March 21, 2024 • 18 mins
Learn how to traverse the evolving cosmetics industry regulatory landscape with CRC Group Casualty Brokers John O'Malley and Chris Martin. They discuss the changes brought into effect by the Modernization of Cosmetics Regulation Act as well as its ripple effects across the industry. From increased reporting and FDA registration to the increased risk of product recalls, this episode is a specialist’s guide in how product recall insurance can be your client’s safety net. Listen in and fine tune your approach to risk management and business resilience for your cosmetic industry clients.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Amanda Knight (00:00):
A recent law signed in 2023 expands
regulations and reportingrequirements for cosmetics
manufacturers, giving the FDAgreater insight of the industry.
Today, scott and I are joinedby John O'Malley, an associate
broker with CRC Group'sMinneapolis Office, where he
specializes in product recallexposures, as well as Chris
(00:22):
Martin, also a casualty brokerwith our Minneapolis office,
specializing in product recall.
They're going to talk with usabout how the Modernization of
Cosmetics Regulation Act, alsoknown as MOCRF, may impact the
cosmetic sector.
This is the Placing you Firstpodcast from CRC Group.
Scott Gordon (00:41):
This podcast features news and insights from
a vast knowledge base of over5,100 associates who write more
than $35 billion in premiumannually.
Amanda Knight (00:50):
Plus, we give you the latest information on
what's happening at CRC.
This, this, is the Placing you.
Jon O'Malley (00:56):
First podcast and now the hosts of the podcast,
Amanda Knight and Scott Gordon.
Amanda Knight (01:02):
Welcome to the podcast.
It's good to have you both back.
Jon O'Malley (01:05):
Thanks so much for having us.
Scott Gordon (01:06):
Thank you, yes, thanks, for being with us and
we're going to launch right intoit, guys.
So, as of 2024, the US beautyand personal care products
market worth is estimated at$93.74 billion and it's expected
to reach more than $106 billionby 2029.
(01:28):
It seems like a law change inthis area could be a big deal.
Is that right?
Jon O'Malley (01:33):
Yes, certainly it could be a big deal within any
industry when there's regulationin law changes, certainly for
the cosmetic industry.
In this law in particular,manufacturers, processors and
distributors will now beresponsible for registering
their products and facilitieswith the FDA, as well as
adhering to other requirements.
(01:54):
So whenever we see increasedregulations and oversight, we
often see this lead to higherrisk of costly recalls.
Amanda Knight (02:03):
So what specific requirements does Mocha, the
Modernization Act, impose oncosmetics manufacturers,
processors and distributors thatmaybe they didn't have to
adhere to before?
Chris Martin (02:17):
Yeah, I can jump in on that one.
The Act creates new reportingand registration requirements
and good manufacturing processes, as well as new labeling and
documentation rules.
Those are major changes forcosmetic manufacturers and
processors.
Before the passage of Mocha,cosmetic manufacturers had few
(02:38):
reporting, registration orlabeling requirements and past
product recalls were primarilybased on consumer reports.
So now, for the first time,manufacturers, processors and
distributors will all beresponsible for registering
their own products andfacilities with the FDA.
And I think another good thingto kind of frame this a little
(03:01):
bit is that the FDA receivesabout 5,000 reports each year
about health problems related tocosmetic products.
So under this new law theagency now is going to have
updated instructions forreporting these types of adverse
events.
So to the extent that any ofthose didn't get previously
(03:24):
reported, they sort of now willall have to.
So just by that math alone youcan see that the increase of
likely recalls is going to bethere.
Scott Gordon (03:35):
I mean a lot of this compliance is new stuff.
So, historically speaking, havecosmetic manufacturers or
distributors typically employedrisk managers or other people
responsible for qualitycompliance.
Who does this responsibilityfor compliance usually fall to?
Jon O'Malley (03:51):
Most likely.
Many of the companies havequality control departments in
place, Probably to make suretheir products are safe, what
they are going out the door, soprobably pretty hard to sell a
green lipstick when it'ssupposed to be red.
Outside of this, I'm surelarger companies might have
dedicated risk managers thatmight be able to help them and
(04:12):
walk them through things likethis, but probably for the
majority they're going to beresponsible to make sure they're
in compliance just on their own, and I think one of the
benefits of having a productrecall policy in place is they
can utilize the crisisconsultants which are provided
within the policy to help themand get their expertise in
(04:35):
following these new regulationsthat are passed.
Amanda Knight (04:38):
Well, when we raise a risk, we also want to
talk about how to mitigate it.
When we can.
We've just mentioned the crisisconsultants.
But outside of the ability todo pre-incident consulting work
or assist with some sort ofincident after the fact, what is
the role of insurance in thesescenarios for cosmetic industry
(04:58):
companies?
Chris Martin (05:00):
Yeah, so the product recall, product
contamination insurance space isdefinitely willing to ensure
cosmetic risks and those optionsare there to mitigate these
manufacturers and distributors'exposure.
So product recall coverage canhelp them protect from the
financial fallout of a recall.
(05:21):
It's primarily a first-partycoverage, you know coverage can
definitely vary by policy butgenerally recall insurance
covers I guess I'll list a fewof the major categories that it
covers but it would cover thecost to replace the recalls or
contaminated products.
It would pay for businessinterruption or loss of gross
(05:43):
profit that stems from a recallor contamination event,
rehabilitation expenses, whichwould be things that a
manufacturer or distributorcould do to get their level of
sales back to where it'ssupposed to be before the
incident occurred.
So those could be things likeincreased advertising or
(06:04):
discounts to key customers thathave been affected, promotions,
those types of things.
It covers third-party recallliability, which would be kind
of, I guess, what's usuallytermed as compensatory damages
that we would cause to any thirdparties.
And then you know back to theconsultants and you know that
(06:29):
type of thing as well as crisisresponse.
So like some help consultingand corresponding with them in
the wake of one of theseincidents occurring.
Amanda Knight (06:39):
You know, as you were talking about those
different elements of coveragethat can really make a
difference.
I was.
I don't know if y'all saw thison the news Maybe we follow
different people on Instagram weprobably do but this made me
think of one I saw recently andI won't name any names, but
there was a large cosmeticscompany that somebody on TikTok
(07:04):
claimed that their lotion or oneof their products attracted
wolf spiders and the internetlost its mind because of this
accusation that this cosmeticwas attracting spiders to people
.
The company ended up having tolike come out and refute this
and know we, you know, ourproduct does not attract spiders
, because everyone was losing it.
(07:25):
Situations like that made methink of man.
I really hope they had a goodinsurance policy place.
Chris Martin (07:32):
And that actually brings up a very, very good
point that I forgot to mention,which is another major category
of coverage, which would beadverse publicity coverage.
So that fits right in there.
So that would be the kind ofsituation where there is
publicity out there, whetherit's, you know, some kind of
(07:54):
newspaper, tv, internet, youknow even the FDA itself in some
cases, but publicity thatsuggests that there's something
wrong with our product thatcould cause injury or harm and
that has an actual effect on ourbusiness interruption or
whatnot, even if it's does notprove to be true.
(08:14):
So that's another coverage inthe policy.
Amanda Knight (08:17):
That seems highly relevant to me, especially for
this sort of company thecosmetics crew because I don't
know if you have daughters orgirls old enough to care, but
these makeup tutorial videos andlike it's a whole thing, guys,
and you could very easily youknow, if you're an influencer on
TikTok or whatever all the kidsare doing these days those
(08:39):
things go viral quickly and kids, everyone watches these things
like I can see how that would behighly relevant specifically
for this industry.
Chris Martin (08:49):
I definitely have a daughter who's you.
I can't even remember whatproduct it was, but she used
something the way that she wasnot supposed to use it and ended
up making her face sting for 10minutes.
Now I, you know, I did not wantto, you know, sue anyone or I
kind of thought that was.
That was like a very teachablemoment and you know, sort of a
(09:13):
what they would call a naturalconsequence, but you know, but I
can definitely see how it's aproblem.
Amanda Knight (09:19):
You know, I was out over the weekend with family
and we ended up in one of theretail stores, one of these
large cosmetic companies, andthe sheer volume and number of
options and by the name, Icouldn't tell what some of them
were like.
There are just a lot of thingsout there, products that I know
didn't exist to three years ago.
(09:40):
So it seems like not only is itgrowing, but the different
number and types of productslike, obviously, the more you
have, the more chance there isfor something to go wrong, right
?
So if there was ever a time fora cosmetic company, large or
small, to invest in some qualityproduct recall insurance, now
seems like a great time to dothat.
(10:02):
So, knowing that thesecompanies previously didn't have
to register with the FDA, isproduct recall coverage that is
something that they're used tobuying?
Has this been on their radar?
Or is there work for agents andbrokers to do around?
Hey, cosmetic companies, thisis coverage you now want to
invest in in light of these FDAchanges.
Jon O'Malley (10:22):
I definitely think any company that manufactures a
product definitely has anexposure and they maybe maybe
they don't know it's available,but I'm sure they've thought
about product recall before, somaybe it's just not something
they know about.
Maybe it's just not on theirtop list of insurance to buy
right now.
I think for agents and brokers,I think the work lies in
(10:44):
creating awareness, making sureevery manufacturer and
processing distributing clientknows that this coverage exists.
Chris Martin (10:51):
Yeah, and I think you know.
I think two things can be true.
I think you know we definitelyplace this coverage for a number
of cosmetics manufacturers anddistributors now and I
definitely think a majority ofthem do not buy it.
So, you know, while we'replacing these policies already
(11:14):
and a lot of them see theexposure and see the value in
the policy, I definitely think alot of them, you know, aren't
there yet and this is probablygoing to be a big difference
maker, because I really thinkyou know that that
responsibility shift that theFDA is going for is going to be
meaningful.
And you know, when they changerules like this and make new
(11:38):
processes and have responsibleparty requirements and all those
types of things, theydefinitely increase their
presence in the space and thatwill usually lead to more
recalls.
Scott Gordon (11:51):
Well, and at CRC Group you know we pride
ourselves on being specialiststhat can get the job done for
our retail partners.
How can partnering with a CRCgroup producer help agents with
cosmetic industry insurers?
Jon O'Malley (12:04):
Yeah, that specialization is key.
I think being a specialistmeans that we're trying to stay
on top of market trends andchanging regulations, just like
this.
So we strive to do that and wewant to get ahead and advise our
retail partners accordingly.
I think that all falls underbeing a specialist in this
particular coverage.
Chris Martin (12:23):
Yeah, and just being in the space between John
and I and our other CRC partners, we've got a lot of experience
and knowledge in this space anda lot of time with the
marketplace evolving andcoverage evolving, so I think
that's a lot of value to bringto it.
Scott Gordon (12:43):
I always learn a lot.
I didn't know what Mocha was.
Amanda sent me the podcastoutline and I was like Mocha,
are we doing a podcast on aGodzilla monster?
I didn't know what it was.
So thanks for enlightening usand I guess we're done with like
all the nuts and bolts of thispodcast.
(13:03):
But would you guys like to dosomething a little fun before we
leave?
Sure, always.
Amanda Knight (13:07):
I knew it.
Scott Gordon (13:08):
Well, you're in luck because Amanda has crafted
this wonderful segment we liketo call Rapid Fire, and this is
just.
We're going to ask youquestions and you just tell us
the first thing off the top ofyour head and our first rapid
fire question today is if youcould time travel, would you go
to the past, the future and why?
(13:28):
And I specifically want to knowwhat year it would be if you go
to the past or the future.
Chris Martin (13:35):
I would say.
So I'm going to answer that Iwould go to the past.
And the thing that immediatelypops into my mind is the second
back to the future movie, whenhe gets a hold of, like the
sports almanac from like 19,whatever, and you could go back
(13:57):
and bet on the outcomes of theSuper Bowl and you know, and the
World Series and things.
So that seems like a great call.
So I go to the past.
Jon O'Malley (14:09):
That's funny.
You say that, chris.
I actually was thinking theexact same thing, and the reason
why I would go to the past aswell.
I think having the futureunknown is just kind of cool in
itself.
So I don't think I want to goto the future any quicker than I
already am.
Amanda Knight (14:24):
I feel the same way.
Scott Gordon (14:26):
No one wants to go to the future.
Nope, I have it.
I don't think have we hadanyone want to go to the future,
not one person.
Nope, nope, no.
But I also love that, insteadof like going back and like
steering the Titanic away, youknow saving lives or killing
Hitler that you guys want to goback and make money with the
(14:46):
sports almanac.
I mean you said the first thingthat popped, and it's the first
thing that comes into my mindtoo.
It's like how can I profit.
Chris Martin (14:59):
It's not the only thing, but it was the first
thing You'd be saving orphansalong the way Right after I make
that back Give them all theirown houses.
Scott Gordon (15:07):
You've got tons of money.
You can change the world.
Okay, and our second questionin rapid fire is what's the best
piece of advice you've everreceived?
Chris Martin (15:18):
I don't know, I think I don't know.
It makes me giggle.
I think my father-in-law tellsall of us quite often to make
sure that we throw the firstpunch.
So always throw the first punch, I think, beyond the offensive.
Yeah, that's pretty good.
Jon O'Malley (15:37):
I think the best advice I ever got was probably
just listen before you speak.
That's always steered me theright way.
Amanda Knight (15:47):
Scott, what about you?
I want to know your best advice.
Scott Gordon (15:50):
I don't know.
I like what Gandalf said inLord of the Rings.
He said Frodo's like I wishnone of this had ever happened
to me.
And Gandalf said so do all wholive through such times.
But that's not for us to decide.
All we can decide is what to dowith the time that is given to
(16:11):
us.
Chris Martin (16:11):
There you go.
Easy for Gandalf to say.
Amanda Knight (16:14):
Right, he was a wizard.
Chris Martin (16:16):
Right.
Amanda Knight (16:17):
My favorite is probably from my dad.
I was a kid and I mean, it'ssomething we've all heard.
But I have to tell myself allthe time, even as an adult don't
sweat the small stuff.
In the end, those small thingsdon't matter.
Unless of course it's like asmall thing in your cosmetic
that's going to cost you a bunchof money, Right?
You didn't catch it.
Chris Martin (16:38):
Bring it for a whole cycle, unless it's Wolf
Spiders.
Amanda Knight (16:41):
Wolf Spiders.
Unless it was a Wolf Spider, inwhich case you better sweat
that.
Run for your lives, yeah, Well,thank you both for being here.
We love having repeat guests.
If John and Chris soundfamiliar, they have also been
guests on our episode aboutchanging FDA rules for farmers
and food producers, so if youhave not given that one a listen
(17:01):
, definitely go back and do that.
If you're a listener, weappreciate you too.
Providing current insights intothe marketplace is just one
more way CRC group is placingyou first.
Don't forget to subscribe andshare.
A recent law signed in 2023 expands
regulations and reportingrequirements for cosmetics
manufacturers, giving the FDAgreater insight of the industry.
Today, scott and I are joinedby John O'Malley, an associate
broker with CRC Group'sMinneapolis Office, where he
specializes in product recallexposures, as well as Chris
(00:22):
Martin, also a casualty brokerwith our Minneapolis office,
specializing in product recall.
They're going to talk with usabout how the Modernization of
Cosmetics Regulation Act, alsoknown as MOCRF, may impact the
cosmetic sector.
This is the Placing you Firstpodcast from CRC Group.
Scott Gordon (00:41):
This podcast features news and insights from
a vast knowledge base of over5,100 associates who write more
than $35 billion in premiumannually.
Amanda Knight (00:50):
Plus, we give you the latest information on
what's happening at CRC.
This, this, is the Placing you.
Jon O'Malley (00:56):
First podcast and now the hosts of the podcast,
Amanda Knight and Scott Gordon.
Amanda Knight (01:02):
Welcome to the podcast.
It's good to have you both back.
Jon O'Malley (01:05):
Thanks so much for having us.
Scott Gordon (01:06):
Thank you, yes, thanks, for being with us and
we're going to launch right intoit, guys.
So, as of 2024, the US beautyand personal care products
market worth is estimated at$93.74 billion and it's expected
to reach more than $106 billionby 2029.
(01:28):
It seems like a law change inthis area could be a big deal.
Is that right?
Jon O'Malley (01:33):
Yes, certainly it could be a big deal within any
industry when there's regulationin law changes, certainly for
the cosmetic industry.
In this law in particular,manufacturers, processors and
distributors will now beresponsible for registering
their products and facilitieswith the FDA, as well as
adhering to other requirements.
(01:54):
So whenever we see increasedregulations and oversight, we
often see this lead to higherrisk of costly recalls.
Amanda Knight (02:03):
So what specific requirements does Mocha, the
Modernization Act, impose oncosmetics manufacturers,
processors and distributors thatmaybe they didn't have to
adhere to before?
Chris Martin (02:17):
Yeah, I can jump in on that one.
The Act creates new reportingand registration requirements
and good manufacturing processes, as well as new labeling and
documentation rules.
Those are major changes forcosmetic manufacturers and
processors.
Before the passage of Mocha,cosmetic manufacturers had few
(02:38):
reporting, registration orlabeling requirements and past
product recalls were primarilybased on consumer reports.
So now, for the first time,manufacturers, processors and
distributors will all beresponsible for registering
their own products andfacilities with the FDA.
And I think another good thingto kind of frame this a little
(03:01):
bit is that the FDA receivesabout 5,000 reports each year
about health problems related tocosmetic products.
So under this new law theagency now is going to have
updated instructions forreporting these types of adverse
events.
So to the extent that any ofthose didn't get previously
(03:24):
reported, they sort of now willall have to.
So just by that math alone youcan see that the increase of
likely recalls is going to bethere.
Scott Gordon (03:35):
I mean a lot of this compliance is new stuff.
So, historically speaking, havecosmetic manufacturers or
distributors typically employedrisk managers or other people
responsible for qualitycompliance.
Who does this responsibilityfor compliance usually fall to?
Jon O'Malley (03:51):
Most likely.
Many of the companies havequality control departments in
place, Probably to make suretheir products are safe, what
they are going out the door, soprobably pretty hard to sell a
green lipstick when it'ssupposed to be red.
Outside of this, I'm surelarger companies might have
dedicated risk managers thatmight be able to help them and
(04:12):
walk them through things likethis, but probably for the
majority they're going to beresponsible to make sure they're
in compliance just on their own, and I think one of the
benefits of having a productrecall policy in place is they
can utilize the crisisconsultants which are provided
within the policy to help themand get their expertise in
(04:35):
following these new regulationsthat are passed.
Amanda Knight (04:38):
Well, when we raise a risk, we also want to
talk about how to mitigate it.
When we can.
We've just mentioned the crisisconsultants.
But outside of the ability todo pre-incident consulting work
or assist with some sort ofincident after the fact, what is
the role of insurance in thesescenarios for cosmetic industry
(04:58):
companies?
Chris Martin (05:00):
Yeah, so the product recall, product
contamination insurance space isdefinitely willing to ensure
cosmetic risks and those optionsare there to mitigate these
manufacturers and distributors'exposure.
So product recall coverage canhelp them protect from the
financial fallout of a recall.
(05:21):
It's primarily a first-partycoverage, you know coverage can
definitely vary by policy butgenerally recall insurance
covers I guess I'll list a fewof the major categories that it
covers but it would cover thecost to replace the recalls or
contaminated products.
It would pay for businessinterruption or loss of gross
(05:43):
profit that stems from a recallor contamination event,
rehabilitation expenses, whichwould be things that a
manufacturer or distributorcould do to get their level of
sales back to where it'ssupposed to be before the
incident occurred.
So those could be things likeincreased advertising or
(06:04):
discounts to key customers thathave been affected, promotions,
those types of things.
It covers third-party recallliability, which would be kind
of, I guess, what's usuallytermed as compensatory damages
that we would cause to any thirdparties.
And then you know back to theconsultants and you know that
(06:29):
type of thing as well as crisisresponse.
So like some help consultingand corresponding with them in
the wake of one of theseincidents occurring.
Amanda Knight (06:39):
You know, as you were talking about those
different elements of coveragethat can really make a
difference.
I was.
I don't know if y'all saw thison the news Maybe we follow
different people on Instagram weprobably do but this made me
think of one I saw recently andI won't name any names, but
there was a large cosmeticscompany that somebody on TikTok
(07:04):
claimed that their lotion or oneof their products attracted
wolf spiders and the internetlost its mind because of this
accusation that this cosmeticwas attracting spiders to people
.
The company ended up having tolike come out and refute this
and know we, you know, ourproduct does not attract spiders
, because everyone was losing it.
(07:25):
Situations like that made methink of man.
I really hope they had a goodinsurance policy place.
Chris Martin (07:32):
And that actually brings up a very, very good
point that I forgot to mention,which is another major category
of coverage, which would beadverse publicity coverage.
So that fits right in there.
So that would be the kind ofsituation where there is
publicity out there, whetherit's, you know, some kind of
(07:54):
newspaper, tv, internet, youknow even the FDA itself in some
cases, but publicity thatsuggests that there's something
wrong with our product thatcould cause injury or harm and
that has an actual effect on ourbusiness interruption or
whatnot, even if it's does notprove to be true.
(08:14):
So that's another coverage inthe policy.
Amanda Knight (08:17):
That seems highly relevant to me, especially for
this sort of company thecosmetics crew because I don't
know if you have daughters orgirls old enough to care, but
these makeup tutorial videos andlike it's a whole thing, guys,
and you could very easily youknow, if you're an influencer on
TikTok or whatever all the kidsare doing these days those
(08:39):
things go viral quickly and kids, everyone watches these things
like I can see how that would behighly relevant specifically
for this industry.
Chris Martin (08:49):
I definitely have a daughter who's you.
I can't even remember whatproduct it was, but she used
something the way that she wasnot supposed to use it and ended
up making her face sting for 10minutes.
Now I, you know, I did not wantto, you know, sue anyone or I
kind of thought that was.
That was like a very teachablemoment and you know, sort of a
(09:13):
what they would call a naturalconsequence, but you know, but I
can definitely see how it's aproblem.
Amanda Knight (09:19):
You know, I was out over the weekend with family
and we ended up in one of theretail stores, one of these
large cosmetic companies, andthe sheer volume and number of
options and by the name, Icouldn't tell what some of them
were like.
There are just a lot of thingsout there, products that I know
didn't exist to three years ago.
(09:40):
So it seems like not only is itgrowing, but the different
number and types of productslike, obviously, the more you
have, the more chance there isfor something to go wrong, right
?
So if there was ever a time fora cosmetic company, large or
small, to invest in some qualityproduct recall insurance, now
seems like a great time to dothat.
(10:02):
So, knowing that thesecompanies previously didn't have
to register with the FDA, isproduct recall coverage that is
something that they're used tobuying?
Has this been on their radar?
Or is there work for agents andbrokers to do around?
Hey, cosmetic companies, thisis coverage you now want to
invest in in light of these FDAchanges.
Jon O'Malley (10:22):
I definitely think any company that manufactures a
product definitely has anexposure and they maybe maybe
they don't know it's available,but I'm sure they've thought
about product recall before, somaybe it's just not something
they know about.
Maybe it's just not on theirtop list of insurance to buy
right now.
I think for agents and brokers,I think the work lies in
(10:44):
creating awareness, making sureevery manufacturer and
processing distributing clientknows that this coverage exists.
Chris Martin (10:51):
Yeah, and I think you know.
I think two things can be true.
I think you know we definitelyplace this coverage for a number
of cosmetics manufacturers anddistributors now and I
definitely think a majority ofthem do not buy it.
So, you know, while we'replacing these policies already
(11:14):
and a lot of them see theexposure and see the value in
the policy, I definitely think alot of them, you know, aren't
there yet and this is probablygoing to be a big difference
maker, because I really thinkyou know that that
responsibility shift that theFDA is going for is going to be
meaningful.
And you know, when they changerules like this and make new
(11:38):
processes and have responsibleparty requirements and all those
types of things, theydefinitely increase their
presence in the space and thatwill usually lead to more
recalls.
Scott Gordon (11:51):
Well, and at CRC Group you know we pride
ourselves on being specialiststhat can get the job done for
our retail partners.
How can partnering with a CRCgroup producer help agents with
cosmetic industry insurers?
Jon O'Malley (12:04):
Yeah, that specialization is key.
I think being a specialistmeans that we're trying to stay
on top of market trends andchanging regulations, just like
this.
So we strive to do that and wewant to get ahead and advise our
retail partners accordingly.
I think that all falls underbeing a specialist in this
particular coverage.
Chris Martin (12:23):
Yeah, and just being in the space between John
and I and our other CRC partners, we've got a lot of experience
and knowledge in this space anda lot of time with the
marketplace evolving andcoverage evolving, so I think
that's a lot of value to bringto it.
Scott Gordon (12:43):
I always learn a lot.
I didn't know what Mocha was.
Amanda sent me the podcastoutline and I was like Mocha,
are we doing a podcast on aGodzilla monster?
I didn't know what it was.
So thanks for enlightening usand I guess we're done with like
all the nuts and bolts of thispodcast.
(13:03):
But would you guys like to dosomething a little fun before we
leave?
Sure, always.
Amanda Knight (13:07):
I knew it.
Scott Gordon (13:08):
Well, you're in luck because Amanda has crafted
this wonderful segment we liketo call Rapid Fire, and this is
just.
We're going to ask youquestions and you just tell us
the first thing off the top ofyour head and our first rapid
fire question today is if youcould time travel, would you go
to the past, the future and why?
(13:28):
And I specifically want to knowwhat year it would be if you go
to the past or the future.
Chris Martin (13:35):
I would say.
So I'm going to answer that Iwould go to the past.
And the thing that immediatelypops into my mind is the second
back to the future movie, whenhe gets a hold of, like the
sports almanac from like 19,whatever, and you could go back
(13:57):
and bet on the outcomes of theSuper Bowl and you know, and the
World Series and things.
So that seems like a great call.
So I go to the past.
Jon O'Malley (14:09):
That's funny.
You say that, chris.
I actually was thinking theexact same thing, and the reason
why I would go to the past aswell.
I think having the futureunknown is just kind of cool in
itself.
So I don't think I want to goto the future any quicker than I
already am.
Amanda Knight (14:24):
I feel the same way.
Scott Gordon (14:26):
No one wants to go to the future.
Nope, I have it.
I don't think have we hadanyone want to go to the future,
not one person.
Nope, nope, no.
But I also love that, insteadof like going back and like
steering the Titanic away, youknow saving lives or killing
Hitler that you guys want to goback and make money with the
(14:46):
sports almanac.
I mean you said the first thingthat popped, and it's the first
thing that comes into my mindtoo.
It's like how can I profit.
Chris Martin (14:59):
It's not the only thing, but it was the first
thing You'd be saving orphansalong the way Right after I make
that back Give them all theirown houses.
Scott Gordon (15:07):
You've got tons of money.
You can change the world.
Okay, and our second questionin rapid fire is what's the best
piece of advice you've everreceived?
Chris Martin (15:18):
I don't know, I think I don't know.
It makes me giggle.
I think my father-in-law tellsall of us quite often to make
sure that we throw the firstpunch.
So always throw the first punch, I think, beyond the offensive.
Yeah, that's pretty good.
Jon O'Malley (15:37):
I think the best advice I ever got was probably
just listen before you speak.
That's always steered me theright way.
Amanda Knight (15:47):
Scott, what about you?
I want to know your best advice.
Scott Gordon (15:50):
I don't know.
I like what Gandalf said inLord of the Rings.
He said Frodo's like I wishnone of this had ever happened
to me.
And Gandalf said so do all wholive through such times.
But that's not for us to decide.
All we can decide is what to dowith the time that is given to
(16:11):
us.
Chris Martin (16:11):
There you go.
Easy for Gandalf to say.
Amanda Knight (16:14):
Right, he was a wizard.
Chris Martin (16:16):
Right.
Amanda Knight (16:17):
My favorite is probably from my dad.
I was a kid and I mean, it'ssomething we've all heard.
But I have to tell myself allthe time, even as an adult don't
sweat the small stuff.
In the end, those small thingsdon't matter.
Unless of course it's like asmall thing in your cosmetic
that's going to cost you a bunchof money, Right?
You didn't catch it.
Chris Martin (16:38):
Bring it for a whole cycle, unless it's Wolf
Spiders.
Amanda Knight (16:41):
Wolf Spiders.
Unless it was a Wolf Spider, inwhich case you better sweat
that.
Run for your lives, yeah, Well,thank you both for being here.
We love having repeat guests.
If John and Chris soundfamiliar, they have also been
guests on our episode aboutchanging FDA rules for farmers
and food producers, so if youhave not given that one a listen
(17:01):
, definitely go back and do that.
If you're a listener, weappreciate you too.
Providing current insights intothe marketplace is just one
more way CRC group is placingyou first.
Don't forget to subscribe andshare.
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