Entrepreneurs: How to Create a Business Buyers Actually Want with Cameron Bishop + Others

Episode Transcript

Speaker 1 (00:00):
The following is a paid podcast. iHeartRadio's hosting of this
podcast constitutes neither an endorsement of the products offered or
the ideas expressed.

Speaker 2 (00:09):
Most of their children don't want to take over the
family business.

Speaker 3 (00:13):
It is a bill versus by decision twisted means humans.

Speaker 4 (00:18):
I'm Richard Garhart and I'm Elizabeth Gearhart. You just heard
some snippets from our show. We had amazing people on
listen for the rest of it.

Speaker 1 (00:27):
Ramping up your business. The time is near. You've given
it hard, now get it in gear. It's Passage to
Profit with Richard and Elizabeth Gearhart.

Speaker 5 (00:38):
I'm Richard Gearhart, founder of Gearhart Law, a full service
intellectual property law firm specializing in patents, trademarks and copyrights.

Speaker 4 (00:45):
And I'm Elizabeth Gearhart, not an attorney, but I do
marketing for Gearhart Law. And I am the founder of
gear Media Studios, a full service podcast studio.

Speaker 5 (00:54):
Welcome to Passage to Profit, the Road to Entrepreneurship, where
we talk with entrepreneurs and celebrity he's about their business journeys.
We have an amazing guest, Cameron Bishop. He's a seasoned
executive and entrepreneur and currently managing director of Rancatcher and
award winning business broker service.

Speaker 4 (01:13):
Then we have two incredible entrepreneurs. So Torri Scheker is
an acclaimed master storyteller. But what I really find fascinating
I'm going to pick her brain apart on this one
is she's executive producer of the Secret Society of Twisted Storytellers.
I could hardly wait to hear about this, and then, yes, Sir.

Speaker 6 (01:32):
Trboot, find out if she's really twisted.

Speaker 4 (01:35):
That's pretty normal to be anyway. Yes, Sir Taboot is
the founder and CEO of Taza, So he helps people
with custom software solutions. So we're going to dig into that.
We're going to ask him exactly what he means by
custom software because we hear that a lot and we
think a lot of people are kind of like, yeah,
I kind of know what that is. But so we
have an expert here we can pick his brain too.
And coming up later on, it's Noah's retrospective along with

(01:59):
Secrets at the Entrepreneurial Mind.

Speaker 5 (02:02):
But before we get to our distinguished guests, it's time
for your new business Journey. Two and five Americans, our
business owners are thinking about starting their business and so
we'd like to ask questions during this segment that might
be interesting to them. Our question this week is how
do you build a network that works for you? And so, Cam,
can you talk a little bit about your networking?

Speaker 2 (02:23):
Yeah, absolutely, I'll covered out a couple of fronts. For
about five years, I was a partner in a BOTE
consulting firm that practiced exit and transition planning for business owners.
That's very much a referral based business, so you begin
to leverage connections LinkedIn as a powerful tool for that.
It's pretty known fact that it takes four to six

(02:44):
touches with another person that's a text message, phone call, coffee,
cocktail emails to really establish a long ongoing relationship with
folks in your network. And part of my practice was
to do three to five meetings every day to build
that network, and with each of those individuals, I would

(03:05):
ask them for suggestions on two other people from their
network I should talk with. But it's also important to
remember that that's very much a world where to get
you have to give, so you have to be prepared
to make introductions and referrals for other people and there's
a little bit of karma there that it will come
back to you over time.

Speaker 5 (03:23):
Yeah, I really like the approach that you're taking. Number one,
the karma piece. I do think you have to give
before you can get number two. You had some specific
goals in terms of your networking.

Speaker 6 (03:34):
How many people you were going to talk to.

Speaker 5 (03:36):
You had a schedule for that, and I think a
structured approach like that can really help you build your
network much more quickly. Yes, sir, talk to us a
little bit about your networking efforts.

Speaker 3 (03:45):
Honestly, it must confess. I am an introvert, so it's
one of the hardest things I had to do. As
I shifted into entrepreneurship, networking really started for me helping
others solve their problems. I was really a software engineer,
started helping other people solve their problem and from there
I started valuing the network effect, so to speak. Started

(04:06):
attending local trade groups and other business of commerce groups
where I would go and try to help people think
about technology and how it would help them with their businesses. So,
as I just heard it's karma, you really need to
help others first, and then that helps you build your
first part of the network. That's how we got landed
out for a few contracts, and from there it was

(04:28):
really adds down doing really good work, so your customers
would speak about you to others and then you would
ask for referrals that way. So initially just by helping
others and growing that through local businesses that we helped,
and then eventually as we did good work, that helped,
and it was really amplified by LinkedIn later on as

(04:49):
we connected with like minded people and we had a
system of reaching out to people and a certain cadence
really trying to continue to build that network.

Speaker 5 (04:56):
So Tory, you're the twisted storyteller, but maybe that networking
as well.

Speaker 7 (05:01):
Absolutely, I never did like the word networking. It seems
so transactual to me. And I didn't know how to
walk in a room with a card and go ooh,
who can I utilize and like that. So I'm kind
of like being of service. So my platform, I'm in
the entertainment industry, and so I have a platform where
I curate new storytellers every month to tell a true

(05:23):
and personal story on my stage. And I had to
teach or facilitate supporting them with the craft to be
able to tell a really great story. And that blossomed
into facilitating story workshops that blossomed into people referring me
to coach lawyers, individuals, organizations, university, faith based organizations. So

(05:47):
I would provide that service, and out of giving them
a good service and they got good results, they would
just automatically refer me. So I have for thirteen years
been doing this and I have never were gone after business.
I can't imagine what would happen if I went after business.
But I'll get enough business from referrals that people who

(06:09):
have enjoyed the results of my training received.

Speaker 6 (06:12):
Yeah, that's great.

Speaker 4 (06:13):
I love networking. I don't really like the name as much.
I agree with toy.

Speaker 6 (06:18):
We could call it professional socializing.

Speaker 4 (06:21):
Yeah, I just think it's friendship building. I don't know,
I love it. I like seeing the same people at
things over and over again. And I have a friend
who's like a super good networker, and she helped me
a lot with this grand opening and introduced me to
this chamber where the people are great. Everybody goes to
everybody's events, so I go to their events just to
pay them back. And what's so funny about that is
like I learned so much that I'm like, oh my gosh,

(06:42):
I'm so glad I went to this event, so I'd
love to just do it in person. And I do
a lot online too, and I do a lot on LinkedIn,
and we do a lot of course through Passage to Profit.
We meet a lot of really cool people doing this show,
which is the best part of the show.

Speaker 6 (06:54):
Well, that's great.

Speaker 5 (06:55):
You are an amazing networker. And if there's a part
of it to be thrown, Elizabeth will throw it. So
she loves parties around people and she really enjoys the relationships.
And for me, it didn't really even start that way.
I sort of became more of a networker as my
career progressed. I began to enjoy the contact and the

(07:18):
interaction with people. One thing I would say that is,
if you're going to rely on networking as a strategy,
one thing to do is make sure you're picking networking
spots that are going to be relevant to your business.
Right there's lots of different places you can go to
meet people and other business people, but you want to
make sure that if you're going to be looking for

(07:39):
new marketing clients startups, then you go to entrepreneurial groups
that feature entrepreneurs and startups, and that way there's a
good fit between what you're offering and hopefully what people
are looking for. And my other comment is I always
start just by asking people, well, how can I help you?
I don't even begin to talking about myself. I don't

(08:01):
even tell people what I do, but I asked them, well,
what are you looking for?

Speaker 6 (08:04):
How can I help you?

Speaker 5 (08:05):
And I try to start the relationship off with trying
to be of service to somebody else and so putting
the good karma out there has paid great benefits. So
thank you everyone for your comments. This has been your
new business journey and now it's time for our guest interview.
Today's guests sells businesses like hotcakes, except with more spreadsheets

(08:26):
and fewer carbs. So we're joined today by Cameron Bishop,
a powerhouse executive, entrepreneur and managing director at Raincatcher, one
of the nation's top business brokerage and m and A firms.
So Camer, nice to see you. What does a business
broker do?

Speaker 3 (08:42):
Well?

Speaker 2 (08:43):
Thank you for the introduction and thank you for having
me on your show. It's a great opportunity, hopefully to
help spread my passionate message, which is about helping business
owners to understand what it takes to have a valuable company.
There are ten thousand baby boomers turning sixty five every
single day, and many of them are business owners. And

(09:04):
the trends today are that most of their children don't
want to take over the family business, which was historically
how businesses transferred from generation to generation, and they're left
with the alternative since it's the primary source of potential
wealth for them, particularly generational wealth. They choose to sell
their company, and if they do so, they most often

(09:26):
contract or engage with someone like myself as a business
broker or we're specializing as lower mill market investment bankers,
and we help them prepare their company for sale, package it,
market it, and work with them to find a buyer
for the business. So bring in all the experts for
their m and A attorneys or wealth managers or tax experts,

(09:46):
and we literally hold their hand through the entire process.
Because everybody thinks investment bankers are folks who just do
contracts and mess around with numbers and percentages and dollars
and negotiate. But about fifty percent of my job is
what I refer to as doctor phil work, and that's
actually the most rewarding part of the job. Selling a

(10:07):
business for a business owner is a very stressful process.
It's a roller coaster ride. It's nine or ten months long,
and it's very difficult for these owners because that business
is their baby, it's been their life, and so we
spent a lot of time coaching them and helping them
see the right perspective to get through a very strenuous process.

Speaker 4 (10:28):
We had friends that sold a business recently, and of
course he's staying on as a consultant for a couple
of years. I think that's kind of normal, isn't it.

Speaker 2 (10:34):
Yeah, it is very normal for most buyers of businesses
to want some level of risk mitigation through an ongoing
relationship with that previous owner of the business in some capacity,
because they know the insides and outs of the business,
and they often have strong customer relationships as well as
employee relationships, and they want that knowledge transfer as the

(10:56):
new buyer of the business.

Speaker 4 (10:57):
So is it really a lot more difficult if you
don't start your business thinking I'm going to sell this
in ten years. If you start your business thinking this
is a lifestyle business that I'm just going to do
for the rest of my life till I retire, and
I'm not going to worry about all the things I
need to do to sell it until I hit sixty
four whatever. I mean. I know some people start their
business with the intent to sell. How hard is it

(11:19):
to make the.

Speaker 2 (11:20):
Ch Unfortunately, the vast majority of people don't think about
the end in mind, but they start the business. And
that is a key problem. Look, it's a sad fact,
but every business owner is going to leave their business
one day, and they'll have the choice to leave it,
stand it up or laying down. And I taught for
a while a course for the small business administration at a
local college here at the Kansas City Market, and that's

(11:42):
one of my course subjects was if you're going to
start a business, if you're at an early stage of
a business, start that business with an end game in mind.
And most business owners don't understand that. There are differences
between running a business just to take an income or
some profits, or avoid paying taxes or run some personal
expenses through the business. There are differences from running a

(12:05):
business that way than there are with a target of
creating value so that you will be able to sell
that business at the end of the day. And you
mentioned another key buzzword in the arena, which is a
challenge for folks. Many business owners who come to us
say I want to sell my business don't really have
a sellable company because they really have what's called the

(12:25):
lifestyle business. So I mentioned earlier on the program here,
I was a consultant that was a lifestyle business. That
business was solely dependent on my knowledge and my network.
There was nothing to sell. If I went away, so
did the knowledge of the business. And many business owners
don't have a true sustainable business that will operate without them.

(12:45):
There if they get hit by the proverbial bus, there's
no income coming in, and they're shocked with this because
many of them make a whole lot of money, but
it's still a business that is solely dependent on them
as an individual.

Speaker 5 (12:57):
And I think one of the interesting things is that
one of the advantages of being an entrepreneur is that
you can build an asset. So if you are working
for somebody else, you're adding value to the shareholders and
building an asset for the owners of the company. But
if you're the owner of the company, or you're part
of a management team, and you have ownership in the company,
then you're not only generating income for yourself, but hopefully

(13:20):
creating something that can be sold down the line. But
what do you tell people who are solopreneurs or individual
consultants that want to try to create a company that
has asset value and can be sold. What kind of
steps would they take to start making that transition.

Speaker 2 (13:37):
Well, the first thing is again to understand that if
they're a solopreneur and it's essentially a lifestyle business, they
have to recognize that fact to begin with. Then they
need to begin building out the company. And that's a
challenge for a lot of these solopreneurs because if they're
an es COREP or a LLC pass through entity, the
profits of the company are their income, and in order

(14:01):
to build it out as a true sustainable business that
will have value and be sellable, they have to invest
back into that business. That usually involves bringing on additional employees,
somebody who can be a successor to that individual. And
it's a tough decision for many owners because they don't
want to give up the profits or the income in
the short term to invest into the company to build

(14:22):
out for the long term and for that potential future
generational wealth value creating exit for the business.

Speaker 5 (14:29):
So how can an owner thinking about selling their business
prepare for the sale of their business.

Speaker 2 (14:35):
Well, if they have a business that is going to
be sellable, the first thing they need to think about
is some kind of an event happens in the business
and it creates a lot of stress, forum or certainty
or doubt, and they just wake up one day and say,
that's it, I'm done, I'm selling. And that's the worst
pot That.

Speaker 6 (14:51):
Sounds like a terrible reason. I just got to get.

Speaker 2 (14:53):
Out of here. Yeah, yeah, Well, it happens all the time.
It becomes a very spontaneous situation. They said, that's it,
I'm ready to sell. I'm not going to do this anymore.
I'm tired. Or I can't find more employees, which is
the thing we hear a lot today. That's a challenge
for business owners.

Speaker 5 (15:10):
What do you mean by that you can't find employees?
Is it because the unemployment rate.

Speaker 3 (15:14):
Is so low?

Speaker 6 (15:15):
Is that the issue? Or they can't find the right employees.
What are they talking about there?

Speaker 2 (15:19):
Boy, that is a fascinating question. I could probably be
filthy rich a whole shows if I had the true
answer to that. But I'll tell you, Richard. In our firm.
We are industry agnostic. We represent business owners in about
every imaginable business or industry, from heavy construction and mining
operations to business services SaaS, platform companies, digital marketing agencies,

(15:44):
and in every business sector. Business owners tell us that
is one of the primary challenges they have today. They
either can't find employees to hire, or they hire somebody
and they don't show up for work, or they hire
them and some short period of time into the new employment,
that employee ghosts them. A lot of business owners are
frustrated because they feel that they could grow their business.

(16:07):
For example, a road construction client that I had in Arizona,
you said, I could be growing my business twenty percent
right now, I'd have to add an additional crew of
fourteen people. They paid above market wages for their employees,
they had good benefits, and they just couldn't find the
workers to grow the business. It's an interesting phenomenon today
that has really evolved, I think during in post COVID,

(16:29):
and it's changed the reasons why a lot of business
owners choose to sell well.

Speaker 5 (16:35):
It's interesting given the times that we're in and the
culture seems to be trying to bring jobs back to
the United States. Yet on the other hand, we seem
to have this issue where we're not really sure how
people want to work after COVID, Right, I mean, COVID
changed a lot of things. It created an environment where
people kind of didn't work anymore, and everything's changed. I'm

(16:56):
not really sure that we've recovered from that yet.

Speaker 2 (16:58):
Yeah, I would say we have based on the anecdotal
input we get at our firm daily from business owners
who call us saying I think it's time for me
to sell my company, and our first question for them
is always okay, while are you thinking about selling? And
the reasons changed marketly post COVID. Pre COVID, the majority
of reasons business owners sold were the ones that everybody

(17:21):
would suspect. I want to play more golf. I want
to spend more time with my spouse. My spouse has
been ill, I need to take care of him or her.
Want to spend more time with the grandkids. I want
to travel. We still do hear those, don't get me wrong,
But post COVID, many business owners and again we're talking
a lot of aging out baby boomers as well. So

(17:41):
they lived through the severe economic downturn, they lived through COVID,
and they've just kind of reached a point where they
don't have the same level of energy anymore. And the
drivers are a lot of these demands around finding, hiring,
and retaining talent today. It's a national phenomenon across industries.

Speaker 4 (17:59):
I think it's even harder to get people if you
want them physically in your space. Because I've tried to
find some people for the studio that would come in
part time maybe and help me run the studio so
I don't always have to be here so it's not
dependent on me. I'm trying eventually. I mean I just
opened it, but eventually I do want it to the
point where it runs without me, and then eventually I
will sell it. That's my plan. But it's hard to
find people that will come into a studio and stay

(18:22):
here all day. And if I go on these different sites,
I get all these people responding, oh yeah, yeah, but
they're in other countries, and it's like, how are you
going to come into my physically come into my studio.
It's like trying to use these job sites. The filters
don't work. You cannot filter them for people that are
close to you that can physically come and work. So
in terms of selling your business, though, does that mean

(18:42):
that you sell your team with the business? Do you
sell it intact except for you, Like everybody that was
working for you goes to this new person who bought it,
and you're the only one not there.

Speaker 2 (18:51):
Yeah, that's especially the case. You're selling the brand, the
business model, the successful processes and systems that are in
place that made the company successful and valuable to begin with,
and certainly the employee population is part of that process.
And as you mentioned earlier, most times buyers would like
the owner to stay on for generally a minimum of

(19:13):
a year, sometimes longer. If the buyer happens to be
a financial buyer, like a private equity firm or something,
they may try to convince the owner to stay on
and continue to own equity in the company, which for
many business owners can be an extremely beneficial and profitable process.
But yeah, all of the equipment. For example, in a

(19:33):
road construction business, there are sometimes millions of dollars worth
of equipment that go with the business because that equipment
is what's going to be necessary for the business to
continue to operate.

Speaker 5 (19:45):
Cameron Bishop, seasoned executive and entrepreneur and currently managing director
of Rancatcher and award winning business broker service Passage to
Profit with Richard Analysabeth pier Heart will be right back
after this commercial break.

Speaker 8 (19:59):
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(20:21):
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(20:42):
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Speaker 9 (21:59):
Back to passage to.

Speaker 5 (22:00):
Profit once Again Richard.

Speaker 9 (22:02):
And elizabeth geerhart.

Speaker 5 (22:04):
We're Talking with Cameron bishop the. Cupid of capitalism he matches.
Buyers and sellers during the break we Were, TALKING with cameron.

Speaker 4 (22:12):
I, had asked cameron does somebody ever buy a business
just to get? Rid of it i've heard of this
happening in the tech sector, quite a bit where they
buy a business and you can get the SaaS or
whatever you're, getting from it and all of a sudden
you can't anymore because it got bought. By somebody else
that would be pretty hard as. A business seller i
think has that happened? In, YOUR experience yeah i.

Speaker 2 (22:31):
Have certainly seen cases where. THAT has happened i had
a client that had a very high tech piece of
testing equipment for. The automotive industry it's a husband, of
wife business and the husband was. A brilliant engineer he
had seven patents and there were three other. Companies out
there they'd been through two, patent infringement lawsuits one of

(22:52):
whom was, a direct competitor and that created a very
delicate situation because we had to settle an ip patent
infringement case prior to being able to enter any kind
of negotiations when there's any kind, of legal action but
when you get into the COMPLEXITIES of intangible ip related
law and. Patents, and trademarks yeah that can get really

(23:13):
DICEY in AN m. And, a scenarios yeah we had
to get that. Situation settled first but then once, you've
done that it's a very delicate selling process with a
competitor looking at buying another competitor because you have to
go with we. Call open kimono you have to show all.
Of your information there's risks of NOT, only stealing ip

(23:34):
but also potentially, losing key employees especially if they're key
knowledge holders like engineers that maybe also help design and
develop LATER versions of. Ip related technology so there could
be a lot of reasons that are company specific. Or
macro level the uncertainty around whether you agree or disagree
with a lot of the changes. Taking place today the

(23:55):
point is that, it does, change creates uncertainty and uncertain
right now is a factor that's a determinant and a
consideration on whether to sell.

Speaker 5 (24:04):
At This, time cameron bishop seasoned executive and Entrepreneur and
currently Managing director of raincatcher and award winning. Business broker
service how do?

Speaker 4 (24:14):
People find you.

Speaker 2 (24:15):
They can Reach me At cameron dot bishop at raincatcher
dot com or they can always find me on LinkedIn
check out our website. Raincatcher dot com that.

Speaker 4 (24:24):
Was a great segue into, our next SEGMENT which is ip, in,
the news.

Speaker 5 (24:27):
Right and we're Not. Talking about china we're TALKING. About
the us our Topic. Today is amazon we just happened
to pick up an Article recently that amazon is now for,
the first time actually delivered A package in.

Speaker 6 (24:42):
Arizona.

Speaker 5 (24:44):
Using drones right they've been talking about this for, a
long time but they're actually, testing it now. Brand new
Development and SO elizabeth and i were kind, of, talking
about well does this make any?

Speaker 4 (24:54):
SENSE or not i don't know if. It makes sense
there's going, to be drones fine eye because this is in,
Under an hour so can you imagine if everybody gets
their orders in? UNDER an Hour i Mean i'm on
amazon ordering, stuff, all day right so eight o'clock, IN the, morning.

Speaker 6 (25:09):
I think have like a zone everything drone, every, ten minutes.

Speaker 4 (25:13):
Right personal drone flying. Back and forth but. It's pretty
interesting how's it going to affect everybody and the way.
THINGS are done, i feel like instead of using gasoline
to drive trucks, to deliver things now we're using electricity
to drive drones. To deliver things so where does electricity
come from when we, Have these batteries so where do
the manerals come from. From the batteries they come. From

(25:34):
other countries maybe we'll find a huge. MINERAL deposit here
i think we have Some In. The united states but
it's kind of like going.

Speaker 6 (25:40):
To, be shifting yeah the energy you requirements are going to, change.

Speaker 4 (25:43):
A lot right and that's. Just one thing but also
like the sky is going, to be full it's going
to be.

Speaker 5 (25:48):
Full of drones we wanted to talk about one, of
THEIR patents which i thought. WAS just hilarious a couple,
of years ago they filed a patent on drone technology
where the drone will recognize a. Human beings gestures so
if you walk out onto your lawn and wave, the
drone off the. Drone, will stop conversely if you, wave
it in the drone will come and land at your

(26:10):
feet and. Deliver, the package there so a lot of.
Really advanced technology how does that know?

Speaker 4 (26:16):
It's your package so it could be. A porch, pirate.

Speaker 5 (26:22):
So anyway we wanted to talk a little bit with
our panel here about the thought of having packages, delivered
with drones, and so yeah here tell us what you.

Speaker 6 (26:33):
THINK about, this, i.

Speaker 3 (26:34):
Think ultimately as a pattery technology and drone, technology keeps improving.

Speaker 6 (26:39):
This, Is, inevitable so tory what are your thoughts? About
all this.

Speaker 7 (26:42):
When it comes to hospitals getting blood or other vital
kinds of things to patients who are at, life AND
death then i think that it. MIGHT be practical i might. Welcome,
those circumstances jim what?

Speaker 6 (26:56):
Do, YOU think well i think drones are.

Speaker 2 (26:59):
A fascinating tool there's always going to be great, uses
FOR it and i think you'll continue to.

Speaker 6 (27:04):
See, it grow well.

Speaker 5 (27:05):
There you go And of course amazon has protected all
of these, innovations with patents and if you have an
idea or invention that you, want to protect contact Us At.
Gar heart law we work with entrepreneurs worldwide to help
them through the entire process, of, obtaining patents. Trademarks and
copyrights you can also visit learn more about patents dot

(27:25):
com or learn more about trademarks dot com for a
free consultation or to download your free white paper on
the subject of. Patents or trademarks or you can set
up a consultation With A gear heart law attorney passage
To Profit.

Speaker 6 (27:39):
With Richard analysts dear heart will be back. Right after.

Speaker 5 (27:43):
This stay tuned we have secrets of the entrepreneurial mind.
Coming up soon you won't want. To miss that.

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Speaker 1 (29:47):
Passage to Profit continues With Richard, and elizabeth gearhart.

Speaker 5 (29:51):
And now it Is time for Elizabeth's spotlight tell us, About.

Speaker 6 (29:55):
Your, projects, ELIZABETH.

Speaker 4 (29:56):
Okay well i have a number of, projects going on
all related to podcast at this point. In my life
even The marketing work I'm Doing For your heart law
is centering, around video now but, Also WEBSITE optimization so
i Do Marketing For. Your heart LAW richard and i
have this radio. SHOW and podcast i have Another Podcast
with Danielle Woolley Called, the jersey PODCASTS and then i
co host a meetup podcasting YouTube creators community which meets.

(30:20):
Once a month but the most exciting news is we've
been working on this video studio and the rest. Of
this studio we have five rooms up here for a
year and trying to get it really high end. AND
nice looking i want to attract corporate businesses to do.
Podcasts in here, and it's done and we had our
grand opening and the mayor came and cut the ribbon
and it was really fun and got a lot of interest.

(30:42):
In the studio so now it's a matter of doing
all this networking we're talking about and convincing people that
a podcast really is the right, thing for them which
if you're looking At the way google's, algorithms just changed
they're taking podcasts into account now when they rank your,
website and video you have to have video now and
you have to. Be ON YouTube so i think we're

(31:02):
in the right place at. The right time but the
BEST part is i really love DOING it and i love.
Hearing people's stories it's a lot of. Fun for Me
that's what, i'm doing now and from there we're going
to go on to. The medical minute so if you
as A child. GET E coli e coli can make
this bacteria that's some. Sort of byproduct it's, called cola

(31:22):
bactin and it actually goes into your colon and changes
the cells and. It's really interesting and so a lot
of young people now are getting colon cancer, before they're
fifty and they were trying to figure out what, is
causing this and now there's. Other factors too they, think
environmental factors but THEY. Think this e coli generated bacterium

(31:44):
actually goes in AND changes the dna, in your colon
causing some people to. Get colon cancer they don't have,
a solution yet but at least they can identify some.
Of the problems so now the next step is to
try to figure out how to stop this or how.
To cure it.

Speaker 5 (31:57):
Once it happens one of the things that is interesting
is that medicine seems to be a game of. Whack
a mole right as soon as we feel like we
have one disease, conquered or controlled at least, to some
degree a new. One pops up so just, out, of
nowhere now colon cancer is increasing, in younger people and
it looks like we have a medical explanation for, how

(32:20):
that's happening but we don't have, a, cause yet right
we don't KNOW why that dna is being.

Speaker 4 (32:25):
Changed or how, to stop it but they'verit.

Speaker 6 (32:27):
To stop it that's.

Speaker 8 (32:28):
The.

Speaker 4 (32:28):
First, step though now if you're a younger person, listening
to this you know you may want to get CHECKED.
Out because e coli is everywhere. All the time if
you find out you have, it early enough you can take. Care,
of it anyway let's go on to. Our next guest
i'm so excited to, Hear, About This, So torri, shiker master,
storyteller multidisciplinary, artist Social Entrepreneur the Secret Society? Of twisted

(32:52):
storytellers what is? This all about, in.

Speaker 7 (32:55):
Twenty twelve six years after my mother and my son
passed away with it nine months. Of each, OTHER of
course i was a. DEAD woman walking i was in
the depth OF hell and. I crawled back i noticed
SIX years later i, had CRAWLED back and i was
feeling the desire, to live. Again to create i'm an artist,

(33:15):
and A writer And, i AM detroit where i live had,
suffered emergency management, flint water crisis, water shut offs people
leaving the state. To find employment because this was following
The Crash, of wall street the tax. Base was sparse
they were trying to attract More, people into detroit and gentrification.

(33:37):
Was taking PLACE so when, I looked around i Could.
Identify with detroit detroit and myself. Are the same. We're
COMING back and i was flying around the. Country the
moth there's An Organization in new york called them off where,
they TELL stories and i was telling my story of.
Grief AND loss AND i think I, Was, in AUSTIN
texas AND i remember i could hear a pin drop

(34:00):
and the people were leaning forward waiting for. My next
word and it just. Dawned on me. You're a storyteller
and once the, story was over groups of people would
come up to me and want to talk to me
about their. Grief AND loss then i got emails from
all over the world thanking me like this. Was, A
service now i HAD always known i, was a storyteller

(34:21):
but storyteller. Isn't a thing it's Not, like doctor. Lory
your nurse it's not a. Category OF career, so i,
just you know it. Was like breathing you don't get
a job. As A breather so i didn't think. Storyteller
IS anything but i decided to create this Platform Called
the Secret Society. Of twisted storytellers and it came to
me ONE day while i was sitting in. A friend's

(34:43):
garden i was still had all my furniture and everything
IN storage because i was still trying to, find my
future and the idea. WAS really delicious i, had no
MONEY but then, i, figured, out oh okay let me
sell these. Seats IN advance so i sell forty five,
seats in advance rented a little place for one hundred,
and fifty bucks and it. Was sold out and each

(35:06):
month following the, audience would grow we'd have to. Find
another venue and now it's. Thirteen years later we've had dignitaries,
on our stage every kind of human being in every.
Walk of Life But The secret. Society twisted storytellers the
name came from a Short story. That i'd written so,
secret means story a story. You haven't told because if

(35:28):
you're a human being and we don't, know your story
you're someone that looks good, and smells good but we.
Don't KNOW you and i wanted people to. KNOW each
other i wanted people to Walk Into the whole, FOODS
and go.

Speaker 4 (35:40):
I, heard your story how is?

Speaker 7 (35:41):
Your Mother doing or i'm so proud of your son
he just got. His master's degree so the story coming
from the community of people was fodder for the beginning,
of a conversation the beginning, of a connection a human connection,
twisted means, Human you know and we're trying to unravel

(36:01):
our humanity through the telling. Of a story we have
a global mission, to connect humanity heal, and transformed community
and to, provide an, uplifting thought provoking soul cleansing experience
through the art and. Craft of storytelling and as we're developing,
stories and storytellers we're. Also developing listeners our attention span nowadays.

(36:26):
Is very short but if you can, engage the craft
the art and the, science OF storytelling if i can
show people how to, tell their stories the brain. Then
gets engaged and if the, brain is engaged then we
have hormones like, ostatose and dopamine which creates a. Sense
of empathy and that's what you want when you're. Telling

(36:48):
a story we've had people, on our, stage transgender, people
for example, on our Stage and then i'd get, calls
from men, particularly black, Men who said i've never been
this close to her as. A gender, person i laugh
thinking you. Just, didn't know, TRUE they said i could
identify because, this particular woman she would get pulled over

(37:11):
by the police and harassed and. They could identify so
storytelling breaks, down generational, barriers racial, barriers gender barriers and
you have an empathy for the human being going. Through
this EXPERIENCE and because i can't, Live your Life, ELIZABETH
or cam i can hear YOUR story and i can

(37:33):
become a passenger on your journey and learn. WHAT you
learn i can benefit. From YOUR experience so i see
the story as a gift that we give.

Speaker 4 (37:42):
To the audience if somebody has gone through something and
they think they're the only one that's ever happened to
if they hear somebody else's story who went through, something
like it then they don't. Feel so alone that's why we.

Speaker 9 (37:52):
Have.

Speaker 7 (37:53):
TO share absolutely i tell my storytellers. All the time
once you, share your story you're creating a community the wake.
Of YOUR words and i believe that listening is. A
revolutionary act there is an, absence of listening but listening
actually it's. A voluntary thing we can't make people. Listen
to us but what it does is grant being. To

(38:15):
another person and at, THE highest level i do believe
listening is love because it takes. Something to LISTEN and
when i, HOST the events i tell the. Audience every
month you. Have a job your job. Is very hard you.
Have to listen you have to give, up your assessments
your judgments and just be with the storyteller. And their
journey that's.

Speaker 4 (38:35):
REALLY good advice i Want to ask cameron if he
had any. Thoughts or comments, YOU.

Speaker 2 (38:40):
Know what i love the whole concept of what. You
are doing i'm. A storyteller too i'm a journalism school
graduate and did. LOTS of writing i. Had published poetry
but connecting back to our earlier, discussion About networking when
i'm sitting down with somebody for, the first time the
best way to get to know them, is, to say
hey tell, me YOUR story and. I love people i love.

(39:00):
Here for people they. Have fascinating stories but it's a
great way to develop. That, ongoing connection.

Speaker 6 (39:06):
Well, stories, build trust right there's even.

Speaker 7 (39:09):
More Trust because, Now i'm human, i'm not perfect and
that opens up the door for another person to invite
them to, share their, vulnerabilities their mistakes, where THEY fail
which i believe failure is the. Platform to success so
it encourages us to let down our guard and not
have to be perfect. And, PROTECT ourselves well.

Speaker 4 (39:30):
I wanted to ask you something related, to that story
because you are a. VERY professional speaker i didn't hear
any filler. Words, at all no i'msor odz or losing your?
Train of thought do you have to, practice a lot practice,
your speaking skills practice the story before. You tell it
are you one of those people that could just go
in cold and do it very well?

Speaker 7 (39:50):
The first time, AT this point i can just go
IN cold because i come from a long, line of
storytellers old black Women, From The Alabama Mississippi. Jim crow
south that's the way. They communicate, it in fact the
storytelling is the most effective delivery system of. Information AND
ideas so i. KNOW my niche i. KNOW my craft.

(40:10):
I love words, i'm A writer so i don't need
Filler words because i'm creating the conversation in.

Speaker 4 (40:17):
Front of you so do you help other people? Tell
us stories do? You coach people that's part.

Speaker 7 (40:22):
OF my business i fell into it understanding that everybody.
Has a story everyone does not know how to tell.
Their own stories we do, have talking heads we have
other people who represent us. Telling our stories we have
polls that say something that we kind of get close to.
How we think but the best person to tell your,

(40:42):
story is yourself and everybody doesn't. Have that facility they
don't know what, to leave in what, to take out
they don't. Know what's important they don't even know that
there are. EXTRAORDINARY human beings i don't want to. Brag
on myself brag it's part. Of your, TRUTH so yes
i had, to start teaching. Facilitating storytelling workshops so My Clients,

(41:04):
Are duke University, university of michigan. FAITH based organization i
just got a contract with a Governmental agency for medicaid
recipients to. TELL their stories i work with mothers to.
Impact maternal mortality I've, gone TO. Washington d c to,
facilitate storytelling workshop you know with THE you Know Arp,

(41:27):
for domestic violence for ending domestic violence. And domestic abuse
so people hire me to do storytelling workshops that address
whatever issues they. Want to address some people just want
to learn how to. Tell their stories maybe an attorney
wants to know how to do an opening, or. Closing
argument somebody it's all. Kinds of reasons people want to

(41:52):
be able to learn how to tell a story or
use a workshop to bring. Their employees together because you
can work side by side with people well for years
and not know, Anything about them so. Let's get together
and then there's automatically there's some kind of affinity. For
your coworker you're more than just somebody else sit next
to and go to lunch with and talk on. The

(42:14):
surface with you're actually A human being i. Could care,
about to.

Speaker 5 (42:18):
Me, That's, networking so torri do you remember your first story?

Speaker 6 (42:23):
That you told do you remember the first time you?
Told a STORY.

Speaker 7 (42:27):
Probably when i was, A little kid i made up
an Imaginary friend NAMED larry because i noticed that my
brothers would get away with a lot of stuff that
MY sisters and i didn't. Get AWAY with so i
Created a, boy alvatar guest and so, if they said
well who did, SUCH and such I. Would go larry

(42:47):
but they became concerned about, my imaginary, Friend YOU know
so i think they took me to. A CHILD psychologist
So i GREW larry and i could. Tell better stories they,
call them stories but actually. They were lies so my
first stories were really lies to protect myself from. My
family's disapproval have.

Speaker 4 (43:08):
You ever had somebody tell a story on your stage
that just? Blew, you, away many many.

Speaker 7 (43:13):
MANY many people i work with each storyteller one, hour
a week plus a rehearsal before they. Take MY stage so,
i Have storytellers big marines who Had gone to vietnam
to cry. Through the process they, blow me away because
human beings blow me away, with their humanity, with their
courage with their, willingness to love with their. Willingness To

(43:35):
give so i've had people. ON my stage a gentleman
that went to prison for thirty six years for a crime,
they didn't do and, finally, was released finally and he,
had no malice. Just very forgiving he travels around the
country and the. World now speaking.

Speaker 4 (43:54):
This is really a great service you're. Doing for everybody
how did people find you and.

Speaker 7 (44:00):
Visit My website story shakur dot com and from there
you Can Go to twisted, tellers dot org which is.
The STORYTELLING event and i have a link tree on
my website and you can find me in all my.
Social media habitats and could you spell YOUR name s
A T or r I s h a k. R,

(44:23):
dot com.

Speaker 4 (44:24):
Great thank You.

Speaker 6 (44:25):
Passage To Profit With. Richard analysabeth pierhart.

Speaker 4 (44:28):
So now we are going to move on to somebody
who helps us with our everyday computer problems And More
so Ya serderbu With tasa t AA. Z a a
key's the founder and he builds, custom software solutions which
if you're running a business you probably need. At, some,
point so sir can you tell us? What, that means.

Speaker 3 (44:50):
Usually if you look at, the technology ecosystem there's software
that you can buy, off The shelf like zoom we're
using right now. For our conversation you can just bail.
Bit of subscription we are the company that would build
A platform like zoom for entrepreneurs and other businesses that
need to build something. Unique and innovative so we are
a software. Product engineering company we basically help. Build SaaS

(45:13):
platforms or help existing businesses. Innovative using technology.

Speaker 5 (45:17):
How does somebody decide whether to commission custom software solution
rather than trying to pick and choose available solutions that
maybe are already on the market and could. POTENTIALLY be combined.

Speaker 3 (45:32):
I think it is a build versus buy. Kind of
decision and we largely, sell to businesses so we don't
offer direct to. Consumer and products we sell to other
businesses and usually THEY buy AN erp Or, crm like
salesforce or they may have other things, that they use
but they may have a very unique process that they
may need to solve for and that's where we come,
in these days we do a lot OF. WORK with,

(45:54):
ai i mean it's great to have, a chat board
but using your data to actually help trive business decisions
and helping streamline your operations is Where we come and
usually our buyers have already gone through the, JOURNEY of
hey i want to. SOLVE this problem i, have looked
everywhere nobody. Has built it so it's either funded founders
who have unique ideas or businesses that are facing operational

(46:15):
inefficiencies or want to innovate into a new. Line of
business so that's where this really. Comes into play.

Speaker 4 (46:21):
So you've covered just about every business on the. Face
of there.

Speaker 3 (46:26):
That creates a very hard marketing, problem for us because
that's why we are to kind of focus on specific
verticals where. We, Can, specialize right so.

Speaker 4 (46:34):
Do YOU work with ai? Agents, at all.

Speaker 6 (46:36):
YES we do i would.

Speaker 4 (46:37):
Love it if you could explain that a LITTLE bit
because i heard the term a few MONTHS ago and
i watched a, webinar on it which pros HALFWAY through
when i can, keep watching, it it's like, wait a
minute this is a. High TECH webinar but i think
a lot of people don't really understand yet what those, are.

Speaker 3 (46:52):
As llms which is the technology right now that's causing
a lot of disruptions start comprehending national language and being
able to give you somewhat meaningful answers with their sole
challenges with that, in some parts and they're getting. Better
each day now you can ask it a question and
it gives you. A reasonable response it's really think of

(47:13):
it like the Next, version of google which, summarizes the
content but it also has some comprehension and reasoning. Along
with it because it can. Summarize that answer, based on
that you can now tell it. To, do things right
that's where, it becomes edgentic where one of simple use
cases we believe that in, A year two, i don't
know everybody will have THEIR own personal, aissi, stat which

(47:34):
hey book me a ticket to, this right now You
go to expedia or you go to booking dot. Com
or whatever then you search for the flights. And filter
it either you do it or somebody does it for you.
Down the road an agent can actually go to the
site and do, that for you and those are already
in early. Stages of testing so what it does is
it becomes. Like an agent you don't need a programmer

(47:56):
like myself to, build those things which it would have
been true. Ten Years ago go now you can actually
coach these agents and spin them out to do work
for you on things that are mundane or there's different
things these. Agents can be so essentially an agent is
it's still software that runs, like a Program just like
zoom or any other tool, that we use but it

(48:16):
does things somewhat semi autonomously without having to be explicitly coded.

Speaker 9 (48:21):
To.

Speaker 3 (48:22):
Do that right coding till two to three years ago
was if you needed it, to do something you would
hire a programmer or programming company like ours that, would write,
explicitly do this. Then do this. It's very deterministic now
you can kind of guide, an agent here browse this
website and do these and the agents can actually then
coordinate and do that at a. Very rudimentary level an

(48:42):
agent is a piece of software that can really do what.
Normal software does but the way you build THOSE is
using ai technologies like albums and.

Speaker 5 (48:51):
Things, like, that yeah sir you mentioned during your discussion
that previously you would, do the PROGRAMMING and now ai
is able to help or assist with. Some of that
how has your company changed over the last couple of
years with the introduction. OF artificial intelligence i think.

Speaker 3 (49:11):
The kind of problems we're solving right. Now has changed
there's a lot of problems that would require a lot
of programming. In the past now you can actually change.
That whole, interaction for example booking, an airline ticket you
Go to an expedia or you go to kayak and
you go through this, whole search process and now you
can simply talk to an agent and say it's still

(49:32):
a quash programming and our company is basically looking at
that instead of it taking you thirty minutes to. Book
a ticket now, you, can say, hey my agent you already.
KNOW my preference i like to. TRAVEL this airlines i
have my, wyalty points here here's. MY preferred times i
don't like to get up at thream and go to
the airport for a. Five am flight it has all
your preferences and then it finds the flight within, your
price range but within a minute and saves you a.

(49:53):
Lot of time so we've been moving more towards building these.
WORKFLOWS for companies a lot of it within companies requires
proprietary data and their internal data. To understand it so
that's where we are building systems that kind of layer.
Up on that, so our shift not in, the few
years actually more in the last twelve, to eighteen months
has been how do we incorporate this innovation and help businesses.

(50:16):
Become more efficient so that's how. It is shifting so are.

Speaker 4 (50:20):
You building custom GPTs inside businesses for? Their, own data.
Yes we are i've heard that quite a number of
businesses are starting to, do that now and they want
to have data that's reliable because a lot of the
Data on the internet that the GPTs. Find, is wrong.

Speaker 3 (50:34):
Yes and you have to understand while it is. Still
artificial intelligence it's. Not actual intelligence, it's a statistical mathematical
model that tells you the highest probability what the next.
Word should be does it truly? Know the MEANING even
open ai doesn't know the. Answer to that so it
seems to mimic us really well based on the knowledge
that we've Created. On the internet so we still need

(50:54):
to validate it and you stop it from. Giving false
answers so we take a lot of businesses propriet tree
data and protective so that because that's going to be
the asset of the future is businesses need to.

Speaker 5 (51:05):
Protect their data, IT'S interesting though i did a search
recently trying to find out How many, patents twitter had
or it Used to be TWITTER now it's x. And
the software THE first time i, answered the question it
came back with about twenty, five HUNDRED patents and i
asked the question again and then it came back with

(51:25):
Two thousand and so that's one of the things about
artificial intelligence is that sometimes the values that you get are,
not entirely consistent even if the question is. Essentially the
same how? Does that happen, and given that how much
can we REALLY? Rely on ai to. MAKE important decisions.

Speaker 3 (51:45):
I would say. It's not accurate that's why there's an
industry term that, they call hallucination which basically speaks to
the problem. That you have why it happens is truly
the answer is because of the complexity of how these
neudle networks are set up to respond, to an answer
they can take different pathways on. A probabilistic. Model it's

(52:06):
probability that's why it's not one. Hundred percent protective.

Speaker 5 (52:09):
Does that MEAN then that ai is never really going
to be able to give consistent results because there, is,
an actual true numerical value to THE question.

Speaker 6 (52:19):
That i answered and.

Speaker 3 (52:20):
That's why we augmented. With real data there are ragged
pipelines and there's things that, you can do which is
what we build is to then augment it with the
real data and actually put controls in place to validate
some of that data against the data source to check for.
The true value will? It get better. IT probably will
i mean the way, Things are moving i'll be surprised

(52:41):
if every six months it. Doesn't get better and the
amount of money being, POURED into it i believe that
they will continue. Making this better it may be that
they have to shift the way they do things the
way it's currently done with. Large language model there has
to be some other innovation to really take it to,
that next level.

Speaker 6 (52:58):
Is my guess do you.

Speaker 4 (52:59):
Think that people would put information on the internet for
these GPTs to find that is? Wrong on purpose more
people are getting podcast content on YouTube than anywhere, else
THESE days and i did actually see some empirical research
at somebody presented at the conference. That is true but
what if? It Wasn't true and google put that out
there and the GPTs found, that, And said Hey google's

(53:22):
beating spotify at. The podcast game do you think people are?

Speaker 3 (53:24):
Purposely doing that humanity has a lot of empathy and kindness,
on one side but there is an a fair. Site,
to us unfortunately it comes, as a package just. Like,
everything else right we're, talking about drones, efficiency and goodwill
and there is a site to us that we have to.
Acknowledge and accept so to, your point earlier you mentioned
that you were looking for jobs for people to come

(53:45):
into the office and the. Filters don't work it's not
that the, filters don't work it's because people are purposely
obsificating the data that the filter. Should look at So
they're lying I'M in THE us or i can WORK,
in the us even though they might Be sitting In
philippines or india. Or somewhere else i'm not big. On
those countries, i'm just saying if, the data's wrong your
filters are not. Going TO work so i think there's
a lot of people trying to figure out how to

(54:07):
feed into THESE chat engines ai engines to probably split
out an answer that's biased or. FAVORABLE to, them i,
mean right now just like we USED, to do seo
and now, people are, like for marketing how do you
feed it into the lllms as they're? Crawling the WEB
so the ai doesn't.

Speaker 4 (54:21):
Know, THE difference yeah i got in a FIGHT with
THE ai, because i said why Is your heart lock
considered a? Top law, firm, HE said well i don't
think that you've got that. RIGHT or, whatever, i said
well then how come it? Got these awards, and, it's
LIKE well and i forget what it, said after that
but it. WAS pretty, funny i Mean Because obviously garrett
law's not this, huge law firm and that's what it,
was looking for was. Huge law, firms BUT yeah so

(54:43):
i kind of gotten this back and. Forth WITH it
so i think there's different ways you can put data
in there to manipulate it if you really.

Speaker 3 (54:49):
Want to write THAT'S just like dxt, or you know
the robots file that YOU had for seo and Crawling.
Websites for google now you can. Provide actual content, it
sounds like do.

Speaker 4 (55:00):
You have an incredible depth of knowledge with what's going
on in the software world today and you're using that
to help companies get the software they need to be competitive?

Speaker 9 (55:09):
In?

Speaker 4 (55:09):
Today's, marketplace really so how do people get a. Hold
of you.

Speaker 3 (55:13):
There's A website at. Tazza dot com taza dot com
started the company fifteen years ago with the idea of
take a fresh. Approach every Time that's what taza means.
In many languages, by The way and I'm, also ON
LinkedIn so i tried to avoid the other social media
platforms for my, own MENTAL sanity but i am on
the website as Well.

Speaker 8 (55:32):
As.

Speaker 4 (55:32):
On, LinkedIn excellent well. Thank you listeners you are Listening
to The Passage to Profit show With Richard and elizabeth
gearhart and Our Special. Guest cameron bishop. Fascinating discussions today
we've kind of been around the map with different topics that.
We've talked about but, don't Go away because secrets Of
the entrepreneurial mind, is coming up and this is where
people really. Spill the beans.

Speaker 6 (55:52):
We'll be right back after. This, COMMERCIAL break.

Speaker 9 (55:55):
Man i had, a Rough, NIGHT sleep boy i got
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Speaker 4 (56:02):
I'm dying here.

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Speaker 8 (56:37):
To pay less eight hundred two six two, nineteen twenty
six eight hundred two six two nineteen twenty six eight
hundred two six two. Nineteen twenty six that's eight hundred.

Speaker 9 (56:50):
Two six two.

Speaker 8 (56:52):
Nineteen Twenty six It's.

Speaker 1 (56:54):
Passage to profit.

Speaker 6 (56:55):
Now It's time. For Noah's retrospective.

Speaker 4 (56:59):
Noah fleischman is our Producer here At, passage to profit
and he just has a way of putting his best.
Memories in perspective.

Speaker 12 (57:06):
If you went to GRAMMAR school, when i did there's
a book you probably loved. And never forgot it was
A Book called danny Dunn In. The homework machine it
was written all the way back, in the fifties but
in my time it was. Actually, still relevant wow a
computer where you could actually ask the question into the
machine and it would just answer. It for you You, Hear,
That siri oh. Siri's not here she's with my wife

(57:28):
right now. ON her smartphone i still actually use one
of these. LITTLE flipper devices i can get away with.
It for now but, YOU know something i really couldn't
See myself having siri or any kind of a device
where you talk into something every time you. NEED an
answer i actually like. TO be curious i, use SEARCH
engines but i also love to go. TO the library
i love being. Around the books curiosity is. A beautiful

(57:49):
thing i think it was One of. The greek philosophers
it actually said that the quest for knowledge curiosity is
in a lot of ways more valuable. THAN knowledge itself
i can't seem to remember which philosopher it was that,
actually SAID that but i Could probably ask siri when
she and my.

Speaker 1 (58:05):
Wife get home Now more With Richard and Elizabeth, passage
to profit.

Speaker 4 (58:10):
Our Special, guest cameron bishop and just incredible discussions. We've
been having but now it's time to. Spell the secrets
So this is Secrets Of. The Entrepreneurial Mind, And cameron
bishop i'm going to. Start with you what's a secret?

Speaker 6 (58:24):
You can share i'll give you a couple thoughts.

Speaker 2 (58:26):
On that one it's probably not often associated with, being
AN entrepreneur but, i would say having been one numerous times,
In my career resilience is a very underrated attribute that
is a mandatory criteria for a successful entrepreneur because there
are so many pitfalls involved in. Starting a, business beyond

(58:47):
that two key mistakes that business owners make. With their
companies one is that the fast majority of business owners
spend ninety five or more percent of their time working
in the business and five percent or less of their
time actually working on the business and as a business
as an investment banker who, represents business owners there are

(59:11):
about five critical mistakes that we see. Company owners make
number one first and foremost we see this so often
is they. Have terrible accounting and if they don't, have
good accounting they're not. Going to sell they had a
client situation where the, yoder callby said we, Want, to
sell well what? Are your revenues what's your financial? Picture

(59:33):
as well we're doing about six million dollars in revenue
and about one point five million. Dollars in profit and
once one of my partners went through the numbers with a,
fine tooth comb not only were they not making one point,
five million dollars but they were literally a. Break even,
company so again accounting has. To be important that is

(59:54):
a mandatory criteria for. A successful entrepreneur bo understand to
have a successful business and hopefully someday to have a.

Speaker 4 (01:00:03):
Wealth, generating excit wow that was, A Great secret, so
tory secure what?

Speaker 7 (01:00:08):
Is your secret my secret is push past where. You
normally stop all human. Beings get. STOPPED their discouraged a,
pandemic may happen they may have death, in their family
or they're just insecure things will happen and you'll stop
and so push past where you normally stop and use

(01:00:30):
everything to. Change your mindset, use every, no every yes
every word of encouragement and put it into. A new
mindset and it's a challenge to oneself push past where
you normally stop and use everything to. Change, your, mindset.

Speaker 4 (01:00:50):
Yeah well congratulations for. Keeping it going, it's there you.
Sir to boo what?

Speaker 3 (01:00:55):
Is your secret the biggest one is hiring. The right
people culture and people are the most important aspects, when
you hire so you need to find culturally aligned people
with the. Right skill set.

Speaker 4 (01:01:07):
THAT'S excellent advice i guess mine is a secret we
all learned. As little kids, make new friends but keep
the old one is silver. The, other's goal Anyway people
that i've known for years and years and years came to,
this GRAND opening and i had seen them off and on,
through the years and it was just really nice to
have these relationships for so long of people in the

(01:01:27):
business community and to be able. To SEE them so
i think that relationships in business. ARE super important i
think all of us. Have acknowledged that so don't, neglect
the relationships. Keep Those.

Speaker 5 (01:01:38):
Going that's Great passage to profit is a nationally syndicated
radio show appearing in thirty eight Markets Across. The united,
States in Addition passage to profit has also been recently
Selected By feed spot podcasters database as a top ten.
Entrepreneur interview podcast thank YOU to THE p, to p
Team Our, producer noah fleischmann and Our Program coordinator alisha

(01:02:02):
morrissey and Our Studio. Assistant brissy catbasari look for our
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remember while the information on this program is believed, to
be correct never take a legal step without checking with your.

(01:02:24):
Legal Professional first gearheart law is here, for your patent trademark.
And copyright needs you can find us at gearheartlaw dot
com and contact us. For free consultation, Take care everybody,
thanks for listening and we'll be.

Speaker 1 (01:02:35):
Back next week the proceeding was. A paid podcast iheartradios
hosting of this podcast constitutes neither an endorsement of the
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