1 00:00:06.870 --> 00:00:09.000 Josh Feinberg: So you've been in the industry for five years, 2 00:00:09.000 --> 00:00:09.540 Speaker: five years. 3 00:00:09.570 --> 00:00:10.740 Josh Feinberg: Nice. How'd you get into it? 4 00:00:10.800 --> 00:00:13.560 Speaker: I came into it as my father's business. He's been 5 00:00:13.560 --> 00:00:17.940 doing it for 13 years and I just made my way just knowing he's 6 00:00:17.940 --> 00:00:19.950 talking. I'm talking to him every day about it. So 7 00:00:20.050 --> 00:00:22.630 Josh Feinberg: really, no. Is your Was that your dad I just 8 00:00:22.630 --> 00:00:22.870 met? 9 00:00:22.900 --> 00:00:23.290 Speaker: Yep. 10 00:00:23.380 --> 00:00:26.890 Josh Feinberg: Nice. No. Do you guys have your company or do you 11 00:00:26.890 --> 00:00:27.160 guys? 12 00:00:27.160 --> 00:00:28.780 Speaker: yeah, it's his company. Yeah, it's his company. 13 00:00:28.780 --> 00:00:28.930 Josh Feinberg: Nice. 14 00:00:28.930 --> 00:00:32.140 Speaker: And I just, you know, I sometimes I'm the janitor, the 15 00:00:32.140 --> 00:00:33.869 Josh Feinberg: the tough guy 16 00:00:33.869 --> 00:00:37.859 the underwriter, the seller, the closer, 17 00:00:37.859 --> 00:00:38.590 Speaker: the lead iso 18 00:00:38.590 --> 00:00:40.060 Josh Feinberg: How old are you when you got into it? 19 00:00:41.050 --> 00:00:41.620 Speaker: 19 20 00:00:41.860 --> 00:00:42.640 Josh Feinberg: That's awesome. 21 00:00:42.670 --> 00:00:43.450 Speaker: 25 now. 22 00:00:44.080 --> 00:00:45.370 Josh Feinberg: Because I don't know if you've heard our story 23 00:00:45.370 --> 00:00:45.760 at all. 24 00:00:45.790 --> 00:00:46.150 Speaker: No. 25 00:00:46.150 --> 00:00:48.460 Josh Feinberg: I was just about the same. So my dad was in the 26 00:00:48.460 --> 00:00:51.220 industry beforehand. So I grew up seeing the same exact thing, 27 00:00:51.220 --> 00:00:54.250 probably as you did. And then I got into the industry because of 28 00:00:54.250 --> 00:00:57.100 my dad and I was 19 when I got into it, right? You'll hear 29 00:00:57.100 --> 00:00:59.590 about the story later, but yeah, so that's awesome. So what 30 00:00:59.590 --> 00:01:00.190 company is it? 31 00:01:00.220 --> 00:01:01.300 Speaker: Advanced American Funding 32 00:01:01.330 --> 00:01:04.510 Josh Feinberg: Okay. All right. So, so you do everything? 33 00:01:04.960 --> 00:01:07.210 Speaker: Ah, mainly MCA, MCA. 34 00:01:07.360 --> 00:01:07.690 Josh Feinberg: Okay 35 00:01:07.720 --> 00:01:09.280 Speaker: A little bit on the leasing side on the equipment 36 00:01:09.280 --> 00:01:10.930 side but strictly MCA focus. 37 00:01:10.930 --> 00:01:13.440 Josh Feinberg: Okay. Are you not doing leasing because it's just 38 00:01:13.440 --> 00:01:14.440 Speaker: We broker out leasing if needed, but we strictly we 39 00:01:14.440 --> 00:01:16.050 I really don't know you guys .. don't know much about it? 40 00:01:19.210 --> 00:01:26.320 strictly focus on- yeah, yeah. 41 00:01:26.350 --> 00:01:29.410 Josh Feinberg: so so leasing. You guys broker it out and 42 00:01:29.410 --> 00:01:30.490 everything? Okay, 43 00:01:30.520 --> 00:01:31.300 Speaker: Why, you got it? 44 00:01:31.660 --> 00:01:35.200 Josh Feinberg: Yeah. So, so let's put it this way. Two to 45 00:01:35.200 --> 00:01:39.070 three years ago, we were 90% working capital, 10% equipment- 46 00:01:39.760 --> 00:01:40.900 Everlasting Capital. 47 00:01:41.230 --> 00:01:43.840 Unknown: Oh, you mentioned you wanted to find out about them? 48 00:01:44.680 --> 00:01:45.340 Josh Feinberg: Yes. 49 00:01:45.450 --> 00:01:48.750 Speaker: he really, honest to God my son. He said Dad I want 50 00:01:48.750 --> 00:01:52.020 to check this conference out. Everlasting in there in a r-. So 51 00:01:52.020 --> 00:01:53.850 go ahead and knock it out. Now you got 'em. 52 00:01:53.850 --> 00:01:56.690 Josh Feinberg: There we go. So yeah, so three years ago, we 53 00:01:56.690 --> 00:02:00.770 were strictly doing capital. And now we're 50-50, 50% Capital 50% 54 00:02:00.770 --> 00:02:01.160 equipment. 55 00:02:01.160 --> 00:02:03.200 Speaker: We need a good leasing and I'll tell you what I gotta 56 00:02:03.200 --> 00:02:04.370 guy that does- 57 00:02:04.700 --> 00:02:05.630 Can I send it out to you? 58 00:02:05.660 --> 00:02:05.870 Josh Feinberg: Yes 59 00:02:05.870 --> 00:02:06.380 Speaker: Broker it out? 60 00:02:06.380 --> 00:02:06.900 Josh Feinberg: Of course. 61 00:02:07.530 --> 00:02:08.910 Speaker: You got the points rolled in? 62 00:02:08.990 --> 00:02:11.060 Josh Feinberg: Yeah, yeah. Well, we'll figure and it's the same. 63 00:02:11.090 --> 00:02:14.030 It's basically the Commission's are same as cash advance. But 64 00:02:14.030 --> 00:02:17.390 the big thing is, is the sources that we have, are really hard to 65 00:02:17.390 --> 00:02:19.640 get into, but we've built a good relationship with them. Like 66 00:02:19.640 --> 00:02:23.000 we're talking brand new startup, brand new startup application 67 00:02:23.000 --> 00:02:27.800 only up to $150,000, like 10 to 12%, it is crazy, 68 00:02:28.260 --> 00:02:33.150 Speaker: Man. I gotta do this. I did a lot of these say with a 69 00:02:33.150 --> 00:02:36.480 friend of mine in Detroit, I'd send it to him every so often 70 00:02:36.480 --> 00:02:37.260 but it's ------ slow man. 71 00:02:37.950 --> 00:02:38.970 Josh Feinberg: That's the problem. 72 00:02:39.000 --> 00:02:42.600 Speaker: It's not just you, I mean, I gotta get the D&B, then 73 00:02:42.600 --> 00:02:49.020 you gotta, you gotta get the merchant to, you gotta, so you 74 00:02:49.020 --> 00:02:50.430 got to clean them up. 75 00:02:50.540 --> 00:02:53.630 Josh Feinberg: Yeah. So if it's titled, if it's titled, that's 76 00:02:53.630 --> 00:02:56.780 where it takes a long time. If it's not titled, we're literally 77 00:02:56.780 --> 00:03:00.260 going to be able to fund that within a day or two. So we have 78 00:03:00.260 --> 00:03:02.990 a whole department that is strictly for documentation. And 79 00:03:02.990 --> 00:03:05.180 think about this. We're just brokering the deal, right? For 80 00:03:05.180 --> 00:03:07.640 equipment, sometimes we'll keep it in house, but brokering the 81 00:03:07.640 --> 00:03:11.360 deal. We have a full department for documentation, underwriting, 82 00:03:11.390 --> 00:03:14.990 and were just the broker of the deal. So like it's a lot of- 83 00:03:15.020 --> 00:03:16.640 Speaker: You're making sure to qualify it before you send it 84 00:03:16.640 --> 00:03:16.700 out. 85 00:03:16.960 --> 00:03:23.680 I got a friend of mine that does all, a thing, what's that 86 00:03:23.680 --> 00:03:27.190 company he's got? In other words, all the hard deals they 87 00:03:27.190 --> 00:03:30.130 throw to him, I send to him and all of them they throw it to you 88 00:03:30.130 --> 00:03:31.540 out and put back together. 89 00:03:31.570 --> 00:03:34.030 Josh Feinberg: Yeah. So the best part about it all those leasing 90 00:03:34.030 --> 00:03:36.130 companies are 10 minutes down the road from us. They all move 91 00:03:36.130 --> 00:03:38.560 to Dover, New Hampshire. We're in Rochester. And they're like, 92 00:03:38.560 --> 00:03:39.370 10 minutes away. 93 00:03:40.240 --> 00:03:41.200 Speaker: That's awesome, yeah. 94 00:03:41.200 --> 00:03:43.620 Josh Feinberg: Yeah, exactly. It was awesome meeting you guys. 95 00:03:43.810 --> 00:03:44.050 Speaker: Yeah 96 00:03:46.120 --> 00:03:48.910 Josh Feinberg: Nice to meet you. All my contact information is on 97 00:03:48.910 --> 00:03:49.210 my card. 98 00:03:49.510 --> 00:03:50.680 Speaker: I'll connect with you on LinkedIn as well. 99 00:03:50.699 --> 00:03:52.229 Josh Feinberg: Sounds good, man. It was awesome. meeting you. 100 00:03:58.030 --> 00:03:59.980 Andrew Reiser: Yeah, nice. So it's very well done. 101 00:04:00.130 --> 00:04:01.570 Josh Feinberg: Which one? The exposing one? 102 00:04:01.570 --> 00:04:05.440 Andrew Reiser: Yes exactly I thought that was very good. No, 103 00:04:05.440 --> 00:04:10.450 no, he did a video where he called a company that called 104 00:04:10.450 --> 00:04:16.720 themselves "the bank" trying to prove that they were a fraud, 105 00:04:17.410 --> 00:04:20.800 and kind of doing it live. Yeah, I thought that was very good. 106 00:04:20.810 --> 00:04:22.910 Josh Feinberg: It's crazy, man. Because that because I always 107 00:04:22.910 --> 00:04:25.790 get calls for funding, trying to sell me money and I want to hear 108 00:04:25.790 --> 00:04:28.880 what they're saying. But it's like, the it's getting grimy 109 00:04:29.390 --> 00:04:32.180 and, I, it drives me insane because that person's we have 110 00:04:32.240 --> 00:04:35.990 that injures our reputation as a whole. Sorry, but I think, 111 00:04:36.020 --> 00:04:36.680 don't, go ahead- 112 00:04:36.740 --> 00:04:40.430 Andrew Reiser: You know, so many people over the years would call 113 00:04:40.430 --> 00:04:45.110 our clients and say we work with Strategic Funding and they said 114 00:04:45.110 --> 00:04:48.350 that, you know, we should give you a call. Remember all those? 115 00:04:50.040 --> 00:04:52.620 People are just disgusting and it's---- 116 00:04:52.720 --> 00:04:57.130 Josh Feinberg: What do you think I Is there any way that you 117 00:04:57.130 --> 00:04:59.410 think the industry is going to get to a point where we start to 118 00:04:59.440 --> 00:05:00.370 kind of weed out...? 119 00:05:01.080 --> 00:05:03.030 Andrew Reiser: Oh, yeah, regulation will do that. 120 00:05:04.800 --> 00:05:10.290 Those that know and do things right and disclose. It's going 121 00:05:10.290 --> 00:05:13.140 to happen. It's just a matter of time that Jeremy was talking 122 00:05:13.140 --> 00:05:16.650 about going to Albany, but yeah, I was going to Albany too. So 123 00:05:16.650 --> 00:05:20.400 yeah, there's a lot going on in the New York legislature, New 124 00:05:20.400 --> 00:05:24.510 Jersey, California. And it's all about transparency. Yeah. It's 125 00:05:24.510 --> 00:05:28.950 all about disclose this disclose that. And that's the way the 126 00:05:29.220 --> 00:05:32.910 investment banking industry went too. Yeah, the brokers didn't 127 00:05:32.910 --> 00:05:37.170 disclose, at that time was NASDAQ. Now, FINRA, they changed 128 00:05:37.170 --> 00:05:41.550 names, and they said you need to disclose this, this, and 129 00:05:41.850 --> 00:05:42.990 this.that's what's going to happen here too. 130 00:05:42.990 --> 00:05:45.090 Josh Feinberg: I mean, you've talked about it to the equipment 131 00:05:45.090 --> 00:05:47.340 leasing industry, because they're because their barrier of 132 00:05:47.340 --> 00:05:49.020 entry is a lot more than 133 00:05:49.020 --> 00:05:49.560 Andrew Reiser: exactly 134 00:05:49.590 --> 00:05:50.340 Josh Feinberg: our capital. 135 00:05:50.360 --> 00:05:53.930 So and I just I mean, who knows, maybe, like, just in general, 136 00:05:53.930 --> 00:05:58.040 all the direct lenders out there start to maybe do a little bit 137 00:05:58.040 --> 00:06:00.980 more background checks before just letting any Joe Schmo enter 138 00:06:00.980 --> 00:06:02.030 their company into capital- 139 00:06:02.030 --> 00:06:03.840 Andrew Reiser: Right, we have one person specifically on the 140 00:06:03.840 --> 00:06:07.680 broker side, that goes through every broker that we sign up, 141 00:06:07.980 --> 00:06:12.120 and kind of yay or nay. And in the past, everybody was a yay 142 00:06:12.120 --> 00:06:15.810 unless he was a murderer. Yeah, today, financial crimes are not 143 00:06:15.810 --> 00:06:20.310 accepted. And, you know, we're trying not to be overly judgmental 144 00:06:26.310 --> 00:06:26.810 That's awesome. 145 00:06:26.830 --> 00:06:30.200 Andrew Reiser: It's a totally different group of, you know, 146 00:06:30.200 --> 00:06:32.150 brokers and ISOs, that we'll work with. 147 00:06:34.400 --> 00:06:36.080 Josh Feinberg: Awesome, it was nice talking to you. 148 00:06:39.770 --> 00:06:43.400 Now, how much is do you guys do with the equipment leasing 149 00:06:43.400 --> 00:06:43.910 industry? 150 00:06:44.330 --> 00:06:45.980 Evan Marmott: I don't really do much, I mean occassionally but 151 00:06:45.980 --> 00:06:47.360 most of my stuff is all cash advance. 152 00:06:47.420 --> 00:06:48.230 Josh Feinberg: All cash advance? 153 00:06:48.230 --> 00:06:49.500 Evan Marmott: A lot of these other guys come in, they 154 00:06:49.500 --> 00:06:57.810 [inaudible] And, you know, litigating. Yeah, stick with a 155 00:06:57.810 --> 00:07:00.810 lot of most of them cash and traditional factoring, but most 156 00:07:00.810 --> 00:07:03.750 of my stuff is cash advance 99% of my business. 157 00:07:03.780 --> 00:07:08.790 Josh Feinberg: Now, do you see stuff like defaults increasing 158 00:07:09.060 --> 00:07:11.730 lately? Well, I like comparatively, 159 00:07:12.030 --> 00:07:14.370 Evan Marmott: I mean, I also fund as well. So I mean, my own 160 00:07:14.370 --> 00:07:17.280 paper's pretty steady, you know, within the course. But I do see 161 00:07:17.280 --> 00:07:19.500 a big increase on the outside paper that I get. 162 00:07:19.530 --> 00:07:19.890 Josh Feinberg: Yeah 163 00:07:19.890 --> 00:07:21.720 Evan Marmott: the other funders. You know, it is it's just the 164 00:07:21.720 --> 00:07:24.270 lack of underwriting is just throwing money out there. 165 00:07:24.300 --> 00:07:24.780 Josh Feinberg: Yeah. 166 00:07:25.230 --> 00:07:26.190 Evan Marmott: You know, throw money out. 167 00:07:26.310 --> 00:07:26.580 Josh Feinberg: Yeah 168 00:07:26.580 --> 00:07:28.740 Evan Marmott: See what happens. And what happens is you get one 169 00:07:28.740 --> 00:07:30.000 guy with 10 positions, 170 00:07:30.030 --> 00:07:30.420 Josh Feinberg: Right 171 00:07:30.450 --> 00:07:32.310 Evan Marmott: And it's just, uh, you know, and so whoever the 172 00:07:32.310 --> 00:07:34.200 last guy does, he decides not to renew him. 173 00:07:34.200 --> 00:07:38.200 Evan Marmott: And it's a race to get the money. So I would say 174 00:07:38.200 --> 00:07:39.200 Josh Feinberg: Yeah. 175 00:07:39.200 --> 00:07:42.010 there's a big uptick, I would say in defaults. But it's, it's 176 00:07:42.010 --> 00:07:44.050 just because there's no barrier to entry with the funders. So 177 00:07:44.050 --> 00:07:46.420 everyone just comes in as funding deals, and not 178 00:07:46.420 --> 00:07:48.580 underwriting, not knowing what they're doing and then they try 179 00:07:48.580 --> 00:07:49.630 to send out and collect. 180 00:07:49.690 --> 00:07:51.730 Josh Feinberg: So what do you think the next thing is that's 181 00:07:51.730 --> 00:07:52.300 going to happen? 182 00:07:52.510 --> 00:07:54.460 Evan Marmott: in the collection and or just in general? 183 00:07:54.490 --> 00:07:56.050 Josh Feinberg: but just in general, the industry? 184 00:07:56.530 --> 00:07:58.060 Evan Marmott: I think you're going to see a shakeout pretty 185 00:07:58.060 --> 00:08:00.790 soon, you're always gonna have the guys come in and out smaller 186 00:08:00.790 --> 00:08:01.480 guys. Right? 187 00:08:01.480 --> 00:08:01.840 Josh Feinberg: Right. 188 00:08:01.870 --> 00:08:03.910 Evan Marmott: It's easy to get a couple hundred thousand to come 189 00:08:03.910 --> 00:08:04.240 in. 190 00:08:04.270 --> 00:08:04.600 Josh Feinberg: Yeah. 191 00:08:04.600 --> 00:08:06.220 Evan Marmott: and syndicate whatever, but I think you're 192 00:08:06.220 --> 00:08:08.830 gonna see is a lot of the paper that you're at, that's out there 193 00:08:08.830 --> 00:08:12.550 doing the, you know, the 12, 18 month deals, numbers on paper, 194 00:08:12.550 --> 00:08:13.240 you see them already- 195 00:08:13.240 --> 00:08:13.510 Josh Feinberg: yeah, 196 00:08:13.540 --> 00:08:15.880 Evan Marmott: when going out, there's gonna be it's gonna be 197 00:08:15.880 --> 00:08:18.700 more of a short term product, which really meant to be and you 198 00:08:18.700 --> 00:08:22.210 just see a lot of these guys, if the economy ever dips, that's 199 00:08:22.210 --> 00:08:24.670 when you'll see like three quarters of this business get 200 00:08:24.670 --> 00:08:25.390 wiped out just 201 00:08:25.390 --> 00:08:27.280 Evan Marmott: because they can't maintain a good portfolio and 202 00:08:27.280 --> 00:08:27.800 Josh Feinberg: right. 203 00:08:27.800 --> 00:08:29.650 then once they let their portfolio matriculate out yet, 204 00:08:29.650 --> 00:08:31.780 we'll see how bad it is. But everyone gets excited because 205 00:08:31.780 --> 00:08:32.950 they see cash flow coming in. 206 00:08:32.950 --> 00:08:33.040 Josh Feinberg: Right. 207 00:08:33.040 --> 00:08:34.420 Evan Marmott: All right, well, money's coming in on the day, 208 00:08:34.450 --> 00:08:37.600 they don't ever analyze static analysis, you know, real way to 209 00:08:37.600 --> 00:08:38.770 look at a portfolio here. 210 00:08:38.800 --> 00:08:39.040 Josh Feinberg: right. 211 00:08:39.040 --> 00:08:40.750 Evan Marmott: So a lot of guys are just taking money and taking 212 00:08:40.750 --> 00:08:43.960 money from everyone else, and put it in, who cares, everyone 213 00:08:43.960 --> 00:08:46.930 else loses I'm making fees, I'm making management fees every 214 00:08:46.930 --> 00:08:48.790 [inaudible] underwriting everything and then it 215 00:08:49.030 --> 00:08:51.550 eventually collapses. Unless you keep getting your money. 216 00:08:51.610 --> 00:08:52.000 Josh Feinberg: Right. 217 00:08:52.030 --> 00:08:56.350 Evan Marmott: [inaudible] But I mean our space has been around 218 00:08:56.380 --> 00:09:01.360 we've got a good opportunity still, it's just a lot more 219 00:09:01.360 --> 00:09:01.900 saturated. 220 00:09:01.900 --> 00:09:04.450 Josh Feinberg: right. And I think the equipment leasing 221 00:09:04.450 --> 00:09:07.300 space is the next thing for these guys. I mean, I've been in 222 00:09:07.300 --> 00:09:08.170 the industry for a long time. 223 00:09:08.170 --> 00:09:09.790 Evan Marmott: But it's not as it's 224 00:09:09.790 --> 00:09:11.110 Josh Feinberg: it's not as easy to get in. 225 00:09:11.110 --> 00:09:13.170 Evan Marmott: - over as much it's not as easy to get in and 226 00:09:13.170 --> 00:09:16.440 it's a doesn't have the same thing of the same number system 227 00:09:16.440 --> 00:09:20.760 because I can I can monetize one deal four or five times, then I 228 00:09:20.760 --> 00:09:23.610 get more positions, maybe I get a bit looser, if I just did th 229 00:09:23.610 --> 00:09:25.380 leasing, not everyone need leasing. 230 00:09:25.700 --> 00:09:26.090 Josh Feinberg: right. 231 00:09:26.150 --> 00:09:27.770 And I'm just saying diversification 232 00:09:28.040 --> 00:09:28.730 Evan Marmott: Oh yeah, diversification 233 00:09:28.730 --> 00:09:30.350 Josh Feinberg: Because our company is 50-50 and a lot of 234 00:09:30.350 --> 00:09:33.500 people don't know that. 50% Capital 50% equipment, 235 00:09:33.500 --> 00:09:33.830 Evan Marmott: Wow, okay. 236 00:09:33.860 --> 00:09:35.990 Josh Feinberg: And it's split right across the board. Three 237 00:09:35.990 --> 00:09:38.420 years ago, we were 100% cash. 238 00:09:38.480 --> 00:09:39.020 Evan Marmott: Wow. 239 00:09:39.080 --> 00:09:40.010 Josh Feinberg: Now we're 50-50. 240 00:09:40.010 --> 00:09:40.760 Evan Marmott: Really? that much? 241 00:09:40.790 --> 00:09:43.160 Josh Feinberg: Yes. And because it's because we need to be able 242 00:09:43.160 --> 00:09:43.850 to diversify. 243 00:09:44.000 --> 00:09:44.330 Evan Marmott: Yeah. 244 00:09:44.330 --> 00:09:45.740 Josh Feinberg: I'm a little nervous of the industry. 245 00:09:45.830 --> 00:09:46.430 Evan Marmott: You have card? 246 00:09:46.510 --> 00:09:47.500 Josh Feinberg: I don't actually have any. 247 00:09:47.570 --> 00:09:49.460 Evan Marmott: Oh you don't have any? Because you're famous! 248 00:09:49.560 --> 00:09:53.850 Josh Feinberg: Famous! But hey, we'll talk cuz I want to get a 249 00:09:53.850 --> 00:09:55.320 you know if I can introduce equipment leasing 250 00:10:00.359 --> 00:10:02.219 Evan Marmott: Stay famous. Yeah that would be good. I would love 251 00:10:02.219 --> 00:10:03.909 Evan Marmott: All right man, Good to see ya. 252 00:10:03.909 --> 00:10:05.369 to do that. I like it. 253 00:10:10.430 --> 00:10:13.700 Josh Feinberg: So we got Humberto here. Previous video 254 00:10:13.700 --> 00:10:17.270 that we had where, you know, he contacted me through LinkedIn. 255 00:10:17.300 --> 00:10:17.630 Right? 256 00:10:17.630 --> 00:10:17.840 Humberto Hernandez Jr.: Yeah. 257 00:10:18.020 --> 00:10:20.840 Josh Feinberg: LinkedIn, and he was just getting into the cash 258 00:10:20.840 --> 00:10:25.340 advance space. And yeah, at that point, how are you feeling when 259 00:10:25.340 --> 00:10:26.360 you first were getting into it? 260 00:10:26.360 --> 00:10:28.700 Humberto Hernandez Jr.: Overwhelmed, you know those I come from a 261 00:10:28.700 --> 00:10:31.100 banking background and so I understand finances I was a 262 00:10:31.100 --> 00:10:35.690 banker for 14 years. But then I found an article on you guys I 263 00:10:35.690 --> 00:10:37.910 think through deBanked, you know, and then I looked you up 264 00:10:37.910 --> 00:10:40.310 on LinkedIn because I just needed some help to be honest, I 265 00:10:40.310 --> 00:10:43.340 just need to be pointed in the right direction. And so found 266 00:10:43.340 --> 00:10:45.950 you on LinkedIn, just cold called you didn't even know if 267 00:10:45.950 --> 00:10:48.530 you're going to take my call or talk to me. You know, I just 268 00:10:48.980 --> 00:10:51.530 figured what the hell I try it. And then he spent I don't know, 269 00:10:51.560 --> 00:10:54.320 20, 30 minutes on the phone helped me out and it was huge 270 00:10:54.320 --> 00:10:54.500 deal. 271 00:10:54.570 --> 00:10:57.210 Josh Feinberg: Awesome, and I and I think we've worked 272 00:10:57.210 --> 00:10:59.820 together a few times so far right? now what have we done? 273 00:10:59.940 --> 00:11:01.800 Closed two deals? And what were they 274 00:11:02.490 --> 00:11:03.180 Humberto Hernandez Jr.: Yellow iron. 275 00:11:03.240 --> 00:11:03.690 Josh Feinberg: Yellow iron? 276 00:11:03.690 --> 00:11:05.730 Humberto Hernandez Jr.: Yeah, it was Two Cats. 277 00:11:05.850 --> 00:11:06.420 Josh Feinberg: Two cats? 278 00:11:06.420 --> 00:11:06.570 Humberto Hernandez Jr.: Yeah. 279 00:11:06.600 --> 00:11:08.070 Josh Feinberg: Okay, what was the dollar amount on those? 280 00:11:08.340 --> 00:11:09.600 Humberto Hernandez Jr.: 55 and 30. 281 00:11:09.660 --> 00:11:12.180 Josh Feinberg: Okay, and how's everything been going since we 282 00:11:12.180 --> 00:11:15.030 talked then to now? Like, what do you, what's been going on? 283 00:11:15.030 --> 00:11:17.010 Humberto Hernandez Jr.: Good, man. I mean there's, you know, 284 00:11:17.730 --> 00:11:21.030 ebbs and flows, of course, you know, a lot more clarity, a lot, 285 00:11:21.030 --> 00:11:23.190 a lot of help. I mean, Will's been a lot of help, too. I mean, 286 00:11:23.190 --> 00:11:25.560 I've talked to a handful of times. So it's been great man. 287 00:11:25.650 --> 00:11:27.660 Josh Feinberg: Fantastic. Awesome. Congratulations. 288 00:11:27.660 --> 00:11:28.110 Humberto Hernandez Jr.: You too man. 289 00:11:28.530 --> 00:11:28.890 Josh Feinberg: All right. 290 00:11:28.890 --> 00:11:34.720 What do you feel most confident talking to a customer about? 291 00:11:34.930 --> 00:11:36.250 Humberto Hernandez Jr.: just traditional bank products. 292 00:11:36.550 --> 00:11:36.910 Josh Feinberg: Okay. 293 00:11:36.940 --> 00:11:37.180 Humberto Hernandez Jr.: Yeah. 294 00:11:37.180 --> 00:11:38.830 Josh Feinberg: And that's what you're offering right now. And 295 00:11:38.830 --> 00:11:41.380 that's probably out of the five, how many of those were that? 296 00:11:41.500 --> 00:11:44.740 Humberto Hernandez Jr.: Oh, no, no, out of the five, just 297 00:11:44.740 --> 00:11:45.160 alternative. 298 00:11:45.190 --> 00:11:45.820 Josh Feinberg: Just alternative. 299 00:11:45.820 --> 00:11:47.170 Humberto Hernandez Jr.: Yeah. I mean, if we're talking 300 00:11:47.260 --> 00:11:49.390 conventional, and SBA and all that stuff, I don't even know, 301 00:11:49.390 --> 00:11:50.620 man, I'd have to like sit down and look- 302 00:11:50.770 --> 00:11:52.660 Josh Feinberg: Is there been a good amount over the past six 303 00:11:52.660 --> 00:11:52.930 months? 304 00:11:52.960 --> 00:11:53.230 Humberto Hernandez Jr.: Yeah. 305 00:11:53.230 --> 00:11:56.240 Josh Feinberg: So the thing is, you know about that, right? You 306 00:11:56.240 --> 00:11:59.150 want to hire somebody, hire somebody to do that, train them 307 00:11:59.180 --> 00:12:01.700 exactly on that product, it may take a month, it may take two 308 00:12:01.700 --> 00:12:05.780 months. And then you can focus on getting more into the 309 00:12:05.780 --> 00:12:09.500 alternative space. Because if you have your bread and butter, 310 00:12:09.800 --> 00:12:13.760 you know, train your guy to know I guess hire somebody to do 311 00:12:13.790 --> 00:12:17.450 strictly that, then you can branch off and go do in the 312 00:12:17.450 --> 00:12:19.820 other direction that you want to do, because that's what we've 313 00:12:19.820 --> 00:12:24.500 done. And I'm going to talk about it at 3:15 is, you know, 314 00:12:25.160 --> 00:12:28.040 I know the [inaudible] about sales, right? So I wanted to 315 00:12:28.040 --> 00:12:30.620 hire sales guys first, because that's what I knew most about. 316 00:12:30.710 --> 00:12:33.230 So then once I did that, that's when I started to implement my 317 00:12:33.230 --> 00:12:36.380 systems because I had time because I had him, I had my 318 00:12:36.380 --> 00:12:39.590 father, I had, you know, four other guys being able to call 319 00:12:39.590 --> 00:12:41.570 for me, so I don't have to focus on that. 320 00:12:41.600 --> 00:12:41.840 Humberto Hernandez Jr.: Yeah. 321 00:12:41.870 --> 00:12:43.910 Josh Feinberg: And then once they were on the phone, they do 322 00:12:43.910 --> 00:12:47.120 exactly, like he he listened to me the first six months in 323 00:12:47.120 --> 00:12:49.760 repeating everything that I was saying the merchants every 324 00:12:49.760 --> 00:12:52.250 single thing. So once I felt comfortable with him that he 325 00:12:52.250 --> 00:12:54.530 could carry us from month to month. That's what I would focus 326 00:12:54.530 --> 00:12:57.230 on our systems. And then once I felt that the systems that I 327 00:12:57.230 --> 00:12:59.720 wanted to be able to focus on equipment financing, now we're 328 00:12:59.720 --> 00:13:02.990 50-50 and started three years ago. 100% working capital now 329 00:13:02.990 --> 00:13:05.300 we're 50-50 equipment and capital, so 330 00:13:05.300 --> 00:13:07.220 Humberto Hernandez Jr.: there he is now, 331 00:13:07.220 --> 00:13:09.530 Josh Feinberg: yes, that's my father, Steve. 332 00:13:11.090 --> 00:13:12.620 Humberto Hernandez Jr.: Nice to meet you. 333 00:13:13.530 --> 00:13:15.660 I'm from San Diego, American Profit Consulting. 334 00:13:15.660 --> 00:13:17.850 Steve Feinberg: What was the name of your company? 335 00:13:17.910 --> 00:13:19.110 Humberto Hernandez Jr.: American Profit Consulting. 336 00:13:19.410 --> 00:13:19.800 Steve Feinberg: okay. 337 00:13:19.830 --> 00:13:22.650 Josh Feinberg: Yeah. You might have seen the video. So when he 338 00:13:22.650 --> 00:13:24.570 first was getting into cash advances, I remember I was at 339 00:13:24.570 --> 00:13:29.160 Larry's in Florida. Yes. And I had someone reach out to me on 340 00:13:29.160 --> 00:13:31.950 LinkedIn, and he wanted to learn about the industry. This is him. 341 00:13:32.020 --> 00:13:32.620 Steve Feinberg: Oh, wow. 342 00:13:32.620 --> 00:13:32.860 Humberto Hernandez Jr.: Yeah. 343 00:13:32.860 --> 00:13:34.800 Steve Feinberg: What a small world. Yeah, that's awesome. 344 00:13:35.000 --> 00:13:38.120 Humberto Hernandez Jr.: I said, I read a read about Everlasting 345 00:13:38.150 --> 00:13:41.540 on I think a deBanked article. And it was just like, wow, 346 00:13:41.570 --> 00:13:44.600 instant fan of him. And so I looked him up on LinkedIn. I 347 00:13:44.600 --> 00:13:46.400 thought, I just through he's probably not even going to take 348 00:13:46.400 --> 00:13:49.490 my call. He might, who knows. And so I called him just to try 349 00:13:49.490 --> 00:13:52.190 to figure out more learn a little bit. And he spent like, 350 00:13:52.220 --> 00:13:54.050 10, 20 minutes on the phone. And it was so cool. 351 00:13:54.350 --> 00:13:54.950 Steve Feinberg: So awesome. 352 00:13:54.960 --> 00:13:55.320 Humberto Hernandez Jr.: Yeah, 353 00:13:55.410 --> 00:13:58.470 Steve Feinberg: So cool look back and see how people connect 354 00:13:58.470 --> 00:13:58.590 and 355 00:13:58.590 --> 00:13:58.890 Humberto Hernandez Jr.: Yeah 356 00:13:59.040 --> 00:14:00.060 Steve Feinberg: to make things work. 357 00:14:00.630 --> 00:14:02.370 Humberto Hernandez Jr.: So here we go. It's cool that I've read 358 00:14:02.370 --> 00:14:04.140 about you, then connect, and then I call them and then he 359 00:14:04.140 --> 00:14:06.930 spent time with me on the phone. And he was showing me the ropes 360 00:14:06.930 --> 00:14:07.290 a little bit. 361 00:14:07.320 --> 00:14:09.930 Josh Feinberg: The best thing that I heard this morning, was 362 00:14:09.960 --> 00:14:12.360 the money makes the difference. But it doesn't make me 363 00:14:12.360 --> 00:14:14.280 different. You know what I mean? So I like you reaching out, I'll 364 00:14:14.280 --> 00:14:16.410 read, I'll talk to anyone. I don't give a [....]. You know 365 00:14:16.410 --> 00:14:18.870 what I mean? Because the thing is, it doesn't, it doesn't make 366 00:14:18.870 --> 00:14:20.220 me any different of a person. 367 00:14:20.250 --> 00:14:20.550 Humberto Hernandez Jr.: Yeah. 368 00:14:20.580 --> 00:14:22.830 Josh Feinberg: you know, then six years ago, so 369 00:14:22.840 --> 00:14:23.770 Humberto Hernandez Jr.: right on man. 370 00:14:23.980 --> 00:14:25.900 Steve Feinberg: One day when you help people, you have no idea, 371 00:14:25.900 --> 00:14:29.950 you know, how that impacts other people's lives. And you look 372 00:14:29.950 --> 00:14:32.710 back, and it's like, you know, in business, a lot of times it's 373 00:14:32.710 --> 00:14:34.930 just a byproduct of helping people, right? 374 00:14:34.930 --> 00:14:36.580 Humberto Hernandez Jr.: Oh, absolutely. I agree 100%. 375 00:14:36.880 --> 00:14:38.980 There's a difference between success and significance and 376 00:14:38.980 --> 00:14:41.140 significance is when you help other people succeed. And so 377 00:14:42.370 --> 00:14:43.390 that was significant to me. 378 00:14:44.860 --> 00:14:46.480 Josh Feinberg: Yeah, that's a that's a good one. That was 379 00:14:46.480 --> 00:14:47.650 impressive. I like that. 380 00:14:47.680 --> 00:14:48.010 Humberto Hernandez Jr.: Yeah. 381 00:14:48.340 --> 00:14:50.440 Steve Feinberg: You know, and it happens one day where, you know, 382 00:14:50.470 --> 00:14:54.790 somebody helps us one and then got it and paid it forward and 383 00:14:54.790 --> 00:14:55.360 that's great. 384 00:14:55.390 --> 00:14:55.900 Humberto Hernandez Jr.: Absolutely. 385 00:14:56.560 --> 00:14:57.550 Yeah, it's a pleasure to meet you, man. 386 00:14:57.700 --> 00:14:59.980 I was always always looking forward to coming in and meeting 387 00:14:59.980 --> 00:15:03.100 him and Will, I got to meet Jantzen which is really cool, 388 00:15:03.100 --> 00:15:04.720 but I was really looking forward to meeting these guys. 389 00:15:05.200 --> 00:15:06.100 Steve Feinberg: Oh that's awesome. 390 00:15:06.490 --> 00:15:07.060 Josh Feinberg: Appreciate it. 391 00:15:07.510 --> 00:15:07.930 Humberto Hernandez Jr.: Absolutely.