Should You Start A Fund Or Syndication in 2025?

You will remember about 0% long-term. If you come to one of these calls and you take notes and you actually actively engage and take notes, psychologists tell us you'll remember about 2% to 5% long-term. Now, if you come to one of these calls and you use your body, your voice, you interact, you're in the chat, psychologists tell us that you jump to remember anywhere from 12% to 17% of the data long-term. So I believe your time is very valuable. I don't take that lightly. So I want to dive in. I want to go fast, but I'm going to ask for your attention. I'm going to ask for you to engage in the chat, to be with us, to ask questions. The more you're engaged, the more you're going to get the most out of this time. Does that sound fair? So we're going to do some fun stuff. We'll do things to give away. We'll do giveaways and other things like that just to help more people understand and to get the most out of your time. Sound cool? So with that, let's do a giveaway if it's your first time on here. And then I think my team's ready. We're going to go live here in a second. We're just going to go at it. If you're ready to get going, type a yes in the chat. I'm going to pick somebody in the chat for $100 and I'm going to give them $100. So I will even, I will even, what is that called, bribe you in the chat to engage. And it's just more fun. We're live here today. I'm not AI, at least today I'm not AI. I might be AI in the future. That'd actually be pretty sweet, have AIs just run this webinar. But today I'm real. I'm actually here today. So type yes in the chat. I'm going to pick somebody live here and we're going to do it 5, 4, 3, 2, 1. Alright, I got Jesse here, just one name, Jesse. Jesse typed yes in the chat. Jesse, you got $100 coming your way to Amazon. Send our team a message, so Christian's on the backend, he can do it. Yeah, send your email to Christian, he'll send you $100 Amazon. Pretty cool, congrats. Alright, with that, can you share my screen? Yeah, let's see. Can you guys see that okay? You can see that all? Alright, ready to get going? Here we go. We're gonna dive in. Single asset fund workshop. We're gonna talk about the differences between what should you do with SPV, a single asset fund, or a full-out fund. So with that, let's go, let's go. We'll hit the livestream. We'll stream this out to everybody else and we'll go from there. So single asset funds. What should you do? How should you do it? So my name is Bridger Payne. We'll dive into this today. We're gonna talk about a lot of people come on this call, they're either doing self-funded, single asset funds, or full-out blind pool funds. Okay, so between those 3, which one should I do? Which one's appropriate for me? We're going to talk about the pros and cons of these things today and essentially how they all work together. At the end of today's call, we're going to do a full Q&A as well, so people that are live, drop questions in the chat. I'll answer them in a few minutes and we'll go from there. Furthermore, I'll have this link down below if you ever want to talk to one of our team members and do a consulting call with us. It's funlaunch.com/call. We'll talk about that more in a minute. of how you can actually talk to our team and what we do. We pretty much give away all our education for free now and we just help people with implementation. So if you want help implementing stuff, that's what Funnel Launch does, but we are— I am fine to educate for free. Our mission at Funnel Launch is to democratize Wall Street. I believe more people need to understand this game. I was lucky enough to have a dad who ran a deca-billion-dollar family of funds that taught me this. Didn't give me a check or investment into my funds, but taught me the rules and the lessons around how funds are built. The most amazing, successful asset class the world has ever seen. By, per Forbes, running investment funds is the number 1 category of billionaires. Number 2 is tech, number 3 is fashion, number 4 is manufacturing. This is the number 1 category of billionaires and how billionaires are built out here. So with that, do you guys need help with something? Yeah, they're sharing my screen here. So with that, let's talk about a few things here. A lot of you guys might be on this call that are in seller finance, that are trading courses, maybe doing businesses and doing seller finance. Maybe some of you are buying real estate doing this. And sometimes it's very intimidating to hit the next step, to do a full-out fund. Okay, so a full-out fund would be a blind pool fund. You're raising $100 million. It just seems very intimidating. Like, what's the next step? And for a while, it felt like this broken bridge of this huge leap that people would take like, hey, I, you know, I do my own real estate, but how do I jump? How do I make this? And so recently, and today we'll talk more about this bridge of what we call single asset funds and how single asset funds are built. We'll get— we'll come to that in a few minutes of how that's put together. But before we get into that, let me just explain to you who I am really quick, why I have authority to talk on this subject, and we'll dive in. Sound good?

Yep.

So my name is Bridger Payson. I'm the— I'm going to go very briefly through this, but this is my beautiful family. I live in Utah. I'm— and I'll say it again. I'm in Utah, for crying out loud. I'm not in New York or Miami. I am an untraditional fund manager. And that's why Fund Launch, we like to serve. We call ourselves the Wall Street Rebels. It is a rebel in 2025 to have a family and kids at 30 years old.

Okay.

This is my wife and I have 2 kids. I'm a total rebel in society because I have a family and kids and we have 9 chickens and we live on an acre and a half property. It's beautiful. We have fruit trees. We just planted a little orchard. It's awesome. My wife's amazing. I grew up with her on the same street. Yeah, that's my son Jonah. We just had Paris about 6 months ago. I'm a family man. I love my family. We're growing the family. We want to have more kids here as well. And again, I share that because of the untraditional manager. I will say, quote unquote, regular people can do this. Regular people can play in this game. So here's a brief background on me. I don't want to bore you with my whole backstory, but I want to make sure you know that I have authority to talk on this subject. So I started Blackbridge Holdings out of college. I started 6 businesses my first years of college. I was all over the place. My dad finally grabbed me, said, you're kind of like a chicken with your head cut off. I want you to go meet with my business partner that he can really help you out. I met with this business partner. This guy was uber successful, uber wealthy. And I come to find out my dad— we grew up in a normal household. My dad drove a car with a dent in the door. Nothing. We weren't poor by any means, but we weren't rich by any means either. And I come to find out the time my dad and his partners were running an 8-figure billion-dollar family of real estate funds. Today now they're over, I think, you know, he retired when they were $28 billion. I think today they're over $50 billion, which is just crazy. So I started to learn from these mentors and people of how funds are built, how they're put together, how they're structured. A lot of the stuff I'm going to share with you today. And at 22 years old, I decided to launch my own fund. I was going to do debt. So we were issuing loans to this. I was working a job. I was in college. I was working a job. At that job, I found an opportunity where we could make loans. And I thought it was a great idea. I pitched my dad for money. My dad said no. He said, Bridger, if I give you this money, it would ruin the experience of you raising capital on your own. Your first investor is your hardest investor to find, and if I give you this money, it will be a crutch that you'll never be able to recover from. And he said no. He said, I'm not going to give you money, but I'll be a mentor or coach for you. And so my dad started to coach me through this. I launched this first fund, Blackbridge Holdings. As you can see here, we got a 64% return to our investors, which did really well. We ran our second fund for over 3 years, 219 deals. Still, my dad didn't invest, but was a great mentor. We ended up selling that fund to a competitor and it had a successful exit on Blackbridge Holdings, which was kind of cool. From there, we launched Fund Launch. Some of you guys know this. We started making content online. It's scary to go online. It's scary to make videos. It's not that fun. It's not as fun as it looks. But we did it because I'm like, I believe more people need to understand this game. So I started interviewing my dad. My brother's an investment funds attorney, worked at the largest law firm in the world for funds. Now has spun out and is doing his own stuff now. We started with a small little course and then grew bigger and bigger and bigger. We now have had over 110,000 people take one of our courses online. If you've taken one of our things online, I don't know, drop a 2 in the chat if you've taken something from us online. Our mission again is to democratize Wall Street, help more people understand this. Now through Fund Launch, we currently now give away most stuff for free. We just help people with implementation. So we help people implement their funds now. So we've launched over 300+ funds out of Fund Launch. That's the lawyers, that's the consultants, the pitch deck designers, the third-party audits and administrators and tax people. We bring all that together to help you launch and be successful. That's our goal. Okay, so there's Fund Launch. And then over here, I'm sure you're reading ahead a little bit, but I currently run 2 funds as well. So I practice what I preach. I'm an active fund manager. I run Ugly Unicorn, it's a crypto and blockchain investment fund. We've raised $24 million of equity approximately. And then Fund Launch Partners has raised $27 million of equity for a total of around $50 million. That's a little bit low, but around $50 million of equity raised in those 2 funds. Fund Launch Partners, just so you're aware on this one, we are investing into our favorite people that come out of Fund Launch. So what happens is we have hundreds of people that come through Fund Launch. We get a look and feel and see all of them. Our favorite ones, like last year we've done 9 deals so far, we'll actually write them a check into their strategy. Our average commitment is about $1 million. So if you come through Fund Launch, there's a chance that, you know, we might like you. Now again, we looked at 1,200 deals last year and we picked 9. Okay, so we have a big pipeline, but that's what we do there. Okay, so again, I share this not to brag about myself, just to say I am in the game. I am actively doing this. And by the way, Funnel Launch, we just got awarded— this is not public yet, it goes live next week— but we're on the Inc. 5000 of fastest growing companies in America, which is pretty cool. So when you're with us at Funnel Launch, when you work with us, like we are legit, we are full business, we're not just in the garage or in the basement. We have a company of about 50 employees here. We work day in and day out to help other people be successful launching funds. And again, I said down here, if you want to talk to our team about implementation, it's funnellaunch.com/call. You just can book a call on one of our guys' calendars out here. And they will just walk you through what it would look like, what we do at Fund Launch, all that kind of stuff. But today's webinar is not, that's not the purpose. Today's webinar is to train. So you guys cool if I dive in?

Okay.

So this is me and Mason, my co-founder. You guys have probably seen us online. We do a bunch of events and other stuff. Okay, so goal today, we're going to talk about should I do a syndication, a single asset fund, or a full-out fund? Sound good? Furthermore, at the end of today's call, we're going to do a rapid-fire Q&A on the iPad, and I want to work through some of your stuff as well. This is for people today that are business owners or investors that want to scale. Okay, that's who today is for. If you're looking to scale and the only thing stopping you is money, if you're a business owner or investor and the only thing stopping you from scaling is money, today's call will probably be pretty useful for you. And a fund or a syndication or a single asset fund might be the best thing for you. Might be. We're gonna walk through it, okay? So let's talk about why would you choose this path? What even is a fund? How do you choose this path? And we'll dive in, actually we're gonna get deep onto structure Structure of funds, how they're built, what you would do inside of there. Does that sound cool? You guys good with that? Type a yes in the chat if you're cool if we dive in. Yeah, not too bad. So why choose this path? Let me tell you a quick quick story. So successful business owners and investors. There's a great restaurant. I live in Utah. This is in Heber, Utah. It's called Dairy Queen. Okay, they make anybody found like a local restaurant that just makes the best burgers and fries or the best whatever, best pizza, best. Key lime pie, whatever the thing is. Well, a few years ago, this is actually a friend of mine. This is Andrew and Shawna Smith. They live nearby me. They said, what if we could find these small brands? And a lot of them all have the same problem. They have a problem hiring new staff and scaling to a new location and marketing and centralizing HR and really scaling. What if we went and found these small town shops and scaled them into regional or nationwide or even global brands? And so that's what they started to do. They've now grown the Savory Funds and their whole brand to the tune of hundreds of millions of dollars. If you have seen any of these brands, now I live in Utah, these are everywhere in Utah, Arizona, some in California, some in Texas, so it depends on which part of the country, but these, there are hundreds of these locations now. They found, for example, Mobettas when they were, I think, were 2 to 4 locations, and now they're— 1,000. Getting up in the, you know, high dozens and I think they're gonna approach 100 locations soon. Swig was another one, they're a drink shop. Via 313. So they find these types of brands when they're small and scale them up. If the only thing stopping you is money from scaling, a fund is what these guys do, might be the best thing for you. Is that kind of making sense? Of an idea to scale, right? Fund and fundraising and fund management is all about scale. It's the natural progression. This is the reason why most successful people in finance and business end up running funds. Let me give you another example. This is the concept of red ocean, blue ocean. If you've been on calls with me before, I love this concept. I actually met with the author of Play Bigger, which made this big. This is Blue Ocean Strategy, another book. I like to bring things that are tested and true, I guess you call business principles. One is red ocean, blue ocean. This is the idea of market share. So in the book Play Bigger, they talk about red oceans. These are bloody ocean waters. They say 74% of market share goes to one company in any certain category. It is a fallacy in business to try to say, oh, I'm gonna go, if I just got 1% of Amazon's market share, we'd be worth $100 million. And we're gonna go try to carve out 1% of Amazon's market share. That is a very failed and flawed business strategy. Actually, the Shark Tanks on Shark Tank said this multiple times. Do not ever pitch us that. Because it never works. Because what happens is a category king dominates a category. What you should do instead is try to create a company, a brand, a business in a blue ocean. You don't try to create something that's better. You create something different. There's a little bit of distinction there. I'll give you one example is search, online internet search. So Google, for example, is the category king of online internet search by far. They have a 94% market share on internet search and they have for years. About a decade ago, Microsoft, big company, a lot of resources, a lot of distribution, said let's disrupt Google. Do you guys remember this? And they said we're going to announce Bing. They spent over a billion dollars building Bing and their thesis was if we can just take 10%, 20%, 30% of market share from Google, This will be a deca-billion-dollar business. And so they spent $1 billion. They put it onto all of their Chromebooks and all their computers. Microsoft was the default browser was Bing. Over a decade later, take a guess of the market share of Bing. It's about 1%. Google still dominates 90 to 94% of search. It barely even dented Google. Microsoft made the classic mistake of trying to make something better, not something different. So here's a question for the chat for y'all. What is the second largest search engine in the world? The second largest, type in the chat. Like, what is it? Second largest search engine in the world. What is it? Is it Yahoo? Is it Bing? The second largest search engine in the world is YouTube. YouTube is by far the second largest search engine in the world. More searches done on YouTube than most other categories, than Bing, than other places. And why? Because YouTube was a blue ocean. This was internet search for videos. Isn't that interesting? And it was a blue ocean. No one else was doing it. So YouTube grew and grew and grew and then finally became a red ocean. YouTube is now a red ocean with video search. YouTube dominates 90+% of that category. And guess what? Google a few years ago bought YouTube. Now here's another question. Right now, there is a new threat to Google search and YouTube search. What is it? What's the new player that's disrupting search? ChatGPT. ChatGPT, AI, 100%. OpenAI right now is the big disruptor for search. People are— because it's something different. It's a new blue ocean. So when you're positioning your brand and business, I've told myself this 100 times, I need to create something different, not something better. I'll give you another example of John D. Rockefeller. So John D. Rockefeller, and I love learning lessons from the past, from previous titans, because a lot of times it very rhymes and rings for today. And we need to learn from history. So John D. Rockefeller, if you guys don't know who John D. Rockefeller was, by far the wealthiest man in America for his time, maybe ever. Perhaps could have been one of the wealthiest people of all time, if not the wealthiest person of all time. To give you an example, he was worth $900 million in 1913. He built Standard Oil. You can see this picture. These are all the businesses that came out of Standard Oil today. They had to break him up because he was a monopoly in the oil business. Okay? So that he was at the time 3% of the GDP of the United States. Isn't that crazy? Today, in today's numbers, now again, it's not dollar for dollar because the United States has moved its position in the world since 1913. But if you went straight across, that would be $600 billion net worth today. Which is crazy. He is one of the richest people to ever live. Now he wrote an interesting book. Oh, let me go. Oh, it's not on here. Interesting book called 38 Letters from John D. Rockefeller to His Son. And it's a fascinating book. It's just letters that he wrote to his son. And this, I just recently read it. It was phenomenal. I highly recommend it because you just get to hear from John D. Rockefeller and how he thought about business. Now, there's good stories of John. There's bad stories of John. Obviously, in his letters, he makes himself look like the hero, but it's very interesting. One of his letters, he talks about— so he was in Ohio. You can put me full screen too and go back and forth if you want. He was in Ohio and he had a competitor in Pennsylvania. that was starting to sell oil into New York. And John, in his letter, he's like, I had this vision of being a dominant force of oil in the world. I needed an oil empire. And this guy in Pennsylvania was really starting to compete with him. He goes, I had to figure out how to win this war, win this battle against this competitor in Pennsylvania. And this goes all the way back. And there's a— I'll do a little side tangent here. There's a crazy villain origin story from John D. Rockefeller. In one of his letters, He writes that he, since he was a small child, had this vision of being a dominant player in the world, one of the wealthiest people to ever live. And he says it came because of this photograph on his desk. And he, in the— I think he sends in the letter a picture of the photograph. And it's a photograph on his desk of his schoolmates when he was a kid. And he tells the story and he goes, this photograph changed my life. He says, when I was a kid, 7, 8, 9 years old, A photographer came to his school and he said he grew up very poor. Photographer came to his school and they were— everyone was very excited because it's kind of a new technology. They're gonna get their picture taken in front of the schoolhouse. So all the kids line up, the teachers, everyone lines up for this picture. And they're there and the photographer says, hey, who's this young boy on the front with the scrappy clothes? Let's remove him out of the picture. And it's John. And they kick— the teacher goes, okay, and they kick John out of the picture because his clothes were so raggedy and dirty. He has to stand on the side and watch all of his other mates, schoolmates, get a picture taken of them. And he says on that day, that was the day he decided that he was going to be the wealthiest person to ever live.

Wow.

And he made a— he resolved inside of himself that this was the moment it would change his life. Kind of a villain origin story. And he still has. He goes, I have the picture on my desk 50 years later, and that picture has driven me and made me who I am. And he goes, I look back on that picture with no— I don't look back with any sadness or regret. He goes, actually, at the time I was sad. But he goes, now I realize that was the greatest day of my life. If that wouldn't have happened, I probably wouldn't have the oil empire that I have today.

Wow.

Isn't that wild? And he goes, you have to thank people in your past for what happened. Sorry, that was a little tangent. Sorry, you can go back to my slides here. So John D. Rockefeller had a competitor in Pennsylvania. This competitor was selling oil to New York. So he goes, I got to stop this from happening. So he calls up all of his friends in the railroad business. He says, hey, I will pay you. Please stop this competitor in Pennsylvania from having oil pipelines over or under your railroads. And they go, sorry, he already has built. We've already made a deal with him. And he's already— he's actually already built his pipelines across our railroad tracks. He goes, fine. So then John goes to Pennsylvania and buys a strip of land from farmers all the way across Pennsylvania. He literally buys up land. He's like, I made all these farmers super rich because he just kept buying up land to stop this competitor in Pennsylvania from moving oil to New York. But he goes, what happened was the guy found a way around. He found a loophole, a place that I didn't buy. And he got his pipeline completed to New York. So John goes back to Ohio and he says, man, he kind of said, I had to rethink my strategy on how I was going to approach this battle that was happening with this competitor. So then he goes, I had to restart. So he goes, what I did first, I went to— there was a supplier in New England that made containers for oil, I think big large oil drums. And so John said, I went to that supplier. And he was the only real supplier that serviced everybody, me and the competitor. He goes, I put in the largest purchase order this supplier had ever seen. And I said, I need this done in an unreasonable amount of time. You need to put me to the head of the line and I'm going to pay extra. And so what happened was this supplier of these oil containers said, OK, and stopped building the oil containers for the competitor and started building oil containers for him. That was step 1. Step 2. He went and bought as many of the end buyers as he could in New York so that they would only buy oil from Rockefeller instead of this competitor in Pennsylvania. And then he goes, phase 3, he actually lowered his prices to even a loss where it was so cheap that every single end buyer in New York bought their oil from Rockefeller and not his competitor. And he actually was running at a loss. To bleed out his competitor in Pennsylvania. And then eventually over the course of a few months, he then gave an offer to the person in Pennsylvania and bought their company and combined them into his company. I mean, pretty wild story. And he goes, finally, we now completed the oil empire of North America. And then he went on and did all these other things. Now, you might look at that story and say, wow, that's Terrible, right? You might say that's good, that's bad. I you can make up your decisions as you like, but this is how businesses sometimes played. Let me share a more recent example. Okay, you can see that right? Zappos. Okay, this is the Amazon versus Zappos story. You guys remember Zappos? They used to sell shoes in the early 2000s. So as Zappos was a billion-dollar business in the year 2000 selling shoes online, as Amazon expanded, they wanted to compete in the shoe business, and Zappos was the big competitor online. And so Amazon was trying to figure out how to do this. So they gave an offer. They were trying to buy them. Zappos said no. And so this is some of the story that happened, okay? So you had, and Jeff Bezos has this very famous quote that says, your margin is my opportunity. Your margin is my opportunity, okay? So this is Amazon versus Zappos. In the mid-2000s, they wanted to buy Zappos, but they couldn't agree on a price. So as they continued on, Amazon decided to undercut the shoe market and sold shoes at a loss for years. Estimated they lost over $150 million million, selling shoes at a loss to compete with Zappos and grab market share. Again, back, remember, think about red ocean, blue ocean, to try to grab more of that red ocean that was happening. After years and years of this, Zappos went back and forth, this war with Amazon. The great financial crash hit, really shifted the world around. They deliberated back and forth. Zappos decided they would eventually lose this battle. They said Amazon has too many resources. They can continue to run their business at a loss and it's going to be hard to compete. And in November 2009, Zappos sold to Amazon for a final price of $1.2 billion of stock and cash. Now, don't be too sad. I mean, $1.2 billion is pretty good. And most of it was in Amazon stock, which Amazon stock now is probably, I don't know the exact number, but way higher than it was in 2009. So they did well. They made plenty of money. But it's interesting to think this way. Now, why do I share these stories with you? How many of you guys run businesses right now? I run businesses and a lot of us run businesses and we have, you know, yeah, we're running, I'm running my HVAC business in my little local area and we have service and our clients love us. What happens if someone comes to your city or town and maybe it's already happening right now because it probably is. that says, hey, we're coming to Salt Lake City, Utah, or Boise, Idaho, or Oklahoma City, and we're gonna take the market share from— in the HVAC business space. And we're gonna come up, we have lots of capital, and we're going to have centralized marketing, centralized HR, centralized finance. Oh, and we're gonna run at a loss for 8 months so that everybody in the state or the area starts using our HVAC services and it pulls market share from everybody else. That's interesting. And you might say, well, that's not right. That's not— I'm just telling you, this is what happens. And if you or me are running a small business in just our local little town and area, we might become prey to a larger, more capitalized firm that comes in, runs at a loss, grabs market share, and runs everybody out of business as they centralize in together. In a lot of cases, there's the old quote, if you're not growing, you're dying. That is why running a small business sometimes can be very hard. And that's why it's much easier actually sometimes to grow into a bigger business. And so what I'm talking about today is business owners and investors that are playing small. You might have to play bigger because other competitors might come in and buy you out. I'll share one more example of my real estate people. In the last few years, Wall Street has been buying up single-family homes en masse. In 2021, it's estimated about 1 in 7 homes were purchased by Wall Street. In 2022, it was estimated about 1 in 5 homes were purchased by Wall Street. And in 2023, it's estimated about 1 in 3, 1 in 3 residential homes purchased in 2023 were purchased by big firms on Wall Street. Now, you might be a small house flipper or syndicator or whatever. They are buying these homes at mass. And you might sit there and go, well, they're overpaying, they're overbidding, right, for these homes. Maybe they are. But they have cheaper debt. When you can go get bank debt from a bank and you're a large firm, everyone else is borrowing at 6.5%, they can borrow at 5.5% or 4.5%. Can you overpay? Yes. You, when you have a volume play, when you're flipping, we had a guy in our group, he was, he went from flipping 4 houses to 72 houses the next year. When you flip 72 houses a year, you got the same paint guy, the same carpet guy, the same drywall guy, and you can pay them an overall average cost that's lower per house because you have a volume play. Furthermore, these larger firms, They pool houses together and they sell pools. So they'll buy $100 million of single-family homes and they'll sell that pool for $125 million because there's a premium that's paid when assets are pooled together. Interesting. Maybe they're not playing the same game that me and you are playing when we go bid on our little duplex or a little single-family house. They're playing a much bigger game. And actually, it is profitable for them to bid more than you bid. You know, you're like, oh, $500 grand is the most anybody can pay for this. And they bid $550 or $600. Well, it's because they got cheaper debt than you. They got economies of scale and they can pool these together and sell them out to a bigger group and get a premium for pooling assets together. This is why eventually most successful people in finance and business end up in the fund game. Because they can play business at a totally different level. Y'all following? All right, making sense why we're talking about this today? So if you guys are cool with this, let's get into some tactics. Yeah, give me like a— give me like a— I don't know, a yeehaw in the chat or something. Give me something in the chat. Give me a yeehaw in the chat. Okay, this is why we're talking about it. So I had to set the stage a little bit of why this is important for a lot of you that already run businesses, that already are investors, Why that's important, because if you aren't growing, you're dying. And this is why how the biggest players on earth are doing this. This is how some of the wealthiest individuals, the number one category of billionaires, this is the game they play. OK? So, and this is why I am so committed to democratizing Wall Street. I believe more people need to understand this game. Whether you like it or not, this is the game that's being played. And historically, it's just been the people on Wall Street. The people in the Ivy League degrees that can play this game. And now we're letting everybody play this game. We are democratizing Wall Street. How cool is that? We're letting regular Joes like me and you figure out this game and play.

Yeah.

So give me some yeehaws.

Boom.

Let's get it. That's what we call ourselves, the Wall Street Rebels. We're going to go play in this game. We're actually going to beat them at their own game because I'm not okay with 3 firms, BlackRock, State Street, and Vanguard running and controlling single-family homes and pretty much every business on earth. We need, we need, we don't want, we need more people like me and you to understand this game so we can level the playing field and have a true competitive market. I love capitalism. Capitalism is amazing. It has produced, pulled more people out of poverty, produced incredible amounts of wealth and prosperity, and lowered prices for consumers. Compared to everything else, capitalism is amazing. But in some industries, we don't have capitalism anymore. Healthcare or even large financial firms, there's— it's not true capitalism. It's a cartel and/or a duopoly or even a monopoly. And I'm not okay with that. I think we need to have true capitalism. So I want to empower people like you to go out and do this. Yeah? Sound good? There's my little rallying cry. So let's get into some tactics here. You guys cool? So how do you structure the deal and raise money? How do you do this? So let's talk about structuring deals and actually how do I pull together the money and do this? The best deals get done with a mix of seller finance, debt, and equity. You've probably heard of these 3 categories. This quote was done from a very smart, wise, incredibly amazing person that said this quote, which is me. I said that quote. Okay, so these are, these are the categories, right? You have seller finance, debt, and equity. Again, I believe the best deals are done when you mix some of these together. Okay, so we're going to talk about how people traditionally are mixing these categories of seller finance, debt, and equity together. Some people just love seller finance or just love debt or just love equity. I think you got to mix them all together to get the best result for any of your deals. Sound good? Let's talk about examples of a lot of deals. You guys cool if I get tactical here? Let's dive in. Let's say we are buying a new business for $500,000. Here is our new business in the purple box. We got to raise $500K. We raised $500K of equity. This is how a lot of people do this in a syndication. A syndication. I'm going to use some terminology here. Syndication. A lot of people do this. They make an LLC. You might want to just take me off the screen so people can see this. They make an LLC to purchase that new business. What happens is they say, alright, we're putting together an LLC. Me and you are the founders of the— we're putting this deal together. We're going to reserve 20% of equity. For us. And then the other 80% goes to people that put money in. So if someone puts in half of the equity, and by the way, this is all governed by an operating agreement and everyone here is a business partner. I'll talk about that in a second here. So if someone puts in half of the money, they get half of the available shares. So they put in $250,000 and they get 40% equity in the LLC as a business partner. under our operating agreement. Y'all following? This is a syndication structure. By the way, I would not do this, okay? But this is how people do it. Then you raise from other people. Here they are. You got all these different owners in the business. You have $500,000 as business partners. You go purchase this new business. Maybe it's your competitor's business. Maybe it's, I don't know, something, some kind of business. Whenever that business makes money, the money flows back to this LLC and gets split up pro rata based on how much equity you own. So if it made $100,000, this blue box here would get 20% or $20,000, or this person would get 40% or $40,000. All here. Is that making sense? You're just business partners. Okay? Let me talk about why I wouldn't do this. Now, a lot of people do this. You can do this. But I would just tell you, this is why I would not do this structure. Problems. It's hairy with compliance. These partners here are not investors. They are partners.

OK?

And because they're partners, they can kind of nudge you out of a deal. These are business partners. They have to have voting rights, voting shares. When you do it this way, you have to do this and lawsuits are way more prevalent. And it's easier to walk away or nudge people out of things like this, okay? When people do this, generally they're doing it with a close group of friends that really are business partners, and I'll tell you why. If they are in, you're like, well, I'll just write the documents so that they're passive investors. If they're investors, right here, you are selling a security. If they're a passive investor, the SEC would look at this and say, hold on, you're selling a security. And because it's a security, you need to register with the SEC and file a Form D and Blue Sky filings. And most people doing this do not file with the SEC. They try to skirt around it, and hence they have business partners. And because they have business partners, people— partners can fight and countersue, and they have rights and privileges, and lawsuits are way more prevalent. Now, you might be saying that, well, my buddy did one and it went great. Well, yeah. Whenever everyone makes money, no one cares. No one looks into it. The SEC doesn't look into it. But if the SEC did look into it, they might have some problems with the way you structured it. Okay? Everything's fine until people lose money. If people lose money, then there's lawsuits. Then there's all the stuff that happens between them. Does that make sense? That's why I don't love this. Furthermore, a lot of wonky stuff can happen. You can write your operating agreement in different ways. People can Open up new bank accounts. And again, most of the time that doesn't happen because people are somewhat trustworthy. But in the margin where people aren't trustworthy, things can go south very quickly on one of these. Y'all following? So when people are like, oh, we'll just spin up a syndication, I'm always like, ah, hold on. I get nervous when people spin up syndications like this. So a lot of people are like, hey, I want to do a self-funded deal, then I want to syndicate, and then I'll do a full fund. I tell people, Besides do a syndication, you should do a single asset fund. So what's a single asset fund, Bridger? And I said we're getting into tactics here. You guys cool if I just keep going? What is a single asset fund? Well, a single asset fund is similar, but it is structured in a different way that allows you to scale that's much more compliant. So let me give you an example here. Okay. Again, we talked about the pros and cons of syndications and SPVs, but we'll head through these Briefly, so a syndicate, so which stands for a special purpose vehicle. First off, this is very unclear on the terminology. Syndicate means to combine something, or is it I've joined a mastermind group that was called a syndicate? How does how is it actually structured? A single asset fund much more clear. We're going to run the GPLP structure, which I'll talk about in a second. This is a clear structure for investors to combine capital for a deal. Okay, so and yeah, like. For example, in Star Wars, they call this, it's a crime syndicate. Like, it's a very confusing term. There's 100 different ways to define syndicate. I like using single asset funds for this. Much more clear, much more structured, much more compliant. Okay, so what are we talking about with a single asset fund? Well, we're using the GPLP structure. Now, if you've heard me talk about this before, this is how 99% of private capital in the world is raised through this little structure I'm about to explain to you right now. This structure is much more compliant, much more put together, and a great way to scale. And I'll share that in a second. So here we are, GPLP structure. You can see here, you're like, what is going on over here? Okay, so this is my limited partnership or my fund. This is a pool of money. And again, let's take the same example. We're going to buy a business for $500,000. So I'm going to bring in investors or limited partners into a limited partnership. Okay? Not into an LLC, a limited partnership. The limited partnership is governed by a general partner. And it's also governed by a management company here. Okay? These 2, this is you and your team. This is the managers of the business. They're the general partners. The general partners manage the limited partnership. Which is full of limited partners or investors. Y'all following? This fund or limited partnership then goes and buys the business for $500,000. When the business makes money, the money flows back to the limited partnership and is distributed between the general partners and the limited partner partners. You file with the SEC. You file your Form D. You file your Blue Sky filings. You do things very compliantly. This is, this is all governed by what we call the Bible, which is an LPA and a PPM. This is a limited partnership agreement and a private placement memorandum. We call them the Bible because they're big, thick documents. And furthermore, they're all the laws and covenants of your fund, of your limited partnership. The cool thing about the Bible is you get to write the Bible. So you might say, hey, the minimum commitment to join this is $25,000 or $50,000 or $100,000. And you write that down in your Bible and you go and you put that in your Bible. And then that's now law. Now, once it's written down, you got to follow it. But you put that into your Bible. Y'all follow along? Okay. That's your general partner management company and limited partnership. This structure is phenomenal. Now, years ago, this used to cost, you know, $30,000, $40,000, $50,000 to put together. That's why most people started doing these because it was just like a lot easier to put together. But as time has gone on, they've become about the same price to set up on legal costs. You actually can now set up a single asset fund, meaning it's a fund that's going to buy one asset, one building or one business. And you can do that for a few thousand dollars. Not too crazy. Let's call it $5,000 to $7,000. And it's compliant, it's structured the right way, it's filed with the SEC, like it's very compliant. Furthermore, you can build a track record on this.

Okay?

So as I go through, you can see the general partner and management company. This is you and your team over here. As you scale, this is what will happen. So your management company, which is, these are both LLCs, the general partner and management company, but this one's titled the general partner, this one's a essentially a management entity runs your teams. As you do more deals, you can set up more general partners. So you— this would be your first deal, be the top one. You're buying 123 Main Street and then you're like, hey, we're going to buy 748 Southwest Lake, whatever. That would be general partner number 2. And you have limited partners into that fund. And then you can do the same thing for a third fund. And this allows you to grow as a firm. This allows you to build a track record. This allows you to get audited financials so that you can continue to scale and get more institutional capital over time. Y'all following? Again, years ago, this was too much money. Now it's become way more accessible for the common day man and woman to build something like this. I talked to a big syndicator a few weeks ago. They've done 25-something deals with LLCs. And he was like, Bridger, I wish you would have taught me this 15 years ago. He goes, now we're pivoting and we're doing this now. But man, if all of my previous deals were in this structure, it would have been way easier for us now to do taxes and audits and, and get more people, more new investors in with our track record. Kind of cool, right? So this is what I like to call the single asset fund. So some of you have self-funded deals. The next stage I would tell you to do is move to the single asset fund approach. Okay? That's where you're doing, just like I talked about, a deal-by-deal basis, one deal at a time through a GPLP structure. And then the final stage of this is where you're doing a full-out fund. Now, Bridger, what's the difference between a full-out fund and one of these? So a full-out fund over here, the limited partnership, instead of just buying one deal, A full-out fund, you're going to go buy 15 to 25 deals in this structure. So same structure, it's more complex, it costs more money to set up. Probably, you know, on average, if you go online, it's probably $30,000 to $50,000 to set up a full-out blind pool fund. With what we do at Black Card and our single asset fund program, it's much cheaper. We get really great— we have really great partners and law firms. But you're probably, you know, anywhere from $15,000 to $35,000 to build a full-out blind pool fund. But then you can go buy 15 to 25 properties. You raise the capital once, you raise $30, $50 million, and you can go buy deals on your discretion. You have a pool of money set up ready to go to buy deals. If you've ever wondered how, man, how do these groups just— they, man, they just buy a property overnight. They have a fund set up. The fund is ready to go. The capital is already raised. And if they see a good deal, they pick up the phone, they put an LOI, they do due diligence, and bam, they close on the deal. And that's the final stage here is a full-out what we call blind pool fund, where people put money in and they— the fund manager can invest over the next 5 to 10 years. So my fund, Fund Launch Partners, is a blind pool fund. We're in this category. We've raised $27 million of equity to do anywhere from about 20 to 25 deals. We've done 9 deals so far. We have 2 more under LOI. We are doing about a deal per month and our average commitment's about $1 million per deal. Y'all following? That's a blind pool of funding. We've already raised the money. We already have the money ready to go. We just now have to go find good deals to put money into. Is this making sense? Y'all following along? So again, that is why I would do more of the GPLP structure than a syndication or an SPV. It's much more clear, much more scalable. You actually file with the SEC. You are structured, you're compliant. It's much better to be buttoned up and compliant than just trying to be in the gray area, especially when you're raising money from family and friends and people around you. You want to make sure you're buttoned up, you're done the right way, and you're compliant. Y'all, is that making sense? Y'all following along? Okay, I'm here. I can take some questions on this too. Now I'll share this and then we'll take some questions. And actually, I want to share If you guys want, I can share my screen for a second. The Fund Launch Formula, we'll come back to this on how we actually build funds and what I would recommend going out and doing with funds. We'll talk about this in a minute. If you're wondering what we do at Fund Launch, so type questions in the chat if you have them. If you're wondering what we do at Fund Launch and how we can help more beyond this, our goal again is to democratize Wall Street. So this is what we do. We help people do this. So we have educational platforms for free. This is my YouTube channel, Instagram. We actually just built AltStreet. So AltStreet is 10 full masterclasses built out with some of the smartest people on Wall Street. We went and flew out, we filmed them. It looks and feels just like MasterClass. For example, this is Bob Elliott. He worked with Ray Dalio at Bridgewater and he talks through how Bridgewater works, all the inside scoop. And now he runs his own fund as well. Really incredible course. This is all for free. AltStreet.com is all for free. You guys can go learn on there. Again, our mission is to democratize Wall Street. This is my free gift to y'all today. We have about 20,000 users on AllStreet right now. We're trying to build more classes and just make this accessible to everybody. I believe more people need to understand this game. Isn't that kind of cool? You can give our team or whatever like a shout out for that. It's pretty awesome. Like it's totally free. It's no cap. Like go and just, you can take 10 classes for free all on AllStreet. The other side of this and what is Funnel Launch as a business? Like what do we do? Well, Funnel Launch is we help with the implementation. So once you hit the point of, hey Bridger, like I've learned enough, I've learned everything I need to learn, I'm actually ready to implement this. I'm ready to go and actually launch a fund. I need the lawyers. I need help with tax and audit and compliance and buttoning it all up and filing all my documents with the SEC and putting this thing together. That's what we help with. Okay? That's what we do at Fund Launch. So we have a backend full CRMs. We have processes. We have a full backend fund builder that takes you through all this stuff. We have 15 different coaches and consultants that think tank your fund with you. We have a pitch deck designer that helps you build your pitch decks. We have a dozen or so partners on the tax, audit, compliance sections to really go out and build out what you need. And then we have full-out law firms. We have a number of law firms we've partnered with that we match you and we get a huge bulk discount that we pass on to you guys that you're in When you're in Black Card or a Single Asset Fund program. So that is paid. Okay, so education is for free, but if you want help implementing a fund, putting it together, seeing how we could actually do this in your business, and maybe with Fund Launch Partners, we actually invest into our favorite ones that come out of Fund Launch. So what we have is Black Card. That's our paid incubator group. We've had over 1,000 members in Black Card. Some of the stuff you guys have seen, we do events around the country. We're doing an event just next week here in Salt Lake City, Utah. We're inviting all of our Black Card members to our headquarters. We're doing a 1-day full workshop and we have a capital raising event the night before where you guys can come and just hang out and meet cool people. Okay, this is a screenshot of the backend dashboard of what you get when you join Black Card. So it's an incubator. You see communication channels, performance credits, and services. We actually really deep dive into your fund. We have a full CRM built out. You can email and market your fund as well. All in here, you go through the incubator, you can build out your blueprint of your fund. It's all around the implementation of building out your fund. Okay, so again, education is for free. Implementation is paid. So if you want help implementing your fund, what we've done is that my team here, they are all trained by me and work with me. They've set up a few times on their calendar. If you guys want to talk to one of my team members, there is a link right there, fundlaunch.com/call. We'll leave it up on the bottom of the screen here. You can click here. How it works, so if you have a second right now, open up Chrome, Safari, Bing. You can open up Bing if you want or wherever. Go to fundlaunch.com/call. What's up, guys? How it'll look, let me share my screen here. So you come right here, it'll ask you to put in your email. So I'll put in bridger@funlaunch. You hit submit. And by the way, we've had trouble with the internet. Like I feel like AWS went down today. So you might have to use a hotspot. I'm on a hotspot here today. But you can go here, it'll give you some times available through next week. So I can say, oh great, there's a time, there's 2 spots available today. Great, I'll hit next and I can go book that call. And then once you book, make sure to save it to your calendar and make sure to show up for your call. Down below you can read case studies of people we've worked with in real estate, hedge funds, private equity, and across the board. You can see videos of here and more people that have worked with us and their experience working with us here. So you can go and read through some of these people down here and screenshots from them. So that's what we do at Fund Launch. We help people implement and go out and do this together. So again, you can go to fundlaunch.com/call. That's the link. Do it right now if you'd like. It's first come, first serve on calls. I think there's 2 spots available today. So go and book on there. I think we have a few spots next week on Monday, Tuesday, and Wednesday of next week. So you can book a few calls there as well. All right. We'll leave that live here for a second. There's a— here's the backend portal. You can come down here. You can see our— we do daily office hours with our coaching staff and other people. You can see on here how this is put together. You can see like, where's today? Scott, you know, he goes live with Fund Launch 360, our platform, tomorrow. We've got Ben Julius on real estate syndications, uh, crypto call. I mean, we have a full different, you know, pitching capital, a number of people that are in the game right now building funds coming on and talking about, you know, capital raising. Every single day pretty much we have an office hour live where you can hop on and talk with coaches. And then, uh, we have a communication platform you meet with other people. You have Fund Launch 360 credits and services where you actually work with the law firm, get all your stuff put together. We actually have interns that we actually can place in your fund if you qualify. Pitch deck design, then we have events. Here's our 2 events that are going on. We have a cruise coming up. We're going on a Mediterranean cruise here in September and October. Our next workshop is August 15th at our headquarters in Utah, and then we're hosting a Cars and Coin the night before in Utah as well. So we'd love to have you out there, and then you have a dashboard with all your stuff. This is all built by us, custom coded, and you'll be first access into Fund Launch AI. That's coming out pretty soon here in the next few weeks. So again, you go to funlaunch.com/call and you can see it there. Alright, let's do this. I wanna answer some questions. I wanna take a few minutes. We can pull up the iPad. We can talk about the Funnel Launch Formula and make sure we're clear there. So, sound good?

Sounds good.

We'll leave this up and in the chat we'll drop the link again. You guys can pull that up. So let's do this. Let me pull up the chat here. As promised, let's talk more. You guys wanna talk Funnel Launch Formula for a second? Let me share this. Let's do this. I want to help you with some of your deals. So that'll give you a little framework of how syndications and funds are built. Okay, let's see if it'll work here. Boom, so you can see my, yeah, there we go. So Fund Launch Formula, let me talk you through what is like the Fund Launch Formula. So obviously you can see the full thing there. I'll zoom in for a second. So we, a few years ago, found a lot of people that were launching funds. They're like, they'd call me, Bridger, I want to launch a fund. And everyone would go, hey, just give me the lawyers. I want to go talk to the lawyers. And I say, okay, well, lawyers generally charge, you know, $30,000 to $50,000 to launch a fund. It's very standard. And so what would happen is people would go talk to lawyers and then the lawyers start to ask you questions about your fund. So they say, hey, well, you know, I'll zoom up here. This is with all of our other frameworks. Are you going to run an open-ended or closed-ended fund? Like, what are you doing with your fund? Or what kind of waterfall structure are you going to have in your fund? Or, you know, walk me through your team that you have in your fund, or walk me through the risks and the returns and what you're doing in your fund, because you got to put that in the docs. What's your unique edge in your fund? Are you— who are you raising from? Are you going to raise from accredited investors, qualified clients, or qualified purchasers? Like, who are you raising from? You know, what's your— what structure? You want a GPLP structure? What are you going to put in your LP and PPM? All these questions. Do you going to— are you going to run a Reg D, 506, , 3 fund? You know, what kind of fund are you doing? Are you going to register with the state level or the federal level? And most people go, whoa, that's a lot of data. Can you help me with that? And a lawyer— I'll go back down here— a lawyer would say, sure, I can help you with that. And lawyers bill $800 an hour, and they will teach you what all of those things mean, and they will teach you in bracket. And lawyers tend to talk slow, and they'll give you all the options. You go back and forth, and it's going to take you months and months and months, and they're going to keep racking up a legal bill. I had a friend Spend over $500,000 on legal fees setting up his first fund because he did this. He went to the lawyers first. And after talking to now hundreds of fund managers, what we found was there was a much more efficient way to launch a fund, which is what we called the Fund Launch Formula. And I'll walk you through what that, what that is here. So what we found was, and I'll zoom in down here, was we said, okay, before you go talk to a lawyer, it's a very expensive procedure. Let's just focus on your deal and strategy. What are you actually doing? Who's the team involved? What are you putting together? Great. We got that figured out. Then let's go figure out the frame. How do you want to structure your fund? How are you going to pay back investors? What timeline do you have? Are you, you know, like the stuff I talked about earlier, Open-ended or closed-ended funds, like all the structure of the fund. And then let's go actually talk to real-world investors and see if people even like this thing. Let's go see if we can get some verbal commitments. And there's a little secret here is go and ask for advice. Go to a number of— maybe it's a mentor or a wealthy person, you know, and say, hey, You invest into a lot of deals and funds. You know, we've got a deal put together and here's our structure. Can I come pitch you for 15 or 20 minutes and get your advice on this deal to see if people even like it? And there's an old quote that I love that says, when you ask for advice, you generally get money. And when you ask for money, you generally get advice. Okay, so go and ask for advice. And what will happen is one of two things. You'll go pitch them and they'll say, hey Bridger, this is actually pretty awesome. I want to put money into this. Like, can I actually put money in this? You say, yeah, we're putting it together right now. Or they're going to give you advice. And you can see why this is drawn in a circle here, because what happens is they're going to say, well, your deal is a little wonky. Why are you doing it that way? And you go, oh, that's a good question. That's a It's a good point. Maybe we'll go tweak our deal. And maybe we'll tweak, and they, ah man, your structure is super strange. You should change that. Oh man, good advice. Hey, okay, I'll go fix those 2 things. Can I come talk to you in about 2 or 3 weeks and see if I, you know, see if it looks better?

Sure.

So what you do is you go in the circle, you tweak your deal and strategy, you tweak your frame and structure, and then you come back and you get more advice. And you keep doing this over and over and over again until you've achieved validation. You are trying to validate that your fund idea is even a good idea. Y'all following? Once you cross over validation, then we talk to the lawyers. Then we go figure out, you know, hey, let's put together your fund. My last fund, I gave it to my lawyers. You know, it was like, hey, I want to, you know, I want XYZ. I knew exactly what I wanted. And they said, great, we'll build it for you. It took like Couple weeks. Couple weeks. It was like $10,000. I think we did a little bit extra. It was $15,000 because I added a few other things. $15,000 versus $30,000 to $50,000. Or my buddy who did the exact opposite, he spent $500,000 because what happened is he went here first. He then went and talked to investors, got some advice. He changed his deal, changed the structure. His lawyer said, great, we'll rewrite the docs. They rewrote the whole docs and then he changed it again. He did another loop, changed his docs again. His lawyer said, great, we'll rewrite it. So his fee went from $30,000 to then $80,000 and then $120,000 and then it went to $150,000 and then he ended up around $500,000 because he did this backwards. Don't be that guy. His same fund he could have built for literally $30,000 if he knew, if he knew what he was doing. Y'all following? So when you come in here, do like, do this process.

Okay?

Do this process. It'll save you so much time and headache. This is how entrepreneurs launch funds. This is why Fund Launch, we've gotten really good at this. We help you through this process. The legal part, this is the easiest part. It's not that hard. The harder part is building a fund that investors want to have. Most funds never launch. Most funds never launch because they go here, they spend 50 grand, they're already in the hole so much, they didn't do validation and they go, ah, I guess people don't like what I'm doing. I'm just gonna, I guess I'll just pay the lawyers off. And now they're in the hole 50 grand and they have to recover from that, okay? That's why the Fund Launch Formula is so beautiful. Y'all following along? Is this making sense? So now once you go through legal formation phase, then we launch, we file the Form D, we go and everything's filed and now you're in the fund management game. So we go back, We have our first closing. We actually close capital in the fund. We then go and buy the assets, do asset management, and we continue to build your firm. So we are building out your team here and then we do this over and over again. This is what you are doing the rest of your life. This is what billionaires do that all run funds. That is what they do. So if I zoom up to this top version, this is a more detailed version of the Funnel Launch Formula. You can see here, here is all the stuff we do in legal. We have a bunch of checklists and things that we put together between all 3 of these categories. In the capital markets game, we are going to go get in the room. We are going to connect in the room and we are going to close the room. In the asset management spot, we are going to build out our investment committee. How we make decisions is very important. Then we are going to build out our firm. We are going to build out our full fund waffle here of all the people you need in your firm over time and we are going to continue to raise capital. We are going to continue to buy assets and we are going to continue to build our firm. Now you might sit there. And say, Bridger, this sounds like a lot of work. Yeah, it is a lot of work. That's not it. This is not a shortcut. This is hard. Like, this is a lot of work. Some people might have come on this webinar today like, hey, I'm looking for like a hack online, like make some money. What I have learned over time, people, a lot of people look for a shortcut. The prop shortcuts don't work. Because they don't ever get you there. And what the reality is, the long way is the shortcut. Actually going the long way doing this is the shortcut. And what's happened is launching a fund is extremely hard. It takes lots of work. What we have done is made it way easier. Funnel Launch, like we've compressed this down. We help you through every step of this to go and make this much easier. It's still hard work. Anything worth doing in life is hard, but we make it way easier. We run you through the process of doing this. Furthermore, man, it's a lot of work. Well, yeah, guess what? If you do this right, depending on what you're doing, you know, you can do your own math. I did it for our fund. It's like, if I do this right, we're going to make like— I, Bridger, I'm going to make like $80 million. If I do this correctly. So it's like, well, for my fun at least, I'm like, well, yeah, it's a lot of work. But like, that sounds pretty— like, is it worth it to make $80 million? Oh, I guess if you put it in those terms, it's like, well, yeah, that'd be, that'd be kind of nice. It's like, okay, yeah, the work, the work over here is worth it. If I can go make that kind of money, you guys can do your own math for your own business. But for me, I was like, wow, okay, yeah, I guess, I guess the work is worth it. This is the number one category of billionaires play this game right here. There's an old saying, the number one category of millionaires is real estate. You guys have heard that, right? Most millionaires have been made out of real estate. Most billionaires have been made out of private equity. This is the game of billionaires. And we have made the game way more easy. It's not easy, but we've just made it easier. Okay, we've condensed it, we've made it step by step, we have people that have done it before that can hold your hand through the process. But it still takes a lot of work. Sound cool? Alright, let's hit a few questions here. Again, if you wanna talk to one of our team members, it's funlaunch.com/call. You guys can pull that up and go there, book a call with one of our team members, and if you wanna talk more about implementing and what we do specifically, But let's hit a few questions here. You can drop them in the chat or you can put them in the Q&A. Actually, the Q&A bucket's easier for me. So if you type them in the Q&A, there's 2 buckets. There's a chat and there's also a Q&A. The Q&A is easier for me. All right. Can you make this legible? Sorry, I'm writing fast. Okay? Someone's like, please make this legible. I'm so sorry. Okay, let's hit some of these. What way would you recommend finding investors? Good question. Okay, let's talk about like, anybody want to talk about capital raising? How do you like find investors? How do you convince people to put money with you? Let's hit a few of these. So yeah, screen, thank you. So I'm going to hit a few things. First off, this is the structure. I talk about the structure. The best way to find investors is have a really good product. Meaning, have a really good investment strategy. Have a really good investment. It sounds really simple, but it's like, Bridger, how do I get more customers to buy my widget? Well, you can do fancy marketing and all this other stuff, or you can just make a really good widget. Take Tesla Motors. Love them or hate them. Tesla for its first like decade pretty much did zero marketing. Zero. Guess what their marketing was? People would hop in a Tesla and go, dude, brother, sister, brother-in-law, friend, hop in here. You got to— this thing's crazy. There's a big touchscreen and this thing like is so fast. Like come check it out. The product was so good. It sold itself. So my first thing I would tell you, and that's a simplified way to say it, but build a strong edge. Build a strong, what we call asymmetrical risk. This is a financial term. Asymmetrical risk means— anybody in the chat, you guys know what asymmetrical risk is? Little quiz, pop quiz in the chat. Asymmetrical risk means you have relatively low risk for relatively high reward. You've probably heard of high risk, high reward, or low risk, low reward. Asymmetrical risk is when you are trying to find the delta, something that has relatively low risk for relatively high reward. Now, this is totally possible, and this is what fund managers do every single day. I was with Ray Dalio at the Greenwich Economic Forum last year. And he said this, he said, in our funds, we try to find about 12 to 15 uncorrelated assets. And what we found is we can reduce our risk by 80% without losing our reward. Oh, without losing our reward.

Oh, let's see.

There we go. That's— what he's saying is our fund has asymmetrical risk. No wonder he runs one of the largest hedge funds on earth. He's worth about $28 to $30 billion. Huh. Because he found asymmetrical risk. So when I talk about your business, how can we find things that are relatively low risk that still maintain a good, you know, good base case, worst case, and best case scenario? Sound good? That's the first thing I'll say. Now you specifically asked though, like, how do I find investors? Okay. I talk about this. You guys cool if I just keep going? I have all these frameworks here. So when I talk about investors, I'm going to zoom in here. This is the framework I use. There's 3 different categories of raising capital: getting in the room, connecting in the room, and closing the room.

Okay?

Because you might be around— this is being around a lot of wealthy people. But you might be around a lot of wealthy people, but they would never see you as someone that, you know, could put money in. That's the connection version. How do you warm that person up to the idea that you could actually go and pitch them and actually, you know, be in a boardroom and give them a pitch and actually close them? Okay, these are 3 distinct categories of raising capital. Y'all following? So you asked about the first one. How do I actually get around people that have money? Get in the vicinity of people that have money? So there's 2 different categories here. You can work your way or buy your way into these rooms. Wealthy people already hang out together. They're already together. You don't have to go reinvent the wheel. Wealthy people like to hang out with other wealthy people. And so they're at box seats of an NFL game. They're at the Ferrari Club of Dallas, Texas. They're in certain networking groups. Some of them are online or at social media events or different meetups. There's 2 ways to approach this. You can work your way in or you can buy your way in. Work takes a lot of work. Buy, you know, you got to pay some money. I'll give you 2 examples over here. Our last fund, our largest investor gave us a $5 million check. Guess how we found them? Largest investor. Cold LinkedIn DM. Isn't that crazy? We got a $5 million check from one of the largest family offices in a certain state from a cold LinkedIn message. How cool is that? Okay. Now we sent hundreds and hundreds of LinkedIn messages to find that one. It was a lot of work, but we found them on LinkedIn. Isn't that sweet? Okay, another one. Buy. You can join masterminds and groups. I joined a group a couple years ago that was, oh, let me make it a little smaller here. It was $30,000 to join. And what we did, we did 4 events a year. And so I joined, sorry, 3 events a year actually, 3 events. I joined and went and guess what? Everyone else there also paid $30 grand to be there. Pretty good group. It's like 100 people. Man, very qualified group. All very wealthy people. It was really cool. I joined another one that was $24,000 a year. That one was 4 events a year. And then the year after, like let's see, this is last year, I joined one that was $150,000. For one year, and we went. I think we did three events, and we had like a little master Facebook group. That's it. Now you might say, "Well, Bridger, what are you doing, dude? You throwing your money away? That's so much money." You know, I'm not some billionaire yet. You know, I'm working on it. Hundred fifty grand—that's a decent amount of money. But I joined, and guess what? Everyone else there also paid a hundred fifty grand to be there. And I thought if I can learn 1 or 2 things or have 1 or 2 connections that makes me and my business more than $150 grand in a year, then it's worth it. And lo and behold, we went to this mastermind, it changed a bunch of things about our business and our business has grown way more than $150 grand per year. So I'm like, it was worth it. Kind of cool, right? Now, like in Black Card, we do this as well. So with Funnel Launch, our Black Card incubator, we do This year, for example, we'll do 4 events this year. We do this as part of Black Card, and Black Card is, you know, it's like our top group. It's anywhere from $15,000 to about $45,000 depending on what you're doing. This is how we implement your fund, but you also get 15 coaches. It gets your— it pays for your legal for your fund. It pays for all the events you're going to. It pays for your pitch deck design, all the backend, the fund builder, all the stuff I just showed you guys, plus the 4 events a year. I paid $150 grand just to go to events. I didn't get any of this other stuff. Okay? So we bundle that all together when you join Black Card. So you guys can book a— there's a call link. You guys can talk more about that and go from there. That's a little bit about Black Card and finding and again, getting in the room with investors. Now, connecting with them is a different category and then closing them is a different category as well. We can come back to that later if you guys want, but I'll kind of zoom out. We'll hit a few more questions here. All right, so yeah, fundlaunch.com/call. That's the link in the chat. You guys can click on that. How difficult is a multi-asset fund to start? Um, multi-asset fund, so a blind pool fund. I mean, not too hard. In Black Card, we do this all the time. We've launched over 300 funds through what our program is called Black Card, which is a multi-asset fund or a blind pool fund. It's up to you how quick you want to go. Most people, it's You know, I'd say 3 to 4 months putting it together, setting it up, if you're ready to go. Some people join and they take 6 months, that's totally fine. You wanna set it up the right way. So like I said before, you know, anywhere from $15,000 to $35,000, $40,000 is kind of an average. You build all that and you can start raising capital and putting money into there.

Alright.

Can you recommend a course to learn how to run a private equity firm? Yeah, so Seb, we have a bunch of content. We used to have paid courses. We have now made most of them for free. So I'd recommend going to altstreet.com, A-L-T-S-T, altstreet.com. And that's where I'd go. You can share my screen. Oh no, it's actually not going to show. But anyways, altstreet.com is the place to go. We have 10 full courses on there. A couple of them are on private equity. We also have paid courses as well. We have a big, what we call our Academy course. Can you share my screen there? So altstreet.com, though, that's for free. And then when you join, if you want to actually implement, we actually have a full course as well. You get to educate yourself and then also implement yourself when going from there. So if you want to learn for free, AltStreet. If you want to do something more advanced, you can call us and we can talk to you about our platform as well that will help you learn how to do private equity. And again, that's at funlaunch.com/call. So there you go. All right, you can put me back out. All right, let's look at some other questions here. All right, cool. Central Africa. So I'm based in Cameroon, Central Africa. Can this benefit? We have a number of groups that are doing African-based funds. Now it depends on what you're doing. So if you're raising money in Africa or if you're raising money in the United States, that will determine what you're doing. If you're— we have a couple people in our group, what they're doing is raising money in America to go then invest into Africa. We can help you do that. Setting up— so that's something that we can help and work with. If you're in Africa building the fund in Africa and raising money in Africa, to be frank, I'm not an expert in African securities law. in Cameroon, so I wouldn't be good at that. But if you're raising a US fund, United States, I'm good at that. Now other questions, if someone's in Canada or in Australia or the UK, we help people with international funds. Most the time, if you're doing anything within the United States, we tell people and our lawyers tell us, domicile the fund in the United States. So set up like a Delaware fund, raise money into that fund, and you can live in the UK and manage it from the UK or from Canada, but have it domiciled in the United States. States is usually easier. Now again, talk to your own attorney. You can, you can see what works for you, but that's generally what we see from people doing that. All right, any other questions? Let's see, type them in the chat for me or the Q&A. I'm looking at both here. Oh, there's some here. Do you normally transition from a single asset fund to a blind pool fund? Yeah, good question. So let me, uh, let's do this. Share my screen again. Yeah, you guys can see that, right? So if you're here and you've done a few single asset funds, what I would do is keep the same management company. And let's say, let's say you've done 2 single asset funds. The 3rd one you could say is a blind pool fund. Use the same management company but then you have a new general partner, new limited partnership, this would be a blind pool fund. Yep. The only, the real, the only big difference is the complexity of your docs right here, your LP and PPM. For a single asset fund, it's pretty simple. It's, you know, you're probably paying $5,000 to $8,000, maybe less for those docs for a single asset fund. For a blind pool fund or this, you know, this full-out fund here, you're probably paying $20,000 to $30,000 for those docs, roughly. So that's the difference. They're just much more complex pieces of paper because you're now going to go buy lots of assets and it's just a lot more complex when you do it that way. Yeah. Hopefully that's helpful. All right. You can take me off. Let's hit a few more. For a blind pool fund, what if money sits in the fund for a longer timeframe? Yeah. Good question, Neil. Let me, I'll draw this out for you. So how it works, let's see, okay, share my screen, let's see if that works here. Give it a second. Yeah, okay, so there's 2 different types of blind pool funds. This is how they look. You have closed-ended funds and you have open-ended funds. So a closed-ended fund is closed-ended. It starts here and it ends here.

Okay?

It has a start date and an end date. An open-ended fund starts and then just goes indefinitely. It goes forever. Okay? More evergreen fund. I'll start with an evergreen fund really quick. So how that works, you just start raising capital. Money enters the fund. Usually there's a lockup period, like your money's in for a minimum of 1 year, for example. And then after a year, people can have liquidity. They actually can pull money out. You can put money in. So a lot of hedge funds do this. My fund that trades in blockchain and crypto, we are an open-ended fund. So new investors can join at the end of every month. We get new money in. And then investors after 1 year, they can take their money out. Okay, that's a very much more evergreen fund. Close-ended funds are like this. And I'm gonna get to your question on capital. So they will raise capital here and then they'll start deploying that capital here. As they deploy, they'll start, you know, doing value-add. They then start selling or disposing of properties and they target, you know, hey, all of the deals will be closed by year 8. And we have the— we can extend for 1 or 2 years, but for sure by 10 years, all your money would be out. But we're targeting to have your money out really by year 6, maybe year 8, and maybe year 10 if the economy really tanks or something. Kind of cool, right? So back to your question. So you're raising money here. What you're doing is you're getting Capital commitments. People are committing capital to you. You're not calling the capital till you need it. So you're gonna, for example, for us, we got $27 million of capital committed. But we don't need all that capital right now, so how it works is we call down like 10%, for example, 10% of the fund to do a couple deals, like 3 deals. So we called down $2.7 million of equity. We issue a capital call. And then that's when the clock starts, the IRR clocks, the management fee clocks, all this stuff starts. And then we do 3 deals right here. And then a little bit more time goes and we, you know, we have a couple more deals lined up and we call down, hey, we need some more money. So we'll call down another 20%. Sorry, let's try this. 20% of capital.

20%.

So that would be, what is that? $5.4 million more that we call down. We strike a NAV, we rebalance the fund. So now we have these 2 together and we've called down a total of 30% and we do 3 more deals here, or 4 more deals here. So you call down capital over the course of like a year or 2 to deploy that capital into your deployment period. That's how it works. Yeah, what if someone doesn't contribute? Great question. So in your subscription documents, you have to make severe penalties. And this is pretty standard. Usually it's a 50% penalty if someone does not meet a capital call. Pretty crazy. So, and because you can't have me, like when someone subscribes, you're like, hey, you're subscribed. You're in the fund. When I give you a capital call, you got to fulfill. And otherwise, you're going to lose 50% penalty. Meaning if you committed $1 million to my fund and you miss a capital call, you have a penalty of $500,000. It's a big deal to miss capital calls. Like, do not miss capital calls. And so that's why most people don't miss capital calls, because the penalty is so high. So you tell people that upfront, you make sure they know that, and that's part of the, part of the process there.

Yep.

Does an M&A roll-up fit into a single asset fund? Uh, it could, Roger. It depends on how many roll-ups you're doing. If you're doing, you know, if you're doing one, that would be a single asset. You're doing one business that you're buying and rolling up, you could do a single asset fund. If you're buying 7 businesses, I would probably do that more in a blind pool fund and roll those because you're rolling up 7 different businesses. I'd make sure your documents are more robust for that. Yep. The clock is ticking on the money in your fund while you're waiting for deployment. No, it's— well, it depends on your type of fund. You decide in your LP and PPM. Most funds, the IRR clock starts once you call capital. Because they still have their money. Their money's sitting in a brokerage account or sitting in, you know, they're still earning yield, waiting for you to do a capital call. And then they, you, they call the capital, you issue the capital down, and you go from there. Now for our hedge fund, we call 100% of our capital day 1. In our open-ended fund, like someone subscribes, I do 100% capital call. All their money is due day 1. And we enter that money into the fund. Yeah, that's how that works. So someone might be asking, hey, I'm looking to do a— hey, Maggie, no, the Fund Academy is not free. Yeah, the Fund Launch Academy is not free. We don't publicly sell that anymore. It's part of the Black Card package. So we actually rolled that into Black Card, which is now like $20,000 to $35,000. So if you bought the Academy in the past, you actually get access to that. We now don't sell that independently. It just is part of Black Card. So that's not for free either. Yeah. Yep. So it's actually cool. If you have the Academy, we might bring it back. People have asked us to bring it back. For now though, we just have our Alt Street courses free and then the Academy is now part of Black Card, which is more expensive. That's what we've done.

Yeah.

Questions in the queue. Yeah, I'm looking at both questions on here, Q&A and chat. Yeah, again, if you want to book a call with our team to talk more about your situation, just book a call. It's funlaunch.com/call. Or there's a link in the chat as well you can click from Christian there. So both work. You can go book a call with our team and they can help you put it all together and make sure it makes sense.

All right.

Basic stupid question, but is it possible to set up a long-only equity fund with multiple stocks as a single asset fund? So for stocks, what I would do You would either do a blind pool fund or what's called a hedge fund incubator. A hedge fund incubator is the equivalent of a single asset fund, but it's more for equities and stocks. And so we help people do that. Yep. We have a single— we have an incubator program that we help people do that. So if you want, if you're curious about that, just book a call. We can talk to you more about that. Yep. There's the secret Red Bull. It's funny. I only drink Red Bulls on really on webinar days. I don't drink much caffeine. But I, when I do, I, yeah, it hits good. When I, this is like the teeny Red Bull, it's like the small one. And whenever I have caffeine, it hits good because I don't drink that much caffeine. And so if I do get some caffeine in my system, it's like, boom, I get some energy. I'm looking to buy 3 to 5 businesses with a fund. The idea is to optimize them with Agentic AI as the EBITDA will grow and revenue also. The value of the merged acquired businesses can also have a bigger value. To who can I sell these? Only M&A? Is it easier to sell them individually as I optimize them and not merge them and only do single asset funds? Jose, good question. I would do this. You're buying 3 to 5 businesses, optimizing with AI. Very cool strategy. You can put me full screen if you want. I would say go talk to end buyers right now. So you can still go buy the businesses, but I would go try to talk to a number of private equity firms. Small and mid-cap private equity firms and say, hey, I am, I'm going out and buying these companies, implementing AI, making them very efficient. What kind of companies are you looking to buy? What kind of EBITDA? What kind of margins? How could I build a perfect business that would, you guys would want to buy from me? It's a great way to approach the business. And people will tell you, they'll tell you right away. They'll say like, yo, this is how, this is how we do it. This is what we want, this is, you know, what's going on over here? This is how we wanna have it happen, so I would go talk to those guys first, yeah. Alright. That is outside of Funnel Launch costs, I mean. How many costs are outside of Funnel Launch costs? Oh, annual cost to maintain a fund? So it depends on your fund. You're— for to maintain and run a fund, usually you have insurance, you have a third-party administrator, audits and taxes, and then sometimes softwares or other things that you run. Now, what's cool is your fund pays for most of those expenses. They're paid for by the fund, and expenses vary on the size of your fund. So if you're running a $100 million fund, the expenses will be a little bit different than running a $10 million fund or a billion-dollar fund. But I'll give you just an average. If you run a $10 million fund, you know, third-party admin and tax work, you're probably paying about $12,000 a year, maybe $15,000. And again, the fund is paying for that. Insurances, you know, you're going to pay anywhere from $10,000 to $50,000 maybe, depending on the fund type. Audits are $15,000 to $20,000 usually for that range of business. So in general, you're probably paying $40,000 a year. Maybe 50, something like that. Maybe more, maybe 80. But you're in a $10 million fund, so that's, you know, you have a 2% management fee, and the 2% management fee is $400,000. So that's like 0.5%, 0.7% of your fund is your annual maintenance cost. That would be pretty standard, 0.5%. And again, the fund pays those. It's not the management fee. The management fee goes to the manager. The fund pays for a lot of those expenses, which is nice. Furthermore, when you start your fund, there's a lot of expenses. You can reimburse startup costs back to the fund. So once you raise your $10 million fund, the startup costs a lot of times are reimbursed back to the manager. Yeah. Would you recommend a fund for incubators? Yeah, a fund, a hedge fund incubator is a GPLP structure. Yes, it's a very similar thing. Yeah. And money flows in through the GP, not through limited partners. So you have other essentially business partners that come through the GP is how that works.

Yep.

These are great questions, by the way. I know if people have to hop or go somewhere else, I'll share my screen again. Hop on with one of my team members. They can help you answer a lot of this stuff. So share my screen. It's funlaunch.com/call. Come, you put your email in and you can come book on a calendar here. Oh, I'm sharing the wrong screen. You can come book on a calendar here and see if it'll work there. We help people do this all the time. So if you're curious about implementing this in your business, this is the backend of Black Card or Single Asset Funds here. This is how it looks. I'll let that load for a second. So Single Asset Funds is what your backend would look like. And then you can come book a call here, fundlaunch.com/call. When you go in, it'll just have you put your email in and then it'll show you some times that are available. There's a few times available today. You can go in there, click next, and just put in your name, email, phone number, and then we'll make sure to get you on there. Not too bad, 30-minute calls. Yeah, an incubator, you're setting up a GP-LP management co. Investors are not joining through the limited partnership, they're joining through the general partner. It's much cheaper to set up. Like, so a traditional hedge fund is $30 grand. A hedge fund incubator might be $5,000 or $7,000. Much cheaper. You're not building a robust LPA/PPM. You have partners coming through the GP, and the GP commits to the limited partnership is how that works. There's the Fund Launch Formula there for you. Again, there's AltStreet. You guys can see that. AltStreet.com if you want to go learn for free. Awesome, awesome platform. It's actually really amazing. We've spent hundreds of thousands of dollars building this, and it's been awesome. And then if you want help with implementation, that's what we do with Fun Launch. So you can go look at all that. That's more paid. Alright, any, let's hit one or two more questions and then I gotta run outta here. I'll maybe stop sharing my screen. We're on infinity here. Thank y'all. Harry, good to have you on here. Thank you. Thank y'all. Yeah, pretty cool. I actually am driving, uh, get this, my, my, so my grandpa just died. He's old. He, uh, he lived in Vegas. We're driving to Vegas here in a little bit, uh, me and my family. My grandpa though was a 33-degree Freemason. Uh, he also worked at Area 51 for 14 years. 14 years at the Nevada Test Site. So he worked at different spots. He was the general foreman of Area 51. This is back in the '60s and '70s. He said he had a key that unlocked every single door in Area 51 because he was the general foreman. Isn't that crazy? And so, so this guy, I mean, he's, he's got— I mean, he— I guess he died with a lot of secrets. But every time I got together with him, I always pinged him about like— and he wouldn't— he still was under— he was under class, like he could not talk about much. He— all he did say was a couple things at Area 51. They would— at the time, they were digging tunnels into mountains and detonating nuclear devices inside of mountains to see the effects of radiation at 100 yards, 1,000 yards, 5,000 yards, something like that. They, they were doing, you know, back in the '60s, he's like, we were using tactical nukes. If there was like a freeway, he goes, we could use a tactical nuke and only blow up this side of the freeway and not touch the other side. Isn't that crazy? This is in the '60s. They had the SR-117, the Nighthawk. I'll share my screen. We're just getting nerdy here for a second. SR-117. This plane, you guys seen this before? They were— and they would get on a bus every day out of Las Vegas. It was a blacked-out bus. They would drive for like 2.5, 3 hours and then go into a garage. The garage would close and they would all work like inside this facility or underground all day. He's like, we had no clue where we were. But they had this plane, he said, for something like 15 years before the general public knew about it. I mean, this was way ahead of its time. They would fly night missions with this. Like, it was pretty amazing. And this thing was way ahead of its time. And so anyways, and they, they've announced some new planes here. Like, they just announced the F-47. You guys saw this? We don't really have images of it. It's the only image they've released. This is the new 6th generation fighter. From the United States, they've said this has been operational since about 2013, 2014. So almost a decade. So it's like it's just it's just crazy how much technology they have before they actually release it. I'm I'm kind of a military nerd. I love I love watching stuff like this. So anyways, but that's my grandpa worked on the Nevada Test Site with the SR-117. Where if I go back here, this one. Or sorry, the the F-117. This is the FRSR71. They have this one as well there, but pretty crazy. So he just passed away. So we're going down. It's a Masonic funeral. So we're—it's going to be like a thousand people. They're doing all the Masonic. It's very—I'm very curious how it's going to go. It'll be tomorrow. And my grandpa was an awesome dude, and and he's John Pennington the fifth. My dad is John Pennington the sixth. My brother's John Pennington the—or no, my brother's John Pennington the sixth. My my nephew is John Pennington the seventh. That's what it is. Which is kind of crazy, and they're all going to be there. So I got to run here. Me and my wife are driving down right now in a minute. So final call, if you want to come talk to us more, how to implement, how to build a fund, fundlaunch.com/call. Thank you guys in the chat for your condolences. And go from there. I, you know, I— anyways, I've had a few people in my life die. I had a brother die when I was 16.

Oh, man.

You know, I've had other, other things, and I'm a decently religious person. I believe in the afterlife. I believe in God. I believe in Jesus Christ. And I believe in families will be together forever. Families are sealed together, that it's not to death till we part when we're sealed in the, in the covenant. We have— I'm a, I'm a member of the Church of Jesus Christ of Latter-day Saints. So we have temples. If you guys have seen temples around the world, um, and so, you know, death for us, yes, it's sad, but it's not too crazy. If you guys have seen these, you know, temples. I'll share my screen. If you've seen anything like this before, any of these buildings, there's tons of them now in the United States. These are Mormon temples or LDS temples or the Church of Jesus Christ of Latter-day Saints. We believe in here that families are sealed together. That's what you're like, what do we do in temples? It's not that secretive. We actually will tell you all the stuff we do. One of the things is like me and my wife were sealed together in a temple and we believe our kids are sealed to us and our families are sealed together. And so we believe in families are together forever. And so, My grandpa is moving on to the next life and he's sealed to us and we're sealed to him as grandparents. And so it's a beautiful thing. And anyways, hopefully we have a good celebration of life here tomorrow in Las Vegas. It should be pretty fun. So, all right, y'all have a great week. Go do good in the world. Go help people out. Call your grandparents. Actually, crazy enough, I'll share one last story. You know, I always end webinars like, do good in the world, help people out, go call your grandma. Anyways, a few weeks ago, I felt called. I felt prompted to call my grandpa, talk to him on the phone. I don't see him that often because we live in different places, but I talked to him on the phone for a little bit about everything. And then we were driving through Vegas last month, and I just thought, I was like, man, I should just call him. Let's just go to lunch. And we were driving through and I said, we got to stop. I'm like, I just felt like this spiritual prompting, like I need to go have dinner or lunch with my grandpa. And so I called him up. I said, Grandpa, we're going to be in Vegas in 22 minutes. We're driving through right now. Do you want to grab lunch? He's like, yep. He dropped everything. We went and had lunch at a Red Robin, and it was amazing. We had this awesome lunch for an hour and a half. He, you know, he got to see his new granddaughter, which is my, my daughter, and he was doing great. We talked for about an hour. He— and, and then he just passed away last week. And so, I mean, that was a cool, very cool spiritual prompting that I felt. It was, it was It was inconvenient, it wasn't part of the plan, but I decided to follow, I don't know, you could call it a spiritual prompting. And so my invite for y'all that are listening today, follow spiritual promptings, follow that little voice inside of you. And for me, like not just for spiritual things, for business. One of the big reasons we started Funnel Launch, over and over and over again I felt this calling, like you need to start this business, you need to go out and do this, like more. And I was like, ah, I don't wanna do it, I kinda resisted. I was like, ah, like I don't know, how am I gonna do that? People are gonna think I'm weird, like I don't wanna be on camera, I don't want to do on Instagram. And over and over again, like, it was multiple times, right? I wrote down like, man, you got to start that business. And finally I said, I can't ignore this anymore. And I finally said, fine, God, I'll do it. I'm whatever you lead me. And so this is back in 2019. We started a little podcast called Investment Fund Secrets, and then it slowly grew into a small course, and it slowly grew into, you know, a bigger course, and then live events, and then a group. And now we've helped over 100 100,000 people have joined one of our stuff. It's crazy. We just hit the Inc. 5000 this last week. Anyways, it's crazy what God can do. And so I, I feel obligated to stay on that mission. I'm by no means perfect. I try every day to be better, and I try to follow God's will for me and for all of us. And, and I would invite you to do the same. So if you have a prompting to call your mom or grandma or friend, that one friend, like, follow through on it. Don't ignore it. I'm telling this to myself too. Sometimes I still, I'm like, I don't want to do that. And it's like, you got to follow. There's more at play than just, you know, zeros and ones going on right here. So anyways, there's my closing speech for y'all. Go do good in the world. Running investment funds is a great way to change your life, your family, your community around you. I'd invite you to dig in. It's not easy. Nothing in life that's worth anything is easy. But stuff that's I'll tell you, it is worth it. It is worth it to dig in. It is worth it to go the extra mile to have a great marriage or a great relationship with your kids or family or build a great business. It's not easy. None of it's easy, but it's worth it. It is worth it to do hard things in life. And today we talked about funds. We can talk about other things as well, but I'd invite you to dig in and go further. So with that, you all are amazing. I'll see you in the next one. Come back if you guys can. Tag me on social media. Say hello. Comment, DM me, whatever. We try to put out good content. We're still relatively small. We're trying to spread this mission of democratizing Wall Street with more people. So with that, you guys are amazing. I'll see you next one. Bye-bye. We'll leave this live for a few minutes if you can. We'll just put a blank screen. You guys can chat. Our team is back. If you have questions or whatever, you can chat with our team. But I'm gonna head out. You guys are amazing. We'll see you later. Bye-bye. Oh sweet, thank you. Does make you nervous, Joe? Um, sometimes. I mean, not nervous. I'm more like I feel like I'm unprepared sometimes. Okay. Like oh shoot, I gotta get this stuff together. Yeah. I was just curious because you always crush it. Okay. This guy. Well, I can talk. It's just like will be good or not. But anyways, like today I was like I got I. Call Lauren Pennington. Hey, Laura. Are you done? Yeah, I just finished. Do you have lunch? Yep.

Good.

How are you?

I'll come pick you up.

Did you find the keys?

I did, but that almost took me out.

Oh no.

It went from a great day to a horrible day.

Where were they?

They were on that shelf in the drawer, but I didn't know they were— I opened it up and they're just on the upper shelf, and I looked I looked at the blower shelf and I looked at where they hang and I didn't think to look at— it's above my eye. I can't see up there.

Oh.

Anyways, I'm too short and so I couldn't see the keys and I didn't believe that they were up there and so I thought I looked in there where I thought they would be. Anyways, it almost, uh, almost ruined the whole day. And then as I'm putting all the kids in the other car And loading Paris in the other car and sweating to death, Elizabeth finds him because she can see the top shelf.

Oh my gosh.