
  could you could um you know provide hide
• 10:06
  um an impact on on people and humans.
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  You could use the skill sets that
• 10:11
  spreadsheet back in the long knowing
• 10:13
  days to really help with analysis and be
• 10:15
  able to dig in because you want to give
• 10:18
  the right answer to people, right? Of
• 10:19
  course, why would you want to give
• 10:20
  advice of the wrong answer to someone?
• 10:21
  >> Yeah. Because you only do that once.
• 10:23
  >> Yes.
• 10:23
  >> If you give good advice and you continue
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  to do it, you build a relationship, you
• 10:26
  can do it for a long time.
• 10:27
  >> And it's it's it's a drug. It's
• 10:28
  endorphins, right? You give good advice,
• 10:30
  so sure you're like, "Oh, you just keep
• 10:32
  you want more. You want to do it more.
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  You want to do it." That's that's
• 10:35
  actually really kind of a good tip, but
• 10:36
  I don't want people to miss. It's like a
• 10:38
  little bit of a drug for the endorphins,
• 10:39
  right? You you provide some information
• 10:41
  to somebody, they go out, they do well,
• 10:43
  you see how they do, right? That comes
• 10:45
  back to you in a form of information. It
• 10:47
  is like a drug. Yes.
• 10:48
  >> That's really cool.
• 10:49
  >> And I've always said there's a network
• 10:50
  effect in what we do. That's incredible.
• 10:53
  And the more that you can work with
• 10:55
  incredibly talented um individuals and
• 10:58
  diverse situations and do work there, it
• 11:01
  translates very much so into other other
• 11:04
  clients, other advice situations. It's
• 11:06
  amazing the network effect that you can
• 11:08
  have with that and that is that's really
• 11:10
  powerful.
• 11:11
  >> Well, it's the ripple effect, right? You
• 11:12
  create one ripple and then he goes out
• 11:14
  there. It's very very interesting. All
• 11:15
  right. So So you asked the question.
• 11:17
  Yeah. Answer.
• 11:17
  >> No, but the question the answer was
• 11:20
  terrific. And I think there's another
• 11:21
  piece I want people to miss as well. The
• 11:23
  internships like you said, Northwestern
• 11:25
  Mutual.
• 11:25
  >> Yeah.
• 11:26
  >> You you you didn't think it was the way
• 11:28
  it should be delivered. Those types of
• 11:29
  things. What a great experience though
• 11:31
  because it's okay to learn as this isn't
• 11:33
  something that I don't want to do. Yes.
• 11:35
  >> Because that information comes over into
• 11:37
  something I actually want to do and the
• 11:38
  experience I want to create.
• 11:40
  >> So what a great opportunity to do that.
• 11:42
  So you finish incredible on both sides,
• 11:44
  right? Sorry to interrupt you, but it's
• 11:46
  like it's you get the experience from
• 11:48
  the perspective of I get to get to dip
• 11:50
  my foot in the water on this career,
• 11:52
  this job, this role. Y
• 11:53
  >> the employer gets to evaluate, you know,
• 11:55
  if you're just interviewing someone, you
• 11:57
  may have, you know, two hours max that
• 12:00
  you've had with with someone to say,
• 12:01
  does they do they make sense or not for
• 12:03
  organization? We're going to make
• 12:05
  significant financial, you know, offer
• 12:07
  to this party, right? How about spend 90
• 12:10
  days with them, right? See see how they
• 12:12
  ultimately interact. You know, we're
• 12:14
  we're got, you know, this last summer
• 12:16
  had 27 interns.
• 12:17
  >> 27.
• 12:18
  >> 27. 19 of those were on the the
• 12:20
  financial advisory side. Wow. Host of
• 12:22
  others through our tech group, tech
• 12:24
  team, and and then marketing group and
• 12:27
  investment team and then the TPO group
• 12:29
  on the real estate front that we had.
• 12:31
  >> And of those 19, you know, made offers
• 12:34
  to 12 at 11 to sign. I mean there's uh
• 12:38
  if we didn't have our internship that we
• 12:40
  started in 2009. So it's been that's
• 12:42
  long window. You don't just you don't
• 12:44
  scale to that level uh we would be a
• 12:47
  much different company and and would not
• 12:49
  have had near the impact that we're
• 12:50
  having today.
• 12:51
  >> Yeah, I like the idea and it's kind of
• 12:52
  like a courtship, right? You have a
• 12:53
  chance to court a little bit and
• 12:55
  understand is it good on both sides
• 12:57
  because it should be mutually beneficial
• 12:58
  >> because like you said, you're making an
• 13:00
  investment to those individuals. All
• 13:01
  right. So you go through those things.
• 13:03
  You're at IU. Y
• 13:04
  >> you go through the internships. Where's
• 13:06
  the story go next?
• 13:07
  >> Yes. So, uh, I had a had a another
• 13:09
  fraternity connection, um, uh, gentleman
• 13:12
  about 20 years older than me that took a
• 13:15
  chance, um, on, you know, someone. And
• 13:18
  so, I work about five days out of
• 13:19
  school, walked into a, uh, in our
• 13:22
  industry, there's a term called fee
• 13:23
  only. And what fee only means is that
• 13:25
  the only compensation we receive is
• 13:27
  directly from our clients. And if this
• 13:29
  table is the industry, there's a small
• 13:31
  little square. What is fee only?
• 13:33
  >> I register at the SEC as such. and kind
• 13:35
  of how you hold yourself out and how you
• 13:36
  really interact with clients and in the
• 13:39
  marketplace. Um he had a smaller shop
• 13:41
  that and joined him fantastic place to
• 13:44
  learn. Spent four and a half years there
• 13:46
  wasn't a sales culture uh which I'm
• 13:48
  thankful for. It was a learning culture.
• 13:50
  So then I wrote plans, financial plans
• 13:53
  for a host of different types of of of
• 13:56
  um types of clients, right? You know,
• 13:59
  Eli Lillly executives, right? You know,
• 14:01
  physicians, um you know, different
• 14:03
  different um uh you know, parties that
• 14:06
  are just just employees that have been
• 14:08
  great savers over a long period of time.
• 14:10
  >> Sure. What what I gravitated to after
• 14:12
  that after those couple years really in
• 14:15
  were the entrepreneur business owners.
• 14:17
  >> Really? uh they they were the creators
• 14:19
  in my in my opinion. They they were set
• 14:22
  across from them and they had the most
• 14:24
  unique financial statements and what
• 14:26
  they were investing in and what they
• 14:28
  were working through. Um and they and
• 14:30
  they tend to be the most the most
• 14:32
  intelligent side of of the other that we
• 14:34
  would we would interact with. So that
• 14:36
  again police detective you kind of
• 14:38
  wonder why what's going on how do we how
• 14:39
  do we how do how do I work with this
• 14:41
  group and why is our industry so bad at
• 14:44
  working with this group right you know
• 14:46
  because they don't have liquidity right
• 14:48
  >> uh and so the industry says I'm going to
• 14:50
  go take your your your dollars
• 14:54
  >> and I'm going to you know go into my
• 14:56
  cave and and whip up what what we're
• 14:58
  doing with it and then come back and
• 14:59
  show if you don't have anything to take
• 15:01
  to the cave what are we going to talk
• 15:02
  about what right you know and what I
• 15:04
  what I saw is the the entrepreneurs
• 15:08
  craved advice.
• 15:09
  >> Uh and and you have to you had to
• 15:12
  understand their business though to get
• 15:13
  the credibility to provide any advice.
• 15:15
  Yeah, of course.
• 15:16
  >> You're you're making a recommendation on
• 15:17
  a property insurance and you don't
• 15:20
  understand what what they've got going
• 15:21
  on in their business. You know, or
• 15:24
  should you care, right? You report it.
• 15:25
  So, understand their business. And then
• 15:27
  once you do that, you understand there
• 15:29
  are so many things that you could help
• 15:30
  advise on. Y
• 15:32
  >> and let's not work with one of them.
• 15:33
  Let's work with a lot of them. Yeah,
• 15:35
  back to that network effect because and
• 15:37
  and most most um entrepreneurs in
• 15:40
  general have very, you know,
• 15:42
  stereotypical effects, control, right?
• 15:44
  They they they they struggle with giving
• 15:46
  control, right? They they struggle
• 15:48
  sometimes with relationships, right?
• 15:50
  Because they a lot of them are type A. A
• 15:52
  lot of them are driven. You've got to
• 15:53
  build you've got to run through fires
• 15:55
  sometimes to start businesses and to
• 15:57
  deal with the level of stress, chaos,
• 15:59
  and risk going on. And that can burn a
• 16:02
  lot of relationships around you. search
• 16:03
  back to the psychology piece. There's a
• 16:05
  lot of relationship relationship
• 16:07
  management for you know you know my my
• 16:10
  son-in-law is driving me nuts in the
• 16:11
  business. Right.
• 16:12
  >> Right.
• 16:12
  >> You come back from Thanksgiving and
• 16:14
  there we need to talk about the estate
• 16:16
  plan. Right. Right. All kinds of pieces
• 16:18
  like that. And you and you really Yeah.
• 16:19
  that it is it is uh even
• 16:22
  >> whatever this is 20 plus years 25 years
• 16:24
  later it still blows me away how
• 16:27
  unbelievably underserved it is in the
• 16:29
  financial service. No kidding. uh and
• 16:32
  and with the amount of of small
• 16:34
  businesses, which is a huge term, but
• 16:36
  successful growing private businesses
• 16:39
  that exist and have existed, um it is
• 16:42
  it's been great for our business and I
• 16:44
  think it's great for our future because
• 16:46
  it's still
• 16:47
  >> it's still a what are you bringing to
• 16:49
  the cave type of an industry that we're
• 16:50
  that we're
• 16:52
  >> uh we're fine that is it exists because
• 16:54
  it's still allows us to really thrive.
• 16:56
  >> Yeah. No kidding. All right. So you
• 16:58
  really enjoy that during this this four
• 17:00
  four and a half years. How does the
• 17:02
  story get from there to go to Valo?
• 17:04
  >> Yeah, in uh late 2006 um it it it made
• 17:07
  sense and and to to transition over to
• 17:10
  grow a practice and the practice they
• 17:12
  wanted to grow um was it with the
• 17:15
  entrepreneur business.
• 17:16
  >> Okay.
• 17:17
  >> And um so transitioned at that point in
• 17:20
  time Valo at the time we had about 350
• 17:23
  million of assets under management which
• 17:25
  is really small. I was employee number
• 17:26
  eight
• 17:28
  >> and just just kind of came over and said
• 17:30
  you know um this is what I want to build
• 17:32
  and want to grow and you know you when
• 17:35
  you transition from a firm like that you
• 17:37
  know you at that age you weren't able to
• 17:39
  take any clients working them you're
• 17:40
  starting over so you're start you're
• 17:42
  starting with nothing building a new
• 17:43
  practice
• 17:44
  >> yes so you're just so how do you
• 17:46
  interact and how do you work with in
• 17:48
  with entrepreneurs you got to go play in
• 17:50
  the space and play in the lane you know
• 17:52
  fast forward a year and a half or so in
• 17:54
  2008 2009 hits. So, you talk about just
• 17:57
  absolute absolute chaos. Everyone's got
• 17:59
  a story on where they were and what
• 18:01
  they've done and how it affected their
• 18:03
  life, both business or in person.
• 18:05
  >> Um, and what I saw as a uniqueness is
• 18:08
  that um, commercial real estate was
• 18:11
  broken.
• 18:12
  >> Um, because commercial real estate prior
• 18:13
  to that window of time, the banks lent a
• 18:17
  lot, sometimes way too much relative to
• 18:20
  what would need to be finance a project.
• 18:22
  Yeah. um mezzanine debt existed which is
• 18:25
  basically like an investment at a high
• 18:27
  interest rate yield for a small sliver
• 18:30
  because it's the last level of risk that
• 18:32
  probably the developer or the acquirer
• 18:34
  should be taking y right that got
• 18:36
  absolutely that industry got and it
• 18:38
  still has struggled to come right
• 18:40
  however many
• 18:41
  >> 16 20 years later right it's come back
• 18:44
  so I saw an opportunity in hindsight
• 18:46
  it's 2020 right you don't exactly see
• 18:47
  these things at the time but I saw an
• 18:49
  opportunity to say right all right we
• 18:51
  have growing clients they're entrepor
• 18:52
  reneurial. They want to invest in real
• 18:54
  estate, you know, on both a localized
• 18:56
  and just something they can tangibly see
• 18:58
  and understand because most
• 18:59
  entrepreneurs struggle with intangible.
• 19:00
  It's another stereotype. So, what's
• 19:02
  really intangible? The stock market,
• 19:04
  right? Yeah. Right. Risk per market on
• 19:06
  what goes up or down for sometimes no
• 19:08
  particular reason. Long-term trends that
• 19:10
  tends to work, but short-term trends
• 19:12
  >> pull their hair out. They're like, "This
• 19:13
  makes this is not how my business works.
• 19:15
  How the world did people actually invest
• 19:17
  in this?" So, they wanted um you know,
• 19:20
  private investments. Um there's a the
• 19:23
  industry calls them alternative
• 19:24
  investments. I've struggled with that
• 19:26
  because I worked with farmers back in
• 19:27
  the day and they said I would describe
• 19:30
  alternative investments and they looked
• 19:31
  at me and said that investment sounds a
• 19:34
  lot more normal than the alternative
• 19:36
  investments you're talking about with
• 19:37
  these stocks, bonds, and mutual. So So
• 19:39
  from that point on I'm like that's what
• 19:41
  a what a biased way of calling that,
• 19:43
  right? Or alternative investments. Well,
• 19:45
  it's a matter of perspective. They're
• 19:46
  just private investments.
• 19:47
  >> Private.
• 19:48
  >> So So how do we how do we invest in in
• 19:50
  those particular pieces? So, uh, and so
• 19:53
  I I was like, our clients will want to
• 19:55
  put equity in this if we build a really
• 19:57
  strong process around it.
• 19:58
  >> Okay?
• 19:58
  >> U, because they don't want to just get a
• 20:01
  forward of an email of a developer and
• 20:03
  acquire looking for something. They want
• 20:05
  you to put some real thought behind it
• 20:07
  and why this versus that, why this group
• 20:10
  versus that. So, I spent year and a
• 20:11
  half, two years getting to know the the
• 20:13
  real estate community. I joke it was
• 20:15
  easy because they were reading the
• 20:17
  reading the Wall Street Journal in the
• 20:19
  morning and fighting banks in the
• 20:20
  afternoon. So, so there was time they
• 20:22
  they would take the meeting. Um, but I
• 20:24
  was the only you kind of financial guy
• 20:26
  hanging out with all the real estate
• 20:27
  crew. Okay.
• 20:28
  >> Maybe back to some of those Duke days,
• 20:29
  >> right?
• 20:30
  >> Um, but uh learning all right, who's
• 20:32
  going to be a great steward of capital
• 20:34
  for our clients?
• 20:35
  >> Who is someone that you know,
• 20:37
  >> you know, would just drive too fast on
• 20:39
  the highway, you know, and that over
• 20:40
  time won't work, right? You know, was a
• 20:43
  good mix of what we wanted to do, who
• 20:45
  had the right ideas and because what I
• 20:47
  knew was entrepreneurs and business
• 20:48
  owners. So how I underwrote what is now
• 20:51
  TPO at the beginning was who are good
• 20:53
  financial you know stewards business
• 20:55
  owners operators of these businesses
• 20:57
  right still can't read a survey still
• 20:59
  don't know what some of the inner
• 21:00
  workings of real estate are but if you
• 21:02
  know how to read and underwrite
• 21:04
  individuals and peoples and
• 21:05
  organizations
• 21:06
  >> you you win most of the battle right you
• 21:08
  know for it so what do we know was wrong
• 21:10
  with real estate and coming out of that
• 21:12
  was big funds right big fees the actual
• 21:15
  developers and sponsors put no money in
• 21:17
  the deals prior prior that window based
• 21:19
  on the why would you and that economic
• 21:21
  structure everybody telling about crier
• 21:22
  now in the future that what happened is
• 21:25
  banks came down right and there was and
• 21:28
  mezzanine was gone and said that
• 21:29
  industry is blown up there's a gap right
• 21:31
  so what do you do in that gap you need
• 21:33
  equity that's right and the sponsors are
• 21:35
  like well we're putting out fires of
• 21:36
  different things or there's generational
• 21:38
  transition we don't have the level of
• 21:40
  equity to fill a 20 30% gap here right
• 21:43
  in that spot so insert the underwriting
• 21:46
  and what we would do to then bring those
• 21:48
  opportun unities to our clients. So, we
• 21:49
  did, you know, and we had to go direct.
• 21:51
  I don't like funds. I don't like betting
• 21:53
  on blind. Back to the control thing. I'm
• 21:55
  probably the same myself, right? I'd
• 21:56
  rather know what we're investing in.
• 21:59
  >> Um, and we'll do some moment in time
• 22:02
  funds, but it's really we want to know
• 22:04
  what we're investing in so we can know
• 22:05
  what we underwite.
• 22:06
  >> Yeah. No.
• 22:07
  >> And and so we did our first direct deal
• 22:10
  May of 2009.
• 22:12
  Bleak period, right? Banks were just,
• 22:14
  you know, running away. It's not a knock
• 22:15
  on banks. I mean, it was chaos, of
• 22:18
  course. So over a, you know, 30-day
• 22:19
  period, um, John Wardman, partner and I,
• 22:22
  we really worked to raise raise capital
• 22:24
  through our client base. And then we
• 22:26
  were like, all right, this is
• 22:27
  interesting.
• 22:28
  >> So, and that deal just
• 22:29
  >> literally just sold this last year. I
• 22:31
  think it was a six multiple and a 20 uh
• 22:35
  mid20s higher R since 2009, which is a
• 22:38
  long time to clock. So,
• 22:39
  >> yeah. Right.
• 22:40
  >> Um, that was that was just that was
• 22:42
  exciting, right, to do that. And then
• 22:44
  okay, let's how do we build more of
• 22:46
  this?
• 22:47
  >> And to John Worman and John Trot's
• 22:49
  credit, the two founders uh and with
• 22:50
  Rick Evans, but especially John and John
• 22:52
  uh at Valo said,
• 22:55
  >> build it, but build it to scale
• 22:58
  >> and don't end up on the front page of
• 22:59
  the IBJ. [laughter] And I was like,
• 23:02
  check, you know, let's make make this
• 23:04
  happen. And so what that started is a
• 23:06
  window of time for about a decade. um
• 23:09
  you know call it 2009 to 2019 Dart where
• 23:13
  I joke um and it was it was chaos uh
• 23:17
  just from a from an hour's perspective
• 23:18
  because it was we said six to six was
• 23:20
  the Valo side and building the building
• 23:22
  that entrepreneurial practice them and
• 23:24
  six to midnight was the real estate side
• 23:27
  >> and just when we started growing from a
• 23:29
  total amount of equity that we would
• 23:31
  participate in you know 20 million a
• 23:33
  year 40 million a year 60 million a year
• 23:35
  it got to the point at 2019 19 where we
• 23:39
  were um really scaled but didn't have
• 23:42
  the right economic model that we built
• 23:44
  around it. Didn't have the right level
• 23:46
  of true support to support what we had
• 23:48
  let alone where we wanted to grow. It
• 23:50
  was says the volunteer fire department
• 23:52
  and the city's on fire. Right. So, so,
• 23:55
  uh, through the great help of a of a of
• 23:57
  an ally and and somebody who was
• 23:58
  actually the sponsor on the first deal
• 24:00
  we did, Dennis Dye, we kind of went, uh,
• 24:03
  um, for a year and said, "How do we do
• 24:05
  this in our fee only structure or set
• 24:08
  for the SEC because what basically you
• 24:10
  can't it can't be a transaction fee,
• 24:13
  right? It can't be any of those pieces."
• 24:15
  So, how do we structure this so that
• 24:17
  >> and how do we build the team in so that
• 24:19
  there's a cost recovery model that
• 24:21
  really didn't exist for the prior
• 24:22
  decade? Uh and where we came to is
• 24:24
  really a software as a service model,
• 24:26
  you know, which is huge in technology.
• 24:28
  Yeah. Um be because what we really were
• 24:30
  for these groups as it evolved over time
• 24:32
  was less of a capital raiser for them
• 24:35
  and more of an entire investor relations
• 24:37
  arm,
• 24:38
  >> right? Because these groups are really
• 24:39
  good at real estate, right? If I showed
• 24:41
  you some of the pictures of some of the
• 24:43
  initial reports and some of the initial,
• 24:45
  you know, chaos with K1s and cashiering,
• 24:48
  you'd be like, whoa, you know, why would
• 24:49
  you even work with these groups? because
• 24:50
  they are phenomenal at the real estate
• 24:52
  that they do, you know, and the radiuses
• 24:54
  that they work on.
• 24:55
  >> Um, so we were that investor relations
• 24:58
  arm for them.
• 24:59
  >> Um, to the point of like this last year,
• 25:01
  we've just we distributed 13,000 K1s to
• 25:03
  our respective clients, right? It it it
• 25:06
  got to a point where that was a real
• 25:08
  full-time job. So, we charged $60 per
• 25:11
  per investor per quarter to the
• 25:13
  sponsors. So, the sponsors paid our
• 25:15
  group really for a cost recovery of the
• 25:17
  overhead. Yeah. which allowed us to go
• 25:19
  bring in um quality talent. Yeah.
• 25:21
  >> Um to both run and grow that because I
• 25:24
  had this full-on advisory practice,
• 25:26
  right? I had and then this real estate
• 25:28
  piece and it was just it was it was
• 25:30
  broken.
• 25:30
  >> Like you said, you're doing it for six
• 25:31
  to
• 25:32
  >> Yeah. You do that for a decade, right?
• 25:33
  What what your health is doing. It's not
• 25:36
  for the family. It's not, you know,
• 25:37
  you're accomplishing a lot,
• 25:39
  >> right? But you're running yourself into
• 25:40
  in the right spot. So bringing on we
• 25:42
  were able to bring on Max Schilling uh
• 25:44
  who's who's a fantastic
• 25:46
  um talent at the time because I didn't
• 25:50
  work with them directly and I call him a
• 25:52
  fantastic partner to
• 25:54
  >> u just somebody that's uh just an
• 25:56
  incredible steward of what we were doing
• 25:59
  in the past but also how do we how do we
• 26:02
  make the right changes that it still
• 26:03
  rhymes with the what what it was prior
• 26:06
  >> and and and to um help bridge him and he
• 26:10
  did his did a fantastic job himself
• 26:12
  bridging into those sponsor
• 26:14
  relationships. call sponsors, the owners
• 26:16
  and operators of the real estate that
• 26:17
  that do that. But
• 26:19
  >> uh and did a fantastic job and then
• 26:21
  built um with you know Josh Jack our
• 26:23
  team, Kelly Monte, chief investment
• 26:24
  officer, chief operating officer and
• 26:26
  just built scale around that and and
• 26:28
  what that's become um a it was a great
• 26:33
  um it was great opportunity that we
• 26:36
  could provide our clients. So that be
• 26:38
  sure something we were known as to be
• 26:39
  able to bring in.
• 26:40
  >> It worked right. you invest in, you
• 26:43
  know, industrial real estate and multif
• 26:45
  family housing is about 80 plus% of your
• 26:48
  investing over that window of time,
• 26:50
  right? You know, but the what we shop
• 26:51
  with with our phones, right? Goes from
• 26:54
  3day shipping to three hour shipping and
• 26:56
  three minute shipping seems like at some
• 26:58
  point in time. Yeah.
• 26:59
  >> And just the you see it here where we're
• 27:00
  sitting today, just the um continued
• 27:03
  evolution of how where people live, how
• 27:05
  people live. That's right. Further
• 27:07
  urbanization of how how folks folks
• 27:09
  live. um accepting or demanding of more
• 27:12
  quality of where they live and more
• 27:14
  flexibility, you know, either from in
• 27:16
  both ends of generation. So, those two
• 27:18
  two themes just just absolutely worked
• 27:20
  over that window of time. Uh and we've
• 27:22
  been really proud about the the what
• 27:24
  what we've built and grown um to to that
• 27:27
  to that point. From a scale perspective,
• 27:30
  you know, we've done about 1.5 uh
• 27:32
  billion of total equity.
• 27:34
  >> Oh, wow.
• 27:34
  >> Um so, from the first three mill $3
• 27:37
  million raise of 2009 Yeah. total of
• 27:40
  that is there the other part from a
• 27:42
  state of Indiana from a perspective you
• 27:44
  know we you know from a total project
• 27:46
  side we've done about three and a half
• 27:47
  billion of projects here in the state
• 27:49
  that's terrific 800 million of equity
• 27:51
  that that our clients have participated
• 27:54
  so uh I know the huge theme here is
• 27:56
  community
• 27:57
  >> and I think it's an under
• 27:59
  >> sometimes an underconsidered
• 28:02
  value of community is the economic
• 28:04
  development that you that you can make
• 28:05
  and have
• 28:06
  >> absolutely
• 28:07
  >> because there's one thing to earn
• 28:08
  dollars on something, it's another thing
• 28:10
  to both earn dollars and what does that
• 28:12
  do in almost a network effect to
• 28:14
  communities as far as that respective
• 28:16
  growth piece. So, so that that's
• 28:19
  exciting um you know piece of it. So,
• 28:21
  >> so we got this parallel thing well where
• 28:24
  uh you know TPO takes off at that point
• 28:26
  in time once Matt came in and and by the
• 28:29
  way he came in January of 2020. Um and
• 28:33
  and I don't know I don't know what what
• 28:35
  folks believe in uh to each their own
• 28:38
  but you know believing in a higher being
• 28:40
  to say to have Mac come into our world
• 28:42
  uh my world and Voy's world and
• 28:44
  ultimately TPO's world at that window of
• 28:47
  time three months before CO hits
• 28:50
  >> was incredible otherwise I don't know
• 28:52
  what would have happened they said we
• 28:54
  had that volunteer fire department going
• 28:56
  and that would have been a we would have
• 28:58
  not been able to participate in much
• 29:00
  during that of which those were some of
• 29:02
  the investments we've ever done,
• 29:04
  >> let alone um shepherd the assets that we
• 29:06
  had into a to a great spot. So, piming's
• 29:09
  everything. Yeah, one of those things
• 29:11
  for it. So, that gets rolling. Max
• 29:13
  building and his team are rolling. I'm
• 29:15
  sitting there with the with
• 29:16
  entrepreneurial practice about three
• 29:18
  four years ago sitting in the most
• 29:19
  complicated clients uh most complicated
• 29:22
  um sort of meeting structuring estate
• 29:25
  business meeting and I said to myself as
• 29:27
  a board right 42 years old mediocre golf
• 29:31
  and I'm like I'm like what's next right
• 29:34
  because I can't do this for 20 more
• 29:36
  years
• 29:37
  >> yeah right
• 29:38
  >> um and and because I won't because I
• 29:40
  respected the respected all of the
• 29:42
  entrepreneurs that I worked with so know
• 29:44
  that I wouldn't be giving them what I
• 29:46
  had given them over the prior window of
• 29:49
  time.
• 29:49
  >> Yeah.
• 29:49
  >> Um,
• 29:50
  >> and that's self-awareness. You know, you
• 29:52
  know, one of the themes that I try to
• 29:54
  preach to our group, you got to be
• 29:56
  self-aware, right? And you got to look
• 29:57
  yourself in the mirror every every every
• 29:59
  year and say, "What am I not good at?
• 30:00
  What I need to get better at?" You need
• 30:01
  to look yourself in the mirror at
• 30:02
  moments like that and be like, "I got to
• 30:04
  find something to do." Yeah. Right. Or
• 30:06
  or I'm not I'm just not
• 30:08
  >> adding the value and being a great
• 30:10
  steward for these families that I care a
• 30:12
  ton about. and and thankfully I had a
• 30:15
  fantastic team around me that could
• 30:17
  could take that over, but also what was
• 30:19
  what what what dragons could I go fight,
• 30:22
  right? And it made sense from a Valo's
• 30:23
  perspective um to transition into the
• 30:26
  president role at that time. Yeah.
• 30:28
  >> Uh we we had grown at, you know, 25%
• 30:31
  annualized for 20 years.
• 30:32
  >> Wow.
• 30:32
  >> So I always joke we had duct tape
• 30:34
  holding all stuff. So we had to really
• 30:37
  focus on the systems, processes, things
• 30:39
  we needed to build. Yeah.
• 30:41
  >> So that we could not only sustain where
• 30:43
  we were at
• 30:45
  >> but also how do we build the platform
• 30:47
  that we continue to grow grow for that.
• 30:49
  How do we build a quality executive
• 30:51
  team, you know, which was really built
• 30:53
  of uh really really talented
• 30:55
  individuals, but it was kind of a hybrid
• 30:57
  role for them. They were an adviser and
• 30:59
  then they spent time on this or spend
• 31:01
  time on this and then they were an
• 31:02
  adviser.
• 31:03
  You need full-time folks either from the
• 31:05
  ranks or outside of this place to really
• 31:08
  to really be able to scale and grow
• 31:10
  this.
• 31:11
  >> What a terrific story. And I really like
• 31:13
  the transition in your mind. You would
• 31:16
  be you wouldn't be be doing a disservice
• 31:18
  to the individuals you'd worked with for
• 31:20
  so long if you continued in that role.
• 31:23
  But you have an opportunity now to be
• 31:24
  able to bring a team together to to
• 31:26
  create a a foundation or shore up the
• 31:29
  foundation for the continued growth.
• 31:31
  It's actually a great transition into
• 31:32
  one of my questions that I've got for
• 31:34
  you. Right. So, you've been now in the
• 31:35
  business for a number of years. And one
• 31:37
  of the things we ask our leaders is we
• 31:39
  like to learn a little bit more about
• 31:40
  the, you know, kind of the evolution of
• 31:42
  technology. So, how's tech evolving in
• 31:44
  your space? And maybe where do you see
• 31:46
  it going in the near future?
• 31:47
  >> Uh, you couldn't pick a more evolving 12
• 31:50
  months,
• 31:50
  >> right?
• 31:50
  >> Um, you know, I think the the
• 31:54
  maybe only connotation to that that's
• 31:56
  affected our world was in CO. Um, and
• 32:01
  you know, video conferencing did not
• 32:03
  wasn't a thing. Yeah. Financial
• 32:05
  services. Um, I remember you you'd be
• 32:08
  the weird person if you had your camera
• 32:10
  on, right? Everything was conference
• 32:12
  calls. Okay. And there there was so much
• 32:15
  multitasking and half paying attention
• 32:17
  and repeating of questions and whatnot,
• 32:19
  which in hindsight, but that was the
• 32:21
  norm. That's how it was how it was done.
• 32:23
  And so, what do you do when you can't
• 32:26
  travel? You can't communicate. came with
• 32:27
  it with your team in your clients and
• 32:29
  other things. And I always say the best
• 32:32
  thing about it's very terrible, but the
• 32:35
  best thing about co is that grand
• 32:36
  grandparents needed to talk to their
• 32:38
  grandkids. Yeah.
• 32:39
  >> So their their adoption of technology
• 32:42
  skyrocketed,
• 32:42
  >> of course,
• 32:43
  >> otherwise they were they they couldn't,
• 32:45
  right? So and now we Mac and I joke if
• 32:49
  you don't have your camera on on your on
• 32:52
  your on your video on on you're lying to
• 32:55
  us, right?
• 32:55
  >> Yeah. Turn home. like what are you
• 32:57
  hiding? You know, it's amazing how it's
• 32:59
  evolved five or six fear issues, right,
• 33:01
  to where that is. But so that was that
• 33:03
  was a big piece of wrecks. This this
• 33:06
  last is is just AI. It's an overused
• 33:09
  term. It's an overused piece, but I
• 33:11
  think the ability candidly to um to
• 33:15
  develop software that fits your specific
• 33:17
  need. We've done a lot way back um
• 33:21
  because of the complexity of the clients
• 33:22
  that we work with. We've developed a lot
• 33:24
  of software
• 33:25
  >> and that is challenging
• 33:27
  >> uh is it's like you're you're you're in
• 33:30
  you know you're you're in you know the
• 33:33
  far east part of Mexico right speaking
• 33:36
  Spanish right but that dialect's a whole
• 33:39
  lot different than the far west side
• 33:40
  where you're trying to translate that to
• 33:42
  a developer or someone else. Yeah.
• 33:44
  >> This dialect clash is just expensive. it
• 33:48
  takes forever in time. And what's been
• 33:50
  what's beauty now and and what what um
• 33:53
  folks I think um we've embraced
• 33:57
  um is how to do that but build that
• 34:00
  yourself and where that starts like
• 34:01
  anything starts is is the foundation and
• 34:04
  if you don't have your data right
• 34:06
  >> uh we did a data lake thankfully it was
• 34:08
  I heard first heard the term like what
• 34:11
  what the dealer
• 34:13
  I think John Troder our office said you
• 34:14
  know I want a data lake house right
• 34:17
  >> you know for it was just like what is
• 34:18
  what is this
• 34:20
  >> u but uh the forethought of the of the
• 34:23
  of parties we had again back to building
• 34:26
  executive team and not knowing what was
• 34:29
  coming
• 34:30
  >> but to have the ability to understand
• 34:33
  control pipe your data um it takes what
• 34:36
  is that from a real estate example of
• 34:39
  what you can develop now it used to be
• 34:42
  you were just the developer that found
• 34:45
  the land
• 34:46
  >> and then you had to rely on everyone
• 34:48
  else subindustries and sub pieces in
• 34:50
  order to do it. And now you can utilize
• 34:53
  those pieces to to work on those items
• 34:56
  yourself getting your data right making
• 34:59
  all work. It's not seamless. Uh but you
• 35:01
  really need the utilities, right? And
• 35:03
  and and so so much focus now should be
• 35:07
  on your utilities and that analogy. Um I
• 35:10
  think people are are working too much on
• 35:12
  the on the UI and how it looks and
• 35:15
  they're not making it actually
• 35:16
  functional. Uh but it's it's
• 35:19
  unbelievable on what it can do from that
• 35:21
  perspective. It's unbelievable what it
• 35:23
  can do as a as pairing with intelligent
• 35:27
  humans,
• 35:28
  >> right? Um I'm not convinced
• 35:31
  >> um that it is it it will
• 35:33
  >> destroy or revolutionize or completely
• 35:36
  alienate, you know, professional
• 35:38
  services organizations because I still
• 35:41
  think there's a connection point with
• 35:43
  humans that is real. Yeah. Um, and it's
• 35:46
  something that we try to teach um, try
• 35:49
  to promote, teach to everyone we work
• 35:51
  with,
• 35:52
  >> try to teach it to my to my two girls.
• 35:54
  You got to learn the foundations.
• 35:56
  >> Yeah.
• 35:56
  >> Right. Because if you don't learn the
• 35:57
  foundations, how are you going to know
• 35:59
  if it's right or wrong?
• 36:00
  >> That's right. Yeah.
• 36:00
  >> Right. So, I think that is that is an
• 36:02
  important piece. But that has been
• 36:04
  >> that what we've been able to do in 12
• 36:08
  months would have in past worlds cost us
• 36:13
  $5 million. Yeah. probably taken three
• 36:15
  and a half to four years.
• 36:16
  >> Yeah.
• 36:16
  >> And we've done it in 12 months. And if
• 36:18
  I'm fair to the cost with the
• 36:19
  opportunity of our team and whatnot,
• 36:22
  >> maybe cost half a million dollars.
• 36:23
  >> Yeah. It's amazing.
• 36:24
  >> I mean, and it's it's it's unreal if you
• 36:27
  got a right team around you, you got the
• 36:28
  right partners around you to be able to
• 36:30
  do that. And you're not going to be able
• 36:32
  to know everything. You got to have good
• 36:33
  resources and partners to be able to
• 36:35
  execute on that.
• 36:35
  >> Yeah, it's a great answer. Love that. By
• 36:37
  the way, so now shifting gears,
• 36:39
  completely different type of question.
• 36:41
  You've talked, if I listen to your
• 36:42
  story, you talked about community
• 36:44
  throughout kind of all different parts
• 36:46
  of your story and throughout your
• 36:47
  journey, but really the question we ask
• 36:49
  is what's community mean to you?
• 36:51
  >> Yeah, I think community is um it's a
• 36:54
  social legacy that you have to um own. I
• 36:57
  mean, we we all are um blessed, right?
• 37:01
  My daughters uh uh both work and run a
• 37:05
  group called Medlife where they go and
• 37:07
  do you know medical uh you know out
• 37:12
  outreach work and set up clinics in
• 37:14
  remote areas of South America and
• 37:15
  Africa, right? And they were in Ecuador
• 37:18
  this summer. um they're they're going to
• 37:20
  Peru this next summer and like that what
• 37:24
  that what they get to see in that which
• 37:26
  is the reality of the you know winning
• 37:28
  the the lucky lottery as far as where we
• 37:31
  are
• 37:31
  >> and if you don't have that mindset that
• 37:33
  you owe something back
• 37:35
  >> to what has been really good to you
• 37:38
  >> then I don't think you should you should
• 37:40
  really be a part of a community right so
• 37:42
  that to me is incredibly incredibly
• 37:44
  important u we we as a u as a firm
• 37:48
  wholeheartedly believe that and put
• 37:49
  around it. We have a give program. The
• 37:52
  give program is if you have a plan to
• 37:53
  give 5% of your income away, the firm
• 37:56
  will match a third.
• 37:57
  >> Oh wow.
• 37:57
  >> If you get to 4.9% the firm matches
• 38:00
  zero. So have a plan and execute on it
• 38:02
  and give it away. You know it's I I it
• 38:05
  frustrates me community and groups that
• 38:08
  you know I use the term there's some
• 38:10
  organizations out there that can be
• 38:12
  financial orders, right? You know the TV
• 38:14
  show, right? they just accumulate
• 38:16
  dollars but never give it out to make
• 38:18
  the impact that that would do. And um
• 38:21
  one one of the things we we're we we've
• 38:23
  done a lot of work with uh is what's
• 38:26
  called um NFP for NFPs, not for
• 38:28
  profofits for not forprofits. And we've
• 38:30
  we've uh promoted this to to a few
• 38:33
  community impact organizations that we
• 38:35
  work with or that we want to work with
• 38:37
  to say, hey, we'll manage the dollars of
• 38:39
  your endowed funds
• 38:40
  >> and then we will we will uh charge a fee
• 38:43
  and then we'll give that fee back and
• 38:46
  whatever makes sense. Most of those come
• 38:48
  from endowed funds. Do you want it to go
• 38:49
  back to the endowment? Do you want it to
• 38:51
  go to your operation fund? Yeah. Use it
• 38:53
  as fundraising for your for your new new
• 38:55
  parties. Whatever. My goal is to get,
• 38:57
  you know, we have 120 advisors of Valo,
• 38:59
  every 120 of them to to I don't care
• 39:02
  what it is, whatever community impact
• 39:04
  organization you're passionate about as
• 39:06
  take on one and then we'll go find other
• 39:08
  firms to join on with us in order to do
• 39:11
  this because the the impact that these
• 39:14
  organizations have
• 39:16
  >> and how you can really give by taking a
• 39:18
  cost away from them, which is our skill
• 39:20
  set
• 39:21
  >> that you can ultimately provide is is is
• 39:24
  super exciting. And so I I love to
• 39:26
  disrupt. Yeah. I love to just be like
• 39:28
  that why are we charging why why in the
• 39:30
  world are folks charging market rate to
• 39:33
  you know giving charities or above
• 39:35
  market rate to giving charity. Oh yeah
• 39:37
  right. Let's go fight that and let's
• 39:39
  figure out a way to do it. So that's
• 39:41
  that community is
• 39:43
  >> being involved being engaged and uh and
• 39:46
  disrupting and calling out things that
• 39:48
  aren't right.
• 39:49
  >> You know by the way it's it's terrific
• 39:50
  to hear one get to 5% you'll match up to
• 39:53
  a third. That's awesome. Do 4.9, you're
• 39:56
  going to get zero. So, have a plan and
• 39:57
  execute. Love that. The nonprofits, 120
• 40:01
  advisors, like you said, each each one
• 40:03
  of them, there's not there's not a right
• 40:05
  nonprofit. They all are serving a
• 40:07
  community about doing something.
• 40:09
  If you're passionate about one of them,
• 40:11
  go find a way to help them. So,
• 40:12
  >> now you got 120 of them you're
• 40:14
  supporting. Yeah.
• 40:14
  >> By the way, that's just awesome.
• 40:16
  >> Yeah. Yeah. When I think back through
• 40:17
  your story, right, growing up in Pike
• 40:19
  baseball and basketball, deciding to go
• 40:21
  to IU and having three different
• 40:23
  internships and and going a couple of
• 40:25
  different ways and finding out that
• 40:27
  early on you used to go ask how many
• 40:29
  toilets, how many square feet you have
• 40:30
  to figure out the valuation, those kind
• 40:32
  of things.
• 40:33
  you know, going through IU and and then
• 40:35
  and then getting into the space, finding
• 40:38
  things that you really enjoyed, working
• 40:40
  with entrepreneurs, carving something
• 40:42
  off, and then, you know, working in from
• 40:44
  6:00 to 6 with those individuals. Then
• 40:46
  from 6:00 to midnight, kind of working
• 40:47
  on 2.0, and then eventually seeing that
• 40:50
  and having an opportunity to to make a
• 40:52
  change and bring somebody else in, which
• 40:54
  we'll get a chance to share his story,
• 40:56
  too, is going to be great to hear that.
• 40:58
  But they hand that off and now that
• 40:59
  that's off and running and and doing
• 41:01
  those great things and you have an
• 41:03
  opportunity to be the president of the
• 41:04
  organization and help, you know, build
• 41:06
  teams to be able to help your
• 41:08
  individuals support your clients and
• 41:10
  what you guys do. It's just a terrific
• 41:12
  story. Yeah. Right. The easiest question
• 41:14
  I got for you the day, if you're not
• 41:16
  working, what are you doing for fun?
• 41:17
  >> Uh family is key, right? I'm the I'm the
• 41:21
  social chair for our family, right? Uh
• 41:24
  so vacations,
• 41:26
  um unique cur, you know, curated type
• 41:29
  events of things to do.
• 41:31
  >> Sure.
• 41:31
  >> Uh we're going our our our nephew goes
• 41:33
  to Alabama. We're going down to the
• 41:35
  Alabama Georgia game on the 10th.
• 41:37
  >> That be a blast.
• 41:38
  >> Going down to our beloved Hooers in
• 41:40
  Bloomington to for IU Ohio State and
• 41:43
  then the following week going up to Ann
• 41:45
  Arbor for uh at the big house for IU
• 41:48
  Michigan. So just just I I I love to
• 41:52
  create time and create memories.
• 41:54
  >> Um and you know outside of that you know
• 41:57
  like I said play golf mediocre at it but
• 42:00
  love it. Love college sports that that
• 42:03
  whole environment and arena just a huge
• 42:05
  huge fan of that. Um and then you know
• 42:08
  occasionally throwing a little fly
• 42:09
  fishing you know to keep the mind keep
• 42:12
  mind sound.
• 42:13
  >> Uh it's awesome. So it's and just you
• 42:15
  know fantastic. I would be remissed to
• 42:17
  not say just family, both my immediate
• 42:19
  family now and the the the the
• 42:21
  influence, work ethic, everything that
• 42:24
  my mom and dad had is was just
• 42:26
  incredible. So family is number one.
• 42:28
  >> Yeah, it's awesome. I love the idea of
• 42:29
  doing those things with your kids,
• 42:30
  creating opportunities, you know, at the
• 42:32
  big house or down at IU or going down to
• 42:34
  Alabama and allowing those folks to be
• 42:37
  able to experience some emotions while
• 42:38
  you're all together because those
• 42:40
  emotions become snapshots with become
• 42:42
  memories and those last forever. Y
• 42:43
  >> So kudos to you, my friend. appreciate
• 42:45
  you being on the show.
• 42:46
  >> Thank you. Thank you for all you're
• 42:47
  doing. Very much appreciate it.
• 42:49
  >> Thank you for listening to the Elevate
• 42:51
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