How To Win More Deals

Grow trees and cut down trees and make so we have wood. Like, it's a very old-school fund, but very good returns, very good risk-adjusted rate of return. So what's up? Good morning from Denver. Hello, chat. Blessings, what's going on? Welcome in, welcome in. Actually, do this for me. If you're here, we're gonna dive in in like, we got 20 more seconds. I'm gonna do 1 or 2 questions. How many people, this is your first time being on a live call with me? If it is, type a 1 in the chat. I'm always curious. If this is your first time ever being on a call with me, On a live call, put a 1 in the chat. Oh wow, a lot of people. Okay, if you've been on twice, put a 2. If you've been on 5 times, put a 5. Put on whatever number of calls you've been on before with me. I'm just very curious kind of what kind of demographic we have today. So 3s, a lot of 1s though. 5 years, not sure, been on all of them. James, that's awesome. 2, so a couple people on 2. First time, 5, too many to count. So we got some veterans here and some other stuff. Whether this is your first time or you're a veteran, I actually have some fun stuff to talk about today. We'll have a lot of new content today. I'm here to just serve and give, and I want to help y'all a ton. Right now we live in incredible times. It is an amazing time, I think, to build a fund, to raise capital, to pool capital together, and I want more people to do this the right way. Do it compliantly. Make sure it's buttoned up. Make sure if you do go out and raise money or pull things together that you actually can structure it the right way and build something that can actually scale. So today we are going to talk about a couple different topics. At the beginning though, we are going to dive right into capital raising. So you ready to go? Ready to get into it? Okay, let's dive in. We'll do some giveaways in a few minutes, so let's just dive in. So if you can share my screen. Today we are talking about raising capital and starting your first fund webinar and how to win more deals. Alright, it's a pretty good title, you know, not bad, not too bad of a title. Wrote that title myself. Actually, just kidding, my marketing team wrote it and then I added this end piece here. I messed up their title, but here we go. So I'm going to talk right now about capital raising. How many people have gone out and raised capital before? Type a yes if you've tried to raise capital or raised capital in the past, or type a no if you haven't. No worries on either side. I'm just curious. Type a yes if you have, no if you haven't. I've liked this framework a lot with raising capital. There are 3 distinct stages of raising capital. So number 1, getting in the room. Like, are you even in the vicinity of people with money? Are you in even the room? Do you even have the opportunity to talk to people that have capital. The second phase of that is number 2. Okay, you're in the room. You're around the people with money. But do you connect with them? Connect is a broad term. But do they see you as someone who they would actually invest into? Like, I have a friend who comes from a wealthy family. He's in a lot of good rooms. I mean, he's around people with money all the time. But no one sees him, little Johnny, as someone that could raise and manage money for them.

Right?

That's a big difference. So that's number 2. How do you actually connect, build value, status alignment with someone so that when they want to invest, they think of you and gets you to stage 3, which is the close stage. So that's more the traditional. You have a pitch deck, you're in a boardroom, you're pitching, and you're closing. What I find though, most people are like Bridger. I'm struggling raising capital. They're usually struggling in all three of these buckets in one way or the other, and we all are. We're all getting better at all these. And so today. I want to walk through, if we have time, I'm going to try to walk through all 3 of these. We'll see. I have a guest coming on here in just a few minutes. So once he's on, ready to go, we'll probably just bring him on. But I'm going to dive into these. Does that sound fair?

Yeah.

Now, just so you know that I know what I'm talking about, for people that are brand new on here, my name is Bridger Pennington. I co-founded this account. My whole story in 30 seconds. So I started Blackbridge Holdings there on the left in college. I come to find out my dad was running a deca-billion-dollar family of investment funds in college. My brother was also an investment funds attorney. We grew up in just a normal house which was— I have a whole story I won't tell you guys today. I really, I come to find out my dad is like loaded. He drove a car with a dent in the door my whole life. You know, we didn't get dessert or no drinks. There was no soft drinks at restaurants. Like if we went out to dinner, it's like nobody get drinks because it was too expensive, right? And yet at the time, he was managing an $8 billion family of real estate funds.

Yeah.

One of the co-founders. Now he's since retired. He retired when they hit about $28 billion. I think today they're around $50 billion of capital, which is crazy. That is about 10 times bigger than Cardone Capital is today, to put that into perspective. And this is my dad, John. Some of you guys have been to our events. You've seen John. He loves to speak and talk. He's an amazing guy. We got YouTube videos with him. He's phenomenal. And so I come to find out my dad has money. I, my dad in college, I start to learn about funds, build funds. So I built a fund in college, Blackbridge Holdings, and we were doing small short-term loans to finance clients that were coming through a business that I was doing an internship at. And so anyways, we launched this fund. I pitched my dad for money. My dad said, no, I'm not going to invest with you. But he says, I'll be a mentor and a coach to you. I said, that's, you know, I, at the time I was mad, but it turned out to be the best gift my dad ever gave me was not giving me money. And so we— I ran that fund and my dad never invested in a deal, project, anything I've done for I think 8 and a half years. He just wrote his first check at the end of here. You'll see Fund Launch Partners. We just launched this fund. We raised $27 million of equity, just barely closed that fund with me and my partners. We are now investing into our favorite people that come out of Fund Launch, which you can see in the middle over here. So our favourite people out of Fund Launch, if they have a great fund, one of them you're gonna see today. So John, we're gonna bring on in a few minutes. We actually wrote him a cheque, partnered with him through Fund Launch Partners. We are a GP stakes firm. We can dive into this in a minute. We've done 9 deals so far. Average commitment is about $1 million we write in on average. We can go up to $5 million. We're looking to do another 18 deals here in the next 12 to 24 months. Okay, so that's what we do with Fund Launch Partners. It's an amazing space. GP stakes is awesome. Got tons of asymmetrical risk. It's amazing. I also run another fund, Ugly Unicorn. It's in crypto and blockchain. My partner Dan, he's on the board of Intel for the last 16 years. We've raised $23 million of equity in this fund, crypto and blockchain. I could talk blockchain all day, every day. It's awesome. We have a— we're hitting, we think, the next cycle right now in crypto. It's going to be pretty darn fun. We can talk crypto as well. So between those 2 funds, all 3, I guess, we— I have raised— me and my team have raised $47 million of equity in those funds. So I do know a little bit about launching funds. These are 3 funds that I've launched. I currently run 2 of them. Blackbridge Holdings, we actually sold to a competitor a few years, about 3 years in, we sold to a competitor. And then we help people now through Fund Launch go and launch their funds. We help implement, we teach everything for free, and then we just help people implement. So if you're wondering like, Bridger, what's the catch? Why do you do these webinars? What do you do? The catch is this, okay? We, I've decided, we used to sell courses and stuff. We pretty much teach everything for free. Like YouTube, we have AltStreet, I'll talk about that in a minute, everything's for free, but if someone wants help implementing and launching their fund, we have about 15 different coaches and consultants, we have about 6 to 8 law firms, we have a bunch of partners, we have pitch deck designers that work on your fund, build it, incubate it to launch. We've launched over 300 funds, we have $4.7 billion of reported client AUM, it's been an awesome business that we run. Okay, so I have a little bit of a sense of what's going on. I'll tell you furthermore, we're gonna talk here about Capital raising. I'm raising capital right now. I did 2 investor calls yesterday. I'm doing 2 more investor calls after this call. I did, I think, 14 investor calls last week. I am actively raising money. I am actively in the game. I'm just going to share with you for the next few minutes what's working for us right now to raise money. This is for Ugly Unicorn. We're an open-ended fund, so we raise money continually. This month right now, we've signed in about $1.15 million so far signed for this month. We have about $2 to $5 million that was kind of pending right now. It's going to come in for this month's closing. So I'm actively in the game. Okay, so good enough. I have a little bit of— I'm in the game though. I want to let you know that like I actively— this isn't stuff that was 20 years ago. This is stuff that's working like right now. So let's dive in. Now, one last thing I got to share on my beautiful family is my wife. This is Jonah and Paris. We just had a baby a few months ago. My wife is amazing. We live in Utah. We have 11 chickens. We have a little acre and a half, kind of a little acreage, and it is awesome, man. My family is amazing. My wife is awesome. I could tell you that story too. I won't, but we grew up on the same street together. Knew each other our whole lives. She is absolutely phenomenal. Then for you guys, this is my business partner Mason. Some of you see us on social media. Again, we try to give away a ton of content for free. Here are some of our events we've done.

Alright.

Enough of that. Let's dive in. Okay, so 3 distinct categories here on capital raising. Let's start with the— well, actually, let me ask the question, people that are live right now. Which one do you struggle with the most in capital raising? Or if you were gonna go capital raise, which one would intimidate you the most? Again, number 1 is just getting in the right rooms. How do I get in the right rooms? Number 2 is, okay, I'm in the room. How do I connect with the people here? And room is a broad term. Okay, in the room or just in the vicinity. Connecting is number 2. How do I warm this person up to have the chance to actually pitch and close them? So in the chat, type in which one you are struggling with or would struggle with the most. Can you pull up the chat for me so I can see it? Type a 1, a 2, or a 3. So we got some 1s in here, some 2s. So type— give me a 1, a 2, a 3. Yes to all 3. Number 2. 2 and 3. 1. These are broad buckets here. Okay, so we've got, man, a good mix here. Really good mix. Alright, let's talk about, we'll see how much time we have. We'll talk about all of them here. Let's dive into this first one. Okay, we'll just go in order. So Bridger, I, you know, and we can talk funds in a minute. I'm gonna stay on, we'll do a Q&A and stuff. And so let's say you're putting, you have an offering. Meaning you've got something you wanna raise money for. Hey, we're gonna go buy, we wanna go buy a building, we wanna do a fix and flip, we're gonna go buy a company. And money is the thing stopping us. So we need to go raise money, right? That's what we're talking about here. We need to pool money together to go buy a building or go buy a business. We want to go buy the laundromat or we want to go buy a car wash. We want to buy my competitor's business. Or maybe you're a current business owner and you're like, man, if we had an extra few million bucks, we could go buy out our supply chain and it would make us into a much larger enterprise than we are today. That's the kind of stuff we are talking about. So you are sitting there like, hey, we would love to do this, but how do I find the money? Now here I'm going to talk a little bit about raising from equity. You can raise debt. You can do seller finance and equity. A mix of all 3 are usually the best. Let's talk about raising equity for a second. So let's talk about getting in the room. There are 2 distinct ways that I have gotten into rooms. I'm going to share with you a real-world example actually that is right here in my hands right here. I'm going to show you in a second. 2 distinct categories. You can work your way into a room or you can buy your way into a room. We're talking about getting a bigger circle of people around you that potentially have money. So let's hit a few of these. Work your way into the room. LinkedIn. Okay, I'll give you a few examples. LinkedIn, networking groups, real estate meetups, social media events. These are ways you can work your way into a room. Crazy enough, one of our largest investors in Fund Launch Partners last year, I think he put in $5 million. Came from a cold LinkedIn outreach. This was in, I think, February of this year. This is a few months ago. Still works. Cold LinkedIn outreach. We got a $5 million check from a family office. So still works. It's a lot of work though. To get that one, we sent I don't know how many hundreds of LinkedIn messages to get the one, right? It's a lot of work. You're going to real estate meetups, social media, like It is work. That's why it's called work. OK? The other side is to buy your way in. An example I love. The Ferrari Club. Most cities, a lot of you typed in your cities earlier. The cities that we live in have car clubs. The Ferrari Club of Dallas. The Ferrari Club of San Antonio. The Ferrari Club of New York. Guess what you have to have to be in the Ferrari Club?

A Ferrari.

Okay? You have to buy a Ferrari. And guess what? You go to the club and everyone else also owns Ferraris. It's a pretty good place to be, right? You're buying your way into access. Right? Another example, pay to pitch. There's a number of groups out there. You can pay $5,000, $10,000, $15,000, $20,000 and you pay and they've already assembled maybe 30. We did one of these last year, 30 family offices over 2 days. We got to pitch 30 family offices over 2. I think it was— I remember the ticket cost was—

$10,000.

$7,000 to $10,000, I want to say. Don't quote me on that, but something like that. Pay to pitch. Box seats. Pay to play networking. I've done a number of events. I joined a mastermind last year, or I guess a year and a half ago. It was $150,000 to join for 1 year. And you might say, well, Bridger, that's a lot of money. I've joined other ones. One was, I joined one that was $24,000 a year. Another one that was $30,000 a year. This one was $150,000 for 1 year. 1 year and we went to 4 events. We had like a private little Slack or I think it was a WhatsApp group. That's it. Man, Bridger, why would you do that? And I'm not some billionaire. $150 grand is $150 grand. That's a decent chunk of money. Why would you do that? Well, everyone else there also paid $150,000 to be there. Not a bad, you know, not a bad group. To be around, right? This is buying your way into rooms. Now, I'll summarize these 2. I think the best way is to do a little bit of both. Buy your way in and work your way in. And now you might say, or I might say, well, I don't know anybody with money. I don't know these groups. I don't know anybody with money. There's no money out there. And the people that do have money, you know, are there. I'm here to tell you, the more I have played in this game, The more I have realized how much money is out there. There is so much money. I'll give you a few stats. Number 1, the average, average baby boomer is now a millionaire. The average baby boomer in America is a millionaire. I know a few of these guys that are centimillionaires that live nearby me. That's over $100 million net worth. And I know because I know them, I've met them, whatever. They're just in the grocery store. They're just walking around. They're just like, these are normal people. They drive their F-150 truck. That's the number one car of millionaires, by the way, F-150 truck, white. We throw these supercar events. The billionaire people always show up in white F-150 trucks or like a detailed suburban, right? A blacked-out suburban. That's like, they're not driving supercars. The new people with money are driving supercars. The old money, the really rich people, they're playing it low key. Okay? There is a lot of money. You got to— I had to, for a while, change my brain to say, there is a lot of money out there. I just don't know where they're at yet. I'm going to go find it. Furthermore, wealthy people like to hang out with other wealthy people. They're already assembled. You don't need to go like reinvent the wheel. People who have money already They're already in the box seats of the Lakers games. They're already in the Ferrari club. They're already at the local country club. They're already assembled. They're already there for you. And you just need to insert yourself into the river of money that's flowing by. That's a different way to think about it. Is this making sense? I'll share one last story that's kind of fun on the box seats. So this is a story from my dad and his early business partner. They were just starting out their first fund. And they— you can put me full screen if you want. They— my dad's very conservative. His partner would spend a lot, you know, spend some money, whatever. But they're just startup. I mean, they got like no money. They're trying to build this. They were doing a debt fund, a private credit fund. They're doing loans. They're in a small little office. I mean, they're like, our chairs just like, they hit each other because they both shared like a little shared office space. And my dad's business partner comes in one day and goes, John, I just bought box seats to the Utah Jazz. For, I think it was like $35,000. And my dad's like, what? And what are you doing? And he goes, hold on, before you kill me, hold on, hold on, John. He goes, John, we're having trouble raising money because we call in to these wealthy individuals and they all have gatekeepers. They have a receptionist or a person that says, hey, you know, Susan, sorry, she's busy. She's in meetings. We can't— you can't talk to Susan. Right? And he goes, we keep getting turned down. He goes, John, if I call in and say, hey, you know, this is Susan's assistant. Susan's some wealthy lady in the area. Hey, Susan's assistant. Hello. Hey, my name is Bridger. I was calling to invite Susan and her husband tonight. We've got box seats. The Lakers are in town tonight. We got LeBron in town. It's going to be fun. We got box seats, a dinner beforehand, private parking. We'd love to invite Susan and her husband to come out tonight, be at the game. 9 times out of 10, that message is going to get passed on to Susan. And they actually did this back in 2004, 2005, 2006. They would take people they didn't know to the Utah Jazz box seats. It was a shared box. They had dinner beforehand. They had now 3 to 4 hours with these people because they had dinner beforehand, the game, then after. They'd talk them up, become friends. People like to invest in people like they know, like, and trust. It got them past gatekeepers. Last I asked my dad and his partner, they attributed, they raised about, they said about $70 million from that one strategy. Box seats at the Utah— I'm in Utah, for crying out loud. Like, oh, Utah, there's no money in Utah. They raised $70 million out of Utah from getting box seats to the Utah Jazz. Wow. Kinda crazy, okay? Now the Jazz are terrible. Hopefully we can get some good players over there. Man, but anyways, kinda cool. Alright, is this making sense? Work versus buy your way into the room. Now I wanna share one other cool thing. This is like stuff we're doing right now. Have you guys seen something like this before? I wanna give you creative ways to get in the room. Actually, let me share. Let me go back. So again, we just talked about getting in the room. Share my screen if you can. So getting in the room, now connecting and closing. This is something I wanna share as well that's kinda cool. Maybe some of you guys have seen this. So look at my hand here. I'm giving you stuff that's cutting edge right now. We're actually testing this right now. I'm gonna show you how this works. So see this little thing? This is a booklet. You can buy these for about $45 on Amazon right now. Now my fund is a 506 fund, so I can publicly advertise my fund. Both my funds are. Now make sure you're filed the correct way, which we are. But look at this. I could send this to you and we can put a logo on here, brand it. But check this out. You open it up. Over the past few years, I've been privileged to work with hundreds of fund managers from around the world. So it starts playing a video. Sorry, is it reflecting kind of weird? Hopefully you can see it. So it starts playing a video. You could put your— we're going to try this. We're going to put our pitch deck in here, some marketing materials, and then we're going to put a— this is a dummy video, but we're going to film like a 7 to 10 minute video. About our fund that we're going to send out to local family offices, REA groups. Kind of cool, right? These are called video books. They're on like literally $45. These used to be hundreds of dollars. $45 and it closes, it autoplays. You open it. I don't click a button. It just autoplays. So you could send this in a package to somebody. How cool is that? Isn't that sweet? If you came on today, was that worth it at least? Like, that's a really cool way If you don't know somebody and you want to kind of just, you know, get in the room, at least stand out a little bit, send a package to somebody with one of these. Make sure you're filed the right way. You can, you can do this kind of cool, right? Anyways, pretty cool. All right. Feeling all right. I want to give you guys stuff that's working right now for us.

Okay.

Getting in the room. Now, we've done a number of stuff I can, I can publicly advertise. We've done things on social media or starting a podcast. We interview people. It's a way to expand your circle. I would recommend all of you to start a podcast, not for the podcast's sake, for the sake of who you can interview. It's so interesting. There's people around us that won't ever return a phone call. But if you say, hey, I have a show, I interview top people in the manufacturing space, for whatever reason, maybe you're targeting that space, and I wanted to bring you on my show and talk about manufacturing, what you guys have done in your business. You'd be surprised how many people will say yes, even if you're a startup brand new show, because podcasts don't have stats on them. There's no like number to see the downloads of a podcast. And so it's a really— it's another, I don't know, a nugget for people that are on today, like a really great way to expand your network and get in the right room. Okay. All right. So we're there. Let's hit the— let's hit the next one here. Is this useful so far? Yeah. Can I get like a thumbs up or a yes or an amen in the chat? Give me some love. Give me something in the chat. So I know you guys are alive, there we go. Thank y'all. This is a livestream, we need a little bit of love here. Alright, and then we got John. I think John's coming on in just a few minutes. Is he ready to go? About getting ready right now. Okay, let me share one last thing and then we're gonna bring John on. Does that sound fair? Okay, so step 1, if you can share my screen again, we talked about getting in the room. Number 2, how do you connect in that room or what do you do after? So like, okay, I'm around people with money. I'm in the country club. I know people with money. How do I, How do I warm that person up to the idea of, you know, doing something? Do I just pitch them? Like, this seems awkward. Like, I don't know how to do this. Now, there's a lot of ways to do this. I'm going to give you 1 or 2 examples that have worked for me in the past, okay? So, we just talked about work your way or buy your way in. Let's talk about this connect side. So, what we're trying to do is cultivate and build a list. Now, a list is a broad term. There are email lists, but I'm going to go broader. All of us have a list right now. All of you have a phone. Your contacts in your phone is your current list. When you and me start raising capital, we're probably going to go out to our network. They call it the 3 Fs: family, friends, and fools. Okay, that's who we're going after. Family, friends, and fools. So we're going to build a— we already have a list of our phone. I would recommend writing it down maybe in a spreadsheet. If you want to use things like we have Funnel Launch 360 that we use as a— makes us a CRM, but we start building a list. It doesn't matter if you have 500,000 people on your list or 50 people on your list. What's more important is the quality of that list. So let's just use a list in a broad term. These are just contacts that, you know, people you know, and you're going to get them from all sorts of stuff. You meet people, social media, ads. There's a lot of ways you can add people to your list. What we did for a while, and we still do this, on my list, you can see little emails here. I send email and/or text updates about the thing that we're involved in. And so we send a lot, like for our crypto fund, for example, there's always new updates in crypto. We have a formalized email list that we send updates to, right? That sounds pretty standard, right? Hey, this brand new partnership just happened or This new institution just started buying crypto. We like to send updates to them, which shows that we're an authority, we're on the space. But let's get a little more granular here. So maybe Bridger, like, hey, I went, I went, I did the, I'm in the Ferrari club. Like, how do I like meet that person? So this is what I do at least. This is one way to do it. If I'm at the Ferrari club and I'm talking to a guy, hey, we're talking about business and life and family and sports and whatever else. Most of the time people end up asking each other, hey, like, what do you do for work? Like, what's your line of work? And I'll ask them, they tell me about it, and they always ask me. And I say, oh, well, I run a private equity fund. They go, oh, really? And sometimes it just ends there, but most of the time people's ears perk up when you say the words private equity or hedge fund or venture capital. People go, huh, tell me more about that. You'd be surprised actually how many people are curious about that. Yeah, I'm in private equity, yeah. We help, and I'll use Fund Launch Partners for example. Yeah, we have a huge pipeline of fund managers through Fund Launch, and we actually write checks and do GP stakes and partner with really compelling fund managers. It's this awesome asymmetrical trade. It's very, very cool. We do, I can, we can tell you more about it, but I won't bore you about it today. Or you can do whatever, but I keep it pretty short, 20 seconds, and I give a few stats. Hey yeah, we just raised $27 million, we're doing GP stakes, you know, I give a few stats of what we're looking at and doing. And then I say this. I say, hey Joe, man, good to meet you today. You know, so I run a private equity fund. It sounds like you do a lot of deals as well. I, because of the nature of my fund, I always get sent really good deals. Like I get real estate deals, I get venture capital deals, and most of the time I can't do them because the nature of our fund, we can only do very, very narrow. We're very specific on the deals we do. If I get a good deal that's sent to me, would you like me to— are you looking at deals right now? Would you like to see good deals if I just forwarded it to you? Now, 9 times out of 10, that person, who doesn't want to look at good deals? 9 times out of 10 they go, yeah, man, I'd love to look at good deals. Well, let me do this, Joe. It's good to meet you today. We can share— let me get your email though. Can I get your email? And if I see a good— do you like— it sounds like you guys do a lot of real estate deals. I'll just forward— I don't even look at them. I'm sorry, I'll look at them. I'll make sure they're good and stuff, but I don't have a dog in the race. I'm not involved in these deals. I'll just— if I see a good one though, I'll forward it to you and your team. Does that sound good? Oh, that'd be great. I grab their email and I'm on their list. Now for the next month, 2 months, 5 months, I'm sending them deals and I really do, I do get a lot of deals. I'm sending them deals, updates, things that are going on in my world and now Joe who just met me at the Ferrari club, he's like, oh yeah, Bridger's that guy with all the deals in private equity and we start building this relationship as Bridger's like a deal guy. Bridger's a guy who transacts. Okay, very, that's, you know, that's kind of how I am in his world and then eventually I go, hey, Joe, man, good to meet you a few months ago. I've sent you 5 or 6 deals. I don't even know if you did them or not, but I got another good deal. It's called our fund and we're raising a second round right now. If you're interested, I can send you over a prospectus or we can do a Zoom call. Let me know. And now Joe is in my circle. He's on my list and part of me. Is this making sense? And then I can give him an offer. That's one example of warming somebody up on your list. Now there are hundreds of ways to do this. I just gave you one, but that's been effective for me on how do you take somebody from this first stage to the second stage, right? Getting in the room and then connecting and then building it up. Sound good? Not too bad, right? Alright, okay, I think we have our guest ready. So cue him up. I'm gonna share one more thing here. We'll come back to phase 3 here, close, if you guys want. We can talk about the 7 principles of persuasion, all that kind of stuff. So again, these have helped us do pretty well. We've raised around $47 million of equity in our 2 funds. It's been pretty good. Now, I'm gonna share one last thing before we bring him on. So, people might ask like, Bridger, what are you guys doing? We teach everything for free, okay? I actually wanna, you guys might have seen this before. If you're brand new, you haven't. We teach everything for free. Education that we do, we've decided as a firm, our mission as a company is to democratize Wall Street. I wanna help more people understand this. That's why today's webinar is free. We do a ton of free content on YouTube and Instagram. If you guys don't know, this is AltStreet. All Street is a totally free platform. We filmed with about 10 fund managers around the country. This guy, for example, this is Bob Elliott. He worked at Bridgewater for a number of years as one of their asset managers, and he walks through how— this is Ray Dalio's funds— how— and he does a full masterclass breaking down how Bridgewater ran, how he did it, all the kind of stuff he did inside of Bridgewater. Isn't that kind of cool? We have 10 classes like this, all for free. Our whole thing is like give it away for free. So right, like if you guys want to, you can go to altstreet.com, you can sign up for free. Our only ask would be, can you just share this with other people? If you like the content, just share this with other people. If there's people that need to be on our webinars, whatever, just share this with them, okay? That's our ask. Sound good? Free. You can't get better than free, right? It's free. Now the second side of things though, like Funnel Launch, how do we make money as a company? Well, we help people with implementation. So if you need help implementing, if you're like Bridger, I would love to implement a fund. I want to hire the attorneys and the pitch deck designers and really get consulting and help on my fund. That's what we do. We have all the softwares behind it, the tools, the resources to help you go and launch. Here's a few screenshots and that's paid. Education is free, but we help, we sell implementation is what we sell. So we have Black Card, for example. We have a handful of different law firms. Third-party auditors, tax groups, placement agents, marketing partners. We have about 15 different consultants that work with you on your fund. We do about usually 3 to 4 events a year. Our next event is going to be at our headquarters here next month on August 15th. Okay? So if you're in Black Card, you're invited. It's only for Black Card members. We're doing another event in October. We're going on a cruise in the Mediterranean, which is pretty, pretty cool. A Black Card cruise. You're welcome to come to that if you're in Black Card. I think actually there's only 8. I think there's 8 rooms left on the cruise ship. It's about sold out. So make sure that they are, you know, you guys go and grab it and grab a room. This is kind of how the backend looks of the implementation. So when you join Black Card, you have a full dashboard, you have a CRM, you have a full fund builder. We break down your thesis. We want to make a fund that's really good for you to launch. Okay? So again, free education. For people that are on here like, hey, I would love to learn more, we got a ton of free stuff. AltStreet.com and YouTube and all of our other stuff. Paid is with Fund Launch. So if you're curious about, some of you on this call, not everybody, and we're going to queue up John here in 20 seconds, get him ready to come on. But if you're like, hey, I would love some help putting this together, whether you're doing a single asset fund, which is one deal at a time, or a full-out fund, we have now helped hundreds of people do this. We have testimonials on all of our pages you can go see. of the people that we've helped do this. 300 funds we've launched out of Black Card alone. We have over 100,000 people that have taken one of our programs or courses. And so if you guys want to go there, this is the link. Okay, so if you want help implementing the fund, here it is. So I'm going to drop a link. You guys can go book a call with my team if you want to talk more about implementing your fund. Sound fair? So here's the link. You can book now. It's first come, first serve on this. I'm going to give you 30 seconds here. So you're not gonna miss anything. We'll bring John on in just a second. So fundlaunch.com/call. Okay, so open that up. This is what it'll look like. I'll even share my screen here. So if you go to fundlaunch.com/call, pull this open. If you wanna talk to one of our team members, right here, you pop in your email first. So I'll type bridger@fundlaunch.com. This will kind of round robin you through our team. These are 30-minute strategy sessions. What we're trying to do is figure out if we can even help you with what you're doing. These are strategy sessions. You hop on a call. There are calls available the next 3 days. So it looks like our team opened our calendars. We got a bunch of calls today. I'd recommend today and tomorrow. You can do Saturday as well, but today and tomorrow, book a call. And here you go in here, just hit next. You put your name in. And then you put your phone number in and that's it. It's gonna be on your calendar. Make sure to show up for your call. So I'll leave this live, this link. It'll be in the chat as well. So click on that link and we'll pull this up. So again, this is a strategy session to walk through what building a fund would look like. We are by far the best in the industry at doing this. So we help people launch funds. This is what we do at Fund Launch day in and day out. We help with implementation on how to do this. Now, if you're like, hey, I'm not ready to start yet, but I would love to learn for free, You can go to altstreet.com. Here's AltStreet, totally free platform. Hey, look at that, that's me. I did a course and we did 9 others besides mine of courses on AltStreet that are free that you guys can go watch and join. You can go down here and see Bob Elliott, for example, Mark Malik. He runs a $1.5 billion quant fund. Pretty darn cool. Alright, so there's the link. You guys can go book a call there. Sound good? Alright, let's bring on our next guest. So the next guest, I'm going to kind of go down here. This is John Bernard. So John's the managing director and founder of Southview Timberland Investments. I mentioned them earlier. They literally grow trees as a fund. I wanted to give you an example today. We traditionally talk about, there's a lot of variety in the fund management game. Now John came through our stuff and we actually just recently partnered with John and wrote a check into his fund. Because he was, I mean, just frankly just crushing it. We really liked the strategy. And to give you a sense, we reviewed 1,200 fund ones last year. 1,200. And we did 8 deals. We have 2 more under LOI right now. And I think another one, we might be at 11 to 12 here in the next month or 2. But that's a big pipeline. John was one of those 8 that we picked. So we did a lot of due diligence. His firm is awesome. So with that, can John, can you hear me? Are you there, John? Hello, hello. We'll give him a second. There he is. John, I can see you. You there? Hello, hello. Good to have you here, John.

Yep, you got me all right.

Let's see, it's loading up. I can hear you now. There we go. Can see you.

Bridger.

Welcome on, John. I gave you a little bit of intro. If you can, Give us 30 seconds on Southview Timberland, and then we're going to dive deeper into your background story. But just give us the overview. What's the overview of Southview? Where do you guys find asymmetrical risk? How much you've raised so far? Where you at in the journey? Just give us 30 seconds on that, and then we'll dive into the whole backstory here.

I believe we generate returns from timberland and agricultural assets, and we have a regional focus in the Southeast United States. So states Like Georgia, North Florida, South Carolina, Alabama. And yeah, we buy large tracts of land and we manage it for the timber returns. And there's some other value-add things that we do opportunistically to generate excess returns. So that's super high level on, on, on the strategy.

Yeah, very cool. Um, well, do this actually, John. I loved your backstory. Tell us a little bit about how you came into this business. And this might be good. There's a lot of people on this call that are like, hey, I would love to do a fund one day. And maybe they feel like they don't fit the traditional mold. I know you said you worked at JP Morgan and Wells Fargo Advisors, but this was kind of a family thing as well. And I don't know, as a kid, if you thought you'd ever be in timber, but here you are. So this might give a sense for people listening as well, like, oh, I could maybe do a fund for what I'm doing. So yeah, give us a little bit of your backstory.

Yeah, so background, like you mentioned, was in wealth management. So that's what I did. I had an internship in college. They hired me out of school. I was with Smith Barney. Then I went to work for Wells Fargo Advisors as a financial advisor. And then I was at JP Morgan for a good stint. So I was in that industry for about 10 years. And then in 2017, I just really wasn't feeling fulfilled with the business. I mean, it was a great business. I had great clients. A lot of fun. A lot of people question why I would leave behind such a, you know, a book that I built, but I just wanted something bigger, wanted to do something more entrepreneurial. You know, I think at some point in all of our lives we have that conversation of, you know, hey, are we going to stay on that corporate path or are we going to, you know, when we're 80 years old, look back and say, hey, I want to build something that's best for me. And so 2017, I made that decision. What was the first thing you did? And I did a startup.

What was that like, by the way, making the leap? How was that?

Yeah, so—

Yeah, and for me, there's that something that bugs you inside of you that's like, I'm meant for— yeah, and for me, there's that something that bugs you inside of you that's like, I'm meant for more, right? I'm meant for something bigger and got to try my own thing. So sorry, I cut you off. So you did a startup first? What was that? What happened there?

Yeah, so I would encourage, you know, people listening that maybe have a full-time, you know, gig, stable gig, kind of like what I had, is I had the opportunity to join a business that I was also an investor in to run sales, be an early member of that startup. And we built that company over about 3 years and then we sold it to a publicly traded company. We had a nice exit on that. Of course, that doesn't happen for everybody, but it allowed me to kind of enter that entrepreneurial world without you know, me going all in by myself. Now, with Southview, what we're doing today, I'm all in, like, this is my business. But kind of having that experience of, you know, you don't have this big corporate structure, everything is not figured out for you, and getting a taste of that with that first startup has helped me immensely in running this business.

Very cool. So then, how'd you get into Timberland? Like, what happened there?

Yeah. So, in 2008, my family bought a Timberland investment in Middle South Georgia. They had a place in Savannah, Georgia, and just kind of looking out at different ways to invest and meeting people in Georgia, they landed on timberland as an interesting way to buy real estate but also have some recreation as well. So, they bought a tract of land about 2 hours outside of Savannah, and that was in 2008. So, that was some time ago.

And how big a land— like, how big of— how big is the parcel?

Yeah. So, it wasn't a huge parcel compared to what, you know, we're buying today. I mean, it was 100 acres, which, you know, isn't a huge parcel. But for, you know, for a family, for a little investment, for some recreation, it got the job done. It had a 4-acre pond on it, a single-family home on it. But that's also where I met my wife. Yeah.

So, your family did that in 2008. So, this is now— this is what, 12 years later? What happened? Did you— is your family in the business? Then you said, hey, we got to build this thing and do more of this? Like, what kind of happened in the early to, I guess, 2020, '21?

Yeah. So, yeah, we bought that in 2008. And at the same time, that's where I met my now business partner, Terry Myers. And so, I've known my business partner, you know, who, you know, we're 50/50 in Southview for going on 20 years. And so, when I would get out on the land with my family, you know, he would come out and I just admired what he was able to build in terms of his real estate portfolio, investing in timberland. And with my background in wealth management, I just said, hey, this is an interesting asset class. I want to start doing some deals. And when I had the means, Terry, very generous, he said, hey, just put in what you can into these deals so you can learn the business. So, bought a few timberland deals, several with him. Before launching Southview. But, you know, it was, it was a, it was kind of a gradual thing where I got to know the business doing my own deals. And then about 2 years ago, I said, hey, Terry, you know, we need to offer this strategy to a broader set of investors. And so we launched Southview.

Yeah, very cool. So walk me through, and for me and everybody else, what makes Timberland a compelling asset class? Like, why Timberland? You're a smart wealth manager. Of all the assets you could pick on earth, obviously, your family's in here, but like, give me the pitch on why someone should invest in Timberland.

Yeah. So, yeah, like you said, I mean, I had a lot of different strategies that came across my desk over the years, and I hadn't found until I landed on Timberland an asset class with so much control. And what I mean by that is, you know, stocks, bonds, different strategies, they're tied to corporate earnings, right? They're tied to the emotions of the markets. With Timberland, we typically buy the deals with all equity. So, we typically don't have a lot of debt. So, we own it outright. And we have a thing called biological growth. So, that timber is steady appreciating as you and I are sitting here talking, right? That timber is steady appreciating. becoming a higher-value product. So, if the markets go down, that doesn't affect us because our product is becoming a more valuable product every single day. And if the timber markets aren't strong, that's fine. We can wait until they recover and just let that timber continue to appreciate. To grow. Yeah. And land and real estate, it has a a tendency to just continue to appreciate over time. And so, we kind of have that biological growth, which is working for us, that land appreciation, and then the other things that we do to generate returns, which I can talk about.

Yeah. Walk through that. So, you have this asset, obviously, it's focused on trees, but you do— yeah. Walk us through some ancillary things that you guys have done to generate returns.

Yeah. So, it's not just sitting still and waiting for trees to grow. We're a lot more opportunistic. We do things like partial land sales. The Southeast U.S. has had a huge growth in population over the last 10 years and continues to grow. And that's put upward pressure on land prices, higher demand for land. And so, when we buy a property, we typically like to be an hour or 2 outside of a major metro area. And what tends to happen is, as those areas continue to grow, it puts upward pressure on prices for land for development purposes. You also have the big recreational market. So, Hunting, urban escapes, people just trying to get out of the city to just get out into these beautiful parts of the country. They're willing to pay us a higher price per acre for our land. And so, we have no problem if we buy 1,000 acres to sell 100 or 200 at a much higher price per acre than what we paid. So, that generates excess returns. Leases, farmland leases, some of the land is better suited to be farmland. So we'll lease that out to professional farmers for cash rent. We've done creative things like cell phone tower leases. Uh, you know, we've sold the mineral, the mineral rights off of the property. Um, you know, it— we're looking for every opportunity to extract as much value from that land. And that's, that's from our roots of investing our own money, right? I mean, you know, these, these— last thing I'll say is these bigger timber funds They're managing hundreds of thousands of acres, if not millions, you know, the Rayoniers, the Weyerhaeusers of the world, and they just can't be as hands-on as we are. And so that's why we're able to generate those excess returns, because we can just wrap our arms around our portfolio and know how to extract as much as possible from every inch of it.

Walk me through returns for a second. So what, yeah, what is the standard return? Then what's, what do you, what do you believe is the excess returns you guys generate?

Yeah. So, the timber REITs, the Rayonier, Weyerhaeuser, Potlatch Deltic, those are the 3 publicly traded timber REITs. You can get about a 4% to 6% return with those, but you also have the public market risk. So, when institutions are selling out their portfolios, they may have exposure to that stock, to that REIT, and you're going to go down with that public market. We target a 12% to 15% IRR. So, about average twice what the publicly traded REITs are averaging. And that's because of those other opportunistic things that we do and also that control. So, when people invest in our fund, all of their equity is going into land. I mean, we typically don't use a lot of debt. We're able to if we wanted to, but we just like having that control. And if the markets wobble, if there's some type of volatility, Your money is in that solid asset, that real asset. And that's why I love it. That's why I love this business is so much of my time in wealth management, it was ones and zeros on a screen, right? It's a mutual fund on a screen or an ETF on a screen, and you just can't put your fingers and toes into it. I mean, we've had any number of visitors from our investors, and we get to show them the physical you know, these, these beautiful properties in a, in a part of the country a lot of folks haven't seen. So I love that aspect of it.

Yeah, very cool. Um, well, and it's just, yeah, to summarize, what a, what a very interesting, just a stable asset class. You have trees, they're not seasonal.

Yep.

Crops are a little different. I'm sure you can get— there's diseases or things that happen, but much more stable than other assets. It appreciates, it continues to just grow, so you can wait through down markets. And then you mentioned Other utility on the land. So a cell phone tower, recreational area, hunting, you know, you can sell while they're growing. You can sell memberships or licenses or whatever you want to do, cabins. You can build all sorts of stuff around this thing to generate excess returns. What a, what a cool thing. So walk me through how much y'all have raised in the past, how much you're raising now, maybe what's your future down the line? What are you looking to do here in the next 5, 10 years with this?

Yeah. So, a lot of this, I mean, my business partner, Terry Myers, I mentioned him, he did his first land deal in 1989. So, he's been at this for some time, manages a personal portfolio of about 10,000 acres, has a 9-figure net worth, has been very successful in this business. Last 10 years, we did a lot of friends and family deals, private partnerships, that kind of route before getting to the fund. Just in the last— since the 4th quarter of last year, we've raised about 10% of our fund. So, we're raising $50 million and we're about 10% raised and we've started to do some deals and deploy. And I can talk talk about some of those deals if you like, and why we started the fund. I think that's a big reason why I'm here today.

Yeah. Well, yeah, let's walk through that. Yeah. Tell me about the— well, yeah, let's do both those deals and then why you guys did a fund.

Yeah. So, I'll start with why we did the fund first. I mean, we spent a fair amount of time deciding to launch the fund. And what led us to doing it is it happened several times where we would put a lot of effort into an individual deal and we do the due diligence, we build the pro forma, we talk to investors, and for whatever reason, that deal just— we couldn't get it over the finish line. The seller might pull back, we couldn't raise the capital in time. And so, we said, hey, let's do the fund. That way, we'll have the dry powder ready. When we have these deals. And I will say, I mean, we have a strong pipeline right now. We have a pipeline of more than what we're raising right now. But a recent deal that we did, we bought 500 acres that was in middle-south Georgia. We paid $2,000 an acre for that. So, around $1 million for that deal. And this was one of those more opportunistic short-term holds with the land. Within 30 days, we sold about 100 acres for twice what we paid for it. So, $4,000 per acre. And then, just this week, we sold the remaining 390 acres for $3,100 per acre. So, the total return on that in less than 60 days is a 65% return. So, we made our investors $650,000 on a million-dollar investment in less than 60 days.

Yeah. Wow.

They're not all going to be like that, but because of our sourcing and network, we're just able to find these opportunities. And I can talk about that, but that's just an example of a deal we recently did.

Yeah, very cool. Yeah, you talk about the— that's the most people that I talk to. And by the way, people on the call too, I like doing a deal-by-deal basis is great. It's a great way to build a track record. It's a great way to get started. We also talk about building the fund model where you're doing multiple deals at a time for all the reasons you just talked about of the frustration when you've done these deals before, of pulling capital together. It feels like you're on this spinning wheel of trying to get the capital and the deal at the same time and everything's coming together. I had a mentor, he's like, we had on a Friday closing for $7.5 million, we had, we were like, one wire didn't show up for like $150 grand.

Yeah.

And we were short and we couldn't close. And it threw, our reputation got tainted because we had to delay and figure it out. Like, he goes, and at that moment I said, I'm no longer Yeah. I am going to have a fund that has money ready to go to close, which is awesome. By the way, if you guys have questions, drop them in the chat. I can, I can hit a few here. And then, John, maybe if you can type your email in or LinkedIn or whatever would be a good way to contact you. I'll hit you with a few more questions, but just type, put that in the chat for people if they want to connect with you somehow. Drop that there. And then I know people are going to probably want to ask you questions. So, whatever you feel comfortable with sharing, or yeah, you can put your website as well.

But Bridger, I just wanted to add too, as I'm putting this in, the thing about starting a fund too is what I like about it is we only have to tell one story. So, all of my materials, everything that we're building, all the collateral, It's all centered around one strategy, one story, and then we build out the pipeline where, you know, we're not doing full due diligence on everything in the pipeline, right? It's, you know, these are examples of deals that we're able to do in the pipeline, right? But here's the story of the strategy being told by all of these materials. And so, as you go out and you're talking to investors, you're going to learn things that work, right? Things that you say to investors that work, and then you can go adjust your materials accordingly. And you just keep perfecting that pitch for your fund, for the broader fund, instead of doing that individual work on a deal, which can kind of come and go. And so, I just found more enjoyment from kind of improving the site, improving the collateral, improving the messaging for the fund strategy and the fund story instead of just trying to pitch the individual deals, which come and go. If that makes sense.

No, 100%, John. I was talking about this yesterday to our Black Card group. We did a private call with Black Card yesterday. And I just said, for— you're building something lasting. You're building something that has a track record that can compound. Furthermore, you mentioned that on pitching. My first pitch deck for Ugly Unicorn, I think we had 12 slides on it.

Yeah.

Which was great. I'm now on official version 65.

There you go.

Over the last— because I've been opening funds, we've pitched over the last 3 and a half years. I'm on version 65 of official pitches. I think we have, I don't know, 70 slides.

Yeah.

Because we've just— we get questions, we're like, oh yeah, we should probably build a slide on that. And most of them are in our appendix. Most of the time we don't touch on them, but I have this huge robust platform now. Literally anyone can ask me any question and I like have a slide for it. We've thought through it. It's concise and investor goes, wow. Man, you guys have thought through this, which you can do when you're building something long-term that's lasting, like you said, in a fund. It's a little harder to do on a deal-by-deal basis.

Exactly. Yep.

John, let's talk. We're talking today about capital raising a little bit. With that, with going out pitching, raising right now, what have you seen? What are— I mean, it's from the ground floor. I shared a few things earlier. What have you learned about capital raising that you maybe didn't know going into it? And maybe what was easy, what was not easy? Things that you just, I guess, didn't expect getting into it?

Yeah, I mean, there's, you know, many different inputs that go into raising an investor dollar, right? It's not, you know, it's never just one conversation. It's never just one, you know, slide in your deck, right? There kind of has to be, you know, a whole, you know, there's a whole set of different touch points when reaching out to investors to get them to convert. And that's just something that, you know, I had a sense of that because in wealth management, I was raising money for my wealth management business and that sales cycle can take time to win a client. So, I had a sense of that, but I guess I would just prepare your listeners that your timeframe for raising capital is not going to be the same as the allocators. So, just prepare yourself for that, that you may want to be getting things done in 3 months, But their timeline is 6 months.

Yeah.

But I do a little bit of everything. I appear on podcasts. I do LinkedIn promotion, LinkedIn outreach, consistent updates and newsletters with our marketing team through email, work with a lot of the big databases like PitchBook and PreQuinn to find the right contacts. We do quarterly webinars that we host and invite investors to. I attend conferences. We just went to the Emerging Manager Conference in Dallas. I mean, that's getting to be a couple of months ago, but we do dinners, keeping up with my current network. So, it's not just one thing, right?

Yeah.

I mean, you got to be kind of out there, on all the different channels and just prepare yourself for that because although you want to be a fund manager, that all sounds great, but you're going to be building a business within your business, which is a marketing company for your fund. So, you just got to prepare yourself for that.

I think you hit a good thing there. I think people would be surprised at how many events things that I go to still.

Yeah.

And of them, it's 80/20. 80% of them are crap, 20% are good. And I don't know which 80 and which 20 is what, so I go to all of them. Lincoln last year with Funnel Launch Partners, I think he went to about 20 conferences.

Yeah.

Like bought a ticket, they were multi-thousand-dollar tickets, flew there, hotel, multi-day, 20 events. That's That's pretty good. There's only 52 weeks in a year. He went to 20 of them.

Yeah.

Of the 20, I think he said 4 he raised money from. And raised a lot of money though. We raised $27 million last year. Lincoln did a great— Lincoln was like the head guy on that. But he said like the other 16 were like nothing. But he's like, I don't know. I wouldn't have known which were the 4 and which were the 16. And so you have to go to everything. And you'll find, it's funny, there's 1,000 different ways to raise capital. And all of us will find kind of a niche or a thing. I'll tell one story. We had a guy in Black Card. He just like couldn't raise capital. He's trying all these things. He found a— he's a dentist by trade and then kind of became a fund manager. He was going to do dental practice and other stuff, but that was his original occupation. He joined a dentist group on Facebook. It's a private group just for dentists. There's like, I don't know how many hundreds or thousands, but it's a private group. He joined it and they do investor calls once every quarter, I think. And so he applied, got on the investor call, he raised like $5 million on his first Zoom call.

Nice.

And he was like wow and then he's like huh and then he did it again the next quarter, then the next quarter he raised. It was like, it was an— I don't want to say the wrong number but it was many millions of dollars he raised from this one little Facebook group of dentists on Facebook and he's like I can't raise a dollar anywhere else but I found this one little niche And for whatever reason, I can just raise tons of money here. And I thought it was pretty interesting of how everyone I see out there finds a niche that they're good at in capital raising. And you have to just kiss a lot of frogs to find that niche.

You just took it out of my mouth. You got to kiss a lot of toads, you know, to get this, to get it done.

Frogs, John. Come on. Kiss a lot of frogs.

Kiss a lot of frogs.

All right.

You can do it.

John, it's been great having you on today. I know you got to run here. One more time, drop your email in if you— or whatever the LinkedIn, whatever the good way to find— if you've got anything around, I mean, it sounds like you're still raising money. So talk to John if you want to, you know, work with their team or if you have land or whatever, drop that in there one more time with Southview. Great fund. We partner with them and we're on their team as well. So, John, I want to say thanks so much. Any final words before we part, John?

No. I mean, I guess, you know, the You know, parting message is, is, you know, you don't lose if you don't quit, right? I mean, that's kind of the mentality. So, you know, if you're just getting started, you just got to begin and just, you know, start the process, start building it, and, and, you know, stay up with these guys at Funnel Launch, man. They'll put you on the right, on the right track. So enjoyed it, Bridger. Thank you.

Thanks, John. Good to have you on here.

All right. Thank you. Bye-bye.

All right, let's do this for the next minute or two. That was awesome having John on. Let's just take a few questions and then we'll kind of wrap up. I wanted to make sure you guys had that and we can talk capital raising, whatever, but I wanted to make sure I could answer some of your questions for people that are live. So type a question if you have it in here and then we'll answer those live for the next few minutes. While you're thinking of those, I'm going to share this one more time. I saw a few people chatting about this. If you're trying to start, if you can share my screen, we have all the education platform for free. So again, I'll drop these links again. This is AltStreet. We have 10 full masterclasses for free on AltStreet from fund managers from around the country. Again, this is, this is Bob. He was at Bridgewater with Ray Dalio. We have Mark Malik, a bunch of other group that's all free. And then we help people. There's altstreet.com. You can go check that out. Very, very good platform. We spent hundreds of thousands of dollars building this platform for free for you as a gift to help democratize Wall Street. Our mission at Fund Launch is to democratize Wall Street. We want more people to figure this game out. And then secondly, we help with implementation. So if you want help with the data, the tracking, the CRM, if you want 15 different consultants working on your fund, if you want law firms building out your deck and actually launching your fund, similar to stuff that John was talking about, that's what we do at Fund Launch. So that's paid. We have Black Card in there. We do live events, in-person coaching. We do virtual coaching. We do office hours, I think 10 to 11 times a week. You can actually hop on a call. I do an office hour every Wednesday with Black Cards. You can hop on with me, get questions answered, things like that. Here's screenshots of how the backend looks. If you're curious about this and want to do a strategy call, there's a link here. I'll drop it again. There's the link. So funlaunch.com/call. You can open that up. You can book a strategy call with one of our team members and we'll look at what you're doing. See if it's a good— see if we can help you on your journey of what you're doing. Sound good? So funlaunch.com/call. And we have stuff, you know, all the way up full suite, like helps you with everything, all the way down to, you know, you might just need 1 or 2 things to help you to the next level or move faster. So there you go, funlaunch.com/call. Book a 30-minute strategy session today, tomorrow, or Saturday. Those are live right now. Again, I think I'll share my screen here.

Funlaunch.com/call. Then also your and then website, and we'll we'll shoot out to people who attended the webinar so they can go and go and learn more. So yeah, we should you know should have around four four hundred-ish unique people who've attended.

So Adam, Adam. Are you there?

Great.

Hello, hello?

I put you on mute.

Oh, okay. Alright, there we go. That was Adam, I thought he was talking about our calls, which I think he was. So we'll send emails out after as well. You'll see the Funnel Launch consult here, one-on-one strategy session, come book a call. We have some times available today, tomorrow, and the next day. So I had my team like open their calendars for people today on the live call. Alright, let's hit a, I'll pull this back up here. We'll hit some Q&A. So let me pull up the chat in front of me. Can you pull it up on this screen too? Yeah, let's do that. So thanks guys, that was awesome. What about the close portion? Oh yeah, we can hit the close part. I forgot about that. Yeah, we can hit the close. Let's do that. And then we can ask, let me see if there's other questions. Greetings and salutations, cool. You started with Funnel Launch. If someone gives you a million— oh, that's me. That's what it is. That's me. Okay. If someone gives you a million dollars, want to learn— okay, yeah. Scroll down for me here. Do you accept Canadian investors? Oh, this is more for John. Okay. I would just message John. He's got his email on there. Message John. Yeah, we can talk about the close portion. Next event? Yeah, so we're doing an event at— for Black Card members only. So you have to be in Black Card. We're doing an event at our office. Next month. So if you're in Black Card, you'll see all that detail. It's in your platform. You can see all the details of how to register in that. And then we have a cruise we're going on in October. We're going out of Barcelona and then we're going to Italy for a couple of days. I'm going to be on it. Our whole team's going. It's going to be awesome. So we're doing the Black Card cruise. You can bring your family members. You can bring your kids on that. It's the one event a year we say bring everybody. There are only— like the whole cruise is almost booked out though. I think there's 6 or 8 rooms left on the whole cruise ship. So if you want to come to the cruise, like hop on a call, talk to our team, make sure you're booked and locked in. I'm not making that up. They send us daily updates. If someone cancels, they open up a room or whatever, but it's not our room block. That is the entire ship. We leave Barcelona. There's a port every single day. I think we hit three ports and we hit France and then Italy, and I want to say we touch Greece, and then we come back to Spain. It's gonna be pretty darn fun. Bridger, what made Southview stand out among the 1,200 other options? So great question, John. With Southview, they had, we thought, a lot of asymmetrical risk. They had a very solid team that had done this for decades. And he talked a little bit about his partner. They've done this for decades. They also— the risk-adjusted rate of return, we thought, was phenomenal. He said standard industry, they're making— people are making 4 to 6%. Maybe 7% if they have a really good year. Their fund in the same risk profile was producing a 12% to 15%. So again, risk-adjusted rate of return we thought was phenomenal because of all the ancillary things they do on the land with the timber. And so part of our portfolio, we have a number of venture capital investments that have much higher returns. You know, they're targeting 22%, 25% returns. We have a number of private equity funds in our— and other real estate funds in our portfolio. This timber fund was a much more stable asset that we added to our portfolio and so we added that in there. Let's talk about close for a second. Yeah, we talked about this at the beginning of people that are on here. Earlier, we were talking about working or buying your way into the room, connecting in the room and then closing the room. We talked about both of these. Let's talk about the close real quick. Let me jump down here. So again, work your way or buy your way into the room. List, building out your list. And then finally the close. I'm gonna do this pretty quick and then we'll hit some of your questions, but I wanna make sure we touched on this. So this is how I structure presentations, closes, emails, marketing. This has been a very good framework for me to think through. And I think through it in the way the brain works. This is not something Bridger came up with. I've pulled this from Dozens of different sources. You can go read the book Influence or in class books. They all talk about the same thing. There's 3 distinct stages that someone goes through before buying or accepting something of value typically. And these are the 3 phases. They usually, and I call them vehicle, internal, external. Other people call them croc brain, midbrain, neocortex brain. There's a lot of ways to write this out. I'm going to just call it vehicle, internal, external. Okay, so what are these vehicle? This is the order in which people are sold. You can see my little cursor here. So first, people need to be sold on the vehicle. Next, internal false beliefs. Then external false beliefs. So let's just run through this in a couple of examples. Okay, so if I'm selling a crypto fund, one of my funds is in crypto. These are in order. If someone's going to invest in my fund. They need to be sold on the vehicle of crypto to some degree or the vehicle of real estate. Like real estate is good. I want to be in real estate or timber is good. Like I want to be in timber. This is a decent asset class to approach and think about. That's a vehicle sale. So the beginning of my pitch deck, I'm talking all about what even is crypto? What is blockchain? Why is this a compelling asset class that you should think about having in your portfolio in general? Okay? The next false belief. So the first, the question on vehicle is, does this thing work? The next question is internal. Does this thing work for me? You guys cool if I get a little technical here? You guys are okay with this? This is so— we run our events this way. It's awesome. Does this thing work? Does this thing work for me? And then external things. Well, do I have the time to do it? The money, the knowledge, the info? Those are external things. Those are the questions that someone's asking in their brain. So back to my crypto fund. Does crypto work? Yes or no? Okay, I get that crypto works for other people, but would it work for me and/or this fund that's being presented, this strategy? And then finally, okay, what are the terms, time, money, knowledge, resources around this thing? Let me use a different example. Let's just talk about today, funds. Like I'm talking about investment funds. A lot of you, and today we didn't really do this, on other calls, I'm trying to convince you of, do funds work? Does like an actual investment fund even work in general? Have other people made this work? And usually I show like investment funds are the number one asset class of billionaires.

Really?

Per Forbes, the number one asset class per billionaires is investment funds. And there's all these wealthy fund managers to prove it. So yes, funds work. And I spend some time, you know, if we have a 3-day event, day 1 is like, yes, funds work.

Okay?

They have worked. They worked for John. They worked for Bridger. They worked for other people. So then a lot of people naturally in their brain, they go, okay, I get that funds work. I get they work for Bridger. I get they work for John or whoever else. But would they work for me? Would they work in my use case? And I go, well, let me show you some examples. So let me talk about how a fund maybe might work for you. This is how a fund works in timber. This is how a fund works in venture capital. This is how a fund works. So I share examples, a lot of times examples and/or tools and resources of how someone like you could do a fund. Is this making sense? You following a little bit? I'm trying to overcome the internal false beliefs. And then finally, the final question is, okay, time, money. How much money does it cost to start? How much time would it take? How much resources do I need now? What's interesting, if someone, let's use the fund example. If someone calls me and is like, Bridger, yeah, yeah, I wanna do a fund, but it's just too much money. You know, I'm gonna spend, let's just call it $30,000, the typical price to launch a fund. Ah, $30,000 bucks, too much money, ah, you know? And they're giving me these external objections on a sales call. And I go, okay, well, yeah, you know, 30 grand's, you know, That's expensive to some people. It's not expensive to other people. Like, it just depends. It's all relative. Everything's relative. But real quick, do you believe, before we talk about the money, do you believe that funds work? Like, do you believe funds work? Like, oh yeah, yeah, I believe fund works. Well, do you believe a fund would work for you? Like, really, do you believe a fund, if you had a fund right now, like, it would really work for you? Most of the time they go, well, I don't know about that. And I go, well, cost or price is irrelevant. Let's talk about if a fund would work for you. And then we— because so when I get an objection on a sales call and I'm selling a fund or my portfolio, raising capital, I want to figure out where that objection is coming from typically. Now, I'll use the opposite. If you've ever had a laydown sale, someone that just shows up and is like, oh yeah, time doesn't matter, money, I'm good, I'm good to go. It's because— They're already sold on the vehicle and sold on the internal. Back to the fund example. If someone's like, yeah, I know a fund works and I know a fund would work for me. Like, I know if I had a fund right now, oh my gosh. And I know this is like internally, like this is Fund Launch is the right group. Like money, it doesn't matter. It's like, oh, it could be $200 grand. I don't care. Like I need a fund now because I'm missing out on millions of dollars of deals. Like I need a fund now. Time, money, knowledge, I'll figure it out. Does that make sense? Isn't that kind of interesting how the psychology of sales happens? When we structure email campaigns, guess what? It's vehicle, internal, external. When we structure our websites, it's vehicle, internal, external. When I do 3-day events, it's vehicle, internal, external. When I do webinars, I do secret 1 is vehicle, secret 2 is internal, secret 3 is external. This is how I do my pitch deck for Ugly Unicorn. The top of my pitch deck is vehicle. The middle is internal. The bottom is external. This is how I do my pitch decks. Any ahas there? Give me like an aha in the chat if that kind of makes sense. Isn't that kind of cool? This helps frame where are objections coming from. So I'll give you a different example. I pitched a family office like 2 years ago about crypto and they're like, yeah, yeah, we like crypto. We're good. And I'm like, okay, we kind of skim through it. We go to internal, we go to external, and then we get to the end of the call. And I'm like, hey, what do you guys think? And the main guy goes, man, I just don't get what even is a blockchain. Like, what even is that? Like, and I was like, oh gosh. Like, we spent 35 minutes talking about internal and external things when this guy wasn't even sold on the vehicle. It's very rare someone invests or buys something when they're not sold on the vehicle. And internal, and you can't skip over this. Now, so I do a lot of probing at the beginning when I open a call. Hey, have you guys invested in multifamily real estate before? Oh yeah, we love multifamily real estate. Great. What's been great for you? Like, what have you liked about it? What have you not liked about it? I want to hear what they think about my vehicle of multifamily real estate if I'm using that example. And they might tell me, oh, we love— like, we are sold on the vehicle. We— it's already allocated in our portfolio. We want to deploy dollars into multifamily real estate. And I go, great. I put that in my note. I'm like, okay, these guys are already sold on the vehicle. I don't need to— in my little pitch deck, I can skip the slides. I do not need to convince them that this vehicle is good. They're already sold. They've already said 23% of our portfolio is going to go to multifamily. They believe in the vehicle. So now I just need to sell them on why Bridger Pennington and team in South Florida can capitalize on multifamily better than anybody else? Internal. And then obviously external things, how the fund is going to work, time, things like that. That's the questions they're asking. And so I'm not going to waste time on things that I know they're already sold on. You guys following along? Is this useful? Okay. Sorry, I got technical there. Is that cool? You guys cool if I get a little technical? Anyways, I think that's pretty useful. For time's sake, maybe we'll come, we'll hit, let's hit a few more questions. I usually share the 7 principles of persuasion. This comes from the book Influence, the book Launch. There's a bunch of books written on this. I like to share things that are tried and true and tested. These are a couple of them. Make sure you engineer these into your pitch. So authority, scarcity and urgency, commitment, social proof, reciprocity, liking, and community. These are things that you should engineer into any presentation. That you do that you're trying to you know close somebody on a fund, for example. We can touch on a couple of these if you guys want, but I want I'll hit a few more questions and we'll we'll come back to this. Can Bridger talk about prices? Yeah, on on the call. So if you guys want to come, let's see. Let me go out here. There we go. So if you come book a call, you do a 30-minute strategy session, what are the prices of, you know, stuff that we implement for people? Our stuff is anywhere, you know, we have a lot of free content. If you're looking to implement a fund, you know, anywhere from $5,000 to $45,000. It's quite a range. It depends on what you need. If you want full legal setup, international funds, it's pretty pricey to set that up, which is still a pretty good, it's pretty good cost. If you're like, hey, I'm just doing one deal right now, I want to get set up and get going. I mean, it can be as low as, you know, $8,000, $7,000, but it's that's kind of that that's kind of the range of most people that are setting up a fund and or a single asset fund. Hopefully that's helpful. Curious about launching a fund. Oh, book a call. There we go. What's the most effective cold outreach strategy you have seen? Yeah, good question, Mario. Yeah, back to if I, you know, getting in the room here. See if I can share this again. If I'm trying to get in the room, cold outreach. It's a good question. Now I'm going to preface this. I am primarily targeting high net worth individuals or small family offices. And the statement I'm about to make. Those types of people love experiences. They want to do something fun. The best outreach I've done is maybe through a friend of a friend or whatever, but hey, we're getting a group together, we're going skiing on Monday, you know, we'd love to have you up, we got a private whatever thing, we're going skiing up at the place, we're going snowmobiling, we got a, you know, we're going boating, or we're going on a Hummer ATV tour. Or we're doing hella, like something I've seen that do very, very well because people are like, oh dang, that sounds fun. And if they have another friend going, so like it's a friend of a friend, really great way to do something. We throw cars and coin events. Hey, we're getting a bunch of supercars together. Hey, if you have a supercar, if you have a friend with a supercar, tell them to come by. We're getting all the supercars together. We're gonna hang out. We're gonna do a— we're gonna talk about crypto. We've seen a lot of success with some of that. That's more high net worths and more small family offices. A few other things that have worked cold outreach, to be frank. Well, yeah, couple other notes I'll mention. Social media for us has done really well right here. Social media. We I don't pitch on social media. I just talk about our asset class. If you pull up, like you guys should go follow. Actually, this is Dan is doing such a good job with this right now. So this is my Instagram. I've done a couple of these, but you should go follow my business partner right now, Dan's Millionaire Code. So Dan, he's on the board of Intel for 16 years. Very, very smart guy in crypto. He does these long— he just did one this morning, these long-form videos. I think this video is 10 minutes long. He is talking about just crypto. It's nothing fancy. It's not edited. It's just him just talking to the camera. He's like, hey guys, what's up? Let me talk about, you know, what's Ethereum doing? He just talks about our asset class. You would not believe how many smart, wealthy people are watching these videos. And he gets a few thousand views on them. And he has a little bit of a following that he's built over time, but like you can kind of see his view counts. Nothing crazy. Nothing's going viral. We have had, in the last week, I've had, we've done about, so I have 29 active investors that we're trying to close this month. 29 for this month. which is kind of, that's a big month for us. It's a lot of people. I would say 15 of them are like, oh, Dan, dude, I've been watching your videos for years and I love, you did a video last week on Ethereum or, and these are just educational videos. And man, I just love what you guys teach and how you educate. I wanted to hear more about your fund. I didn't even know you guys ran a fund and I heard about it and I wanted to learn more. It has been such a great way to pull people. And again, we're a 506, so I can publicly advertise our fund. It's been huge. I would recommend go and follow Dan. Just watch some of these videos. It's Dan's Millionaire Code. Very, very good job. And it's a very easy way, like no budget, no marketing team. No, he's just pulling out his iPhone and just talking to his phone about his asset class. We've seen these on LinkedIn do very well. Now you might say, well, Bridger, you have a following and stuff. My following on LinkedIn is terrible. Like I'm horrible at LinkedIn, but we've posted for deal flow. Like I posted, Let's see, man, where is it? Oh cool, people are posting about our internship. That's cool, man. See, I'm so bad at LinkedIn. How do you find like your recent posts? Let's see. I wish I was better at LinkedIn. Featured posts. Okay, here we go. This is a cool idea. So we just posted this the other day. I would pay for LinkedIn, like premium things like that. We just posted this. Look at that. We have a we have a partner out in New York that's looking to partner with fund managers from three hundred to seven hundred million dollars AUM, which is true. They're typically putting large eight-figure checks. Also, you know, if you have to have three hundred million dollars reply. If you're below three hundred million, you want to partner with us. Send Caden a message is what we're saying, or comment fund. We got 143 comments, 17,000 impressions on this. Like Not bad. We did another one a few weeks ago and I get like no engagement on LinkedIn, but whenever we do these types of posts, they get lots of engagement. We're looking for deal flow. Let me go back. See, I can't even find the posts. Oh wow, we're live. Look at this, inception. We got inception going on the livestream.

Okay.

Let me scroll back and see if I can find it. I wish I was better at LinkedIn. Okay, yeah, this thing. So we posted about GP stakes. Look at this post. So like most of my posts, like, don't— they don't really do well. 643, like, they're just 830, like, and these are impressions, not very good. This post, look at this. I said, if you're running a fund, starting a fund, we're looking to deploy around $20 million into 18 fund managers. This is through our GP stakes fund, Launch Partners. We strive to find great managers. So far we invested, you know, this far, 9, $200 LOI. Excuse me, I said that wrong earlier. We've done 9 funds. Average ticket's $1 million. Industry agnostic. Apply here. And well, at first we said comment and now we just put apply button. We got 1,200 comments on this. For people, they had to comment the word fund and then we would send them a link. And then finally, we just edited the post because we had too many people. This, I mean, really cool way to get deal flow. If you're looking for deal flow for your fund, like, hey, like telling people you have money. Hey, I have money. I'm looking to give it to you. Let me know if you would like the money I want to give to you. It's a really cool way to get a lot of engagement. And it's true, we're trying to get deal flow. And this is— so we showed this post to a firm out of New York, this big-time firm. And they were like, dude, this is crazy. From this post, we got about 280 to 300 submissions for funds in about a week. And we're like, we have deal flow. And they were very impressed. And so we said, hey, let's see if we can do it for you. This is a firm that we're kind of trying to partner with. And I won't say the name of the firm. But so I posted this a couple of days ago and we've already gotten a few dozen because they're like, we only do funds between $300,000 and $700,000. Could it work for us? And I'm like, I don't know. I'll post it. So we just posted this. We're going to take this to them at the end of the month. Like, yo, we got like a dozen funds for you guys to look at in your pipeline from this. It gives us some credibility. We're not, we're not going to partner. Like, it's just there's no dog in the race. We're just trying to bring them deal flow to show like, hey, we want to be partners with you guys. Isn't that kind of cool? So anyways, I got way off topic on the question there, but hopefully that's somewhat helpful. All right, you can put me full screen again. All right, any other questions here? I should do more call to actions on LinkedIn. Yeah, at least we have found on LinkedIn, whenever you say, hey, I would like to give you money, And be truthful. You got to be truthful and accurate. Everything you say on social media has got to be very truthful and very accurate. But it is truthful and it is accurate. We are trying to deploy a bunch of money. We need people to apply. And so it took off. Yeah. Bridger, what's the difference between setting up a fund or an LP? Yeah, so an LP, a limited partner, I guess maybe I'm— maybe LP, do you mean limited partner? An LP is an investor into the fund. A fund manager runs the fund. Hope you're catching this ETH pump. Is ETH pumping right now? Like today? I mean, we've been watching ETH pretty closely. I'm a big— we've had a lot of ETH in our fund. Let's see today. Kind of was sold off the last few days. Yeah, up 3% today. You can show my screen if you want. Let's go, ETH up 3%. We've seen a lot of movement from the Genius Act of 58% of all stablecoins are going to be built or are currently built on Ethereum. Looks like more. So it's been, uh, it's been pretty fun. The last 30 days on ETH up 52%. That's pretty awesome, man. ETH was, ETH was dying and it's finally coming back. Uh, we have a lot of ETH in our fund. I think like XRP as well. In the last month up 47% in the last month, but still 15 off 15% from its all-time high. We still think we're early. Ethereum still 23% off its all-time high. I mean, we still think we're very early in this market. All right, let's look at other questions here. Last month was big. Yeah, we think we're— I mean, we think, we think alt season is right around the corner. We think the next 6 months of crypto is gonna be wild. Pretty darn fun. Every metric we can track is pointing to a pretty strong next 6 months. What is the advice for a first-time fund manager to capture attention? That's an interesting question, William. Well, I'd say this. Build a— play the long game, William. Play the long game. That's probably not the answer you want to hear, but play the long game. Build— and by playing the long game, you'll capture a lot of attention and do well. By thinking through and building a very strong edge and a very compelling thesis for your fund, by having a good product, you will do really well. So that's the first step. Actually build a good product, meaning a good investment strategy. Build something of value. You can share my screen here. Build, this is the Funnel Launch Formula here, but build a strong edge and really refine and build your edge. You will make a splash by building a good edge. So here's your edge here. And pick on all these 4 of these categories, how can you build them and make them stronger? And maybe tweak, you know, some of these might look like this, you might tweak a little bit, but build a strong edge and then, I would, depending on your fund, like tell people once you're launched, like, hey, we've got money, we're ready to deploy, we want to, we want to do deals, and we're going to do deals the right way. We're doing, uh, you know, people will be impressed by your due diligence. People will be impressed by the quality of deals that you say no to and that you say yes to. They'll be impressed by your pipeline, uh, the firm, the partners that are involved. That's how you, that's how I think you impress a lot of people. How can I get funding for my LLC and fixing my work truck? Yeah, JR, if you're trying to fix your work truck, I mean, I wouldn't do a fund for that. I would, you know, I'd use a— I don't know. There's a lot of ways to get funding. Get a business line of credit from a bank or an SBA loan or, you know, business credit cards. A lot of ways to do it. Uh, Bridger, is any recovering from the fund that took losses early on? Uh, yeah. Oh yeah, our fund, our fund has had a lot of swings. We're generally long. Like this Q1 of this year, I mean, we dropped, we dropped quite a bit, but now we're back. But like, man, we dropped, we dropped hard, but we just kept buying and we kept, we kept inserting. It was like we, we thought we play the longer cycle in crypto. That's more our play. So we play we play longer term. We're not we're not day trading crypto. We are playing a long-term cycle. That's how we think about it. I don't have access to any of that. Talking about the the lines of credit. Well, I'd go I there's some great YouTube channels. I have some. some friends that run some of them. Like, hey, how to get business credit, how to find credit for your business. I'm not an expert on that, but there's other people on YouTube. I'd go look up like, hey, how do I get business credit? How do I find— there's a ton of great resources, tons, tons and tons and tons. Business lines of credit, SBA loans. Go, go learn. Get on ChatGPT, go on YouTube and start asking that question. Hey, how do I fix my truck? What are lines of credit? You'll figure it out in 10 minutes. How much do you value Ray Dalio's Principles book? Yeah, Dalio's awesome. He's written some great books. Principles to me, it's funny, when I first read it, I didn't like it very much, to be frank. His other books, World Changing Order, very, very good. His other book, How Countries Go Broke, very, very good. His first Principles book was kind of like, I just thought it was a little dry. But now that I've thought back and I'm like, oh, these are actually pretty good principles that they put into their business. And it's, I don't know, I've liked it more. But his other book's great. I didn't love that first one, but anyways. Bridger, I'm in SAF. I found a fund whose project is default due to bankruptcy. It's a great project though. How can I pursue this project? It's in default due to bankruptcy. I would call the bank or call whoever the lender is on that project. If it's in bankruptcy, go try to figure out how you can be the first person in position that's gonna take over that property. So I'd get— I'd call the bank, the lender, the mortgage, whoever the person is, and keep calling them. Make sure, hey, save my number. I'm buying. Like, I will take this off your hands. I'll pay over what you want me to. Like, I would be that guy. And it might be hard, might take a lot of phone calls. You got to ask to get the right person. You might have to just go and show up at the bank or the lender's office and just go like— it's going to be a lot of, you know, to make sure you're top of the line on that. What's the difference between funding and getting a loan? It's just if you're raising debt or if you're raising equity. Equity would be you're raising from investors that are coming in. Debt would be you're raising from a bank. Both are ways to raise capital. You also can do seller financing and get the lender, the person you're buying it from, essentially access The lender is another way. So a lot of deals do a mix of all three of those. So all three of those are a good mix. All right, y'all. Let me share my screen one more time. So if you want to talk more, do a strategy session. Oh, let's see. Let me plug this in. Go to our call page, fundlaunch.com/call. We'll drop it in the chat one more time here. Let's see. There we go. Yeah, go to funlaunch.com/call. Also, Alt Street's available if you're like, hey, I'm brand new beginner. Go check out Alt Street. It's amazing. Here it is again. Alt Street right there. altstreet.com. So go check that out. And then if you want help with implementation and putting together, we have Black Card, Single Asset Fund, our couple programs here. Here's a view of the backend. And we want to see if it's the right fit for you. So funlaunch.com/call. Go book a call. And we'll help you guys get set up. All right, y'all. Fun call today. I'll leave this. We'll leave this live for just a minute. You can ask questions. My team will stay on live for just a few more minutes. But with that, I want to say thank you all for coming on today. Go do good in the world. Go help people out. We have a lot of people out there that need help, myself included. All of us need each other. So be a good person. And our funds, if you do this right, you can be a person that is the person who changes your lineage, is the person who changes your family. Be the one. Be the one. And typically I've seen businesses fuel all of that. The life you want, the family you want, the fitness you want is typically fueled by the businesses that you build. I've seen that true in my life. Building a very solid business fuels the impact you want, the family, all the other stuff that you want can be fueled by an amazing business. And so funds are a great way to do that. I've loved running funds for myself. It's been amazing. I got 2 investor calls I gotta run to here. I'm in the game right now. We're doing this. So go follow me online, Bridger Pennington. Follow Dan. Look at our content. We'll leave that screen live. Maybe pull my screen back up and we'll close out today. So one more time, Bridger Pennington there. fundlaunch.com/call. We'll leave this screen live though for like another 5 minutes. You can ask questions in the chat, but I'm gonna head off. Thank y'all so much and we'll see you guys later. Bye-bye.