1 00:00:00.080 --> 00:00:00.800 Good afternoon. 2 00:00:01.940 --> 00:00:05.780 Hello, New York City. My name is Eddie DeAngelis. 3 00:00:05.940 --> 00:00:09.780 I'm the founder and CEO of a company called Qualify, small business finance 4 00:00:09.800 --> 00:00:10.180 broker. 5 00:00:11.200 --> 00:00:15.180 I'd like to start off today telling you about what college I graduated from 6 00:00:15.460 --> 00:00:18.580 and what fancy degree I have. But the truth is, I don't have one. 7 00:00:19.660 --> 00:00:22.480 It's ironic being here in New York City today, in the Big Apple, because that's 8 00:00:22.500 --> 00:00:24.560 where my journey started about 30 years ago. 9 00:00:25.280 --> 00:00:28.900 A young kid in his mid-20s, driving to New York, picking up some 10 00:00:28.920 --> 00:00:32.439 product, and bringing it back to Philly for my little side hustle- 11 00:00:32.720 --> 00:00:36.340 Ladies and gentlemen, we currently have Eddie DeAngelis speaking in the room, so 12 00:00:36.420 --> 00:00:40.200 please make your way over if you want to hear Eddie DeAngelis speak. Thank you ... 13 00:00:40.240 --> 00:00:43.460 which was selling perfume and cologne on a street corner outside the welfare office 14 00:00:43.480 --> 00:00:44.980 on two milk crates in Philadelphia. 15 00:00:47.080 --> 00:00:50.480 That little side hustle turned into a real business, a pretty thriving business, 16 00:00:50.960 --> 00:00:54.740 which led me to my first storefront, which I named Perfume World Imports. 17 00:00:55.640 --> 00:00:58.540 A couple of years after that, it led me into the screen printing and embroidery 18 00:00:58.560 --> 00:01:01.470 business, where I spent 17 years in the first half of my career. 19 00:01:03.220 --> 00:01:06.600 We eventually sold and got acquired as I made the transition into the business 20 00:01:06.660 --> 00:01:09.960 finance industry, and I started with 21 00:01:10.000 --> 00:01:10.680 BizLender. 22 00:01:11.740 --> 00:01:13.339 And I'll never forget about it. 23 00:01:14.340 --> 00:01:15.220 It was a day that we 24 00:01:16.180 --> 00:01:19.640 drove up the turnpike, and me, Dave, and Larry, the owners of BizLender at the 25 00:01:19.680 --> 00:01:23.640 time, and we went to visit MCC, Merchant Cash 26 00:01:23.680 --> 00:01:26.680 and Capital. For those of you that have been around long enough, remember MCC. 27 00:01:26.730 --> 00:01:28.800 They eventually changed their name to BizFi. 28 00:01:29.620 --> 00:01:33.280 And we went in, we met their leadership team, we met the CEO, Steve Sheinbaum, 29 00:01:34.000 --> 00:01:37.960 and they took us for a tour. Amazing, beautiful 30 00:01:38.100 --> 00:01:42.020 office. I remember meeting their head of marketing, and they 31 00:01:42.040 --> 00:01:45.940 were generating 1,000 leads a day, and I just thought that was insane when I 32 00:01:46.040 --> 00:01:48.720 seen that, just handling 1,000 leads a day. 33 00:01:48.840 --> 00:01:49.250 I remember, 34 00:01:50.180 --> 00:01:53.780 I think they took us over to meet the sales managers, some of the members of the 35 00:01:53.820 --> 00:01:57.500 sales team, and they had about maybe 70, possibly even 36 00:01:57.520 --> 00:02:00.160 100 sales reps. It was just an incredible operation. 37 00:02:01.200 --> 00:02:04.340 They were funding at the time, probably about 30 million a month. 38 00:02:04.800 --> 00:02:07.740 They were also brokering about 25 to 30 million a month. 39 00:02:08.320 --> 00:02:10.021 So it's about 60 million all in, 40 00:02:11.100 --> 00:02:15.000 and I just remember driving home that day and just thinking to 41 00:02:15.070 --> 00:02:18.140 myself, "Wow, this is unbelievable." 42 00:02:18.940 --> 00:02:20.280 And from that day forward, 43 00:02:21.400 --> 00:02:21.760 I just 44 00:02:23.220 --> 00:02:26.280 had the dream that I just want to build something exactly like that. 45 00:02:28.130 --> 00:02:29.170 The problem was, 46 00:02:30.200 --> 00:02:33.060 I just didn't understand how to really make a business 47 00:02:33.140 --> 00:02:34.220 scale. 48 00:02:36.220 --> 00:02:36.480 So 49 00:02:37.280 --> 00:02:40.860 it's kind of surreal, actually, standing here today before you all in New York 50 00:02:40.940 --> 00:02:41.200 City, 51 00:02:43.440 --> 00:02:45.900 because thinking back about two and a half years ago, 52 00:02:46.810 --> 00:02:49.820 our business at Qualify today hit a rough patch. 53 00:02:50.580 --> 00:02:53.620 It wasn't a bad month, it wasn't two bad months. 54 00:02:54.260 --> 00:02:56.560 We went through two bad quarters, six months, 55 00:02:57.480 --> 00:02:59.980 and Jay and I were going home every night. 56 00:03:00.040 --> 00:03:01.580 We knew we were working our butts off, 57 00:03:02.640 --> 00:03:05.780 pretty much putting the grind in, doing everything right, hiring right, putting 58 00:03:05.920 --> 00:03:07.140 systems and processes in, 59 00:03:07.940 --> 00:03:09.280 and we were losing money. 60 00:03:10.180 --> 00:03:13.660 Can't tell you how stressful that time was. 61 00:03:14.360 --> 00:03:17.780 I had to take myself off payroll, is how bad it got for some time. 62 00:03:18.640 --> 00:03:22.350 As did my partner, Jay, who's here today. He's my rock, my wingman. 63 00:03:22.740 --> 00:03:26.720 Took himself off payroll as well. And unbeknownst 64 00:03:26.760 --> 00:03:30.280 to myself, my daughter, Gia, who's here today, 65 00:03:30.860 --> 00:03:34.200 took herself off payroll and never told me because she felt bad for Dad. 66 00:03:35.180 --> 00:03:38.140 And that one kind of hit home, guys. It really did. 67 00:03:38.920 --> 00:03:39.140 So 68 00:03:41.160 --> 00:03:42.680 today, I put together 69 00:03:45.500 --> 00:03:47.060 what I feel is the seven 70 00:03:48.000 --> 00:03:49.140 most impactful, 71 00:03:50.600 --> 00:03:54.320 I'm going to call them game changers, that helped Qualify scale from a $2 million 72 00:03:54.600 --> 00:03:58.260 a month shop, 10x, to doing about 20 million a month as we are today. 73 00:03:59.980 --> 00:04:01.410 So my first game changer, 74 00:04:03.000 --> 00:04:06.940 and this one really resonates with me because I was pretty 75 00:04:06.960 --> 00:04:09.230 bad at it my whole career, is at hiring. 76 00:04:10.040 --> 00:04:12.000 And the first lesson is to hire 77 00:04:12.180 --> 00:04:15.120 slow and fire fast. 78 00:04:16.140 --> 00:04:16.399 And 79 00:04:17.560 --> 00:04:19.380 everybody here has heard of the 80/20 rule, right? 80 00:04:20.079 --> 00:04:21.190 Where your top 20%, 81 00:04:22.420 --> 00:04:24.560 your A players, are bringing in 80% of the revenue. 82 00:04:27.220 --> 00:04:31.080 I want to ask you guys, how many here are the CEO of a funding 83 00:04:31.160 --> 00:04:35.140 company or a broker shop that has or oversees a sales team of at 84 00:04:35.160 --> 00:04:36.780 least five or more sales guys? 85 00:04:39.240 --> 00:04:39.960 Probably a few more. 86 00:04:40.800 --> 00:04:41.150 How many 87 00:04:41.960 --> 00:04:45.920 on those teams have one or two or a couple of guys or 88 00:04:45.960 --> 00:04:49.060 girls that we'll call your average Joes, your 89 00:04:49.120 --> 00:04:49.960 non-performers, 90 00:04:50.760 --> 00:04:50.920 right? 91 00:04:51.960 --> 00:04:55.860 So I think we all have them, and what I want to really drive home 92 00:04:55.920 --> 00:04:59.640 today is we start diving into the numbers, and we really start 93 00:04:59.680 --> 00:05:03.620 looking at the numbers. And I just want to show you guys today the difference 94 00:05:03.640 --> 00:05:05.480 between two good hires 95 00:05:06.300 --> 00:05:10.240 and two, let's just say bad hires, your average Joes or non-performers. 96 00:05:11.420 --> 00:05:12.560 So at Qualify, 97 00:05:13.520 --> 00:05:17.370 our top players, our A players, can typically bring in, let's just 98 00:05:17.420 --> 00:05:20.440 say two guys will bring in about 100,000 a month in revenue. 99 00:05:21.560 --> 00:05:22.480 On the other side of that, 100 00:05:23.330 --> 00:05:26.880 the non-performers, the average guys, will maybe bring in about 101 00:05:26.890 --> 00:05:28.360 $20,000 in revenue. 102 00:05:29.380 --> 00:05:32.400 So that's like an $80,000 difference per month. 103 00:05:33.280 --> 00:05:36.180 If you look at that over a quarter, it's a quarter of a million dollars, roughly. 104 00:05:36.820 --> 00:05:39.150 And for those of you that are good at math, it's a million dollars a year. 105 00:05:40.350 --> 00:05:44.230 Think about that. How many of us would like to add a million dollars of revenue 106 00:05:44.260 --> 00:05:48.160 that'll go straight to your bottom line without spending a single penny? 107 00:05:50.800 --> 00:05:51.820 So wait, we're not done there 108 00:05:53.040 --> 00:05:56.460 because let's think about all the opportunities that were lost 109 00:05:57.020 --> 00:06:00.960 that the average Joes are losing that the A players would have typically closed. 110 00:06:01.040 --> 00:06:04.560 Right? We don't just lose that deal, but we lose all that residual, all the 111 00:06:04.600 --> 00:06:07.460 residual line of credit draws, all the renewals, all the upsells, all the 112 00:06:07.520 --> 00:06:08.100 cross-sells. 113 00:06:09.388 --> 00:06:11.068 So it's far more than a million dollars. 114 00:06:13.128 --> 00:06:13.768 We were stuck. 115 00:06:15.068 --> 00:06:18.508 Pretty much my whole career, I always did all the hiring. I sucked at it. 116 00:06:18.588 --> 00:06:19.328 I got to be honest. 117 00:06:20.768 --> 00:06:24.308 No real process, no interview process. I hired too fast. 118 00:06:24.908 --> 00:06:26.908 No qualifications. For those of you that know me, 119 00:06:27.908 --> 00:06:30.328 Jay will probably laugh. "You seem like a nice guy. 120 00:06:30.368 --> 00:06:33.028 When can you start?" That was my idea of an interview back then. 121 00:06:33.928 --> 00:06:37.428 And as you can imagine, that's going to lead to high 122 00:06:37.508 --> 00:06:39.828 turnover, not much of a success rate. 123 00:06:40.948 --> 00:06:44.558 I also had the problem of keeping people too long, and I'm talking 124 00:06:44.988 --> 00:06:48.638 6, 12, 18, even 24 months. And 125 00:06:49.748 --> 00:06:53.008 it's just when you realize what it does to your bottom line, 126 00:06:53.448 --> 00:06:56.908 especially with the example that I shared earlier, it's just tremendous. 127 00:06:56.968 --> 00:06:57.528 You have to 128 00:06:58.548 --> 00:07:01.168 learn to hire slow and fire fast. 129 00:07:02.608 --> 00:07:03.468 So what's changed today? 130 00:07:04.408 --> 00:07:05.948 I've removed myself from the process. 131 00:07:06.748 --> 00:07:09.747 I trust my leaders that are on the floor behind me. 132 00:07:10.928 --> 00:07:13.548 We set up a finder's fee for our own employees. 133 00:07:14.228 --> 00:07:14.467 So, 134 00:07:15.608 --> 00:07:18.168 we typically pay, I believe, it's something like $750. 135 00:07:18.228 --> 00:07:22.068 So if any one of our employees refers someone to our company as a 136 00:07:22.108 --> 00:07:25.628 candidate and we hire them, they get the finder's fee. 137 00:07:25.708 --> 00:07:28.528 So probably right now, Qualify has a little over 30 employees. 138 00:07:29.228 --> 00:07:33.138 I'd be willing to make a bet today that 20 or 25 of them were from our own internal 139 00:07:33.168 --> 00:07:37.108 employees referring their friends and colleagues. So it's a great way to recruit. 140 00:07:37.548 --> 00:07:39.888 It beats recruiting. Sorry if there's any recruiters in here. 141 00:07:40.428 --> 00:07:43.268 I know recruiting could cost $10,000 a hire and then some. 142 00:07:43.988 --> 00:07:44.968 So think about that for 143 00:07:46.348 --> 00:07:47.828 your new hires and a way to recruit. 144 00:07:48.748 --> 00:07:51.148 We also implemented pre-hire assessments. 145 00:07:51.328 --> 00:07:54.068 Before we bring any candidate in, we send them a pre-hire assessment. 146 00:07:55.028 --> 00:07:58.048 We do preset interview questions that all of our hiring managers have. 147 00:07:58.108 --> 00:08:01.928 We have two or three pages of just important questions that are going to dive 148 00:08:01.988 --> 00:08:04.008 deep and try to really get to know who these people are. 149 00:08:05.328 --> 00:08:09.218 We do multiple interviews. We bring people in for an interview, and 150 00:08:09.288 --> 00:08:11.988 if we like them, we have them come back for a second, sometimes even a third 151 00:08:12.028 --> 00:08:12.428 interview. 152 00:08:13.268 --> 00:08:17.068 We do group interviews. We have two or three hiring managers currently, our sales 153 00:08:17.128 --> 00:08:20.648 managers basically. We like them to do the hiring since they're responsible for 154 00:08:20.668 --> 00:08:24.628 their numbers. And guys, I got to be honest with you, I used to do 155 00:08:24.648 --> 00:08:28.528 all the hiring myself. My team that does the hiring now, I sit on 156 00:08:28.608 --> 00:08:29.908 some of the interviews once in a while. 157 00:08:30.348 --> 00:08:31.708 You'd be shocked with 158 00:08:32.568 --> 00:08:36.548 the blind spots that some people have, including myself, where having a 159 00:08:36.608 --> 00:08:39.708 second and third set of eyes on things, they're picking up stuff that you would 160 00:08:39.749 --> 00:08:42.848 never even think about, and that's the value of having a true team. 161 00:08:44.468 --> 00:08:48.228 We have post-interview scorecards, where as soon as the interview's over, 162 00:08:48.588 --> 00:08:51.908 Jay and my daughter, she emails all the hiring managers a little survey all about 163 00:08:51.948 --> 00:08:54.088 the interview so they don't forget while everything's fresh in their head and all 164 00:08:54.128 --> 00:08:58.108 the information's captured. Just to give you a quick example, we 165 00:08:58.148 --> 00:09:00.248 recently did a round of new hires about two months ago. 166 00:09:00.848 --> 00:09:04.728 Our team sifted through more than 100 resumes, and they literally took just 167 00:09:04.788 --> 00:09:08.508 about three months. Drove me and Jay crazy because I like to do everything fast. 168 00:09:08.628 --> 00:09:12.128 Those of you that know me, I'm very fast, very passionate, high 169 00:09:12.208 --> 00:09:15.288 energy, and I would've had them hired in two weeks, but probably would've hired the 170 00:09:15.308 --> 00:09:19.248 wrong people. So it took them almost three months to hire five new sales reps 171 00:09:19.328 --> 00:09:20.168 that are on the floor now. 172 00:09:21.288 --> 00:09:22.448 So I learned the hard way, 173 00:09:23.648 --> 00:09:27.448 and the biggest lesson I want to add into this 174 00:09:27.528 --> 00:09:30.268 is that-- And I had to learn this one the real hard way because 175 00:09:31.528 --> 00:09:31.608 I'm 176 00:09:32.408 --> 00:09:35.868 just always in a good mood, and I'm always trying to motivate people. 177 00:09:35.908 --> 00:09:37.388 I always try to motivate the sales team. 178 00:09:37.448 --> 00:09:40.988 But the lesson that I learned is that you can't motivate anyone. 179 00:09:41.648 --> 00:09:43.368 You have to hire motivated people, 180 00:09:44.388 --> 00:09:45.548 and that's the lesson I learned. 181 00:09:48.128 --> 00:09:49.328 On the other side of hiring 182 00:09:50.328 --> 00:09:51.088 is firing. 183 00:09:51.968 --> 00:09:54.228 Another one that I struggled with. Big weakness. 184 00:09:58.808 --> 00:10:01.548 Firing starts with accountability. 185 00:10:02.488 --> 00:10:03.588 One of my biggest weaknesses. 186 00:10:04.608 --> 00:10:08.088 We used to laugh. I was so bad at firing. 187 00:10:08.128 --> 00:10:10.458 I had a soft spot in my heart for everybody that 188 00:10:11.508 --> 00:10:14.708 at one of my companies, which I'm going to talk to you about shortly, I used to 189 00:10:14.728 --> 00:10:16.708 drive around the block. They used to tell me, "Go drive around the block. 190 00:10:16.768 --> 00:10:17.228 I got to fire 191 00:10:18.168 --> 00:10:22.068 Joey, and come back in 10 minutes," and my office manager at the time would do 192 00:10:22.128 --> 00:10:25.627 it. That's how bad I didn't want any parts of the firing. 193 00:10:25.668 --> 00:10:28.858 But all jokes aside, accountability creates 194 00:10:29.408 --> 00:10:33.328 clarity. So what we did at Qualify, we now have a scoring 195 00:10:33.428 --> 00:10:34.868 system for our KPIs. 196 00:10:36.108 --> 00:10:38.728 You could track any metric you want. There's so many metrics we could track. 197 00:10:38.768 --> 00:10:42.268 We want to look at call logs and email and just the activity, but we don't want to 198 00:10:42.308 --> 00:10:45.888 get lost in the weeds, so we picked three KPI metrics. 199 00:10:45.948 --> 00:10:47.048 Number of new units funded, 200 00:10:48.628 --> 00:10:51.878 amount of revenue they bring in, and the number of applications they bring in, and 201 00:10:51.908 --> 00:10:54.148 we set up a little scoring system around the KPIs. 202 00:10:54.808 --> 00:10:57.568 So we're tracking it every month, and our guys know what numbers they have to hit. 203 00:10:58.828 --> 00:11:02.368 In addition to that, we created the PIP. It's a little joke around the office. 204 00:11:02.448 --> 00:11:05.428 We all laugh, but everybody knows what the PIP is, and nobody wants to be on it. 205 00:11:05.888 --> 00:11:08.228 Our PIP program is a Performance In Progress. 206 00:11:08.748 --> 00:11:12.658 That's for sales reps that go two months consecutively and don't hit their 207 00:11:12.708 --> 00:11:15.568 numbers and fall short, and we give them every opportunity to hit their numbers. 208 00:11:17.788 --> 00:11:21.528 The lesson here on firing is that, and this one I had to learn the hard way, 209 00:11:22.268 --> 00:11:26.168 bad hires are expensive, but keeping them too long is way more 210 00:11:26.208 --> 00:11:26.828 expensive. 211 00:11:29.388 --> 00:11:33.018 So that brings us to our next game changer, proper onboarding and 212 00:11:33.128 --> 00:11:33.548 training. 213 00:11:34.848 --> 00:11:36.228 Another thing I was pretty bad at. 214 00:11:37.488 --> 00:11:41.308 Finding A players and these quality sales reps is 215 00:11:41.368 --> 00:11:43.458 just the first step, but keeping them 216 00:11:44.548 --> 00:11:46.328 and developing them is the next challenge. 217 00:11:48.968 --> 00:11:52.768 In the past, I had no structure. My hiring was, we bring somebody 218 00:11:52.848 --> 00:11:56.488 in. I do two or three interviews. Two days later, I hire both people that I 219 00:11:56.528 --> 00:12:00.068 interview, typically, and give them our training scripts and 220 00:12:00.108 --> 00:12:03.808 rebuttals, little seven-page pamphlet, and two days later, they're on the phones 221 00:12:03.868 --> 00:12:06.028 making phone calls. And as you can imagine, 222 00:12:06.928 --> 00:12:10.648 low success rate, a lot of turnover, just wasn't good. 223 00:12:12.012 --> 00:12:15.772 What's different today? We designed an entire onboarding 224 00:12:15.812 --> 00:12:19.272 process using a platform called monday.com. 225 00:12:20.312 --> 00:12:21.902 We launched Qualify University, 226 00:12:22.892 --> 00:12:26.762 and at Qualify University, it consists of about four to six weeks of 227 00:12:26.812 --> 00:12:30.512 training, something we never wanted to do or take the time out to do it. 228 00:12:30.552 --> 00:12:33.472 It consists of lender training, product training, 229 00:12:34.272 --> 00:12:37.592 industry training, and professional sales training by Sandler. 230 00:12:38.572 --> 00:12:39.752 The goal is to keep it fun, 231 00:12:40.612 --> 00:12:44.432 interactive, and competitive. We use game-based digital learning software like 232 00:12:44.472 --> 00:12:47.992 Kahoot. We have them do live role-play sessions in the trainings. 233 00:12:48.932 --> 00:12:52.652 We allow them to review a lot of our other closers' pre-recorded 234 00:12:52.832 --> 00:12:56.472 Zoom calls, and they're listening to live pre-recorded discovery 235 00:12:56.552 --> 00:12:59.832 calls, and they're listening to also the guys pitching offers and closing deals. 236 00:13:01.352 --> 00:13:05.172 About a month into the training, we had them start jumping on live Zoom 237 00:13:05.252 --> 00:13:08.052 calls, where reps are actually having really good, strong discovery calls. 238 00:13:08.072 --> 00:13:10.352 They get to listen to them live and join in on those. 239 00:13:10.412 --> 00:13:13.762 We also have them listen to the closing calls and presenting offers and how we do 240 00:13:13.812 --> 00:13:16.431 all the soft pitching and everything else that we do. 241 00:13:17.252 --> 00:13:21.122 One other thing that I do that I think is really valuable, I have no 242 00:13:21.152 --> 00:13:24.192 idea where I even pulled this from, but just one day, I took the guys in the 243 00:13:24.232 --> 00:13:27.662 conference room back when I was doing the training, and I went to the 244 00:13:27.712 --> 00:13:31.472 whiteboard, and I threw three deals up on the whiteboard. 245 00:13:31.572 --> 00:13:33.612 Deal number one, deal number two, deal number three. 246 00:13:34.092 --> 00:13:36.472 And I listed some of the data points that we have. 247 00:13:36.572 --> 00:13:37.652 Revenues, three million a 248 00:13:39.752 --> 00:13:39.972 year. 249 00:13:41.312 --> 00:13:45.272 Credit score, 500. Number of deposits, average bank balances, maybe first 250 00:13:45.292 --> 00:13:49.192 position, second position. We throw three deal scenarios on the board, and then I 251 00:13:49.232 --> 00:13:53.172 have them all take out an index card, and I say, "Look at the deal on the board and 252 00:13:53.212 --> 00:13:56.852 tell me if you approve it or decline it." I'll wait a minute, give them some time 253 00:13:56.892 --> 00:14:00.732 to think, and then I'll go around the room, and I'll ask 254 00:14:00.772 --> 00:14:02.322 them, "Show me your cards. Who approved? 255 00:14:02.372 --> 00:14:06.332 Who declined?" And we might get one or two that show me a decline, 256 00:14:06.392 --> 00:14:09.022 and I'll ask them the reason, and one might say credit, one might say time in 257 00:14:09.072 --> 00:14:10.772 business, and this is where the thinking begins. 258 00:14:11.452 --> 00:14:12.632 But on the other side of it, 259 00:14:13.452 --> 00:14:16.882 the ones that approved the deal, now I ask them, "Well, you approved it. 260 00:14:16.932 --> 00:14:19.752 How much are you approving it for?" So now they got to think revenue and how the 261 00:14:19.812 --> 00:14:21.652 deal works and how much money should I approve it for. 262 00:14:22.031 --> 00:14:23.832 Sometimes I'll get different numbers all over the place. 263 00:14:24.132 --> 00:14:25.392 Pretty much just like our industry, right? 264 00:14:25.892 --> 00:14:29.852 I could send one deal to six lenders and get two declines, a 500K approval, 265 00:14:29.872 --> 00:14:32.212 and a 50K approval. That's just how it works. 266 00:14:32.972 --> 00:14:36.222 So when they're thinking about the approval amount, and then I'm going to ask them, 267 00:14:36.402 --> 00:14:39.532 "What term are you going to give it? Is it a 12- or an 18-month or a 24-month? 268 00:14:40.032 --> 00:14:40.272 Or 269 00:14:41.392 --> 00:14:45.312 what rate are you going to give?" The critical thinking in that exercise, it 270 00:14:45.352 --> 00:14:49.112 gives all these new hires an unbelievable foundation to really 271 00:14:49.132 --> 00:14:50.952 understand the industry from both sides. 272 00:14:51.332 --> 00:14:54.392 From the funding side, from the broker side, it's just invaluable. 273 00:14:56.892 --> 00:15:00.832 Another major turning point in my career, personally and business, 274 00:15:02.952 --> 00:15:03.272 is 275 00:15:04.232 --> 00:15:07.912 discovering Sandler training in 2013, I'd 276 00:15:08.012 --> 00:15:08.312 say. 277 00:15:09.272 --> 00:15:12.932 Bob Sitton, who's here with me today. I don't see him there. He goes in the back. 278 00:15:14.952 --> 00:15:16.932 He became more than a coach and a mentor to me. 279 00:15:18.192 --> 00:15:20.772 Bob changed the way I viewed everything about business. 280 00:15:21.792 --> 00:15:23.292 Sandler taught us how to be different. 281 00:15:24.412 --> 00:15:27.072 He taught me that we were working harder but not smarter. 282 00:15:28.892 --> 00:15:32.452 He also taught us the importance of having an actual sales process. 283 00:15:33.782 --> 00:15:36.042 He taught us understanding dynamic communication, 284 00:15:36.852 --> 00:15:39.452 understanding human behavior, and leadership. 285 00:15:40.792 --> 00:15:44.652 But most importantly, he taught us how to sell value and do 286 00:15:44.672 --> 00:15:45.732 not become a commodity. 287 00:15:46.612 --> 00:15:50.552 And back in the day, I had a hard time comprehending even 288 00:15:50.572 --> 00:15:53.842 what he meant about value because I'm like, "We're selling money. 289 00:15:54.112 --> 00:15:57.852 Everybody's money's green. It's the same product." But it's your whole process. 290 00:15:57.932 --> 00:16:01.492 Your process is the close, and that's how you separate yourself from every other 291 00:16:01.532 --> 00:16:03.212 company out there. You have to be different. 292 00:16:04.132 --> 00:16:07.792 So once we embedded those principles into our culture, that's when everything 293 00:16:07.832 --> 00:16:08.592 started changing. 294 00:16:10.632 --> 00:16:13.822 So now that we learn the importance of hiring better people and properly developing 295 00:16:13.822 --> 00:16:15.462 them, how do we create 296 00:16:16.312 --> 00:16:18.542 an environment where great people actually want to stay? 297 00:16:19.932 --> 00:16:23.522 So that brings me to our next game changer, culture. 298 00:16:24.472 --> 00:16:25.812 Culture and the people effect. 299 00:16:26.812 --> 00:16:30.152 In the past, as you guys already know, I held on to the bad apples for way too 300 00:16:30.172 --> 00:16:30.472 long. 301 00:16:31.632 --> 00:16:35.352 Bad apples destroy your culture. They actually hurt the A-player performance 302 00:16:35.372 --> 00:16:38.492 because A players like to be around other A players. 303 00:16:38.552 --> 00:16:42.122 They drain energy, and most importantly, they drain your resources because they're 304 00:16:42.212 --> 00:16:43.612 the ones asking all the questions every day. 305 00:16:45.762 --> 00:16:49.272 This might sound a little aggressive, but in our conference room, 306 00:16:50.332 --> 00:16:51.612 on our big glass whiteboard, 307 00:16:52.952 --> 00:16:56.902 in big red letters, we have, "We don't hire a******s." And 308 00:16:56.952 --> 00:17:00.322 everyone in the company, we laugh about it, we joke about it, but we protect our 309 00:17:00.352 --> 00:17:03.832 culture at all costs because, for us, like many, 310 00:17:04.392 --> 00:17:07.772 culture is not a buzzword. It seems like that all around the industries. 311 00:17:07.812 --> 00:17:10.962 Everybody talks about culture, culture, culture, and then half the employees in the 312 00:17:11.032 --> 00:17:11.992 company hate where they work. 313 00:17:12.833 --> 00:17:13.272 For us, 314 00:17:14.992 --> 00:17:18.662 it's not about posters and ping pong tables. It's about truly being intentional. 315 00:17:20.052 --> 00:17:23.603 Culture is having standards, like we talked about earlier with the KPIs and 316 00:17:23.603 --> 00:17:27.572 accountability. It's also about giving your team autonomy to think for 317 00:17:27.613 --> 00:17:30.992 themselves and let them develop. It's having a complete support 318 00:17:31.072 --> 00:17:34.122 system. And all that starts with leadership. 319 00:17:35.252 --> 00:17:37.942 At Qualify, we take care of our employees, each and every one of them. 320 00:17:38.592 --> 00:17:42.392 When I walk into the office every morning, I make sure I go up to each single 321 00:17:42.432 --> 00:17:46.072 employee every single day and give them a fist bump, shake hand. "How was your day? 322 00:17:46.132 --> 00:17:49.692 How was your weekend?" I get to know them as people, not just employees. 323 00:17:51.172 --> 00:17:52.852 Your employees are the face of your business. 324 00:17:53.392 --> 00:17:56.092 Many view them as expenses when we're looking at the payroll every two weeks. 325 00:17:56.172 --> 00:17:59.832 I get it. But your employees are on the front lines. They're pushing your business. 326 00:18:00.172 --> 00:18:02.412 They're taking care of your customers every single day. 327 00:18:02.892 --> 00:18:04.252 Without them, we don't have a business. 328 00:18:05.112 --> 00:18:06.952 We also give our employees a seat at the table. 329 00:18:08.132 --> 00:18:10.232 And when I say a seat at the table, I truly mean that. 330 00:18:10.432 --> 00:18:11.692 And we encourage 331 00:18:12.868 --> 00:18:16.008 Collaboration and feedback. Every one of our meetings on Wednesday, 332 00:18:16.608 --> 00:18:18.328 everybody has an opportunity to speak. 333 00:18:18.408 --> 00:18:21.578 If somebody wants to say something to us or wants to bring something up, they're 334 00:18:21.608 --> 00:18:23.828 not scared. They're not going to get their heads bit off if they tell us 335 00:18:23.848 --> 00:18:27.108 something's not working, or this automated email that I just put in, people are 336 00:18:27.168 --> 00:18:28.947 complaining about it. They're not afraid to tell me. 337 00:18:28.988 --> 00:18:32.448 They come and tell us every day, and we take that feedback, and it makes us better 338 00:18:32.488 --> 00:18:34.568 every day. We welcome the feedback. 339 00:18:35.008 --> 00:18:38.008 But most importantly, everybody feels like they're part of the company. 340 00:18:38.048 --> 00:18:40.328 They feel like they're part of something special in what we're building. 341 00:18:41.528 --> 00:18:44.608 We compete at the highest level, don't get me wrong, and we have fun doing it. 342 00:18:45.108 --> 00:18:46.968 We even have an online gaming platform, 343 00:18:47.888 --> 00:18:51.598 called Enzy, that we give away work-from-home days, 344 00:18:51.788 --> 00:18:54.538 mostly cash, because they all want the cash and the money for the big prizes. 345 00:18:54.568 --> 00:18:57.888 We have monthly contests, quarterly contests, and everybody's so 346 00:18:57.908 --> 00:19:00.608 competitive, it just makes business and work fun every day. 347 00:19:02.048 --> 00:19:03.698 You see, when you remove toxic people, 348 00:19:04.508 --> 00:19:05.728 that's when everything changes. 349 00:19:06.788 --> 00:19:10.588 Great culture breeds A players, and A players attract and 350 00:19:10.628 --> 00:19:13.168 bring you more A players. We've seen it firsthand. 351 00:19:14.108 --> 00:19:15.538 Our standards create our identity, 352 00:19:17.008 --> 00:19:19.148 and ethics and doing what's right truly matters. 353 00:19:20.528 --> 00:19:22.268 Which brings me to my next game-changer, 354 00:19:23.428 --> 00:19:24.788 the client experience. 355 00:19:26.488 --> 00:19:28.458 When I first heard the word client experience, 356 00:19:29.388 --> 00:19:31.448 for me back then, I thought it was just another buzzword. 357 00:19:32.488 --> 00:19:36.088 I had the pleasure to work under an amazing CEO while my three years at 358 00:19:36.168 --> 00:19:37.888 Nav, Greg Ott. 359 00:19:38.888 --> 00:19:39.608 Every single 360 00:19:40.468 --> 00:19:43.028 meeting we had with Greg, every all-hands, and we had 361 00:19:43.948 --> 00:19:47.858 big company back then. All Greg used to talk about is, "We've got to solve for the 362 00:19:47.908 --> 00:19:50.608 client experience. We've got to take care of the client journey. 363 00:19:50.618 --> 00:19:52.608 We have to fix the client journeys. 364 00:19:52.628 --> 00:19:56.098 The client, the client, the client." That's all he used to say. 365 00:19:56.208 --> 00:19:59.338 His favorite line that sticks in my head to this day is, "When you solve for the 366 00:19:59.448 --> 00:20:03.228 client experience, the money's a by-product." It truly is. 367 00:20:04.088 --> 00:20:04.988 It's not a buzzword. 368 00:20:06.648 --> 00:20:06.868 So, 369 00:20:12.748 --> 00:20:16.628 we began to study and redefined our client journey, and what we do is, no 370 00:20:16.688 --> 00:20:20.008 matter where your leads are coming from, whether they're responding to a Facebook 371 00:20:20.108 --> 00:20:23.648 ad, a Google ad, an email marketing, a text message marketing, 372 00:20:24.108 --> 00:20:27.648 it all starts if they're coming in from your website, a lead into your system. 373 00:20:27.908 --> 00:20:31.708 And you have to look at that client journey from that lead-in to the first phone 374 00:20:31.748 --> 00:20:35.688 call that goes out, to the first email, the first text message, and you got to 375 00:20:35.708 --> 00:20:38.788 define the whole journey. How does it look when we're submitting and asking them 376 00:20:38.808 --> 00:20:42.168 for documents? What's that process look like? What does the systems look like? 377 00:20:42.568 --> 00:20:45.388 When we're getting approvals, how are we pitching the approvals? 378 00:20:45.648 --> 00:20:47.468 How are we selling offers? How are we closing? 379 00:20:48.028 --> 00:20:50.768 And then after closing, post-closing, are you reaching out to your clients? 380 00:20:50.828 --> 00:20:52.728 What does that system, what does that process look like? 381 00:20:54.168 --> 00:20:57.968 Each part of the journey is its own individual part of the 382 00:20:58.008 --> 00:20:58.548 business. 383 00:20:59.708 --> 00:21:01.118 Every touchpoint matters. 384 00:21:02.018 --> 00:21:05.868 So when you build a repeatable process, that's where things begin to change. 385 00:21:06.697 --> 00:21:07.488 When your clients 386 00:21:09.388 --> 00:21:13.257 come to you, they should have the same journey, whether they're talking 387 00:21:13.268 --> 00:21:17.188 to Jason, Mike, Maria, or John. They 388 00:21:17.208 --> 00:21:20.068 should go through a very similar and same process. 389 00:21:20.168 --> 00:21:23.208 Because when you build it the same, no matter which sales rep they're talking to, 390 00:21:23.668 --> 00:21:25.228 that builds confidence and trust. 391 00:21:28.268 --> 00:21:32.048 Because when the client wins, the company wins, and when the company 392 00:21:32.108 --> 00:21:33.588 wins, the money's a by-product. 393 00:21:37.468 --> 00:21:41.008 So, speaking of processes, we're going to talk about game-changer number 394 00:21:41.368 --> 00:21:41.508 5, 395 00:21:42.888 --> 00:21:45.728 systems and processes. Something else I hated. 396 00:21:48.028 --> 00:21:48.948 I hated structure. 397 00:21:49.768 --> 00:21:52.328 I really did. I truly did. I broke every rule in the book. 398 00:21:52.528 --> 00:21:56.268 I never followed a process. For those that I had to work for, I'm 399 00:21:56.308 --> 00:22:00.248 sorry, but I just never followed the rules, and I just did things my own 400 00:22:00.288 --> 00:22:04.108 way. I like to call it organized chaos. Right? I winged it. 401 00:22:04.308 --> 00:22:05.608 I flew by the seat of my pants. 402 00:22:06.468 --> 00:22:08.808 Probably very inefficient in hindsight. Right? 403 00:22:09.968 --> 00:22:13.628 But what I realized, just like the client journey, right? 404 00:22:13.688 --> 00:22:17.678 Every single part of your business, you have to look at it like it's its 405 00:22:17.728 --> 00:22:20.398 own business. Every department and every process. 406 00:22:25.828 --> 00:22:29.808 So think of your business like an ever-breathing, living human body, 407 00:22:30.208 --> 00:22:30.388 right? 408 00:22:31.208 --> 00:22:34.688 It needs to be fed every single day. Constant improvement. 409 00:22:35.428 --> 00:22:38.058 So what do we do at Qualify? We build systems around recruiting, 410 00:22:39.088 --> 00:22:40.628 hiring and onboarding and HR, 411 00:22:41.428 --> 00:22:45.308 trainings, submissions, approvals, closings, 412 00:22:46.068 --> 00:22:49.648 renewals. Repeatable processes equal operational 413 00:22:49.668 --> 00:22:50.208 maturity. 414 00:22:51.428 --> 00:22:54.618 We leverage technology. Technology improves speed and efficiency. 415 00:22:55.248 --> 00:22:57.808 It helps us bring everything together and organize. 416 00:22:58.568 --> 00:22:59.668 We invest in software. 417 00:23:00.828 --> 00:23:04.148 Software and technology. We have DocuSign for our application requests. 418 00:23:04.188 --> 00:23:08.028 We use Salesforce for our CRM. We have bank scrubbing technology 419 00:23:08.068 --> 00:23:11.868 through MoneyThumb. We have lender APIs, where we submit all our deals to our 420 00:23:11.888 --> 00:23:15.148 lending partners. We have part out workflow automation for 421 00:23:15.228 --> 00:23:18.628 communication. We have training software, which we recently 422 00:23:19.788 --> 00:23:22.808 started about 6 to 10 months ago through Gong AI, 423 00:23:23.588 --> 00:23:25.468 and that platform's incredible. It 424 00:23:25.508 --> 00:23:28.968 gives the sales managers a 425 00:23:29.008 --> 00:23:32.498 notification if a merchant's pushing back or they mention the word rate or too 426 00:23:32.508 --> 00:23:35.868 expensive, and the sales managers will get a notification to be able to come in and 427 00:23:35.928 --> 00:23:39.798 spearhead that deal. It also gives each funding manager the critique of their 428 00:23:39.868 --> 00:23:42.288 call. Are they talking too much? Are they talking too fast? 429 00:23:42.328 --> 00:23:45.908 So it's amazing software. I recommend you guys look into it. It's called Gong AI. 430 00:23:48.328 --> 00:23:49.688 So that brings me to number 6, 431 00:23:50.828 --> 00:23:54.748 delegation. My absolute biggest weakness in 432 00:23:54.788 --> 00:23:55.728 my entire career, 433 00:23:56.568 --> 00:24:00.378 delegation. And I could promise you, there's people here 434 00:24:00.428 --> 00:24:03.988 today-- I still wrestle with this one a little bit myself now, but I'm sure there's 435 00:24:04.028 --> 00:24:07.798 people in here today that feel like and said, "If I can only clone myself. 436 00:24:07.888 --> 00:24:11.558 If there was another me or even two mes." I feel like I had to do everything 437 00:24:11.628 --> 00:24:15.598 myself my entire career 30 years, I had to have my hand in everything. 438 00:24:15.728 --> 00:24:19.398 Every deal, every big transaction, I had to jump on and try to help close it, had 439 00:24:19.408 --> 00:24:22.818 to make sure nothing went wrong. Even in a T-shirt business, I had to make sure 440 00:24:22.888 --> 00:24:25.428 every big order, make sure the printing's right, make sure the artwork's right. 441 00:24:26.128 --> 00:24:29.988 I just couldn't help myself. And set me 442 00:24:30.008 --> 00:24:32.448 back nearly 27 of my 30 years, 443 00:24:33.308 --> 00:24:36.998 if I'm being honest. The biggest breakthrough, and what I've 444 00:24:37.028 --> 00:24:39.818 recently learned, is that if you're hiring good people, 445 00:24:41.048 --> 00:24:44.418 two to three people at 75% of what I thought I was doing 446 00:24:45.568 --> 00:24:49.408 are way better, and you're going to go way further than you are with an exhausted 447 00:24:49.448 --> 00:24:52.248 founder, overstressed, running at 110%. 448 00:24:54.768 --> 00:24:57.648 When you hire smarter people, leaders emerge. 449 00:24:58.508 --> 00:25:01.688 And this was a big one for me because I watched right before my own eyes, our 450 00:25:01.728 --> 00:25:05.608 management team grew from me and Jay, he's my partner, 451 00:25:05.708 --> 00:25:09.388 my rock, my daughter Gia, to today it's about eight or nine people. 452 00:25:10.708 --> 00:25:13.988 In these meetings, just like our Wednesday meeting that we have with the whole 453 00:25:14.068 --> 00:25:16.808 sales team and the whole company, in the management meetings, 454 00:25:17.727 --> 00:25:19.007 that's where it all happens, right? 455 00:25:19.108 --> 00:25:22.208 We're talking about what's working, what's not working, what we're building on, 456 00:25:22.268 --> 00:25:25.328 what we're working on. Ideas are flourishing. How do we grow? 457 00:25:25.908 --> 00:25:28.508 What's keeping us back? We're brainstorming. 458 00:25:29.228 --> 00:25:33.188 Everybody has a seat at the table. As much as I want to make the final decision, I 459 00:25:33.268 --> 00:25:36.378 truly listen to my team, and I don't make the decision always. 460 00:25:36.428 --> 00:25:38.528 I listen to my team because many times I'm wrong, 461 00:25:39.428 --> 00:25:42.888 and each person's perspective, again, it's like that 462 00:25:43.168 --> 00:25:47.008 second or third set of eyes. Now we have eight or nine of them, and you can't lose. 463 00:25:47.208 --> 00:25:48.308 You truly can't lose. 464 00:25:49.608 --> 00:25:52.768 Don't get me wrong, we don't always agree, and many times they get heated in these 465 00:25:52.808 --> 00:25:55.918 meetings because I'm very passionate about what I want to do and what I see and 466 00:25:55.928 --> 00:25:59.368 when I have a vision, and sometimes my team has to slow me down. 467 00:25:59.408 --> 00:26:01.728 Like my daughter Gia kicks me under the table in every one of the meetings, say, 468 00:26:01.798 --> 00:26:03.228 "Dad, you can't say that." 469 00:26:04.468 --> 00:26:05.348 So we don't always agree. 470 00:26:07.168 --> 00:26:09.868 But this is where I grew the most as a CEO. 471 00:26:10.008 --> 00:26:12.968 I no longer need to make all those decisions. I can trust in my management team. 472 00:26:14.028 --> 00:26:17.128 Our managers, I don't even like to call them managers because I look at them as 473 00:26:17.168 --> 00:26:18.608 leaders, because that's truly what they are. 474 00:26:19.428 --> 00:26:21.068 They're not just there to watch the scoreboard. 475 00:26:21.508 --> 00:26:24.488 They're not there to Monday morning quarterback or reprimand the people that aren't 476 00:26:24.508 --> 00:26:27.908 doing good. They're literally a complete support system, and when people are 477 00:26:28.028 --> 00:26:29.588 struggling, they're there to help them and lift them up. 478 00:26:30.028 --> 00:26:32.368 They're there to coach them and build confidence. 479 00:26:36.308 --> 00:26:39.968 Another one, everybody sitting in this room right now has a 480 00:26:39.988 --> 00:26:43.668 natural gift, something that they were born with, something that they love to do, 481 00:26:44.408 --> 00:26:46.768 something that they feel really great when they're doing it, right? 482 00:26:48.288 --> 00:26:52.188 Whatever that is. When I got into this industry, going from T-shirts 483 00:26:52.228 --> 00:26:52.908 to finance, 484 00:26:54.018 --> 00:26:56.428 I got to be honest with you, it was a big change. 485 00:26:56.508 --> 00:26:59.408 I was 46, starting all over, had no idea what I was getting into. 486 00:26:59.468 --> 00:27:00.458 It was completely the unknown, 487 00:27:01.368 --> 00:27:01.728 and 488 00:27:02.988 --> 00:27:05.568 I got to tell you, it was my home. I love what we do every day. 489 00:27:05.628 --> 00:27:09.138 I love our industry. As crazy as it is sometimes, as stressful as it is sometimes, 490 00:27:09.848 --> 00:27:11.048 I wouldn't want to be anywhere else. 491 00:27:11.928 --> 00:27:15.848 But when you put a person in a seat what they're naturally good at, 492 00:27:16.308 --> 00:27:18.368 that's when the magic happens. Their gifts come out. 493 00:27:18.668 --> 00:27:22.608 If you have someone in your organization that's really good at details, they have a 494 00:27:22.648 --> 00:27:25.008 process, a system for everything. They're super organized. 495 00:27:25.428 --> 00:27:28.368 Maybe that's somebody that should be on the operations side doing all these things 496 00:27:28.388 --> 00:27:32.228 that we talked about today. If you have somebody that's unbelievable at connecting 497 00:27:32.238 --> 00:27:35.528 with people and building relationships, they're your natural born sales guys. 498 00:27:35.568 --> 00:27:39.238 Put them in that role. If you have tech guys that are good at tech, maybe they 499 00:27:39.268 --> 00:27:42.168 should be on the operations side helping out the sales side. 500 00:27:42.178 --> 00:27:43.578 Match their talent to that role. 501 00:27:44.468 --> 00:27:48.088 When you put A players in the right seats, this is where ultimate 502 00:27:48.148 --> 00:27:49.368 transformation begins. 503 00:27:50.888 --> 00:27:52.808 We didn't scale, guys, because I got smarter. 504 00:27:54.918 --> 00:27:58.348 We scaled because I stopped doing everything myself, and that's the truth. 505 00:28:00.368 --> 00:28:01.048 Number seven. 506 00:28:02.688 --> 00:28:05.648 This one makes me laugh. The compound effect. 507 00:28:08.568 --> 00:28:10.068 So when Jay and I were going through it, 508 00:28:11.348 --> 00:28:14.948 it's funny because when we were going through that 509 00:28:15.028 --> 00:28:17.788 six-month patch a little over two years ago, 510 00:28:18.708 --> 00:28:20.548 we were doing all this stuff I'm talking about today. 511 00:28:20.608 --> 00:28:23.958 We were putting that 1% in, 1% better every day. We're building systems. 512 00:28:23.978 --> 00:28:27.328 We're training, hiring good people. We were still losing. 513 00:28:28.268 --> 00:28:28.588 And 514 00:28:29.428 --> 00:28:32.467 every night we're going home, texting on the phone until midnight. He'll tell you. 515 00:28:33.387 --> 00:28:37.128 It was stressful. We were losing money, doing everything right, 516 00:28:37.208 --> 00:28:41.178 working our a*s off, had no idea what was going wrong, and we would text him, and 517 00:28:41.208 --> 00:28:43.748 I would send him a text and say, "Dude, just let's keep doing it. 518 00:28:43.828 --> 00:28:45.188 Let's push through. Let's keep working. 519 00:28:45.808 --> 00:28:48.848 It's in the compound." In the compound, I used to say, and we text him. 520 00:28:49.448 --> 00:28:53.348 And what I mean by the compound effect is, I used to come to these shows 521 00:28:53.768 --> 00:28:55.508 looking for the magic lead source, right? 522 00:28:56.188 --> 00:28:58.208 Looking for that single breakthrough, the best leads. 523 00:28:58.268 --> 00:28:58.328 The 524 00:28:59.808 --> 00:29:00.508 reality is, 525 00:29:01.728 --> 00:29:04.828 there is no magic lead source. A business owner looking for capital could come from 526 00:29:04.868 --> 00:29:07.668 the Internet, could come from Google, could come from your next door 527 00:29:07.768 --> 00:29:11.748 neighbor, a Google ad. A business owner needing money 528 00:29:11.828 --> 00:29:12.708 is a business owner needing money. 529 00:29:12.738 --> 00:29:15.808 If they have revenues, they're a potential candidate. Doesn't matter the source. 530 00:29:17.528 --> 00:29:21.388 Combination of consistent improvements, that's the 531 00:29:21.428 --> 00:29:22.248 secret sauce. 532 00:29:23.508 --> 00:29:26.808 Make better hires, build better systems, build better processes, 533 00:29:27.368 --> 00:29:30.248 hire better leaders, do better training, 534 00:29:31.288 --> 00:29:33.028 give your clients a better experience. 535 00:29:33.688 --> 00:29:37.308 Because the reality is, scalability is a bunch of little tiny stacked 536 00:29:37.368 --> 00:29:40.938 improvements that nobody wants to do the work on. That 1% better. 537 00:29:41.988 --> 00:29:43.088 So I ask you guys today, 538 00:29:44.148 --> 00:29:45.068 what's holding you back? 539 00:29:46.148 --> 00:29:48.468 Is it hiring? Hiring the right people? 540 00:29:49.068 --> 00:29:52.628 Or firing and getting rid of the non-performers? Is it training? 541 00:29:53.348 --> 00:29:56.288 Are you putting the time in to truly train and help your people get to where you 542 00:29:56.308 --> 00:29:56.748 need to be? 543 00:29:57.768 --> 00:30:00.768 Is it culture and people? Are you taking care of your people? 544 00:30:01.248 --> 00:30:04.968 Are you building them? Are you growing them? Is it your systems and processes? 545 00:30:05.068 --> 00:30:07.488 Are you flying by the seat of your pants like I did for 30 years? 546 00:30:08.568 --> 00:30:09.568 Or is it delegation? 547 00:30:10.748 --> 00:30:12.368 Do you feel like you have to do everything yourself? 548 00:30:14.188 --> 00:30:15.028 So in closing 549 00:30:16.496 --> 00:30:19.056 I put together six rapid-fire tips that I feel 550 00:30:19.996 --> 00:30:23.616 also made a big impact on my career, and I want to share them with you all today. 551 00:30:24.836 --> 00:30:27.396 Number one, don't rush through sales calls. 552 00:30:27.896 --> 00:30:31.746 Schedule an appointment. If you're in the business and you're calling UCC leads or 553 00:30:31.776 --> 00:30:35.416 you're making cold calls and you're on that grind, don't just rush in when the 554 00:30:35.636 --> 00:30:37.636 person answers the phone and try to sell them real fast. 555 00:30:38.006 --> 00:30:39.696 Ask them if you caught them in the middle of something. 556 00:30:40.036 --> 00:30:42.796 Ask them if they have a better time that you could call back and schedule that 557 00:30:42.836 --> 00:30:45.876 10-minute appointment. You'd be surprised what one little change will make to your 558 00:30:45.936 --> 00:30:46.396 business. 559 00:30:47.496 --> 00:30:51.396 Schedule Zoom calls. I have to thank Bob Sitton at the training center 560 00:30:51.456 --> 00:30:52.216 again at Sandler. 561 00:30:53.036 --> 00:30:56.756 He switched us about two years ago from saying, "You're missing the boat, Eddie. 562 00:30:56.796 --> 00:30:59.905 Why are you making phone calls? Get in front of your client." It's the same as 563 00:30:59.936 --> 00:31:02.606 being in their office. That face-to-face connection, that interaction. 564 00:31:04.256 --> 00:31:08.016 Learn from lost deals. This is another big one for me that I've always 565 00:31:08.036 --> 00:31:11.796 done, and I've got to be honest with you, half of my lender 566 00:31:11.876 --> 00:31:14.576 network today came from deals that I actually lost on. 567 00:31:15.256 --> 00:31:19.076 I lose a deal, I find out from the client, what kind of deal did you 568 00:31:19.116 --> 00:31:22.886 get? Who was the lender that funded it? Oh, it's a five-year term loan at 10%. 569 00:31:22.896 --> 00:31:25.396 The next day, I had that lender signed up, and it's in my network, and I'm selling 570 00:31:25.416 --> 00:31:28.596 that product on Monday morning. So learn from your lost deals. 571 00:31:29.616 --> 00:31:30.356 Another big one, 572 00:31:31.316 --> 00:31:35.236 and this one is probably if you asked me out of the 13 years with 573 00:31:35.276 --> 00:31:36.376 Sandler Training and Bob, 574 00:31:37.256 --> 00:31:40.596 if I had to pick one aha moment and one lesson that I've learned 575 00:31:41.396 --> 00:31:43.776 of all of them, and there's probably more than 400. I'm still going. 576 00:31:43.816 --> 00:31:44.716 It's 15 years 577 00:31:45.516 --> 00:31:46.576 I've been doing Sandler training, 578 00:31:47.536 --> 00:31:48.916 and I guess I'm a slow learner, 579 00:31:49.816 --> 00:31:50.536 still going back. 580 00:31:52.036 --> 00:31:55.476 The biggest lesson is to stop emailing your 581 00:31:55.516 --> 00:31:58.416 approvals. Stop emailing your offers. 582 00:31:58.996 --> 00:32:01.876 If you're sending an offer in an email, we've all been there, what happens next? 583 00:32:03.516 --> 00:32:05.286 They go dark. What do you think they're doing? 584 00:32:06.036 --> 00:32:09.956 90% of the time when you send an offer in an email, just remember, if 585 00:32:09.996 --> 00:32:13.506 you want to continue to do it, do it, you're helping your client buy from somebody 586 00:32:13.596 --> 00:32:16.776 else. Because he's taken that pretty little offer letter, and I used to send the 587 00:32:16.816 --> 00:32:19.356 most beautiful offer emails out that you could possibly imagine. 588 00:32:19.716 --> 00:32:23.676 I had the funding amounts highlighted in yellow and the weekly 589 00:32:23.776 --> 00:32:26.176 payments in red, and beautiful emails. 590 00:32:26.515 --> 00:32:28.096 All they do is help the clients go somewhere else. 591 00:32:28.136 --> 00:32:32.056 So stop sending your emails, your approvals out, and learn how to gently soft pitch 592 00:32:32.116 --> 00:32:35.716 a deal to a client using brackets. And that's another Sandler lesson. 593 00:32:38.036 --> 00:32:41.726 Your lender relationships. I see some of my good friends here today and a lot of 594 00:32:41.756 --> 00:32:45.476 lenders that we work with today. Kevin Duffy with Channel Partners, one of my 595 00:32:45.536 --> 00:32:47.236 favorites. There's many of you here. 596 00:32:48.446 --> 00:32:51.176 And you have to nurture your lender relationships, guys. 597 00:32:51.236 --> 00:32:52.916 You have to treat them with respect. 598 00:32:52.956 --> 00:32:55.266 You can't lie to clients to get a deal done. 599 00:32:55.296 --> 00:32:59.136 Your lenders are your resources, and what good am I if I don't have any 600 00:32:59.216 --> 00:33:01.456 resources, right? You're as good as your resources. 601 00:33:01.546 --> 00:33:01.656 So 602 00:33:03.276 --> 00:33:05.776 nurture those lender relationships and continue to build them. 603 00:33:05.816 --> 00:33:07.736 Relationships are everything in this industry. 604 00:33:09.076 --> 00:33:09.446 Finally, 605 00:33:10.846 --> 00:33:14.776 there's a quote I heard about 15 years ago at my time at BizLender from one of the 606 00:33:14.796 --> 00:33:18.276 investors there. His name was Mike Shoeberger. 607 00:33:18.296 --> 00:33:20.956 And Michael told me, and this one's stuck in my head forever, 608 00:33:21.776 --> 00:33:24.436 and I still try to do this today, and it's a great lesson learned. 609 00:33:24.476 --> 00:33:28.296 He said, "Eddie, you want to be successful, spend 33% of your time 610 00:33:28.365 --> 00:33:30.816 working in the business, in the trenches. 611 00:33:31.636 --> 00:33:35.516 Spend 33% of your time working on the business, but make sure 612 00:33:35.536 --> 00:33:39.456 you're spending 33% of your time in growing the business, your vision, your 613 00:33:39.476 --> 00:33:40.016 dreams." 614 00:33:41.616 --> 00:33:43.275 And that's all I got today, guys. Thank you.