1
00:00:00.930 --> 00:00:03.420
Sean Murray: Hello, I'm Sean
Murray at deBanked TV.

2
00:00:03.480 --> 00:00:05.490
Johny Fernandez: And I'm Johny
Fernandez. And thank you guys so

3
00:00:05.490 --> 00:00:08.970
much for joining us today, Sean.
Happy Monday. How's your day

4
00:00:08.970 --> 00:00:09.720
been so far?

5
00:00:10.830 --> 00:00:11.610
Sean Murray: Can't complain.

6
00:00:11.790 --> 00:00:13.320
Johny Fernandez: Nice. Me
neither.

7
00:00:13.440 --> 00:00:14.490
Sean Murray: All right, good.

8
00:00:14.520 --> 00:00:16.650
Johny Fernandez: Let's get
straight straight to it. So

9
00:00:16.800 --> 00:00:19.350
we're going to talk about three
different topics. And they're

10
00:00:19.350 --> 00:00:22.890
very interesting topics that I
think could be used for, you

11
00:00:22.890 --> 00:00:26.280
know, people in the industry,
and it could be very helpful for

12
00:00:26.280 --> 00:00:30.390
them. So the first one we're
gonna talk about is phone

13
00:00:30.390 --> 00:00:32.370
etiquette. So this is.

14
00:00:32.370 --> 00:00:33.749
Sean Murray: Phone etiquette.
Okay, that's a good one.

15
00:00:33.749 --> 00:00:36.600
Johny Fernandez: That's a good
one. This is something that I

16
00:00:36.600 --> 00:00:41.490
learned when I had a job as a
telecom communicator. And I was

17
00:00:41.490 --> 00:00:45.330
picking up phones. And it really
taught me the importance of

18
00:00:45.330 --> 00:00:49.470
number one, how to answer a
phone, how to leave a voicemail

19
00:00:49.470 --> 00:00:53.550
and what to do to prepare for a
phone call, which we think is

20
00:00:53.550 --> 00:00:57.180
very simple, but it's actually
not. And it's I realize that

21
00:00:57.180 --> 00:01:00.720
people in the industry, you
know, whether it's, you know,

22
00:01:00.750 --> 00:01:04.410
merchant cash advance real
estate, for some reason, phone

23
00:01:04.410 --> 00:01:08.370
calls, you know, that is a key
indicator of why some people

24
00:01:08.370 --> 00:01:13.140
don't do well with clients or
don't get like certain accounts,

25
00:01:13.320 --> 00:01:15.930
you know, don't get in certain
leads is because of their phone

26
00:01:15.930 --> 00:01:20.250
call ability. And it's a very
interesting thing, because a lot

27
00:01:20.250 --> 00:01:23.220
of people I realized get nervous
when they have to make phone

28
00:01:23.220 --> 00:01:27.240
calls, or they don't know what
to say. And I think that needs

29
00:01:27.240 --> 00:01:29.640
to be addressed with people in
the industry.

30
00:01:30.180 --> 00:01:32.070
Sean Murray: Yeah, no, you're
definitely right about people

31
00:01:32.070 --> 00:01:35.460
getting nervous. I've
encountered many people where

32
00:01:35.610 --> 00:01:38.430
they were eager for the phone
call to end or they would hope

33
00:01:38.430 --> 00:01:42.000
that people didn't pick up.
Yeah. So let me ask you, Johny,

34
00:01:42.060 --> 00:01:45.360
cause you said you worked in at
some sort of telecommunications

35
00:01:45.360 --> 00:01:48.870
before. What kind of tips on
etiquette could you give us?

36
00:01:48.870 --> 00:01:52.350
Johny Fernandez: Yeah, so I
think the first thing to realize

37
00:01:52.350 --> 00:01:55.620
is when you're making a phone
call, especially to leads, you

38
00:01:55.620 --> 00:01:59.190
know, in my jobs, we were trying
to get people from an alumni

39
00:01:59.190 --> 00:02:04.560
base to donate and to convince
them pretty much to get our

40
00:02:04.560 --> 00:02:09.300
product, the first thing to do
is have a script. And sometimes,

41
00:02:09.330 --> 00:02:12.630
you know, you can say verbatim,
but I always like to personalize

42
00:02:12.630 --> 00:02:15.990
my scripts. Because you know,
whether it's making a real

43
00:02:15.990 --> 00:02:18.660
estate call, or whether it was
for this job that I had, or

44
00:02:18.660 --> 00:02:21.450
whether it's for leads with
MCAs, it's really important to

45
00:02:21.450 --> 00:02:23.130
customize your script, because
number one, you don't want to

46
00:02:23.130 --> 00:02:25.320
sound like a robot. And the
second thing you want to sound

47
00:02:25.320 --> 00:02:28.500
like yourself when you're
talking on the phone. So it's

48
00:02:28.500 --> 00:02:30.390
really important to have a
script, and even if it's just

49
00:02:30.390 --> 00:02:32.820
bullet points, but know that
these are the points we're gonna

50
00:02:32.820 --> 00:02:36.840
get through, when it comes to
making this phone call. That's

51
00:02:36.840 --> 00:02:40.320
really important. And then it
kind of gives you a game plan. I

52
00:02:40.320 --> 00:02:43.080
like to have game plans, and it
gives you a game plan of what

53
00:02:43.080 --> 00:02:47.130
we're going to talk about. Okay.
That's one of the first things I

54
00:02:47.130 --> 00:02:49.440
would definitely advise others
to do.

55
00:02:49.750 --> 00:02:54.970
Sean Murray: Okay. And, you
know, what happens if people are

56
00:02:55.030 --> 00:02:58.360
angry on the call? Are there any
ways to kind of just defuse the

57
00:02:58.360 --> 00:02:59.140
situation?

58
00:02:59.140 --> 00:03:01.460
Johny Fernandez: Yeah, so I
think when people are angry, and

59
00:03:02.240 --> 00:03:05.780
you know, they want to hang up,
or they say, all types of

60
00:03:05.780 --> 00:03:09.680
different words to you, you have
to remember that that's expected

61
00:03:09.680 --> 00:03:12.230
and it's not personal, they
don't know you, they don't know

62
00:03:12.350 --> 00:03:15.200
your life, they don't know what
you look like, this is just

63
00:03:15.200 --> 00:03:19.460
based off of a phone call. And
these people don't, you don't

64
00:03:19.460 --> 00:03:22.310
know how their days gone, or you
don't know, you know, you might

65
00:03:22.310 --> 00:03:25.580
have caught them at a bad time.
So prepare for that. But don't

66
00:03:25.580 --> 00:03:27.980
take it personal, that's one
thing you have to remember is to

67
00:03:27.980 --> 00:03:31.730
not take it personal, because I
feel like a lot of people hang

68
00:03:31.730 --> 00:03:34.370
up the phone. And if it went
bad, they take it very personal,

69
00:03:34.370 --> 00:03:37.220
and they bring it with them, you
know, to their house and

70
00:03:37.220 --> 00:03:39.410
emotionally, they're just
drained. And they really just

71
00:03:39.560 --> 00:03:43.460
focus on this one thing that
happened that this phone call is

72
00:03:43.460 --> 00:03:47.990
probably anywhere from a minute
to five minutes, you know, and

73
00:03:48.020 --> 00:03:50.660
at the end of the day, it's just
a phone call. So you cannot take

74
00:03:50.660 --> 00:03:53.660
it personal and it also you
know, your demeanor, how you

75
00:03:53.660 --> 00:03:58.580
speak, you know, that will also
kind of sway and guide this

76
00:03:58.580 --> 00:04:01.490
conversation. So you have to
also take into consideration if

77
00:04:01.490 --> 00:04:04.910
you are getting cursed at if you
are, you know getting screamed

78
00:04:04.910 --> 00:04:08.750
at you have to take a deep
breath and either meet them

79
00:04:08.750 --> 00:04:12.800
halfway and try to simply be
very empathetic with them. But

80
00:04:12.800 --> 00:04:16.100
also realize that sometimes a
phone calls just not gonna go

81
00:04:16.100 --> 00:04:17.690
well and just end it.

82
00:04:18.170 --> 00:04:21.230
Sean Murray: Okay, now what
happens? What happens if they

83
00:04:21.230 --> 00:04:24.260
really get under your skin? Is
it best to kind of take a step

84
00:04:24.260 --> 00:04:27.680
back? Or is it ever appropriate
to kind of, you know, kind of

85
00:04:28.310 --> 00:04:29.900
hit them back with with some?

86
00:04:30.140 --> 00:04:32.630
Johny Fernandez: Yeah, great
question. So something you have

87
00:04:32.630 --> 00:04:37.040
to remember is that you have to
realize that sometimes taking a

88
00:04:37.040 --> 00:04:39.890
step back because you don't know
what this person has gone

89
00:04:39.890 --> 00:04:44.660
through, you know, is always my
preferred method because you can

90
00:04:44.660 --> 00:04:51.440
call them another day and their
tone attitude can be completely

91
00:04:51.440 --> 00:04:56.810
different because they had a bad
day, and you may win them over

92
00:04:56.810 --> 00:05:00.140
that second phone call. And if
you curse them out, and are

93
00:05:00.140 --> 00:05:02.390
nasty with them, they will
always remember that they will

94
00:05:02.390 --> 00:05:07.100
always say and pretty much
memorize that number. That guy

95
00:05:07.100 --> 00:05:11.240
cursed me out from XY and Z
company.

96
00:05:11.330 --> 00:05:14.030
Sean Murray: So you're, you're
sabotaging yourself in a way

97
00:05:14.030 --> 00:05:16.160
because they're just they could
just be having a bad day.

98
00:05:16.190 --> 00:05:16.460
Johny Fernandez: Correct.

99
00:05:16.460 --> 00:05:18.350
Sean Murray: And now you've
responded in kind, but now

100
00:05:18.350 --> 00:05:20.900
you've ruined any possibility of
salvaging it later.

101
00:05:20.930 --> 00:05:21.500
Johny Fernandez: Correct.

102
00:05:21.680 --> 00:05:23.570
Sean Murray: So let me ask you,
cause we were talking about this

103
00:05:23.570 --> 00:05:27.290
a little earlier, there's a lot
of different generational

104
00:05:27.530 --> 00:05:31.010
approaches to phone calls. For
sure, some people don't even

105
00:05:31.010 --> 00:05:33.920
like to call it all they want to
text and stuff. But we were

106
00:05:33.920 --> 00:05:35.330
talking about voicemails.

107
00:05:35.360 --> 00:05:35.690
Johny Fernandez: Correct.

108
00:05:35.690 --> 00:05:37.520
Sean Murray: How important is it
to leave a voicemail? And are

109
00:05:37.520 --> 00:05:39.500
there any tips for an effective
voicemail?

110
00:05:39.540 --> 00:05:41.340
Johny Fernandez: Yeah, so that's
a really good question. I know a

111
00:05:41.340 --> 00:05:44.220
lot of people, you know,
millennials, specifically, a lot

112
00:05:44.220 --> 00:05:48.000
of them don't like to do just a
cold call, or just pick up the

113
00:05:48.000 --> 00:05:51.270
phone, for some reason, you
know, millennials, and the next

114
00:05:51.270 --> 00:05:54.390
generation after that they're
very into the phone, into

115
00:05:54.390 --> 00:05:57.990
texting and hiding behind the
keyboard. But I think and I'm a

116
00:05:57.990 --> 00:06:01.470
firm believer that when you
leave a voicemail, when you make

117
00:06:01.470 --> 00:06:04.620
a phone call, it's gonna be
different, because we're also we

118
00:06:04.620 --> 00:06:07.410
are also dealing with another
generation of people that don't

119
00:06:07.410 --> 00:06:10.500
know how to text, don't hide
behind keyboards. And there's

120
00:06:10.500 --> 00:06:13.170
something about leaving a good
voicemail that makes all the

121
00:06:13.170 --> 00:06:15.630
difference in the world. I'm a
firm believer, when you're

122
00:06:15.630 --> 00:06:18.900
leaving a voicemail, keep it
short. And be very clear, say

123
00:06:18.900 --> 00:06:22.020
your name, your purpose of the
phone call, and then say the

124
00:06:22.020 --> 00:06:25.230
number for them to reach you at
and say that number twice,

125
00:06:25.290 --> 00:06:28.140
because sometimes people don't
really hear or they're not

126
00:06:28.140 --> 00:06:30.990
paying attention to the first
time you give that number to

127
00:06:30.990 --> 00:06:34.200
that first number. So say it
twice, repeat it. And it's okay.

128
00:06:34.200 --> 00:06:37.830
You don't look like an idiot. I
do this all the time. My example

129
00:06:37.830 --> 00:06:41.250
is, hey, this, this is kind of
how it would go when I leave a

130
00:06:41.250 --> 00:06:44.220
voicemail. My name is Johny
Fernandez, I'm giving you a call

131
00:06:44.220 --> 00:06:48.120
for X, Y and Z purpose. If you
can give me a call back at and I

132
00:06:48.120 --> 00:06:53.040
say the phone number
212-222-3333. That number again,

133
00:06:53.190 --> 00:06:58.170
212-222-33333. I hope to hear
from you soon. And make sure you

134
00:06:58.170 --> 00:07:01.080
hang up properly. That's
something that I realized at his

135
00:07:01.080 --> 00:07:04.890
job. When I had years ago when I
was making phone calls.

136
00:07:05.070 --> 00:07:08.370
Sometimes you don't hang up the
phone and you think you do. And

137
00:07:08.370 --> 00:07:11.670
that voicemail will pick up
everything afterwards. So if

138
00:07:11.670 --> 00:07:14.280
you're tired, and you say
something, like you hang up the

139
00:07:14.280 --> 00:07:16.920
phone, and it's still recording
and you say something, man, I'm

140
00:07:16.920 --> 00:07:20.550
so tired, they're gonna hear
that. So imagine like, I'm not

141
00:07:20.550 --> 00:07:23.550
gonna call that guy back. Yeah.
Heck, no, I'm not gonna call him

142
00:07:23.550 --> 00:07:26.310
back. So make sure you hang up
properly. And then take a deep

143
00:07:26.310 --> 00:07:28.320
breath and move on. Go on to the
next one.

144
00:07:29.250 --> 00:07:30.690
Sean Murray: Those are great
tips. Appreciate that.

145
00:07:30.690 --> 00:07:32.820
Johny Fernandez: Yeah, no
problem. It's, it's something

146
00:07:32.820 --> 00:07:36.930
I'm really passionate about.
Because I realize not everyone

147
00:07:36.930 --> 00:07:39.300
knows how to make phone calls.
And it's something that I

148
00:07:39.300 --> 00:07:41.790
really, it really caught my
attention the last two years,

149
00:07:42.180 --> 00:07:46.710
that these simple tips will help
other people. And they're very

150
00:07:46.710 --> 00:07:50.430
simple. But for many people,
it's hard. And they don't have

151
00:07:50.430 --> 00:07:55.080
that confidence and the comfort
to make a phone call. Yeah. And

152
00:07:55.080 --> 00:07:57.870
something I will also say is
people pick up on your tone of

153
00:07:57.870 --> 00:08:01.080
voice. So make sure when you're
making a phone call, make sure

154
00:08:01.080 --> 00:08:03.480
you know why you're making that
phone call. And make sure you're

155
00:08:03.480 --> 00:08:06.630
confident about it. Make sure
you know you pick up and you

156
00:08:06.630 --> 00:08:08.820
know you speak with confidence
because people are gonna pick up

157
00:08:09.090 --> 00:08:11.670
when you're not confident or
when you're having a bad day or

158
00:08:11.670 --> 00:08:15.780
your tone of voice. And that's
gonna make the whole a massive

159
00:08:15.780 --> 00:08:18.090
difference in whether they want
to do business with you or not.

160
00:08:19.020 --> 00:08:20.730
Sean Murray: That's a really
good advice. Yeah, that could

161
00:08:20.730 --> 00:08:23.400
definitely be used across any
any industry, I imagine.

162
00:08:23.400 --> 00:08:25.790
Johny Fernandez: Yeah. And I
think this is I used to do this.

163
00:08:26.210 --> 00:08:29.540
When I was first just for
interviews in general, whether

164
00:08:29.540 --> 00:08:33.200
it was in my reporting career in
my real estate career. When I

165
00:08:33.200 --> 00:08:36.350
made phone calls, sometimes I
would dress the part cause when

166
00:08:36.350 --> 00:08:39.140
you dress a certain way, it
gives you confidence. So when

167
00:08:39.140 --> 00:08:42.860
you put on a tie, a nice suit,
even if it's just for like a job

168
00:08:42.860 --> 00:08:46.220
interview, if it's a big
account, you have you feel good,

169
00:08:46.280 --> 00:08:49.460
you're gonna sound good. That's
I give that advice all the time.

170
00:08:49.460 --> 00:08:52.580
Like dress the part, don't make
phone calls with the t shirt and

171
00:08:52.580 --> 00:08:55.130
some basketball shorts. Dress
the part. Feel good about

172
00:08:55.130 --> 00:08:55.580
yourself.

173
00:08:55.580 --> 00:08:58.360
Sean Murray: Yeah. So
especially, you know, that would

174
00:08:58.360 --> 00:09:01.300
have been good advice to have
heated during COVID When

175
00:09:01.300 --> 00:09:02.350
Johny Fernandez: And I think one
thing and this is very, very

176
00:09:02.350 --> 00:09:04.300
everyone was working from home.
Yeah, I know. I personally do do

177
00:09:04.300 --> 00:09:08.110
worse when I am essentially
sitting in my pajamas trying to

178
00:09:08.110 --> 00:09:08.140
weird but I'm just gonna share
this with everyone that taking

179
00:09:08.140 --> 00:09:10.990
take an important business call.
You know what I mean, I was one

180
00:09:10.990 --> 00:09:13.960
of those people. And I didn't
know it was really a thing. But

181
00:09:14.080 --> 00:09:16.960
you know, I took a shower and
got dressed for work. Like I was

182
00:09:16.960 --> 00:09:19.360
going to work every single day
of the pandemic. Yeah, same. I

183
00:09:19.360 --> 00:09:19.440
off your shoes is a massive game
changer when you get home. And

184
00:09:19.440 --> 00:09:22.810
didn't like apparently a lot of
people just wore their pajamas.

185
00:09:22.840 --> 00:09:25.330
Yeah. You know, the whole time
sweatpants for like over a year

186
00:09:25.420 --> 00:09:27.850
I never even thought of doing
that. Because for me, it would

187
00:09:27.850 --> 00:09:30.430
have been like everyday would
have felt like a Sunday, if I

188
00:09:30.430 --> 00:09:32.860
was just kind of wearing
sweatpants and a T shirt. So

189
00:09:33.160 --> 00:09:35.110
every morning I would wake up I
would just go through my normal

190
00:09:35.110 --> 00:09:38.020
routine of. Same. get dressed
for work. And then then my phone

191
00:09:38.020 --> 00:09:42.100
calls and everything else feels
so normal. Yeah, because I even

192
00:09:42.100 --> 00:09:45.130
if I wasn't, I wasn't always
wearing a suit or anything. But

193
00:09:45.160 --> 00:09:47.230
you know, I was just how I would
how I would come to you know, I

194
00:09:47.230 --> 00:09:50.530
wear a collared shirt. I would
like I'm coming here. And it

195
00:09:50.530 --> 00:09:53.020
definitely gave me a lot more
confidence. Yeah. As if you

196
00:09:53.020 --> 00:09:55.120
know, businesses carrying out
like normal. I'm just not I'm

197
00:09:55.120 --> 00:09:56.770
just not in the office right
now. You know.

198
00:10:07.240 --> 00:10:09.730
when you're making phone calls,
I read something and it's

199
00:10:09.730 --> 00:10:12.400
scientifically proven that when
you take off your shoes that you

200
00:10:12.400 --> 00:10:16.060
work with, for some reason your
body registers that it's time to

201
00:10:16.060 --> 00:10:19.600
relax, it's time to, to like not
do anything, it's time to just

202
00:10:19.600 --> 00:10:23.830
chill, by taking off your shoes.
And I realized that when I take

203
00:10:23.830 --> 00:10:27.610
off my shoes after a day after a
day at the office, for some

204
00:10:27.610 --> 00:10:32.080
reason, once the shoes are off,
mentally I'm checked out.

205
00:10:33.250 --> 00:10:34.960
Sean Murray: All right, so yeah,
you gotta you gotta be out, you

206
00:10:34.960 --> 00:10:35.920
got to keep the shoes on.

207
00:10:35.920 --> 00:10:37.960
Johny Fernandez: Keep your
shoes, like if you're doing

208
00:10:37.960 --> 00:10:40.720
business stay in the game. Yeah.
Cause you don't want to slack

209
00:10:40.720 --> 00:10:40.900
off.

210
00:10:40.900 --> 00:10:42.940
Sean Murray: Because once the
shoes come, comes off, it's

211
00:10:42.970 --> 00:10:43.330
over.

212
00:10:43.330 --> 00:10:45.010
Johny Fernandez: It's over. And
I haven't share this with you.

213
00:10:45.010 --> 00:10:47.680
But I'm sharing this with you
now it's something that it's

214
00:10:47.680 --> 00:10:50.740
scientifically proven when you
take off your shoes after a long

215
00:10:50.890 --> 00:10:53.260
of work for some reason you just
check off mentally.

216
00:10:54.010 --> 00:10:55.510
Sean Murray: Okay, that's great
information.

217
00:10:55.510 --> 00:10:58.989
Johny Fernandez: Yeah. So that's
my phone etiquette. Keep your

218
00:10:59.067 --> 00:11:03.719
shoes on and make good phone
calls. But I think I think this

219
00:11:03.797 --> 00:11:08.605
is an interesting segue for our
next topic. You know, being in

220
00:11:08.682 --> 00:11:12.870
the MCA business and the
alternative finance business,

221
00:11:12.947 --> 00:11:17.445
there's a lot of terms. But
something I've seen a lot come

222
00:11:17.522 --> 00:11:22.485
up pop up, you know whether it's
on the DailyFunder, DailyFunder

223
00:11:22.563 --> 00:11:27.448
or on deBanked is, ISO I S O, so
Sean, walk me through and walk

224
00:11:27.525 --> 00:11:30.240
us through what is an I S O or ISO?

225
00:11:30.240 --> 00:11:34.740
Sean Murray: Yeah, so that's a
great question. An I S O, or ISO

226
00:11:34.770 --> 00:11:38.670
stands for independent sales
organization, it's the term that

227
00:11:38.670 --> 00:11:42.390
comes from the payments
industry. And that's because the

228
00:11:42.420 --> 00:11:44.850
the payments industry is very
decentralized. And that if you

229
00:11:44.850 --> 00:11:48.300
sign up to accept credit cards,
you are typically not working

230
00:11:48.300 --> 00:11:51.630
with the actual bank that's
gonna process it, you're working

231
00:11:51.630 --> 00:11:55.170
with a middleman, who's going to
set you up and then kind of be

232
00:11:55.170 --> 00:11:57.540
your customer service in some
way shape, or form and is gonna

233
00:11:57.540 --> 00:12:00.090
sell you the equipment that you
need to use. And that's where

234
00:12:00.090 --> 00:12:03.240
the term independent sales
organization came from. Because

235
00:12:03.240 --> 00:12:06.090
they were an independent office,
they weren't, they weren't

236
00:12:06.090 --> 00:12:09.960
actually the processor at the
end. And that could be good

237
00:12:09.960 --> 00:12:12.900
because they could, they could
set you up with a processor that

238
00:12:12.900 --> 00:12:15.450
would give you the best rates
and terms for the type of

239
00:12:15.450 --> 00:12:19.050
business that you had, like if
you were selling like tickets on

240
00:12:19.050 --> 00:12:23.940
the internet, versus if you were
selling food at a cafe, you're

241
00:12:23.940 --> 00:12:26.790
gonna need to use the right
credit card processor for the

242
00:12:26.790 --> 00:12:29.820
risk that you do. So that's
where the that's where the term

243
00:12:29.820 --> 00:12:33.480
comes from. Oka. It got carried
over into this small business

244
00:12:33.480 --> 00:12:38.010
finance world. So now you hear I
S O and ISO all the time in

245
00:12:38.010 --> 00:12:40.860
small business finance, and you
probably also hear the word

246
00:12:40.890 --> 00:12:46.830
broker. They're the exact same I
S O, ISO, broker, all the exact

247
00:12:46.830 --> 00:12:50.880
same thing. There's no
difference. The reason we hear I

248
00:12:50.880 --> 00:12:53.880
S O and ISO a lot is because
those folks came from the

249
00:12:53.880 --> 00:12:57.570
payments era of small business
finance, they came from the old

250
00:12:57.570 --> 00:13:01.650
fashion MCA world, and they just
carried that term for it, the

251
00:13:01.650 --> 00:13:04.200
new generation when they got
into the business, and they're

252
00:13:04.200 --> 00:13:07.680
like, well, if I'm gonna work
with independent people and

253
00:13:07.680 --> 00:13:11.940
companies that are going to
refer these customers to me,

254
00:13:12.240 --> 00:13:15.090
well, I'm just going to call
them a broker, right? Cause we

255
00:13:15.090 --> 00:13:20.100
have brokers in real estate and,
and mortgages and, and stocks,

256
00:13:20.100 --> 00:13:24.180
right? So it's a pretty natural
term to use, broker. And so the

257
00:13:24.180 --> 00:13:27.720
term broker kind of became part
of the common lexicon or

258
00:13:27.720 --> 00:13:30.000
whatever. And so if you're out
there wondering, what's the

259
00:13:30.000 --> 00:13:33.660
difference between I S O, ISO
broker, there's no difference at

260
00:13:33.660 --> 00:13:34.530
all and.

261
00:13:34.590 --> 00:13:38.130
Johny Fernandez: So to clarify,
if you see the word I S O, if

262
00:13:38.130 --> 00:13:40.110
you see the word broker, they
mean the same.

263
00:13:40.140 --> 00:13:40.830
Sean Murray: They mean the same.

264
00:13:40.830 --> 00:13:43.050
Johny Fernandez: And they're
used in sentences but it pretty

265
00:13:43.050 --> 00:13:44.520
much, it's the same thing.

266
00:13:44.520 --> 00:13:48.530
Sean Murray: It's the exact same
thing and I have long changed

267
00:13:48.530 --> 00:13:52.610
over I started under the ISO ISO
I called ISO I'm gonna call ISO

268
00:13:52.610 --> 00:13:56.510
ISO terminology. That was the
terminology I, you know, I grew

269
00:13:56.510 --> 00:13:59.570
up with in the industry, and
then, you know, broker just

270
00:13:59.570 --> 00:14:03.830
makes a lot more sense. Yeah.
You know, what is a broker?

271
00:14:03.830 --> 00:14:06.680
Maybe it's good to just point
out what a broker is, a broker

272
00:14:06.680 --> 00:14:12.230
is essentially a middleman.
Yeah. The broker is independent,

273
00:14:12.290 --> 00:14:15.320
like the independent sales
organization, terminology still

274
00:14:15.320 --> 00:14:18.350
applies, because a broker is
independent. And I think it's

275
00:14:18.350 --> 00:14:22.160
important to know that because
the broker, although they may

276
00:14:22.190 --> 00:14:25.130
seem like they are representing
the funding source of a lending

277
00:14:25.130 --> 00:14:27.950
source, they're actually
representing themselves, and

278
00:14:27.950 --> 00:14:31.610
they're just referring the
customer to the lender or the

279
00:14:31.610 --> 00:14:35.480
funder. They're an actual
independent entity. And this

280
00:14:35.480 --> 00:14:38.420
kind of distinction can get lost
with the customer because they

281
00:14:38.420 --> 00:14:42.170
might think it's all one in the
same because a broker may or may

282
00:14:42.170 --> 00:14:47.420
not charge their own fee to the
end user to the to the to the

283
00:14:47.450 --> 00:14:50.900
merchant, that's borrowing money
or you know, engaging in a in an

284
00:14:50.900 --> 00:14:54.590
MCA transaction. So, it's a good
question to ask for the customer

285
00:14:54.590 --> 00:14:58.370
is, are you a broker? You know,
are you the the actual funding

286
00:14:58.370 --> 00:15:01.970
source? It makes a difference.
And part of that is because

287
00:15:01.970 --> 00:15:05.630
brokers typically work on
commission. Yeah. Like any other

288
00:15:05.630 --> 00:15:10.670
industry. And so that can add to
the cost of the product. Okay.

289
00:15:10.790 --> 00:15:14.240
And so that's, that's like one
that's one thing to like, really

290
00:15:14.240 --> 00:15:18.140
keep in mind, although working
direct doesn't always mean that

291
00:15:18.140 --> 00:15:20.870
it's cheaper than working with a
broker. Because if you're

292
00:15:20.870 --> 00:15:23.570
working directly with a lender
or a funder, that lender or

293
00:15:23.570 --> 00:15:26.930
funder is only gonna have their
terms and products to offer.

294
00:15:26.960 --> 00:15:29.090
Yeah. Right. Or as the broker
could say, that's great. But I

295
00:15:29.090 --> 00:15:30.440
That's good to know, thanks for
sharing. Awesome. And speaking

296
00:15:30.440 --> 00:15:33.290
know another lender of funder
who can do it cheaper. And even

297
00:15:33.290 --> 00:15:35.660
when you add my commission on,
it's still a better deal for the

298
00:15:35.660 --> 00:15:40.040
customer, right? So there are
pros and cons to all that. Also,

299
00:15:40.220 --> 00:15:43.550
lenders and funders typically
need their own salespeople.

300
00:15:43.790 --> 00:15:46.610
Okay. You can't just call up an
underwriter and say, give me a

301
00:15:46.610 --> 00:15:49.430
loan, right? You need to
actually talk to one of your

302
00:15:49.430 --> 00:15:52.190
sales representatives,
typically, if you're gonna get

303
00:15:52.220 --> 00:15:55.910
funded by that company, sales
agents who represent lenders and

304
00:15:55.910 --> 00:16:00.350
funders often typically get paid
a commission. So even if you're

305
00:16:00.380 --> 00:16:03.680
working direct with the funder
or the lender, it doesn't mean

306
00:16:03.770 --> 00:16:05.900
that it's going to be cheaper
than working with the broker,

307
00:16:05.960 --> 00:16:08.210
because you got to assume the
salesperson working for the

308
00:16:08.210 --> 00:16:12.920
lender or the funder also needs
to get paid. So sometimes,

309
00:16:12.950 --> 00:16:15.230
sometimes they'll get paid a
commission that's equal to what

310
00:16:15.230 --> 00:16:18.320
the broker would get. And so the
cost difference between the two,

311
00:16:18.410 --> 00:16:20.600
and I'm just talking about
broadly, this isn't always the

312
00:16:20.600 --> 00:16:24.170
case. But the cost difference
between going to the broker and

313
00:16:24.170 --> 00:16:26.180
working with directly the
funder, they could actually be

314
00:16:26.180 --> 00:16:29.300
exactly the same. Yeah. Because
some salesperson needs to get

315
00:16:29.300 --> 00:16:32.480
paid at the end of the day for
bringing the deal to them. But

316
00:16:32.930 --> 00:16:35.060
if you're out there wondering if
you're always wondering, what is

317
00:16:35.060 --> 00:16:38.630
a what is an ISO? What is an
ISO? And how does that compare

318
00:16:38.630 --> 00:16:40.490
to a broker? It's all the same.

319
00:16:44.900 --> 00:16:49.250
of ISOs, and brokers, this will
get us into our next topic, is

320
00:16:49.820 --> 00:16:53.210
being a business owner being in
the business, any business,

321
00:16:53.420 --> 00:16:56.990
there's always a risk for a
lawsuit. So let's talk a little

322
00:16:57.050 --> 00:17:00.890
a little bit about that when you
know, you are a broker, you you

323
00:17:00.890 --> 00:17:05.330
have your own business here in
the industry, the risk of being

324
00:17:05.330 --> 00:17:11.720
sued. What does that look like
and what exactly is the risk

325
00:17:11.870 --> 00:17:13.760
when you jump into the business?

326
00:17:13.760 --> 00:17:17.170
Yeah, that's a really good
question. So this kind of feeds

327
00:17:17.170 --> 00:17:20.110
into being an independent, you
know, sales office independent

328
00:17:20.110 --> 00:17:23.110
operator, is that you may
operate under the impression

329
00:17:23.110 --> 00:17:25.690
that you're now removed from the
liability if something goes

330
00:17:25.690 --> 00:17:31.120
wrong. Yeah. If the merchant has
some sort of problem with the

331
00:17:31.120 --> 00:17:33.850
funder, or the lender, you're
like, well, that's between you.

332
00:17:33.940 --> 00:17:36.580
I was just the broker. I'm
independent. You know what I

333
00:17:36.580 --> 00:17:40.810
mean, my hands are clean in this
deal. Don't blame me. But that's

334
00:17:40.810 --> 00:17:44.410
not always how it works out.
Yeah. Sometimes when disputes

335
00:17:44.410 --> 00:17:50.500
arise between the merchant and
the funding source, the broker

336
00:17:51.010 --> 00:17:56.830
unwittingly could be could be
viewed as liable. And that might

337
00:17:56.830 --> 00:17:59.620
be because the merchant doesn't
know that they're not the same.

338
00:17:59.740 --> 00:18:01.990
Yeah. You know what I mean they
think it's all one in the same.

339
00:18:02.020 --> 00:18:04.330
Yeah. You know, I talked to this
person, they referred me to

340
00:18:04.330 --> 00:18:08.830
here. And it didn't go the way I
thought and so I'm mad at all of

341
00:18:08.830 --> 00:18:12.790
you. Yeah. And so if it results
in some type of legal dispute,

342
00:18:12.790 --> 00:18:15.880
maybe maybe there is a lawsuit.
Yeah. They just name everybody.

343
00:18:15.940 --> 00:18:19.420
Yeah. As like co defendants,
right. And here, you were this

344
00:18:19.420 --> 00:18:22.060
independent broker, minding your
own business, you know, you

345
00:18:22.060 --> 00:18:24.310
weren't the lender, you weren't
the funder, all of a sudden,

346
00:18:24.310 --> 00:18:28.630
you're a co defendant in a
lawsuit. This is not actually

347
00:18:28.630 --> 00:18:32.320
not that uncommon. Yeah. It's a
real risk that people need to be

348
00:18:32.320 --> 00:18:34.750
mindful of, if they get into
this industry.

349
00:18:34.780 --> 00:18:38.500
Johny Fernandez: So let me ask
you this financially, if you

350
00:18:38.500 --> 00:18:41.320
have to go through something
like this, and let's say, you

351
00:18:41.320 --> 00:18:44.650
know, you don't have the money
to pay for this. What have you

352
00:18:44.650 --> 00:18:48.700
seen other people do to kind of
figure out and go about a

353
00:18:48.700 --> 00:18:52.000
lawsuit? Like what have you seen
personally, you know, working

354
00:18:52.000 --> 00:18:55.090
with all these different guys,
like, how do you handle this?

355
00:18:56.320 --> 00:19:00.400
Sean Murray: So, you know, I've
said this before, and I don't

356
00:19:00.400 --> 00:19:06.130
think it's hard to take it
seriously, until it happens.

357
00:19:07.300 --> 00:19:10.630
Because you know, what, what do
you do if you're being sued, and

358
00:19:10.630 --> 00:19:13.120
you're a broker, and you don't
have the resources to defend

359
00:19:13.120 --> 00:19:16.870
yourself? I don't really know
what you do. You really need to

360
00:19:16.870 --> 00:19:20.140
go into the industry itself.
This is commercial finance, I

361
00:19:20.140 --> 00:19:22.630
don't care what anyone told you
about. This is a work from home

362
00:19:22.630 --> 00:19:26.170
job or it's easy. You know you
can make a million dollars, it's

363
00:19:26.170 --> 00:19:29.350
just sales, just phone sales or
whatever. This is the world of

364
00:19:29.350 --> 00:19:34.300
commercial finance, like period,
and it's a complicated and

365
00:19:34.360 --> 00:19:38.590
somewhat institutionalized
world. And when things go wrong,

366
00:19:38.650 --> 00:19:42.160
well, it's you're gonna be
playing with the big boys and

367
00:19:42.160 --> 00:19:45.160
how that that dispute gets
resolved. Yeah. A lot of times

368
00:19:45.160 --> 00:19:47.320
it's going to be through the
court system. You're going to be

369
00:19:47.320 --> 00:19:50.050
named as a co defendant, and
you're gonna be expected to

370
00:19:50.050 --> 00:19:53.470
defend yourself. Do not expect
the funder or the lender to pay

371
00:19:53.470 --> 00:19:56.230
your legal bills. And guess
what, you can't just ignore

372
00:19:56.230 --> 00:19:59.080
these things and be like, I'm
just not gonna respond and hope

373
00:19:59.110 --> 00:20:02.050
hope it goes away. It really
doesn't work like that, you're

374
00:20:02.050 --> 00:20:06.070
gonna have to pay for a lawyer
to defend you. Even if you did

375
00:20:06.070 --> 00:20:10.660
nothing. Anyone can file a
lawsuit against you. Even even

376
00:20:10.660 --> 00:20:13.840
if it's not true, they just have
to believe that it is true. And

377
00:20:13.870 --> 00:20:17.260
how and accurately state their
their claim against you. And you

378
00:20:17.260 --> 00:20:20.260
can be like it's total. It's
total nonsense. It's false.

379
00:20:20.260 --> 00:20:24.430
That's not what happened. Well,
that's for your own lawyer to

380
00:20:24.730 --> 00:20:28.780
handle for you, right. And this
is something that's going to

381
00:20:28.780 --> 00:20:32.530
come up, whether you're a very
small operator, it could be a

382
00:20:32.530 --> 00:20:35.770
one man show working from home,
and all of a sudden you get

383
00:20:35.770 --> 00:20:38.860
sued, this was a real risk that
you need to consider. It could

384
00:20:38.860 --> 00:20:42.250
happen. Yeah. And I think when
you're a really good

385
00:20:42.250 --> 00:20:45.070
salesperson, you like to think
that everything is within your

386
00:20:45.070 --> 00:20:48.370
control, that if I just call
them. Yeah. You know, they won't

387
00:20:48.370 --> 00:20:51.430
do this, right? Or let me just
give them a call. This can all

388
00:20:51.430 --> 00:20:55.210
be fixed, right? And I think
that even if you're super

389
00:20:55.210 --> 00:20:58.120
confident in your abilities.
Yeah. You may be somewhat

390
00:20:58.120 --> 00:21:01.510
helpless to actually resolve
their dispute. If the underlying

391
00:21:01.510 --> 00:21:04.120
dispute is with the lender or
the funder, and only they can

392
00:21:04.180 --> 00:21:07.690
only they can truly fix it, all
you can do is talk to them,

393
00:21:07.720 --> 00:21:11.410
right? And you could just get
lumped into it. And this is the

394
00:21:11.410 --> 00:21:16.570
real risk to consider. And I've
seen it happen. A lot of times,

395
00:21:16.810 --> 00:21:19.960
I've seen it happen to big
shops, medium sized shops. And

396
00:21:19.960 --> 00:21:22.870
I've seen it happen to way too
many small company, one man

397
00:21:22.870 --> 00:21:27.460
shows. Yeah. Who end up getting
sued, for one reason or another,

398
00:21:27.730 --> 00:21:31.090
because they didn't realize the
stakes that this is the

399
00:21:31.090 --> 00:21:33.700
commercial finance industry. And
even though it may seem like you

400
00:21:33.700 --> 00:21:36.640
just need a phone and an email
to get started, and you know,

401
00:21:36.640 --> 00:21:39.220
the funders and the lenders are
ones with all the liability. No,

402
00:21:39.220 --> 00:21:42.940
you're like, you're presumed to
be a sophisticated party too.

403
00:21:42.970 --> 00:21:45.070
Yeah. And so this is something
you really need to be thinking

404
00:21:45.070 --> 00:21:45.460
about.

405
00:21:45.550 --> 00:21:47.050
Johny Fernandez: And I think I
think what comes to mind, is

406
00:21:47.050 --> 00:21:49.930
like you want to play with the
big boys, when the big boys come

407
00:21:49.930 --> 00:21:52.720
calling, you have to be prepared
to defend yourself.

408
00:21:53.320 --> 00:21:55.540
Sean Murray: Yeah, that's
exactly right. This is this is

409
00:21:55.540 --> 00:21:57.760
an industry where, you know,
there's a lot of.

410
00:21:57.790 --> 00:22:00.880
Johny Fernandez: Great money,
you can make great money. But

411
00:22:00.880 --> 00:22:01.480
also.

412
00:22:01.780 --> 00:22:02.500
Sean Murray: Yeah, exactly.

413
00:22:02.530 --> 00:22:03.280
Johny Fernandez: It's gonna cost
you

414
00:22:03.280 --> 00:22:05.250
Sean Murray: You know, if you
want to, if you want to make big

415
00:22:05.250 --> 00:22:07.350
money, then you're you're
playing at a table where

416
00:22:07.350 --> 00:22:10.710
everyone has a lot of money. And
one of the tools they have in

417
00:22:10.710 --> 00:22:15.390
their arsenal is lawyers. Yeah.
Right. So if the potential to

418
00:22:15.390 --> 00:22:18.270
make a lot of money is there and
it is you can, you can make a

419
00:22:18.270 --> 00:22:19.830
million dollars, you know, I
don't know if you can make a

420
00:22:19.830 --> 00:22:21.780
million dollars per year, but
you can certainly make a million

421
00:22:21.780 --> 00:22:24.780
dollars in small business
finance world. And guess what,

422
00:22:25.740 --> 00:22:29.070
there's so much money flowing
around that. So many people have

423
00:22:29.070 --> 00:22:31.620
lawyers, they don't think
anything of it at all, it's just

424
00:22:31.620 --> 00:22:32.640
a normal part of business.

425
00:22:32.640 --> 00:22:33.090
Johny Fernandez: It is.

426
00:22:33.210 --> 00:22:36.180
Sean Murray: And then here you
are, you know, essentially a one

427
00:22:36.180 --> 00:22:40.170
man show or a very small shop
that can well, you know, that

428
00:22:40.200 --> 00:22:43.560
that hopefully I won't need that
you will, you won't need that.

429
00:22:43.560 --> 00:22:45.750
Johny Fernandez: And I think
it's what you just said right

430
00:22:45.750 --> 00:22:50.520
there. Having a lawyer and being
ready to sue, it's a normal part

431
00:22:50.520 --> 00:22:54.540
of business, just any business,
any business owner, you know,

432
00:22:54.540 --> 00:22:57.720
corporations, etc. They're ready
legally, and they have a legal

433
00:22:57.720 --> 00:23:01.590
department ready to go guns
blazing, if they need to.

434
00:23:01.650 --> 00:23:02.190
Sean Murray: Yeah.

435
00:23:02.250 --> 00:23:04.920
Johny Fernandez: And kind of
like what you said, if you are a

436
00:23:04.920 --> 00:23:08.700
one man show, and you think
you're on top of the world. And

437
00:23:08.700 --> 00:23:11.550
some and you do something wrong,
or you encounter a situation

438
00:23:11.550 --> 00:23:14.070
where you are gonna get sued,
and you're, you know, subpoenaed

439
00:23:14.070 --> 00:23:18.270
to show up to court, etc, etc.
You have to prepare.

440
00:23:18.330 --> 00:23:21.240
Sean Murray: Yeah. And it's, it
may be hard in the beginning to

441
00:23:21.240 --> 00:23:25.260
imagine having to set aside
money for future legal expenses,

442
00:23:25.290 --> 00:23:28.950
because it's already hard enough
to run a you know. Yeah. An ISO

443
00:23:28.950 --> 00:23:33.540
an ISO a broker company as it
is. But you really do need to

444
00:23:33.540 --> 00:23:36.990
have it and too many people out
there say, oh, I have a friend

445
00:23:36.990 --> 00:23:40.470
who's a lawyer. Everyone.
Everyone has. Everyone has a

446
00:23:40.470 --> 00:23:42.720
friend who's a lawyer. So that's
why I'm bringing it up. Because

447
00:23:42.720 --> 00:23:45.060
everyone's like, oh, and I got a
friend who's a lawyer. Yeah.

448
00:23:45.120 --> 00:23:49.500
Unfortunately, that lawyer may
not always be exactly what

449
00:23:49.500 --> 00:23:52.470
you're gonna need. Like there
might be a lawyer who does real

450
00:23:52.470 --> 00:23:55.200
estate deals. They're not
someone who goes and like

451
00:23:55.200 --> 00:23:58.050
defends people in court. There's
all different types of lawyers.

452
00:23:58.050 --> 00:24:00.930
Yeah. So the lawyer you're
friends with might not be the

453
00:24:00.930 --> 00:24:04.350
type of lawyer you would need,
if someone is threatening to sue

454
00:24:04.350 --> 00:24:07.830
you, or actually suing you. And
then when you go and you say,

455
00:24:07.860 --> 00:24:10.230
hey, can you help me out? You
might find that that person

456
00:24:10.230 --> 00:24:15.090
tells you, no, I can't. I can
help you with your contract. I

457
00:24:15.090 --> 00:24:17.790
can answer a couple questions
for you, I can notarize

458
00:24:17.790 --> 00:24:20.760
something for you. But I can't
defend you in a lawsuit. That's

459
00:24:20.760 --> 00:24:23.550
not the type of law that I do.
Or I can't go up against this

460
00:24:23.550 --> 00:24:25.800
type of commercial litigator.
It's not gonna work out for you.

461
00:24:25.800 --> 00:24:29.460
So you got to have more than
just my friend is a lawyer type

462
00:24:29.460 --> 00:24:30.090
of little.

463
00:24:30.090 --> 00:24:32.220
Johny Fernandez: And I think
it's like, what what you just

464
00:24:32.220 --> 00:24:37.260
said a lot of people they think
that because their friend is a

465
00:24:37.260 --> 00:24:40.050
lawyer, they can back them up.
But I think something people

466
00:24:40.050 --> 00:24:43.500
forget is that there's different
types of law, you know,

467
00:24:43.530 --> 00:24:47.460
entertainment law, real estate
law, family, marriage, and

468
00:24:47.460 --> 00:24:50.910
family law. You know, just
regular criminal justice law,

469
00:24:51.450 --> 00:24:54.960
contracts, you know, you have
entertainment law I think I said

470
00:24:54.960 --> 00:25:00.270
that already. Yeah. But there's
these different areas that they

471
00:25:00.270 --> 00:25:02.910
just can't cross over. Yeah.
It's like the medical field.

472
00:25:02.910 --> 00:25:05.940
Like, you're not gonna get a
gastroenterologist to do a

473
00:25:05.940 --> 00:25:08.790
family practice visit, like,
they just donate intertwine.

474
00:25:08.820 --> 00:25:12.840
Yeah. I feel like that's the
perception when people say yeah

475
00:25:12.840 --> 00:25:16.620
I have a family friend, that's a
lawyer, and they don't practice

476
00:25:17.070 --> 00:25:19.020
the law that we need, they can't
do anything.

477
00:25:19.020 --> 00:25:22.150
Sean Murray: Yeah. You know, now
that we're talking about it,

478
00:25:22.150 --> 00:25:24.880
this has come up before, this is
the risk that should be

479
00:25:24.880 --> 00:25:28.720
disclosed to anybody. There are
a lot of small companies out

480
00:25:28.720 --> 00:25:30.850
there that they go out, and they
raise money from family and

481
00:25:30.850 --> 00:25:36.070
friends to start their companies
up. And I think oftentimes, the

482
00:25:36.340 --> 00:25:40.180
the presentation that's given to
them about, you know, the risks

483
00:25:40.210 --> 00:25:44.650
and the rewards, it's how much
return can you make and what are

484
00:25:44.650 --> 00:25:47.950
the defaults like? Yeah. And
they, they everything is based

485
00:25:47.950 --> 00:25:50.860
off that. Yeah. And the legal
side just gets pushed back.

486
00:25:50.860 --> 00:25:51.490
Johny Fernandez: Pushed back,
yeah.

487
00:25:51.520 --> 00:25:53.470
Sean Murray: They might say,
well, like, hey, certain courts

488
00:25:53.470 --> 00:25:56.530
have deemed these products to be
legal in these dates or

489
00:25:56.530 --> 00:26:00.130
whatever. But I don't think that
they I don't think it's

490
00:26:00.130 --> 00:26:00.970
adequately

491
00:26:02.050 --> 00:26:02.620
Johny Fernandez: Presented.

492
00:26:02.620 --> 00:26:07.390
Sean Murray: Presented, that
litigation tends to be a major

493
00:26:07.390 --> 00:26:10.570
part of the business and
litigation is extremely

494
00:26:10.570 --> 00:26:11.290
expensive.

495
00:26:12.100 --> 00:26:13.480
Johny Fernandez: Well,
litigation can literally close

496
00:26:13.480 --> 00:26:16.330
down your business. Because I
feel like it's expensive.

497
00:26:16.360 --> 00:26:19.540
Yeah, these are things that can
cause 10s of 1000s of dollars,

498
00:26:19.570 --> 00:26:23.050
right, depending on, you know,
whatever the nature of it is.

499
00:26:23.080 --> 00:26:28.120
Yeah. And you need to decide
from the onset with whoever

500
00:26:28.120 --> 00:26:30.820
you're raising money from, who's
going to be paying for those

501
00:26:30.820 --> 00:26:35.260
costs? And did you tell them in
advance that this is a true risk

502
00:26:35.350 --> 00:26:39.880
cause I did have someone ask me
a few years ago, you know, you

503
00:26:39.880 --> 00:26:42.610
know, what, what am I missing?
Here are the returns these are

504
00:26:42.610 --> 00:26:45.220
the costs. I'm raising a bunch
of money, what am I missing? And

505
00:26:45.220 --> 00:26:48.070
I was looking at what they sent
me just like a random email.

506
00:26:48.100 --> 00:26:51.370
Yeah. And I was I was like,
well, what about all the the

507
00:26:51.370 --> 00:26:54.280
legal fees? You know what I
mean? Like, what happens if

508
00:26:54.280 --> 00:26:58.780
someone what happens if these
merchants sue? Who pays for

509
00:26:58.780 --> 00:27:00.640
that? They're like, well, how
often did that happen? And I was

510
00:27:00.640 --> 00:27:04.150
like, happens all the time.
Happens all the time. Yeah. And

511
00:27:04.150 --> 00:27:05.770
you really need to build that
into your model.

512
00:27:05.920 --> 00:27:08.290
Yeah, I think that's great,
great advice. And again, we're

513
00:27:08.290 --> 00:27:08.890
not lawyers.

514
00:27:08.890 --> 00:27:09.220
Sean Murray: Yeah.

515
00:27:09.250 --> 00:27:10.750
Johny Fernandez: We just want to
clarify that we are not lawyers.

516
00:27:11.020 --> 00:27:13.960
So if you do need legal advice,
speak with a lawyer, plain and

517
00:27:13.960 --> 00:27:14.200
simple.

518
00:27:14.230 --> 00:27:14.860
Sean Murray: Yes.

519
00:27:15.440 --> 00:27:18.080
Johny Fernandez: But that's all
we have for today. If you want

520
00:27:18.080 --> 00:27:21.680
to check out more videos and
information with deBanked, and

521
00:27:21.680 --> 00:27:24.470
just stories from the MCA world
or the industry, you can log on

522
00:27:24.470 --> 00:27:27.410
to debanked.com. Or check us out
on social media. We have

523
00:27:27.410 --> 00:27:31.880
Facebook, Twitter, Instagram,
and LinkedIn. And then also

524
00:27:31.880 --> 00:27:36.140
don't forget Broker Fair is
coming up on December 6. And if

525
00:27:36.140 --> 00:27:38.540
you have not bought your ticket,
buy your tickets now because

526
00:27:38.540 --> 00:27:41.210
they will sell out. And we
already sold out of

527
00:27:41.210 --> 00:27:44.450
sponsorships, so we're not we're
no longer doing that. But you

528
00:27:44.450 --> 00:27:47.090
still have a chance to buy a
ticket, book your hotel, come to

529
00:27:47.090 --> 00:27:50.660
New York, hang out with us.
We'll be here providing you the

530
00:27:50.660 --> 00:27:53.210
best advice for pizza and
bagels. Yeah, and restaurants.

531
00:27:53.240 --> 00:27:54.980
Sean Murray: And we're gonna
have our shoes on so you know we

532
00:27:54.980 --> 00:27:55.730
mean business.

533
00:27:55.730 --> 00:27:58.810
Johny Fernandez: Gotta take care
of the baby.

534
00:27:59.710 --> 00:28:00.790
Sean Murray: Take care of the
baby.

535
00:28:01.360 --> 00:28:02.620
Johny Fernandez: Anyways, so.

536
00:28:02.890 --> 00:28:04.450
Sean Murray: If you missed last
episode that would just.

537
00:28:06.670 --> 00:28:08.290
Johny Fernandez: So that's all
we have for you guys. Thank you

538
00:28:08.290 --> 00:28:11.200
you guys so much for for tuning
in. I'm Johny Fernandez.

539
00:28:11.230 --> 00:28:11.980
Sean Murray: And I'm Sean
Murray.

540
00:28:12.010 --> 00:28:13.060
Johny Fernandez: We'll see you
guys next time.