Thailand, Singapore, Andrew Stotz discussed on The Bacon Podcast | Brian Basilico - Marketing Strategy Expert Interviews to CURE Your Marketing
Hey peeps! have an incredible guest and today it's actually tomorrow. meaning that he's in Singapore, which is all the way across the globe, exactly twelve hours, difference and I gotTA. Tell you there's a doctor in the house. His name is Andrew Stotz and he is a financier. The Guy understands financing in your business so Andrew. How you doing today man, I am great in. It's great to be with you, Brian Man. It's good to have and. So the question they're going to ask you right off. The Bat is one of my wife's favorite foods is Singapore noodle from Chinese restaurants who it's got like curry noodles in it, and it's got pork in. It's got shrimp and all this other stuff, sid. Do they have Singapore noodle in Singapore? They definitely do in fact It's one of the many tasty dishes now remember I live in Thailand though I go to Singapore quite often as well as China and around Asia. But, definitely Singapore noodles are there Sue Thailand and Singapore two separate countries that two separate countries, but about you know couple two hours apart by by airplane. You remember those things we use to fly, yes. I. Do remember those so let's get my audience to know you. We now know what kind of food you like, and that you live in Thailand but so. Let's go for your origin story. So how did you go from being a dude who is doing dishes in a caboose? You're a dishwasher in Qaboos. That's interesting. UNTO itself to basically serving up coffee in Thailand. Well I grew up in a little town called in Ohio south of Cleveland. And the thing about that town is like many midwestern towns is that the railroad lines were a critical component of the development of the towns over the years, but of course many years ago, those rail lines started to kind of lay fallow, so there was a train that was actually a small train, and not many cars meaning. That had a caboose in an engine and a few cars, and there was an entrepreneur who made a restaurant out of it in our little town. And that was my first kind of official job, and I was a Dishwasher, and my sister and I was working in the caboose in the back. My sister was the was a waitress and I I worked job for a couple of weeks, and then one day I went to the job, and then I came home early. My Dad said what are you doing? Home I said I quit. It Sucks, and my dad basically grabbed me by the ear and made me go back down there and apologize for leaving like. That was the beginning of my career, and then I grew up and got a little bit more mature I left Ohio in nineteen, eighty, six roughly, and went to California and saw a whole new world of people that didn't look like me, and I was really intrigued and excited, so I just had a great time I went to cal State Long Beach studied finance, and also did my MBA worked for Pepsi in manufacturing so I had. Good experience, not only knowledge of finance, but manufacturing experience in food and beverage, and then I decided to sell everything I own in nineteen, ninety to sell my car up thirteen small boxes of stuff. Put It on the airplane and fly to Thailand I ride in Thailand. In Nineteen, ninety, two I was a teacher at a university I was on the Faculty Teaching Finance. And in Nineteen, ninety three I became an analyst in the Stock Market I build a twenty year career as an analyst ahead of research working on investment banks. And then after that I was voted the president of CFA Society Chartered Financial Society in Thailand and I was CFA charter holders have been for all those years, and then in nineteen ninety-five. My best friend came from America and he said we need to start coffee business here in Thailand. Look everybody's drinking instant coffee, so we set up a factory call coffee works, and that was in nineteen, ninety, five by nineteen, Ninety, seven Asian crisis happened and everything collapsed. We almost lost the business. We moved into the factory. We survived, and now it's a business with about one hundred ten employees and twenty five years old so. And then I, basically spend my time working on that business while Dale runs that business, and an I work in and run. My business called Ace taunts investment research, which is focused on finance. So one of the things about running a business, I mean. You know I'm a quick. On Quick Books Junkie. And I every single week do all of my own finances. I WANNA know my balance sheet. Want to know my PNL statement. One you think is the biggest mistake that business owners make a around finance. You know what what are they missing? Or what are they not thinking about? And why is it so important? I did a survey of executives and I asked them to make a binary choice. I love finance or a hate finance. And found was about a fifty fifty mix, and that's from seasoned executives. And what I really found from that is if people are intimidated by finance, and therefore they run away from him so I think the best advice that I can give. Is that. People should embrace finance and try to keep it simple, but you know like you do with your finances. Pay Attention. Pay More attention to it because it's the only way you can truly survive over the long run. Yeah, you know one of the things that I tend to track as trends, and this dates back years, but when I first started my business twenty years ago, one of the things I did was business card CDs. and. The CD burner and I bought it at an auction for like you know a couple thousand dollars, and it was really expensive I mean the time thing was like six or seven thousand dollar machine, and then one day it just crapped out so I of course star, going through catalogs looking for new CD burner, and then I went to my quickbooks and I looked at it and I said well. How much did I make on burning CD's last year? And it was three hundred bucks them going. Why am I going to spend six hundred dollars or sixteen hundred dollars on something what I'm.