Episode #34: Never Stop Knocking and Providing Value with Stewart Sheppard

[00:00:00] [SPEAKER_08]: You walk into a prospect and it comes out that you're in the premium finance business

[00:00:06] [SPEAKER_08]: It's like the air is sucked out of the room

[00:00:09] [SPEAKER_08]: You gotta be kidding me. I just listened for 10 minutes. Oh boy. I want to provide

[00:00:17] [SPEAKER_08]: value yeah, and

[00:00:20] [SPEAKER_08]: providing value these other things that you can do that

[00:00:26] [SPEAKER_08]: Enable you to wrap your arms like an octopus

[00:00:31] [SPEAKER_01]: Around someone it's the same in our industry. I mean I really is how many look at the retention rate that you have

[00:00:39] [SPEAKER_01]: With your client. Yeah, and the more lines of insurance auto home business life insurance

[00:00:49] [SPEAKER_01]: Your retention rate goes up

[00:00:52] [SPEAKER_01]: dramatically

[00:00:58] [SPEAKER_00]: Welcome to the podcast dedicated to real estate insurance and everything in between

[00:01:03] [SPEAKER_00]: Join us as we take you along our own brokerage building journeys with additional wisdom from our network of business experts

[00:01:12] [SPEAKER_00]: Welcome to bricks and risk

[00:01:19] [SPEAKER_00]: Hey everyone

[00:01:21] [SPEAKER_00]: Welcome to another episode of bricks and risk. I'm Tim garrity, and I'm Sean Mooney

[00:01:28] [SPEAKER_00]: Today's Sean we got one of your homeboys on today

[00:01:30] [SPEAKER_00]: We have Stuart shepherd the owner of premium finance brokerage. How you doing today Stuart?

[00:01:38] [SPEAKER_08]: Tim, I'm doing great. Thank you both for having me out. I appreciate the opportunity. Thank you for taking the time

[00:01:44] [SPEAKER_00]: We know you're a busy guy so

[00:01:47] [SPEAKER_00]: Stuart started his career with travelers insurance company as a production underwriter in 1987

[00:01:52] [SPEAKER_00]: Then he entered the premium finance space in 1997 with trans America insurance finance company

[00:01:59] [SPEAKER_00]: In 2005 he started premium finance brokerage

[00:02:03] [SPEAKER_00]: It's now one of the nation's largest lead largest privately held aggregators of property and casualty insurance premium financing

[00:02:11] [SPEAKER_00]: They offer a high-touch customer-centric experience for their clients and their firm

[00:02:16] [SPEAKER_00]: specializes in helping insurance agents

[00:02:19] [SPEAKER_00]: effectively manage their excess and surplus lines financing and

[00:02:25] [SPEAKER_00]: One thing we just learned about our boy Stuart here based on the helmet behind him

[00:02:29] [SPEAKER_00]: You're a huge bills fans your bills mafia guy. I am nice

[00:02:34] [SPEAKER_08]: Born and raised in Buffalo

[00:02:37] [SPEAKER_08]: I've been a fan almost my entire life

[00:02:41] [SPEAKER_08]: My dad was a steelworker in Buffalo and would take me to bills games at the old War Memorial Stadium back in the late

[00:02:49] [SPEAKER_08]: 60s and early 70s

[00:02:51] [SPEAKER_08]: That's how old I am. That's awesome. So yeah, I mean when you're from that area

[00:02:56] [SPEAKER_08]: I think even when you leave

[00:02:59] [SPEAKER_08]: There is such a connection to both the bills and the sabers. Yep that

[00:03:05] [SPEAKER_08]: Was a season ticket holder for years unfortunately as you get older you guys are young as you get older

[00:03:11] [SPEAKER_08]: Your your skin gets a bit thinner. Yeah, cold weather

[00:03:15] [SPEAKER_01]: Becomes a factor and going to some very Philly like I think it's a blue collar tan if I'm if I'm right

[00:03:23] [SPEAKER_01]: hard-working

[00:03:24] [SPEAKER_01]: Generational loyal loyal loyal fan base

[00:03:28] [SPEAKER_00]: So it does remind me a lot of Philly. Yeah, I would agree so alright, so here's a question for you

[00:03:34] [SPEAKER_00]: We talked about you know what you did in insurance prior to and now that you're running your own business

[00:03:39] [SPEAKER_00]: So tell us the story of starting your own business. It's been a couple decades now. So how'd that come to be?

[00:03:46] [SPEAKER_08]: Well, it's a good question Tim. I was a what I would call a reluctant entrepreneur. I

[00:03:54] [SPEAKER_08]: Spent the first 10 years working in insurance

[00:03:58] [SPEAKER_08]: Sean, you'll know production under writing. Yep

[00:04:02] [SPEAKER_08]: did that for

[00:04:04] [SPEAKER_08]: Basically 10 years

[00:04:06] [SPEAKER_08]: starting my career and

[00:04:09] [SPEAKER_08]: In 97 I got into the premium finance business and back then guys a lot of the finance companies were owned by insurance companies

[00:04:19] [SPEAKER_08]: Today they're mostly owned by bettix

[00:04:22] [SPEAKER_08]: But back then it was primarily insurance companies like AIG

[00:04:27] [SPEAKER_08]: Westfield

[00:04:29] [SPEAKER_08]: Some others

[00:04:31] [SPEAKER_08]: Transamerica who I worked for was owned by Transamerica insurance group. Did they only finance their own policies or would they finance?

[00:04:39] [SPEAKER_01]: Other carriers other policies they would do it all. Yeah, interesting

[00:04:43] [SPEAKER_00]: So for those who don't know because we got some people who are in real estate people are just entrepreneurs that that jump into this podcast

[00:04:49] [SPEAKER_00]: What what is that premium finance space like explain what that is exactly?

[00:04:55] [SPEAKER_08]: so it's

[00:04:58] [SPEAKER_08]: You have insurance companies

[00:05:00] [SPEAKER_08]: Unlike the ones that

[00:05:02] [SPEAKER_08]: That you're insured with Tim which are probably like State Farm or travelers or Hartford

[00:05:08] [SPEAKER_08]: those companies have

[00:05:10] [SPEAKER_08]: Direct bill programs

[00:05:13] [SPEAKER_08]: So you can pay them monthly. Yep, you can pay them quarterly. It can be escrowed into your

[00:05:20] [SPEAKER_08]: Mortgage. Yeah, but there's other carriers

[00:05:24] [SPEAKER_08]: Which work in

[00:05:25] [SPEAKER_08]: your higher risk industries and

[00:05:29] [SPEAKER_08]: they'll be companies that in in your space Tim that

[00:05:33] [SPEAKER_08]: People probably haven't heard of before companies like Lloyds of London

[00:05:38] [SPEAKER_08]: Yeah, Essex Insurance Company national casualty. You don't see commercials for these companies not like progressive. Okay

[00:05:46] [SPEAKER_08]: Those companies will come to Shawn and say

[00:05:49] [SPEAKER_08]: If I'm gonna write this person's insurance

[00:05:54] [SPEAKER_08]: You're gonna pay me in full

[00:05:56] [SPEAKER_08]: There's no billing plan available with our policies interesting. That's where I come in

[00:06:03] [SPEAKER_08]: Very cool. So why provide a vehicle for these customers to be able to pay monthly?

[00:06:12] [SPEAKER_08]: So I give them a loan

[00:06:15] [SPEAKER_07]: They pay us back monthly

[00:06:18] [SPEAKER_07]: You stop paying us

[00:06:20] [SPEAKER_08]: We cancel your insurance

[00:06:23] [SPEAKER_08]: Just like if you stop paying your auto insurance that's on direct bill from whoever Shawn has you placed with right?

[00:06:29] [SPEAKER_08]: If you stop paying they're gonna send you a notice of cancellation

[00:06:34] [SPEAKER_08]: Same thing happens in our business. We finance you you stop paying us. I'm gonna cancel your insurance

[00:06:42] [SPEAKER_08]: And then hopefully when I cancel it

[00:06:46] [SPEAKER_08]: Whatever the unearned premium is that comes back to the lender

[00:06:51] [SPEAKER_00]: Very interesting. It's off alone very niche business, you know, it's it really is and I kind of got into it by chance

[00:06:59] [SPEAKER_08]: And got into owning this

[00:07:03] [SPEAKER_08]: Really more or less because the company I was working for got sold

[00:07:07] [SPEAKER_01]: So of course you

[00:07:10] [SPEAKER_08]: In a way

[00:07:11] [SPEAKER_08]: I would yeah Shawn you're not wrong what I would say is I was working for a company that allow me to run a P&L and

[00:07:23] [SPEAKER_08]: When you can look at a P&L and you can see how things are happening

[00:07:30] [SPEAKER_08]: You start peeling away the layers of the onion you can see exactly what's going on soup the nuts

[00:07:39] [SPEAKER_08]: When I heard the company was for sale in 2004

[00:07:43] [SPEAKER_08]: The one thing I knew I could do guys and listen, I'm not a self promoter in terms of my own skill

[00:07:50] [SPEAKER_08]: But the one thing that and it's how Shawn and I met

[00:07:54] [SPEAKER_08]: The one thing that's never scared me is knocking on doors

[00:07:59] [SPEAKER_08]: And and I feel today it is a lost art

[00:08:04] [SPEAKER_08]: It's the hardest thing I've ever done in my working career is building

[00:08:09] [SPEAKER_04]: Yeah

[00:08:11] [SPEAKER_08]: Knocking on someone's door and convincing them to use you for your services

[00:08:16] [SPEAKER_08]: For me

[00:08:18] [SPEAKER_08]: Was the hardest thing to do not not in terms of doing it the work

[00:08:23] [SPEAKER_08]: right when you look at people and

[00:08:27] [SPEAKER_08]: and doing this for your vocation and

[00:08:31] [SPEAKER_08]: And and really even running a business

[00:08:34] [SPEAKER_08]: The building is the hardest part. Yeah without art for me

[00:08:39] [SPEAKER_08]: Not that I'm great at it guys, but but I really pride myself

[00:08:44] [SPEAKER_08]: on the blocking and tackling

[00:08:47] [SPEAKER_01]: Well, I think it to take it a step further and we've talked about it on this show a lot is

[00:08:55] [SPEAKER_01]: Building your business on relationships and Tim's done it

[00:08:59] [SPEAKER_01]: That's how he cultivated his book of you know real estate business. That's how I've done it with my business and

[00:09:06] [SPEAKER_01]: I know for sure that you've done it with premium finance brokerage

[00:09:13] [SPEAKER_08]: It's when I started in 05 so again reluctant entrepreneur. I had one employee

[00:09:21] [SPEAKER_08]: I brought her with me and

[00:09:24] [SPEAKER_08]: I had a non-compete

[00:09:26] [SPEAKER_08]: So I genuinely had to start from scratch

[00:09:29] [SPEAKER_08]: Now I had a couple of accounts that I could bring that were outside of my non-compete

[00:09:35] [SPEAKER_08]: but

[00:09:36] [SPEAKER_08]: In July of 2005

[00:09:39] [SPEAKER_08]: I

[00:09:40] [SPEAKER_08]: Basically hit the road in areas. I've never canvassed

[00:09:46] [SPEAKER_08]: And it's really hard guys. I have found

[00:09:50] [SPEAKER_08]: Whether it's social media

[00:09:52] [SPEAKER_08]: using the phone

[00:09:54] [SPEAKER_08]: Nothing to me

[00:09:57] [SPEAKER_08]: replaces

[00:09:58] [SPEAKER_08]: I to I contact with someone

[00:10:02] [SPEAKER_08]: It's how Sean and I started doing business together. I walked in his door and

[00:10:07] [SPEAKER_08]: I said this is what I do. Do you do this?

[00:10:11] [SPEAKER_08]: And at the time I think Sean you said hey, I do very little yep

[00:10:16] [SPEAKER_08]: And I said well at some point because you're building your business on building mine at some point

[00:10:22] [SPEAKER_08]: You'll need me

[00:10:24] [SPEAKER_08]: And

[00:10:25] [SPEAKER_08]: As time went on it just kept in touch with Sean I'd stop in and see him and

[00:10:29] [SPEAKER_08]: Once the seal gets broken once you start getting into that type of business that requires our services

[00:10:36] [SPEAKER_08]: The hope is that I've touched him enough

[00:10:39] [SPEAKER_01]: That I'm the first person that he calls or we're willing to give you a try

[00:10:44] [SPEAKER_01]: Yeah, and then you have to deliver

[00:10:47] [SPEAKER_00]: That's right. Yeah talk about all right. So let's let's define knocking on doors for you

[00:10:53] [SPEAKER_00]: What kind of things were you doing to set yourself up to be like whose doors my knocking on?

[00:10:59] [SPEAKER_00]: How am I doing it? So once I get to the address, you know, what's what's my pitch?

[00:11:04] [SPEAKER_00]: What's my presentation? What's my script talk a little bit about knocking on doors because I think what's really

[00:11:09] [SPEAKER_00]: Some of the things we value about this show is that it's about real estate insurance and building your business

[00:11:16] [SPEAKER_00]: And as you just said building your business whether it's your business or you're just you know

[00:11:22] [SPEAKER_00]: You got it you got a team or a group within a big company. It doesn't matter

[00:11:25] [SPEAKER_00]: You're still running a business. It's still up to you like you're not bringing home money unless you're doing deals

[00:11:31] [SPEAKER_00]: So what does that look like for you when you were doing that? Like how did you prepare?

[00:11:36] [SPEAKER_00]: Like how did you execute go into some of that?

[00:11:39] [SPEAKER_08]: Tim, that's really it's I pride myself on this

[00:11:45] [SPEAKER_08]: Every day when I started I had a plan for that day. Oh

[00:11:50] [SPEAKER_08]: And that plan if I was on the road

[00:11:55] [SPEAKER_08]: The hope was I could schedule for appointments

[00:11:58] [SPEAKER_08]: Okay

[00:11:59] [SPEAKER_08]: 9-11 1 & 3

[00:12:03] [SPEAKER_08]: The appointments it's hit or miss

[00:12:06] [SPEAKER_08]: Because you're calling or it's someone you stop to see and you came back later

[00:12:12] [SPEAKER_08]: At that visit and schedule an appointment with them to see them at some other time

[00:12:16] [SPEAKER_08]: So the idea for me was to have four

[00:12:21] [SPEAKER_08]: The day was 20

[00:12:24] [SPEAKER_08]: So I wanted to have 20

[00:12:27] [SPEAKER_08]: physical visits in a day

[00:12:29] [SPEAKER_08]: Now in our business, I could go to Baltimore. I could come to Philly and

[00:12:36] [SPEAKER_08]: In a tight geographical space. I could find 20 agents

[00:12:40] [SPEAKER_08]: And I primarily call on independent agents so State Farm and

[00:12:45] [SPEAKER_08]: All State

[00:12:47] [SPEAKER_08]: Agencies like that don't use us. So there's a segment that's not going to use us

[00:12:53] [SPEAKER_08]: But I would go to a town. I

[00:12:56] [SPEAKER_08]: Would try to identify who the largest commercial producers were

[00:13:02] [SPEAKER_08]: Those were my first priority. I

[00:13:06] [SPEAKER_08]: Would simply knock on their door

[00:13:08] [SPEAKER_08]: And what I have found and again, I'm just gonna use my own experience

[00:13:12] [SPEAKER_08]: I can't speak for you guys or any other. Oh, this is what one yes, right?

[00:13:17] [SPEAKER_08]: My experience is this

[00:13:19] [SPEAKER_08]: If I'm standing in front of you

[00:13:22] [SPEAKER_07]: Most people are good people

[00:13:25] [SPEAKER_07]: They're not going to be rude

[00:13:28] [SPEAKER_08]: I've been doing this for 37 years

[00:13:31] [SPEAKER_08]: I've knocked on doors for that long. I can count on one hand

[00:13:36] [SPEAKER_08]: Someone who was ignorant to me

[00:13:39] [SPEAKER_08]: Most people will give you five minutes

[00:13:43] [SPEAKER_08]: And I never say to people at first. I'm in the premium finance business

[00:13:50] [SPEAKER_08]: You say that it's a vampire seeing across

[00:13:56] [SPEAKER_01]: People are gonna be like so what is that? What is that, you know intro in you know if you're not saying hey

[00:14:03] [SPEAKER_01]: With the finance company, how are you?

[00:14:07] [SPEAKER_00]: Around that you can't come in the Philly and say you're a bills fan because that's not gonna work

[00:14:16] [SPEAKER_01]: I did throw a guy out who said he was a Cowboys fan. I was like

[00:14:24] [SPEAKER_08]: Everybody guys listen

[00:14:26] [SPEAKER_08]: The one thing about bills fans

[00:14:29] [SPEAKER_08]: Nobody buys hope better than us. Oh, yeah

[00:14:32] [SPEAKER_08]: This is the year straight Super Bowls. You have more heartbreaking defeats

[00:14:37] [SPEAKER_08]: There's a sympathy factor that people have when you say you're a bills fan 100%

[00:14:43] [SPEAKER_08]: Nope that it's part of my narrative. That's awesome, but Sean you may remember this

[00:14:49] [SPEAKER_08]: When I stopped in to see you the first thing I say business wise

[00:14:56] [SPEAKER_08]: Do you do any excess and surplus lines business?

[00:15:01] [SPEAKER_01]: At the time I was probably like what's that Stuart Ryan tell me what that part of my business is and you didn't yeah

[00:15:10] [SPEAKER_08]: But if an agent says to me, well, of course

[00:15:15] [SPEAKER_08]: They have no idea what I do unless they see this

[00:15:19] [SPEAKER_08]: Yep, so if they see the logo premium finance

[00:15:23] [SPEAKER_08]: Usually they haven't that hasn't connected yet

[00:15:26] [SPEAKER_08]: So you soften the sale you soften the approach

[00:15:31] [SPEAKER_08]: But not even saying what you do I

[00:15:35] [SPEAKER_08]: Haven't even introduced myself yet. Are you in the do you do any excess and surplus lines business? Yes

[00:15:43] [SPEAKER_08]: Tell me about that

[00:15:45] [SPEAKER_08]: Do you specialize in a certain line? Do you do trucking? Do you do medical malpractice?

[00:15:50] [SPEAKER_08]: I want them to talk not me

[00:15:52] [SPEAKER_08]: But if the answer is no Tim the call is probably done in five minutes

[00:15:57] [SPEAKER_06]: Gotcha

[00:15:59] [SPEAKER_08]: But the note is made. I saw Sean get back to the car. I saw Sean

[00:16:05] [SPEAKER_08]: He does mostly personal lines

[00:16:08] [SPEAKER_08]: He's not doing commercial, but he's just getting started

[00:16:14] [SPEAKER_08]: So he becomes part of our database and we're gonna touch him every month

[00:16:19] [SPEAKER_08]: Because you never know when it might change

[00:16:22] [SPEAKER_08]: And I've had that happen guys

[00:16:25] [SPEAKER_08]: more times than not where you don't think you do any

[00:16:30] [SPEAKER_08]: But in the market that we're in right now if you're not doing any you will be

[00:16:36] [SPEAKER_08]: Interesting, but it may be you're a casual user

[00:16:40] [SPEAKER_08]: Still should you know?

[00:16:42] [SPEAKER_01]: Sorry, I'm up

[00:16:44] [SPEAKER_01]: Did you do any so?

[00:16:47] [SPEAKER_01]: Going from from a corporate

[00:16:49] [SPEAKER_01]: banking finance background

[00:16:52] [SPEAKER_01]: So starting your own and getting on the road and trying to knock down doors

[00:16:55] [SPEAKER_01]: Did you have a formal sales training?

[00:17:00] [SPEAKER_01]: Program that you went through or that you did or maybe you'd done it over the years or was just

[00:17:05] [SPEAKER_01]: this approach

[00:17:07] [SPEAKER_01]: Something that you knew you needed to do you needed to go out and reach people and

[00:17:13] [SPEAKER_01]: This is was your pitch and your delivery because it felt

[00:17:17] [SPEAKER_01]: natural for you I

[00:17:19] [SPEAKER_08]: really feel

[00:17:22] [SPEAKER_08]: Sean if if if you want to be the best at whatever it is you do whether it's building widgets or

[00:17:28] [SPEAKER_08]: Yeah being in sales

[00:17:30] [SPEAKER_08]: You have to invest in yourself

[00:17:35] [SPEAKER_08]: and I

[00:17:36] [SPEAKER_08]: Invested a lot of money in my in my training to be what I am

[00:17:44] [SPEAKER_08]: Telespectrum

[00:17:45] [SPEAKER_08]: professional sales PSS

[00:17:48] [SPEAKER_07]: The Xerox program

[00:17:50] [SPEAKER_07]: Dale Carnegie

[00:17:52] [SPEAKER_07]: it

[00:17:54] [SPEAKER_07]: If you want to be at the top or near the top

[00:17:59] [SPEAKER_07]: You don't have to do it

[00:18:01] [SPEAKER_07]: But the skills that they teach you are invaluable. Oh, yeah

[00:18:06] [SPEAKER_08]: And I'm a firm believer in that I'm a firm believer. I think some of it

[00:18:13] [SPEAKER_08]: Can can come off sometimes depending on who your audience is I

[00:18:18] [SPEAKER_08]: Think you've got to be sensitive to how you approach people

[00:18:21] [SPEAKER_08]: But in terms of the knowledge you learn especially to close

[00:18:29] [SPEAKER_08]: Because I think and I'm not sure how you guys feel

[00:18:33] [SPEAKER_08]: The building as I mentioned before the hardest thing to do sure. Yep

[00:18:39] [SPEAKER_08]: The second hardest thing is to ask for the order. Mm-hmm. Yeah, it's to close. Yeah

[00:18:46] [SPEAKER_08]: And I don't think and and people do this and guys

[00:18:50] [SPEAKER_08]: I'm guilty of it in some settings because again, you have to be aware of who your audience is

[00:18:55] [SPEAKER_08]: To use a subtle close

[00:18:59] [SPEAKER_08]: But to use a hard close every time I

[00:19:03] [SPEAKER_08]: Think can turn people off. Yeah read. Yeah audience know who you're talking to

[00:19:09] [SPEAKER_08]: but I think those skills the

[00:19:14] [SPEAKER_08]: Building the opening the door and the closing the door I

[00:19:20] [SPEAKER_08]: Think through professional training

[00:19:23] [SPEAKER_08]: It really teaches you how to do that. Yeah, yeah, I would agree guys. I'm not the best

[00:19:29] [SPEAKER_08]: Never profess to be the best

[00:19:32] [SPEAKER_08]: But what I will tell you is when I say I make 20 calls. I make 20 calls

[00:19:38] [SPEAKER_08]: Yeah, it might be 505 on a Friday afternoon

[00:19:43] [SPEAKER_08]: I'm not gonna on that door

[00:19:45] [SPEAKER_00]: To the lights are off. You're open. Yeah, there's a question. So you meet with someone like Sean

[00:19:51] [SPEAKER_00]: He's new to the independent insurance ownership game. He's not really doing

[00:19:57] [SPEAKER_00]: Business that applies to your company

[00:20:00] [SPEAKER_00]: What did you drip on someone like Sean once a month? Like was that a phone call? Was that a letter?

[00:20:08] [SPEAKER_00]: Was it email? Was it?

[00:20:10] [SPEAKER_00]: Visiting him again like what were you doing to stay in touch with Sean over the years to start working together?

[00:20:15] [SPEAKER_08]: Mostly email to start. Yep, but but Sean what I would do is Sean is Sean for me when he started

[00:20:24] [SPEAKER_08]: wasn't a

[00:20:25] [SPEAKER_08]: What I would call a platinum prospect

[00:20:28] [SPEAKER_08]: Which platinum for us is defined as a million dollars and financing or more

[00:20:31] [SPEAKER_08]: We categorize those people too. So we set an agenda

[00:20:37] [SPEAKER_08]: For the number of times we're gonna connect with that person through physical visits

[00:20:44] [SPEAKER_08]: Sean because he was a casual user was once a year

[00:20:49] [SPEAKER_08]: And that call may only be five to ten minutes to catch up. Yeah. Hey, what are you doing?

[00:20:55] [SPEAKER_08]: Now the thing I remembered about Sean from our first visit was he played lacrosse. Yeah, I coach lacrosse

[00:21:01] [SPEAKER_08]: I'm an official

[00:21:02] [SPEAKER_08]: My son plays

[00:21:04] [SPEAKER_08]: So there was a connection with Sean and me when we started

[00:21:09] [SPEAKER_08]: But but Sean because of how we classified him

[00:21:15] [SPEAKER_08]: As a casual user

[00:21:17] [SPEAKER_08]: He would not get many physical visits from us or from me because he's my account. Yeah, but

[00:21:24] [SPEAKER_08]: Sean is in our email distribution. We do it once a month and

[00:21:28] [SPEAKER_08]: A lot of it is I'm sure it's like yours Tim. It's we talk about industry

[00:21:35] [SPEAKER_08]: We talk about events

[00:21:38] [SPEAKER_08]: We talk about some of the changes that we see going on in insurance and premium financing

[00:21:46] [SPEAKER_08]: And some of it could be its memorial day

[00:21:51] [SPEAKER_08]: Let's honor those who've fallen just it's a touch point

[00:21:55] [SPEAKER_08]: And

[00:21:56] [SPEAKER_08]: May or may not be insurance or premium finance related

[00:22:00] [SPEAKER_08]: But we're touching it. Yeah

[00:22:03] [SPEAKER_08]: We do we classify and not everybody on our team does this I do

[00:22:10] [SPEAKER_08]: We classify an agent

[00:22:13] [SPEAKER_08]: Based on the amount of business they produce

[00:22:18] [SPEAKER_08]: With us or without us

[00:22:21] [SPEAKER_07]: And that classification dictates

[00:22:25] [SPEAKER_07]: How much we call on them

[00:22:27] [SPEAKER_08]: Now some could be platinum

[00:22:30] [SPEAKER_08]: But they're closed-minded. Yep

[00:22:34] [SPEAKER_08]: I'd call on that guy four times or gal four times a year, but if they're closed-minded it's once right

[00:22:41] [SPEAKER_08]: Because they've got an existing relationship

[00:22:44] [SPEAKER_08]: They've had for 15 years there could be a reason why

[00:22:49] [SPEAKER_08]: But we're not going to dedicate as much time to someone who we view as closed-minded

[00:22:56] [SPEAKER_08]: But you never know when that might change. Yeah, you never know when their minds gonna open

[00:23:00] [SPEAKER_01]: So they have a bad experience exactly. Yeah, you mentioned before with the the market right now

[00:23:08] [SPEAKER_01]: And you you did say that if you didn't have an access to an ENS

[00:23:14] [SPEAKER_01]: Marketplace that you should

[00:23:16] [SPEAKER_01]: Because of the demand recently and I see it this industry went through in the last 12 to 24 months

[00:23:26] [SPEAKER_01]: Some of the biggest changes in the industry that I've seen in the last 20 years

[00:23:32] [SPEAKER_01]: Can you talk a little bit about how this marketplace this industry this hard market has impacted

[00:23:40] [SPEAKER_01]: What you're seeing on the ENS side and then subsequently the financing that's attached to it

[00:23:47] [SPEAKER_08]: I think what I don't think it was your last episode Sean you were talking about what's happening in your space

[00:23:55] [SPEAKER_08]: Yeah, but the standard lines and the increases in inflation you listen to that listen listen man

[00:24:01] [SPEAKER_00]: I've watched every episode loyal listener my man. I love it

[00:24:05] [SPEAKER_08]: Now it's

[00:24:08] [SPEAKER_08]: Our business Sean is experiencing the same type of impact as your business

[00:24:17] [SPEAKER_08]: We have seen incredible increases

[00:24:22] [SPEAKER_08]: And I was just talking to somebody today about this this market

[00:24:28] [SPEAKER_08]: And I'll ask you guys

[00:24:30] [SPEAKER_08]: Post 9-11 2002 were you Sean you weren't an agent yet right? No

[00:24:39] [SPEAKER_00]: Tim were you in business so right when 9-11 happened I was actually backpacking in Europe because we just graduated college and

[00:24:49] [SPEAKER_00]: When you say way you mean you just graduated college. I'm saying I graduate. Oh, that's right

[00:24:55] [SPEAKER_00]: Yeah, Sean was like a super senior but yeah, I went backpacking in Europe. I was in Belgium when 9-11

[00:25:03] [SPEAKER_00]: Happened so I'm overseas you know internet cafes or how I was communicating with people back home on my trip just to tell them I was safe

[00:25:12] [SPEAKER_00]: But then when I came back to answer your question there were no jobs because the stock market had crashed

[00:25:19] [SPEAKER_00]: Economy had halted everyone had an American flag hanging outside of their home like I came back to like a different America

[00:25:26] [SPEAKER_00]: From where I left which was really crazy. So yeah, I was just hustling

[00:25:29] [SPEAKER_00]: I was like waiting tables expediting things like that and then I got in the mortgage business in 2000

[00:25:34] [SPEAKER_00]: I'll be like midway through 2002

[00:25:37] [SPEAKER_08]: Yeah

[00:25:39] [SPEAKER_08]: Well post 9-11

[00:25:41] [SPEAKER_08]: The insurance market

[00:25:43] [SPEAKER_08]: Now I was working for someone else at that point. So I wasn't premium finance brokerage now, but I was in the business

[00:25:50] [SPEAKER_08]: So post 9-11

[00:25:54] [SPEAKER_08]: 11 2002

[00:25:57] [SPEAKER_08]: The insurance market

[00:26:00] [SPEAKER_08]: Really came unraveled

[00:26:02] [SPEAKER_08]: Kind of like what's happening now

[00:26:03] [SPEAKER_02]: Oh

[00:26:04] [SPEAKER_08]: And back then

[00:26:06] [SPEAKER_08]: It was really property driven and Sean you can appreciate this

[00:26:10] [SPEAKER_08]: You have 9-11 city exposures high rises. Yep

[00:26:16] [SPEAKER_08]: And what was happening guys was and this is how crazy it was

[00:26:20] [SPEAKER_08]: So you'd write a building the building would be insured by let's say the travelers

[00:26:25] [SPEAKER_08]: Okay

[00:26:26] [SPEAKER_08]: Post 9-11 depending on the values

[00:26:29] [SPEAKER_08]: You might have

[00:26:31] [SPEAKER_08]: Four or five insurance companies just writing the property

[00:26:35] [SPEAKER_08]: On that building

[00:26:36] [SPEAKER_08]: With what's called layered

[00:26:40] [SPEAKER_08]: Each company would take a portion of the risk they'd layer it

[00:26:44] [SPEAKER_01]: It's like Lloyd's with their syndicate

[00:26:46] [SPEAKER_01]: Exactly right you

[00:26:47] [SPEAKER_01]: Hey if I take 20 will you take 20

[00:26:50] [SPEAKER_00]: Like a cooperative deal kind of

[00:26:53] [SPEAKER_08]: It really is that's a great way to put it Tim that's a cooperative you got five

[00:26:58] [SPEAKER_08]: Entities five insurance carriers partnering to write one risk

[00:27:04] [SPEAKER_08]: And there were lines where

[00:27:07] [SPEAKER_08]: It was almost uninsured

[00:27:09] [SPEAKER_08]: Yep

[00:27:10] [SPEAKER_08]: I'd literally drive down Westchester Pike

[00:27:14] [SPEAKER_08]: I'd be throwing applications out the window

[00:27:16] [SPEAKER_08]: People are calling me guys left and right

[00:27:19] [SPEAKER_08]: I mean I had more business coming in

[00:27:22] [SPEAKER_04]: Wow

[00:27:22] [SPEAKER_08]: And this is where I go back to what I was saying before

[00:27:27] [SPEAKER_08]: The seeds that were planted

[00:27:30] [SPEAKER_08]: In 2099

[00:27:32] [SPEAKER_08]: When I'm just out grinding trying to build

[00:27:35] [SPEAKER_02]: Yep

[00:27:36] [SPEAKER_08]: That's when you hope that that person remembers who you are

[00:27:41] [SPEAKER_08]: And you're the person they call

[00:27:44] [SPEAKER_08]: So the market today

[00:27:47] [SPEAKER_08]: Is very similar to what it was then

[00:27:51] [SPEAKER_08]: Wow

[00:27:52] [SPEAKER_08]: Where these increases are substantial

[00:27:57] [SPEAKER_08]: And here's what happens in our business guys

[00:28:00] [SPEAKER_08]: Nothing get too deep in the weeds here but

[00:28:03] [SPEAKER_08]: This is a great business

[00:28:05] [SPEAKER_08]: Okay

[00:28:06] [SPEAKER_08]: Because the insurance

[00:28:08] [SPEAKER_08]: Is the asset that securitizes the loan

[00:28:13] [SPEAKER_07]: Tim you don't pay me I cancel your insurance

[00:28:15] [SPEAKER_02]: Yep

[00:28:17] [SPEAKER_07]: The return that we get

[00:28:19] [SPEAKER_07]: You hope covers the balance of the loan

[00:28:23] [SPEAKER_07]: If it does

[00:28:25] [SPEAKER_07]: It's virtually risk free

[00:28:27] [SPEAKER_08]: The problem today is

[00:28:29] [SPEAKER_08]: Sean brings me a risk

[00:28:32] [SPEAKER_08]: It was 20 grand last year

[00:28:34] [SPEAKER_08]: It's 50 this year

[00:28:37] [SPEAKER_08]: And the insurance says

[00:28:39] [SPEAKER_08]: Dude I don't have down

[00:28:42] [SPEAKER_08]: I can't come up with 25%

[00:28:46] [SPEAKER_08]: So now Sean comes to me and says

[00:28:48] [SPEAKER_08]: Can you give me 10% down

[00:28:52] [SPEAKER_08]: And that's what's happening today

[00:28:54] [SPEAKER_08]: So if I give one of Sean's clients 10% down

[00:28:58] [SPEAKER_08]: The risk we have in that loan now

[00:29:01] [SPEAKER_08]: It went from virtually no risk

[00:29:05] [SPEAKER_08]: To risk

[00:29:06] [SPEAKER_08]: So that return if I cancel it

[00:29:09] [SPEAKER_08]: Tim's not going to cover the balance of the loan

[00:29:11] [SPEAKER_01]: And it's more of a timing thing

[00:29:14] [SPEAKER_01]: So you know 30 days notice to cancel

[00:29:18] [SPEAKER_01]: And then beyond that

[00:29:19] [SPEAKER_01]: So like you have to have enough money up front

[00:29:23] [SPEAKER_01]: Right Stuart

[00:29:24] [SPEAKER_01]: Where you're not going to get burnt

[00:29:26] [SPEAKER_01]: And so as you mark down

[00:29:29] [SPEAKER_01]: Those that down pay

[00:29:31] [SPEAKER_01]: The time that window of time now

[00:29:34] [SPEAKER_01]: Now it's more of a risk because of that

[00:29:38] [SPEAKER_01]: Interesting

[00:29:39] [SPEAKER_08]: So that's really

[00:29:41] [SPEAKER_08]: When you look at the industry today

[00:29:45] [SPEAKER_08]: And I would encourage all of your viewers

[00:29:47] [SPEAKER_08]: Go back and watch the episode where Sean talked about

[00:29:50] [SPEAKER_08]: The state of the insurance market

[00:29:52] [SPEAKER_08]: I thought that was super helpful

[00:29:54] [SPEAKER_08]: We do have smart listeners

[00:29:55] [SPEAKER_00]: We do

[00:29:57] [SPEAKER_08]: What episode was that Sean

[00:30:00] [SPEAKER_01]: Just a couple ago was about

[00:30:02] [SPEAKER_00]: 18, 17, something like that

[00:30:04] [SPEAKER_00]: 19

[00:30:06] [SPEAKER_08]: Yeah

[00:30:06] [SPEAKER_08]: So we're seeing the same thing

[00:30:09] [SPEAKER_08]: The difference is

[00:30:11] [SPEAKER_08]: Our policies because they're in a different segment of the industry

[00:30:16] [SPEAKER_08]: The cancellation provisions are different

[00:30:19] [SPEAKER_08]: And we deal with a different clientele

[00:30:22] [SPEAKER_08]: Because the industries tend to be riskier

[00:30:24] [SPEAKER_03]: Sure

[00:30:25] [SPEAKER_08]: We do a lot of

[00:30:28] [SPEAKER_08]: Trucking

[00:30:32] [SPEAKER_08]: Right now

[00:30:32] [SPEAKER_08]: Is really in a tough place

[00:30:35] [SPEAKER_08]: The increases that we've seen

[00:30:37] [SPEAKER_08]: And the access to insurance companies right now

[00:30:40] [SPEAKER_08]: Sean you know this

[00:30:41] [SPEAKER_08]: It is so tight

[00:30:45] [SPEAKER_08]: And the cancellations

[00:30:48] [SPEAKER_08]: And the people that can't pay

[00:30:51] [SPEAKER_08]: Is unprecedented

[00:30:52] [SPEAKER_01]: Well I think too is the premiums are up

[00:30:54] [SPEAKER_01]: But then you also, you know

[00:30:55] [SPEAKER_01]: Fuel cost for a lot of trucking industry

[00:30:59] [SPEAKER_01]: Is a big factor in that

[00:31:02] [SPEAKER_01]: When you couple them

[00:31:03] [SPEAKER_01]: And I'm sure there's additional items

[00:31:07] [SPEAKER_01]: That are being inflated at the same time

[00:31:09] [SPEAKER_01]: Like all of these things hitting at once

[00:31:11] [SPEAKER_01]: Right

[00:31:12] [SPEAKER_00]: Yeah that brings up a question

[00:31:16] [SPEAKER_00]: So you're big on

[00:31:18] [SPEAKER_00]: I would like to call it more cold marketing to start

[00:31:21] [SPEAKER_00]: You're gonna go out and meet people you don't know

[00:31:23] [SPEAKER_00]: You're gonna call on people knock on doors

[00:31:26] [SPEAKER_00]: It takes a lot of guts like doing that

[00:31:29] [SPEAKER_00]: So you don't really know who you're gonna meet

[00:31:32] [SPEAKER_00]: Once you meet people you meet someone like Sean

[00:31:34] [SPEAKER_00]: And he's new

[00:31:36] [SPEAKER_00]: Not really in your spaceship

[00:31:37] [SPEAKER_00]: But you know he probably will be

[00:31:39] [SPEAKER_00]: Who's like an ideal client for you

[00:31:45] [SPEAKER_08]: Ideal client

[00:31:47] [SPEAKER_01]: It was platinum ones that

[00:31:49] [SPEAKER_01]: Well none of their clothes minded

[00:31:51] [SPEAKER_01]: Yeah it's true

[00:31:52] [SPEAKER_08]: Yeah

[00:31:52] [SPEAKER_08]: You know Tim

[00:31:58] [SPEAKER_08]: Here's what I would tell you

[00:32:01] [SPEAKER_08]: At some point in time

[00:32:03] [SPEAKER_08]: Every independent agent

[00:32:05] [SPEAKER_08]: Is going to need us

[00:32:08] [SPEAKER_07]: I have agencies

[00:32:11] [SPEAKER_07]: That

[00:32:13] [SPEAKER_07]: You'd walk up to their shop

[00:32:15] [SPEAKER_07]: And you would think

[00:32:17] [SPEAKER_08]: You know what

[00:32:19] [SPEAKER_08]: I can't imagine they're doing any kind of business

[00:32:22] [SPEAKER_08]: With me

[00:32:25] [SPEAKER_07]: They're two person agencies

[00:32:28] [SPEAKER_07]: But they specialize in something

[00:32:31] [SPEAKER_07]: Yep

[00:32:31] [SPEAKER_07]: It's medical malpractice

[00:32:34] [SPEAKER_07]: It's

[00:32:34] [SPEAKER_07]: D&O

[00:32:37] [SPEAKER_07]: It's trucking

[00:32:39] [SPEAKER_08]: This is what's so

[00:32:42] [SPEAKER_08]: Challenging about how you market in the field

[00:32:45] [SPEAKER_08]: Because you really don't know

[00:32:47] [SPEAKER_08]: Unless you go onto their website

[00:32:49] [SPEAKER_08]: And you see what they do

[00:32:52] [SPEAKER_08]: If you're out knocking on doors

[00:32:55] [SPEAKER_08]: I could walk into a shop that's

[00:32:57] [SPEAKER_08]: And I have these

[00:33:01] [SPEAKER_08]: $50 million worth of commercial insurance

[00:33:05] [SPEAKER_08]: But they only finance

[00:33:08] [SPEAKER_08]: $750,000

[00:33:09] [SPEAKER_04]: Oh

[00:33:10] [SPEAKER_08]: I've got some agencies the same size as Sean

[00:33:13] [SPEAKER_08]: That finance every piece of business so close to it

[00:33:15] [SPEAKER_04]: Whoa

[00:33:16] [SPEAKER_08]: So it's really hard

[00:33:18] [SPEAKER_08]: You can't

[00:33:20] [SPEAKER_08]: Go into KOP

[00:33:22] [SPEAKER_08]: All these beautiful buildings

[00:33:24] [SPEAKER_08]: High rises

[00:33:27] [SPEAKER_08]: Office complexes

[00:33:28] [SPEAKER_08]: Walk into an agency

[00:33:29] [SPEAKER_08]: They may not have anything for me today

[00:33:32] [SPEAKER_08]: But I go into downtown

[00:33:36] [SPEAKER_08]: So Wickely, Pennsylvania

[00:33:38] [SPEAKER_08]: On a street corner

[00:33:39] [SPEAKER_02]: Yep

[00:33:41] [SPEAKER_08]: In a small shopping center

[00:33:44] [SPEAKER_08]: And that person specializing

[00:33:46] [SPEAKER_08]: In medical malpractice or trucking

[00:33:49] [SPEAKER_08]: Or does a lot of restaurants, bars, taverns

[00:33:52] [SPEAKER_08]: Things that we do

[00:33:54] [SPEAKER_00]: So you really don't know

[00:33:58] [SPEAKER_00]: What other things are like

[00:33:59] [SPEAKER_00]: You have to because you have no clue

[00:34:01] [SPEAKER_00]: You can even read the website

[00:34:02] [SPEAKER_00]: And be like, I still don't know

[00:34:03] [SPEAKER_00]: This website is not good

[00:34:05] [SPEAKER_00]: Maybe it's not built to be good

[00:34:08] [SPEAKER_00]: It doesn't need to be consumer facing

[00:34:10] [SPEAKER_00]: It's just there to say

[00:34:11] [SPEAKER_00]: Hey this is where our office is

[00:34:13] [SPEAKER_00]: This is our number

[00:34:13] [SPEAKER_00]: We've been in business for 50 years

[00:34:15] [SPEAKER_00]: You know they're just trying to educate the public

[00:34:17] [SPEAKER_00]: And then you walk in

[00:34:19] [SPEAKER_00]: And then it's almost like

[00:34:20] [SPEAKER_00]: It's like gold rush

[00:34:28] [SPEAKER_00]: And we like the bills too

[00:34:29] [SPEAKER_00]: You're like, alright yo

[00:34:30] [SPEAKER_00]: I'm buying lunch

[00:34:31] [SPEAKER_06]: What do you guys eat?

[00:34:35] [SPEAKER_08]: I haven't filmed that many

[00:34:36] [SPEAKER_08]: You've got to be honest with me

[00:34:37] [SPEAKER_08]: You've got to be far between

[00:34:40] [SPEAKER_08]: The people who I know now

[00:34:42] [SPEAKER_08]: Who are bills fans

[00:34:44] [SPEAKER_08]: I swear to you guys

[00:34:45] [SPEAKER_08]: It's a sympathy factor now

[00:34:46] [SPEAKER_08]: Or generational

[00:34:48] [SPEAKER_00]: Maybe their parent, grandparent

[00:34:50] [SPEAKER_00]: Something like that came from

[00:34:52] [SPEAKER_00]: Upstate New York

[00:34:58] [SPEAKER_08]: Even more in the south

[00:34:59] [SPEAKER_00]: Carolina's

[00:35:01] [SPEAKER_00]: I'm going to go south

[00:35:03] [SPEAKER_00]: I want weather

[00:35:05] [SPEAKER_00]: Hey everyone

[00:35:06] [SPEAKER_00]: This is Tim

[00:35:07] [SPEAKER_00]: Your favorite bricks and risk co-hosts

[00:35:10] [SPEAKER_00]: But don't tell Sean

[00:35:11] [SPEAKER_00]: I hope you're enjoying this episode

[00:35:13] [SPEAKER_00]: And I'll get right back to it in a moment

[00:35:15] [SPEAKER_00]: Our audience grows through word of mouth

[00:35:17] [SPEAKER_00]: So if you would please take a moment of your time

[00:35:20] [SPEAKER_00]: And give us a review on the platform you're on

[00:35:22] [SPEAKER_00]: That would be fantastic

[00:35:24] [SPEAKER_00]: Please also help spread the B&R word

[00:35:28] [SPEAKER_00]: And give us a favorite episode with a friend

[00:35:30] [SPEAKER_00]: We greatly appreciate your time and trust

[00:35:33] [SPEAKER_00]: Now back to the show

[00:35:39] [SPEAKER_01]: Stuart, I'm in the process

[00:35:41] [SPEAKER_01]: Over the next year of trying to acquire

[00:35:44] [SPEAKER_01]: Another agency

[00:35:45] [SPEAKER_01]: And I've been doing my diligence

[00:35:49] [SPEAKER_01]: Searching, talking to people

[00:35:50] [SPEAKER_01]: Making connections with other agency owners

[00:35:53] [SPEAKER_00]: This is like the official announcement

[00:35:55] [SPEAKER_00]: We're like really talking about

[00:35:57] [SPEAKER_00]: Where Mooney's business is going

[00:35:58] [SPEAKER_00]: And what he's looking to do

[00:36:00] [SPEAKER_00]: So this is awesome

[00:36:01] [SPEAKER_01]: One of the many things that we're trying to accomplish

[00:36:04] [SPEAKER_01]: In the next 12 months

[00:36:06] [SPEAKER_01]: And the list is long

[00:36:08] [SPEAKER_01]: But I heard you speak of this

[00:36:12] [SPEAKER_01]: At a different time

[00:36:14] [SPEAKER_01]: That PFB

[00:36:17] [SPEAKER_01]: Does offer that in terms of financing

[00:36:20] [SPEAKER_01]: Or different options

[00:36:22] [SPEAKER_01]: Can you talk to me

[00:36:23] [SPEAKER_01]: Or talk about

[00:36:25] [SPEAKER_01]: The offerings that PFB does

[00:36:27] [SPEAKER_01]: Maybe outside of just a

[00:36:30] [SPEAKER_01]: Policy

[00:36:31] [SPEAKER_01]: Financing

[00:36:34] [SPEAKER_08]: Yeah, we do

[00:36:36] [SPEAKER_08]: Of course with the market

[00:36:38] [SPEAKER_08]: Getting tighter

[00:36:40] [SPEAKER_08]: It's getting harder to do this

[00:36:42] [SPEAKER_08]: Because of the way the economy is right now

[00:36:45] [SPEAKER_08]: So we're a little more selective

[00:36:47] [SPEAKER_08]: In terms of some of the alternative

[00:36:49] [SPEAKER_08]: That we do

[00:36:51] [SPEAKER_08]: But let me expand on your question

[00:36:53] [SPEAKER_08]: With just not so much

[00:36:57] [SPEAKER_08]: I'll bring agencies into this Sean

[00:36:58] [SPEAKER_08]: But we do

[00:37:00] [SPEAKER_08]: A fair amount of lending

[00:37:03] [SPEAKER_08]: To

[00:37:05] [SPEAKER_08]: Agencies in terms of lines of credit

[00:37:08] [SPEAKER_08]: In terms of capital purchases

[00:37:13] [SPEAKER_08]: We also do some lending to

[00:37:16] [SPEAKER_08]: Their insurances

[00:37:18] [SPEAKER_08]: Where let's say they can't afford their down payment

[00:37:22] [SPEAKER_08]: We'll provide a straight commercial loan

[00:37:26] [SPEAKER_08]: For that person

[00:37:28] [SPEAKER_03]: Interesting

[00:37:30] [SPEAKER_08]: Admittedly

[00:37:31] [SPEAKER_08]: It's getting harder

[00:37:32] [SPEAKER_08]: Because banks are getting tighter

[00:37:36] [SPEAKER_08]: Underwriting is getting tighter

[00:37:37] [SPEAKER_08]: And I'm sure you can see this Tim in your business

[00:37:40] [SPEAKER_08]: The way rates

[00:37:41] [SPEAKER_08]: On the mortgage side

[00:37:43] [SPEAKER_08]: The way rates have affected a person's capacity

[00:37:47] [SPEAKER_08]: To borrow

[00:37:48] [SPEAKER_08]: We're seeing the same thing

[00:37:50] [SPEAKER_08]: With the alternative stuff that we do

[00:37:52] [SPEAKER_08]: But that's part of

[00:37:56] [SPEAKER_08]: How we

[00:37:58] [SPEAKER_08]: We have a very unique approach

[00:38:00] [SPEAKER_08]: And I'm sure you guys are the same way

[00:38:04] [SPEAKER_08]: We have a program called concierge service plus

[00:38:08] [SPEAKER_08]: Where

[00:38:09] [SPEAKER_08]: We really try to get our arms around

[00:38:12] [SPEAKER_08]: An agency to provide a lot of services

[00:38:15] [SPEAKER_08]: Whether it's managing their premium finance asset

[00:38:19] [SPEAKER_08]: Or doing alternative lending

[00:38:21] [SPEAKER_08]: The agency purchasing

[00:38:26] [SPEAKER_08]: That you're talking about Sean

[00:38:28] [SPEAKER_08]: The market

[00:38:30] [SPEAKER_08]: And you've seen this

[00:38:32] [SPEAKER_08]: Has really recalibrated

[00:38:33] [SPEAKER_08]: With all these aggregators

[00:38:36] [SPEAKER_01]: From an all time high

[00:38:38] [SPEAKER_01]: In terms of what was

[00:38:39] [SPEAKER_01]: The deals being done

[00:38:41] [SPEAKER_01]: To now

[00:38:43] [SPEAKER_01]: Falling off of a cliff

[00:38:44] [SPEAKER_01]: A lot more risk

[00:38:45] [SPEAKER_01]: The number of acquisitions

[00:38:50] [SPEAKER_01]: That were being done

[00:38:52] [SPEAKER_00]: Is it lowering out because of the risk

[00:38:55] [SPEAKER_00]: Who you acquire

[00:38:56] [SPEAKER_00]: What if something goes wrong

[00:38:58] [SPEAKER_00]: With their clients

[00:39:00] [SPEAKER_01]: No I think the forces that are

[00:39:02] [SPEAKER_01]: And maybe Stuart can speak to this

[00:39:04] [SPEAKER_01]: But number one

[00:39:06] [SPEAKER_01]: It's almost like

[00:39:07] [SPEAKER_01]: Anybody that wanted to sell

[00:39:09] [SPEAKER_01]: Like sold because of the multiples

[00:39:12] [SPEAKER_01]: Were so high in the last year or two

[00:39:16] [SPEAKER_01]: And some other different reasons

[00:39:19] [SPEAKER_01]: Got you

[00:39:20] [SPEAKER_08]: If you look back

[00:39:23] [SPEAKER_08]: Then I'll go back to when I was

[00:39:26] [SPEAKER_08]: A green horn underwriter with the travelers

[00:39:28] [SPEAKER_08]: Back in 87

[00:39:29] [SPEAKER_08]: In the 80s

[00:39:33] [SPEAKER_08]: An agency was sold

[00:39:35] [SPEAKER_08]: For about one and a half times

[00:39:37] [SPEAKER_08]: Their annualized commission

[00:39:40] [SPEAKER_08]: And that was usually paid out guys

[00:39:42] [SPEAKER_08]: Over a three year period

[00:39:44] [SPEAKER_08]: So you would pay 50%

[00:39:46] [SPEAKER_08]: Of the retained business

[00:39:48] [SPEAKER_08]: Over a three year period

[00:39:50] [SPEAKER_08]: One and a half times

[00:39:53] [SPEAKER_08]: What's happened

[00:39:54] [SPEAKER_08]: And those deals were a lot easier

[00:39:56] [SPEAKER_08]: To help finance

[00:39:57] [SPEAKER_08]: Because there wasn't a whole lot

[00:39:59] [SPEAKER_08]: If any up front money

[00:40:02] [SPEAKER_08]: Now

[00:40:03] [SPEAKER_08]: These big

[00:40:04] [SPEAKER_08]: Accra sure

[00:40:06] [SPEAKER_08]: Assured partners

[00:40:08] [SPEAKER_08]: You know the name Sean

[00:40:11] [SPEAKER_08]: It's money up front

[00:40:14] [SPEAKER_08]: That has put a restriction on us

[00:40:17] [SPEAKER_08]: In terms of what we can do

[00:40:20] [SPEAKER_08]: What we have done

[00:40:24] [SPEAKER_08]: Is buy

[00:40:25] [SPEAKER_08]: The big component for us now

[00:40:27] [SPEAKER_08]: Is the premium financing Sean

[00:40:29] [SPEAKER_08]: There has to be a significant amount

[00:40:34] [SPEAKER_08]: Of premium financing

[00:40:35] [SPEAKER_08]: For us to even consider it

[00:40:39] [SPEAKER_08]: Now what's changed in our business

[00:40:40] [SPEAKER_08]: I mentioned before guys about how

[00:40:42] [SPEAKER_08]: It was mostly insurance companies

[00:40:44] [SPEAKER_08]: That owned premium finance companies

[00:40:47] [SPEAKER_08]: Years ago

[00:40:48] [SPEAKER_08]: Now they're banks

[00:40:51] [SPEAKER_08]: But what the finance companies do

[00:40:54] [SPEAKER_08]: Is what we're doing

[00:40:54] [SPEAKER_08]: But on a much grander scale

[00:40:57] [SPEAKER_08]: They look at how much premium financing you have

[00:41:00] [SPEAKER_08]: So when you take a company like a PCF

[00:41:03] [SPEAKER_08]: Or an Accra sure

[00:41:06] [SPEAKER_08]: Who's aggregating

[00:41:07] [SPEAKER_08]: A tremendous amount of volume

[00:41:09] [SPEAKER_08]: Much more than we do

[00:41:10] [SPEAKER_08]: The lender

[00:41:13] [SPEAKER_08]: Or the finance company

[00:41:14] [SPEAKER_08]: Will look at that

[00:41:16] [SPEAKER_08]: And use that as a basis

[00:41:19] [SPEAKER_01]: Well you measure and say

[00:41:20] [SPEAKER_01]: If we can bring this amount

[00:41:22] [SPEAKER_01]: Into our business

[00:41:26] [SPEAKER_01]: It's just an additional revenue stream

[00:41:29] [SPEAKER_01]: And so it's you know

[00:41:31] [SPEAKER_01]: Money out of pocket would be less

[00:41:34] [SPEAKER_01]: For them

[00:41:36] [SPEAKER_01]: Yeah I get that

[00:41:37] [SPEAKER_08]: But you know for an agency like you were Sean

[00:41:39] [SPEAKER_08]: If you wanted to hire a producer

[00:41:42] [SPEAKER_08]: Would there be a way for us to help you

[00:41:45] [SPEAKER_08]: There's absolutely a way

[00:41:46] [SPEAKER_01]: Oh wow

[00:41:47] [SPEAKER_01]: So when you're talking about

[00:41:49] [SPEAKER_01]: Lines of credit

[00:41:50] [SPEAKER_00]: Or anything like that

[00:41:51] [SPEAKER_00]: Yeah yeah

[00:41:52] [SPEAKER_00]: It's like financing for your staff

[00:41:54] [SPEAKER_00]: So you might not go out

[00:41:56] [SPEAKER_00]: And gobble up another company

[00:41:58] [SPEAKER_00]: Because of the things you guys were just talking about

[00:42:01] [SPEAKER_00]: You may go out and find a really good

[00:42:03] [SPEAKER_00]: Productive insurance agent

[00:42:05] [SPEAKER_00]: Who works somewhere

[00:42:06] [SPEAKER_00]: Who has relationships

[00:42:08] [SPEAKER_00]: As I see what Sean's doing

[00:42:10] [SPEAKER_00]: I'm gonna come over here with Sean

[00:42:11] [SPEAKER_00]: Because Sean wants me to be a part

[00:42:17] [SPEAKER_00]: Of this

[00:42:17] [SPEAKER_00]: Well that person is not cheap

[00:42:20] [SPEAKER_00]: Because they're making a lot of money

[00:42:21] [SPEAKER_00]: And in order for me to bring them here

[00:42:23] [SPEAKER_00]: Like I gotta pay them some big bucks

[00:42:25] [SPEAKER_00]: So you would maybe have like

[00:42:26] [SPEAKER_00]: A line of credit or a loan

[00:42:27] [SPEAKER_00]: That he could go to

[00:42:29] [SPEAKER_00]: To pay for that person to come

[00:42:31] [SPEAKER_00]: Then maybe they're in for like

[00:42:31] [SPEAKER_00]: A two, three year contract

[00:42:32] [SPEAKER_00]: Whatever works in your industry

[00:42:34] [SPEAKER_00]: And then they're just

[00:42:35] [SPEAKER_00]: Growing that

[00:42:47] [SPEAKER_08]: And you have to make it more

[00:42:48] [SPEAKER_08]: Than about price

[00:42:49] [SPEAKER_08]: Than about just selling your product

[00:42:53] [SPEAKER_08]: And what I mean by that is

[00:42:55] [SPEAKER_08]: I genuinely believe

[00:42:57] [SPEAKER_08]: That people want to be touched

[00:42:58] [SPEAKER_08]: I think my generation more so

[00:43:02] [SPEAKER_08]: Than the younger generation

[00:43:03] [SPEAKER_08]: But they want to be

[00:43:05] [SPEAKER_08]: They want to feel like

[00:43:07] [SPEAKER_08]: They're important to you

[00:43:09] [SPEAKER_08]: That you care

[00:43:10] [SPEAKER_08]: Exactly

[00:43:11] [SPEAKER_08]: And what we try to do is

[00:43:14] [SPEAKER_08]: We try to create things

[00:43:15] [SPEAKER_08]: These different products

[00:43:18] [SPEAKER_08]: Where if I can get my arms

[00:43:20] [SPEAKER_08]: Further around that client

[00:43:22] [SPEAKER_08]: And provide more of a value add

[00:43:26] [SPEAKER_08]: Because I can tell you

[00:43:28] [SPEAKER_08]: Because I've been there

[00:43:30] [SPEAKER_08]: When you walk into a prospect

[00:43:32] [SPEAKER_08]: And it comes out that

[00:43:34] [SPEAKER_08]: You're in the premium finance business

[00:43:37] [SPEAKER_08]: It's like the air is sucked out of the room

[00:43:39] [SPEAKER_08]: Ha ha ha ha

[00:43:41] [SPEAKER_08]: You gotta be kidding me

[00:43:42] [SPEAKER_08]: I just listened for 10 minutes

[00:43:44] [SPEAKER_08]: Oh boy

[00:43:46] [SPEAKER_08]: I want to provide

[00:43:48] [SPEAKER_08]: Value

[00:43:49] [SPEAKER_08]: And providing value

[00:43:53] [SPEAKER_08]: These other things that you can do

[00:43:56] [SPEAKER_08]: That

[00:43:58] [SPEAKER_08]: Enable you to wrap your arms

[00:44:00] [SPEAKER_08]: Like an octopus

[00:44:02] [SPEAKER_08]: Around someone

[00:44:04] [SPEAKER_01]: It's the same in our industry

[00:44:05] [SPEAKER_01]: It really is Sean

[00:44:07] [SPEAKER_01]: How many look at the retention rate

[00:44:09] [SPEAKER_01]: That you have with your client

[00:44:12] [SPEAKER_01]: Yeah

[00:44:12] [SPEAKER_01]: And the more lines of insurance

[00:44:15] [SPEAKER_01]: Auto, home, business, life insurance

[00:44:20] [SPEAKER_00]: Your retention rate goes up dramatically

[00:44:23] [SPEAKER_00]: Yeah, they've committed more and more to you

[00:44:26] [SPEAKER_00]: Over the years

[00:44:26] [SPEAKER_00]: Maybe they start out with home and auto

[00:44:28] [SPEAKER_00]: I own a house, I have a car

[00:44:29] [SPEAKER_00]: Do my basics

[00:44:30] [SPEAKER_00]: And I just started my own business

[00:44:34] [SPEAKER_00]: I'm in premium finance now

[00:44:36] [SPEAKER_00]: So it's like hey

[00:44:36] [SPEAKER_00]: I'm going to need some business insurance

[00:44:42] [SPEAKER_00]: Or Pocono mountains

[00:44:43] [SPEAKER_00]: And then you just become an extension

[00:44:47] [SPEAKER_00]: Of their life growing

[00:44:49] [SPEAKER_00]: And becoming successful financially

[00:44:51] [SPEAKER_00]: Because you're going to have to be there

[00:44:53] [SPEAKER_00]: To mitigate those risks

[00:44:54] [SPEAKER_00]: And they're probably not going to be like

[00:44:55] [SPEAKER_00]: I'll do half with Sean and I'll do half with Sally

[00:44:57] [SPEAKER_00]: Well it's also too

[00:44:58] [SPEAKER_01]: You're taking insurance off the table

[00:45:01] [SPEAKER_01]: Like it's ideal with Sean

[00:45:04] [SPEAKER_01]: For X, Y

[00:45:05] [SPEAKER_00]: It's not about the company

[00:45:07] [SPEAKER_00]: It's about you

[00:45:09] [SPEAKER_00]: I'm working with you

[00:45:11] [SPEAKER_00]: I need you to ensure this

[00:45:14] [SPEAKER_00]: Because I trust you

[00:45:16] [SPEAKER_00]: So tell me what that's like

[00:45:17] [SPEAKER_00]: And most of the time

[00:45:19] [SPEAKER_00]: You don't have an Excel spreadsheet

[00:45:20] [SPEAKER_00]: You're like Sean, Sally and Bill

[00:45:23] [SPEAKER_00]: No, you really just

[00:45:25] [SPEAKER_00]: You're just talking to Sean

[00:45:27] [SPEAKER_00]: He gives you the numbers

[00:45:28] [SPEAKER_00]: Obviously he's going to do whatever he can

[00:45:30] [SPEAKER_00]: To take care of that relationship

[00:45:31] [SPEAKER_00]: And then when you get the numbers

[00:45:32] [SPEAKER_00]: You might be like that's even less than I thought

[00:45:34] [SPEAKER_00]: Or thank you for educating me

[00:45:37] [SPEAKER_08]: And I think what you find guys

[00:45:39] [SPEAKER_08]: It's really fascinating

[00:45:40] [SPEAKER_08]: When you talk to the end user

[00:45:43] [SPEAKER_08]: So when Sean talks to his insured

[00:45:45] [SPEAKER_08]: And we all talk to the end user very often

[00:45:47] [SPEAKER_08]: Really unless the agent wants us to

[00:45:50] [SPEAKER_08]: And you'll ask that person

[00:45:52] [SPEAKER_08]: Well who are you with

[00:45:54] [SPEAKER_08]: While I'm with Sean

[00:45:55] [SPEAKER_08]: No, no, what carrier are you insured with

[00:45:58] [SPEAKER_08]: No, no, I'm with Sean

[00:46:00] [SPEAKER_08]: They don't know

[00:46:01] [SPEAKER_08]: And they're like oh Mooney

[00:46:03] [SPEAKER_08]: Of course

[00:46:04] [SPEAKER_08]: The hat

[00:46:07] [SPEAKER_08]: That's they don't really

[00:46:09] [SPEAKER_08]: And that's I think at the end of the day

[00:46:12] [SPEAKER_08]: That's what you want

[00:46:13] [SPEAKER_01]: Totally

[00:46:14] [SPEAKER_01]: We talked to Corey Schnabel about this

[00:46:17] [SPEAKER_01]: What is on that hat anyway

[00:46:19] [SPEAKER_01]: A rooster

[00:46:20] [SPEAKER_01]: That's a quail

[00:46:21] [SPEAKER_01]: We talked to Corey Schnabel

[00:46:24] [SPEAKER_01]: And it was he maps out the story

[00:46:27] [SPEAKER_01]: There you go

[00:46:29] [SPEAKER_01]: I was like I'm like I wear this at the games when I go

[00:46:32] [SPEAKER_01]: I love it

[00:46:33] [SPEAKER_01]: He was ready for us

[00:46:34] [SPEAKER_01]: He was ready for us

[00:46:36] [SPEAKER_01]: He talks about going to a baseball game

[00:46:39] [SPEAKER_01]: And one of his

[00:46:40] [SPEAKER_01]: This is really good story

[00:46:41] [SPEAKER_01]: He's at the ball game

[00:46:43] [SPEAKER_01]: And he's got his one of his

[00:46:45] [SPEAKER_01]: Best referral partners

[00:46:48] [SPEAKER_01]: With him at the baseball game

[00:46:50] [SPEAKER_01]: And there was another guy

[00:46:53] [SPEAKER_01]: At the game as well

[00:46:54] [SPEAKER_01]: And so they're sitting there talking

[00:46:56] [SPEAKER_01]: And he says oh yeah Jim

[00:46:58] [SPEAKER_01]: Yeah you know Corey

[00:47:00] [SPEAKER_01]: He's with State Farm

[00:47:03] [SPEAKER_01]: And he's like oh yeah

[00:47:04] [SPEAKER_01]: And they talk for 5 or 10 minutes

[00:47:07] [SPEAKER_01]: And then Jim goes away

[00:47:09] [SPEAKER_01]: And Corey turns

[00:47:10] [SPEAKER_01]: He says no I'm not with State Farm

[00:47:13] [SPEAKER_01]: Right

[00:47:14] [SPEAKER_01]: And he goes ah it doesn't matter

[00:47:16] [SPEAKER_01]: He's like you're my guy

[00:47:18] [SPEAKER_01]: I want you to work with Corey

[00:47:19] [SPEAKER_01]: You know

[00:47:20] [SPEAKER_01]: That's totally true

[00:47:26] [SPEAKER_01]: The policy

[00:47:27] [SPEAKER_00]: The premium

[00:47:28] [SPEAKER_00]: My business too

[00:47:29] [SPEAKER_00]: You know I just had a change in my business recently

[00:47:32] [SPEAKER_00]: Which was partnership based

[00:47:35] [SPEAKER_00]: And I had to shift

[00:47:36] [SPEAKER_00]: I had to shift my business

[00:47:37] [SPEAKER_00]: My personal business as well as I have agents that work for me

[00:47:40] [SPEAKER_00]: And when I shifted my business

[00:47:43] [SPEAKER_00]: You know I had to tell a lot of people I was doing it

[00:47:46] [SPEAKER_00]: And a lot of people still came with me

[00:47:47] [SPEAKER_00]: That were already working with me

[00:47:49] [SPEAKER_00]: Because they're like look we don't care if you're with ABC Real Estate

[00:47:51] [SPEAKER_00]: Or XYZ Real Estate

[00:47:53] [SPEAKER_00]: We want to work with Tim

[00:47:56] [SPEAKER_00]: And you have brought to us

[00:47:58] [SPEAKER_00]: Over the years

[00:47:59] [SPEAKER_00]: And if anything

[00:48:00] [SPEAKER_00]: The shift that I made

[00:48:01] [SPEAKER_00]: I thought even provided them with more value

[00:48:04] [SPEAKER_00]: Better financial structure

[00:48:05] [SPEAKER_00]: More people to talk to

[00:48:07] [SPEAKER_00]: Learning opportunities

[00:48:09] [SPEAKER_00]: Larger company

[00:48:11] [SPEAKER_00]: They're just like me

[00:48:12] [SPEAKER_00]: They're like little Tim's

[00:48:13] [SPEAKER_00]: With their books of business

[00:48:15] [SPEAKER_00]: And they run around trying to grow it

[00:48:17] [SPEAKER_00]: Just like I am I practice

[00:48:19] [SPEAKER_00]: And we just said we're stronger together

[00:48:26] [SPEAKER_01]: And we're relying on building relationships

[00:48:27] [SPEAKER_01]: And you go somewhere else

[00:48:30] [SPEAKER_01]: Yeah it's huge

[00:48:32] [SPEAKER_08]: It's gotta be more

[00:48:34] [SPEAKER_08]: Like in our business Sean

[00:48:36] [SPEAKER_08]: And I can't speak for years Tim

[00:48:38] [SPEAKER_08]: But I know in our business

[00:48:39] [SPEAKER_08]: And I say this to our entire group

[00:48:42] [SPEAKER_08]: If it's in on price

[00:48:45] [SPEAKER_08]: It's out on price

[00:48:47] [SPEAKER_08]: So you may get it

[00:48:48] [SPEAKER_08]: Because you've come in

[00:48:50] [SPEAKER_08]: And you've cut somebody's deal

[00:48:52] [SPEAKER_08]: Just to get it

[00:48:53] [SPEAKER_08]: If that's all you have

[00:48:55] [SPEAKER_08]: You're gonna lose it too

[00:48:57] [SPEAKER_08]: The same way that you got it

[00:48:59] [SPEAKER_08]: And that's why I think it's so important

[00:49:01] [SPEAKER_08]: This relationship

[00:49:03] [SPEAKER_08]: Is so important

[00:49:05] [SPEAKER_08]: You had a guest on

[00:49:07] [SPEAKER_08]: And I can't recall his name

[00:49:10] [SPEAKER_08]: And he was talking about

[00:49:12] [SPEAKER_08]: How

[00:49:14] [SPEAKER_08]: I'm always gonna be here for you

[00:49:16] [SPEAKER_08]: But the social part of it

[00:49:19] [SPEAKER_08]: Is not really

[00:49:20] [SPEAKER_00]: Jared, yeah

[00:49:21] [SPEAKER_00]: Jared

[00:49:21] [SPEAKER_00]: Yeah

[00:49:22] [SPEAKER_00]: Great guest

[00:49:26] [SPEAKER_08]: Thank you

[00:49:27] [SPEAKER_08]: I could not be

[00:49:31] [SPEAKER_08]: I look at how I do things

[00:49:33] [SPEAKER_08]: And I know guys like him

[00:49:35] [SPEAKER_08]: And you can be incredibly successful

[00:49:37] [SPEAKER_08]: That way obviously he is

[00:49:38] [SPEAKER_00]: That is not me

[00:49:41] [SPEAKER_08]: That's not the way

[00:49:43] [SPEAKER_08]: It's not me either

[00:49:45] [SPEAKER_00]: It's like complete opposite of me

[00:49:47] [SPEAKER_08]: I wanna be

[00:49:49] [SPEAKER_08]: When you call me

[00:49:50] [SPEAKER_08]: I'm not your premium finance person

[00:49:53] [SPEAKER_08]: I'm your partner

[00:49:55] [SPEAKER_08]: We're partners together

[00:49:57] [SPEAKER_08]: Let me help you with this deal

[00:50:00] [SPEAKER_08]: Whether it's through premium financing

[00:50:03] [SPEAKER_08]: Alternative lending

[00:50:04] [SPEAKER_08]: But we're gonna try to find a deal

[00:50:07] [SPEAKER_08]: In there somewhere for you to get done

[00:50:10] [SPEAKER_08]: But don't look at me as just that person

[00:50:12] [SPEAKER_08]: And I think part of getting to know someone

[00:50:15] [SPEAKER_08]: Like the whole lacrosse thing, Sean

[00:50:17] [SPEAKER_08]: That stuck with me

[00:50:18] [SPEAKER_03]: Yeah

[00:50:19] [SPEAKER_08]: You played

[00:50:20] [SPEAKER_08]: I'm an official

[00:50:22] [SPEAKER_08]: My son plays

[00:50:25] [SPEAKER_01]: It's a connection

[00:50:26] [SPEAKER_01]: Finding the connection

[00:50:27] [SPEAKER_08]: Absolutely

[00:50:28] [SPEAKER_08]: And I feel like for me

[00:50:32] [SPEAKER_08]: That's what's helped

[00:50:35] [SPEAKER_08]: The longevity of the relationships that I have

[00:50:39] [SPEAKER_08]: Are the personal interactions I have

[00:50:42] [SPEAKER_08]: And the genuine care

[00:50:44] [SPEAKER_08]: That I've got in people

[00:50:46] [SPEAKER_00]: I love that

[00:50:47] [SPEAKER_00]: And partners

[00:50:49] [SPEAKER_00]: Here's something you brought up earlier

[00:50:50] [SPEAKER_00]: That I wanna just dive a little bit deeper into

[00:50:52] [SPEAKER_00]: You talked about your concierge

[00:50:55] [SPEAKER_00]: I believe it's called concierge service plus program

[00:50:59] [SPEAKER_00]: Talk a little

[00:50:59] [SPEAKER_00]: I was grasping what you were saying

[00:51:01] [SPEAKER_00]: Cause you were doing a broad level

[00:51:03] [SPEAKER_00]: Dive a little bit deeper into that

[00:51:04] [SPEAKER_00]: Like what is that program for your company?

[00:51:07] [SPEAKER_08]: It's a white glove approach to him

[00:51:10] [SPEAKER_08]: So what we do is

[00:51:13] [SPEAKER_08]: We offer premium financing as an asset

[00:51:17] [SPEAKER_08]: It's a part of how an agency

[00:51:20] [SPEAKER_08]: It's in your agency

[00:51:21] [SPEAKER_08]: It's part of your business

[00:51:24] [SPEAKER_08]: And for a lot of agencies

[00:51:25] [SPEAKER_08]: It's a profit center

[00:51:28] [SPEAKER_08]: So we consider it an asset

[00:51:31] [SPEAKER_08]: And what we do

[00:51:32] [SPEAKER_08]: And this is what's very unique about us

[00:51:35] [SPEAKER_08]: If you're a high-end user of financing

[00:51:39] [SPEAKER_08]: We offer as an extension of your agency

[00:51:42] [SPEAKER_08]: A separate set of hands

[00:51:45] [SPEAKER_08]: To manage that business

[00:51:47] [SPEAKER_08]: So here's what you'll get from us

[00:51:50] [SPEAKER_08]: Every week

[00:51:51] [SPEAKER_08]: We're gonna send you a summary of your business

[00:51:56] [SPEAKER_08]: There's gonna be an Excel spreadsheet

[00:51:58] [SPEAKER_08]: Which I've told our folks here

[00:52:01] [SPEAKER_08]: You don't have to open it

[00:52:03] [SPEAKER_08]: You don't even have to look at the spreadsheet

[00:52:05] [SPEAKER_08]: The spreadsheet's gonna tell you all the accounts

[00:52:07] [SPEAKER_08]: And where they stand and everything

[00:52:09] [SPEAKER_08]: But we're gonna, in a narrative

[00:52:12] [SPEAKER_08]: Exactly what's happening with your business

[00:52:15] [SPEAKER_08]: You'll get a bullet point narrative

[00:52:19] [SPEAKER_08]: Exactly what's going on with your accounts

[00:52:22] [SPEAKER_08]: If this account's gonna cancel

[00:52:25] [SPEAKER_08]: Let's say I have financed you, Tim

[00:52:28] [SPEAKER_08]: You're gonna cancel, we're canceling you tomorrow

[00:52:30] [SPEAKER_08]: Okay

[00:52:31] [SPEAKER_07]: Now, maybe you didn't get the bill

[00:52:36] [SPEAKER_07]: On behalf of the agent

[00:52:39] [SPEAKER_08]: I'm gonna contact the finance company

[00:52:41] [SPEAKER_08]: And tell them to hold that cancellation

[00:52:47] [SPEAKER_08]: Your policy gets canceled

[00:52:48] [SPEAKER_08]: They may not reinstate you

[00:52:50] [SPEAKER_08]: If you pay me later

[00:52:52] [SPEAKER_08]: But what we do is

[00:52:54] [SPEAKER_08]: We approach that finance company

[00:52:56] [SPEAKER_08]: We say, look

[00:52:58] [SPEAKER_08]: I want a five-day hold from that cancellation

[00:53:03] [SPEAKER_08]: We haven't even spoken to the agent yet

[00:53:05] [SPEAKER_06]: Wow

[00:53:05] [SPEAKER_08]: We've just done it

[00:53:08] [SPEAKER_08]: We go back to the agent to advise them

[00:53:10] [SPEAKER_08]: Look, you want to cancel

[00:53:12] [SPEAKER_08]: We'll lift the five-day hold

[00:53:14] [SPEAKER_08]: But we're doing this as a value-added benefit

[00:53:17] [SPEAKER_08]: Because maybe that client didn't get their bill

[00:53:20] [SPEAKER_08]: Maybe the bill was mailed and didn't get there in time

[00:53:25] [SPEAKER_08]: But these types of things

[00:53:27] [SPEAKER_08]: And Sean, you can comment on this

[00:53:29] [SPEAKER_08]: You don't have time for that

[00:53:33] [SPEAKER_01]: Well, number one, I was gonna say

[00:53:35] [SPEAKER_01]: Let's say the person who's

[00:53:36] [SPEAKER_01]: Heading up the accounting department

[00:53:38] [SPEAKER_01]: Takes another job

[00:53:39] [SPEAKER_01]: Now you've got 30 days where

[00:53:42] [SPEAKER_01]: Hair's on fire, everybody's running

[00:53:43] [SPEAKER_01]: Nobody knows who's doing what

[00:53:45] [SPEAKER_01]: What bills are paid, what bills are not paid

[00:53:47] [SPEAKER_01]: And so this could be a very common occurrence

[00:53:51] [SPEAKER_01]: For a lot of businesses

[00:53:53] [SPEAKER_01]: Number one

[00:53:54] [SPEAKER_01]: And number two

[00:53:55] [SPEAKER_01]: I don't think there's anyone out there

[00:53:58] [SPEAKER_01]: That's offering this type of service

[00:54:00] [SPEAKER_01]: I've never heard of this level

[00:54:03] [SPEAKER_01]: Of service, especially from a premium finance company

[00:54:08] [SPEAKER_01]: And maybe you have competitors

[00:54:10] [SPEAKER_01]: Maybe you speak to that

[00:54:10] [SPEAKER_01]: But the proactive nature

[00:54:13] [SPEAKER_00]: I was gonna say proactive, not reactive

[00:54:15] [SPEAKER_00]: You know that these things happen

[00:54:17] [SPEAKER_00]: You know that people miss things

[00:54:19] [SPEAKER_00]: You know that an employee might leave

[00:54:20] [SPEAKER_00]: And someone drops the ball

[00:54:22] [SPEAKER_00]: So rather than them get screwed

[00:54:24] [SPEAKER_00]: You're like, we have already put this in place

[00:54:26] [SPEAKER_00]: To give you a window of time

[00:54:28] [SPEAKER_00]: To make sure you understand what the issue is

[00:54:31] [SPEAKER_00]: Like you said, maybe they're like

[00:54:33] [SPEAKER_00]: I'm done, thank you for everything

[00:54:36] [SPEAKER_00]: But sometimes at a time they're like, oh my gosh

[00:54:37] [SPEAKER_00]: No, we just didn't see it

[00:54:39] [SPEAKER_00]: What's going on, thank you for doing that

[00:54:41] [SPEAKER_00]: You really saved me here

[00:54:42] [SPEAKER_00]: That's cool

[00:54:43] [SPEAKER_01]: And let me tell you the biggest part of this

[00:54:46] [SPEAKER_01]: Is right now with this industry

[00:54:49] [SPEAKER_01]: And this marketplace

[00:54:53] [SPEAKER_01]: There are certain carriers out there

[00:54:55] [SPEAKER_01]: On certain accounts

[00:54:56] [SPEAKER_01]: That if they can get rid of you

[00:54:58] [SPEAKER_01]: As a client

[00:54:59] [SPEAKER_01]: Yeah, they're waiting for that

[00:55:00] [SPEAKER_01]: Oh my gosh

[00:55:02] [SPEAKER_01]: Right now

[00:55:08] [SPEAKER_01]: You had a claim in May

[00:55:11] [SPEAKER_00]: They're just looking for an opportunity

[00:55:12] [SPEAKER_00]: To lower their risk

[00:55:13] [SPEAKER_01]: And the door becomes open because you relate on a payment

[00:55:18] [SPEAKER_01]: Boom

[00:55:19] [SPEAKER_01]: They will get rid of you so fast

[00:55:22] [SPEAKER_01]: And so the value add that I see with the program

[00:55:26] [SPEAKER_01]: Is

[00:55:28] [SPEAKER_01]: The ability to avoid those situations

[00:55:31] [SPEAKER_01]: Because that's the worst scenario you can deal with

[00:55:33] [SPEAKER_01]: As an agency

[00:55:35] [SPEAKER_01]: Because now you've got a policy that can't

[00:55:37] [SPEAKER_01]: So now you've got a claim involved

[00:55:39] [SPEAKER_01]: Now you're scrambling to try to find new coverage

[00:55:42] [SPEAKER_01]: Which is near impossible

[00:55:44] [SPEAKER_01]: Because now nobody wants you

[00:55:46] [SPEAKER_01]: No one wants to touch you

[00:55:47] [SPEAKER_01]: It doesn't matter what happened

[00:55:48] [SPEAKER_01]: So the value add of that program

[00:55:52] [SPEAKER_01]: To have a proactive approach

[00:55:55] [SPEAKER_01]: On behalf of an agency

[00:55:57] [SPEAKER_01]: To me is invaluable

[00:55:59] [SPEAKER_08]: And see what happens in our business

[00:56:02] [SPEAKER_08]: And I can't comment on yours Tim

[00:56:04] [SPEAKER_08]: But I know with Sean

[00:56:06] [SPEAKER_08]: We get these spreadsheets

[00:56:09] [SPEAKER_08]: Deck pages, policies

[00:56:12] [SPEAKER_08]: They're mind-numbing

[00:56:14] [SPEAKER_00]: Yeah, I've seen them

[00:56:15] [SPEAKER_08]: You've got a hundred lines of data

[00:56:18] [SPEAKER_04]: Yep

[00:56:20] [SPEAKER_08]: We're telling you what's happening

[00:56:22] [SPEAKER_08]: You don't have to open it

[00:56:24] [SPEAKER_08]: Don't even look at it

[00:56:26] [SPEAKER_08]: We're telling you exactly

[00:56:28] [SPEAKER_08]: What the crisis is

[00:56:31] [SPEAKER_08]: Who's going to cancel

[00:56:33] [SPEAKER_08]: And what needs to be done

[00:56:34] [SPEAKER_08]: And we're doing it on your behalf

[00:56:38] [SPEAKER_08]: If we get in touch with you

[00:56:39] [SPEAKER_08]: And you say, no, don't do that

[00:56:41] [SPEAKER_08]: Okay, we'll pull that off

[00:56:43] [SPEAKER_08]: Let it cancel

[00:56:44] [SPEAKER_08]: I know that person's not going to pay

[00:56:46] [SPEAKER_08]: Let it cancel

[00:56:49] [SPEAKER_08]: Ninety-five times out of a hundred

[00:56:52] [SPEAKER_08]: It's thank you

[00:56:54] [SPEAKER_08]: Thank you for this service

[00:56:57] [SPEAKER_08]: You just saved this person

[00:56:59] [SPEAKER_08]: Five extra days to make a payment

[00:57:01] [SPEAKER_08]: Think about this too Sean

[00:57:02] [SPEAKER_08]: Now you have a potential chargeback

[00:57:05] [SPEAKER_08]: This thing cancels

[00:57:06] [SPEAKER_08]: Now you have a chargeback

[00:57:08] [SPEAKER_08]: The old chargeback

[00:57:09] [SPEAKER_08]: Right

[00:57:12] [SPEAKER_08]: So that's

[00:57:13] [SPEAKER_08]: It goes back to what I was saying before

[00:57:16] [SPEAKER_08]: Tim

[00:57:17] [SPEAKER_01]: And to define that, let's

[00:57:19] [SPEAKER_01]: For Tim and everybody else

[00:57:20] [SPEAKER_01]: What the hell is that?

[00:57:22] [SPEAKER_01]: So you write a policy

[00:57:25] [SPEAKER_01]: Cancels

[00:57:26] [SPEAKER_01]: Carrier cancels the policy

[00:57:29] [SPEAKER_01]: Chargeback

[00:57:30] [SPEAKER_01]: The agent who wrote the account

[00:57:32] [SPEAKER_00]: For the commission needs to cough up the money

[00:57:35] [SPEAKER_00]: Whoa

[00:57:35] [SPEAKER_00]: It's like you just closed the deal

[00:57:37] [SPEAKER_00]: But that happened

[00:57:39] [SPEAKER_00]: Bring it back

[00:57:41] [SPEAKER_00]: It's like it never happened

[00:57:44] [SPEAKER_01]: And so the avoidance

[00:57:47] [SPEAKER_01]: For a chargeback

[00:57:48] [SPEAKER_01]: Is just, again

[00:57:50] [SPEAKER_01]: Another

[00:57:51] [SPEAKER_01]: It's like a grace period to help you out with that

[00:57:53] [SPEAKER_08]: Wow

[00:57:54] [SPEAKER_00]: All right

[00:57:55] [SPEAKER_08]: Yeah, so that's a big part

[00:57:57] [SPEAKER_08]: Of CSP

[00:57:58] [SPEAKER_08]: We also do some other things

[00:58:01] [SPEAKER_08]: For pre-approvals on loans

[00:58:03] [SPEAKER_08]: On larger loans

[00:58:04] [SPEAKER_08]: We'll go to the market

[00:58:07] [SPEAKER_08]: That we have that insured with

[00:58:08] [SPEAKER_08]: And we'll get pre-approved payment terms

[00:58:12] [SPEAKER_08]: We give access to alternative lending

[00:58:14] [SPEAKER_08]: We also have a person on staff now

[00:58:17] [SPEAKER_08]: With over 30 years of credit

[00:58:19] [SPEAKER_08]: And underwriting experience

[00:58:21] [SPEAKER_08]: He ran a branch for one of our competitors

[00:58:24] [SPEAKER_08]: So what we do is

[00:58:25] [SPEAKER_08]: We review financials

[00:58:27] [SPEAKER_08]: We look at insureds

[00:58:28] [SPEAKER_08]: We pull from various credit services

[00:58:31] [SPEAKER_08]: To underwriting account

[00:58:32] [SPEAKER_08]: Before sending it to the lender

[00:58:35] [SPEAKER_08]: So we can tell an agent

[00:58:37] [SPEAKER_08]: Look

[00:58:38] [SPEAKER_08]: This insured's got some warps

[00:58:40] [SPEAKER_08]: Or you know what

[00:58:42] [SPEAKER_08]: This person's great

[00:58:43] [SPEAKER_08]: She's going to be awesome

[00:58:45] [SPEAKER_08]: We'll be a perfect pay

[00:58:46] [SPEAKER_08]: We'll get it to the market

[00:58:47] [SPEAKER_08]: And we'll ask for really flexible payment terms

[00:58:54] [SPEAKER_08]: They're not for everybody

[00:58:56] [SPEAKER_08]: But for agencies like Sean

[00:58:59] [SPEAKER_08]: Agencies that are

[00:59:01] [SPEAKER_08]: You're running half the time

[00:59:03] [SPEAKER_08]: With your hair on fire

[00:59:05] [SPEAKER_08]: You're not looking at

[00:59:06] [SPEAKER_08]: Oh, this guy's going to cancel

[00:59:09] [SPEAKER_08]: We're doing it for you

[00:59:11] [SPEAKER_08]: And that's where again

[00:59:13] [SPEAKER_08]: It's in on price

[00:59:14] [SPEAKER_08]: It's out on price

[00:59:16] [SPEAKER_00]: Yeah, these other things

[00:59:18] [SPEAKER_00]: That's so relative to so many industries

[00:59:20] [SPEAKER_08]: Create the separation

[00:59:22] [SPEAKER_08]: That I think that we provide

[00:59:25] [SPEAKER_08]: For

[00:59:26] [SPEAKER_08]: Anyone looking for a white glove experience

[00:59:30] [SPEAKER_08]: That's our sizzle

[00:59:32] [SPEAKER_08]: That's the special sauce for us guys

[00:59:34] [SPEAKER_08]: That's cool

[00:59:34] [SPEAKER_00]: Very cool

[00:59:35] [SPEAKER_00]: I'm going to shift it a touch

[00:59:38] [SPEAKER_00]: And lighten this up

[00:59:39] [SPEAKER_00]: I mean insurance

[00:59:40] [SPEAKER_00]: Can technically be a little bit of a dry subject

[00:59:43] [SPEAKER_00]: Oh come on Tim

[00:59:44] [SPEAKER_00]: This is my new question now

[00:59:47] [SPEAKER_00]: Are you an iPhone guy

[00:59:51] [SPEAKER_08]: I'm an iPhone

[00:59:52] [SPEAKER_00]: Yeah, boy

[00:59:54] [SPEAKER_00]: I knew it

[00:59:55] [SPEAKER_00]: I knew he was

[00:59:57] [SPEAKER_08]: Tell me just me and Tim

[01:00:00] [SPEAKER_00]: Tell me why you appreciate the iPhone so much

[01:00:04] [SPEAKER_08]: Listen man

[01:00:06] [SPEAKER_08]: In the spirit of full disclosure Tim

[01:00:09] [SPEAKER_00]: Yes please do

[01:00:10] [SPEAKER_08]: My son told me to get an iPhone

[01:00:11] [SPEAKER_08]: I got an iPhone

[01:00:13] [SPEAKER_00]: That's because your son's smart

[01:00:14] [SPEAKER_08]: Yeah, I'm not the most technologically savvy

[01:00:21] [SPEAKER_08]: He couldn't tell you why other than his recommendation

[01:00:24] [SPEAKER_00]: Sometimes it's as easy as that

[01:00:26] [SPEAKER_00]: That's fair

[01:00:27] [SPEAKER_00]: I still won this one though so I'm feeling good about that

[01:00:30] [SPEAKER_00]: Put it on the board

[01:00:30] [SPEAKER_08]: Put it on the board

[01:00:34] [SPEAKER_00]: Love it

[01:00:35] [SPEAKER_00]: Awesome

[01:00:35] [SPEAKER_00]: And then the last thing I want to go over real quick is

[01:00:37] [SPEAKER_00]: Sean and I love quotes

[01:00:39] [SPEAKER_00]: We always ask all of our guests please give us a quote or some quotes that you like

[01:00:43] [SPEAKER_00]: Your quote which is so super relevant to everything you shared with us

[01:00:46] [SPEAKER_00]: Especially your approach

[01:00:47] [SPEAKER_00]: The business building is eat what you kill

[01:00:51] [SPEAKER_00]: And how does that stick with you so well in business?

[01:00:56] [SPEAKER_08]: It's

[01:00:56] [SPEAKER_08]: And I've said this before on the show

[01:01:02] [SPEAKER_08]: The hardest thing to do Tim is build

[01:01:05] [SPEAKER_08]: I'm a firm believer in that

[01:01:09] [SPEAKER_08]: And the only way to build

[01:01:12] [SPEAKER_08]: Or the only way I think to really test

[01:01:16] [SPEAKER_08]: How good you are in sales

[01:01:19] [SPEAKER_08]: Is to go into a position like this

[01:01:24] [SPEAKER_08]: Like the one that you're in

[01:01:25] [SPEAKER_08]: And the one that Sean's in

[01:01:29] [SPEAKER_08]: Where there is no safety net

[01:01:30] [SPEAKER_02]: Yep

[01:01:32] [SPEAKER_08]: I've never worked this hard in my entire life guys

[01:01:36] [SPEAKER_08]: Since I started this in 2005

[01:01:39] [SPEAKER_08]: And knowing it was for my family

[01:01:44] [SPEAKER_07]: It just sets, it puts it on a different plane

[01:01:48] [SPEAKER_08]: You don't have the security

[01:01:51] [SPEAKER_08]: You don't have

[01:01:54] [SPEAKER_08]: There's no social safety net that's going to catch you

[01:01:58] [SPEAKER_08]: When you eat what you kill

[01:02:01] [SPEAKER_08]: And

[01:02:02] [SPEAKER_08]: And I'll tell you, I did some things

[01:02:04] [SPEAKER_08]: And I'll share with you a quick story

[01:02:06] [SPEAKER_08]: Sean knows I love to tell these little stories

[01:02:08] [SPEAKER_00]: Love them, please do

[01:02:11] [SPEAKER_08]: If I was working for the company

[01:02:13] [SPEAKER_08]: I probably never would have done this

[01:02:15] [SPEAKER_08]: But

[01:02:17] [SPEAKER_08]: In

[01:02:18] [SPEAKER_08]: I think it was 2006

[01:02:20] [SPEAKER_08]: So I'm a year in

[01:02:22] [SPEAKER_08]: And

[01:02:26] [SPEAKER_08]: It's not even a year, nine months

[01:02:29] [SPEAKER_08]: And you guys both know nine months

[01:02:31] [SPEAKER_08]: Is

[01:02:32] [SPEAKER_08]: The light is probably the train

[01:02:34] [SPEAKER_08]: I'm an action

[01:02:35] [SPEAKER_08]: So I'm in Weirton, West Virginia

[01:02:39] [SPEAKER_08]: Okay

[01:02:40] [SPEAKER_08]: Outside of Pittsburgh

[01:02:43] [SPEAKER_08]: And

[01:02:45] [SPEAKER_08]: I had to go to

[01:02:47] [SPEAKER_08]: Beckley, West Virginia

[01:02:48] [SPEAKER_08]: That night

[01:02:51] [SPEAKER_08]: So again going back to what I was saying

[01:02:53] [SPEAKER_08]: About my 20 calls

[01:02:54] [SPEAKER_08]: I made full use of my time

[01:02:58] [SPEAKER_07]: I was here until five o'clock

[01:03:00] [SPEAKER_07]: Knocked down the doors

[01:03:02] [SPEAKER_07]: Left there

[01:03:04] [SPEAKER_07]: I got down to Beckley

[01:03:06] [SPEAKER_07]: At about 11 o'clock

[01:03:09] [SPEAKER_07]: Okay

[01:03:11] [SPEAKER_07]: I'm staying in an Econolodge

[01:03:14] [SPEAKER_08]: Never stayed at one

[01:03:15] [SPEAKER_00]: I've been in an Econolodge before, yeah

[01:03:18] [SPEAKER_00]: It's like the four seasons

[01:03:19] [SPEAKER_00]: They're like they're like

[01:03:20] [SPEAKER_00]: It's all like a drunken stupor

[01:03:21] [SPEAKER_00]: That's that's like basic as basic gets

[01:03:23] [SPEAKER_00]: Probably I had to stop on like a road trip or something

[01:03:25] [SPEAKER_00]: We're just like $89 a night we're in

[01:03:28] [SPEAKER_08]: So $29.99 a night

[01:03:30] [SPEAKER_08]: Whoa

[01:03:31] [SPEAKER_08]: Yeah

[01:03:32] [SPEAKER_01]: Beckley, West Virginia

[01:03:33] [SPEAKER_01]: So not like the four seasons

[01:03:35] [SPEAKER_00]: No, yeah

[01:03:36] [SPEAKER_00]: Listen

[01:03:37] [SPEAKER_00]: Did they have eggs florentine?

[01:03:42] [SPEAKER_08]: Well I can tell you they had

[01:03:44] [SPEAKER_08]: The doors were on the outside of the building

[01:03:47] [SPEAKER_08]: Out of a thing

[01:03:48] [SPEAKER_08]: You know?

[01:03:49] [SPEAKER_08]: Bars on the windows

[01:03:50] [SPEAKER_08]: So anyway

[01:03:52] [SPEAKER_08]: I get to town

[01:03:55] [SPEAKER_08]: And

[01:03:55] [SPEAKER_08]: Of course

[01:03:58] [SPEAKER_08]: I'm dead tired

[01:04:00] [SPEAKER_08]: And I walk into the office

[01:04:02] [SPEAKER_08]: And they've got this old fashioned water fountain

[01:04:06] [SPEAKER_08]: And there's caution tape

[01:04:07] [SPEAKER_08]: Covering the water fountain

[01:04:10] [SPEAKER_08]: I'm not even thinking

[01:04:11] [SPEAKER_08]: The thing about this guy

[01:04:12] [SPEAKER_07]: Okay

[01:04:14] [SPEAKER_07]: So

[01:04:15] [SPEAKER_07]: Go to the front counter

[01:04:17] [SPEAKER_07]: Check in

[01:04:18] [SPEAKER_07]: And the guy brings up

[01:04:21] [SPEAKER_07]: Two gallon jugs of water

[01:04:22] [SPEAKER_07]: And I'm like, okay

[01:04:27] [SPEAKER_07]: What's this for?

[01:04:28] [SPEAKER_07]: He said, well you

[01:04:30] [SPEAKER_07]: You didn't hear we had an E. coli outbreak here

[01:04:32] [SPEAKER_08]: In this town

[01:04:34] [SPEAKER_08]: I'm like, what?

[01:04:36] [SPEAKER_08]: This is your shower and this is for breakfast

[01:04:38] [SPEAKER_08]: Yes

[01:04:42] [SPEAKER_08]: Guys that was

[01:04:44] [SPEAKER_08]: At a point you're questioning yourself

[01:04:47] [SPEAKER_04]: Oh yeah, yeah

[01:04:48] [SPEAKER_04]: And I made the right decision here to do this

[01:04:50] [SPEAKER_08]: But when made that story so great

[01:04:53] [SPEAKER_08]: So I stayed there that night

[01:04:57] [SPEAKER_08]: 29.99 with an E. coli outbreak

[01:05:01] [SPEAKER_08]: The next morning

[01:05:02] [SPEAKER_08]: I met with an agent

[01:05:03] [SPEAKER_08]: I told him the story

[01:05:04] [SPEAKER_08]: And of course he knew

[01:05:05] [SPEAKER_08]: Now why he didn't call me

[01:05:06] [SPEAKER_01]: Give you the heads up

[01:05:08] [SPEAKER_01]: Yeah

[01:05:08] [SPEAKER_01]: Okay

[01:05:09] [SPEAKER_01]: It was a test

[01:05:11] [SPEAKER_01]: How bad did you want his business?

[01:05:12] [SPEAKER_01]: Are you willing to sleep through the E. coli?

[01:05:15] [SPEAKER_08]: Sean

[01:05:16] [SPEAKER_08]: It's the moral of the story

[01:05:17] [SPEAKER_01]: Yeah

[01:05:18] [SPEAKER_01]: If you're working for it, it's far better

[01:05:20] [SPEAKER_01]: Are you doing that?

[01:05:21] [SPEAKER_01]: I'm on the road back home

[01:05:22] [SPEAKER_01]: Still hurt

[01:05:22] [SPEAKER_01]: I'm not sticking around

[01:05:24] [SPEAKER_08]: Yes you are

[01:05:26] [SPEAKER_08]: That guy

[01:05:28] [SPEAKER_08]: And going back to our bills and allergy here

[01:05:31] [SPEAKER_06]: Yeah

[01:05:31] [SPEAKER_08]: The sympathy factor

[01:05:34] [SPEAKER_08]: That guy felt so bad for me

[01:05:37] [SPEAKER_08]: He signed up that day

[01:05:39] [SPEAKER_08]: I got a deal from that guy

[01:05:41] [SPEAKER_08]: The next day

[01:05:43] [SPEAKER_08]: He stayed with me till he sold his business

[01:05:46] [SPEAKER_03]: Awesome

[01:05:47] [SPEAKER_08]: I don't know many people that would have done that

[01:05:50] [SPEAKER_03]: Yeah

[01:05:50] [SPEAKER_08]: And I don't know if I would have done that

[01:05:53] [SPEAKER_08]: If I was working for somebody else

[01:05:55] [SPEAKER_00]: Probably not

[01:05:56] [SPEAKER_00]: Just keep pushing through man

[01:05:58] [SPEAKER_00]: Dude, that is phenomenal

[01:05:59] [SPEAKER_00]: Love that story

[01:06:00] [SPEAKER_00]: I love it

[01:06:01] [SPEAKER_08]: When you're in the position that we're in

[01:06:06] [SPEAKER_08]: You do things like that

[01:06:07] [SPEAKER_08]: Would I do it now?

[01:06:10] [SPEAKER_08]: Man

[01:06:11] [SPEAKER_08]: I think you would

[01:06:12] [SPEAKER_01]: Still, I'm saying you would

[01:06:14] [SPEAKER_01]: Right

[01:06:15] [SPEAKER_01]: I'm saying you would

[01:06:16] [SPEAKER_00]: I know you

[01:06:17] [SPEAKER_00]: I'm going to Super 8 for 49.99 a night

[01:06:20] [SPEAKER_00]: That's how I'm living

[01:06:21] [SPEAKER_00]: In this West Virginia town

[01:06:23] [SPEAKER_00]: Alright cool

[01:06:24] [SPEAKER_00]: Let's do this

[01:06:26] [SPEAKER_00]: Before we shut it down

[01:06:27] [SPEAKER_00]: Why don't you tell people

[01:06:28] [SPEAKER_00]: Where they can learn more about you

[01:06:30] [SPEAKER_00]: And your company

[01:06:31] [SPEAKER_00]: Where would you like them to go to get more information?

[01:06:34] [SPEAKER_08]: Come to our website

[01:06:36] [SPEAKER_08]: Which is premiumfinancebrokerage.com

[01:06:39] [SPEAKER_08]: You can also find me at LinkedIn

[01:06:45] [SPEAKER_08]: We're on Twitter

[01:06:50] [SPEAKER_08]: But I think the best way to get us guys

[01:06:52] [SPEAKER_08]: Is to come to our website

[01:06:53] [SPEAKER_00]: Website, contact information

[01:06:55] [SPEAKER_00]: Go from there

[01:06:55] [SPEAKER_00]: We'll try to put the links up on there too

[01:06:58] [SPEAKER_00]: Awesome

[01:06:58] [SPEAKER_00]: Well hey Stuart

[01:07:01] [SPEAKER_00]: Fantastic interview

[01:07:02] [SPEAKER_00]: Thank you for not only contributing

[01:07:04] [SPEAKER_00]: But thank you also for being a listener

[01:07:06] [SPEAKER_00]: Greatly appreciate that

[01:07:09] [SPEAKER_00]: And that's all we have for this one folks

[01:07:11] [SPEAKER_00]: So thank you for tuning in again

[01:07:13] [SPEAKER_00]: To another episode of Bricks and Risk

[01:07:15] [SPEAKER_00]: See you soon

[01:07:17] [SPEAKER_00]: Thank you for joining us on another episode

[01:07:20] [SPEAKER_00]: Of Bricks and Risk

[01:07:21] [SPEAKER_00]: Our goal is that you walk away

[01:07:24] [SPEAKER_00]: With one or two valuable nuggets

[01:07:25] [SPEAKER_00]: And we greatly appreciate you

[01:07:27] [SPEAKER_00]: Sharing your time with us today

[01:07:29] [SPEAKER_00]: You can find all B&R episodes

[01:07:32] [SPEAKER_00]: On Spotify, Apple Music, YouTube

[01:07:35] [SPEAKER_00]: And anywhere else you get your podcast content

[01:07:38] [SPEAKER_00]: Until next time

[01:07:39] [SPEAKER_00]: Keep learning and keep growing