welcome everybody to another YouTube hangout super excited to be here where
hangout super excited to be here where
hangout super excited to be here where we’ve got an important topic to cover
we’ve got an important topic to cover
we’ve got an important topic to cover today and I’ve got a new friend and
today and I’ve got a new friend and
today and I’ve got a new friend and special guest mr. Phil town with me he
special guest mr. Phil town with me he
special guest mr. Phil town with me he is an investor he is a motivational
is an investor he is a motivational
is an investor he is a motivational speaker
speaker
speaker he’s a polo player you’ll see him in his
he’s a polo player you’ll see him in his
he’s a polo player you’ll see him in his outfit he is a hedge fund manager he’s
outfit he is a hedge fund manager he’s
outfit he is a hedge fund manager he’s been on MSNBC and CNBC and is a multiple
been on MSNBC and CNBC and is a multiple
been on MSNBC and CNBC and is a multiple time New York Times bestselling author
time New York Times bestselling author
time New York Times bestselling author today we’re gonna talk about how to get
today we’re gonna talk about how to get
today we’re gonna talk about how to get funding for your business mr. Phil town
funding for your business mr. Phil town
funding for your business mr. Phil town welcome aboard man thanks Evan
welcome aboard man thanks Evan
welcome aboard man thanks Evan glad to be here I’m shamelessly
glad to be here I’m shamelessly
glad to be here I’m shamelessly promoting the rule 1 polo team here
promoting the rule 1 polo team here
promoting the rule 1 polo team here we’re we always need more fans we have
we’re we always need more fans we have
we’re we always need more fans we have four fans we’re looking for number five
four fans we’re looking for number five
four fans we’re looking for number five so you know well send me a jersey and
so you know well send me a jersey and
so you know well send me a jersey and maybe I’ll wear it in a future
maybe I’ll wear it in a future
maybe I’ll wear it in a future livestream we’ll get it going
livestream we’ll get it going
livestream we’ll get it going you got a backward City New Jersey there
you got a backward City New Jersey there
you got a backward City New Jersey there we go I love cool well so we’re gonna
we go I love cool well so we’re gonna
we go I love cool well so we’re gonna have tons of people joining in we’ve
have tons of people joining in we’ve
have tons of people joining in we’ve already got hundreds of people joining
already got hundreds of people joining
already got hundreds of people joining online they’re gonna be asking questions
online they’re gonna be asking questions
online they’re gonna be asking questions giving some feedback and getting
giving some feedback and getting
giving some feedback and getting personal about how to get funded for
personal about how to get funded for
personal about how to get funded for their business but before getting into
their business but before getting into
their business but before getting into it I want to get some nuggets from you I
it I want to get some nuggets from you I
it I want to get some nuggets from you I mean you’ve been on them as MSNBC CNBC
mean you’ve been on them as MSNBC CNBC
mean you’ve been on them as MSNBC CNBC all the media outlets you have your own
all the media outlets you have your own
all the media outlets you have your own funds what are some of the key nuggets
funds what are some of the key nuggets
funds what are some of the key nuggets you can drop on us
you can drop on us
you can drop on us if I’m an entrepreneur looking to get
if I’m an entrepreneur looking to get
if I’m an entrepreneur looking to get funding what should I be paying
funding what should I be paying
funding what should I be paying attention to I think the main thing to
attention to I think the main thing to
attention to I think the main thing to pay attention to is building a really
pay attention to is building a really
pay attention to is building a really good business that’s what’s gonna get
good business that’s what’s gonna get
good business that’s what’s gonna get you funded and ultimately funding is
you funded and ultimately funding is
you funded and ultimately funding is going to come in depending on the stage
going to come in depending on the stage
going to come in depending on the stage you’re at based on really a couple of
you’re at based on really a couple of
you’re at based on really a couple of major things number one most of the
major things number one most of the
major things number one most of the people who are in my shoes are going to
people who are in my shoes are going to
people who are in my shoes are going to bet the jockey not the horse if you’re
bet the jockey not the horse if you’re
bet the jockey not the horse if you’re an early stage company but when you get
an early stage company but when you get
an early stage company but when you get to be a later stage they’re going to be
to be a later stage they’re going to be
to be a later stage they’re going to be betting the horse as well as you so you
betting the horse as well as you so you
betting the horse as well as you so you kind of got to know what kind of money
kind of got to know what kind of money
kind of got to know what kind of money you’re going after are you after angel
you’re going after are you after angel
you’re going after are you after angel Capital or you after kind of mezzanine
Capital or you after kind of mezzanine
Capital or you after kind of mezzanine financing are you already profitable and
financing are you already profitable and
financing are you already profitable and really cranking it out there and you
really cranking it out there and you
really cranking it out there and you need money to continue that level of
need money to continue that level of
need money to continue that level of growth those are three really different
growth those are three really different
growth those are three really different questions but ultimately it comes down
questions but ultimately it comes down
questions but ultimately it comes down to two things number one what is the
to two things number one what is the
to two things number one what is the intrinsic characteristic you’ve built
intrinsic characteristic you’ve built
intrinsic characteristic you’ve built into your company that will protect you
into your company that will protect you
into your company that will protect you from competitors coming in later and in
from competitors coming in later and in
from competitors coming in later and in other words what’s your niche and how do
other words what’s your niche and how do
other words what’s your niche and how do you
you
you protected and second can you demonstrate
protected and second can you demonstrate
protected and second can you demonstrate your own personal integrity and talent
your own personal integrity and talent
your own personal integrity and talent in running this business those are
in running this business those are
in running this business those are essentially the two things we’re looking
essentially the two things we’re looking
essentially the two things we’re looking for do we have a management team we can
for do we have a management team we can
for do we have a management team we can trust
trust
trust that’s talented and does the business
that’s talented and does the business
that’s talented and does the business plan have a structure to it that
plan have a structure to it that
plan have a structure to it that protects it from competition so for you
protects it from competition so for you
protects it from competition so for you guys watching live if you have a
guys watching live if you have a
guys watching live if you have a question leave it down there on the side
question leave it down there on the side
question leave it down there on the side and we will do our best to get to as
and we will do our best to get to as
and we will do our best to get to as many as we can first one coming in is
many as we can first one coming in is
many as we can first one coming in is from cam saying how much money on
from cam saying how much money on
from cam saying how much money on average do you need to start a business
average do you need to start a business
average do you need to start a business so if I’m starting the business how much
so if I’m starting the business how much
so if I’m starting the business how much how do I figure out how much money I
how do I figure out how much money I
how do I figure out how much money I need so you take how much what do you
need so you take how much what do you
need so you take how much what do you think you need and multiply it by a
think you need and multiply it by a
think you need and multiply it by a million or two and you come out with
million or two and you come out with
million or two and you come out with some kind of a number that’s very large
some kind of a number that’s very large
some kind of a number that’s very large okay truth truth be down I don’t like to
okay truth truth be down I don’t like to
okay truth truth be down I don’t like to invest in companies that need a lot of
invest in companies that need a lot of
invest in companies that need a lot of capital I like to see entrepreneurs who
capital I like to see entrepreneurs who
capital I like to see entrepreneurs who bootstrap I want to see you know shabby
bootstrap I want to see you know shabby
bootstrap I want to see you know shabby offices and you know stolen furniture
offices and you know stolen furniture
offices and you know stolen furniture you know things that fell off the back
you know things that fell off the back
you know things that fell off the back of the truck I want to see a group of
of the truck I want to see a group of
of the truck I want to see a group of people who are just absolutely dedicated
people who are just absolutely dedicated
people who are just absolutely dedicated to the development of this idea and I
to the development of this idea and I
to the development of this idea and I like to see that for people who are not
like to see that for people who are not
like to see that for people who are not that interested in the money so I don’t
that interested in the money so I don’t
that interested in the money so I don’t think it takes a lot of capital to get
think it takes a lot of capital to get
think it takes a lot of capital to get started now the reason you’re going to
started now the reason you’re going to
started now the reason you’re going to need a lot of money as you go is because
need a lot of money as you go is because
need a lot of money as you go is because you hit it you got the right idea out
you hit it you got the right idea out
you hit it you got the right idea out there and it starts to explode in some
there and it starts to explode in some
there and it starts to explode in some sort of exponential way and then you’re
sort of exponential way and then you’re
sort of exponential way and then you’re going to need capital to really jack it
going to need capital to really jack it
going to need capital to really jack it up and take it out of the market but
up and take it out of the market but
up and take it out of the market but hopefully unless you’re doing some kind
hopefully unless you’re doing some kind
hopefully unless you’re doing some kind of thing where you’re trying to you know
of thing where you’re trying to you know
of thing where you’re trying to you know build chips which would be something i
build chips which would be something i
build chips which would be something i wouldnt be interested in you’re gonna
wouldnt be interested in you’re gonna
wouldnt be interested in you’re gonna need very little capital to get started
need very little capital to get started
need very little capital to get started a proof of concept shouldn’t cost a lot
a proof of concept shouldn’t cost a lot
a proof of concept shouldn’t cost a lot Varun is writing in to ask about what
Varun is writing in to ask about what
Varun is writing in to ask about what are your thoughts on Kickstarter
are your thoughts on Kickstarter
are your thoughts on Kickstarter crowdfunding as a source of an raising
crowdfunding as a source of an raising
crowdfunding as a source of an raising capital for a company yeah oh good just
capital for a company yeah oh good just
capital for a company yeah oh good just don’t give away the farm and on that on
don’t give away the farm and on that on
don’t give away the farm and on that on that point you know it’s wherever you
that point you know it’s wherever you
that point you know it’s wherever you can get capital but frankly we focus a
can get capital but frankly we focus a
can get capital but frankly we focus a lot on the three f’s
lot on the three f’s
lot on the three f’s which would be friends family and fools
which would be friends family and fools
which would be friends family and fools until until you can get this thing
until until you can get this thing
until until you can get this thing rolling but the Kickstarter group these
rolling but the Kickstarter group these
rolling but the Kickstarter group these funding sites are a really good third F
funding sites are a really good third F
funding sites are a really good third F right this is piled full of friendly
right this is piled full of friendly
right this is piled full of friendly fools
fools
fools in the sense that these they’re willing
in the sense that these they’re willing
in the sense that these they’re willing to take a shot with somebody they don’t
to take a shot with somebody they don’t
to take a shot with somebody they don’t know maybe in a business they don’t
know maybe in a business they don’t
know maybe in a business they don’t understand and in one sense it’s the
understand and in one sense it’s the
understand and in one sense it’s the easiest money in the world to raise
easiest money in the world to raise
easiest money in the world to raise because people are not all that
because people are not all that
because people are not all that well-informed on the other hand you can
well-informed on the other hand you can
well-informed on the other hand you can end up with a lot of people in there
end up with a lot of people in there
end up with a lot of people in there that you really don’t want
that you really don’t want
that you really don’t want so I guess my preferred way to go would
so I guess my preferred way to go would
so I guess my preferred way to go would be to start to build a business plan and
be to start to build a business plan and
be to start to build a business plan and start looking for angel investors in
start looking for angel investors in
start looking for angel investors in your area
your area
your area I’d much prefer you see with one or two
I’d much prefer you see with one or two
I’d much prefer you see with one or two investors to get started rather than a
investors to get started rather than a
investors to get started rather than a big old pile of anonymous people so to
big old pile of anonymous people so to
big old pile of anonymous people so to that question around fools so if if I’ve
that question around fools so if if I’ve
that question around fools so if if I’ve raised my first round and I’ve got a
raised my first round and I’ve got a
raised my first round and I’ve got a bunch of you know friends family you
bunch of you know friends family you
bunch of you know friends family you know random people if I then go to
know random people if I then go to
know random people if I then go to approach an angel investment boom for my
approach an angel investment boom for my
approach an angel investment boom for my next round I’m coming to you and saying
next round I’m coming to you and saying
next round I’m coming to you and saying Phil I’m looking you know to raise my
Phil I’m looking you know to raise my
Phil I’m looking you know to raise my next round of capital here how much do
next round of capital here how much do
next round of capital here how much do you look at who the other investors are
you look at who the other investors are
you look at who the other investors are that you’re now in business with these
that you’re now in business with these
that you’re now in business with these fools that have come on board and does
fools that have come on board and does
fools that have come on board and does that impact your decision to make
that impact your decision to make
that impact your decision to make yes investment well I don’t think it’s
yes investment well I don’t think it’s
yes investment well I don’t think it’s going to be at all super impactful
going to be at all super impactful
going to be at all super impactful because if the entrepreneur and the plan
because if the entrepreneur and the plan
because if the entrepreneur and the plan of where they’re going are good then
of where they’re going are good then
of where they’re going are good then we’re gonna be able to overcome those
we’re gonna be able to overcome those
we’re gonna be able to overcome those kinds of issues but clearly we don’t
kinds of issues but clearly we don’t
kinds of issues but clearly we don’t want people in there who are crazy
want people in there who are crazy
want people in there who are crazy stupid painfully emotional we would like
stupid painfully emotional we would like
stupid painfully emotional we would like to have people that are reasonably
to have people that are reasonably
to have people that are reasonably intelligent about the investing process
intelligent about the investing process
intelligent about the investing process so that they’re not sitting or thinking
so that they’re not sitting or thinking
so that they’re not sitting or thinking that because they put up two thousand
that because they put up two thousand
that because they put up two thousand dollars they should own 40% of your
dollars they should own 40% of your
dollars they should own 40% of your company forever that can be a real
company forever that can be a real
company forever that can be a real problem but if you if you just got
problem but if you if you just got
problem but if you if you just got really friends and family and people who
really friends and family and people who
really friends and family and people who are congenial fools that are willing to
are congenial fools that are willing to
are congenial fools that are willing to help you ride up that first level
help you ride up that first level
help you ride up that first level typically those be long a problem got it
typically those be long a problem got it
typically those be long a problem got it next question coming in what books or
next question coming in what books or
next question coming in what books or resources can you recommend to learn how
resources can you recommend to learn how
resources can you recommend to learn how to think like an investor okay the
to think like an investor okay the
to think like an investor okay the number one thing you can do to think
number one thing you can do to think
number one thing you can do to think like an investor is read every single
like an investor is read every single
like an investor is read every single letter that Warren Buffett wrote to his
letter that Warren Buffett wrote to his
letter that Warren Buffett wrote to his shareholders from 1973 until now it’ll
shareholders from 1973 until now it’ll
shareholders from 1973 until now it’ll take you a couple hours there they’re
take you a couple hours there they’re
take you a couple hours there they’re actually on the website Berkshire
actually on the website Berkshire
actually on the website Berkshire Hathaway and you just click on them and
Hathaway and you just click on them and
Hathaway and you just click on them and it is a master’s course in setting up a
it is a master’s course in setting up a
it is a master’s course in setting up a business that’s
business that’s
business that’s wonderful and ultimately very salable
wonderful and ultimately very salable
wonderful and ultimately very salable buffett is I think the world’s best
buffett is I think the world’s best
buffett is I think the world’s best investor he owns last checks seventy or
investor he owns last checks seventy or
investor he owns last checks seventy or eighty private companies so it would
eighty private companies so it would
eighty private companies so it would really I think it’d be the best
really I think it’d be the best
really I think it’d be the best education in the world for you guys to
education in the world for you guys to
education in the world for you guys to go out and study what did Buffett buy
go out and study what did Buffett buy
go out and study what did Buffett buy why does he like these companies what is
why does he like these companies what is
why does he like these companies what is it about these companies that makes them
it about these companies that makes them
it about these companies that makes them something that he could bring into his
something that he could bring into his
something that he could bring into his company and own without having being
company and own without having being
company and own without having being worried about whether or not it’s gonna
worried about whether or not it’s gonna
worried about whether or not it’s gonna work out right that that’s the key if
work out right that that’s the key if
work out right that that’s the key if you study those letters you’ll be a much
you study those letters you’ll be a much
you study those letters you’ll be a much much better entrepreneur it’s one of the
much better entrepreneur it’s one of the
much better entrepreneur it’s one of the best ways I learned how to do this now I
best ways I learned how to do this now I
best ways I learned how to do this now I know you do a lot of financial education
know you do a lot of financial education
know you do a lot of financial education and training you’ve got your rule one
and training you’ve got your rule one
and training you’ve got your rule one investing you do workshops and seminars
investing you do workshops and seminars
investing you do workshops and seminars you cover this how to think like an
you cover this how to think like an
you cover this how to think like an investor or some of the important parts
investor or some of the important parts
investor or some of the important parts yeah we do we we’re all about thinking
yeah we do we we’re all about thinking
yeah we do we we’re all about thinking like an investor and that we do a
like an investor and that we do a
like an investor and that we do a three-day workshop that we’d be happy to
three-day workshop that we’d be happy to
three-day workshop that we’d be happy to have all of your you know all of your
have all of your you know all of your
have all of your you know all of your fans come and do we do it typically in
fans come and do we do it typically in
fans come and do we do it typically in Atlanta Georgia which is near where we
Atlanta Georgia which is near where we
Atlanta Georgia which is near where we live and we’ll do it once a month sort
live and we’ll do it once a month sort
live and we’ll do it once a month sort of donating the time for three days you
of donating the time for three days you
of donating the time for three days you know we don’t sell anything nothing like
know we don’t sell anything nothing like
know we don’t sell anything nothing like that we just teach and we’re teaching
that we just teach and we’re teaching
that we just teach and we’re teaching essentially Warren Buffett’s style
essentially Warren Buffett’s style
essentially Warren Buffett’s style investing strategy which means by the
investing strategy which means by the
investing strategy which means by the end of the first day you’ll have learned
end of the first day you’ll have learned
end of the first day you’ll have learned what I as a hedge fund manager and what
what I as a hedge fund manager and what
what I as a hedge fund manager and what many of the hedge fund managers are
many of the hedge fund managers are
many of the hedge fund managers are looking for when it comes time to fund
looking for when it comes time to fund
looking for when it comes time to fund something that could be pretty valuable
something that could be pretty valuable
something that could be pretty valuable I think to an entrepreneur and down the
I think to an entrepreneur and down the
I think to an entrepreneur and down the road also it’s pretty valuable to
road also it’s pretty valuable to
road also it’s pretty valuable to understand the investing process and how
understand the investing process and how
understand the investing process and how to invest as an entrepreneur because if
to invest as an entrepreneur because if
to invest as an entrepreneur because if you’re going to go out there and do this
you’re going to go out there and do this
you’re going to go out there and do this you want to make money and when you make
you want to make money and when you make
you want to make money and when you make the money you want to start to diversify
the money you want to start to diversify
the money you want to start to diversify that out away from the company as you’re
that out away from the company as you’re
that out away from the company as you’re starting to getting cash flow and start
starting to getting cash flow and start
starting to getting cash flow and start you know just like Hollywood producers
you know just like Hollywood producers
you know just like Hollywood producers let other people take more of the risks
let other people take more of the risks
let other people take more of the risks down the road as it really starts to
down the road as it really starts to
down the road as it really starts to grow that’s where you bring in an
grow that’s where you bring in an
grow that’s where you bring in an additional capital and you at that point
additional capital and you at that point
additional capital and you at that point won’t be required to have everything you
won’t be required to have everything you
won’t be required to have everything you own in the world in this company like
own in the world in this company like
own in the world in this company like you are when you start up and you can
you are when you start up and you can
you are when you start up and you can start to diversify across into other
start to diversify across into other
start to diversify across into other companies but you’re gonna have to have
companies but you’re gonna have to have
companies but you’re gonna have to have an education and know what to look for
an education and know what to look for
an education and know what to look for so the two things I think work kind of
so the two things I think work kind of
so the two things I think work kind of well together
well together
well together got it and if you guys watching you can
got it and if you guys watching you can
got it and if you guys watching you can find that course at this real one
find that course at this real one
find that course at this real one investing com off your main site right
investing com off your main site right
investing com off your main site right rule 1 investing calm just go there and
rule 1 investing calm just go there and
rule 1 investing calm just go there and there’s a lot of information of
there’s a lot of information of
there’s a lot of information of about how to invest in the things we
about how to invest in the things we
about how to invest in the things we look for as an investor in a good
look for as an investor in a good
look for as an investor in a good company essentially what we’re looking
company essentially what we’re looking
company essentially what we’re looking for is a wonderful business that’s what
for is a wonderful business that’s what
for is a wonderful business that’s what we want to buy we want to buy businesses
we want to buy we want to buy businesses
we want to buy we want to buy businesses that are awesome that we don’t have to
that are awesome that we don’t have to
that are awesome that we don’t have to struggle to keep alive right and those
struggle to keep alive right and those
struggle to keep alive right and those are exactly the kind of businesses we
are exactly the kind of businesses we
are exactly the kind of businesses we want to build we want to build
want to build we want to build
want to build we want to build businesses that are wonderful so when
businesses that are wonderful so when
businesses that are wonderful so when you come you’ll learn what wonderful
you come you’ll learn what wonderful
you come you’ll learn what wonderful looks like to the best investors in the
looks like to the best investors in the
looks like to the best investors in the world okay cool I love it keep the
world okay cool I love it keep the
world okay cool I love it keep the questions coming guys next up jennifer
questions coming guys next up jennifer
questions coming guys next up jennifer is asking about how do you evaluate a
is asking about how do you evaluate a
is asking about how do you evaluate a company how you figure out what a
company how you figure out what a
company how you figure out what a company is worth all right really good
company is worth all right really good
company is worth all right really good we go through two or three different
we go through two or three different
we go through two or three different ways of evaluating a company and of
ways of evaluating a company and of
ways of evaluating a company and of course the hardest one is the way
course the hardest one is the way
course the hardest one is the way venture capital does it which is to make
venture capital does it which is to make
venture capital does it which is to make an educated guess about where this
an educated guess about where this
an educated guess about where this company’s going to be in five years when
company’s going to be in five years when
company’s going to be in five years when it doesn’t already have profits it
it doesn’t already have profits it
it doesn’t already have profits it doesn’t already have cash flow that’s
doesn’t already have cash flow that’s
doesn’t already have cash flow that’s really difficult to do and that’s why in
really difficult to do and that’s why in
really difficult to do and that’s why in our industry and we say we’re betting
our industry and we say we’re betting
our industry and we say we’re betting the Jockey not the horse because many of
the Jockey not the horse because many of
the Jockey not the horse because many of the top companies we fund end up not
the top companies we fund end up not
the top companies we fund end up not being the product that we thought they
being the product that we thought they
being the product that we thought they were going to be there ended up
were going to be there ended up
were going to be there ended up something else but it’s just that we’ve
something else but it’s just that we’ve
something else but it’s just that we’ve got such a good people running the
got such a good people running the
got such a good people running the business we we can find a way to be
business we we can find a way to be
business we we can find a way to be successful those are really difficult to
successful those are really difficult to
successful those are really difficult to figure out but just to give you a metric
figure out but just to give you a metric
figure out but just to give you a metric to work with estimate where you’re gonna
to work with estimate where you’re gonna
to work with estimate where you’re gonna be in about five years to 10 years and
be in about five years to 10 years and
be in about five years to 10 years and figure that the entrepreneurs are they
figure that the entrepreneurs are they
figure that the entrepreneurs are they of the capitalists that are putting the
of the capitalists that are putting the
of the capitalists that are putting the money in are gonna want roughly to
money in are gonna want roughly to
money in are gonna want roughly to double their money every two years over
double their money every two years over
double their money every two years over that period of time so if you say all
that period of time so if you say all
that period of time so if you say all right I need a million dollars let’s
right I need a million dollars let’s
right I need a million dollars let’s let’s say $100,000 I need a hundred
let’s say $100,000 I need a hundred
let’s say $100,000 I need a hundred grand and the the angel capital is going
grand and the the angel capital is going
grand and the the angel capital is going to come out in five years they’re gonna
to come out in five years they’re gonna
to come out in five years they’re gonna need to double roughly three times over
need to double roughly three times over
need to double roughly three times over that five year period so they put in a
that five year period so they put in a
that five year period so they put in a hundred they need 200 400 800 hundred n
hundred they need 200 400 800 hundred n
hundred they need 200 400 800 hundred n 800 out if it goes ten years one point
800 out if it goes ten years one point
800 out if it goes ten years one point six three point two you see what I’m
six three point two you see what I’m
six three point two you see what I’m where I’m going it gets exponentially
where I’m going it gets exponentially
where I’m going it gets exponentially grows so yeah I know it’s kind of a
grows so yeah I know it’s kind of a
grows so yeah I know it’s kind of a shock and a little bit rude about how
shock and a little bit rude about how
shock and a little bit rude about how big those numbers get but we invest in a
big those numbers get but we invest in a
big those numbers get but we invest in a lot of things that don’t happen and
lot of things that don’t happen and
lot of things that don’t happen and don’t don’t grow and a lot of that
don’t don’t grow and a lot of that
don’t don’t grow and a lot of that capital goes away so the ones that when
capital goes away so the ones that when
capital goes away so the ones that when know you’ve got to know you’re gonna get
know you’ve got to know you’re gonna get
know you’ve got to know you’re gonna get a good return on those companies in
a good return on those companies in
a good return on those companies in order to make up for the ones that lose
order to make up for the ones that lose
order to make up for the ones that lose okay so that’s venture capital now if
okay so that’s venture capital now if
okay so that’s venture capital now if you’re a later stage much much different
you’re a later stage much much different
you’re a later stage much much different the way this can be viewed at a later
the way this can be viewed at a later
the way this can be viewed at a later stage where you’re really making profits
stage where you’re really making profits
stage where you’re really making profits you’ve got the company rolling and now
you’ve got the company rolling and now
you’ve got the company rolling and now you want to sell it to somebody you can
you want to sell it to somebody you can
you want to sell it to somebody you can sell it to a public company typically as
sell it to a public company typically as
sell it to a public company typically as a private company you’re going to be
a private company you’re going to be
a private company you’re going to be valued at about one half of the same
valued at about one half of the same
valued at about one half of the same company as a public company so if
company as a public company so if
company as a public company so if there’s somebody out there that looks
there’s somebody out there that looks
there’s somebody out there that looks like you let’s say you’re a restaurant
like you let’s say you’re a restaurant
like you let’s say you’re a restaurant chain look out there and find out what
chain look out there and find out what
chain look out there and find out what you know Cheesecake Factory is selling
you know Cheesecake Factory is selling
you know Cheesecake Factory is selling for cut it in half based on your
for cut it in half based on your
for cut it in half based on your earnings and you’ll be in the ballpark
earnings and you’ll be in the ballpark
earnings and you’ll be in the ballpark another way to look at that is depending
another way to look at that is depending
another way to look at that is depending on how fast you’re growing you’re gonna
on how fast you’re growing you’re gonna
on how fast you’re growing you’re gonna sell it for something around seven to
sell it for something around seven to
sell it for something around seven to nine times earnings would be in the
nine times earnings would be in the
nine times earnings would be in the ballpark of a good sale that would be a
ballpark of a good sale that would be a
ballpark of a good sale that would be a good one so my brother for example sold
good one so my brother for example sold
good one so my brother for example sold his company a few years ago for nine
his company a few years ago for nine
his company a few years ago for nine point one times earnings and he was
point one times earnings and he was
point one times earnings and he was making ten million bucks a year so that
making ten million bucks a year so that
making ten million bucks a year so that would give you a sense of the range from
would give you a sense of the range from
would give you a sense of the range from startup out to really you know late
startup out to really you know late
startup out to really you know late stage company got it getting a bunch of
stage company got it getting a bunch of
stage company got it getting a bunch of questions about schooling people want to
questions about schooling people want to
questions about schooling people want to know do investors look for degrees how
know do investors look for degrees how
know do investors look for degrees how important the school play a part when
important the school play a part when
important the school play a part when investors so how much do you look at
investors so how much do you look at
investors so how much do you look at where somebody went to school oh not not
where somebody went to school oh not not
where somebody went to school oh not not much frankly okay that’s so far down
much frankly okay that’s so far down
much frankly okay that’s so far down them down the list of things we think
them down the list of things we think
them down the list of things we think about really I guess the only time that
about really I guess the only time that
about really I guess the only time that your schooling is gonna be valuable
your schooling is gonna be valuable
your schooling is gonna be valuable probably is if you went to a very
probably is if you went to a very
probably is if you went to a very prestigious you know university that was
prestigious you know university that was
prestigious you know university that was really hard to get into it would be an
really hard to get into it would be an
really hard to get into it would be an indication that you’re probably really
indication that you’re probably really
indication that you’re probably really smart or you have really rich parents
smart or you have really rich parents
smart or you have really rich parents okay one or the other and and so we like
okay one or the other and and so we like
okay one or the other and and so we like we like it if it comes out that you’re
we like it if it comes out that you’re
we like it if it comes out that you’re really smart but we’re probably not
really smart but we’re probably not
really smart but we’re probably not talking to you unless we thought you
talking to you unless we thought you
talking to you unless we thought you were really smart anyway all right so
were really smart anyway all right so
were really smart anyway all right so degrees man more and more we’re aware
degrees man more and more we’re aware
degrees man more and more we’re aware that some of the best entrepreneurs in
that some of the best entrepreneurs in
that some of the best entrepreneurs in the world have been people who quit
the world have been people who quit
the world have been people who quit college like Steve Jobs and you know
college like Steve Jobs and you know
college like Steve Jobs and you know famously Bill Gates right doesn’t mean
famously Bill Gates right doesn’t mean
famously Bill Gates right doesn’t mean everybody should go quit college but it
everybody should go quit college but it
everybody should go quit college but it means that often your capital isn’t
means that often your capital isn’t
means that often your capital isn’t looking for your
looking for your
looking for your what they’re looking for is what do you
what they’re looking for is what do you
what they’re looking for is what do you what do you know how to do what are your
what do you know how to do what are your
what do you know how to do what are your thinking about where are you gonna go
thinking about where are you gonna go
thinking about where are you gonna go with this and again how dedicated are
with this and again how dedicated are
with this and again how dedicated are you to succeeding I mean we really want
you to succeeding I mean we really want
you to succeeding I mean we really want somebody that’s gonna live or die by
somebody that’s gonna live or die by
somebody that’s gonna live or die by this company who’s not gonna this is
this company who’s not gonna this is
this company who’s not gonna this is kind of rough but who’s not necessarily
kind of rough but who’s not necessarily
kind of rough but who’s not necessarily gonna put their family first who’s not
gonna put their family first who’s not
gonna put their family first who’s not gonna put their kids first who’s not
gonna put their kids first who’s not
gonna put their kids first who’s not going to put anything first except this
going to put anything first except this
going to put anything first except this company those are the people that tend
company those are the people that tend
company those are the people that tend to make it through this gauntlet of
to make it through this gauntlet of
to make it through this gauntlet of entrepreneurship where ultimately you
entrepreneurship where ultimately you
entrepreneurship where ultimately you end up with everything you own and
end up with everything you own and
end up with everything you own and everything you can borrow in this
everything you can borrow in this
everything you can borrow in this company trying to make it successful and
company trying to make it successful and
company trying to make it successful and we want somebody that’s gonna go to war
we want somebody that’s gonna go to war
we want somebody that’s gonna go to war to make that happen or we don’t want to
to make that happen or we don’t want to
to make that happen or we don’t want to put our money in there you know I know
put our money in there you know I know
put our money in there you know I know that’s not balanced I know it’s not
that’s not balanced I know it’s not
that’s not balanced I know it’s not maybe even fair but it can sure make up
maybe even fair but it can sure make up
maybe even fair but it can sure make up for a college degree that level of focus
for a college degree that level of focus
for a college degree that level of focus right so I used to be in the venture
right so I used to be in the venture
right so I used to be in the venture capital industry and the principles that
capital industry and the principles that
capital industry and the principles that the company I was that if they saw that
the company I was that if they saw that
the company I was that if they saw that the CEO or the founder had a PhD they
the CEO or the founder had a PhD they
the CEO or the founder had a PhD they actually counted as a strike against
actually counted as a strike against
actually counted as a strike against that person because they thought they
that person because they thought they
that person because they thought they were two books trying smart and not
were two books trying smart and not
were two books trying smart and not enough street-smart do you have the same
enough street-smart do you have the same
enough street-smart do you have the same criteria but not necessarily that that
criteria but not necessarily that that
criteria but not necessarily that that forward on it but but it it is always a
forward on it but but it it is always a
forward on it but but it it is always a worry when we get somebody that’s a
worry when we get somebody that’s a
worry when we get somebody that’s a little too academic right there the the
little too academic right there the the
little too academic right there the the ivory tower world is so different than
ivory tower world is so different than
ivory tower world is so different than the real world of you know blood and
the real world of you know blood and
the real world of you know blood and bruises of entrepreneurship where you’re
bruises of entrepreneurship where you’re
bruises of entrepreneurship where you’re really in the street so having street
really in the street so having street
really in the street so having street experience is huge in fact I talked to a
experience is huge in fact I talked to a
experience is huge in fact I talked to a guy once that went through Harvard
guy once that went through Harvard
guy once that went through Harvard Business School and then went into the
Business School and then went into the
Business School and then went into the training programs at places like pea you
training programs at places like pea you
training programs at places like pea you know
know
know Procter gamble and so on his opinion and
Procter gamble and so on his opinion and
Procter gamble and so on his opinion and is this guy turned venture capitalist
is this guy turned venture capitalist
is this guy turned venture capitalist his opinion was you know five years down
his opinion was you know five years down
his opinion was you know five years down the road real real real world experience
the road real real real world experience
the road real real real world experience has taken over for for all the business
has taken over for for all the business
has taken over for for all the business school training you could get in the
school training you could get in the
school training you could get in the world so they just discounted you got
world so they just discounted you got
world so they just discounted you got four or five years of experience in the
four or five years of experience in the
four or five years of experience in the real world you’re good to go
real world you’re good to go
real world you’re good to go got it getting a ton of questions around
got it getting a ton of questions around
got it getting a ton of questions around business planes so people want to know
business planes so people want to know
business planes so people want to know how effective is a plan how long should
how effective is a plan how long should
how effective is a plan how long should it be what’s the most important thing
it be what’s the most important thing
it be what’s the most important thing that investors look at in a plane what
that investors look at in a plane what
that investors look at in a plane what are your thoughts my thoughts are plans
are your thoughts my thoughts are plans
are your thoughts my thoughts are plans are really
are really
are really [Laughter]
[Laughter]
[Laughter] honestly you know everybody can have a
honestly you know everybody can have a
honestly you know everybody can have a plan and your plan is really good right
plan and your plan is really good right
plan and your plan is really good right up at the time you get our money and
up at the time you get our money and
up at the time you get our money and then your plan sucks immediately it
then your plan sucks immediately it
then your plan sucks immediately it starts going entirely different
starts going entirely different
starts going entirely different directions I think you should be able to
directions I think you should be able to
directions I think you should be able to sketch out what you’re intending to do
sketch out what you’re intending to do
sketch out what you’re intending to do in about 30 seconds okay you should be
in about 30 seconds okay you should be
in about 30 seconds okay you should be able to stick it on a napkin if you
able to stick it on a napkin if you
able to stick it on a napkin if you can’t explain what you’re trying to
can’t explain what you’re trying to
can’t explain what you’re trying to accomplish in my terms
accomplish in my terms
accomplish in my terms extremely quickly I’m probably not going
extremely quickly I’m probably not going
extremely quickly I’m probably not going to be that interested in what you’re
to be that interested in what you’re
to be that interested in what you’re doing because I’m figuring out you
doing because I’m figuring out you
doing because I’m figuring out you probably don’t know what you’re doing
probably don’t know what you’re doing
probably don’t know what you’re doing right so I like to see you know the
right so I like to see you know the
right so I like to see you know the movie version of business plan so the
movie version of business plan so the
movie version of business plan so the famous M TV back in the day was let’s
famous M TV back in the day was let’s
famous M TV back in the day was let’s see what Gunsmoke meets no it wasn’t it
see what Gunsmoke meets no it wasn’t it
see what Gunsmoke meets no it wasn’t it was Gunsmoke meets MTV and that was
was Gunsmoke meets MTV and that was
was Gunsmoke meets MTV and that was coming out with Miami Vice so it’s like
coming out with Miami Vice so it’s like
coming out with Miami Vice so it’s like if you can describe it in terms that we
if you can describe it in terms that we
if you can describe it in terms that we can understand you’re way ahead of some
can understand you’re way ahead of some
can understand you’re way ahead of some elaborate business plan that ultimately
elaborate business plan that ultimately
elaborate business plan that ultimately depends on some completely pulled out of
depends on some completely pulled out of
depends on some completely pulled out of the air numbers that you put out there
the air numbers that you put out there
the air numbers that you put out there and by the way most of the people that
and by the way most of the people that
and by the way most of the people that you’re ultimately going to get funded by
you’re ultimately going to get funded by
you’re ultimately going to get funded by will know your business better than you
will know your business better than you
will know your business better than you do
do
do they’re not gonna need to see a business
they’re not gonna need to see a business
they’re not gonna need to see a business plan elaborate 36-page thing they might
plan elaborate 36-page thing they might
plan elaborate 36-page thing they might ask you for it just to see if you know
ask you for it just to see if you know
ask you for it just to see if you know how to create one and can actually build
how to create one and can actually build
how to create one and can actually build an Excel spreadsheet and actually run
an Excel spreadsheet and actually run
an Excel spreadsheet and actually run the numbers but they’re gonna know the
the numbers but they’re gonna know the
the numbers but they’re gonna know the business already or they’re probably not
business already or they’re probably not
business already or they’re probably not gonna put money in it so if I’m coming
gonna put money in it so if I’m coming
gonna put money in it so if I’m coming to meet you I’m looking for an angel
to meet you I’m looking for an angel
to meet you I’m looking for an angel investment I’m hoping Phil’s gonna say
investment I’m hoping Phil’s gonna say
investment I’m hoping Phil’s gonna say yes we’re sitting down for coffee what
yes we’re sitting down for coffee what
yes we’re sitting down for coffee what am i bringing in my a my a my not even
am i bringing in my a my a my not even
am i bringing in my a my a my not even opening up the laptop not even open up a
opening up the laptop not even open up a
opening up the laptop not even open up a folder which is chatting or what do you
folder which is chatting or what do you
folder which is chatting or what do you want to see we’re totally just chatting
want to see we’re totally just chatting
want to see we’re totally just chatting we didn’t we do this on MSNBC all the
we didn’t we do this on MSNBC all the
we didn’t we do this on MSNBC all the time on on this little show your
time on on this little show your
time on on this little show your business that American Express has been
business that American Express has been
business that American Express has been funding for eight years now or something
funding for eight years now or something
funding for eight years now or something where we have somebody come in and just
where we have somebody come in and just
where we have somebody come in and just do an elevator pitch the famous you’ve
do an elevator pitch the famous you’ve
do an elevator pitch the famous you’ve got from here until I get off to tell me
got from here until I get off to tell me
got from here until I get off to tell me what you’re up to and if you can’t do it
what you’re up to and if you can’t do it
what you’re up to and if you can’t do it in that amount of time I’m probably not
in that amount of time I’m probably not
in that amount of time I’m probably not gonna be interested so you’re not gonna
gonna be interested so you’re not gonna
gonna be interested so you’re not gonna obviously get it all out there in 60
obviously get it all out there in 60
obviously get it all out there in 60 seconds Shark Tank is another good
seconds Shark Tank is another good
seconds Shark Tank is another good example of having to nail the basics
example of having to nail the basics
example of having to nail the basics about your business at a very very short
about your business at a very very short
about your business at a very very short period of time er I’m just not going to
period of time er I’m just not going to
period of time er I’m just not going to be interested so yeah you don’t need to
be interested so yeah you don’t need to
be interested so yeah you don’t need to bring a bunch of elaborate stuff and a
bring a bunch of elaborate stuff and a
bring a bunch of elaborate stuff and a bunch of charts and graphs you need to
bunch of charts and graphs you need to
bunch of charts and graphs you need to come in and tell me the basics of the
come in and tell me the basics of the
come in and tell me the basics of the business how
business how
business how are you going to protect this business
are you going to protect this business
are you going to protect this business against competition what do you have
against competition what do you have
against competition what do you have that nobody else has right so you know
that nobody else has right so you know
that nobody else has right so you know obviously one example is I’m coming in
obviously one example is I’m coming in
obviously one example is I’m coming in with a patent but that’s not the best
with a patent but that’s not the best
with a patent but that’s not the best example I mean the best example is
example I mean the best example is
example I mean the best example is something like Chipotle Mexican Grill
something like Chipotle Mexican Grill
something like Chipotle Mexican Grill coming in and saying you know Steve ELLs
coming in and saying you know Steve ELLs
coming in and saying you know Steve ELLs saying look what I’m doing is I’m making
saying look what I’m doing is I’m making
saying look what I’m doing is I’m making a burrito better than anybody and I’m
a burrito better than anybody and I’m
a burrito better than anybody and I’m using fresh ingredients I’m using
using fresh ingredients I’m using
using fresh ingredients I’m using classic cooking methods and I can crank
classic cooking methods and I can crank
classic cooking methods and I can crank this out faster than McDonald’s can do a
this out faster than McDonald’s can do a
this out faster than McDonald’s can do a burger by three times and just that’s it
burger by three times and just that’s it
burger by three times and just that’s it I mean as soon as he does that then the
I mean as soon as he does that then the
I mean as soon as he does that then the question is do I like your burrito right
question is do I like your burrito right
question is do I like your burrito right you know I like you that’s your idea can
you know I like you that’s your idea can
you know I like you that’s your idea can you make a good burrito because
you make a good burrito because
you make a good burrito because ultimately that’s where we’re going
ultimately that’s where we’re going
ultimately that’s where we’re going right so it should be dead simple if you
right so it should be dead simple if you
right so it should be dead simple if you want to attract angel Capital got it so
want to attract angel Capital got it so
want to attract angel Capital got it so you mention Shark Tank people asking
you mention Shark Tank people asking
you mention Shark Tank people asking questions to they’re wondering is it
questions to they’re wondering is it
questions to they’re wondering is it helpful for entrepreneurs to watch Shark
helpful for entrepreneurs to watch Shark
helpful for entrepreneurs to watch Shark Tank from an education perspective not
Tank from an education perspective not
Tank from an education perspective not just entertain oh my god yes that is
just entertain oh my god yes that is
just entertain oh my god yes that is just like Nirvana for entrepreneurs I
just like Nirvana for entrepreneurs I
just like Nirvana for entrepreneurs I love that I watch it all the time learn
love that I watch it all the time learn
love that I watch it all the time learn something every day watch that one and
something every day watch that one and
something every day watch that one and watch the profit and watch a great show
watch the profit and watch a great show
watch the profit and watch a great show underrated underrated fantastic show if
underrated underrated fantastic show if
underrated underrated fantastic show if you want to be looking through the eyes
you want to be looking through the eyes
you want to be looking through the eyes of a guy like me Marcus lemonis is that
of a guy like me Marcus lemonis is that
of a guy like me Marcus lemonis is that guy on spades right he is phenomenal and
guy on spades right he is phenomenal and
guy on spades right he is phenomenal and you can see what he’s looking at and
you can see what he’s looking at and
you can see what he’s looking at and he’s got a heart of gold anyway and so
he’s got a heart of gold anyway and so
he’s got a heart of gold anyway and so yeah those two shows are fantastic I’ll
yeah those two shows are fantastic I’ll
yeah those two shows are fantastic I’ll tell you the stuff that’s going on as as
tell you the stuff that’s going on as as
tell you the stuff that’s going on as as reality TV shows for business you know
reality TV shows for business you know
reality TV shows for business you know the Undercover Boss is really good to
the Undercover Boss is really good to
the Undercover Boss is really good to see what you might be missing in your
see what you might be missing in your
see what you might be missing in your business when you’re thinking about how
business when you’re thinking about how
business when you’re thinking about how to build it out did you forget to
to build it out did you forget to
to build it out did you forget to actually pay attention to the business a
actually pay attention to the business a
actually pay attention to the business a lot of these guys have you know so
lot of these guys have you know so
lot of these guys have you know so they’re there’s so many good shows but
they’re there’s so many good shows but
they’re there’s so many good shows but those – Shark Tank and profit are my
those – Shark Tank and profit are my
those – Shark Tank and profit are my favorite are you gonna go in Undercover
favorite are you gonna go in Undercover
favorite are you gonna go in Undercover Boss Phil no we want to see that episode
Boss Phil no we want to see that episode
Boss Phil no we want to see that episode so you’re talking about angel investing
so you’re talking about angel investing
so you’re talking about angel investing and that kind of elevator pitch
and that kind of elevator pitch
and that kind of elevator pitch 30-second pitch people are asking so
30-second pitch people are asking so
30-second pitch people are asking so what’s the smartest way to grab the
what’s the smartest way to grab the
what’s the smartest way to grab the attention of angel investors in that in
attention of angel investors in that in
attention of angel investors in that in that 30 second pitch really simple you
that 30 second pitch really simple you
that 30 second pitch really simple you need an introduction through somebody
need an introduction through somebody
need an introduction through somebody else that I trust so
else that I trust so
else that I trust so got a network into it right and we’re
got a network into it right and we’re
got a network into it right and we’re all connected with six degrees of
all connected with six degrees of
all connected with six degrees of separation so there’s always a way to
separation so there’s always a way to
separation so there’s always a way to find somebody who knows somebody who can
find somebody who knows somebody who can
find somebody who knows somebody who can tell you to meet somebody
tell you to meet somebody
tell you to meet somebody so to get an introduction don’t try too
so to get an introduction don’t try too
so to get an introduction don’t try too cold you’re cold call your way in – it’s
cold you’re cold call your way in – it’s
cold you’re cold call your way in – it’s not gonna happen don’t bother to send
not gonna happen don’t bother to send
not gonna happen don’t bother to send business plan it’s not gonna happen
business plan it’s not gonna happen
business plan it’s not gonna happen they’re gonna get 86th so what do you
they’re gonna get 86th so what do you
they’re gonna get 86th so what do you want to do is just find a way to get to
want to do is just find a way to get to
want to do is just find a way to get to talk to somebody that knows something
talk to somebody that knows something
talk to somebody that knows something and they have entrepreneur conferences
and they have entrepreneur conferences
and they have entrepreneur conferences they got you know they’ve got angel
they got you know they’ve got angel
they got you know they’ve got angel conferences you can get names the main
conferences you can get names the main
conferences you can get names the main thing is to just get an introduction and
thing is to just get an introduction and
thing is to just get an introduction and then the second thing is you know you
then the second thing is you know you
then the second thing is you know you you want to be sure that you’re coming
you want to be sure that you’re coming
you want to be sure that you’re coming in with questions to ask about the the
in with questions to ask about the the
in with questions to ask about the the planning process that you’re going
planning process that you’re going
planning process that you’re going through for your company you don’t have
through for your company you don’t have
through for your company you don’t have to ask me for money I’m smart enough to
to ask me for money I’m smart enough to
to ask me for money I’m smart enough to figure out that you’re looking for money
figure out that you’re looking for money
figure out that you’re looking for money all right so you don’t bother asking for
all right so you don’t bother asking for
all right so you don’t bother asking for it what you bother doing is ask
it what you bother doing is ask
it what you bother doing is ask intelligent questions ask me to critique
intelligent questions ask me to critique
intelligent questions ask me to critique something about the company if you’re
something about the company if you’re
something about the company if you’re coming to me it’s probably because I’ve
coming to me it’s probably because I’ve
coming to me it’s probably because I’ve already built a company in this space
already built a company in this space
already built a company in this space right so when you go onto Shark Tank
right so when you go onto Shark Tank
right so when you go onto Shark Tank those guys have all built companies in
those guys have all built companies in
those guys have all built companies in your space already the best thing you
your space already the best thing you
your space already the best thing you could do if you were to sit down with
could do if you were to sit down with
could do if you were to sit down with one of them is to sit down and ask an
one of them is to sit down and ask an
one of them is to sit down and ask an intelligent question about your business
intelligent question about your business
intelligent question about your business to improve your planning and then you
to improve your planning and then you
to improve your planning and then you sort of hook us in we like getting
sort of hook us in we like getting
sort of hook us in we like getting hooked in like that we’re we’re not in
hooked in like that we’re we’re not in
hooked in like that we’re we’re not in it for the money per se we’re in it to
it for the money per se we’re in it to
it for the money per se we’re in it to enjoy the experience of building
enjoy the experience of building
enjoy the experience of building something the growth of an entrepreneur
something the growth of an entrepreneur
something the growth of an entrepreneur helping people get better and it starts
helping people get better and it starts
helping people get better and it starts with you the entrepreneur being open to
with you the entrepreneur being open to
with you the entrepreneur being open to that not coming to tell me you know
that not coming to tell me you know
that not coming to tell me you know everything and be an arrogant dickhead
everything and be an arrogant dickhead
everything and be an arrogant dickhead just be open and come in with with
just be open and come in with with
just be open and come in with with questions on your idea and I’ll tell you
questions on your idea and I’ll tell you
questions on your idea and I’ll tell you it’ll improve your business plan and
it’ll improve your business plan and
it’ll improve your business plan and your business planning process and
your business planning process and
your business planning process and here’s the thing it will result in me
here’s the thing it will result in me
here’s the thing it will result in me asking you are you interested in capital
asking you are you interested in capital
asking you are you interested in capital because I might be interested in doing
because I might be interested in doing
because I might be interested in doing something with you beats the heck out of
something with you beats the heck out of
something with you beats the heck out of beating the doors down for money doesn’t
beating the doors down for money doesn’t
beating the doors down for money doesn’t it got it yeah yeah somebody’s ready in
it got it yeah yeah somebody’s ready in
it got it yeah yeah somebody’s ready in the say and when you mentioned Phil had
the say and when you mentioned Phil had
the say and when you mentioned Phil had multiple New York Times bestselling
multiple New York Times bestselling
multiple New York Times bestselling books what are they and what is film
books what are they and what is film
books what are they and what is film most proud of from his books okay
most proud of from his books okay
most proud of from his books okay well the two the two books both hit
well the two the two books both hit
well the two the two books both hit number one on the New York Times which
number one on the New York Times which
number one on the New York Times which blew my mind what of them is called rule
blew my mind what of them is called rule
blew my mind what of them is called rule number one which is an investment Bible
number one which is an investment Bible
number one which is an investment Bible that says the number
that says the number
that says the number rule of investing is to not lose money
rule of investing is to not lose money
rule of investing is to not lose money and the number two rule of investing is
and the number two rule of investing is
and the number two rule of investing is to not forget the number one rule of
to not forget the number one rule of
to not forget the number one rule of investing and that comes directly from
investing and that comes directly from
investing and that comes directly from that’s directly from Warren Buffett and
that’s directly from Warren Buffett and
that’s directly from Warren Buffett and the second book is called payback time
the second book is called payback time
the second book is called payback time which is an analysis of basically
which is an analysis of basically
which is an analysis of basically investing through successive rounds as
investing through successive rounds as
investing through successive rounds as you’re coming into the investment making
you’re coming into the investment making
you’re coming into the investment making multiple investments we call it stock
multiple investments we call it stock
multiple investments we call it stock piling in and I’ll tell you what I’m
piling in and I’ll tell you what I’m
piling in and I’ll tell you what I’m most proud of these books is that they
most proud of these books is that they
most proud of these books is that they continue to be to be read they continue
continue to be to be read they continue
continue to be to be read they continue to be sold there one of the strongest
to be sold there one of the strongest
to be sold there one of the strongest backless books that Random House has
backless books that Random House has
backless books that Random House has which means they’re they’re out there
which means they’re they’re out there
which means they’re they’re out there being bought all the time after 11 years
being bought all the time after 11 years
being bought all the time after 11 years so it’s it’s managed to stay current and
so it’s it’s managed to stay current and
so it’s it’s managed to stay current and I really like that about what what made
I really like that about what what made
I really like that about what what made you want to do this I mean you had your
you want to do this I mean you had your
you want to do this I mean you had your successful career your hedge fund
successful career your hedge fund
successful career your hedge fund manager lots of you know financial
manager lots of you know financial
manager lots of you know financial success building your companies and now
success building your companies and now
success building your companies and now it’s giving back it’s creating courses
it’s giving back it’s creating courses
it’s giving back it’s creating courses writing books like what made the drive
writing books like what made the drive
writing books like what made the drive to educate come out of you well I think
to educate come out of you well I think
to educate come out of you well I think that it’s it’s a it’s part of who I am I
that it’s it’s a it’s part of who I am I
that it’s it’s a it’s part of who I am I mean basically it goes all the way back
mean basically it goes all the way back
mean basically it goes all the way back up I’ve always wanted to kind of help
up I’ve always wanted to kind of help
up I’ve always wanted to kind of help people get free I’ve been very fortunate
people get free I’ve been very fortunate
people get free I’ve been very fortunate in my life that I’ve managed to have a
in my life that I’ve managed to have a
in my life that I’ve managed to have a lot of freedom and what I want to do
lot of freedom and what I want to do
lot of freedom and what I want to do throughout my life and I didn’t come
throughout my life and I didn’t come
throughout my life and I didn’t come from a lot of money I just sort of
from a lot of money I just sort of
from a lot of money I just sort of insisted on on doing what I wanted to do
insisted on on doing what I wanted to do
insisted on on doing what I wanted to do right so I started off as a river guide
right so I started off as a river guide
right so I started off as a river guide for ten years in the Grand Canyon I mean
for ten years in the Grand Canyon I mean
for ten years in the Grand Canyon I mean I relate to people who were working
I relate to people who were working
I relate to people who were working blue-collar jobs are trying to figure
blue-collar jobs are trying to figure
blue-collar jobs are trying to figure out their way out of that thing and and
out their way out of that thing and and
out their way out of that thing and and so that’s always been something I’ve
so that’s always been something I’ve
so that’s always been something I’ve been interested in and a friend of mine
been interested in and a friend of mine
been interested in and a friend of mine said man you ought to write a book about
said man you ought to write a book about
said man you ought to write a book about this experience you’ve had of becoming
this experience you’ve had of becoming
this experience you’ve had of becoming successful and I did and people wanted
successful and I did and people wanted
successful and I did and people wanted to hear more about it so I started
to hear more about it so I started
to hear more about it so I started speaking about it and I got addicted to
speaking about it and I got addicted to
speaking about it and I got addicted to it Evan it’s like I love the teaching
it Evan it’s like I love the teaching
it Evan it’s like I love the teaching process as long as I don’t do it too
process as long as I don’t do it too
process as long as I don’t do it too much right I mean one three-day period a
much right I mean one three-day period a
much right I mean one three-day period a month is just about right and and then I
month is just about right and and then I
month is just about right and and then I get to get up on stage and elaborate
get to get up on stage and elaborate
get to get up on stage and elaborate about what I’ve learned in 30 years of
about what I’ve learned in 30 years of
about what I’ve learned in 30 years of doing this it’s a lot of fun I mean
doing this it’s a lot of fun I mean
doing this it’s a lot of fun I mean people who come to these stuff they’ll
people who come to these stuff they’ll
people who come to these stuff they’ll know in the first hour that they’re not
know in the first hour that they’re not
know in the first hour that they’re not looking listen to somebody who’s trying
looking listen to somebody who’s trying
looking listen to somebody who’s trying to grind their way through it I’m up
to grind their way through it I’m up
to grind their way through it I’m up there having a blast and watching the
there having a blast and watching the
there having a blast and watching the lights go on it’s just the best thing in
lights go on it’s just the best thing in
lights go on it’s just the best thing in the world for me I love it well you’re
the world for me I love it well you’re
the world for me I love it well you’re getting a ton of love in the con
getting a ton of love in the con
getting a ton of love in the con when we first started people are saying
when we first started people are saying
when we first started people are saying who is this guy and now we’re getting a
who is this guy and now we’re getting a
who is this guy and now we’re getting a lot of filled towns the real deal and
lot of filled towns the real deal and
lot of filled towns the real deal and people want to learn more so so it’s
people want to learn more so so it’s
people want to learn more so so it’s great and in you know already like 20
great and in you know already like 20
great and in you know already like 20 minutes you’ve already impacted a lot of
minutes you’ve already impacted a lot of
minutes you’ve already impacted a lot of people more questions are just piling in
people more questions are just piling in
people more questions are just piling in we have more questions in time for but
we have more questions in time for but
we have more questions in time for but people are asking here’s Richards
people are asking here’s Richards
people are asking here’s Richards question wants to know your thoughts
question wants to know your thoughts
question wants to know your thoughts about business incubators and
about business incubators and
about business incubators and accelerators worth it not worth it what
accelerators worth it not worth it what
accelerators worth it not worth it what do you think yeah I think it’s a really
do you think yeah I think it’s a really
do you think yeah I think it’s a really good idea it’s gotten to be kind of a
good idea it’s gotten to be kind of a
good idea it’s gotten to be kind of a way to get into an environment where
way to get into an environment where
way to get into an environment where there’s a lot of people like you my
there’s a lot of people like you my
there’s a lot of people like you my daughter Danielle is an attorney out of
daughter Danielle is an attorney out of
daughter Danielle is an attorney out of Boulder Colorado where they have a
Boulder Colorado where they have a
Boulder Colorado where they have a couple of major incubators and they’re
couple of major incubators and they’re
couple of major incubators and they’re phenomenal you get a chance to leverage
phenomenal you get a chance to leverage
phenomenal you get a chance to leverage on some very good venture capital people
on some very good venture capital people
on some very good venture capital people and angel investors who are usually
and angel investors who are usually
and angel investors who are usually connected with the incubators so Capital
connected with the incubators so Capital
connected with the incubators so Capital is their number one number two which is
is their number one number two which is
is their number one number two which is maybe even more important is you’ve got
maybe even more important is you’ve got
maybe even more important is you’ve got an environment where you’ve got other
an environment where you’ve got other
an environment where you’ve got other like-minded people and you get a
like-minded people and you get a
like-minded people and you get a community some of the hardest things
community some of the hardest things
community some of the hardest things about being an entrepreneur is to think
about being an entrepreneur is to think
about being an entrepreneur is to think you’re the only one out there who’s
you’re the only one out there who’s
you’re the only one out there who’s scared to death and running out of money
scared to death and running out of money
scared to death and running out of money you get to find out that hey everybody’s
you get to find out that hey everybody’s
you get to find out that hey everybody’s sitting around me is scared to death of
sitting around me is scared to death of
sitting around me is scared to death of running out of money and so you end up
running out of money and so you end up
running out of money and so you end up with a community that can really help
with a community that can really help
with a community that can really help each other and third because that
each other and third because that
each other and third because that community is usually a lot of really you
community is usually a lot of really you
community is usually a lot of really you know hardworking driven smart people
know hardworking driven smart people
know hardworking driven smart people there’s a lot of overlap in in these
there’s a lot of overlap in in these
there’s a lot of overlap in in these companies and you might be able to
companies and you might be able to
companies and you might be able to leverage on somebody else’s idea so
leverage on somebody else’s idea so
leverage on somebody else’s idea so there’s a there’s a lot of reasons to
there’s a there’s a lot of reasons to
there’s a there’s a lot of reasons to really like what’s going on I think it’s
really like what’s going on I think it’s
really like what’s going on I think it’s a terrific trend and it should continue
a terrific trend and it should continue
a terrific trend and it should continue for sure so if you can get in one I
for sure so if you can get in one I
for sure so if you can get in one I would say that’s great
would say that’s great
would say that’s great no no downside got it are you giving a
no no downside got it are you giving a
no no downside got it are you giving a lot more love great job Phil Phil is
lot more love great job Phil Phil is
lot more love great job Phil Phil is really a remarkable human being so there
really a remarkable human being so there
really a remarkable human being so there you go making some we’re getting a
you go making some we’re getting a
you go making some we’re getting a couple investing questions so kind of
couple investing questions so kind of
couple investing questions so kind of the flip side we can talk about how to
the flip side we can talk about how to
the flip side we can talk about how to raise money but now how to invest first
raise money but now how to invest first
raise money but now how to invest first one is while investing what are some of
one is while investing what are some of
one is while investing what are some of the important things to look for in an
the important things to look for in an
the important things to look for in an annual report okay well there’s just a
annual report okay well there’s just a
annual report okay well there’s just a few numbers that really matter okay so
few numbers that really matter okay so
few numbers that really matter okay so an annual report the number one thing
an annual report the number one thing
an annual report the number one thing we’re looking for as an investor is cash
we’re looking for as an investor is cash
we’re looking for as an investor is cash flow and amazingly it’s not in the
flow and amazingly it’s not in the
flow and amazingly it’s not in the annual report you have to you have to do
annual report you have to you have to do
annual report you have to you have to do the math so for me I go directly to and
the math so for me I go directly to and
the math so for me I go directly to and we’re talking about the numbers here I
we’re talking about the numbers here I
we’re talking about the numbers here I go directly to the cash flow page
go directly to the cash flow page
go directly to the cash flow page there’s a bold line called operating
there’s a bold line called operating
there’s a bold line called operating cash flow I look at that number
cash flow I look at that number
cash flow I look at that number then I look right below at about three
then I look right below at about three
then I look right below at about three lines down there’s one that says
lines down there’s one that says
lines down there’s one that says purchase of property and equipment which
purchase of property and equipment which
purchase of property and equipment which is your capital expenditures subtract
is your capital expenditures subtract
is your capital expenditures subtract that from your operating cash flow and
that from your operating cash flow and
that from your operating cash flow and you’ve got free cash I want to see that
you’ve got free cash I want to see that
you’ve got free cash I want to see that free cash number is what I’m looking for
free cash number is what I’m looking for
free cash number is what I’m looking for an investment so that’s the first thing
an investment so that’s the first thing
an investment so that’s the first thing second thing as soon as I see there’s a
second thing as soon as I see there’s a
second thing as soon as I see there’s a there’s free cash coming through this
there’s free cash coming through this
there’s free cash coming through this company
company
company the next thing I’m looking for is what’s
the next thing I’m looking for is what’s
the next thing I’m looking for is what’s the moat I want to see that in the 10k
the moat I want to see that in the 10k
the moat I want to see that in the 10k typically in the competition section
typically in the competition section
typically in the competition section that says you know here’s how we’re
that says you know here’s how we’re
that says you know here’s how we’re competing against other companies and
competing against other companies and
competing against other companies and there should be a statement in there
there should be a statement in there
there should be a statement in there from the CEO that says we have a an
from the CEO that says we have a an
from the CEO that says we have a an advantage in this industry because we do
advantage in this industry because we do
advantage in this industry because we do ABC so if you’re looking at Apple
ABC so if you’re looking at Apple
ABC so if you’re looking at Apple Computer it’s going to say our our
Computer it’s going to say our our
Computer it’s going to say our our expertise and what gives us an advantage
expertise and what gives us an advantage
expertise and what gives us an advantage in this industry is that we build an
in this industry is that we build an
in this industry is that we build an ecosystem that’s comprised of software
ecosystem that’s comprised of software
ecosystem that’s comprised of software hardware network and so on and they’re
hardware network and so on and they’re
hardware network and so on and they’re basically saying this is how we protect
basically saying this is how we protect
basically saying this is how we protect ourselves from people coming in and
ourselves from people coming in and
ourselves from people coming in and taking away our business and why because
taking away our business and why because
taking away our business and why because of that you can estimate what the future
of that you can estimate what the future
of that you can estimate what the future looks like
looks like
looks like because if you can’t do that who knows
because if you can’t do that who knows
because if you can’t do that who knows what this thing is worth right so if you
what this thing is worth right so if you
what this thing is worth right so if you want to invest in companies you want to
want to invest in companies you want to
want to invest in companies you want to invest in companies that have a lot of
invest in companies that have a lot of
invest in companies that have a lot of cash flow and that you can look at have
cash flow and that you can look at have
cash flow and that you can look at have a big moat so that you can project
a big moat so that you can project
a big moat so that you can project they’ll be worth more in ten years than
they’ll be worth more in ten years than
they’ll be worth more in ten years than they are today those are the two things
they are today those are the two things
they are today those are the two things we’re digging for right off the bat not
we’re digging for right off the bat not
we’re digging for right off the bat not it here’s here’s the question feel it
it here’s here’s the question feel it
it here’s here’s the question feel it officially came in I’m an entrepreneur
officially came in I’m an entrepreneur
officially came in I’m an entrepreneur should I go to college what do you think
should I go to college what do you think
should I go to college what do you think Phil I’m an entrepreneur should I go to
Phil I’m an entrepreneur should I go to
Phil I’m an entrepreneur should I go to college I don’t think that that is a is
college I don’t think that that is a is
college I don’t think that that is a is a binary decision I think you just got
a binary decision I think you just got
a binary decision I think you just got to decide what am I trying to do and
to decide what am I trying to do and
to decide what am I trying to do and what can I learn when I go to college so
what can I learn when I go to college so
what can I learn when I go to college so I’ll tell you what what I did I went
I’ll tell you what what I did I went
I’ll tell you what what I did I went back to college after I was about 23 or
back to college after I was about 23 or
back to college after I was about 23 or 24 years old and I studied philosophy
24 years old and I studied philosophy
24 years old and I studied philosophy and that was one of the best things I
and that was one of the best things I
and that was one of the best things I ever did and it was completely useless
ever did and it was completely useless
ever did and it was completely useless in terms of you know being an
in terms of you know being an
in terms of you know being an entrepreneur or being an investor I had
entrepreneur or being an investor I had
entrepreneur or being an investor I had to go learn all that stuff later or at
to go learn all that stuff later or at
to go learn all that stuff later or at the same time actually and you know it
the same time actually and you know it
the same time actually and you know it just depends on what you’re gonna study
just depends on what you’re gonna study
just depends on what you’re gonna study and what you want to do with college you
and what you want to do with college you
and what you want to do with college you know I I can’t give you that answer is
know I I can’t give you that answer is
know I I can’t give you that answer is it necessary no it’s not necessary
it necessary no it’s not necessary
it necessary no it’s not necessary got it the next one is an investing
got it the next one is an investing
got it the next one is an investing question but can relate to
question but can relate to
question but can relate to entrepreneurship too how do I cope after
entrepreneurship too how do I cope after
entrepreneurship too how do I cope after making a wrong investment which can also
making a wrong investment which can also
making a wrong investment which can also be an entrepreneurship you have a
be an entrepreneurship you have a
be an entrepreneurship you have a failure so how’d it can people cope with
failure so how’d it can people cope with
failure so how’d it can people cope with making those mistakes okay so the first
making those mistakes okay so the first
making those mistakes okay so the first thing is to just recognize the mistake
thing is to just recognize the mistake
thing is to just recognize the mistake as quickly as possible and rectify it
as quickly as possible and rectify it
as quickly as possible and rectify it what we do when we invest in a company
what we do when we invest in a company
what we do when we invest in a company as we look at us we create what’s called
as we look at us we create what’s called
as we look at us we create what’s called a story and if that story changes then
a story and if that story changes then
a story and if that story changes then like for example we think the story
like for example we think the story
like for example we think the story basically is this is gonna great company
basically is this is gonna great company
basically is this is gonna great company and we’re buying it a really great price
and we’re buying it a really great price
and we’re buying it a really great price great ok then the story changes and it’s
great ok then the story changes and it’s
great ok then the story changes and it’s clearly not what we thought it was we’re
clearly not what we thought it was we’re
clearly not what we thought it was we’re gonna exit that investment without
gonna exit that investment without
gonna exit that investment without looking backwards
looking backwards
looking backwards we’re just gonna say we’re out of here
we’re just gonna say we’re out of here
we’re just gonna say we’re out of here so the first thing you got to understand
so the first thing you got to understand
so the first thing you got to understand about making a mistake is we all make
about making a mistake is we all make
about making a mistake is we all make them it’s sort of inevitable you’re
them it’s sort of inevitable you’re
them it’s sort of inevitable you’re gonna have them what you want to do is
gonna have them what you want to do is
gonna have them what you want to do is you don’t want to compound that mistake
you don’t want to compound that mistake
you don’t want to compound that mistake with false hope and just continue to
with false hope and just continue to
with false hope and just continue to invest or continue to work on building
invest or continue to work on building
invest or continue to work on building something that isn’t gonna work out you
something that isn’t gonna work out you
something that isn’t gonna work out you want to make the exit so getting out
want to make the exit so getting out
want to make the exit so getting out that’s one of the first things you want
that’s one of the first things you want
that’s one of the first things you want to do second thing is to get to get this
to do second thing is to get to get this
to do second thing is to get to get this mistake in the context you know we’ve
mistake in the context you know we’ve
mistake in the context you know we’ve all made them I’ve had 20 million dollar
all made them I’ve had 20 million dollar
all made them I’ve had 20 million dollar mistakes that have happened and so I
mistakes that have happened and so I
mistakes that have happened and so I mean Steve Jobs built next computer it
mean Steve Jobs built next computer it
mean Steve Jobs built next computer it was a mistake but in I don’t think
was a mistake but in I don’t think
was a mistake but in I don’t think there’s a single instance where that
there’s a single instance where that
there’s a single instance where that mistake didn’t turn out to be valuable
mistake didn’t turn out to be valuable
mistake didn’t turn out to be valuable to me down the road that I got all of
to me down the road that I got all of
to me down the road that I got all of that value and then some out of it so
that value and then some out of it so
that value and then some out of it so for example Steve made a mistake
for example Steve made a mistake
for example Steve made a mistake building the next computer you could say
building the next computer you could say
building the next computer you could say or it was just the necessary evolution
or it was just the necessary evolution
or it was just the necessary evolution for the operating system that now is the
for the operating system that now is the
for the operating system that now is the Macintosh operating system so in one
Macintosh operating system so in one
Macintosh operating system so in one sense we don’t want to make mistakes we
sense we don’t want to make mistakes we
sense we don’t want to make mistakes we want to get out of them as quickly as
want to get out of them as quickly as
want to get out of them as quickly as possible in another sense there’s almost
possible in another sense there’s almost
possible in another sense there’s almost no mistakes there’s always something to
no mistakes there’s always something to
no mistakes there’s always something to be learned that’s valuable for you down
be learned that’s valuable for you down
be learned that’s valuable for you down the road the key thing is be rational
the road the key thing is be rational
the road the key thing is be rational about it be crystal clear get out of the
about it be crystal clear get out of the
about it be crystal clear get out of the emotions quit feeling the fear and just
emotions quit feeling the fear and just
emotions quit feeling the fear and just move forward as quickly as you can away
move forward as quickly as you can away
move forward as quickly as you can away from it I love it well it’s crazy how
from it I love it well it’s crazy how
from it I love it well it’s crazy how quickly half an hour flies by we’re all
quickly half an hour flies by we’re all
quickly half an hour flies by we’re all on oh we got it
on oh we got it
on oh we got it we’ve got we’ve got tons of questions
we’ve got we’ve got tons of questions
we’ve got we’ve got tons of questions coming in but let’s get it’s a good
coming in but let’s get it’s a good
coming in but let’s get it’s a good final one Phil if you could do it all
final one Phil if you could do it all
final one Phil if you could do it all over again what would you have done
over again what would you have done
over again what would you have done differently man I’ll tell you
differently man I’ll tell you
differently man I’ll tell you that my career has been a kind of
that my career has been a kind of
that my career has been a kind of amazing amazing thing and I’m in a
amazing amazing thing and I’m in a
amazing amazing thing and I’m in a constant state of gratitude about it so
constant state of gratitude about it so
constant state of gratitude about it so I can’t say that where I’m at I would
I can’t say that where I’m at I would
I can’t say that where I’m at I would have done anything differently to get
have done anything differently to get
have done anything differently to get here there’s a couple of mistakes I
here there’s a couple of mistakes I
here there’s a couple of mistakes I would like to not make but I know
would like to not make but I know
would like to not make but I know because I made them I became better and
because I made them I became better and
because I made them I became better and I wouldn’t have if I didn’t make them so
I wouldn’t have if I didn’t make them so
I wouldn’t have if I didn’t make them so back to the previous question and I’ll
back to the previous question and I’ll
back to the previous question and I’ll tell you what I would recommend that you
tell you what I would recommend that you
tell you what I would recommend that you think about in terms of your own work in
think about in terms of your own work in
think about in terms of your own work in your own career came to me from wha-hey
your own career came to me from wha-hey
your own career came to me from wha-hey Takeda when I visited him over in Japan
Takeda when I visited him over in Japan
Takeda when I visited him over in Japan he’s the Warren Buffett of Japan a multi
he’s the Warren Buffett of Japan a multi
he’s the Warren Buffett of Japan a multi billionaire and I asked him what is the
billionaire and I asked him what is the
billionaire and I asked him what is the single thing that he did that made him
single thing that he did that made him
single thing that he did that made him the most money what was it about his
the most money what was it about his
the most money what was it about his investing strategy and he said I have
investing strategy and he said I have
investing strategy and he said I have been grateful 1,000 times a day every
been grateful 1,000 times a day every
been grateful 1,000 times a day every single day for 60 years and I said okay
single day for 60 years and I said okay
single day for 60 years and I said okay man I got it I’m gonna go be grateful so
man I got it I’m gonna go be grateful so
man I got it I’m gonna go be grateful so that’s I would recommend that I would
that’s I would recommend that I would
that’s I would recommend that I would say don’t don’t look back to say okay
say don’t don’t look back to say okay
say don’t don’t look back to say okay what am I gonna change what was the
what am I gonna change what was the
what am I gonna change what was the thing look back with gratefulness on
thing look back with gratefulness on
thing look back with gratefulness on every single thing you’ve had it going
every single thing you’ve had it going
every single thing you’ve had it going on
on
on and use that as a technique or a mantra
and use that as a technique or a mantra
and use that as a technique or a mantra or a meditation for the future be
or a meditation for the future be
or a meditation for the future be grateful and you will have amazing
grateful and you will have amazing
grateful and you will have amazing success I love that that’s a great
success I love that that’s a great
success I love that that’s a great that’s a great point that end on I
that’s a great point that end on I
that’s a great point that end on I appreciate that Phil for people who want
appreciate that Phil for people who want
appreciate that Phil for people who want to find you obviously you’ve got real
to find you obviously you’ve got real
to find you obviously you’ve got real one invest we’ve link that up below are
one invest we’ve link that up below are
one invest we’ve link that up below are you on social are you taking questions
you on social are you taking questions
you on social are you taking questions how do how can people reach you yeah we
how do how can people reach you yeah we
how do how can people reach you yeah we got a blog going we do a podcast it’s
got a blog going we do a podcast it’s
got a blog going we do a podcast it’s theirs just go to the website you’ll see
theirs just go to the website you’ll see
theirs just go to the website you’ll see all the different avenues who can get at
all the different avenues who can get at
all the different avenues who can get at each other perfect thank you guys for
each other perfect thank you guys for
each other perfect thank you guys for watching Phil thank you so much for
watching Phil thank you so much for
watching Phil thank you so much for spending your time I am grateful for
spending your time I am grateful for
spending your time I am grateful for that I am grateful as well namaste man I
that I am grateful as well namaste man I
that I am grateful as well namaste man I love it continue to believe guys and
love it continue to believe guys and
love it continue to believe guys and we’ll see you soon
”
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