1 00:00:04.890 --> 00:00:06.990 Sean Murray: Anyhow, I'm Sean Murray, and I'm here with Will 2 00:00:06.990 --> 00:00:10.950 Murphy and Josh Feinberg from Equipping The Dream. But you're 3 00:00:10.950 --> 00:00:15.780 also not just TV stars. You have a real company too, I think. So 4 00:00:15.780 --> 00:00:18.360 I've been told on the side. Okay. What's the name of your 5 00:00:18.360 --> 00:00:18.870 company? 6 00:00:19.320 --> 00:00:20.340 Will Murphy: Everlasting Capital. 7 00:00:20.400 --> 00:00:22.170 Sean Murray: Everlasting capital. Very good. 8 00:00:22.170 --> 00:00:24.460 Josh Feinberg: But you forgot one. We have also have Equipment 9 00:00:24.460 --> 00:00:25.480 Broker School as well. 10 00:00:25.600 --> 00:00:27.760 Sean Murray: There are multiple companies that in play here or 11 00:00:27.760 --> 00:00:28.390 at stake here. 12 00:00:28.390 --> 00:00:28.450 Sean Murray: You know, the last time we were on a red carpet 13 00:00:28.450 --> 00:00:28.990 Josh Feinberg: Yes, there is. 14 00:00:31.270 --> 00:00:32.320 together, just you and I. 15 00:00:32.350 --> 00:00:32.740 Josh Feinberg: Yeah. 16 00:00:32.830 --> 00:00:35.320 Sean Murray: We posted a picture that said, stealth mode. 17 00:00:35.350 --> 00:00:36.100 Josh Feinberg: Stealth mode. 18 00:00:36.100 --> 00:00:38.040 Sean Murray: I don't think anyone knew what we were talking 19 00:00:38.040 --> 00:00:38.340 We already knew what was happening, but nobody else did. 20 00:00:38.340 --> 00:00:42.840 about. You had an idea? You definitely had an idea. You knew 21 00:00:42.840 --> 00:00:45.870 what was going on. But you were kind of sworn to silence at that 22 00:00:45.870 --> 00:00:50.580 point. And at that point, we had already filmed the whole show. 23 00:00:52.740 --> 00:00:56.190 Nobody else did. So we had the Instagram picture. Stealth mode. 24 00:00:56.220 --> 00:00:56.640 Josh Feinberg: Yeah. 25 00:00:56.700 --> 00:00:59.940 Sean Murray: The show is now out there. We had the cast here and 26 00:00:59.940 --> 00:01:03.750 everything like that. So let me ask you so now, all that has 27 00:01:03.750 --> 00:01:06.030 happened. And we're here at deBanked. Connect Miami, what do 28 00:01:06.030 --> 00:01:07.230 you think of the event so far? 29 00:01:08.220 --> 00:01:09.870 Josh Feinberg: I think the events been absolutely 30 00:01:09.870 --> 00:01:14.610 fantastic. This is the by far the best Miami deBanked event 31 00:01:14.640 --> 00:01:17.370 that has ever been thrown. I mean, this almost feels like, 32 00:01:17.760 --> 00:01:21.630 Broker Fair. I mean, this is just the same size. You know, 33 00:01:21.630 --> 00:01:23.730 what's so great about these events is the network. 34 00:01:24.090 --> 00:01:24.990 Especially in Miami. 35 00:01:25.020 --> 00:01:26.940 Sean Murray: Yeah, exactly. What about you Will? 36 00:01:26.940 --> 00:01:29.330 Will Murphy: It's just putting a name to a face, right? In this 37 00:01:29.330 --> 00:01:33.650 industry. You talked to people out there. And if you put an end 38 00:01:33.650 --> 00:01:37.430 to that face, that relationship has grown people, a lot of trust 39 00:01:37.430 --> 00:01:40.370 factor in this industry. Once you meet someone, shake their 40 00:01:40.370 --> 00:01:43.130 hand, at these type of events, you know, that goes a long way. 41 00:01:43.130 --> 00:01:45.590 And you don't even realize that until you shake everyone's hand 42 00:01:45.590 --> 00:01:47.810 and you're on the phone with them the next day. So these 43 00:01:47.810 --> 00:01:51.260 events are great. And it was 700 plus here or something like 44 00:01:51.260 --> 00:01:51.440 that. 45 00:01:51.440 --> 00:01:52.220 Sean Murray: It's a lot of people. 46 00:01:52.640 --> 00:01:55.580 Will Murphy: It's a lot of people for half of an event, I 47 00:01:55.580 --> 00:01:56.990 could only imagine what the Broker Fair. 48 00:01:57.200 --> 00:02:00.680 Sean Murray: It's going to be crazy. I thought of another 49 00:02:00.680 --> 00:02:03.590 company that's at play here. Something called 150. 50 00:02:03.620 --> 00:02:03.860 Will Murphy: 150? 51 00:02:05.000 --> 00:02:09.110 Will Murphy: Yeah 150 that's a check it out 150.com it's a 52 00:02:09.110 --> 00:02:09.240 Sean Murray: Yeah. 53 00:02:09.240 --> 00:02:14.180 bunch of T shirts, with industry slogans. And yeah, go check that 54 00:02:14.180 --> 00:02:16.010 out. Who runs them? 55 00:02:17.120 --> 00:02:18.860 Sean Murray: I just bring up random things. 56 00:02:18.920 --> 00:02:22.160 Will Murphy: I was on a Equipping The Dream, put it on 57 00:02:22.160 --> 00:02:24.860 the board shirt it was all over Equipping The Dream was a bunch 58 00:02:24.860 --> 00:02:27.830 of industry lingo. Check out this video on YouTube too about, 59 00:02:30.140 --> 00:02:30.530 150.com, check it out. 60 00:02:31.130 --> 00:02:33.590 Sean Murray: I own one of the shirts. Or I might even own a 61 00:02:33.590 --> 00:02:35.210 couple of shirts. Yeah. 62 00:02:35.600 --> 00:02:37.160 Will Murphy: You might have been one of the first customers on 63 00:02:37.160 --> 00:02:38.000 this mysterious site. 64 00:02:38.000 --> 00:02:40.310 Sean Murray: What's weird is that I literally it shows that I 65 00:02:40.310 --> 00:02:43.940 literally Google keywords in the industry all day, every single 66 00:02:43.940 --> 00:02:45.680 day. Like I was definitely my shirt. 67 00:02:47.220 --> 00:02:48.870 Josh Feinberg: 150 hasn't sent me one yet. 68 00:02:48.900 --> 00:02:51.990 Sean Murray: They haven't? You're gonna have to call the 69 00:02:51.990 --> 00:02:52.890 customer service line. 70 00:02:53.250 --> 00:02:54.750 Josh Feinberg: I tried, it's out of service. 71 00:02:55.800 --> 00:02:57.930 Sean Murray: That's a bummer. All right. So all right. So 72 00:02:57.990 --> 00:03:01.380 let's talk about the show a little bit. Yeah. Okay. You guys 73 00:03:01.380 --> 00:03:04.590 are kind of seen as like equipment finance broker, like 74 00:03:04.590 --> 00:03:09.540 masters, Inc, 500, and all that stuff. And you talked about how 75 00:03:09.720 --> 00:03:13.560 you got into it on the show how you got into that industry. I 76 00:03:13.560 --> 00:03:17.160 wonder how is it going now, after COVID because we've been 77 00:03:17.160 --> 00:03:19.800 talking about a lot about working capital this show and 78 00:03:19.800 --> 00:03:21.420 not a lit about equipment finance, well, what's happening 79 00:03:21.420 --> 00:03:22.650 in equipment financing now? 80 00:03:23.820 --> 00:03:25.830 Josh Feinberg: You know, just from my perspective, because I 81 00:03:25.830 --> 00:03:29.910 do a lot on the marketing side, we see more of a demand for 82 00:03:29.910 --> 00:03:33.300 equipment financing than there was pre COVID. Just because I 83 00:03:33.300 --> 00:03:35.400 mean, you think about it, construction, manufacturing, 84 00:03:35.400 --> 00:03:39.930 transportation, those industries completely thrive. But here's 85 00:03:39.930 --> 00:03:42.900 another factor that you know, has been has come up and we've 86 00:03:42.900 --> 00:03:45.930 never really experienced in our careers where there's just a 87 00:03:45.930 --> 00:03:49.470 lack of equipment, which is which is an issue, which is very 88 00:03:49.470 --> 00:03:52.200 surprising, you know, being able to like your loosing deals 89 00:03:52.200 --> 00:03:53.520 because the equipment sells? 90 00:03:53.520 --> 00:03:56.510 Sean Murray: Hold on so most people it's hard enough getting 91 00:03:56.510 --> 00:03:59.060 them money. You're telling me that the equipment itself is 92 00:03:59.060 --> 00:03:59.420 lacking? 93 00:03:59.420 --> 00:04:04.070 Yeah, yeah even customers. Cause customers approved some of these 94 00:04:04.070 --> 00:04:07.040 newer Kenworths are the buildouts, that are six months, 95 00:04:07.040 --> 00:04:09.680 nine months. So they're pre ordering they're putting money 96 00:04:09.680 --> 00:04:12.470 down, but you get them approved, but we can't fill the deal the 97 00:04:12.470 --> 00:04:15.500 six months down the road. Yeah. And it's really been incumbent 98 00:04:15.500 --> 00:04:18.560 on bottleneck on the food finance industry. Who would have 99 00:04:18.560 --> 00:04:21.590 thought it would be equipment problem? A customer problem? 100 00:04:21.590 --> 00:04:23.330 Yeah. We're seeing that a lot right now. 101 00:04:23.930 --> 00:04:26.960 There is a lot of working capital people at this show. And 102 00:04:26.960 --> 00:04:29.930 I think equipment financing is kind of new to them. I'm 103 00:04:29.930 --> 00:04:34.550 wondering you know, what aspects of it might be similar and what 104 00:04:34.550 --> 00:04:37.250 might be different like if you're a salesperson you might 105 00:04:37.250 --> 00:04:40.370 be thinking commissions what's what's kind of are commission's 106 00:04:40.370 --> 00:04:43.400 competitive? You're like the working capital space. 107 00:04:43.400 --> 00:04:46.540 Will Murphy: Yeah commissions are the same as the capital 108 00:04:46.540 --> 00:04:51.190 space, the only differences. Everything up front. Right, you 109 00:04:51.190 --> 00:04:53.470 get the application, you get the bank statements. You get the 110 00:04:53.470 --> 00:04:55.240 invoice, you ask one more question. You get an invoice, 111 00:04:55.240 --> 00:04:58.240 invoices, you put an invoice from the actual paper that's 112 00:04:58.240 --> 00:05:00.700 selling the equipment, the tough part is when you get the 113 00:05:00.700 --> 00:05:03.700 approval the stipulation with this is a little bit longer, 114 00:05:04.060 --> 00:05:07.720 right? There's a lot more things than just an ID, a voided check 115 00:05:07.720 --> 00:05:12.040 and bank login, and you got a customer talking for hours to a 116 00:05:12.070 --> 00:05:16.300 ID where the check, invoice, broker invoice, title, 117 00:05:16.300 --> 00:05:19.750 insurance, you know, there's a lot of hands in the pocket, 118 00:05:20.080 --> 00:05:23.350 right? There's a customer, there's the broker, there's the 119 00:05:23.350 --> 00:05:26.920 lender, the title agency, the insurance agency, that's fine. 120 00:05:27.280 --> 00:05:31.180 Yeah. So everyone needs to be on the same page. And the backend 121 00:05:31.180 --> 00:05:34.840 process is just, it's either you know it or, you're not going to 122 00:05:35.500 --> 00:05:39.160 succeed. And that's where the MCA stuff separates. 123 00:05:40.290 --> 00:05:42.390 Josh Feinberg: But that's where we come in. Okay. You know, on 124 00:05:42.390 --> 00:05:45.570 the back end process, because we talked to a lot of cash advance 125 00:05:45.570 --> 00:05:47.760 brokers, especially as the athletes events, and they're 126 00:05:47.760 --> 00:05:50.550 like, Yeah, we do have customers that are looking for coming, but 127 00:05:50.550 --> 00:05:52.470 we don't want to do anything with them. Because we don't want 128 00:05:52.470 --> 00:05:55.140 to veer from what from what we're doing. And, you know, 129 00:05:55.140 --> 00:05:58.290 we're looked at as like the best super broker in the entire 130 00:05:58.290 --> 00:06:01.530 country for equipment financing, especially coming from the, you 131 00:06:01.530 --> 00:06:05.040 know, MCA space. So, you know, we really give the ability of 132 00:06:05.040 --> 00:06:08.460 being able to not only access the lenders that, you know, they 133 00:06:08.460 --> 00:06:11.370 probably can't get approved with. Right. But also being able 134 00:06:11.370 --> 00:06:16.200 to create a systematic process to be able to fund equipment 135 00:06:16.200 --> 00:06:19.500 deals, where it's not taking away so much from their cash 136 00:06:19.500 --> 00:06:21.810 advance business, where they just have to get the necessary 137 00:06:21.810 --> 00:06:24.450 information to submit it. And we'll help with the rest. And 138 00:06:24.450 --> 00:06:25.680 all you have to do is close it. 139 00:06:26.610 --> 00:06:28.890 Sean Murray: I'm told that it's a little bit more difficult to 140 00:06:28.890 --> 00:06:32.400 get approved with an equipment finance lender, then perhaps a 141 00:06:32.400 --> 00:06:35.130 working capital, or like MCA Business, is that true? 142 00:06:35.130 --> 00:06:37.280 Josh Feinberg: Yeah, I mean, I was talking to a couple people 143 00:06:37.280 --> 00:06:40.820 here today that are trying to get into space, we're talking 144 00:06:40.820 --> 00:06:44.630 like, not small shops, large shops that have trouble signing 145 00:06:44.630 --> 00:06:47.300 up with commissions, because they just don't have the volume 146 00:06:47.330 --> 00:06:51.080 that they need, then the KPIs actually sign up with these 147 00:06:51.320 --> 00:06:55.340 managers, because they want to see, they, they need to see it's 148 00:06:55.340 --> 00:06:59.330 a numbers game, right, and you can sign up with not all MCA 149 00:06:59.330 --> 00:07:02.090 lenders, but you can sign up with them. And you can just stay 150 00:07:02.090 --> 00:07:04.790 on and maybe fund a deal here, fund a deal six months later, 151 00:07:04.790 --> 00:07:06.950 and maybe not find the deal for a year. But they'll take your 152 00:07:06.950 --> 00:07:10.190 business, in the equipment space, you need to be consistent 153 00:07:10.190 --> 00:07:14.510 need to have a 50% approval rate, 25% book rate, like it all 154 00:07:14.510 --> 00:07:17.690 goes down to the numbers. And if you don't have the numbers, 155 00:07:17.690 --> 00:07:19.970 you're gonna get cut off. And if you don't have the numbers at 156 00:07:19.970 --> 00:07:22.070 all, you're not even gonna be able to sign up with them. So 157 00:07:22.430 --> 00:07:25.370 it's a big barrier of entry, which is good, which is good, 158 00:07:25.400 --> 00:07:29.570 because, you know, they take the good brokers, right. And that's 159 00:07:29.570 --> 00:07:32.420 why the industry is a little bit cleaner, you know, then maybe 160 00:07:32.420 --> 00:07:34.820 the Merchant Cash Advance industry. So it's a great 161 00:07:34.820 --> 00:07:35.870 product, great program. 162 00:07:38.990 --> 00:07:41.030 Sean Murray: Yeah, I can imagine now, Josh, you were just a 163 00:07:41.030 --> 00:07:44.630 moderator of a panel. Yeah. Like almost like moments ago? Yeah. 164 00:07:44.630 --> 00:07:47.150 Did you just come straight from the stage, straight from the 165 00:07:47.150 --> 00:07:49.760 stage come in give you a different microphone, take one 166 00:07:49.760 --> 00:07:52.460 microphone off, you throw you a different one. Yeah. What were 167 00:07:52.460 --> 00:07:54.140 you all talking about on that panel? 168 00:07:54.140 --> 00:07:57.270 Josh Feinberg: So we were talking about the, you know, the 169 00:07:57.270 --> 00:07:59.520 people that were on that panel, the funding on the front lines, 170 00:08:00.030 --> 00:08:03.930 they all have a different niche that they fill and have 171 00:08:03.930 --> 00:08:07.140 different backstories that are really amazing. And I love that 172 00:08:07.140 --> 00:08:09.630 panel, because obviously, you know, most know, the backstory, 173 00:08:09.660 --> 00:08:12.480 you know, I started in the basement, and you know, being 174 00:08:12.480 --> 00:08:17.040 able to listen to their backgrounds, being able to hear 175 00:08:17.040 --> 00:08:21.450 what they had to say in regards to how to get more deals, right? 176 00:08:21.450 --> 00:08:24.900 How things are different from pre COVID, to post COVID. And 177 00:08:24.900 --> 00:08:28.860 how clients actually operate differently, like mentally, 178 00:08:28.890 --> 00:08:31.530 right. So there's a lot of learning opportunities. And then 179 00:08:31.530 --> 00:08:36.090 we also talked briefly on Miami and Florida being such a open 180 00:08:36.090 --> 00:08:39.690 state to our industry, which is such, it's so good to hear, 181 00:08:39.690 --> 00:08:43.260 because all you hear usually is states having issues with our, 182 00:08:43.290 --> 00:08:47.550 you know, industry, and not Florida. So it was really it was 183 00:08:47.550 --> 00:08:50.010 really nice to hear. And I think there's a lot of office moves 184 00:08:50.010 --> 00:08:53.460 happening. Happening to come to Florida, so. 185 00:08:53.490 --> 00:08:54.960 Sean Murray: Would you ever consider it because you're all 186 00:08:54.960 --> 00:08:56.970 the way up in New Hampshire, you're already kind of in your 187 00:08:56.970 --> 00:09:00.000 own little area as it is would you ever consider moving or 188 00:09:00.000 --> 00:09:01.050 expanding to Florida? 189 00:09:01.080 --> 00:09:01.980 Will Murphy: I cannot disclose. 190 00:09:02.640 --> 00:09:05.010 Sean Murray: Oh, okay, that sounds like an interesting 191 00:09:05.010 --> 00:09:09.230 Will Murphy: I mean, it's just a population thing. The hiring is 192 00:09:09.230 --> 00:09:09.340 answer. Okay. 193 00:09:09.340 --> 00:09:12.440 very unpredictable right now. I talked to a lot of people here 194 00:09:12.680 --> 00:09:15.710 again that are struggling hirinf. A lot of businesses are 195 00:09:15.710 --> 00:09:21.110 struggling hiring and, you know, do you go remote? Do you keep 196 00:09:21.110 --> 00:09:25.400 everything in house? You know, for us, our process works it's 197 00:09:25.400 --> 00:09:28.820 in house right? Everyone's in house, everything files on all 198 00:09:28.820 --> 00:09:29.900 cylinders at all times. 199 00:09:29.930 --> 00:09:31.310 Sean Murray: In house like in person? 200 00:09:31.310 --> 00:09:34.490 Will Murphy: Yeah in person, in person. Well COVID changed the 201 00:09:34.490 --> 00:09:39.170 landscape and it's more of an employee market right now. Like, 202 00:09:39.410 --> 00:09:41.600 they kind of can put their fists down and like, look, I want to 203 00:09:41.630 --> 00:09:44.510 work from home. I want to work two days here and I want to go 204 00:09:44.510 --> 00:09:47.120 to the office three days here. Like that happens a lot of 205 00:09:47.120 --> 00:09:53.090 companies have on demand hybrid. For us, it doesn't work like 206 00:09:53.090 --> 00:09:59.090 that. So you know we got to figure out where that's making 207 00:09:59.090 --> 00:10:02.900 another location, maybe that, but it's coming down in time. 208 00:10:03.230 --> 00:10:05.210 You need to have bodies in your seats and you need to be in 209 00:10:05.450 --> 00:10:10.640 production for our process of ours that we need bodies. 210 00:10:10.720 --> 00:10:13.630 Sean Murray: Sure, you know, I was talking to RJ earlier about 211 00:10:13.630 --> 00:10:16.750 the environment of working with other salespeople, because he 212 00:10:16.750 --> 00:10:20.380 had some ups and downs over the atleast I had as a viewer ups 213 00:10:20.380 --> 00:10:22.510 and downs in the show, you know what I mean? He was thinking 214 00:10:22.510 --> 00:10:26.470 about leaving, I guess, at some point. And I, I asked him, did 215 00:10:26.470 --> 00:10:28.030 it make a difference that you were in a competitive 216 00:10:28.030 --> 00:10:31.600 environment with other people, but if you work at home, you're 217 00:10:31.600 --> 00:10:34.510 just by yourself, you can just, you know, go to the kitchen or 218 00:10:34.510 --> 00:10:36.880 whatever. But if the person next to you, because you know, he was 219 00:10:36.880 --> 00:10:39.580 kind of battling it out with Thomas on the show, the person 220 00:10:39.580 --> 00:10:42.610 next to you is closing. It's like, I feel like it kind of 221 00:10:42.610 --> 00:10:46.420 instinctively kicks in your competitive nature. Is that part 222 00:10:46.420 --> 00:10:48.550 of like, does that help in a sales room? 223 00:10:48.570 --> 00:10:52.020 Josh Feinberg: Oh, the buzz. Yeah, I think the buzz is huge. 224 00:10:52.050 --> 00:10:55.830 I mean, we see it because we we work with a lot of brokers with 225 00:10:55.830 --> 00:10:58.830 a premium product or school. And one of the biggest things that I 226 00:10:58.830 --> 00:11:01.740 saw with being able to take those four brokers, put them 227 00:11:01.740 --> 00:11:05.040 into seats where they literally get on the phone, dial the 228 00:11:05.040 --> 00:11:09.300 phone, it produces so much more than if you're have to hold 229 00:11:09.300 --> 00:11:12.780 yourself accountable. Right. I mean, we we see it, and we saw 230 00:11:12.780 --> 00:11:15.540 it. And you know, even some of the contestants right now, I 231 00:11:15.540 --> 00:11:18.450 think would do better in an office situation where they had 232 00:11:18.450 --> 00:11:21.780 other people around them because it really motivates, right. So 233 00:11:21.780 --> 00:11:24.480 when you're by yourself, it's really hard to hard to motivate 234 00:11:24.480 --> 00:11:27.840 yourself unless you know what's going to happen. But with that 235 00:11:27.840 --> 00:11:31.110 environment where they came, and I think there may be even some 236 00:11:31.110 --> 00:11:33.210 things in the future where we'll be able to help others 237 00:11:33.900 --> 00:11:36.480 accomplish the same thing to really figure out exactly what 238 00:11:36.480 --> 00:11:37.140 they need to do. 239 00:11:38.130 --> 00:11:40.478 Will Murphy: It's all personality, personalities, your 240 00:11:40.535 --> 00:11:44.202 there's certain people that can do it, certain people that can't 241 00:11:44.259 --> 00:11:47.639 do it. But definitely that buzzer talks about once you hear 242 00:11:47.696 --> 00:11:51.305 this phone's ringing, once you hear people on the phone talking 243 00:11:51.362 --> 00:11:55.086 to someone you feed off that and it happens, it's it's addicting. 244 00:11:55.143 --> 00:11:58.523 It really comes through. Yeah. Once you hear someone on the 245 00:11:58.580 --> 00:12:01.845 phone, you want to be on the phone and you want to get to 246 00:12:01.903 --> 00:12:04.710 that next call, you want to get that opportunity. 247 00:12:04.710 --> 00:12:06.885 Josh Feinberg: And I think it's really difficult for new brokers 248 00:12:06.929 --> 00:12:09.681 to even understand what their day should look like. I mean, we 249 00:12:09.726 --> 00:12:12.478 have in our course there's what your day should look like. But 250 00:12:12.522 --> 00:12:15.319 that's just me telling you what your day should look like. They 251 00:12:15.363 --> 00:12:18.204 don't know what their day should look like because they've never 252 00:12:18.248 --> 00:12:21.001 been in an office environment, especially if they haven't been 253 00:12:21.045 --> 00:12:23.797 in the industry. So they don't really know so I think being in 254 00:12:23.842 --> 00:12:26.638 that, you know, initial office, you know, interaction with them 255 00:12:26.682 --> 00:12:29.213 really changed their mindset of okay, so this is how it's 256 00:12:29.257 --> 00:12:30.900 supposed to operate every single day. 257 00:12:31.320 --> 00:12:33.774 Sean Murray: Well, guys, Josh, Will, thank you so much for 258 00:12:33.829 --> 00:12:37.101 being here. I hope everyone out there watching Equipping The 259 00:12:37.156 --> 00:12:40.647 Dream. Stay tuned for more from deBanked Connect Miami. I'm Sean 260 00:12:40.701 --> 00:12:42.120 Murray. I'll see you soon.