19 Burst results for "Three Hundred Forty Thousand Dollars"

"three hundred forty thousand dollars" Discussed on The Bitcoin Podcast

The Bitcoin Podcast

06:36 min | 1 year ago

"three hundred forty thousand dollars" Discussed on The Bitcoin Podcast

"If we ever get to that space right you know like where are you going to go and hang out if you don't want to just like you know in your own you know virtual cave and watch. Tv you can go to the nfc arcade and you can go. Hang out with other people and you can watch people play and might be and stuff and i think like from a community experience perspective like an nfc. Arcade can really grow into company. You yeah. I mean board a yacht club. They just did a partnership with the central land and they have like this gambling casino. Thing that they've got going. I haven't tapped in on that yet. But you know when i think about you know the arcade element of and just being able to play a game. Earn something you're right. It makes a lotta sense. Because nfc's have value on their sacred in the sense that these are scarce digital files were talking about and they're easily transferable right like as long as you pay the gas or you know you meant the thing. It has all the it. I mean they can be transferred from wallet the wallet for sure. Yeah i mean like what. A what a dave and buster's looked like into central where it's like. Here's a whole arcade and you can come in win prizes and have a great time people. Yeah and i think. On top of the nf teaser. Like the perfect incentive in the digital world like they're designed to be displayed digital. They have the power to unlock other experiences. We've seen that with the board. Apr club and then nfc collections are. Just something people are beginning to take pride and we're seeing it all over twitter. People are changing their avatars to crypto punk or their knockoff. Punk knock off file. You gotta fake out there too. I've seen cats go out here and just just make eight in act like it's the part of the original. Ten thousand crypto punks your ally. I made one. But i didn't put as my profile now here fos flagging but i'll put it on the website because i thought you know if it the statics so just what we're doing but like years castle here is making making you know their whole avatar and i'm like okay. You don't really own that that's cool. I get it but that's the thing it's like people take pride in these digital nfc collections. Even if they don't have the nfc like actually we're gonna get to the point where like people are going to be like like they're going to be following other people's wallets and they're going to be happy when someone collects a new nfc and it's just like how you cheer on your favorite sports team. You're gonna have that same phantom over somebody's while it's especially as these. Wales started to brand themselves yet and i mean like if nfc's our social currency which. I think they are currently then. Yeah i mean these digital arcades digital games. Yeah this is just the beginning. Like i would say cat. Bread and acce-. Infinity remind me of the iphone when it only had tap tap revolution. And what was the other game. They had temple run. They had angry birds early early games. You remember them early early early joints. Yeah i mean i remember those like bubble pop gains you could just pick their auto bubbles all day and definitely something. That's on the used to play you. Download it for ninety nine cents and it was literally just. Yeah see. How much Bubble wrap you can man all right. Well you were telling me about this earlier. I know this is your idea. So i took the floor with the cab bread thing. Talk to me about this whole. Nf is corporate dividends. You said you had a whole idea or interesting company about that. Yeah so that was news about a week ago The company easy biologic they are issuing their dividend in the form of nfc. So yeah if you own one hundred shares of their common stock which ticker symbol as why. Seo for easy biologic you own one hundred shares those you get one nfc which is valued at around three hundred dollars now. I know what you're wondering is like well. What the heck they can just say. Valued at three hundred dollars on. Just give me the digital file. That i don't think is worth anything. I'd rather just get you know more stock or money back. But i think like the concept is cool in the sense that like. Hey we can just take you know any any digital asset and issue it as a dividend as a reward or hanging with us and hanging. And i think like the what the nfc here. Why do they were three hundred dollars. Basically these are coming from the fine. Our security token and nfc studio called ms token and ms token is a subsidiary of millennium fine art which owns the millennium sapphire. A which apparently is a ninety thousand carat gemstone valued at around one hundred. Fifty million and basically token fracture analyze this gemstone. Men created the ms tokens which were value valued. At around three hundred dollars apiece. It gets a little bit. Are understand here like i read everything i put up on this and i don't entirely understand if the nfc is ems tokens way. Haven't they yeah. it's like. It gets very confusing oil. I think they pulled some ship. No the way i understood from what i read was that the ev biologics company purchased basically over seventy thousand ts from ms token for about three hundred dollars a piece. But i'm guessing. They got some type of deal. I i'm not familiar. I'm not close to this. But i mean there why would they just buy something for three hundred and just give it to people for three hundred that that doesn't make sense but they got some type of deal. They bought seventy thousand. Nfc's from ms till they're saying that those nfc's are worth three hundred dollars a piece and they're distributing them back to the shareholders the shareholders have. This is weird. Because it's like how do you prove that your shareholder. How do you know how i mean. How do you have these warrants. You get these warrants. But how do you exercise those warrants. Like that's what. I'm i'm curious about on this project. Because they only have ninety days to exercise their warrants received of teas. So let's say you. Only thirty percent of shareholders do this do they got seventy thousand seventy thousand. Yeah so seventy thousand is what they bought here. I am doing this public math right. You can help me out. You know seventy percent of that which would be approximately what seventy percents of seventy three hundred forty thousand dollars so have forty or fifty thousand ts on their their books. That's a yeah. I don't i don't know how it's gonna work like as far as like actual roll out of it could just be prospect. It'd just be away for them to like insert their name in this conversation of nfc company is like doing some teachers six shifts so they they wanna be viewed as like an innovative company..

nfc buster ms token millennium fine dave twitter Wales Seo
"three hundred forty thousand dollars" Discussed on How I Built This

How I Built This

1:03:33 hr | 2 years ago

"three hundred forty thousand dollars" Discussed on How I Built This

". Oliver Karaz was born and raised in Germany mostly in rural parts of the country his mother was German and his father was from Iran in came from a long line of doctors. . For me, , it really starts <hes> in some ways with my dad and. . The timing rapidly had every reason to become a social activist and and so he came <hes> to Germany from the Middle East when he was very young around twenty with no money in his pocket no language skills. . And you personally then worked on of odd jobs, , but he eventually became a psychiatrist but what has really shaped me much more than being born in Berlin is. . Social. . Active. . Isn't that I that I saw him live and that he really made our family mattress we always talked about talent responsibility and the need to use. . Whatever telling behind to help those. . Around us that we can make a difference. . Given that your father was Iranian and your mother was was sort of. . German. . An Uber even though you were born in Germany, , did you feel did you feel as Germany everybody else? ? So I didn't have a second identity. . We only used spoke German at home and <hes> yet. . As you say I was also a not always fully accepted. . So if I give you an example, , my school twelve hundred students and you could pick out to the didn't look like everyone else and I was one of them right and even an enlightened country like Germany. . That is notable. . So I had what I call a visual accent would people would see me on the street and they would ask me how to speak German. . So well and But they also school the skipped my name when reading out scores because they weren't sure how to pronounce my last name <hes> and opportunities taken away and even at was physically threatened so i. . I think that really shaping in many ways because I realized. . Very early that <hes> in order to be as successful as everyone around me <hes>, , I would have to be dramatically better in really work much much harder than anyone else and so that used to be strong work ethic in me. . For the record Oliver is somewhat down playing his work ethic. . Because just out of high school, , he actually started his first successful company. . It was the early clunky days of the Internet, , and he designed a way to help people send emails more easily and he wound up selling that business not for a ton of money, , but enough to get him through medical school. . But. After . practicing medicine for a couple years Oliver realized he couldn't stop thinking about that first business he'd started and how he wanted to start another. . So he quit his job in medicine and consulting job with Mackenzie and eventually moved to New York. . That was my goal was actually to start another company that that's A. . Healthcare, , but I I'd also realized at the time that I sold my first company and far too cheaply in that I should learn more about business I and at McKinsey God exposure to balance sheets and panels and hit a lot of very practical experience and what it means to manage business. . And I think they fondly of my time at McKinsey was one of my better decisions. . McKinsey GonNa Mackenzie is a little bit like going to business school. . A lot of people at McKinsey have come from business, schools. , . In that. . Many people go to business school thinking they will find a co-founder. . Did you were you actively looking around at your colleagues to think maybe I can do something with him or her you know maybe that person. . Absolutely and were you just thinking about different business ideas all the time? ? Well, , it is actually very hard to find good ideas and my definition of a good idea was that it needed to have a great mission I. . wanted to make sure that we actually do something good in that. . We stayed true to <hes> sort of talent breaks responsibility, , but also wanted to be a large market and to have a great motor rounded and also I wanted to be based on contrarian inside. . Because I thought that all of the best companies have that at its core. . While she wanted mission, , you wanted a company that could kind of dominate its field by building a motor around it, , but was also contrary and that's that's that's those are some interesting. . Criteria. . And that's why I screen for several years rejected pretty much every idea that that I came across <hes>. . And meanwhile. . While you're going through all that <hes> I guess you meet this guy <hes> Cyrus Masumi. . WHO's another McKenzie consultant and and just you just. . Become friends like he's like somebody like in and you guys start hanging out. . While we got put on study together that required us to travel globally and you've ever done that it meant frost were sixteen eighteen hour days together for three four, , five months <hes> on end and we really. . Got To become great partners in that and and what we realized that we had some. . Very complementary skills. . Cyrus is one of the most charismatic and gregarious individuals. . You'd ever meet his very passionate. . He could be more forceful, , which sometimes was needed to be effective with clients. . And you've talked to me now for a little bit as you can probably tell. . More dispassionate and logical and more measuring. . German? ? More, , German in many ways, , right. . <hes> also was effective with clients by by. . <hes> and Cyrus is American right? ? He's American this but that That close listened and how we work together <hes> that really started friendship and we stayed close for the study and be caught up over lunch pretty regularly denounce different business ideas off one another and. . I think we connected because we had similar interests because. . On. . Some levels <hes>. . We were equally passionate about what we're doing higher says, , passion was more visible <hes> to others than mine but we. . Were close enough together that we both accepted. . The other as. . <hes> individual that that we could learn a lot from. . Was it was it clear pretty soon after you start hanging out, Sarah's , that this was the guy because you were. . You're on the lookout for a partner. . They I think it was was absolutely an option I know reality is that. . With. . Both founded companies before Mckinsey and we both knew that we wanna do it again and as I. . was always great about being. . Very honest. . Rather than just nice and and I value that a lot. . Yeah. . All, , right. . So <hes>. . So this guy, , Cyrus Super Charismatic, , really smart clearly, , the two of you start to to work together. . And what what kind of business ideas are are you coming up with? ? While we kind of fell in love with a new idea that came about a one of these launches were Cyrus. . Told me about how he recently ruptured his eardrum by flying with a cold and then found it very difficult to actually find a doctor and he had asked for recommendations and called down his insurance directory listing started with the as. . Doctors weren't accepting new patients <hes> some no longer accepted two centurions one provider Pasta Way and so he said, , well, , why does it take four days to the doctor when I'm in pain right? ? And why can't this much easier? ? And we. . Both very quickly. . <hes> realized the potential of this idea from. . Working at project be new helps us the for actually spending millions of dollars for marketing to grow their patient base because they had <hes> wasted inventory, , right they had something that I like to call hidden supply, , which is these last minute cancellations no-shows reschedules. . That the that go to waste, , and then on the other, , there are the patients who had a hard time accessing this. . You thought it immediately clicked with these my God. . Yes. . Doctor's appointments connect patients to doctors. . Yeah. . Well, , look if you go through the forfeiture that I had read, , it's a great mission right? ? We're making one of the most <hes> personal needs more accessible for for patients we can help patients to get in fast we can help the doctors become more efficient. . We can make the entire health care system more cost effective people out of the emergency room things like that, , and it's a marketplace. . So there is a strong mode and clearly anything in healthcare is a large market and I think the contrary and inside that we had. . was. . The fact that. . Most people thought it's normal that people have to wait twenty four days to a doctor because there's a doctor shortage in read our inside was really no doctors have asthma debate ability because of these last minute cancellations, , no-shows reschedules and so I felt very about this idea. . So. . So you member like how long between the time that the you had that first conversation To the time were both you said, , let's start this business was like monster or weeks or days. . was was weeks. . We what we what we started doing is actually. . Mocking up <hes> the side <hes> in how imagine back then in powerpoint pointing just the wire. . Website. . Yeah. . Wire frame. . Exactly. We . would. . We'd go into starbucks and we'll chat up strangers and say, , Hey, , here's a five dollar gift card. . Give me your thoughts. . Sorry I'm GonNa. . Go back. . You just go to people in starbucks Gift Card and say, , can you give me your thoughts? ? Random Person? ? The absolutely that's that was sort of our market testing. . They wouldn't. They . would be like excuse me this is a little weird. . You're my space. . Might also happen from time to time but <hes> you know there's lots of people on starbucks is very in German of you. . That's debris because usually he would be to report tentative about doing that. . Well, , you know I think there was a lot less <hes> rejection than you think people actually quite open I. . Suggest you try this out but if you If you're unthreatening in Luke harmless as we probably dead and then they'll be pretty open. . You went up to and starbucks and you'd say, , Hey, , we're thinking about a company here. . Can you just look at his powerpoint give you five dollars Gift Card and what was in the powerpoint, , the popcorn and was just what we thought. . This website would look like and we would ask them is the set service that resonates with you would you use it and and we got an incredibly valuable feedback here <hes> and really set us in many ways on the on the right track right? ? So and what pointed to the two of you decide let's quit McKinsey. . Let's. . Let's pursue this. . Probably a month or two after we initially discussed idea did anybody say you were crazy for quitting? ? Everyone. . Everyone told us. . Crazy and got a lot of negative feedback on the idea to write people would say this is Bloomberg out I would never pick my doctor <hes> on the internet or I already have a doctor <hes> or you know doctors wouldn't accept patients that that are looking on the Internet of all kinds of protections that people had when they were thinking about their own <hes> situation by. . When when you talk to people and starbucks, , they actually thought about it much more positively. . So we were encouraged enough to say, , well, , this is going to work as long as we get out of our circle and don't ask McKinsey consultants doctors. . The responsible be better. . All right. . So you are in your thirties at this point. . And presumably were making pretty good cash at McKinsey because you were probably you'd know expenses you're on the road all the time so. . When you quit, , I'm assuming you had some money to launch the business and probably live off for a while. . Yeah. . So I very deliberately had never raised my living standard to the money that the paying McKinsey and I had saved every dime <hes> so that I could. . No be in a position where can fund this embraced can afford not to take a salary for a couple of years. . Wow. . So so a couple of hundred thousand and you saved. . You know. . Maybe. . I'm to Germany to discuss personal finances but. . I had. . Built this. . Radio, , you can tell the. . Story Yeah I I had I had enough money to live off <hes> for for several years <hes> but I also Saturday night both <hes> finance the company early out of our own savings so that clearly diminish <hes>. . We had leftover after that. . So now, , you both decided to quit. . and. . You have some technical expertise because you had. . You had done some coding but this is next level stuff. . Were you able to be that technology founder and Cyrus was going to be the the sort of the business founder? ? Absolutely not as I add coated but at that point, , I had not touched a computer for a long time <hes>. . We knew we need to have a technical co founder <hes>, , and so Sarah's knew a guy named Nick Guanzhou from the time together, , trophy software, , and this is another company that they would both worked at the that's the company that they're both previously worked together and Nick just brought a totally different perspective and really educated Addison me on a lot of things and and he was really the one who understood a building a seamless experience for the consumer and ends May. . Zach Docs. . Early Genius, , did you did you have the name dock from the beginning? ? Not, , not initially <hes> we we went to several phases on on what the right name could be for for while we wanted to have a descriptive name. . So we looked at physicians, , dot Com Doctors Dot Com, , and we actually tracked down the owners of one of these domains and they wanted several million dollars for the domain name. . And and we were finding the company ourselves. . So that was out of the question. . So then we just sat in a room and <hes> we brainstorm a list of fifty or one hundred names, , and then started eliminating <hes> names until we arrived at Dr. . What does it mean? ? or it doesn't mean anything which was the WTO bit <hes> we could. . There were zero search results. . Okay. . There's no meaning behind his ACH. . There's no meaning behind and and in hindsight it was precisely the right thing to do because it really was a blank slate for us to fill with <hes> with meaning and really build a brand around. . Zero such as October we started. . It address nate the right lake once you know that it takes more than three weeks from picking up the phone and dialing for doctors till you actually see someone you realize Oh, this , really not much else that we have to wait so long for to get. . And this is more important than most of these other things you already have. . Fantastic access <hes>. . View Magin. . If air travel way that healthcare workers that wouldn't be an expedia that wouldn't even be Delta Dot Com that would be individual phone numbers for every plane. . Imagine. . If that happened, , you know a half the planes would fly empty it would be a massive pain and that was actually the state of health care <hes> before sock. . Is Amazing that that the nothing like this was out there in two thousand seven. . I look at I. . Think. . In many ways you couldn't build it a much earlier. . In the early days. . When we went out there, , we were the ones installing Internet of the doctor's offices. . We. . They they were a many times just migrating from a paper books to scheduling systems. . We were at the cusp of digitisation for healthcare. . We were just lucky in our timing <hes> to get this right in and start offering the service when that also happened. . All right. . So you decide to pursue Zach dock and it's the three of you. . I'm assuming really just at the beginning and were you working out of out of one of your apartments? ? Did you guys rent space? ? No, , we worked out of respect for. . Many. . Times <hes> we came to make yet the nicest apartment <hes> and and we could bring breakfast Burrito and bake him up <hes> and you know the the reality is that we originally had a pretty ambitious launch plan right so we got together around July. . We wanted to launch by December of two, , thousand seven. . Something interesting happened were nick <hes> send an email suggesting to look at what was then called techcrunch forty. . Take is is now a household name but <hes> the draw for us back then was there was a fifty thousand dollar prize now it's called tech crunch disrupt think. . So it's a major a startup competition. . It's a startup competition and we were the first class of this was much less known be budgeted two hours to fill in the application in really which will send it off. . He didn't think about it anymore that there was an early July and early August we've heard that we had been accepted, , but there was a complication we'd have to be ready by September eighteenth or. . That was three months sooner than we had originally planned to launch. . So you'd have a live website by September that is right that is right with doctors with doctors, , right So we actually debated for a few hours whether we should even tried to go for that but we ultimately said, , yes, , we can get the website working and we wanted to have enough doctors just a bars wouldn't look pathetic. . Brayden. . Coded Night Neither Day <hes> and nick really busted his but he did the patient facing side of the website and that was the programs. . What was potentially even harder because we're tried to launch a marketplace was to actually get the initial supply on there and remember the website wasn't there yet so. . Tires ended up going door to door for doctors offices. . Excuse telling them a powerpoint page, , and this is really a testament to cyrus sheer willing determination if you think about what it means to really start a company early on, , there's nothing to show right you may be a powerpoint but there's no website there's no patience. . There's no other doctors no social proof and it has to run on passion and very clear that that is Cyrus <hes> superpower. . He just went to random doctors offices or he had like a list of doctors offices and he started kind of walking block by block. . Well, , there's a lot of walking involved a we launched in Manhattan so you can literally go down the street and you see. . The signs and you walk in. . And he was basically saying look, , it's a way to connect you to patients. . How was how many by the way? What ? was your objective? ? How many doctors do you need to sign up to have this website look okay by September Between six and ten was our goal. . Okay. . So just doable it is a was extremely hard really. . Is telling doctors is one of the hardest things to do why were they saying? ? Well, , first of all, , it is baby very hard to even speak to a doctor they are being shielded. . Their time is very valuable. . Office managers are trained not to let anyone <hes> talk to them to protect the doctor from people walking in selling them stuff shirt them. . Secondly, , they many didn't want to give up control over their calendar which has to write. . We ask them to post times that a patient could book into it and it was just a far fetched idea for many of them the patients would actually do this. . So he got a lot of knows he got a lot of knows. . He'd go there and he just simply not leave until he got a chance to speak to the doctor and a few times. . It was even escorted out by security. . I really think <hes> one in a million could have put this off. . I mean was he going to particular kinds of doctors or was he generally focused on an Internet general? ? Practitioners Ob sobe began with dentists <hes>. . Okay. . Because our thinking was that. . People go to dentists most often, , and we wanted to make sure that we have an offering that is relevant for patients as often as possible. . I. Got . you so so eventually unassuming, you , do get what six to ten or how many did you get by September of two thousand seven Eight. . In the meantime, , you inequity doing the back end stuff you were doing the coding and building the website does right and as you were building it. . How did it look? ? So. . The bit that Nick Build <hes> looked awesome <hes> for the time I think. . It was impressive. . We were. . Very. . Satisfied that we had a scroll bar that we had a map that we had back then already the insurance selector and <hes> a lot of feature that. . Weren't to be found really anywhere else. . All right. . So September two, , thousand, , seven, , you are ready to reveal. . This service at. . Tech. . Crunch. . And Doth Review present or did did Cyrus kind of wishy the spokesperson? ? Cyrus. . I presented Nick stayed behind in New York to make sure that the less the website was actually up and running <hes>. . This is in San Francisco that you went to the we flew out to San Francisco and <hes>. . So we lost sock talk in front of Eight, , nine, , hundred people. . A lot of them were journalists when the judges <hes> opened up <hes> with feedback guy covers ocoee who we newnan in valued. . As embezzles forever apple he came out to said he he didn't get it. . He would never use this in front of everyone right and. . His direct load something like honestly Oh, , it just never occurred to me to go to any doctor that's really burned in in my brain and what was worse is that he seemed to be right we didn't get a single booking. . We were hoping that this PR would get us out of our initial batch of users, , right because your other. . So many tech journalists there. . So you know the publicity may be would would would lead to bookings and that was the hope but. . It actually took three days before regard our first legitimate a patient, , and and in the entire first month, , we only got five bookings. . You come back from San Francisco and. . You know you had Guy Kawasaki. . Say I don't I would never use this service? ? I'm sure he feels differently today but man maybe then Ezio said that but did did you come back feeling like like dejected like losers or or were you excited like how did you feel coming back? ? While you know I think we obviously hoping we would eventually get more bookings and In the beginning you probably refreshed. . The Bookings Report Hundred Times a day by as we were thinking through what we realized. . It was really a typical two sided marketplace challenge <hes>. . It's just a classic chicken and egg problem. . You need the supply to get the demand and you need the demand to entice them supply and for dark was even trickier. . Right when you think about it, , healthcare is hyper local. . Very complicated. . So you have to match. . Supply and demand on a Zip code specialty level, , and then we have thousands of insurances take. . Until we realized that our odds of actually finding a patient that wanted. . An offer there. . Quite low, , and so the best path forward was to <hes> methodically build up supply, , and so we just kept going put up a huge map of Manhattan on the wall, , and then a sleep put little flags on of where the doctor's brother we're on the website in which insurance is accepted and we just we knew the perseverance. . Is the name of the game. . Back in just a moment how oliver and Cyrus Begin to drum up interest in stock and how they even start to raise some money at figure out how to dress differently, , stay with us guy rows and you're listening to how I built this from NPR. . Hey everyone. . Just a quick thanks to our sponsors who helped make this podcast possible I to epic provision maker of epic bar beef was nature's idea the epic bar was. . The new Vif Sea salt and pepper bars have three grams total carbs why it's in their nature after all, , they're made with one hundred percent grass fed beef, , and nature's Metro's three grams, , total carbs, , eleven, , grams of protein find them in the bar borrow or at epic Bar Dot Com. . Thanks also to stand for Small and American Express. . If you're a small business owner head to stand for small dot com slash partner for resources, , offers and tools from a growing group of companies that want to help your business get back to business visit stand for small dot com slash partner to get started. . Thanks also to Microsoft, , the world has changed and Microsoft teams is there to help us stay connected teams is the safe and secure way to chat, , meet, , call and collaborate to learn more visit Microsoft dot com slash teams. . Here, , at life, , we know that getting your financial house in order can feel painful. . Now, , there's this whole corona virus pandemic. . The deal with our personal finance tuneup series will help you feel more confident and get you on the right track listen and subscribe to NPR's Life Kit. . And just a reminder, , you can preorder the how I built this book right now, , and if you do I'll send you a free signed book plate to go inside the book. . The book is a collection of insights and wisdom from some of the most incredible and inspiring makers, , inventors, , builders, , and dreamers on earth to preorder and to get your free signed book plate while supplies. Last, . , please go to Guira DOT COM or how I built this dot. . com. . <music>. . Hey welcome back to how I built this from NPR Cairo's. . So it's two, , thousand, , seven and Oliver. . Cyrus. . Nick are basically powering through with Zach dock going door to door trying to convince doctors. . It's a valuable service and the thing about doctors even though they're really smart and capable and we depend on them. . A lot of their offices especially back in two, thousand, , , seven or sort of technologically in the Stone Age. . There was incredibly complicated to sink the doctors calendars with ours. . Because none of the software was actually made to sink. . Were even in the places where we had <hes>, , syncs up and running, , we would frequently get. . Feedback while the punishment didn't happen because the doctor wasn't available and we really couldn't figure out why this was the case because when we did screen chairs with the office to their calendar and and our calendar, , it was identical right and couldn't figure out why that's happening. . So I decided to sit next to the office manager I went there and got to know him and his family photos of his dog. . I fixed the printer taught a better strategies to play minesweeper still couldn't figure it out. . Until one day, , the doctor would come out and she'd say, , Hey David <hes> I'm out next Friday. . And then what does David do does he go into the calendar and block out next Friday or does he take a post? ? It note On a doctor out next Friday and sticks this too is monitor. . In the real world. . These post it notes, , of course happen and but once you know that Matthew Friend, , you can start filtering this out and that's one example they were literally a thousand point, , one percent solutions that we had to figure out to make this work. . Wow. . That sounds I'm getting exhausted. . Just hearing about that because this is like even like Google calendars, , right? ? Yeah. . Yeah. . That was <hes> that was early days and what we were extremely focused around were making show the experience was fantastic. . If something went wrong, , we fix it. . Right. . So I was our customer service I personally would call the doctor and and confirmed the appointment was all said if it wasn't I, , personally contact the patient to let them know and then I would offer them. . Amazon Gift Card alongside with an apology those actually one case where it didn't catch a patient in time. . and. . The were in the subway to the doctor, , and so I raised them to the doctor's office and picked up a bouquet of flowers on the way there and met them in person to apologize. . And that was really a turning point burs. . The service has to work and we need to be have this patients I attitude in in terms of how it works completely ingrained in the company. . All right. . So you clearly need to kind of grow this <hes>. . Were you offering this service doctors for free at the time? ? Initially. . We for free by we eventually started charging fifty dollars per month. . But Sam doctor you come into my office and you say, , Hey, , if you pay me I can bring you more customers. . I would be skeptical I would've said to you you who whose, , who even knows about you. . You'RE GONNA you're asking me to pay you money for Phantom bookings for maybe no customers I mean did some of the doctors say Many. . The US summarize our sales challenge. . Right? It ? was very hard because even if you wanted to, , we couldn't easily share how many patients <hes> their competitors are down the road God like that was something that was confidential. . All right. . So you are you got this chicken and egg problem. . Not, , enough people signing up and he gets skeptical doctors but you know that the service could really benefit the doctors, , but you also need them to pay for because otherwise you know but business. . Meantime at a certain point I'm assuming you guys start to think we'd better go out and look for money if we're going to really make this thing work. . Yeah. . Yeah. . That that happened in the spring of two, , thousand, , eight <hes> we decided we raise series. . And we we make the rounds we get in front of a number of the big name, , BC New York the also go to Sandhill road in impel. . Toho Santo Road we leads and road <hes> initially were very successful at all we got <hes>. . Polite knows. . and. . Ray No feedback control someone took us as I told us you know what the idea seems. . Good. . But you're consultants I'd and the perspective of its consultants can't get anything done and what realized is that <hes> even though we had both founded companies before our Mackenzie Pedigree in our keys and button down shirts, , they were really hurting us, , and so we wait rank Khakis and button down shirts. . It sounds crazy. . Were they pleaded pants or were they at least nine pleaded please. . Yeah Yeah. . Yeah we after hearing that feedback <hes>. . We very quickly <hes> just went to the next gap and bought jeans and t-shirts and from that on the combos with VC's when but a lot better. . So you went from McKinsey consultant look to this are the tech casual uniform of jeans and t-shirts that that's exactly right and we introduced ourselves not as NBA's and McKinsey Consultants <hes> but we introduce ourselves previous entrepreneurs that are starting their next company. . was was anyone biting? ? Were there people who were like? ? Yeah there's a great idea I'm in. . So interesting enough we had raised some money from. . Friends and colleagues, , and many of those they invested in US business plan unseen just based on the fact that we. . Were giving up our careers at McKinsey to pursue talks. . So that felt really a great. . and. . As we started changing how we appeared in how we introduced ourselves to venture capitalists L., , we started to get offers and so in August of two thousand eight, , we ended up raising five million from KHOSLA ventures expeditions mark. . Wow Mark Banya Jeff bezos, , and Venus is. . All their. . Funds are in which sounds like a lot before you WanNa do it's actually. . Kinda limited because you still it seems to me in two thousand eight even though you have five million dollars a lot of money you still have this problem which is you've gotta get. . Customers, , and then to get customers, , you need lots of doctors had lots of options but to get doctors, , you need lots of customers booking through the site to you do that precisely D- These five million dollars per lily earmarked for making New, , York, , work, , right, , Miguel, I , market work but. . <hes> immediately after raising the money the financial crisis hit. . And <hes>. . You may remember there was rest in peace a memo that went around about startups, , right? ? Yes. . About start ups, , never being able to raise money arrested in peace good times. . So we got this job is to make the money stretch in. . We probably learn not during this time <hes>. . This was really our first go round making hard choices and what I want to be frugal and not to do things we can't afford and <hes>. . We learned to not let money replace critical, , thinking and creativity. . But now we continued to grind away at New York and at some point felt while if you want to get. . To the next level we have to prove. . Dr Isn't just a New York City phenomenon. . Right? ? We had to prove that it would work in a second city <hes>. . But at that point, , we didn't have the money to do this anymore, , and by the way you're still your approach was still the same. . It was door to door. . That's right door to door and how how you building awareness about the about the fact Zach existed with customers with potential customers. . So we it was day very difficult to get someone. . To the website. . Yeah but when they did. . They loved it because it was such a step change from how healthcare used to work for him. . Right they used to have to pick up the phone and wait on hold and then plays scheduling. . tetris. . With the office manager, , can you do Wednesday morning about Thursday noon? ? Friday afternoon, , and now they could do the same thing in a minute and have complete overview about the ability patients loved it and they told their friends. . So we we started to get word of mouth. . Going, and , so we saw New York <hes> really taking up and we felt like, okay, , , this does this go into work in New York. . At a minimum rate, , but we also realized that it took us a fair bit of time. . And money to get it going. . In New, , York and do we couldn't with the money we had left from the five million <hes> easily expanded into a new city at the same time. . Raising money was going to be difficult because the next generation of investors wanted to see that it works and other cities as Walter. . So we were a little bit in this catch twenty, , two <hes> we ended up. . Applying to. . Force boost Your Business Competition Four. . Forbes has his competition as sell to where they give away money right to they were promising a hundred thousand dollar prize. . And at this time. . We won. . And Yeah what did is they gave us one of these large publishers. . Clearinghouse is sex and very useful actually used to cover a hole in one in our only conference room. . There was a hole in the wall and we covered it with that. . At, , this point you are, , you are working out of an office, , not not an apartment at this point we were working out of A. . Shared Office space we work. . Yeah. . So they had given us publisher clearing house is is check but they fail to give us the small check for three months and we were getting really nervous, , but it would still get it but. . But ultimately, , we got that one hundred thousand dollars and that's what we used to launch and our second market in DC in Washington DC and would did it require you guys to move down there or were you did you hire because I'm assuming you had to? ? A lot of your early capital was going into sales. . Business Development hiring sales reps, , is that right? ? Right, , we had a couple of sales reps at the time. . A. . Very first employee ever was a sales rep is still with the company today and He was great. . He figured out how to. . Really charm his way. . To the doctor. . So there were no more security guards escorting anyone out. . When did you? ? I'm assuming that even in two, , thousand, , nine, , two, , thousand, , ten, , and beyond we're not yet profitable. . Far From It? ? Yeah. . Far from it right because it's a capital intensive business. . Yes. . We obviously invested heavily in customer service wanted patients to have a great experience. . And we had a quite sizable engineering team <hes> because that was actually a major engineering effort. . So what started to happen when did you start to kind of see? ? A real turning point. . Yeah. . So we <hes> we we had launched New, , York successfully with. . Years. . Of hardwork, , we've gotten it off the ground is transported that to DC at work well, , in DC, , and now he said, , well, , why are we not in more cities and so we actually we raised serious be with fouled respond and <hes>. . We used to expand off the East Coast Francisco then Chicago and we just got better better at it. . So we then ended up raising serious and two thousand eleven <hes> from Goldman <hes> NTSC, , and we primarily use this to grow our sales team and sign up more more doctors in from two thousand eleven till two thousand, , thirteen, , we launched roughly thirty new cities I read that by by two thousand, , fourteen would covered. . Like forty percent of markets in the US, which , is huge I mean that's right I mean that's a huge number of cities. . And in that year evaluation. . Of tzakda. . Past Billion Dollars I mean that's That's pretty remarkable i. . mean you were kind of on this like really rapid trajectory and you a pretty straightforward model right and you were charging doctors a flat fee every year and then. . They could take all the bookings they wanted and I think that by that point <hes> like by two thousand, , fourteen knew it was not cheap. . It was expensive viewed really raised the price it was like three thousand dollars a year, , right? ? Something like that. . Yes recharged Dr Three thousand dollars a year and and there was a flat fee. . No matter. . How many bookings Actually facilitated for them and and the reality was for some doctors that got a lot of bookings that was a great deal. . Yeah. . But but there were also doctors that God a lot fewer bookings and for them that fixed cost was actually too expensive and some of them were starting to leave the service, , and so we got into a situation that required us to invest a lot to stay where we are and then invest even more to continually grow our overall provider base, , which means we had to build out a massive sales team to always sign up more doctors right and. . Some point during this time L. Nick actually ran an analysis showed that it would take several years if ever fries to make our money back on on many of the doctors we signed up because you would have to sign up. . X number of hundreds of thousands of doctors paying that amount every year. . To make your money back to to make <hes> sort of our the cost of the sales team back. . Wow and L. it. . This was pure that would make us dependent on external capital for our very long time, , and now it's a clearly there are many companies that have taken. . Grow fast at all costs approach. . And They Held onto this forty extended period of time by L., , it clearly puts talking to a dependency to. . Investors in their mind says, , yeah. . So. . Meantime. . You know I I from what I understand. . There's disagreements I mean there there are you know the leadership team including Cyrus he he's I. . Think he's he's sort of his position as the flat fee model is actually the best way to go is that a fair assessment of of his position? ? Yeah. . I think that's right. . I. . Mean there were two fundamentally divergent ways held the business could go forward right. . One way was to continue to work on optimizing the unit economics of our subscription model and the other way <hes> was to think about how to make it more transformative leap and then find a new more profitable. . And more sustainable model and. . Their. . Look I can certainly understand The reluctance and taking this leap <hes> if companies rechange their underlying business model once they have a certain scale and then live to tell about it, , right. . We know the names of the companies that have done this net flicks, , but from DVD's to streaming adobe. . From box software to the cloud, , but there's not a lot of companies that do that. . and. . Needed to make a choice <hes>, , which which direction I wanted to go. . And and I should say over that. . Became intensely personal for you <hes> because hugh and Cyrus really disagreed on on on the direction of the company should take. . Steps down he he left the company and you moved into the role of CEO. . Those right and what ask you about this <hes> neo. . Beauty's in the flies of this show is its simplicity and we talked to one person or sometimes too. . It's a single narrative, , and so we don't have cyrus with us to tell us what happened but I wanna ask you about this time because. . This was your co founder. This . was your partner <hes>. . This is your friend and he was leaving the company. . How did you feel at that time? ? I all I can say was a very hard and very emotional period for everyone involved <hes> and <hes>. . It was certainly a departure <hes>. . But how was through that given these two divergent choices you you couldn't. . <hes> note, , both of us could be useful to talk and. . I have to imagine that for for period. . China. . was sort of the friendship. . Look been we were very close we. . Were not only friends we had worked for eight years believe together fourteen hours a day, , and we probably talked more to each other than to anyone else in our lives <hes> but you know. . Still touch from time to time <hes> and. . I think he's joining us on from sideline. . He still at prison million owner of the company <hes>. . Yeah, , he's still. . Here's the thing I mean we've we've told stories about breakups we've had we've had episodes were there were married couples who split divorced but continued the business e O products. . Susan Griffin Black and an her husband Brad <hes>. . They continued the business stacy's pita chips continue the business after the divorce sold it for a quarter billion dollars. . You guys were worth value to one point eight billion dollars at this point. . was was ever party that just thought you know, , God look at what we're doing on the core we're going and. . I mean did you in service it down and say you know this thing is just growing and? ? Let's just figure this out. . I think the challenge is that it's not as if there was an article way <hes> to decide what the right path forward is. . As long as investors wanted to give us money growing all costs was yeah. . Fine Strategy. . The question was just how dependent you wanted to be on the continued goodwill of investors. . It sounds like you were tired of going out raising money. . You didn't want to do that anymore. . Oh, , not at all but I think you want to raise money from a position where you know what your turn to is and and. . It wasn't clear that the business model would work in in a way that that we could just flip a switch and be profitable. . Yeah. . So. . That was a tough year for you. . Two, , thousand fifteen. . There was an article in business I think business insider, , and it was about the sales team. . It's October that year and it was. . It was some allegations that you know Pete member sales team using adderall even cocaine they were under immense pressure. . They were working all the time when you saw that article. . And I'm not saying you even aware of any of this. . You may not even aware of it but I. . have to think that that article really alarmed you and and maybe even embarrassed you. . Look A. . There were a number of articles in two thousand fourteen fifteen. . Didn't absolutely get everything, , right but Budweiser I can say is that At. The . time doctor had their sales team and we're. . Getting very quickly and Your maybe maybe. . Too focused on. . L. Hitting targets and. . Not. . Focus enough on creating a strong culture the I hear these stories from six years ago from from time to time and from from now from candidates and and really every time. . This happens like a Gut Punch. . Because, , this we know we're completely different company now. . On on so many levels, , but clearly, , you saw that in new that you had to change something. . While yes, , I look I l there's a there's a couple of things about this. . Right? ? We are a technology company, , but we had said ourselves up too much about. . Instead of writing wins and really too little about being adaptable and darning and and building the trust required to try things that now pet the risk of failure. . and. . So one of the first things I did is to change core values. . You know to emphasize those behaviors each one of our values adaptable, , not comfortable and other one is progress before perfection learners before masters right and. . We only kept really one DIA CONSTANT DEL patients I. . Personally that. . That was more of the culture that I thought was right for Doc <hes> to succeed on many dimensions. . So, , you take over the company it's got high valuation, , but you're still not making money and you know that you've gotta change the underlying business model you're never gonNA make money. . And from what I understand this is the beginning of what you have internally described as the second founding of the company. . That is right. . That is right and that basically happens in in two thousand, , eighteen you you launch this new business model where instead of the the dollar membership fee. . Basically, , you would charge doctors a lot less like two hundred or three hundred bucks, , but then every booking you, , you would take a cut from that booking. . So like a travel agency. . A little bit charge for new patient booking. . So the existing patients to practice <hes> we made free but yes, , there was the fundamental idea and. . It sounds like such an obvious thing to do but but here's the problem with it and why why are we thought it was incredibly risky to try this. . Our best customers that had been on for a long time. . They got lots of pockets right and if we start charging them per bookings, , their prices go up very significantly in some cases <hes> ten times more and that seemed. . Competing, , insane to us. . In. . Particular because when we talked to other companies that were at gone through similar changes and even pricing experts, , they're number one advisor was make sure whatever you do never charged your best customers more and frost would be precisely. . The opposite. . In the thing that was counter-balancing this in our mind was well, , maybe we'd be able to bring on a lot more doctors because the barrier to entry is now much lower <hes> that was there was the back and forth in the team <hes> to figure out whether that's the path we want to want to go. . So, , this is still a risky strategy because you're depending really on new bookings because the two hundred dollar annual fees dramatically lower and I have to imagine in year one, , you actually saw drop in your revenue in the year one of of this curve. . Second founding. . Right. . Well, , it's from a risk profile worth at that. . Right the warriors that you lose all your best customers in with it, , all the bookings day used to be getting. . and. . So we needed to be ready for a very significant drop in bookings and revenue and the second <hes>. . Challenge was here that. . The beauty of this approach modest and we got all this money upfront right and Sharon. . Now to bond, , we're getting paid <hes> after the booking <hes> with with a thirty day payment periods, , we had a huge working capital requirement <hes> to make that happen. . So did you see a drop and revenue in two thousand eighteen when you rolled this out? ? No we didn't because we actually didn't see <hes> the doctors leave the way that we hit on -ticipant did in fact, , you know while we had very much worried that they would be upset and some of them certainly were upset. . We were providing so much value to them that. . You know what? ? What took you. . So long I knew as getting a great deal all along. . So that worked really well, and , we had piloted in Georgia initially in April. . Two thousand eighteen and then <hes> that had worked. . So we we then all allowed in Colorado a few weeks later that work to, , and from there we went to Washington state and again, , very positive results and after these three days. . Okay Great. . We know this works does it out in our largest most important market? ? Let's go to New York and that and terribly horribly wrong. . They the doctors in New York. . Not only were so pissed off they actually I read. . <hes> mounted a change dot org. . Petition I. Don't . know what to to to end this practice or something. . They were really mad. . They were really really mad and <hes>. . I guess you guys responded you said, , are we won't we won't roll this out in New York for a while. . Yeah look in New York. . We. . Facilitate Roughly, , one in five new patient doctor relationship in the entire city on dock and so. . The economic impact for the providers in. . was much greater than for the providers in Georgia Colorado Washington. . So yes, , to give you one example, , there's a dermatologist and so and he paid under the ultimate model ten doctor say paid thirty thousand dollars and under the new pricing model, , his cost was going to go up from thirty thousand dollars to roughly three hundred, , forty, , thousand dollars. . Wow. . So what was your response to that? ? I? Mean ? it seems like a pretty reasonable. . Concern. . Yeah. . So look after the conversation with the Dermatologists I. . Actually. . Put down the phone and I thought you know what? ? He's right. . And so <hes>. . I pause and we regrouped and. . We did a couple. . Of things during this time, , like the first one is we just went on a listening tour. . You know we talked to provide their feedback and we just adjusted our this plan to give providers a much longer grace period to decide <hes> whether the wants to addition to the new model or not, , and then. So . then we read on New York <hes> six months later and and when dramatically better. . So the strategy works and you see results from the strategy pretty quickly like within a year. . Within a year, , we had <hes> we finally at some incredible momentum was really going better than we had expected in our wildest dreams. . Our existing client went down to essentially zero. . I mean people still retire and and move jobs by <hes> no one really left the service and we were adding more and more providers <hes> because <hes> the barrier to entry was low and <hes>. So . in two thousand, nineteen , <hes> we began growing profitably. . It sounds like two thousand and nineteen was really the banner year. . Two thousand nine hundred was a was a fantastic year and honestly we had so much momentum coming into twenty twenty and feel like, , Hey, , we worked really hard for three years and profitable and now the sky was the limit until. . Tells Sam until March of two thousand twenty. . Two Marjo twenty twenty and that's. . That's really maybe the third <hes> founding DOC right? ? Well, , I want to ask you about March twenty twenty because. . Your Business is based on people booking with doctors and going to the doctor I have to imagine your revenues must have plummeted like every other industry like I mean doctors offices are still in most of the country. . Slow or are trickle of patients coming in. . With the lockdown started happening we saw impersonal bookings declining anywhere between fifty to ninety percent by the end of March I'm not surprised and lot of that buys I was getting was to. . Lay off people and make sure that we hunker down to weather the storm but I saw an opportunity to build windmills, , right so I thought well, , we need to be there for our patients. . We should be expanding into telehealth and I need every team member to help me do that <hes> and so we. . Really went all important and supporting <hes> video visits and I'll probably June eighteen began redesigning the tire marketplace support virtual care, , and so we actually released. . Doctor Video Service and we made this available to. . Any. . Physician whether they are on soccer. . <hes> for free. . And by the way head, , you plan to do this. . How long would would I mean I'm imagining if you said in in February district I really want to focus on telehealth Would you have expected that by May would have been ready to go. . Absolutely. . Not I think what has been really fantastic to see is how? ? We really finished two years of roadmap in two months. . Wow, , and it's great because it's just gives us a window on what the next phase of doctor will be and really looking forward to that <hes> in my mind were the point were Amazon started from going. . Books to also adding CDs. . We have just gone from doing only in person to also A. . Doing telehealth and I can't wait to see how this unfolds. . It sounds like you. . Might be reading between the lines but. . You. . Really, admire , and respect your co-founders particularly. . Cyrus and the work that he did to <hes> to build this company <hes> but I wonder if <hes> do you think that you will a I dunno, , rekindle your friendship i. . Is it something that is in the cards because a break is? ? Is Emotionally, , it's hard Mesa really hard. . Yeah, , look I <hes>. . Do I think we'll work fourteen hours together again <hes> maybe not but you know I I've gotten through tougher breakups and reconciled in my past, , and so I think we are we're in good shape and honestly know we are meeting were talking from time to time <hes>. . Yeah. . We both have things to do and places to be so we're. . Not, , hanging out all the time. . But it's now also five years ago <hes>. . So <hes>. . We are <hes> we're merch focused on making our join the baby successful. . When you think about your journey and All Its happen to you how much do you think this has to do with? ? <hes> with luck and how much do you think it has to do with with the hard work you put in your your skills. . Well I'm going look I I believe that there's really three ingredients to success. . In order importance there are lock the talent, , then hard work and. . The only one. . That's comedian. . You control his how hard you work right and Now working hard to gives you more shots on goal <hes>. . It helps his day on the top of what you your talent allows and absolutely restarted at the right time the right place. . So <hes>. . What what I'm proud of an all that journey has only that yet when we were wrong and when be had to revise and. . When we needed the grit to actually make it work. . I L we lived up to that and and that's really The all that anyone can ask themselves to. . Oliver Karaz co-founder of Zach Braff by the way, , remember how they originally wanted to call it physicians dot com or doctors dot. . com. . COULDN'T AFFORD THE MILLION DOLLAR PRICE TAG to buy the domain name. . DOC DOT COM wasn't only available the price they paid for that domain name. . Six Bucks. . and. . Thanks so much for listening to this show this week, , you can subscribe wherever you get your podcasts. . You could also write to us at H. I. T. at NPR DOT Org. . If you want to send a tweet, , it's at how I felt this or at Cairo's can also follow me on instagram that's at Guy Dot Roz. . Our show was produced this week by Jet Anderson with music composed by Tina. . Bluey. . Thanks also to Julia Carney Candice Limb Neva grant and Jeff Rodgers I'm guy. . Roz even listening to how I built this. . This is NPR. . Black voters play a crucial role for any Democrat who seeks to win the White House but some big devise amongst that block and some serious influence

Starting Zocdoc with Oliver Kharraz

How I Built This

1:03:33 hr | 2 years ago

Starting Zocdoc with Oliver Kharraz

"Oliver Karaz was born and raised in Germany mostly in rural parts of the country his mother was German and his father was from Iran in came from a long line of doctors. For me, it really starts in some ways with my dad and. The timing rapidly had every reason to become a social activist and and so he came to Germany from the Middle East when he was very young around twenty with no money in his pocket no language skills. And you personally then worked on of odd jobs, but he eventually became a psychiatrist but what has really shaped me much more than being born in Berlin is. Social. Active. Isn't that I that I saw him live and that he really made our family mattress we always talked about talent responsibility and the need to use. Whatever telling behind to help those. Around us that we can make a difference. Given that your father was Iranian and your mother was was sort of. German. An Uber even though you were born in Germany, did you feel did you feel as Germany everybody else? So I didn't have a second identity. We only used spoke German at home and yet. As you say I was also a not always fully accepted. So if I give you an example, my school twelve hundred students and you could pick out to the didn't look like everyone else and I was one of them right and even an enlightened country like Germany. That is notable. So I had what I call a visual accent would people would see me on the street and they would ask me how to speak German. So well and But they also school the skipped my name when reading out scores because they weren't sure how to pronounce my last name and opportunities taken away and even at was physically threatened so i. I think that really shaping in many ways because I realized. Very early that in order to be as successful as everyone around me I would have to be dramatically better in really work much much harder than anyone else and so that used to be strong work ethic in me. For the record Oliver is somewhat down playing his work ethic. Because just out of high school, he actually started his first successful company. It was the early clunky days of the Internet, and he designed a way to help people send emails more easily and he wound up selling that business not for a ton of money, but enough to get him through medical school. But. After practicing medicine for a couple years Oliver realized he couldn't stop thinking about that first business he'd started and how he wanted to start another. So he quit his job in medicine and consulting job with Mackenzie and eventually moved to New York. That was my goal was actually to start another company that that's A. Healthcare, but I I'd also realized at the time that I sold my first company and far too cheaply in that I should learn more about business I and at McKinsey God exposure to balance sheets and panels and hit a lot of very practical experience and what it means to manage business. And I think they fondly of my time at McKinsey was one of my better decisions. McKinsey GonNa Mackenzie is a little bit like going to business school. A lot of people at McKinsey have come from business, schools. In that. Many people go to business school thinking they will find a co-founder. Did you were you actively looking around at your colleagues to think maybe I can do something with him or her you know maybe that person. Absolutely and were you just thinking about different business ideas all the time? Well, it is actually very hard to find good ideas and my definition of a good idea was that it needed to have a great mission I. wanted to make sure that we actually do something good in that. We stayed true to sort of talent breaks responsibility, but also wanted to be a large market and to have a great motor rounded and also I wanted to be based on contrarian inside. Because I thought that all of the best companies have that at its core. While she wanted mission, you wanted a company that could kind of dominate its field by building a motor around it, but was also contrary and that's that's that's those are some interesting. Criteria. And that's why I screen for several years rejected pretty much every idea that that I came across And meanwhile. While you're going through all that I guess you meet this guy Cyrus Masumi. WHO's another McKenzie consultant and and just you just. Become friends like he's like somebody like in and you guys start hanging out. While we got put on study together that required us to travel globally and you've ever done that it meant frost were sixteen eighteen hour days together for three four, five months on end and we really. Got To become great partners in that and and what we realized that we had some. Very complementary skills. Cyrus is one of the most charismatic and gregarious individuals. You'd ever meet his very passionate. He could be more forceful, which sometimes was needed to be effective with clients. And you've talked to me now for a little bit as you can probably tell. More dispassionate and logical and more measuring. German? More, German in many ways, right. also was effective with clients by by. and Cyrus is American right? He's American this but that That close listened and how we work together that really started friendship and we stayed close for the study and be caught up over lunch pretty regularly denounce different business ideas off one another and. I think we connected because we had similar interests because. On. Some levels We were equally passionate about what we're doing higher says, passion was more visible to others than mine but we. Were close enough together that we both accepted. The other as. individual that that we could learn a lot from. Was it was it clear pretty soon after you start hanging out, Sarah's that this was the guy because you were. You're on the lookout for a partner. They I think it was was absolutely an option I know reality is that. With. Both founded companies before Mckinsey and we both knew that we wanna do it again and as I. was always great about being. Very honest. Rather than just nice and and I value that a lot. Yeah. All, right. So So this guy, Cyrus Super Charismatic, really smart clearly, the two of you start to to work together. And what what kind of business ideas are are you coming up with? While we kind of fell in love with a new idea that came about a one of these launches were Cyrus. Told me about how he recently ruptured his eardrum by flying with a cold and then found it very difficult to actually find a doctor and he had asked for recommendations and called down his insurance directory listing started with the as. Doctors weren't accepting new patients some no longer accepted two centurions one provider Pasta Way and so he said, well, why does it take four days to the doctor when I'm in pain right? And why can't this much easier? And we. Both very quickly. realized the potential of this idea from. Working at project be new helps us the for actually spending millions of dollars for marketing to grow their patient base because they had wasted inventory, right they had something that I like to call hidden supply, which is these last minute cancellations no-shows reschedules. That the that go to waste, and then on the other, there are the patients who had a hard time accessing this. You thought it immediately clicked with these my God. Yes. Doctor's appointments connect patients to doctors. Yeah. Well, look if you go through the forfeiture that I had read, it's a great mission right? We're making one of the most personal needs more accessible for for patients we can help patients to get in fast we can help the doctors become more efficient. We can make the entire health care system more cost effective people out of the emergency room things like that, and it's a marketplace. So there is a strong mode and clearly anything in healthcare is a large market and I think the contrary and inside that we had. was. The fact that. Most people thought it's normal that people have to wait twenty four days to a doctor because there's a doctor shortage in read our inside was really no doctors have asthma debate ability because of these last minute cancellations, no-shows reschedules and so I felt very about this idea. So. So you member like how long between the time that the you had that first conversation To the time were both you said, let's start this business was like monster or weeks or days. was was weeks. We what we what we started doing is actually. Mocking up the side in how imagine back then in powerpoint pointing just the wire. Website. Yeah. Wire frame. Exactly. We would. We'd go into starbucks and we'll chat up strangers and say, Hey, here's a five dollar gift card. Give me your thoughts. Sorry I'm GonNa. Go back. You just go to people in starbucks Gift Card and say, can you give me your thoughts? Random Person? The absolutely that's that was sort of our market testing. They wouldn't. They would be like excuse me this is a little weird. You're my space. Might also happen from time to time but you know there's lots of people on starbucks is very in German of you. That's debris because usually he would be to report tentative about doing that. Well, you know I think there was a lot less rejection than you think people actually quite open I. Suggest you try this out but if you If you're unthreatening in Luke harmless as we probably dead and then they'll be pretty open. You went up to and starbucks and you'd say, Hey, we're thinking about a company here. Can you just look at his powerpoint give you five dollars Gift Card and what was in the powerpoint, the popcorn and was just what we thought. This website would look like and we would ask them is the set service that resonates with you would you use it and and we got an incredibly valuable feedback here and really set us in many ways on the on the right track right? So and what pointed to the two of you decide let's quit McKinsey. Let's. Let's pursue this. Probably a month or two after we initially discussed idea did anybody say you were crazy for quitting? Everyone. Everyone told us. Crazy and got a lot of negative feedback on the idea to write people would say this is Bloomberg out I would never pick my doctor on the internet or I already have a doctor or you know doctors wouldn't accept patients that that are looking on the Internet of all kinds of protections that people had when they were thinking about their own situation by. When when you talk to people and starbucks, they actually thought about it much more positively. So we were encouraged enough to say, well, this is going to work as long as we get out of our circle and don't ask McKinsey consultants doctors. The responsible be better. All right. So you are in your thirties at this point. And presumably were making pretty good cash at McKinsey because you were probably you'd know expenses you're on the road all the time so. When you quit, I'm assuming you had some money to launch the business and probably live off for a while. Yeah. So I very deliberately had never raised my living standard to the money that the paying McKinsey and I had saved every dime so that I could. No be in a position where can fund this embraced can afford not to take a salary for a couple of years. Wow. So so a couple of hundred thousand and you saved. You know. Maybe. I'm to Germany to discuss personal finances but. I had. Built this. Radio, you can tell the. Story Yeah I I had I had enough money to live off for for several years but I also Saturday night both finance the company early out of our own savings so that clearly diminish We had leftover after that. So now, you both decided to quit. and. You have some technical expertise because you had. You had done some coding but this is next level stuff. Were you able to be that technology founder and Cyrus was going to be the the sort of the business founder? Absolutely not as I add coated but at that point, I had not touched a computer for a long time We knew we need to have a technical co founder and so Sarah's knew a guy named Nick Guanzhou from the time together, trophy software, and this is another company that they would both worked at the that's the company that they're both previously worked together and Nick just brought a totally different perspective and really educated Addison me on a lot of things and and he was really the one who understood a building a seamless experience for the consumer and ends May. Zach Docs. Early Genius, did you did you have the name dock from the beginning? Not, not initially we we went to several phases on on what the right name could be for for while we wanted to have a descriptive name. So we looked at physicians, dot Com Doctors Dot Com, and we actually tracked down the owners of one of these domains and they wanted several million dollars for the domain name. And and we were finding the company ourselves. So that was out of the question. So then we just sat in a room and we brainstorm a list of fifty or one hundred names, and then started eliminating names until we arrived at Dr. What does it mean? or it doesn't mean anything which was the WTO bit we could. There were zero search results. Okay. There's no meaning behind his ACH. There's no meaning behind and and in hindsight it was precisely the right thing to do because it really was a blank slate for us to fill with with meaning and really build a brand around. Zero such as October we started. It address nate the right lake once you know that it takes more than three weeks from picking up the phone and dialing for doctors till you actually see someone you realize Oh, this really not much else that we have to wait so long for to get. And this is more important than most of these other things you already have. Fantastic access View Magin. If air travel way that healthcare workers that wouldn't be an expedia that wouldn't even be Delta Dot Com that would be individual phone numbers for every plane. Imagine. If that happened, you know a half the planes would fly empty it would be a massive pain and that was actually the state of health care before sock. Is Amazing that that the nothing like this was out there in two thousand seven. I look at I. Think. In many ways you couldn't build it a much earlier. In the early days. When we went out there, we were the ones installing Internet of the doctor's offices. We. They they were a many times just migrating from a paper books to scheduling systems. We were at the cusp of digitisation for healthcare. We were just lucky in our timing to get this right in and start offering the service when that also happened. All right. So you decide to pursue Zach dock and it's the three of you. I'm assuming really just at the beginning and were you working out of out of one of your apartments? Did you guys rent space? No, we worked out of respect for. Many. Times we came to make yet the nicest apartment and and we could bring breakfast Burrito and bake him up and you know the the reality is that we originally had a pretty ambitious launch plan right so we got together around July. We wanted to launch by December of two, thousand seven. Something interesting happened were nick send an email suggesting to look at what was then called techcrunch forty. Take is is now a household name but the draw for us back then was there was a fifty thousand dollar prize now it's called tech crunch disrupt think. So it's a major a startup competition. It's a startup competition and we were the first class of this was much less known be budgeted two hours to fill in the application in really which will send it off. He didn't think about it anymore that there was an early July and early August we've heard that we had been accepted, but there was a complication we'd have to be ready by September eighteenth or. That was three months sooner than we had originally planned to launch. So you'd have a live website by September that is right that is right with doctors with doctors, right So we actually debated for a few hours whether we should even tried to go for that but we ultimately said, yes, we can get the website working and we wanted to have enough doctors just a bars wouldn't look pathetic. Brayden. Coded Night Neither Day and nick really busted his but he did the patient facing side of the website and that was the programs. What was potentially even harder because we're tried to launch a marketplace was to actually get the initial supply on there and remember the website wasn't there yet so. Tires ended up going door to door for doctors offices. Excuse telling them a powerpoint page, and this is really a testament to cyrus sheer willing determination if you think about what it means to really start a company early on, there's nothing to show right you may be a powerpoint but there's no website there's no patience. There's no other doctors no social proof and it has to run on passion and very clear that that is Cyrus superpower. He just went to random doctors offices or he had like a list of doctors offices and he started kind of walking block by block. Well, there's a lot of walking involved a we launched in Manhattan so you can literally go down the street and you see. The signs and you walk in. And he was basically saying look, it's a way to connect you to patients. How was how many by the way? What was your objective? How many doctors do you need to sign up to have this website look okay by September Between six and ten was our goal. Okay. So just doable it is a was extremely hard really. Is telling doctors is one of the hardest things to do why were they saying? Well, first of all, it is baby very hard to even speak to a doctor they are being shielded. Their time is very valuable. Office managers are trained not to let anyone talk to them to protect the doctor from people walking in selling them stuff shirt them. Secondly, they many didn't want to give up control over their calendar which has to write. We ask them to post times that a patient could book into it and it was just a far fetched idea for many of them the patients would actually do this. So he got a lot of knows he got a lot of knows. He'd go there and he just simply not leave until he got a chance to speak to the doctor and a few times. It was even escorted out by security. I really think one in a million could have put this off. I mean was he going to particular kinds of doctors or was he generally focused on an Internet general? Practitioners Ob sobe began with dentists Okay. Because our thinking was that. People go to dentists most often, and we wanted to make sure that we have an offering that is relevant for patients as often as possible. I. Got you so so eventually unassuming, you do get what six to ten or how many did you get by September of two thousand seven Eight. In the meantime, you inequity doing the back end stuff you were doing the coding and building the website does right and as you were building it. How did it look? So. The bit that Nick Build looked awesome for the time I think. It was impressive. We were. Very. Satisfied that we had a scroll bar that we had a map that we had back then already the insurance selector and a lot of feature that. Weren't to be found really anywhere else. All right. So September two, thousand, seven, you are ready to reveal. This service at. Tech. Crunch. And Doth Review present or did did Cyrus kind of wishy the spokesperson? Cyrus. I presented Nick stayed behind in New York to make sure that the less the website was actually up and running This is in San Francisco that you went to the we flew out to San Francisco and So we lost sock talk in front of Eight, nine, hundred people. A lot of them were journalists when the judges opened up with feedback guy covers ocoee who we newnan in valued. As embezzles forever apple he came out to said he he didn't get it. He would never use this in front of everyone right and. His direct load something like honestly Oh, it just never occurred to me to go to any doctor that's really burned in in my brain and what was worse is that he seemed to be right we didn't get a single booking. We were hoping that this PR would get us out of our initial batch of users, right because your other. So many tech journalists there. So you know the publicity may be would would would lead to bookings and that was the hope but. It actually took three days before regard our first legitimate a patient, and and in the entire first month, we only got five bookings. You come back from San Francisco and. You know you had Guy Kawasaki. Say I don't I would never use this service? I'm sure he feels differently today but man maybe then Ezio said that but did did you come back feeling like like dejected like losers or or were you excited like how did you feel coming back? While you know I think we obviously hoping we would eventually get more bookings and In the beginning you probably refreshed. The Bookings Report Hundred Times a day by as we were thinking through what we realized. It was really a typical two sided marketplace challenge It's just a classic chicken and egg problem. You need the supply to get the demand and you need the demand to entice them supply and for dark was even trickier. Right when you think about it, healthcare is hyper local. Very complicated. So you have to match. Supply and demand on a Zip code specialty level, and then we have thousands of insurances take. Until we realized that our odds of actually finding a patient that wanted. An offer there. Quite low, and so the best path forward was to methodically build up supply, and so we just kept going put up a huge map of Manhattan on the wall, and then a sleep put little flags on of where the doctor's brother we're on the website in which insurance is accepted and we just we knew the perseverance. Is the name of the game. Back in just a moment how oliver and Cyrus Begin to drum up interest in stock and how they even start to raise some money at figure out how to dress differently, stay with us guy rows and you're listening to how I built this from NPR. Hey everyone. Just a quick thanks to our sponsors who helped make this podcast possible I to epic provision maker of epic bar beef was nature's idea the epic bar was. 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A lot of their offices especially back in two, thousand, seven or sort of technologically in the Stone Age. There was incredibly complicated to sink the doctors calendars with ours. Because none of the software was actually made to sink. Were even in the places where we had syncs up and running, we would frequently get. Feedback while the punishment didn't happen because the doctor wasn't available and we really couldn't figure out why this was the case because when we did screen chairs with the office to their calendar and and our calendar, it was identical right and couldn't figure out why that's happening. So I decided to sit next to the office manager I went there and got to know him and his family photos of his dog. I fixed the printer taught a better strategies to play minesweeper still couldn't figure it out. Until one day, the doctor would come out and she'd say, Hey David I'm out next Friday. And then what does David do does he go into the calendar and block out next Friday or does he take a post? It note On a doctor out next Friday and sticks this too is monitor. In the real world. These post it notes, of course happen and but once you know that Matthew Friend, you can start filtering this out and that's one example they were literally a thousand point, one percent solutions that we had to figure out to make this work. Wow. That sounds I'm getting exhausted. Just hearing about that because this is like even like Google calendars, right? Yeah. Yeah. That was that was early days and what we were extremely focused around were making show the experience was fantastic. If something went wrong, we fix it. Right. So I was our customer service I personally would call the doctor and and confirmed the appointment was all said if it wasn't I, personally contact the patient to let them know and then I would offer them. Amazon Gift Card alongside with an apology those actually one case where it didn't catch a patient in time. and. The were in the subway to the doctor, and so I raised them to the doctor's office and picked up a bouquet of flowers on the way there and met them in person to apologize. And that was really a turning point burs. The service has to work and we need to be have this patients I attitude in in terms of how it works completely ingrained in the company. All right. So you clearly need to kind of grow this Were you offering this service doctors for free at the time? Initially. We for free by we eventually started charging fifty dollars per month. But Sam doctor you come into my office and you say, Hey, if you pay me I can bring you more customers. I would be skeptical I would've said to you you who whose, who even knows about you. You'RE GONNA you're asking me to pay you money for Phantom bookings for maybe no customers I mean did some of the doctors say Many. The US summarize our sales challenge. Right? It was very hard because even if you wanted to, we couldn't easily share how many patients their competitors are down the road God like that was something that was confidential. All right. So you are you got this chicken and egg problem. Not, enough people signing up and he gets skeptical doctors but you know that the service could really benefit the doctors, but you also need them to pay for because otherwise you know but business. Meantime at a certain point I'm assuming you guys start to think we'd better go out and look for money if we're going to really make this thing work. Yeah. Yeah. That that happened in the spring of two, thousand, eight we decided we raise series. And we we make the rounds we get in front of a number of the big name, BC New York the also go to Sandhill road in impel. Toho Santo Road we leads and road initially were very successful at all we got Polite knows. and. Ray No feedback control someone took us as I told us you know what the idea seems. Good. But you're consultants I'd and the perspective of its consultants can't get anything done and what realized is that even though we had both founded companies before our Mackenzie Pedigree in our keys and button down shirts, they were really hurting us, and so we wait rank Khakis and button down shirts. It sounds crazy. Were they pleaded pants or were they at least nine pleaded please. Yeah Yeah. Yeah we after hearing that feedback We very quickly just went to the next gap and bought jeans and t-shirts and from that on the combos with VC's when but a lot better. So you went from McKinsey consultant look to this are the tech casual uniform of jeans and t-shirts that that's exactly right and we introduced ourselves not as NBA's and McKinsey Consultants but we introduce ourselves previous entrepreneurs that are starting their next company. was was anyone biting? Were there people who were like? Yeah there's a great idea I'm in. So interesting enough we had raised some money from. Friends and colleagues, and many of those they invested in US business plan unseen just based on the fact that we. Were giving up our careers at McKinsey to pursue talks. So that felt really a great. and. As we started changing how we appeared in how we introduced ourselves to venture capitalists L., we started to get offers and so in August of two thousand eight, we ended up raising five million from KHOSLA ventures expeditions mark. Wow Mark Banya Jeff bezos, and Venus is. All their. Funds are in which sounds like a lot before you WanNa do it's actually. Kinda limited because you still it seems to me in two thousand eight even though you have five million dollars a lot of money you still have this problem which is you've gotta get. Customers, and then to get customers, you need lots of doctors had lots of options but to get doctors, you need lots of customers booking through the site to you do that precisely D- These five million dollars per lily earmarked for making New, York, work, right, Miguel, I market work but. immediately after raising the money the financial crisis hit. And You may remember there was rest in peace a memo that went around about startups, right? Yes. About start ups, never being able to raise money arrested in peace good times. So we got this job is to make the money stretch in. We probably learn not during this time This was really our first go round making hard choices and what I want to be frugal and not to do things we can't afford and We learned to not let money replace critical, thinking and creativity. But now we continued to grind away at New York and at some point felt while if you want to get. To the next level we have to prove. Dr Isn't just a New York City phenomenon. Right? We had to prove that it would work in a second city But at that point, we didn't have the money to do this anymore, and by the way you're still your approach was still the same. It was door to door. That's right door to door and how how you building awareness about the about the fact Zach existed with customers with potential customers. So we it was day very difficult to get someone. To the website. Yeah but when they did. They loved it because it was such a step change from how healthcare used to work for him. Right they used to have to pick up the phone and wait on hold and then plays scheduling. tetris. With the office manager, can you do Wednesday morning about Thursday noon? Friday afternoon, and now they could do the same thing in a minute and have complete overview about the ability patients loved it and they told their friends. So we we started to get word of mouth. Going, and so we saw New York really taking up and we felt like, okay, this does this go into work in New York. At a minimum rate, but we also realized that it took us a fair bit of time. And money to get it going. In New, York and do we couldn't with the money we had left from the five million easily expanded into a new city at the same time. Raising money was going to be difficult because the next generation of investors wanted to see that it works and other cities as Walter. So we were a little bit in this catch twenty, two we ended up. Applying to. Force boost Your Business Competition Four. Forbes has his competition as sell to where they give away money right to they were promising a hundred thousand dollar prize. And at this time. We won. And Yeah what did is they gave us one of these large publishers. Clearinghouse is sex and very useful actually used to cover a hole in one in our only conference room. There was a hole in the wall and we covered it with that. At, this point you are, you are working out of an office, not not an apartment at this point we were working out of A. Shared Office space we work. Yeah. So they had given us publisher clearing house is is check but they fail to give us the small check for three months and we were getting really nervous, but it would still get it but. But ultimately, we got that one hundred thousand dollars and that's what we used to launch and our second market in DC in Washington DC and would did it require you guys to move down there or were you did you hire because I'm assuming you had to? A lot of your early capital was going into sales. Business Development hiring sales reps, is that right? Right, we had a couple of sales reps at the time. A. Very first employee ever was a sales rep is still with the company today and He was great. He figured out how to. Really charm his way. To the doctor. So there were no more security guards escorting anyone out. When did you? I'm assuming that even in two, thousand, nine, two, thousand, ten, and beyond we're not yet profitable. Far From It? Yeah. Far from it right because it's a capital intensive business. Yes. We obviously invested heavily in customer service wanted patients to have a great experience. And we had a quite sizable engineering team because that was actually a major engineering effort. So what started to happen when did you start to kind of see? A real turning point. Yeah. So we we we had launched New, York successfully with. Years. Of hardwork, we've gotten it off the ground is transported that to DC at work well, in DC, and now he said, well, why are we not in more cities and so we actually we raised serious be with fouled respond and We used to expand off the East Coast Francisco then Chicago and we just got better better at it. So we then ended up raising serious and two thousand eleven from Goldman NTSC, and we primarily use this to grow our sales team and sign up more more doctors in from two thousand eleven till two thousand, thirteen, we launched roughly thirty new cities I read that by by two thousand, fourteen would covered. Like forty percent of markets in the US, which is huge I mean that's right I mean that's a huge number of cities. And in that year evaluation. Of tzakda. Past Billion Dollars I mean that's That's pretty remarkable i. mean you were kind of on this like really rapid trajectory and you a pretty straightforward model right and you were charging doctors a flat fee every year and then. They could take all the bookings they wanted and I think that by that point like by two thousand, fourteen knew it was not cheap. It was expensive viewed really raised the price it was like three thousand dollars a year, right? Something like that. Yes recharged Dr Three thousand dollars a year and and there was a flat fee. No matter. How many bookings Actually facilitated for them and and the reality was for some doctors that got a lot of bookings that was a great deal. Yeah. But but there were also doctors that God a lot fewer bookings and for them that fixed cost was actually too expensive and some of them were starting to leave the service, and so we got into a situation that required us to invest a lot to stay where we are and then invest even more to continually grow our overall provider base, which means we had to build out a massive sales team to always sign up more doctors right and. Some point during this time L. Nick actually ran an analysis showed that it would take several years if ever fries to make our money back on on many of the doctors we signed up because you would have to sign up. X number of hundreds of thousands of doctors paying that amount every year. To make your money back to to make sort of our the cost of the sales team back. Wow and L. it. This was pure that would make us dependent on external capital for our very long time, and now it's a clearly there are many companies that have taken. Grow fast at all costs approach. And They Held onto this forty extended period of time by L., it clearly puts talking to a dependency to. Investors in their mind says, yeah. So. Meantime. You know I I from what I understand. There's disagreements I mean there there are you know the leadership team including Cyrus he he's I. Think he's he's sort of his position as the flat fee model is actually the best way to go is that a fair assessment of of his position? Yeah. I think that's right. I. Mean there were two fundamentally divergent ways held the business could go forward right. One way was to continue to work on optimizing the unit economics of our subscription model and the other way was to think about how to make it more transformative leap and then find a new more profitable. And more sustainable model and. Their. Look I can certainly understand The reluctance and taking this leap if companies rechange their underlying business model once they have a certain scale and then live to tell about it, right. We know the names of the companies that have done this net flicks, but from DVD's to streaming adobe. From box software to the cloud, but there's not a lot of companies that do that. and. Needed to make a choice which which direction I wanted to go. And and I should say over that. Became intensely personal for you because hugh and Cyrus really disagreed on on on the direction of the company should take. Steps down he he left the company and you moved into the role of CEO. Those right and what ask you about this neo. Beauty's in the flies of this show is its simplicity and we talked to one person or sometimes too. It's a single narrative, and so we don't have cyrus with us to tell us what happened but I wanna ask you about this time because. This was your co founder. This was your partner This is your friend and he was leaving the company. How did you feel at that time? I all I can say was a very hard and very emotional period for everyone involved and It was certainly a departure But how was through that given these two divergent choices you you couldn't. note, both of us could be useful to talk and. I have to imagine that for for period. China. was sort of the friendship. Look been we were very close we. Were not only friends we had worked for eight years believe together fourteen hours a day, and we probably talked more to each other than to anyone else in our lives but you know. Still touch from time to time and. I think he's joining us on from sideline. He still at prison million owner of the company Yeah, he's still. Here's the thing I mean we've we've told stories about breakups we've had we've had episodes were there were married couples who split divorced but continued the business e O products. Susan Griffin Black and an her husband Brad They continued the business stacy's pita chips continue the business after the divorce sold it for a quarter billion dollars. You guys were worth value to one point eight billion dollars at this point. was was ever party that just thought you know, God look at what we're doing on the core we're going and. I mean did you in service it down and say you know this thing is just growing and? Let's just figure this out. I think the challenge is that it's not as if there was an article way to decide what the right path forward is. As long as investors wanted to give us money growing all costs was yeah. Fine Strategy. The question was just how dependent you wanted to be on the continued goodwill of investors. It sounds like you were tired of going out raising money. You didn't want to do that anymore. Oh, not at all but I think you want to raise money from a position where you know what your turn to is and and. It wasn't clear that the business model would work in in a way that that we could just flip a switch and be profitable. Yeah. So. That was a tough year for you. Two, thousand fifteen. There was an article in business I think business insider, and it was about the sales team. It's October that year and it was. It was some allegations that you know Pete member sales team using adderall even cocaine they were under immense pressure. They were working all the time when you saw that article. And I'm not saying you even aware of any of this. You may not even aware of it but I. have to think that that article really alarmed you and and maybe even embarrassed you. Look A. There were a number of articles in two thousand fourteen fifteen. Didn't absolutely get everything, right but Budweiser I can say is that At. The time doctor had their sales team and we're. Getting very quickly and Your maybe maybe. Too focused on. L. Hitting targets and. Not. Focus enough on creating a strong culture the I hear these stories from six years ago from from time to time and from from now from candidates and and really every time. This happens like a Gut Punch. Because, this we know we're completely different company now. On on so many levels, but clearly, you saw that in new that you had to change something. While yes, I look I l there's a there's a couple of things about this. Right? We are a technology company, but we had said ourselves up too much about. Instead of writing wins and really too little about being adaptable and darning and and building the trust required to try things that now pet the risk of failure. and. So one of the first things I did is to change core values. You know to emphasize those behaviors each one of our values adaptable, not comfortable and other one is progress before perfection learners before masters right and. We only kept really one DIA CONSTANT DEL patients I. Personally that. That was more of the culture that I thought was right for Doc to succeed on many dimensions. So, you take over the company it's got high valuation, but you're still not making money and you know that you've gotta change the underlying business model you're never gonNA make money. And from what I understand this is the beginning of what you have internally described as the second founding of the company. That is right. That is right and that basically happens in in two thousand, eighteen you you launch this new business model where instead of the the dollar membership fee. Basically, you would charge doctors a lot less like two hundred or three hundred bucks, but then every booking you, you would take a cut from that booking. So like a travel agency. A little bit charge for new patient booking. So the existing patients to practice we made free but yes, there was the fundamental idea and. It sounds like such an obvious thing to do but but here's the problem with it and why why are we thought it was incredibly risky to try this. Our best customers that had been on for a long time. They got lots of pockets right and if we start charging them per bookings, their prices go up very significantly in some cases ten times more and that seemed. Competing, insane to us. In. Particular because when we talked to other companies that were at gone through similar changes and even pricing experts, they're number one advisor was make sure whatever you do never charged your best customers more and frost would be precisely. The opposite. In the thing that was counter-balancing this in our mind was well, maybe we'd be able to bring on a lot more doctors because the barrier to entry is now much lower that was there was the back and forth in the team to figure out whether that's the path we want to want to go. So, this is still a risky strategy because you're depending really on new bookings because the two hundred dollar annual fees dramatically lower and I have to imagine in year one, you actually saw drop in your revenue in the year one of of this curve. Second founding. Right. Well, it's from a risk profile worth at that. Right the warriors that you lose all your best customers in with it, all the bookings day used to be getting. and. So we needed to be ready for a very significant drop in bookings and revenue and the second Challenge was here that. The beauty of this approach modest and we got all this money upfront right and Sharon. Now to bond, we're getting paid after the booking with with a thirty day payment periods, we had a huge working capital requirement to make that happen. So did you see a drop and revenue in two thousand eighteen when you rolled this out? No we didn't because we actually didn't see the doctors leave the way that we hit on -ticipant did in fact, you know while we had very much worried that they would be upset and some of them certainly were upset. We were providing so much value to them that. You know what? What took you. So long I knew as getting a great deal all along. So that worked really well, and we had piloted in Georgia initially in April. Two thousand eighteen and then that had worked. So we we then all allowed in Colorado a few weeks later that work to, and from there we went to Washington state and again, very positive results and after these three days. Okay Great. We know this works does it out in our largest most important market? Let's go to New York and that and terribly horribly wrong. They the doctors in New York. Not only were so pissed off they actually I read. mounted a change dot org. Petition I. Don't know what to to to end this practice or something. They were really mad. They were really really mad and I guess you guys responded you said, are we won't we won't roll this out in New York for a while. Yeah look in New York. We. Facilitate Roughly, one in five new patient doctor relationship in the entire city on dock and so. The economic impact for the providers in. was much greater than for the providers in Georgia Colorado Washington. So yes, to give you one example, there's a dermatologist and so and he paid under the ultimate model ten doctor say paid thirty thousand dollars and under the new pricing model, his cost was going to go up from thirty thousand dollars to roughly three hundred, forty, thousand dollars. Wow. So what was your response to that? I? Mean it seems like a pretty reasonable. Concern. Yeah. So look after the conversation with the Dermatologists I. Actually. Put down the phone and I thought you know what? He's right. And so I pause and we regrouped and. We did a couple. Of things during this time, like the first one is we just went on a listening tour. You know we talked to provide their feedback and we just adjusted our this plan to give providers a much longer grace period to decide whether the wants to addition to the new model or not, and then. So then we read on New York six months later and and when dramatically better. So the strategy works and you see results from the strategy pretty quickly like within a year. Within a year, we had we finally at some incredible momentum was really going better than we had expected in our wildest dreams. Our existing client went down to essentially zero. I mean people still retire and and move jobs by no one really left the service and we were adding more and more providers because the barrier to entry was low and So in two thousand, nineteen we began growing profitably. It sounds like two thousand and nineteen was really the banner year. Two thousand nine hundred was a was a fantastic year and honestly we had so much momentum coming into twenty twenty and feel like, Hey, we worked really hard for three years and profitable and now the sky was the limit until. Tells Sam until March of two thousand twenty. Two Marjo twenty twenty and that's. That's really maybe the third founding DOC right? Well, I want to ask you about March twenty twenty because. Your Business is based on people booking with doctors and going to the doctor I have to imagine your revenues must have plummeted like every other industry like I mean doctors offices are still in most of the country. Slow or are trickle of patients coming in. With the lockdown started happening we saw impersonal bookings declining anywhere between fifty to ninety percent by the end of March I'm not surprised and lot of that buys I was getting was to. Lay off people and make sure that we hunker down to weather the storm but I saw an opportunity to build windmills, right so I thought well, we need to be there for our patients. We should be expanding into telehealth and I need every team member to help me do that and so we. Really went all important and supporting video visits and I'll probably June eighteen began redesigning the tire marketplace support virtual care, and so we actually released. Doctor Video Service and we made this available to. Any. Physician whether they are on soccer. for free. And by the way head, you plan to do this. How long would would I mean I'm imagining if you said in in February district I really want to focus on telehealth Would you have expected that by May would have been ready to go. Absolutely. Not I think what has been really fantastic to see is how? We really finished two years of roadmap in two months. Wow, and it's great because it's just gives us a window on what the next phase of doctor will be and really looking forward to that in my mind were the point were Amazon started from going. Books to also adding CDs. We have just gone from doing only in person to also A. Doing telehealth and I can't wait to see how this unfolds. It sounds like you. Might be reading between the lines but. You. Really, admire and respect your co-founders particularly. Cyrus and the work that he did to to build this company but I wonder if do you think that you will a I dunno, rekindle your friendship i. Is it something that is in the cards because a break is? Is Emotionally, it's hard Mesa really hard. Yeah, look I Do I think we'll work fourteen hours together again maybe not but you know I I've gotten through tougher breakups and reconciled in my past, and so I think we are we're in good shape and honestly know we are meeting were talking from time to time Yeah. We both have things to do and places to be so we're. Not, hanging out all the time. But it's now also five years ago So We are we're merch focused on making our join the baby successful. When you think about your journey and All Its happen to you how much do you think this has to do with? with luck and how much do you think it has to do with with the hard work you put in your your skills. Well I'm going look I I believe that there's really three ingredients to success. In order importance there are lock the talent, then hard work and. The only one. That's comedian. You control his how hard you work right and Now working hard to gives you more shots on goal It helps his day on the top of what you your talent allows and absolutely restarted at the right time the right place. So What what I'm proud of an all that journey has only that yet when we were wrong and when be had to revise and. When we needed the grit to actually make it work. I L we lived up to that and and that's really The all that anyone can ask themselves to. Oliver Karaz co-founder of Zach Braff by the way, remember how they originally wanted to call it physicians dot com or doctors dot. com. COULDN'T AFFORD THE MILLION DOLLAR PRICE TAG to buy the domain name. DOC DOT COM wasn't only available the price they paid for that domain name. Six Bucks. and. Thanks so much for listening to this show this week, you can subscribe wherever you get your podcasts. You could also write to us at H. I. T. at NPR DOT Org. If you want to send a tweet, it's at how I felt this or at Cairo's can also follow me on instagram that's at Guy Dot Roz. Our show was produced this week by Jet Anderson with music composed by Tina. Bluey. Thanks also to Julia Carney Candice Limb Neva grant and Jeff Rodgers I'm guy. Roz even listening to how I built this. This is NPR. Black voters play a crucial role for any Democrat who seeks to win the White House but some big devise amongst that block and some serious influence

Cyrus Masumi Mckinsey New York L. Nick Germany Starbucks Oliver Karaz Partner Office Manager United States Dot Com Doctors Dot Com Co-Founder Amazon Zach Dock Manhattan Middle East Sarah SAM Co Founder Iran
"three hundred forty thousand dollars" Discussed on News Radio 920 AM

News Radio 920 AM

04:22 min | 2 years ago

"three hundred forty thousand dollars" Discussed on News Radio 920 AM

"Exchange show dot com where you can download our guide download our podcast and click on the ask Todd tab to submit your questions for Todd to answer on the air so Susan let's take a minute and and go to a California appellate court case so this is a situation where and again we mentioned life goes on you can stop these things so Leticia had created a it was it was actually injured when she had given birth to one of her children and from that injury she received a settlement of three point four million dollars and that was tucked away in what we call a first party her trust right first party her money her trust special needs trust for her benefit and she then passed away in any folks this is important for you all that if you have somebody who who got injured that wasn't born that way but but got injured during life and became young disabled special needs what have you you need to be able to set these trucks up share and and get on on Medicaid in this case it was you know medi cal out in California and my phone on and then she passed away and she passed away in the state this is will spend some time talking about estate recovery not just from this case but from anybody who's done any estate planning you don't even have to be disabled I'm gonna bring that up for you so the estate recovery group in California said you know we need to get three hundred forty thousand dollars paid back to us because that's the benefits that we paid to Letitia on her behalf on her behalf well the husband didn't like that so much in the husband said you know what we're gonna object because there's a statute in California that says if you die before age fifty five and we're disabled which she was then it all goes to the husband huh yeah kind of strange I'm not a California lawyer I don't not pretending to be one and I really don't know what the statute sets let's just assume for now that in reading this that is true well we know that the federal Medicaid law is a federal Medicaid law which likely will trump if you will a state law and so what happens well the probate court granted the husband's request saying here you you should get all the money there's an exception right there on the law there is California law well the state appealed course they did in the state went to the appellate court the appellate court reversed the appellate court reversed saying that wait a minute it may be that there's this state rule but that would completely defeat the federal Medicaid loss is that I can't be and so they need to pay back for you know forty thousand dollars out of the trust to the state well where does that leave us and why am I sharing this with you why are you sharing the story with us Todd I think it's important for us to spend a few minutes understanding the differences between first party a special needs trust in other words one created by the individual using their own money right any third party special needs trusts all of you moms and dads out there in the world that have a special needs child I don't care if it was that you had a child that was born that way more that you have a child that became disabled later in life you can do your own estate planning create a special needs third party trust for that child I want to compare the differences to help us understand whether this case is correct in this decision or not and lastly tell you about how estate recovery works in general for Massachusetts and Rhode Island and Massachusetts and really New Hampshire because those are the two really big differences and you know what folks Todd's guide that is written for the month of April it is brand new and it's revoke herbal verses eerie vocal trust the dispositive provisions in your trust how you're leaving your assets when you pass away.

Todd
"three hundred forty thousand dollars" Discussed on News Radio 920 AM

News Radio 920 AM

04:26 min | 2 years ago

"three hundred forty thousand dollars" Discussed on News Radio 920 AM

"Can also visit our website for the fastest way to receive your guide legal exchange show dot com where you can download our guide download our podcast and click on the ask Todd tab to submit your questions for Todd to answer on the air so Susan let's take a minute and and go to a California appellate court case so this is a situation where and again we mentioned life goes on you can stop these things so Leticia had related a it was it was actually injured when she had given birth to one of her children and from that injury she received a settlement of three point four million dollars and that was tucked away in what we call a first party her trust right first party her money her trust special needs trust for her benefit end she then passed away in any folks this is important for you all that if you have somebody who who got injured that wasn't born that way but but got injured during life and became you know disabled special needs what have you you need to be able to set these trucks up share and and get on on Medicaid in this case it was you know medi cal out in California and my phone on and then she passed away and she passed away in the state this is will spend some time talking about estate recovery not just from this case but from anybody who's done any estate planning you don't even have to be disabled I'm gonna bring that up for you so the estate recovery group in California said you know we need to get three hundred forty thousand dollars paid back to us because that's the benefits that we paid to Letitia on her behalf on her behalf well the husband didn't like that so much in the husband said you know what we're gonna object because there's a statute in California that says if you die before age fifty five and we're disabled which she was then it all goes to the husband huh yeah kind of strange I'm not a California lawyer I don't not pretending to be one and I really don't know what the statute sets let's just assume for now that in reading yes that is true well we know that the federal Medicaid law is a federal Medicaid law which likely will trump if you will a state law and so what happens well the probate court granted the husband's request saying here you you should get all the money there's an exception right there on the law there is California law well the state appealed course they did in the state I went to the appellate court the appellate court reversed the appellate court reversed saying that wait a minute it may be that there's this state rule but that would completely defeat the federal Medicaid loss is that I can't be and so they need to pay back three and forty thousand dollars out of the trust to the state well where does that leave us and why am I sharing this with you why are you sharing the story with us Todd I think it's important for us to spend a few minutes understanding the differences between first party a special needs trust in other words one created by the individual using their own money right any third party special needs trusts all of you moms and dads out there in the world that have a special needs child I don't care if it was that you had a child that was born that way more that you have a child that became disabled later in life you can do your own estate planning create a special needs third party trust for that child I want to compare the differences to help us understand whether this case is correct in this decision or not and lastly tell you about how estate recovery works in general for Massachusetts and Rhode Island and Massachusetts and really New Hampshire because those are the two really big differences and you know what folks Todd's guide that is written for the month of April it is brand new and it's revoke herbal verses eerie vocal trust the dispositive provisions in your trust how you're leaving your assets when you pass away.

"three hundred forty thousand dollars" Discussed on KOMO

KOMO

04:57 min | 3 years ago

"three hundred forty thousand dollars" Discussed on KOMO

"The gavel president trump's legacy now forever marked with impeachment only the third president in U. S. history the charges abuse of power and obstruction of Congress the vote along near party lines not a single Republican breaking ranks Democrats largely United to just a few opposing impeachment ever as the house being the president's rallying his troops in battle creek Michigan we feel like we're being impeached we have tremendous support in the Republican Party like we've never had before he insists Democrats are the ones who will pay the political price today AZ Nancy Pelosi's house Democrats more and he attacked democratic congresswoman Debbie Dingell who voted to impeach him going after her husband congressman John Dingell who died earlier this year he's looking let's assume he's looking down the congresswoman responding your hurtful words just made my healing much harder on Capitol Hill Republicans locks the president is adamant he did nothing impeachable this today is about one thing and one thing only they hate this president they hate those of us who voted for they think we're stupid they think we made a mistake they want to take away my and throw it in the trash but Democrats say transactions left them no choice that he invited foreign interference in the U. S. selection by pressuring Ukraine to investigate one of his chief political rivals former vice president Joe Biden V. corrupted our elections a compromise our national security so that he could keep power power for the people power for himself Democrats say they had to act now because the president presents a clear and present danger chairman Adam Schiff with a warning across the aisle if you ignore it if you say the president may refuse to comply may refuse lawful process may call worse an ally made sheet election because he's the president of our party you do not uphold our constitution you do not uphold your oath of office well I will tell you this I will uphold mine I will vote to impeach Donald Trump this fight now moves to the Republican controlled Senate and we do expect that later today leaders McConnell and Schumer will sit down I need to try to hammer out a plan for this trial early next year but the Republican leader has made very clear he plans to be in full total coordination with the White House and does not expect the president to be removed from office in this ABC news senior congressional correspondent merry Bruce reporting this morning Senate democratic leader Schumer says the impeachment of president trump was completely justified well speaking on the Senate floor just a bit ago Schumer ripped Majority Leader Mitch McConnell for saying he would not be impartial in the Senate trial the trial of course would determine whether trump remains in office Texas senator Ted Cruz says the house has fallen short in proving the case he spoke on fox and friends this morning mocking house speaker Nancy Pelosi for saying that she would wait until the Senate sets its rules for a trial before sending over the articles of impeachment blows you saying this morning she's most concerned about there being a fair trial in the Senate Cruz says house Democrats have impeach president trump without actually accusing him of a crime come on it's time eight twenty to get to our propellant sure it's money update that was on has announced plans to focus its satellite research and development work in a new complex in Redmond its goal is to provide global broadband internet connectivity supports Emma's on in direct competition with Boeing and Ilan musk's SpaceX which opened a Redmond office in twenty fifteen the U. S. Senate may approval of the big budget to compromise today averting a pre Christmas government shut down the government runs out of money at the week end the week's end in the house passed to budget bills earlier in the week president trump is expected to sign them the White House helped negotiate the year on budget deal which funds the government through September that's the end of the current fiscal year California's investing in electric school buses the California energy commission spent ninety million dollars to put two hundred electric buses in schools across the state each bus cost about three hundred forty thousand dollars but state leaders believe the investment will pay off in the future let's see what's happening on Wall Street this morning and check in with don McDonald vestry for a look at the numbers well a small rally is picking up some steam this morning is the Dow is up now out while it just keeps going up now a hundred and twenty points to twenty eight three fifty eight approaching half a percent higher the S. and P. five hundred up ten to thirty two hundred the total market up seven and a half nasdaq composite up thirty four for an oil prices are on the rise there about nine tenths of a percent now to.

trump president U. S.
"three hundred forty thousand dollars" Discussed on NewsRadio KFBK

NewsRadio KFBK

03:01 min | 3 years ago

"three hundred forty thousand dollars" Discussed on NewsRadio KFBK

"Calls are an annoyance for one oncology nurse in her sixties all law enforcement impersonation scam that appeared to have started with the rebel call drew her into financial losses that's sceptre family's nest egg and the realtor retirement the scale for a loss more than three hundred thousand dollars and the ease with which the money was moved out of her accounts shows why scam calls persist Wall Street journal reporter Sara crosses the work even on people who think they would never fall for one Sarah explain this case I want a lot almost three hundred forty thousand dollars let's start it and I wanna call and it was a total security administration imposter scam that stretched out over the course of nearly a week and result in in her basically living her life saving men and she never brought this up to anybody who would have pointed that out or she was ashamed or what one of the things that operated in this and many others keeping her on the phone for a long period of time with the goal of leading her from my friends or co workers and so keeping you in either in one year and then either you're in a heightened state of emotional you're being threatened in this case they told her that they would go to jail if she didn't cooperate and that if you did not make her happy would be threatened permanently identity had been stolen and crime committed under her name she's I saw how did she come to give away almost three hundred forty thousand dollars to these guys when he first place now she was you know I prayed and call back that would connected with that person who claim to be an FBI agent the name of the badge number and and and during our conversation he verified her name and her email address and I'll address the answer suggesting that they knew more about her and and and in doing so with that let's try and then she began to tell what was in her bank account he had and then they began getting construction how to move those assets to a quote unquote government protected account that they wouldn't become president many that recoverable at this point law enforcement have helped her recover about eight percent but it's unlikely that shall recover much more do they actually recovered from the from the purpose it unclear what the source of the recovery wide receivers are cross reporter at the Wall Street journal he's got a story about Wrobel call scams in the reason they work or the reason they're so persistent is because they work you pointed out to the story scammers benefit from the sheer volume of low cost calls they can make with web technology can explain a little bit yes it's very easy to buy a block of phone numbers and that sort of auto dialing technology we can block out a large number of calls and voice mail on people's phones and even a small number that people call you back in and fall for that you can make a significant amount of money and I will say that you know one of the things that we point out the story is that this is in a one on being in the first nine months of this year alone he.

three hundred forty thousand d three hundred thousand dollars eight percent nine months one year
"three hundred forty thousand dollars" Discussed on News Radio 690 KTSM

News Radio 690 KTSM

02:59 min | 3 years ago

"three hundred forty thousand dollars" Discussed on News Radio 690 KTSM

"Calls are an annoyance for one oncology nurse in her sixties all law enforcement impersonation scam that appeared to have started with the rebel call drew her into financial losses that's sceptre family's nest egg and the realtor retirement the scale of her loss more than three hundred thousand dollars and the ease with which the money was moved out of her accounts shows why scam calls persist Wall Street journal reporter Sara crosses they work even on people who think they would never fall for one Sarah explain this case I want my almost three hundred forty thousand dollars let's start at the rebel call and it was a total administration imposter scam that stretched out over the course of nearly a week and result in in her basically living her life saving men and she never brought this up to anybody who would have pointed that out or she was ashamed or what one of the things that operated in this and many others keeping her on the phone for a long period of time with the call of leading her from a friend or co workers and so they call it keeping you in either in one year and then either you're in a heightened state of emotional you're being threatened in this case they told her that they will go to jail if you didn't cooperate and that if you did not make her happy would be present permanently identity had been stolen and crime committed under her name she's I saw how did she come to give away almost three hundred forty thousand dollars to these guys one key point now she would you know operate in call back and with connected with that person who claim to be an FBI agent and in the name of the badge number and and and during our conversation he verified her name and her email address and I'll address and the answer to getting that they knew more about her and and and in doing so with that let's try to mention again to tell what was in her thank you counsel that she had and then they began getting her instructions on how to move those assets to a quote unquote government protected account that they wouldn't become president many that recoverable at this point law enforcement has helped to recover about eight percent but it's unlikely that shall recover much more do they actually recovered from the from the purpose it unclear what the source of the recovery wide wrestling with Sarah Kraus reporter at the Wall Street journal he's got a story about Wrobel call scams in the reason they work the reason they're so persistent is because they work you pointed out to the story scammers benefit from the sheer volume of low cost calls they can make with web technology can explain a little bit yes it's very easy to buy a block of phone numbers and that sort of auto dialing technology where you can block out a large number of calls and voice mail on people's phones and even a small number that people call you back in and fall for that you can make a significant amount of money and then I will say that you know one of the things that we point out the story is that this is in a while being in the first nine months of this year alone.

three hundred forty thousand d three hundred thousand dollars eight percent nine months one year
"three hundred forty thousand dollars" Discussed on KNST AM 790

KNST AM 790

05:42 min | 3 years ago

"three hundred forty thousand dollars" Discussed on KNST AM 790

"Come in the Monday November twenty five Gordon deal with Jennifer to shrink us some of our top stories and headlines navy secretary forced out over his handling of a navy seal case former New York City mayor Michael Bloomberg officially enters the presidential race landslide win for pro democracy parties in Hong Kong Mississippi start selling lottery tickets today for the first time as Duncan prepares to get rid of palm coffee cups the Wall Street journal says people are starting to collect them Niners ripped the Packers and Sunday night football and a little boys remarkable recovery from a brutal attack at a mall that story in about twenty minutes this portion of the program is brought to you by salon positive light eighteen plus pain relievers for most Americans robo calls are annoyance for one on college the nurse in her sixties all law enforcement impersonation scam that appeared to have started with the robo call drew her into financial losses that's sceptre family's nest egg and the realtor retirement the scale of real loss more than three hundred thousand dollars and the ease with which the money was moved out of her accounts shows why scam calls persist Wall Street journal reporter Sara crosses they work even on people who think they would never fall for one Sarah explain this case I want a lot almost three hundred forty thousand dollars with let's start at the rebel call and it was a total security administration imposter scam that stretched out over the course of nearly a week and result in in her basically living her life savings men and she never brought this up to anybody who what a pointed that out or she was ashamed or what one of the things that operated in this and many others account is keeping her on the phone for a long period of time with the goal of a fleeting her from trusted family friends or co workers and so they call it keeping you in either in one year and then either you're in a heightened state of emotional and you're being threatened in this case they told her that they will go to jail if she didn't cooperate and that she did nothing happened to be present permanently identity had been stolen and crimes have been committed under her name she's I saw how did she come to give away almost three hundred forty thousand dollars to these guys when she first place now she was you know I prayed and call back and with connected with the person who claim to be an FBI agent and gave a name in a bad number and and and during our conversation he verified her name and her email address and we'll address and the answer to getting that they knew more about her and and and in doing so with a topless trust and then she began to tell what was in her thank you counsel that she had and then they began getting her instructions on how to move those assets to a quote unquote government protected account so that they wouldn't become friends than any that recoverable at this point law enforcement have helped her recover about eight percent but it's unlikely that shall recover much more do they actually recovered from the from the purpose it unclear what the source of the recovery wise than Kristy with Sarah Kraus reporter at the Wall Street journal he's got a story about Wrobel call scams in the reason they work the reason they're so persistent is because they work you pointed out to the story scammers benefit from the sheer volume of low cost calls they can make with web technology can explain a little bit yes it's very easy to buy a block of phone numbers and that sort of auto dialing technology where you can block out a large number of calls and voice mail on people's phones and you know even a small number that people call you back in and fall for that you can make a significant amount of money and I will say that you know one of the things that we point out the story is that this is in a one on being in the first nine months of this year alone that he received more than a hundred and thirty nine thousand reports of fraud with justice Social Security Administration impostors style and a lot of their totaled almost thirty million dollars what about bank procedures here nobody said to her Hey what are you doing or of cheese that's an awful lot of money been moving lately they did one of the ways in which this game are sort of culture was how to present while in bank branches and they say you know look at the teller and I and be prepared to answer questions that they ask you what the the one of the transfers of four they said you know tellement apartment renovation for data prepared her before she went into financial institutions with answers that would help her you know offer believable answers to questions and and broadly and that angel to stand that customers can move their their money at well you know there's transaction aren't really blocked unless their queue someone hit on like a section for example how and in these scams are can often be somewhat complicated writer deep as you mentioned I sometimes scandal give you the phone number of somebody else who claims he's going to help and now it it really seems legit because of somebody else over right that you're calling me at all about them sort of trying to establish believe ability and so in some cases there is sort of a law enforcement angle to to provoke here or there is they'll give you the number of someone else to call to verify it or in this case they said to her for example keep your receipt for the taxi ride that you take a for the hotel stay will submit to the court house for you and you know all the while trying to keep up the guys were trying to help you clear your name and you have to cooperate and if you don't you'll go to jail her these things getting more sophisticated seemingly month by month they are and there's also an increasing amount of information about consumers online either on public service databases on the dark web from Jackson he preaches so it's it's becoming easier and easier to sort of get information that helps you convince someone that you tell a lot about them the store that.

Jennifer secretary Gordon navy three hundred forty thousand d three hundred thousand dollars thirty million dollars twenty minutes eight percent nine months one year
"three hundred forty thousand dollars" Discussed on 106.1 FM WTKK

106.1 FM WTKK

04:46 min | 3 years ago

"three hundred forty thousand dollars" Discussed on 106.1 FM WTKK

"Calls are an annoyance for one oncology nurse in her sixties all law enforcement impersonation scam that appeared to have started with the rebel call drew her into financial losses that's in fact her family's nest egg and the realtor retirement the scale for a loss more than three hundred thousand dollars and the ease with which the money was moved out of her accounts shows why scam calls persist Wall Street journal reporter Sara crosses the work even on people who think they would never fall for one Sarah explain this case I want my almost three hundred forty thousand dollars let's start at the rebel call and it was a social security administration imposter down that stretched out over the course of nearly a week and result in in her basically living her life savings men and she never brought this up to anybody who would have pointed that out or she was ashamed or what one of the things that operated in this and many others keeping her on the phone for a long period of time with the call of a pleading her problem my friends or co workers and so keeping in either and when you're in there either you're in a heightened state of emotional you're being threatened in this case they told her that they will go to jail if she didn't cooperate and that would be threatened prominently identity had been stolen and crime committed under her name she's I saw how did she come to give away almost three hundred forty thousand dollars to these guys when he first place now she was afraid and call back that would connected with the person who claim to be an FBI agent and give the name of the badge number and and and during our conversation he verified her name and her email address and and the answer suggesting that they knew more about her and and and in doing so please try to mention again to tell what was in her bank account he had and then they began getting construction about how to move those assets to a quote unquote government protected account so that they wouldn't become friends and many that recoverable at this point law enforcement have helped her cover about eighty percent but it unlikely that shall recover much more do they actually recovered from the from the purpose it unclear what the source of the recovery wide speak with Sarah cross reporter at the Wall Street journal he's got a story about Wrobel call scams in the reason they work or the reason they're so persistent is because they work you pointed out to the story scammers benefit from the sheer volume of low cost calls they can make with web technology can explain that a little bit yes it's very easy to buy a block on phone numbers and that sort of auto dialing technology we can block out a large number of calls and voice mail on people's phones and guarantee that a small number that people call you back and on top of that you can make a significant amount of money and I will say that you know one of the things that we point out the story is that this is in a while being in the first nine months of this year alone that he received more than a hundred and thirty nine thousand reports of fraud with security administration and a lot of their totaled almost thirty nine dollars what about bank procedures here nobody said to her a what you're doing or of cheese that's an awful lot of money but moving lately they had one of the the ways in which this game are sort of culture was how to present while in bank branches that I'd say you know he looked at Elena and be prepared to answer questions that they ask you what the the one of the transfers of four they said you know tellement apartment renovation her before she went into financial institutions with answers that would help her you know believable interstitial complaint question and and broadly enough angel to stand that customers can move their money at well you know there's not really blocked unless their queue someone hit on like a section for example and in these scams are can often be somewhat complicated writer deep as you mentioned I sometimes scandal give me the phone number of somebody else who claims he's going to help and now it it really seems legit because of somebody else of of right that you're calling me at all about them sort of trying to establish believability and fell in some cases there is a law enforcement angle to provoke here or there is they'll give you the number of someone else to call to verify it or in this case they said to her for example keep your receipt for the taxi ride that you take for the hotel stay at the court house for you and you know all the while trying to keep up the guys were trying to help you clear your name and you have to cooperate and if you don't you'll go to jail are these things getting more sophisticated seemingly month by month they are and there's also an increasing amount of information about consumers online either on public or.

three hundred forty thousand d three hundred thousand dollars thirty nine dollars eighty percent nine months
"three hundred forty thousand dollars" Discussed on KTRH

KTRH

03:10 min | 3 years ago

"three hundred forty thousand dollars" Discussed on KTRH

"Calls are an annoyance for one oncology nurse in her sixties all law enforcement impersonation scam that appeared to have started with the rebel call drew her into financial losses that's in fact her family's nest egg and the realtor retirement the scale for a loss more than three hundred thousand dollars and the ease with which the money was moved out of her accounts shows why scam calls persist Wall Street journal reporter Sara crosses the work even on people who think they would never fall for one Sarah explain this case I want a lot almost three hundred forty thousand dollars but let's start at the rebel call and it was a total security administration and damn that stretched out over the course of nearly a week and result in in her basically living her life savings men and she never brought this up to anybody who would have pointed that out or she was ashamed or what one of the things that operated in this and many others keeping her on the phone for a long period of time with the call of leading her from only with friends or coworkers and tell keeping you in either in one year and then either you're in a heightened state of emotional you're being threatened in this case they told her that they would go to jail if she didn't cooperate and that would be threatened permanently identity had been stolen and crimes committed under her name she's I saw how did she come to give away almost three hundred forty thousand dollars to these guys when she first place now she was you know I prayed and call back that would connected with that person who claim to be an FBI agent gave the name and number and and and during our conversation he verified her name and her email address and and the answer suggesting that they knew more about her and and and in doing so please try and then she began to tell what was in her bank account he had and then they began getting constructions on how to move those assets to a quote unquote government protected account that they wouldn't become president any that recoverable at this point one person had eight percent but it's unlikely that shall recover much more do they actually recovered from the from the purpose it unclear what the source of the recovery wide first thing with Sarah Kraus reporter at the Wall Street journal he's got a story about Wrobel call scams in the reason they work or the reason they're so persistent is because they work you pointed out to the story scammers benefit from the sheer volume of low cost call they can make with web technology can explain a little bit yes it's very easy to buy a block of phone numbers and that sort of auto dialing technology where you can block out a large number of calls and voice mail on people's phones and even a small number that people call you back in and fall for that you can make a significant amount of money and I will say that you know one of the things that we point out the story is that this is in a while being in the first nine months of this year alone he received more than a hundred and thirty nine thousand reports of fraud with security administration and a lot of their totaled almost thirty million dollars what about.

three hundred forty thousand d three hundred thousand dollars thirty million dollars eight percent nine months one year
"three hundred forty thousand dollars" Discussed on KTLK 1130 AM

KTLK 1130 AM

03:10 min | 3 years ago

"three hundred forty thousand dollars" Discussed on KTLK 1130 AM

"Calls are an annoyance for one oncology nurse in her sixties all law enforcement impersonation scam that appeared to have started with the rebel call drew her into financial losses that's in fact her family's nest egg and the realtor retirement the scale for a loss more than three hundred thousand dollars and the ease with which the money was moved out of her accounts shows why scam calls persist Wall Street journal reporter Sara crosses they work even on people who think they would never fall for one Sarah explain this case I want my almost three hundred forty thousand dollars let's start at the rebel call and it was a total idiot ministration imposter scam that stretched out over the course of nearly a week and result in and her basically living her life saving men and she never brought this up to anybody who would have pointed that out or she was ashamed or like what one of the things that operated in this and many others keeping her on the phone for a long period of time with the call waiting her from my friends or co workers and so keeping in either in one year and then either you're in a heightened state of emotional you're being threatened in this case they told her that they will go to jail if you didn't cooperate and that if you did not make her happy would be present permanently identity had been stolen and crime committed under her name she's I saw how did she come to give away almost three hundred forty thousand dollars to these guys when he first place now she was afraid and call back that would connected with that person who claim to be an FBI agent gave a name and number and and and during our conversation he verified her name and her email address and I'll address and the answer to getting that they knew more about her and and and in doing so with that let's try to mention again to tell what was in her bank account he had and and maybe I'm getting construction about how to move those assets to a quote unquote government protected account they wouldn't become president many that recoverable at this point law enforcement have helped her cover about eighty percent but it's unlikely that shall recover much more do they actually recovered from the from the purpose it unclear what the source of the recovery wide it's R. Krause reporter at the Wall Street journal she's got a story about Wrobel call scams in the reason they work the reason they're so persistent is because they work you pointed out to the story scammers benefit from the sheer volume of low cost call they can make with web technology can explain a little bit yeah it's very easy to buy a block of phone numbers and that sort of auto dialing technology we can block out a large number of calls and voice mail one people found number that people call you back in and fall for that you can make a significant amount of money and I will say that you know one of the things that we point out the story is that this is in a while being in the first nine months of this year alone he received more than a hundred and thirty nine thousand reports of fraud with the Social Security Administration and a lot of their totaled almost thirty million dollars what.

three hundred forty thousand d three hundred thousand dollars thirty million dollars eighty percent nine months one year
"three hundred forty thousand dollars" Discussed on Newsradio 1200 WOAI

Newsradio 1200 WOAI

02:58 min | 3 years ago

"three hundred forty thousand dollars" Discussed on Newsradio 1200 WOAI

"Are an annoyance for one oncology nurse in her sixties all law enforcement impersonation scam that appeared to have started with the rebel call drew her into financial losses that's stopped her family's nest egg and the realtor retirement the scale for a loss more than three hundred thousand dollars and the ease with which the money was moved out of her accounts shows why scam calls persist Wall Street journal reporter Sara crosses they work even on people who think they would never fall for one Sarah explain this case I want my almost three hundred forty thousand dollars that I what I'll call on it with a special security administration and down that stretch out over the course of nearly a week and result in in her basically living her life saving men and she never brought this up to anybody who would have pointed that out or she was ashamed or like what one of the things that operated in it and many others on the phone for a long period of time with the call waiting her problem friends or coworkers and tell keeping in either and when you're in there either and heightened emotional radio being threatened in that case they told her that they will go to jail if he didn't cooperate and that would be permanently identity had been stolen and crimes committed under her name she's by so how did she come to give away almost three hundred forty thousand dollars to these guys when he first place now he was afraid and call back and what connected with that person who claim to be an FBI agent the name of the badge number and and and during our conversation he verified her name and her email address and we'll address that they knew more about her and and and in doing that please try and then she began to tell what was in her bank account he had and then they began getting construction about how to move to a quote unquote government protected account that they wouldn't become friends and many that recoverable at this point law enforcement eight percent but it unlikely that he'll recover much more do they actually recovered from the from the purpose it unclear what the source of the recovery wide spreading with Serra Kraus reporter at the Wall Street journal she's got a story about Wrobel call scams in the reason they work the reason they're so persistent is because they work you pointed out to the story scammers benefit from the sheer volume of low cost because they can make with web technology can explain a little bit yeah it's very easy to buy a block on phone numbers and add to the auto dialing technology we can block out a large number of calls and voice mail one people found remember that people call you back in and fall for that you can make a significant amount of money and then I will say that you know one of the things that we point out the story is that this is in a while being in the first nine months of this year alone.

three hundred forty thousand d three hundred thousand dollars eight percent nine months
"three hundred forty thousand dollars" Discussed on Newsradio 700 WLW

Newsradio 700 WLW

02:20 min | 3 years ago

"three hundred forty thousand dollars" Discussed on Newsradio 700 WLW

"The insurance costs we had a LA trucking out of Indiana late in the spring their owner same insurance cost for his company had risen to more than seven hundred thousand dollars up from three hundred forty thousand dollars in just one year's time in the carny shut down the co owner Dave Carney said at the time of the closure the company had a major accident in the prior year once we got the insurance quote we tried to make it work but there was just no way so may see major accident insurance costs through the roof Adelines available it's eight eight eight eight six zero eighty seven eighty five here on America's trucking network Hey it's real simple if you don't know your numbers you don't know your business can you afford to expand can you make that new hire can you launch the new ad campaign you know most companies don't have a clear picture of their finances so they make key business decisions with out critical information and that's why many businesses fail do you have the right numbers at your fingertips serious entrepreneurs and finance teams run on net sweet by oracle that's the world's number one cloud business system net sweet offers a full picture of all of your finances all in one place in real time right from your phone or desktop no more guessing that's why not sweet customers grow three times faster than the S. and P. five hundred schedule your free demo right now and receive their free guide seven key strategies to grow your profits at net sweet dot com slash rush set up your free demo and get your free guide today that's not sweet dot com slash rush all the tips and fun facts from Paul Kristen indexer total anymore reference still rave about the perfect are brought last year let me help make your friends giving unforgettable board is one of the world's most popular Redlands made from Cabernet cab front and we're left it also makes the perfect gift for your picking off having Turkey and all the fixings I suggest an easy drinking Pinot noir for white drinkers try and unhooked Chardonnay whether you're detaining or just bring the line we'd love to share our always low prices are ridiculous selection with you this holiday now offering same day delivery at total wine dot com cheers.

"three hundred forty thousand dollars" Discussed on C-SPAN Radio

C-SPAN Radio

06:24 min | 3 years ago

"three hundred forty thousand dollars" Discussed on C-SPAN Radio

"You just heard from a liver and a foreman army and Air Force veteran and also previous to him that you heard from Benjamin wells that to that mean a volunteer this is the Senate aging committee hearing on scams targeting veterans from Wednesday the committee chair is senator from Maine Susan Collins and welcome chairman Collins ranking member Casey and members of the committee I'm just retarded doing Richardson I represent the fourth judicial discrimination sipping you for the opportunity to testify before this committee about our offices investigation and prosecution of crimes committed by gene A. K. tenant policy any Malta's first became aware of policy these actions due to a single bad check this check lead to the unraveling of a fraud the amount to millions of dollars stolen from the elderly veterans and their families two thousand eleven policy was formally introduced to eighty nine year old grace ward and her family through staff at the facility will grace what was a resident post any promise the ward family that she would provide a ten percent return on their investment along with securing Medicaid benefits for grace ward which could then be used to offset the cost of living at the facility with that promise the ward family in the case because a with a cashier's check in the amount of one hundred and eighty nine thousand dollars it was great towards life savings when grace what passed away three months later her the family contact policy who assured him that you were paid their money plus answers and after many false promises and excuses policy to have a check hand delivered to the ward family on September thirtieth two thousand eleven in the amount of one hundred and ninety two thousand dollars this was to include the initial investment as well as three thousand answers and it was at this moment when passing commit ground check fraud grace is gone war war contacted my office as policies business had a location in my district enough to learn the death of policies crimes against the ward family my office manager to make fair became determined to do everything possible to make this family whole and attempt to recoup the funds my office is my office's investigation supposing it would last almost five years she was tracked down after being listed in the riverside county mental health boards monthly meeting agenda at that time she was operating as seen your benefits consulting in riverside California with the assistance of humor Clinton with the US marshal service for the northern discovers a safety and other law enforcement agencies policy was captured arrested and brought back to Mississippi on myself are kind of war and it was also at that time due to media publicity that receipt I began to receive phone calls from other victims' from across the state and it was also at that time and I learned of the investigation being conducted by Carol Parker a US postal inspector one of those additional victims that I spoke with was wo World War two airforce veteran Jenny right told as Mr tolling grew older and began to show signs of Alzheimer's his children began to look for sister lives living locations for him and staff members at one of those locations introduce the told the family to Palestinian two thousand eleven the towers were made to saying fraudulent promises as the wards and polishing it was able to convince that family hand over control of three hundred forty thousand dollars of their phones also any guarantee that Mr total would receive veterans benefits as well as a rich saying return on his investment as she promised awards Johnny ray told went on to live three more years and it was not until his passing as his family learned of policy as far as in this game on the same day of his funeral a postal inspector contacted his son Jamie and told will pop policies frozen's games and also told me that on the same day that they gave false and controls their days three hundred and forty thousand dollars she use their money to purchase a race car in advertising for her son only posting was convicted in three counties in Mississippi Wayne pike and some flour she was sentenced to serve twenty years in prison for all three counts together in addition to this to the Mississippi convictions Paulson was also charged later in the nineteen count federal indictment in two thousand fifteen she played guilty to one count indictment was sentenced to fifty three months in custody to run at the same time is she sort of the Mississippi time in a federal conviction pulsing was also ordered to pay over two million in restitution after speaking to the victims of false any words cannot express the level of devastation she impose on their lives all of the victims were elderly citizens some of whom were veterans for the ward family policies crowns impose a severe financial hardship I learned a great towards one desire she grew older was that she be able to provide for her family financially after her death in policy took that away from them in total calls and was over order to pay over two and a half million dollars in restitution between state and federal courts to date housing is not paid one set in restitution and my conviction in Suffolk County and she's only paid and all her Kerr crimes fifty dollars towards a one hundred dollar mandatory federal assessment a well respected prosecutor Mississippi is often said it is our duty to care for our windows our friends and our elderly what began as a complaint for felony workers check has brought awareness to a greater problem in our society victims describe posing as a very smart connected and also in a very conniving individual also the founder victims at the very institutions that should have cared for and protected them when she was presented them her proposals she came to the movies with all the right credentials and all could direct connections to achieve the results of the victims desired however in the in all she left each family with was empty bank account and broken promises thank you for the officers testify before this committee and I look for to answer any questions Dwayne Richardson Mississippi fourth circuit court district attorney I'm very grateful for your compassion for the victims of these crimes in your determination to put these criminals behind bars thank you inspector Heris good morning chairman Collins ranking member Casey and members of the committee thank you for.

foreman three hundred forty thousand d eighty nine thousand dollars ninety two thousand dollars forty thousand dollars fifty three months one hundred dollar eighty nine year million dollars fifty dollars three months twenty years ten percent five years
"three hundred forty thousand dollars" Discussed on AM 970 The Answer

AM 970 The Answer

02:02 min | 3 years ago

"three hundred forty thousand dollars" Discussed on AM 970 The Answer

"To get get is aware is on a per se I just had to laugh about these are not the same Chinese negotiators now I want to go to meet the press in two thousand and eight taught me up because people are up in arms at the present time about how to buy and they're just up in arms here's Tom Brokaw meet the press in two thousand and eight pressing Joe Biden about his son's Ukraine holdings two thousand and eight customer twenty six in the summer of her who is thirty eight years old and that's a reference to your son being hired right out of law school by a big company here and Delaware as it is in the credit card business and be an AB he got about a hundred thousand dollars a year as I recall of you received two hundred and fourteen thousand dollars in campaign contributions from the company and from its employees at the same time you were fighting for a bankruptcy bill that MBNA really wanted to get the house of the Senate making it much tougher for everyone to file bankruptcy central bomber was opposed to the bill among other things you couldn't and fact claim that you had a problem because of big medical bills are you voted against an amendment that would call of for a warning on predatory lending you also called for you opposed efforts to strengthen the protection of people in bankruptcy this is an issue that you've heard about before your son was working for the company because of the same time in retrospect wasn't an appropriate for someone like you in the middle of all of us to have your son collecting money from the fed credit card company well your honor for protecting its interest absolutely not my son graduates and Yale Law School the starting salary wall three hundred forty thousand dollars a year if you want to more options he had he came home to work for a bank surprise surprise number one number surprise surprise I wish Tom Brokaw could have known about the Ukraine fifty.

"three hundred forty thousand dollars" Discussed on Primary Ride Home

Primary Ride Home

02:06 min | 3 years ago

"three hundred forty thousand dollars" Discussed on Primary Ride Home

"And now a story about facebook ads spending I'm sure it's your favorite in the wake of all the troubles involving facebook and the two thousand sixteen election and all that stuff facebook a public portal that allows anyone to go and see who is buying political ads that services called the facebook Ad Library and you can easily lose an afternoon putting in search term rooms there and voluntarily looking at facebook ads lots and lots of facebook ads anyway I don't usually have to go and look at that because I see a summary every day a ballot pedia daily email which by the way I highly recommend and there's a link to that in the show notes at the top of those e mails give a breakdown of which presidential campaigns are in the the top five spending slots and today's breakdown is totally bananas so I figured I would let you know at the top it's President Donald Trump who spent one point four million dollars on facebook ads between September thirtieth and October sixth now there is a little asterisk on that number which says it includes more than three hundred forty thousand dollars that appeared on Vice President Mike Pence's facebook page but was paid for by the president but let me say that one more time one point four a million dollars in one week on one website that is a heck of a lot of money next. Was Tom Steiner the billionaire Democrat who spent four hundred sixteen thousand dollars then you've got Bernie Sanders at one hundred Ninety Three Thousand Dollars Elizabeth Warren at one hundred eighty four thousand dollars and Kamala Harris at nearly one hundred thirty seven thousand dollars in other words add up the remaining top four and you don't even crack a million bucks now the reason shaw this is basically if you're exposed in any way to any media this is the net effect of all that fundraising news you're GonNa see ads for all the candidates all over the place and right now the one candidate with the deepest pockets by far is President Donald trump.

facebook President Donald trump Vice President President Mike Pence Kamala Harris Bernie Sanders Elizabeth Warren Tom Steiner shaw one hundred Ninety Three Thous one hundred thirty seven thous one hundred eighty four thousa four hundred sixteen thousand three hundred forty thousand d four million dollars million dollars one week
"three hundred forty thousand dollars" Discussed on Thoroughbred Racing Radio Network

Thoroughbred Racing Radio Network

13:39 min | 3 years ago

"three hundred forty thousand dollars" Discussed on Thoroughbred Racing Radio Network

"Breaking down the road stories in the world of Horse Racing This is pad the races with Steve on Sirius Xm radio record machine aw dancing who time books you found the elevators they also accept money talk where's the pillow -able baby this swindle we're back at the racist twenty minutes in and Oh you gotta you gotta walk around the Bard's at Ob s if you're going to find a select yearling and it's It's twenty twenty stall rock we'll call it not twenty flight rock but top Ventura standing by as the O. B. S. October sale where you might be able to find yourself oh I don't know midnight lute or how about a just retired world of trouble in fact Tom Good morning things certainly a cadillac worth making the trip down for you know and we we waited today you have two hundred and twenty-five horses so we're not starting until noon to give the the people that were at the races over the weekend time to come through and give their final Okay Adam before they go so you know I think it's a good mix of horses we have some name-brand horses and during the Damian distorted humor's those type and good miss makes a nice physical and so far so good you know wh the closer you get the game time the more nervous everybody gets and the fires are scrambling trying to get all their homework done and the sellers are unsure of which direction it's going to go but that's the nature of the business well on that topic let me let me get your read because we're still you know we're still not not far out of the wake of the key lead sale and then of course last week two Molnya-m your thoughts about what you know what we're seeing and and how this sale fits in terms of tation and filling out orders for for Barnes that are still looking essentially and I think the you know the the details in front of us were typical kind of of what they were last year the high end look very very strong and the low end a little more difficult than in between you know who's very steady and I think you know now you've got a a mix of end users pin hookers here that like you're saying there filling out the their inventory and looking at horses that'll fit their criteria and and I think we've got forces that'll fit the the title to upper end guys and they've got horse horses that'll fit the guys that are want to buy horses in and maybe flipping to the two year old sale by you know looking for that diamond in the rough one of the things that that's been notable in recent in recent years the the opportunity for people to it probably swoop in and and get some bargains and we've seen the I I call it the the Seth Clarkson Maxim out physicals and Seth Clarkson not worried of late about pedigrees I it doesn't have to be fancy you know he's he's spent a lot of money on you know some interesting horses he was added the curved seems on fire and he the real solution last year as well this is a sale where you know some of the more Meat and potato Alliens are are going to have the opportunity to score and have somebody catch the attention based on on the physical and less on the page no question and that's you know and that's so the way it the way it has been especially some of the Florida sires that aren't nearly you know as prominent in as as some of the other horses they certainly performed at the racetrack you know what it's like X. Y. jet and you know World Traveler excellent examples of course is that were you know well-made and turned out to be good racehorses and maybe weren't by the the horse the sires or at the very top although certainly it made it jump to the big time and I'm looking through today through the select side our friend Richard can't Kazin sales and he's got a co Zan that'll be the last step through today hip two Oh four and co Zan I'm to be seems to be one of those stories that we get every year you know the the fairly fairly obscure stallion that they get some runners and then all of a sudden people pay attention and they go and look and and they're impressed with what they see I mean he's got that same that same feel that can't pharaohs storyline and you know he certainly has the bloodlines to to be a legitimate tire and was it was a had a good a good but abbreviated career so he showed that he had some talent and his first crop is off and running and you know those are the is it hopefully our continued that upward trajectory just Kinda miss it really is an interesting Cadillac because there's there's the Liam's maps and he's hot right now honor Code etc but then there's Cinco Charlie and some other some other interesting interesting name social inclusion talk about a mercurial horse that it kind of flashed across the across the sky and he's going to he's getting a chance a lot a lot of cozy fans but then you've also got California chrome here's a munnings and quite a few big beasts brody's 'cause it's a it's a very eclectic yeah session today and I think we've got horses for the you know the New York Red Program the Florida saw your horse and forces that kind of fit set the races where people can really run up some serious money and and relatively restricted competition and then go on to the big time so you know I think concern there's a horse horses of different flavors we got a little bit of Baskin Robbins Year how about the International international market you know it won't be as deep as our two year old sales but we do have we have someone here from Japan looking at horses and we have a career and buyers here you know we don't have the the the pure numbers that might attract some of them from from there and you know so we'll have more more domestic trade here than international but there's enough here at least kind of keep things keep things interesting what I you know I mentioned a couple of the most recent names and I haven't had a chance to have the discussion about world of trouble and they just they struggled here the second half of the year Jason Service to you know to get back to the racetrack but still remarkable some really I mean just eye-popping performances and I'm GonNa Forget what he what did he fetch what he sold a disabled he was he was a lower price course and as a matter of fact he ended up going back to the seller he raised for a clamming price and that's when you know the dub contingents brought in and then he just went on from there they they knew he was really fast they can never did figure out what is best services because he could why it's such a it's such a funny story because i Michael Dub kept kept telling service he's better on the surface better on the and I guess if you go by figures that that's somewhat true but you know then then the the performance on have on dirt in the Carter how many grade one how many grade one winners do we get turf and dirt and he's going to go speaking we get a chance they they were hoping to they were hoping to fill out the year and go on with him but he's he's had that that who fisher that just as sort of been a handful and obviously they must have looked at the calendar and knowing how long it was gonna take but that's the that's the beauty of this sale you mentioned x. y. jet I also saw no from Jorge Navarro that he's he's got extra the owners anything on the race track and X. Y. Jet while he is a at the nursing along two races when he's ready he really you know his race is in Dubai where phenomenally finally got on the right side of a photo in one of those So those you know those are just solid solid horses and the you know the the connect she's treated him right and the horses responded well the the sale today we started today and that's the select side of things and then the open session tomorrow ten thirty at O. B. S. and of course streaming and All the everything you could possibly you could possibly need or want tom how much since since we spoke last pretty much everything the final touches on the facility much more too many British just about done we just you put some finishing touches put some put them things on the wall and and otherwise we've got everything everything ready to go and that'll be a deep breath a sigh of relief on my part but it's certainly has finished out and we're very proud of the way it looks well We Asia everybody consigners buyers staff everybody the best the lock Bs October today tomorrow and we'll keep CBS and talk about it tomorrow after the First Session Tom as always appreciate it and good luck down there the next couple of days Ace thanks Steve You know the one thing that if people were we streaming the sale but also we have a continuous video of the select sources we have walking videos of the majority of the select forces his individual links on our website but there's also a continuous video so you know even if you can't be soft video but when we've got agents fine for principals and the principal aren't here just one more piece of information to help them make decisions what was is that what was the top hip what was the sale topper last year price-wise sale topper last year was three hundred forty thousand dollars everybody else in the business we gated very much. Thank you Steve Tom Vittore ob Esu October I did not go through this kind of allowed all that much I I the one from the Saratoga sale arrived ahead of it I went through that hit by hip of course you've got you've got the you know the mixed bag at at the the fall sale that's a week from today start actually now that I'm looking at it ten o'clock actually all right well Gary's.

Steve Tom Vittore Sirius Xm Saratoga Gary two year three hundred forty thousand d twenty minutes
U.S. Senate approves bill to address Capitol Hill sexual harassment

Washington Today

00:56 sec | 4 years ago

U.S. Senate approves bill to address Capitol Hill sexual harassment

"The evening at the hill dot com thank you for being with us my pleasure the senate today passing a bill that would overall the way congress deals with sexual harassment in its ranks it is of course a response to the metoo movement the bill is designed to hold lawmakers including those who have left office already personally liable if they have been founded that sexually harassing a staffer or another congressional employees federal dollars over three hundred forty thousand dollars usd in harassment cases between two thousand eight and two thousand twelve that disclosure sparking public outrage the bipartisan bill passed the senate by a voice vote and the senate judiciary committee today approving a judicial nominee who is facing criticism for declining to say whether this court correctly decided a landmark case that outlawed racial segregation the case brown v board of education a case which by the way we focused on our recent landmark cases series on our website at.

Senate Harassment Senate Judiciary Committee Congress Brown Three Hundred Forty Thousand D