Funding Inventory: How Outside Capital Can Accelerate Your Business w/ Ricardo Pero #TheOnePercent
If you're just dying up your capital by digital events are relying on the marketplace to get your product out the door. That's not the best way that you can. Maximize your return, right? It takes one free person to create change this show for them. We are the creators of the free world. This is capitalism dot com, and we are the one percents. Hey, everybody. This is Ryan welcome to the show. And on today's episode. We're going to be talking about using other people's money to fund your business, specifically an online business run e commerce business. Now, this is one of the biggest mistakes that I see a lot of internet business owners make especially physical product sellers and Amazon sellers because they have this misunderstanding that they have to use their own money to grow the business specifically to fund their own inventory. The really really big mistake that as soon as you see the other side, you you totally get how to grow your business faster. For example, we have a back room member. His name is Travis. He's been on the podcast before. And he's maybe the best Amazon seller in the world. But if you ask them, what is secret is? He doesn't say that. It is some weird thing. Hind the scenes he says that it's having a great product getting great reviews and having access to capital so that you can grow as fast as possible. So what most people will do is they'll put fifty thousand dollars into an inventory order and now all their money is tied up in inventory. And they're stressed about it. How are you going to operate your business that way when you're super stressed about the money of product the money tied up in your product? So a better way in my opinion, and the way that I have done this is to then use other people's money to fund the inventory. So you've got that fifty thousand dollars to put into advertising people systems the things that are going to grow the business. Give you more freedom, mentally and freedom of your schedule and the ability to run your business like a business a couple of years ago. I had the idea of well, what if we capitals dot com, just set up a Bank, and we lend it. Out money to fund people's inventory, and I talked about that in thought about it for a while. In fact, when I would draw out my vision, I had it on there. But one of my back room members named Ricardo Perreault beat me to it. And he has set up a Bank essentially, can I legally call it a Bank. He set up a business that lends money to e commerce business owners, and he has done it in a really unique way. So I asked him to come on the show to talk about both the challenges that people run into in their funding their own inventory and how they do that. And they're called sellers funding. You can find that capitalism dot com slash sellers funding and throughout this episode. We're going to be talking a little bit about ways, you should be deploying capital in your business. How to use other people's money to grow your business? And why that gives you an leverage against your. Competitors. Because when you do this a lot of times, you have the freedom and flexibility to really outgrow everybody else. So if you sell anything on the internet of this is a game changer for you. So enjoy this episode. Hey, a quick note for you, Amazon sellers and brands who want to be on Amazon haven't made it a priority yet. I am often asked about changes with reviews changes with Amazon terms of service or change the with what's working with ranking in all of that kind of jazz. And I'm proud that. I have partnered with one of our back room members is named Jeff. He runs an agency that specializes specifically in optimizing your Amazon presence. So if you're a brand that is neglecting Amazon, and you've heard me talking about, you know, we know we gotta get this together. Or if you're an Amazon seller, and you know, you need to turn your attention to audience building and funnels and the stuff that is really going to grow your company. I would recommend that you give a quick shout to my boy Jeff at turnkey. Product manage. -ment their turnkey product management dot com. And as I said there in the back room, they work with my team and the rest of the big companies in equity groups that are involved in our little circle. And they're usually ahead of everybody else. In terms of what's working what's compliant? What reviews strategies are cool, and kosher and are actually effective and they're not out there hawking bunch of info products. They're out there actually doing it. So they're an implementation agency that just handles it for people and they run their own businesses. Some of which they have built and sold kind of like, yours truly. So I feel really good about partnering with them and recommending the big companies in the brands that I work with to outsource their Amazon management over to Jeff in his team. So if you're looking to add some automation into your arsenal our recommend the good folks at turn key product management dot com. And Jeff, and I are on speed dial with each other and are collaborating on what's working. So you're always getting what's the latest and greatest in the Amazon world so contact those guys if you're looking to outsource automates and optimize your Amazon presence at turnkey. Product management dot com. Everybody. Welcome back to the show. Ricardo Perros minutes today. What's up? Ricardo. Good to chat with you. Hey, Ryan, good to Chad with you too. So I wanted to have you on because I had an idea for a business a couple of years ago, and it was to essentially set up a Bank and to fund other people's businesses because I wanted more deal slow into seeing what types of of businesses I might want to invest in long term. And I thought that would be a good deal source for that. And lo and behold, a Ricardo goes and does it and then we meet a couple years later. So tell me why you stole my idea. Ricardo actually it was a used to work for a Bank. So it was easier to take that idea in depth to to the commerce business. Right. So in ecommerce, you see a lot of great companies. Being born you'll have a lot of growth embedded into the field, Amazon and other marketplaces. They are helping discount the this company's Dubroff spor-, and what I saw during this process as you know retailers. They are eager to grow. They have a lot of demand for capital and working with us. I I saw this natural fit, you know. And when I look at some banks and the way that they deal with there's interest rate. It's amazing how how inefficient they are in valuating this companies you'll traditional banks, right? Yes. Relational banks. They rely a lot on traditional credit models, and that limps they are unity to effectively Bill the risk assessment in evaluate risk. For for the sellers. Yes. So I wanna ask you about that. But I know your background is in the investment banking world. So you look at businesses from an ROI perspective, which is different than a lot of entrepreneurs view their businesses. So I know that's giving you a unique view into how this e-commerce Amazon online business world works. And I was hoping you could speak to what you observe when you look at it through the investment banking lens short. So when you look at the way traditional businessman, look, the business owners look at the way to leverage their growth, they usually rely lots on their own resources. They tend to be a little it's put us way conservative in the way that they borrow to to grow. Meaning a lot of entrepreneurs fund their own business. And from the outside world that would be viewed as overly conservative. Yes. Yes. And they don't have this mindset of what our ally in place. So you when you look at the way. You have your return or your margins from the marketplace, usually take a look at the cost of good soul. You'll take a look at your budgets to advertise on Amazon that great companies that will help you with that in. Usually you don't look much about. What's the opportunity costs to optimize your your turn? Right. So why not if you break down all your costs? You're going to see a debt your cost of goods. So usually. It's about twenty percent of your purchase it out if your overall cost, and when you up them is that in your borrow money from that you're gonna be leveraging your return because the overall inventory management. Realize a lot on secret Carlotti your ability to source products in your community to to keep up with your purchase orders for the high selling products you have. So the way that that I would say this is in a lot of cases, if you're going to spend fifty thousand dollars on an inventory purchase that's fifty thousand dollars. You can't put into advertising you can't put into people that you can't put into systems you can't put into new product development. And if you fund that you might pay five thousand dollars in interest, but you're still going to get the same money when you sell the product. So your return is much higher, and you freed up forty five thousand dollars worth of dry powder that you can put into other areas that are going to grow the business is out. You're saying, that's that's exactly. But I'm saying in a not only existing products, but you can also divert your resources to product development at and sourcing Neil lines of of business for your business. So it's a rip. It's a ripple effect on on how you can grow. Right. Any if you think about most business owners, they started their physical product brand with like five thousand dollars of a purchase order. And now that one product does thirty fifty or one hundred thousand dollars a month in sales. And so that's a that's a, you know, a business changer if you can trade five thousand dollars for fifty thousand dollars a month. So why would you tie up fifty or a hundred thousand dollars into inventory when there are banks in lending sources that are willing to do that. That's how I've always looked at it. Just to add to it. I've also thought there's also an ARA y to being able to take money off the table. So you can make better decisions. So many entrepreneurs will bootstrap in steamroll everything into it. And just freak out that if things go away if you then use debt to predictably funder inventory, and you just paid yourself. Sometimes it just makes the business more enjoyable for you to run I know that doesn't that might not factor into the investment banking world. But from the people side of things entrepreneurs can be emotional in reactive and Dover finally paying themselves. And that there there is an ARA why to you being able to relax a bit and build the business like a business rather than having all of your capital tied up in that s in that asset. And following that might set. We we've been developing some tools to help our friends to make better decisions. So when we take into consideration or saves prediction model, we usually looking to cyclicality relocate your sales performance 'em. We exchange that information to our clients. So we provide by providing that information, they know when they need to be ready to make a purchase order when they they have. They will have information of how much they will be able to borrow from us. And what's the impact of their cash flow for for that reason? Why would you talk a little bit about why you went in this direction coming from the investment banking world because I know you saw a lot of. Of the growth that was happening particularly with Amazon sellers, and you diverted your career to focus on that. So explain to me why. So I I did my career on investment management, and at some point of Figaro, Kate where can I take all the experience that I have. And learn something new right? And if you look at across industries, you have a number of obligations that you can use. But in this case e commerce has an abundance of data that can be used for for investment. Let's say foundation so that wasn't natural feet for me because with data we can build a lot of well based investment decisions. And that's how I thought about the entire process of a funday. And there were two ways that we could build this one way was just providing in bargaining with sellers providing support for they are working Jeff donates. They oughta way would be making vast amounts. In in brands and with taught about that. And we thought about and and my my decision to move to the credit side was that we could approach him work with many more clients, many more sellers than just building having the VC mindset. Meaning you are thinking about just going in investing in brands like I do. And instead you went the direction of just being the capital source for those businesses growth. Yes. And was there something that caught your attention about the e commerce world in particular that made you decide to go that direction versus all the other ways that you could have gone with your investment banking career? So one thing is the depreciation between ecommerce in brick and mortar retailers. There's this huge shift. It's a circle. Shift. The is being backed by the way, this company's are are doing business in the way marketplace's on allowing small businesses to to prosper in this environment. So I believe that even though there's a lot of talk as you know, about recession in the next few months or years. But I still believe that this ecommerce. Sailors? They they have this secular shaped from combat is being backed by consumer Davor that will protect them, and they will outperform. Breaking mortar retailers agreed by you know, by far effect. If I if I remember correctly in two thousand seven eighths ecommerce was the only sector that continued to grow to the recession, which is mind boggling, and we're still only like maybe halfway of for its full maturity. So so I think you're right. If you look at what's what's the percentage off e comas in the US co battle other countries like the UK still almost have like you said, we are a of this revolution. At I think there's a lot of room for the US do to grow. So from a business standpoint, you're you're looking at I didn't know this about you're out. You're looking at you know, where's the greatest return? And you're saying there's not a lot. If there is a recession. There's not a lot of good places to be parking money except in ecommerce brands. They're the most recession proof business that will probably continue to grow for the next few years. I hearing you right. That's right. That's really interesting. If you're getting the winners in believe that if you look at our portfolio in general, we have companies that are outgrowing, the average competitor on Amazon and. This this. We are just the tip of the iceberg of what we can do there. Yes. So I know that what I know about what you do at this point. Is that you provide that capital for inventory management in a way that is a Ford -able, flexible and easy for Amazon sellers to use Zo. Tell me a little bit about the problem that you're trying to solve by what you're doing. So most of this clients that most of our clients in most of the elders here, they phase the similar a similar problem. They have a gap guess will gap that needs to be addressed. So the moment that they. They have their purchase on it to the moment that they received those those products in the products are available for sale there is this gap in if you're sourcing your products from abroad, it can take up to one hundred days from sourcing to sail. Yeah. Meaning you put out twenty five brand you're waiting a long time to get that money back. Yup. Yeah. It's frustrating sack. And and then what we build was a product that sometime. Most of the times we offer our clients on the interest only period or a grace period depending on holler. They ba- forming with us. But during that time there cash their disbursement disbursements is minimum. And that gives it gives them time to perform to source those products and to have the cash available to to to amortize their their commitments with us. So you've got an interest only period when somebody has placed an inventory purchase. So they're keeping as much money as possible in their control. And then as they start to make sales, theoretically, the the payments on the loan would come out of profit. That's correct. Yeah. Beautiful that which is exactly what I have been preaching for years. And yet, there's still this mindset of what you mentioned what you call over conservatism specifically with online brands of kind of fear of loss of fear of a fear of all that. But as I understand it what you guys do is actually it's not even personally guaranteed. So the risk is tied up in the. Vittori is that right? So for for term lows we asked for a personal guarantee, but for the Ravin advance in revenue advances, the is that is the product that we have that takes into consideration. The our forecast sales. There is no personal guaranteed. Only. The receivables are. Get back into deadline. Yeah. That is that is beautiful cargo. So so I I had a huge brain Gaza. When you were talking about how the reason you went in this direction was because e commerce businesses in brands are going to sensually be recession proof. It's just so cool. It's so cool. But I'm curious what you're looking for as you're evaluating or as the eye or however, you make the decisions over at sellers funding of who gets capital in who doesn't what determines that? So. I'll I'll give you what we looked at is different from from what banks look, and of course, we will take into consideration. Some some business match rates casual metrics like margins. What's the structure costs? What's the inventory level that our our clients have this also take into consideration? But on the side on top of that in out say the prequalification model only runs out of quality metrics that come from the marketplace from your store, we're talking about business review customer reviews store feedback complel-. So that's more important to us because that's a reflection of your commitment to your customers in a leading cater of your performance in the future. So. The the AI. Algorithm or forget my technical mumbo jumbos what will actually factor in reviews in customer feedback into whether or not a business credit worthy. Is that what you're saying? That's what we would with that. It's amazing. How the heck does it know? And and that's kind of easy to win. When you when you think about it? It's so easy to to have that line of thought because your customers not satisfied, we've your brought it are we've your servants that's a leading indicator that you won't be in business for long, right? Premie was that's the beauty of what marketplace's brings to us because it's transparent if you'll have a good customer review, and you know, that better than most people, I know you're gonna be in the front page in the first Beij competing with a big brand. You'll need to be big. You're just needs to be officiant and how good broad. Yeah. Yeah. That's that's beautiful because it's something that's an SBA form can't factor in. It's something that a Bank can't do at least quickly, and is even Amazon lending is not gonna factor that end they only factor in sales law city in time. So it it that simply makes sense of just never seen somebody a factor at that way. So if you look at most of the funding sources like. To a Bank or SBA? You're looking at several months to up to six or Mems longer months of getting funding. Amazon lending is cool because it's basically instantaneous, but you have to have a years track record. So what is your take on how you manage all that in terms of speed in terms of liquidity? What's a what is your approach soy takes about six months? We need six months off a track record of history. Okay. Yes. We don't need a year usually west the application takes about five minutes to be completed. We asked for some. Personally formation. Some business information from the owner, then we we have an API linked to Amazon. And one to experien- experience provides us, some basic data about the business. We combine that with information that is provided by by our customer, we integrate that into the model we usually have. Already frequently vacation model that has about three million sellers already in the database. In the outcome. Is there in about been sometimes it takes a depending how long as the track record in the data that we get from from the marketplace if they? It's a little longer. But usually within an hour, we we have the outcome. So for our analysis within the day, we go back to the seller to the app on giving providing the finally formation about the terms. The the seller was approved. If the seller is a septa term, usually the disbursement happens in in about forty eight hours. This beautiful Carl. This beautiful. I wish this is available to me when I kind of popularized the idea that I I turn six hundred dollars into sixteen million and one of my regrets was that I didn't put in more than six hundred bucks. And I didn't go harder. And that I that I didn't go as aggressively as I as I could have gone Gazeta's playing too small. So the fact that you can do that with six months of history and have Kaplan eight hours is is a total game changer. I'm just curious from my for my curiosity brain where does the funding come from does not like it's not like it's coming from a, you know, a mysterious person behind the curtain where does it come from? No, no, it doesn't. So we haven't number office. Additional Linders backing us this days. We started with the founding partners money two years ago on eventually we grew we grew to a number of investors that I knew from a JD Morgan times at from from other banks that I were. And nowadays, we have about forty situational lenders backing us we have when you happening in the UK. So probably some will be able to offer that initial okay as well for the for UK base salaries. So things are growing swiftly. Well, I I'm happy with the way the portfolio is growing in an how our kept obeys is is growing being back by by Disney. Beyers? What's the biggest loan that sellers? Funding has made up to this point. I would say. We have. A number of initiatives in the way that we are trying to. To work with our clients. And we've been hearing a lot. And we learn every day from from our clients, what are the pain points. And I'll say that a lot of our clients they they are looking for ways to expand either on Amazon and sometimes expanding their sales internationally. So we are. Working to build for structure to analyze sales with shopped defy we are consolidating. Now says prediction across all major Amazon. Marketplace's. And we are working with a number of flying now that have sales abroad, and we are able to integrate their sales across different marketplaces outside the US into a single sale for cast sales forecast model, and we are seeing cash for them in in dollars in euros in bounce and Canadian dollars at this point beautiful. So so I'm hearing you say that you're basically working on being a potential capital source for more than just Amazon US, but basically has business funding source for for people who want to build these types of brands what I was asking though is what's the biggest? Can you disclose the biggest check you've written to an ecommerce seller? We have a number of customers with five hundred thousand this. We have and that's pretty much the cap that we have now imposed by some of the Lantis considering the the size of our capital base. Our portfolio base and been naturally, this will grow and probably will be able to write. A million dollar check in in twelve months or so. Yeah, that's right. So just just so so listeners understands win obviously, not everybody's getting half a million dollar credit. But assuming they do like if you maxed out what are the terms end up. Looking like are they paying that back over twelve months? Are they rolling the sales back into pay that off early? What is the structure of the debt usually look like so for this guy's the bigger the bigger sellers. The usually get twelve months on terminal. Usually we offer they everage interest only periods about sixty days. And then we match the amortization schedule with the marketplace baying payment cycle. So theoretically Ricardo does that need that someone could dig a half a million dollar loan than by their inventory, and while it's sitting on a boat somewhere in the ocean. They're paying interest only if they sell through that in thirty to sixty days, which I mean, most people are selling through their inventory in ninety day. If cycles is that mean that they can use all the capital and pay that off and just have paid the interest of the first few months, and then go do it again. And again and again, yes. The beauty off the model. We will we have is that it takes into consideration cyclicality. So let's say you take. Nine month long. Now, we are, you know, April. We have a role here. That was paid off. Fifty percent of the outstanding transaction the initial transaction. You're eligible to apply for a new one. If you're preparing yourself for the holiday sale. End up doing the end of the year. You'll be able to. Apply now, create your prank record with us. Comes july. August you are actually ordering goods for the holiday season you need to increase your inventory for the you'll be able to reapply get a new long a higher will. Because the the model will take into consideration says analogy. And take another six days of interest only period and start paying us backing Tober the member when you're stock receiving money from. What's the increase in sales kicks in? You can start paying that back is what you're saying. Yes. That's futile hot. Bam, dude. I'm a little upset because when I when I was around doing something similar it wasn't. It wasn't this cool. So explain to me a little bit about the play that you're doing it sellers funding. I mean, what's from a business structure standpoint. What what are you hoping to accomplish? So we are if if you think about direct lending Blat forms across you know, the US art lending. Yeah. You know, cabbage lending club on back in Europe. You have a number of layers. They they are. Focusing on small business landing. There is no one. Specialize in ecommerce you have some some some players that they started their, but they all grown they decided to move and have like multibillion dollar or photos. I'd rather have. A billion dollars or forty performing knowing that I know this streamlined it. Well. Working with this industry instead of having a you know or shifting my focus away from from what we are doing what we are doing. Well. So my ultimate goal is to become the leader in ecommerce lending. That's it. I don't wanna I I'm not looking to grow and finance the bakery across the street. Well, I mean, if you think about like lending club, for example, since you mentioned other other smaller lending platforms. They have a max of light thirty or forty thousand dollars and a bunch of those charged off because they're lending debate Kary is in and that kind of that kind of stuff. So in theory, if you're able to write bigger checks because you're you specialize in one area, you know, what lending club is a is a publicly traded multibillion dollar company you solving this solution for this group of people could end up being a multibillion dollar play. If if you build what you say, you're building. I address grow and ex. And versa. Fi Joe graphically and across different ecommerce platforms, but keep the commerce focus, so not necessarily as you. Well know that very they're big companies that are privately held not necessarily they need to vote bubbly. So. It's a I believe that is a play that our shareholders will we'll be happy. If we keep the. The profitability that we have this days yet. That's beautiful. We'll Ricardo explain to me who is is is a fit for the structure. No, you need six months of history. If you're reviews in your sales or solid. There's there's more upside for you in terms of what you can of what you can borrow and right now, I know your specific to Amazon US, but that's going to be changing what other criteria should people be thinking about before they decide to work with sellers funding or not? So the why we have a wide range of clients not necessarily they are well established white label. Own-brand sailing products. We have some smaller salaries that are starting their business and there and we are supporting their initial visiting. But like you said, you gotta have good reviews. You've gotta have the right? I'll take mindsets to invest in this business and be committed to the business. That's even more important than than having the you know the size to to do. So in take a five hundred dollar long. So we are we're here for the long run. We are. We're here to partner with with our clients, it, it's a it's a growing base client client base. We are as you as you can see an can show few some some data, but our clients are out basing the growth of their beers big time in the marketplace. So I mean that would just make sense is most people again, I feel like a broken record when I say this. But most. Most physical product sellers come into the game with just bootstrapping thinking about their own money is the only resource, and they're not really building the business like a business, and they're building it as a a way to make their Bank account, bigger or smaller. And the the weird catch twenty two is if you build it like a business your Bank account gets bigger over time. And it just makes no sense to use your own cash flow, your own tap, it'll to fund your own inventory when that can be predicted and then automated through other people's money and free up your capital, go launch product number two or three. So I'm I'm working with a new client super stoked about this new client, and this client has all of their. Capital tied up in three variations of the same product, and they were about to release a fourth variation? But it would have made the major league cash-strapped. And I was like why are you guys using your own money to rule out additional variations of a product when you could free that up with debt and take the even if you saved ten thousand dollars of dry powder, you can launch product number two that can double the overall profitability of the business. It was just this tweak. In mindset, that is probably gonna make the million dollar millions of dollars over the next couple years. Forgive me, I'm on my soapbox. But I just see so many entrepreneurs that get stuck by their own tash restraints because they're not thinking about their business like a business. They're thinking about it like this is my money versus somebody else's money. And and they're operating with fear, and it just doesn't need to be that way. So of course, people would grow faster if they're thinking about it that way. And when you look at a lot of the. Of the content that you create when you have your. Your in conferences, you'll talk a lot about diversifying your business advertising, creating or building customer list, those are things that require capital time. And if you're just dying up your capital to buy inventory relying the marketplace will get your product. Outdoor. That's not the best way that you can. Maximize your return. Right. A man. So you're saying that if you're if you're all your investments are tied up in inventory. You have no more investments to go by traffic to build an audience or to hire the person that is going to run Instagram for you. You're if. So funny, you should say that Ricardo because I'm working with a business right now that really wants to be investing in advertising 'cause we talk about some of the greatest opportunities right now for advertising are many chats and Instagram swipe bads and podcasts sponsorships, and there's this great white space right now. But a lot of people even even our peers in the back room are saying, yeah. But all my money's tied up in inventory. Mike will get the hell out of it. I know you need to sell product so go use debt to fund that. So that you can go by the Instagram swipe up ads. So that you can go sponsor the podcast that is actually going to grow the business. And if you do that you beat all of your competitors. But if you keep all your capital tied up in inventory, you're done. Our mutual friend Travis we call him, the the world's greatest Amazon seller paces like three million dollars a month or something like that. If it might be higher at this point. If you ask him the secret to his success? He's like first of all product quality, which which creates good reviews, obviously. But number two, it's speed which came as the result of having access to debt. And everybody else is trying to figure out the slow lane. And he's doing fifty million dollars a year just on Amazon alone because he had good access to debt. And I don't even think it was the terms that that all of you have I'm I'm so fired up about this. Because I think so many entrepreneurs miss this little tweak that if they were to do they would just grow so much faster. I. Why we here? Exactly while Ricardo. I'm a I'm so jazzed for what you bring into the world. I'm proud to have you in the back room. I'm really excited to to be working with you. If you ever need a board advisor, give me a call. I just so believe in in what y'all are doing. So thanks for bringing this to the world, buddy. Thank you for having me here. If you are using your own capital to fund all the growth of your business. You are playing a little bit tie. Your hands are a little bit time. You don't have the flexibility to invest in things that we talk about on the show the things that you know, you should be doing in your business. It's of this hamster wheel where you are caught this reinvesting more and more back into inventory now that made sense back in two thousand thirteen fourteen fifteen when this was a new world, it doesn't make sense anymore, Amazon lending sellers funding, or even SBA loans are all now flexible to work with internet business owners, and they all have done it in the past st- matter of what terms worked for you. And how much you need. So I'm really jazzed that one of our back remembers Ricardo is looking to. To specialize specifically or e commerce business owners. And I thought it was really cool out. He talked about basically being the peer platform or the the lending club specifically for ecommerce owners is that really is a billion dollar potential. So it just goes to show you if you something really, well, that's how you change the world and get rich in the process if you sell on Amazon or your e commerce seller highly encourage you to give sellers funding. Look, you can go to capitalism dot com slash sellers on Bing and just look at their terms favorable, they're flexible, and I'm actually having conversations with Ricardo about using them in some really cool strategic ways for some new initiatives that were starting and if those take take shape, then we'll be any here on the podcast. So I'd encourage you check them out. Capital of dot com slash sellers funding. And as always believe that happened lists are the people who create change in the world, and you need to be liberated to go the vet charge for your family for community and your company keep on changing moral seal. There are two kinds of people in this world. There are members and non members if you are enjoying this stuff. You have got to join us inside the one percent. One percent members get access to our courses on building businesses and investing the profits. They get access to experts who are bringing in lessons on regular basis. Some of the best in the world. 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