Howdy? Today Iweblosite will discuss about management and some tips for your business. We start with a simple question, do you want to be happy? Don't you want to be happy? This is the long form content that you've been begging for. Do you often see people get caught up in thinking that whatever their thing is has to be a hundred million dollar endeavor versus saying like for me and farming in southwest Missouri in rural area. I mean if I had grew something to a couple several, just a few million dollars a year. I mean that's wildly successful. Do you think a lot of people focus too much on something, what's wrong with 137 thousand a year.
If you're happy and you enjoy all of these and that's real money to you, yes I do. But that doesn't mean anything to you, meaning 90% of the marketing establishing world. Know what an advertising agency in New York City is.
90% of that world thinks I'm full of shit, Why? Because they're holding on to the past and I'm dangerous. Because they make money selling newspaper ads and billboards and television commercials.
Do they think your full of shit or just hope you're full of shit? They think I'm full of because 90% of them, that work in those companies believe in their religion. You've pissed so much money away. They don't know. They went to school. They paid, they don't, it's subconscious bias.
They went to a good university, work at Ogilvie or McCann or Wieden Kennedy or Crispin Porter, like they don't know. and believe in their truth. think a 30-second commercial is worth spending millions of dollars on.
That's what they believe they believe. believe that I'm a snake oil salesman. Yet they go home and watch Netflix and stay on Instagram all day. They say things like luxury doesn't work that way Gary.
Right, like Vogue, we need a Vogue full-page ad.
Not in my business, not in my business, not my demo. the reason we have time is ask your question.
Nuances will filter. I don't take on a lot of debt just because I'm at a place where I don't need to And is your debt in the form of a loan or credit line or?
It depends. if we're buying a buying a bunch of houses. It also depends on you know, certain structures, I mean it just depends on what it is. Right, so quick loans versus credit cards versus personal loans to the company.
Do you ever get,does that ever weigh on you? It's the scariest thing on earth. This is why so many people in your business go out of business. You're the ultimate cliche. You came in when the market was shit, you had less to lose, crushed it,
Now you get high on your supply, you get over leveraged. Guys, it happens in one day. Tomorrow you wake up, it just happens. But the rest of everybody else here, 'cause you haven't lived it yet. You didn't live just waking up and the April stock market crash of 2001 and it's over.
You didn't live 2008, Bear Stearns. heard about it, you might have heard something, your daddy might have been upset. didn't live, I woke up in the morning that day, I was in France buying wine and Brandon calls me, because it's early, it's six hours ahead there, it happened in the morning.
Brennan calls me goes hey. I was like hey. He's like we've had like $400,000 in pre-order wine
canceled this morning. I'm like okay. Like literally I remember where I was.
I started buying less wine than I did the first two days of the trip. First two days our trip, I'm a big shot like.
I'll take a hundred cases of that. take 50 cases of that. Literally an hour, I'm like yeah, this is not that great. I would high and listen, you're no dummy. Debt is awfully scary if your business doesn't do well when the economy collapses.
If yours does, look, I think Vaynermedia explodes. I do because I think when Aquafina wakes up and realizes and it happens in a day. Remember, it takes 30 to 60 days for it all to get figured out but it happens in a day and when they get into a board meeting on March 9th and they're like okay.
We had 83 million in marketing this year. Now that's been cut to nine million. What are we doing with that money? I have a funny feeling that Gary V character might know what to do with it way better than Madison Avenue student who's critiquing me, so I think we're gonna explode. But I think your business won't.
Real Estate, because I can shift from flipping to holding, You could do a ton of stuff, but it depends on how the debt is compounding. Well I'm bringing that up, because right now I'm debt free. I get it and you have these opportunities. There's a lot of opportunities
that are on the shift--
Look, if we were partners I'd be like bro, honestly here's my plan. It's been so good for so long, let's actually be humble as fuck. Let's just, let's just actually hoard cash. You have to understand. A million dollars in your bank account today in the world versus what happens when the world melts, that millions worth like four.
It's an interesting perspective, right? I like to save in cash, I love cash, right? I love to every morning be like, It matters bro and honestly at some point you got to say it's no different than like I don't know
what the blackjack rules are, but I know that you keep going and then at some point if it's like 11 hands or six or I don't know the rules.
But at some point you're like fuck, I got like the math is just not on your side anymore. We are so deep in this world of like inflated bullshit. So less leverage, more cash? I think so. Mainly because I think you're gonna pick up shit for a penny on the dollar and so like it'll suck right now.
I'm sitting around just watching, sitting on cash being like I'm an idiot, like right? But I won't be at some point. It's gonna happen. It's no different in a 50 year window, I don't give a shit. takes another four years. Especially and this is how I hedged it, because I'm building a machine that capitalizes
on the other side.
So I would actually tell you try to think about that or build your personal brand and start talking about the truth of I came in when shit was terrible. It's been really good. I don't know when the other shit happens, but let's interview people that were the me in 2007 who thought they were big shots, who are now social media experts or cryptocurrency experts or cannabis experts 'cause they got blown the fuck out by real estate, 'cause in 2008 they were feeling great.
They went the other way than what I'm telling you and over leveraged themselves. Did their biggest project ever and then Bear Stearns put them out of business.
It can be done online, but where I'm really struggling right now is should we train our team, retrain these 40,000 women. Do I train them to do your business your way and show three ways to be successful?
Do I say hey, all this is old school, you've got to stop doing that and how quickly do I try to shift them
in to all social media or online selling? If I was your partner I would say number one way more than number two with a kicker. Let them do it their way.
Some people are just fabulous when they invite the neighborhood to their living room and other people want to lay on their bed with grainy light and just be like buy my shit and people buy that that way. So I'm big on letting, I'm big on their way, comma, it's my actions over my words.
Do it the best way that you communicate on social platforms. P.S. LinkedIn works better with writing. So to me it's your way, comma, our corporate point of view of where the fertile ground is is the following and before you say no try to say yes. You don't like to do Facebook, but you're a 40,000 a month kind of gal, then hire somebody.
The Internet's the real world, the real world's the fake world. And the quicker people start understanding that, the quicker their behavior will change. I understand how ideologically fun it is to think of an old time when you read your fucking newspaper with a coffee and the world was nice and slow. Mazel Tov!
That doesn't exist anymore. There used to be a time when we used to shoot an elephant and eat it raw.
Like it's over. I'm sorry it's not 1949 anymore you would encourage him go social from the business model, If this is what you love, but hey, before you say you're only going to do it this way, try this and from a corporate perspective, we train-
Those are two very different things. It's very cute for you to make a 40 second video and me to say go do it. It's different than actually like okay and on Monday we're gonna train you how to post an Instagram story and on Tuesday we're gonna have Becky Thompson, mama bear on Instagram showing how she did and on Wednesday we're gonna do this. And don't forget this Saturday in Atlanta, Dallas, and El Paso we're at the Holiday Inn doing physical workshops.
One of the things that people don't understand about the psychology of people is short-term incentives are short-term incentives. The quality of your customer matters, the quality of your employee matters, the reason I don't have a one-size-fits-all for my employees is DRock's not motivated by title.
Too many people spend time on strategies and executions and systems that create short-term behavior
that looks good and then becomes bad long-term behavior. It's why Zynga went out of business in theory. It was great to acquire customers on Facebook at such a low cost, but if you weren't creating something that was keeping them so when you incentivize behavior that isn't naturally gonna be what the person's doing it and they're doing it for that thing, it becomes the lottery.
It's communism's theory. like you to me you bet on human truths. Here's a human truth. People are incentivized by different things even as an individual as they go through their lives. Whatever system you can create to continue understanding that and feeding that.
When I really talk about being there for my employees like that is just basically my life. I just feel like a much more Deion Sanders than I'm Jerry Rice. I am they're reacting to everything. I'm a counter-puncher. That's why Floyd Mayweather was so good in boxing. It didn't excite everybody.
Bet on your strengths, but don't say no. Like Vayner at its best and what our team is, for sure, is we're yes culture. Everything's just yes. And that's how I hire. I don't take any pride in like thinking I hire great. I hire on complete and utter intuition, which sometimes works out remarkable and plenty times does not.
I'm just capable of firing. Because I don't care about the judgment of making the wrong call, which bugs the shit out of people. It's a killer for people. They hire somebody, they talk a big game to their team that's been with them. They're like Rick's gonna fucking kill it for us, then Rick's a idiot who came to just like hang on and then my three homies like you're fucking wrong,
Where do you pull a salary when you have, I mean, you have way more right? Like your on down here, I know where I'm currently, I'm thinking is that the right... 'cause I'm revenue coming in from about six different businesses that I either have equity ownership in, what is your guidance on that?
So I always invest in things that I think have, like I look at the year ahead, not too much. I don't get too crazy far out. Like if a business is growing I feed it. And so for me one of the reasons I write books or speak is it allows me to make income so I can continue to invest in my businesses. And I try to keep my overhead low, which has been harder over the last couple years just growing family, just like, you know, as time evolves you're like after you eat.
The skill of marketing and sales and getting attention when it's a good deal at an under priced level can let you be a fucking wood sign maker, can help you sell fucking jewelry. It is the ultimate thing. Attention of human beings is the asset. What you deploy that attention to can be low margin, but you're passion about it can be high margin, can be whatever the you want, but there's the oxygen of a business. Exploding.
It's the oxygen of a business exploding. You can do cold calling. That could be the oxygen. I'm talking about why do companies have hyper growth? Because you bought beachfront property in Malibu before anybody understood it was beachfront property in Malibu.
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