This Is The Greatest Wealth Transfer In History w/ Liran Hirschkorn & Terry Williamson #WednesdayWithWyan

Two and a half years ago, I'm like, I got to go do E Commerce. Because it's the greatest transfer of wealth in the history of our generation from one place to another.

It 100% is. Hey capitalists, it's time to crack open your favorite beverage. I like Zevia. This is Wednesday with Wyan on capitalism dot com.

Yo, what's going on?

You look great.

This is Radioface Ryan. That was my, that was my radio name in college.

Fun fact about me.

This is Radioface Ryan on.

I don't even remember what the, what station it was.

Anyway, that has nothing to do with today's podcast.

We're talking about the greatest wealth transfer.

In history, which I really believe this.

To be the case.

I am joined by two friends of mine who are very accomplished Amazon sellers, but also have a background in, let's just call it big business. And we have a really nice analysis of the transfer that's happening of big brands dying and where that money is going. And guess what? It is going to small brands. I wrote my book 12 months to 1 million on this thesis, which by the way is available for pre order on Amazon right now. Search my name and buy it. In fact, buy 10 copies. And this transfer from the big brands of these billion dollar brands is going to more micro brands. And that's really, really good news for.

You because it means that you can.

Just carve out your own slice of it and get it. We had another call, another training this month inside the 1% with my buddy Alex Upperman who carved out a small piece of a niche and, and had an eight figure exit. I also carved out a small piece of a niche and had an eight figure exit. And guess who's buying those brands? The really big companies who are having their market share taken away. That is how this market is progressing. These big brands like Kellogg's have to buy up the small brands because they can't innovate fast enough. So in this episode, Liron, Terry and I talk about carving out that piece specifically on Amazon. How to compete in this crazy competitive.

Marketplace that we all, you know, think.

Is oversaturated, but is not because we're.

Really only in the second inning how to stand out what's happening in the.

Marketplace coming forward, including what's happening on the ad platform. And, and while we recorded this, Leron and Terry were literally at Amazon's headquarters.

Meeting with some of the ad executives.

So they had a very fresh perspective on what was happening on the platform.

So if you are first starting your.

Journey wondering how Do I carve out my space?

Or if you're an experienced Amazon seller.

That is wondering how you're gonna compete, or if you're just looking at where the puck is going with this market, you're gonna have all those questions answered in this episode. This was originally recorded inside the 1%. If you wanna participate in these calls, come join us@capitalism.com one where you can interact with the other members.

All of us are on this journey.

Together, so it's cool to sit on the sidelines and listen on the podcast. But it's way more fun inside and we'd love to have you@capitalism.com join. All right, enjoy the show.

Hey, 1 percenters, what's going on? Ryan here? It's not technically a wine with Wyan, but let's just say I this one today. So I'm live here with Leron and Terry business partners on a whole bunch of different things, specifically Amazon based businesses and also the Amazon Pay per click agency where they see as much data as just about anybody else in the space of what's working on the paid advertising side@Amazon.com and my understanding is that we're actually recording this while you're in Seattle meeting with the head of advertising over at Amazon. Am I correct on that?

You are 100% correct. We had a meeting today and learned what's coming in the next three to five years to Amazon Advertising. Super, super amazing. And to be able to have those kind of relationships is an edge, for sure.

Yeah, for sure. So there's a couple things that I want to dive into while we've got you today. I want to ask about what is coming over the next three to five years. I want to talk about what's working right now. I want to see the difference between the brands that you build and advise that make it and those that don't. Because I know you've got like seven, seven figure businesses that you own and then you advise a whole bunch of other brands and invest in some brands too. Your model is a lot like mine. So I want to hear a little bit about what you're seeing in the marketplace. But before we go into all of that, I always think it's really interesting to dive into the values that are driving people to do the things that they do. So Terry, I know you've got.

A few more years of experience than Leron and myself, so I'd like to start with you of where your background is and what drove you to the level of success that you have now. And then I'll flip it over to liron.

Yeah, well, first of all, career entrepreneur from generations of career entrepreneurs. So I was career entrepreneur before it was actually cool. In fact, as you said, you were a career. If you were an entrepreneur in the 90s, people would laugh at you. Yeah, that's how the whole world has flipped. And when I was five years old, this is the truth, you can ask anybody who's knows me, because it's the truth. I said my only goal in life is to retire by 40 because I thought that getting the money would then give me the life that I wanted. So I set about like a totally different path. I chose the hardest way that would get me the quickest. So I did things like go to West Point, the US Military Academy, because it was a calculated move that I could get any job I wanted to. And you know, I took my career, my first job not because I loved what I was doing, but I actually hated it, but because I knew I could dominate in the space. So the rough equivalent would be like, I hate Amazon, but I'm here in 2014 so I might as well kill it. So I did that. And what happened is.

I've got to ask if we fast forward to today, Terry, are you glad you took that approach and do you still stand by that approach?

I absolutely am here to tell you I am the cautionary tale. I am the what not to be. And I know this is the 1 percenter. So I know that there's a lot of people who are listening to this right now who say, yeah, right. But I'm 54 years old now and what happened is I retired at 39 and a half. I made it by six months. And I built the big houses on the ocean. I still have one today. Here's the height of my lunacy. I have a three been there, three story oceanfront mansion, 70ft from the water, 5,000 square feet that has one bedroom.

One. Because I thought that's. I decided I needed a. I needed a full nightclub instead of a second bedroom. And you know, I drive the Bentleys and I have the multiple houses and I had the jet set lifestyle. And what happened is I ended up really unhappy and I ended up with bad friends and I ended up in boardrooms and not like out. I ended up wrecking people's lives in boardrooms who I've never met.

So Terry, would it be fair to say that you achieved what you wanted to achieve financially, materially, successfully, but you were alone and purposeless at 39 and a half?

I was. I mean, I'LL take it one step further. I was suicidal at 40.

Got it.

Because I built my whole identity and value system around this goal, which I thought was so meaningful. And I had made enough money where the whole reason I existed was to make money. And then somebody dumps it in your lap and you go, well, now what? And I've heard this with sports stars before. A guy in the Red Sox said, the worst thing that ever happened to me is I won the World Series. I couldn't get out of bed the next day.

This planning up to the goal rather than through the goal once you hit it.

That's exactly right.

You don't think, what do you do after that?

So here's what I did after that. I ran around with the wrong people. I got into trouble. I would never think about getting in. I sacrificed my values and my integrity because I didn't even realize I was doing it. While I was accumulating assets and blowing as much money as I could because I knew I could always go get more. It just felt like I had the leg up on the world. I'd done it once, I could do it again. And then I also, through pure fortune, my company was hot enough I got to stay the third largest shareholder on the company and sit on a board of directors with two billionaires for 10 years.

So I have to ask, while you're talking about that, how did you make your money? Terry?

Company's called KPA. It's kpaonline.com it's still, I think they just sold again for 220 million. And I co founded that company back in 1990, rolled up the whole industry. It's the largest consulting firm, environmental safety consulting firm in the automotive business in the world.

Got it. And you started it. And then you started doing it. Sounds like you said roll up. So you're doing acquisitions, you started the company and then you were buying up other businesses in the same sector, Is that right?

Yeah, I went there in 1990 and I said, I'm just going to kill this because I'm a super achiever. And by 1993, I was running the company. By 1998, I partnered with who used to be my boss for a national expansion, became the CEO and then it was 6,000 clients and 26 offices later in 2004, where a big private equity firm, New York company, you would all know came Welch Carson here. I just said it came in and said, what do you want? So we named a ridiculous number. And then I sat on that board for 10 more years. So then I, at 45, lost my mind and I went back to business school because I said I have to find some identity. And then I took a social media class in my second year of business school, University of California. And I said, I'm just going to build a massive social media marketing firm, but I don't want to be famous. I hadn't even texted in the year 2010, but why should that stop me? So then I partnered with a gal named Kim Garst. We built Boom Social, got pretty big. And then two and a half years ago I'm like, I gotta go do E commerce. Because it's the greatest transfer of wealth in the history of our generation from one place to another.

It 100% is now, Terri, I want you to tell me if I don't have the same set of experience that you have. And so I want you to tell me if you see the same thing that I do. The thing that I see is basically a changing of the guard where you have the procter and gambles and the unilevers and the multi billion dollar businesses who have built their entire portfolios on TV advertising, retail distribution and acquisitions. And the only one of those three things that is relevant moving forward into the next decade is acquisitions. And so it seems to me that the greatest wealth transfer happening right now is for small scrappy entrepreneurs like Liron, your partner and the members of the 1% and people like me who are building brands so that these multinational corporations can take that big advertising budget that they're wasting on TV ads and retail distribution and give it to us to buy the systems and processes that we're building on Amazon and Shopify and Facebook and YouTube and social media and influencers and all this cool that we get to do for fun. That's what I see. Is that what you're suggesting?

Well, I'm not suggesting, yeah, I'm going to say probably even in plainer language than that is everything changed. And the people who run those companies don't have the mindset and the identity and the willpower and the belief. Even though they can see it unfolding before their eyes. They're old in the tooth. You know, these are all my friends. All my friends are not 26 year old Amazon sellers building seven figure brands. My friends are all billionaires and hundred millionaires and fancy dudes and we have these conversations on the other side, they're like, yeah, yeah, I know we should be doing something on that.

But meanwhile I got $23 million bonus last year and I'm three years from retirement so they're old in the tooth. But the, you know, we own the media now. We being us, access is free. Universities are available at our fingertips. The greatest thing that happened is we got to talk to each other. Like, this is a perfect example, right? Here we are at Amazon Global headquarters. We met with the number one guy in all of Amazon for the entire $14 billion advertising platform. And he was like this. So tell me what's happening out there?

And now I'm talking to you. And just like this. I mean, we're literally in the Holiday Inn two blocks from headquarters, and I'm talking to you and we're sharing this information with your 1 percenters, which we're going to get to in a second. But just to wrap our thing up, because, Ryan, I think you and I, we might have a lot in common.

I think we could talk all day.

We could talk all day. But just to wrap this up and to get to a point. So what happened is I went from wanting to be a billionaire. I went from being a multimillionaire very young. Then I said, well, I'll just be a billionaire because that's next. And now I am a fulfillionaire.

I see what you did there.

See what I did there?

Well, now, here's what I predict, though, Terry. I'm of the opinion that when someone makes fulfilionaire their primary focus, that that puts them in the best possible position to get the building.

So this is where Leron and I. I mean, who doesn't know Leron? Come on. Great dude helps everybody. I think he's like the number one helping guy out there. I just love his heart. But we met at Tony Robbins and Date with Destiny, where I'm like, dude, I got two, three, four, seven figure brands. And he's like, I'm doing ppc, but I'm not really helping. Yeah, I'm like, what's your heart? What do you want to do? Well, I just, you know, there's people who say, well, I just want to help. I'm like, yes, I've been saying it too. But how do we help more people? Let's take all of our crap, throw it together, be very transparent in public with all of it. There's no BS guru stuff. Let's take the agency, let's take our unlimited capital, and let's start changing this game.

And here we are changing the game, and I get more satisfaction. I mean, I've been on the road since Canton Fair in October for three or four months now, where I didn't make it as far as my pool three times a week, you know, 10 years ago and I told Liron this morning I Woke up at 4:16am And I'm like yeah, let's go, we got stuff to do.

Yeah, that's.

That is where.

That's when you earn more.

Than another Bentley. I could buy.

Leron. I want to flip things over to you. Tell us how you make your money.

Make my money in a number of ways. So one, through our brands right through selling on Amazon. About to sell an exit for my first brand kind of spoke a little bit. I think we went off Facebook, right. We're going to sell that. We want to partner, we want to keep 20% with the seller who buys it. Teach them everything we know about blowing up that brand and selling it again in 12 to 18 months. But that's going to be an exit for us now. And then I make my money helping sellers through our Amazon marketing agency. Our new name as you see there is on marketer our tagline as you'll see there is success through gratitude.

I don't love this. Crush everything and dominate everything. I like to do things in a better way. But yeah make my money both on selling on Amazon and helping sellers and brands in a variety of ways throughout through marketing on Amazon. Our main focus this year will be on through our advertising agency as far as helping sellers through this thing. We spoke about partner circle and mastermind and publicly I'll say I would love to have you involved and we'll meet about that in a couple of weeks.

We shall see my friend. We'll see how good your pitch is when we.

Well we just started it. Give us credit for effort.

So you make your liron, you make your money with your brands, your seven seven figure brands that you have that sell on Amazon. You have an advertising agency for Amazon sellers and then you're looking at partnerships where you're taking. You're basically empowering new entrepreneurs to build something with your systems, your processes and your capital and you're looking at a mastermind behind all of that. Is that a fair summary?

Yes. Yep. The partner circle I would say is not necessarily. It's somebody who is probably already has some success on Amazon. Maybe they just got to. They're over a million or close to 2 million. They want to take that to 4 or 5 million in 12 to 18 months and exit.

Yeah so we're talking about almost exactly the same thing. The back room is people have crossed seven figures and want to grow to four or five hopefully have an eight figure Exit. And then we have also members in there that I've either put capital into their business or our fund has invested in those businesses and has a stake in them. So a very, very similar model.

90% the same.

Yeah, perfect, Perfect. We'll have much to talk about when we see each other in person in a few weeks. Now, a couple questions for you. You're sitting right now in, you just had a meeting with the head of advertising over at Amazon. You manage a lot of pay per click for your clients. What are you seeing working right now and what are you seeing being the difference between those who really crush it, as you didn't say, or the people that kind of peter out and try really hard and don't make it. So how would you respond to that?

So one of the biggest, I would say blue ocean areas right now on Amazon is video ads. Okay, so there is a beta right now for sponsored brand video ads. Until about a week ago it was only on mobile where it showed up. If you search on mobile app on the bottom page one, there's a video there. Within the last week Amazon released that to desktop. And based on this conversation we had, video ads are gonna be everywhere on Amazon. Okay? So video is an area that you should be focusing on. Those video ads are 45 second or less clips. So let's say you don't have access to that now. By the way, I'll make a shameless pitch is my advertising agency can get you whitelisted with Amazon for it. If you don't have it, you just need brand registry. But if you don't have it, you should still prepare for it because when it comes out, all your competitors are gonna be like, hey, we need to start creating video. You're already gonna have your video clips and if you want to take it to the next level, you will create videos that are specific to keywords. Okay, so when somebody searches for sturdy Garlic press on Amazon, you'll have a video with a hammer to that garlic press. But when they're searching for professional garlic press, you might have a different video. We've even tested through our, through our ad agency. Just telling sellers to go to like easy software tool to add text to the video and just add the keywords tied to the video. So if it's Sturdy Garlic press, just adding the keywords, are you looking for a sturdy garlic press on the beginning of that video? Gets a higher click through rate, same conversion rate, higher click through rate. So video ads are huge, huge right now. You can get really cheap clicks and there's very little competition.

And can we just. One of the things that Leron and I are committed to doing is not being the talking head who's never actually done it. So whenever we can, we're going to interject. And here's what we did with ours. So we have a brand. We launched a product, $200 product, 121st most searched term on Amazon. 450,000 exact matches for the.

For the term.

And we launched it in mid November, so you can't possibly get harder to compete. And bunch of money on the launch campaign. And we spent how much last month or that month?

About 60,000 on ads.

So we sent 60,000 on ads for one product to see what we could do. And we were getting cpcs of what.

15 bucks on top of search for 450,000, you know, exact search term now $200 product. So people are willing to pay more. 15 bucks a click.

Yeah. And then we did video ads beta and the cost of that were 92.

Cents a click to be on page one and mobile for the same keyword. And we were.

How did the volume compare?

So. So there's a limited amount of volume you can get because it's been only on mobile. It's now on desktop too. But there's a limited amount. Meaning we put a. We were spending on that maybe, I don't know, Q4, maybe between 500 to 1,000 a day. It was a 10% AC. Right. We would have loved to spend 10,000, but we couldn't because there's just not enough mobile. Mobile traffic. But that's going to grow as it comes to desktop and as it comes to other places. But on these super competitive keywords, on regular sponsored campaigns where we're getting 40 to 50% ACOs, we're getting 10% on video ads. So huge, huge area of focus where. And a lot of sellers watching this. If you have brand registry, you may already have access to this, but you need to start implementing this, start creating a lot of videos, target keywords to videos and go after that super aggressively because ultimately the cost per click will go up as more people get access and more people implement. Now it's not as easy to implement that as it is any other ad. You need video, right? You need, you need to do some stuff. So I think it's still going to be a good area to be in because it's not as easy for the average seller to go in to implement. You need brand registry, you need to add the video assets. But it's a awesome area on the advertising side to focus on to get cheap clicks and conversions.

Cool. So that would you say that's working what's working right now or that's what's coming down the pike or both?

That's working. That's working right now.

Right now.

Yeah, that's working very well right now. And I think it's only going to work better, at least for a little while. It's gonna work better because within the last week Amazon introduced video ads on desktop. So you're gonna start to actually get a lot more impressions and visibility versus you can go on, you know, bottom of page one on desktop with a video for 80 or 90 cents or you can go at the top, you know, for four to $10 clicks.

Yeah, that's beautiful.

If you remember back in the Facebook ads days when video became very popular there, it's the same exact thing. But there was one takeaway from our meeting with the head of global advertising. He said, go, do this now. Run, get there first. Go as hard as you can. Because the competitive advantage is so massive right now. It's going to get bigger as they have more inventory to place but then like everything else, auction is going to drive it up and everybody will find it. So we feel like this is like a 6 to 12 month major runaway gated advantage. If you can get in there, get in there.

Yeah. Beautiful Liron. I know you work with a lot of different brands in a variety of different spaces and some of them don't have or don't think they have the thousand dollar a day budget that you kind of spat that you were spending on Amazon pay per click. So when you're working with your average Amazon seller that you advise and help scale, where are you suggesting that they put their advertising dollars or even their focus right now?

So one, I think out of 10% ACOS sellers should have an unlimited budget. That's highly profitable of course. Right. So when you're making those kinds of numbers, I think you could spend unlimited budget and make sense for everybody. I think sellers that are starting out, when you're planning your product, you need to have a budget set aside for your advertising. You need to have inventory, you need to have budget set aside for your reorder. Because when you need to reorder, you're probably not profitable yet with the product. So you need a budget set aside for a reorder for 30 days in if the product is selling well, you have not recovered all your profit from your units, you need to have that set aside and you need to have a Budget for an organic launch strategy. I mean, at the end of the day.

You want 60% plus of your sales to come from organic, right? You want that sweet spot of maybe 20 to 40%, depending if you're a consumable product or not or whatever, to come from ppc. But you want the majority of your sales to come from organic. There's this honeymoon period early on an Amazon launch where Amazon gives your product a little bit more love. So I think the strategy should be being aggressive on advertising early will help you get rank better faster. Along with a launch, get some initial review strategy and then, and then kick up, kick up higher. Once you have some reviews, once you have five to 10 reviews, you're going to convert better and then you should kick up your advertising budget. But all with the idea of what are the keywords that I'm going to try to rank for? What are the mid to long tail keywords that I can compete for based on the review quantity of other sellers and balancing it out? But advertising is super important, especially early on, because you have no organic visibility. But you should have a plan for both organic ranking and advertising pushing behind it.

That makes sense. So let me throw a wrench into your argument. That sounds awesome and I have no disagreements for a new brand or a new Amazon seller. If you've got somebody who's been petering at or around a million dollars for the last three years and hasn't been able to break through and feels like they're on that hamster wheel of like just enough to keep the business going and they come to you where are you suggesting that they put their focus because they don't have the same freshness in the algorithm. So what do you do for something like that?

So I would switch dollars, for example, into video ads. They're converting better. You're probably going to get more bang for your buck and you probably can get your account to be more profitable doing it. So I might switch some ad dollars there. There's some other things you could be testing. So we've been playing around in the last four months or so with Amazon DSP display through Amazon. It's a $35,000 a month commitment, which is a big commitment. I did it on one of my brands, in fact, on the brand that I want to sell. I did it two years ago. I gave Amazon $50,000 and did not have a good return on my money. Everyone told me not to do it, but I wanted to try and see for myself. But we can now manage that at a 5,000amonth minimum. And we're seeing sometimes better return on ad spend on retargeting people who saw your products and your competitor products than through sponsored product ads. So it's another area again, depending, maybe shift some of your existing advertising dollars there to video. And ultimately, you know, Amazon is a platform where you continuously need to have a roadmap of new products you're launching in order to grow. I think so I think you need to have, I think one, you need what's your roadmap for new product launches and how can you optimize and then optimization. Right. Besides the advertising part, optimize a content storefront video using all the levers. SAS Core is a paid, paid. This is all the stuff I did, you know the 1% training we did, we just met for lunch with the SAS Core team. SAS Core is a paid rep program that is really, really good that can help you run seven day deals without a fee, for example. So using strategies like running a seven day deal with a limited time budget, limited time deal badge while running top of search ads only during that seven days.

Right.

To, to, to capture, to convert more and be top of search only during that time. So I think, I think some strategic implementation of, of marketing strategies that might shift some dollars from where you're spending now to some better areas.

Yeah. And just, I'm going to add just a little piece to that and violent agreement. Obviously this is how we run our business. But first of all, there's a mindset shift that has to take place. One, if you're kind of tired and you're like I don't want to fight the battle anymore, then make a plan and get out. Because it's, it's get out.

Do you mean exit the business?

I mean like if all that's going to happen is you're going to watch things degrade now, maybe they keep your top line at a million, but your bottom line starts to shrink. And if you say hey listen, I just don't want the fight anymore, then the longer you wait, the lower.

The price of your business is going to be. So you really have to trigger the fight or flight mechanism here. And if you say okay, great, so you don't have to do this forever, but don't wait till it's worth nothing to leave, develop yourself a short term strategy and get out. And a lot of sellers are doing that now.

Terry, I want to ask you something about this because your experience in working with private equity firms and building really big businesses is interesting when it translates over to the Million dollar brands that you work with as a team. And I think you probably have more experience than most people in having larger budgets than the bootstrapping entrepreneur. So since you've got this great contrast, these big businesses and these small scrappy entrepreneurs that's now married with basically the biggest, most influential company in the world. So is there, I would like to hear if there's anything that you'd like to comment on about the mentality of should you take money and use it for what we might call user acquisition, Basically acquiring customers at a loss in order to juice up the algorithm. Is there an argument for that? When you look at the different worlds that you have danced in, how do you take that and apply it to a marketplace like Amazon?

Yeah, well, the first thing I look at is the end goal and you know, what am I trying to accomplish? And so I don't think Amazon sellers really figure this out. I think that they get in to Amazon and then it feels kind of good and they're like, I don't really know what the plan is.

Yeah, the goal was to make money so they didn't have to work a job.

Yeah, yeah.

So, so behind it.

Right. But people don't understand that even an okay brand gets 36 times the monthly revenue on a 12 month trailing. Right?

Wait, wait, say that one more time please.

So the way that, and I don't know why it is this way, but we deal with brokers all the time. It is the craziest thing how businesses get sold in Amazon. The multiples are fixed somewhere between 3 and 4. They don't mostly buyers don't give credit for big email lists and off Amazon brand right now.

Yes, right now.

They don't now. So the multiples are 3 or 4x the 12 month trailing. It's really 2.8 if you haven't done anything. 3.2 if you've built kind of a flywheel effect around your products and you have maybe a list of 5,000 people and you can do your own launches. But what I'm saying is that most Amazon sellers don't give conscious thought to what their goal is. Now is the goal to make $10,000 a month and pull that off the table and pay yourself. And if you don't make that a goal, then you will constantly. I don't care. We spoke to a guy doing 100 million. We had dinner with him last night. I said, when does the hamster wheel end? He said he did. It never did for him. He had 16 million in inventory and he didn't take a dollar.

Hmm.

So you, if you don't have a.

Strategy, meaning he wasn't paying himself, meaning.

He did, he said, I said, when does this hamster will of Amazon end where you constantly reinvest for growth? Because all we know is get more products, get bigger. And my question is, for what? And if your goal is that well have a big exit, then actually target that as a plan. I'm going to reinvest for X period of time to get Y. But the one thing that you say, what's the mindset difference between guys like me and somebody who's working from the ground up who may be saved $1,000 a month for five years and put 60 grand in the bank. He doesn't realize that this asset he's sitting on right now can be 10 or 20 times as valuable with less work. And he already has it at his fingers tips. But because he doesn't have a strategy on what happens next, he's stuck in this endless do loop of thinking he has to continue to fight now.

Okay, so Terry, you either missed something or you just dropped like the teaser of the century. What is that? How to piece of how they could be working less and increasing their value by 10x. Did I miss that or are you teasing?

Yes. Yeah, yeah. So right now let's take your seven figure seller who maybe has got a Filipino admin.

You know, he works in the basement at his house. And it becomes a consuming. You know, we have three offices, right? We put full time people in the office. It's amazing the difference. But let's say that this is the average because you wouldn't start out as an Amazon seller and say, let me. The first thing I'll do is get an office and get a bunch of overhead so there never comes a day where you go, okay, well, it's time for me to stop quoting Grindy. And what happens is it's kind of like Chinese water torture or kind of like, you know, when, you know, you got your, you're stretching your arms and your legs every direction and every day it's just a little bit more. It's just that the pressure kind of ramps up and ramps up and ramps up, but you've systematically programmed yourself to just accept that next level and you know what's, what is going to happen next? Well, I got seven products, but now I need to go to eight. But I have this extra capital, but I have my credit card payment, but it's Christmas. So you find a way to solve that problem and you never really understand that you already have a key to a door that you can walk through, which is called an exit, and that your net income, which by the way is not the same as cash flow, is $72,000 for the last 12 months. And that if you want, you can have a check for a quarter million dollars and somebody will pay you back for your inventory and you can have that in under 30 days. And so when you take that as the mindset, freedom is knowing that you don't have to do what you're doing, but you still choose to do it. And all I'm saying is there's an education piece with the average seller that thinks they have to continue. You know, I'm a prisoner of this. And all I'm saying is the first mindset you have to say is, no, I actually have a key. Maybe I don't know exactly where the lock is, but I'm in a community of people who have done this before. And I just simply have to choose to exercise my freedom and get information on how to do it. Now, even if you decide, I just.

Want to make sure that I'm understanding how you're communicating this. Basically what I'm hearing you say is that a lot of sellers, specifically Amazon sellers, forget that there's another option to take profits off the table. And they are building for cash flow so they're a little bit playing safe. Whereas if they realize that there was an exit available to them, it would liberate them. If for nothing else, it would allow them to stop thinking about what the short term, day to day looks like, knowing that in the long term or even the middle term, there's an exit that's possible if the business is, is following systems and processes to allow it to grow. And so that liberates some of the tenseness so they can go more all in on the business, which will ultimately drive profits and a higher exit. But it's really about freeing up the mind to be able to operate with that type of a mindset. That's basically what I heard you say.

I just wish I was as eloquent.

As you, my friend, my superpower.

It's your superpower, dude. But, and that's all I'm saying is.

You know, choose to fight this or choose to leave. But choose is really my mindset. Now. The way I look at it, you say you in the mind of me, I feel like I can put in $250,000 and get a check for $2,500,000 in 24 months. So for me, it's Arbitrage.

And how would you deploy that 250,000?

Well, by the way, we're doing exactly this on our brands right now. So we only have two metrics. These are the only two things that matter to me, that is the ROI and the margin. So now an ROI of 100% means you double your money every time you turn the inventory. And a profit margin. We all know what a profit margin is. So the top 1, the ROI determines the multiplicative value by which you're able to grow the top line, whereas the profit margin indicates the value of the business. So let me just give you an example. I'll make the math super easy. You invest $100,000 in products, you take all your overhead costs and the fact that you put your car lease on your company, all that, and you just put that away and you go, I'm simply going to launch a product that it's not going to do 300% ROI. But it's still possible to do 100% ROI at 25% margin after a 10% total ACOS ad spend. We're doing it all day, every day. So I take that 100,000 and let's say turn inventory three times a year, right? I have stuff show up in January, I buy another mid year. This is kind of the normal cycle. I buy a near year buy and then I do the big buy for Q4, if I have a seasonal product at all. So in one year I go 1000-002000-00400,000, 800,000. I do that a couple more times, 1.6 million, 3.2 million. And then I'm taking a look at the same thing with the margins on the bottom, realizing that every time I double the top, I'm doubling the bottom and I'm getting three to four times that. And then we're just very, very structured about how we do this on big and small. Like we did a product launch, we spent a quarter million on one product.

Yep.

We take 1/4 million dollars, we put it in a bank account, we say that's all the funding this product gets. That's it. We got the repurchase in there, we got tariffs in there, we got shipping cost. That's it for this product. Put it aside now until this thing doesn't hit 120 and 100, top side, 25, bottom side, keep ordering and keep improving it. And we're already working on version three, when version one is at the market right now. So my point is this is just sustained tactics, but from a math standpoint, it's pretty trivial. Just double, double, double, double. And then at some point, it becomes too big of a risk to try to double again. So exit, because then you can again double, double, double, double. And if you have seven brands and you're launching a product every 33 days, it gets pretty interesting pretty fast.

So hold on, you skipped a major piece here, which is you put $250,000 into a bank, bank account to launch this thing. How are you then launching that product predictably, knowing that you're able to double it on every inventory order.

Well, that, my friend, is the secret sauce. And so my superpower. Yeah. You ready? You ready?

I'm ready. Come on.

We're gonna see you in a couple weeks. I'll just show you.

You're telling me now, Terry, you want to know?

Okay, okay. All right, so here's what you do. First of all, proprietary algorithm. No, I'm just kidding. No proprietary algorithm. It's just math. Now me, I'm fortunate that I have an engineering degree from an engineering college and MBA and all that other kind of stuff. But what's happened is the experts out there, and I can start dropping names on who they all are, but certain ones of them have certain pieces of it, right?

Okay.

So like there are certain launch strategies, review gaining strategies, keyword picking strategies, all that is secondary to picking the right product. So what we simply have is a I think it's up to 41 steps right now process that we follow.

Okay, Terry, you're playing just the tip with me, okay?

No, no, I'll tell you. I'll tell you what it is.

I'm going to clean this up a little bit, Terry.

So.

Having a really good product that is naturally going to bring in reviews, word of mouth, and happy customers is a given. If anybody is listening or watching to this, assuming that you can take a white label product and be better than other people.

You are playing in 2014. So operating with a good product and a good brand that is doing well by its customers and getting good reviews is a given. Now, you are allocating a certain amount of money to promote this product and ensure that it doubles on every inventory order. What I'm curious about is how are you deploying that $250,000?

I will tell you exactly. So with this one product that we're speaking about, it's for a wellness company and we knew what the. We wanted to get to market pretty quickly, so we went out and found a great readily available product on the market. And we did our moding and our differentiation right so we made it look and have different features meaning custom molds.

Right. Investing in differentiating, making the product better.

We won't talk about that because that's trivial. We have premium branding, we have the best.

That's a given to me. That's a given Amazon platform perspective.

So let's not waste any time there. The second thing we have to do is get to top of search very, very quickly.

That's it.

So we could, we could talk for days about how we do that. Right now we're going all white hat, we're tired of black hat and you know, we want giveaways and like for instance we use vine on this product came out amazingly 34.8 star reviews and within a 22 day period. It's now available to everybody.

It's available to a lot of sellers who have brand registry. There's five free vine products you can get on the third party seller side which was historically only available to vendor.

That was your opening move. Vine was your opening move.

Vine, Vine.

Very quickly, very quickly.

Within the first few weeks of the product launch. Okay.

Then we said we have to buy all the traffic. So like when he liron said about the limited availability of video ads traffic, we bought it all. You could not outbid us at a 10% ACOS, at a 10% ACOS because there was a few people playing against us. So now if you can imagine this is, you know, it's $6,000 of giveaways to the vine guys. It's Maybe we wasted 15,000 on ad spend because we weren't totally optimized.

There was a ranking initiative also. Right. A little bit of a typical rebate launch. Right.

To get organic manychat or buy type of giveaway.

Yeah, yes, exactly.

So now just so I understand, it's been my experience that it is hard to rank number one using a search find buy campaign. But you can often get to the bottom of page one or the middle of page one. Like you can, you can kind of get the ball rolling with those types of campaigns. Is that still the case for you?

Yeah, 100%. Those giveaways, two step URLs, they work, they still work very well. Even I would say a two step URL works as well as search find buy.

Okay, great. That's kind of stage two step one. You're doing vine to get your initial reviews. Then you're doing some two step promotions and or search find buy campaigns, some rebate style campaigns in order to kind of get the ball rolling. And I'm guessing that at that point you're, you know, you've, you've kind of crossed that 10 sales a day kind of metric. And then it seems like the budget turns on in order to do pay per click and video.

Is that where this is going at the same time, we're also, because it's hot. This is a higher price product. There are multiple strategies here, but we also have building an email list off the Amazon customers, right? So we have a double your warranty insert card that goes to a landing page where people give us all their information because it's for a warranty. And then that's another way we can follow up and ask for a review and increase our review rate through a review funnel and build an email list off of Amazon at the same time. So yes, so I would say these are, these are the steps, you know, initial launch, getting, getting some initial reviews. Vine, early reviewer program, ppc, obviously video ads to make, to see, to see that whether or not you have a viable product. These are, these are the steps that you should be taking.

I want to answer, Ryan, I want to answer your question directly.

Did that whole process cost $250,000 for you to prove the product?

Let me run with this. No. No. I'm going to lay this all out right now. We're going to get right down to brass tax because nobody will have to guess. We bought 1,000 units at a cogs of $93.65 a piece for 93,650 bucks. So there's 93,000 now. We said this thousand units, we just want to break even on. If we could get our money back, that would be great. At the same time, we bought these thousand units. I took one of those massage guns because I'll just say it. There you go.

Go look.

Massage gun. And we went to a factory in China and we said, hey, listen, we're going. We think this is the best gun out there and we want to make. We don't want IP problems and these are the changes we want to make. Can you do the molds and we'll order 1500 right now? They said, sure. And then we said, well, we want to throw a tens unit on top of it. We want carbon fiber case and we want blah, blah, blah, blah, blah. They said, sure, that was 20,000 for the molds. And then our COGS dropped to $66 from $93.65 and we had 1500. So our launch strategy was spend 93,000 on V1, realizing all we're trying to do is sell out at Break even to rank. So we can now hit it with an upgraded V2 that we own the IP on. Clearly second gen next generation. Then we spent 66 times 1500, another hundred thousand on that. Then we said, what's our marketing budget for this? Like about 60 grand. Got it.

This whole time, Terry, I thought the 250,000 was just a marketing budget.

Oh, no, no, no product.

I kid you not. I've had the conversation this week of which was if I had a. If I just committed $250,000 to a marketing budget, I wonder if I could just rank any product at a quarter million dollars, it'd be maybe not anything but like 90%.

You'd be able to rank a lot of products.

Yeah, you could rank a lot with a quarter million dollar budget. And you know, he's out there.

But the key is, the key is can you stick the landing. Right. Because if you're competing on keywords, if you're going on fish oil. Right. Let's just say. Or a lot of other keywords that have at the top a thousand plus reviews, it's gonna be a lot more difficult to stay and continue to convert there. And that's the key.

The key.

So I'm just giving full disclosure. I have a brand that I've invested in that.

Has products that have over a thousand positive reviews on them. Their conversion rates are great, but for whatever reason, that brand has a really hard time ranking for keywords. And so this is where I was thinking, well, what if I just took like a quarter million dollars and found the biggest market and just absolutely blew one of them out of the water? Like, would I be willing to swing for the fences? Something like that. So forgive me, that's the context in which I was hearing you say $250,000 to promote this thing.

Ryan, Ranking. Ranking is easy. It's easy to rank. You don't need that much money. But the key is to stay there and not fall off. And you need to keep converting. And if you don't have the social proof on Amazon, unless you're super differentiated and people can see that very quickly while scrolling or looking, you're not going to stay there.

What's the reason why most people don't stick the Lang landing?

What's the reason? Yeah, they can't. They don't maintain the conversions. Yeah.

Conversion rate.

What do you see is the reason why they can't sustain that? Is it price reviews or something else?

I would say reviews and differentiation of the product. Yeah. So if there's a whole page of apples. And I have an orange on that that might stick out. People might look at it.

Right.

And it's still relevant to the keyword. Right? It's gotta still be relevant to the keyword.

Yeah.

If I just have another apple there and I have 20 reviews and I got the page one, great. But there's somebody next to me with a thousand reviews. Even if I am a few bucks cheaper, probably not gonna get the sale because I don't have the social proof.

All right, cool. So I feel like in the last 30 minutes or so we have basically given the Playbook to winning on Amazon a hundred percent, which is freaking fun. Great workout.

Yes. That's what we're telling him.

If you're watching live, I think they deserve some hashtags. That's how we do applause here@capitalism.com like it's freaking hot. We just gave them the Playbook. Playbook. Now you're sitting at Amazon right now talking about what's coming next. Tell us what's coming down the pike.

Coming down the pike. I mean, will you be able to run some ads on TV in the next few years? Probably.

Nice.

There's Amazon Media is. There's gonna be some tremendous opportunities with Amazon Media. What else does Amazon own? Right. Look at the other properties. IMDb, Twitch. Amazon owned properties. And democratizing television ads is an area.

That you'll see advertising with a high dose of AI.

Yes.

What do you mean, Terry?

I mean that you'll be on prime video and there'll be these ad interrupts and it'll be about the spatula you were looking on on Amazon a week ago.

So in other words.

If you were shopping for coffee maker on Amazon now, when you are watching.

When you're watching old reruns of Friends, you may see a retargeting ad pop up on Amazon Prime.

Yes.

Or if you go into an Amazon go and you walk over to the shelf and pick up some toothpaste.

I need a moment.

I just need a moment.

This is why Terry said at the top that there is. This is the greatest wealth transfer ever.

Unbelievable.

And get this, like we're at the top of the economy right now and like wealth transfers don't usually happen at the top of an economy.

Never.

If you don't realize the opportunity that we have right now, it's literally the greatest entrepreneurial opportunity ever in history.

Ever. Ever.

Like if this former going to school to be pastor can become an eight figure entrepreneur. Like I'm good at like three things.

This is one of them.

I was Gonna say dressing. Not one of them. Like.

I'm good at. I'm good at, like, saying things that sound smart.

Coming up with a reasonable product. And okay, I'm good at two things.

Yes, that's it.

Talking to girls. No, none of those things.

That doesn't matter. You don't get paid for talking to girls. You get paid on Amazon.

And who needs to be able to talk to girls when you can?

Please.

That's what I'm saying.

Where's Clement? Where's Clement?

Really? Again, I don't want to sound like fancy pants here, so I just want to really dial down into this point. Like, I looked at putting 200. When I say spend 250,000, what I do is allocate capital. I'm like, that's gone. When's it coming back? And I honestly think, ryan, that that $250,000 will be $2.5 million in 18 months. I'm looking at 10x in my money because of this multiplicative factor that I.

You mean that the 250,000 that you deploy. I deploy $2.5 million in an exit.

I throw a boomerang, a $250,000 boomerang. It spins in orbit, comes back, and drops 2.5 million in my lap. Yeah, okay, now, that sounds like fancy pants. But you. Because I like to play the $100 slots in Vegas, I can't get excited by the 25 cent slots. But this tactic works with 25. Works with 25 cent slots. Now, it doesn't work with penny slots. So the days of thinking you can put $2,000 into a product and kill it are over. But it's not as much money as you think.

Right.

It says, are you willing to work to understand how to do it to 10x your money with a high degree of likelihood. Now, if it's 5,000, you turn to 50,000. That's great. For me, it's 250 to 2.5 million. It's just as exciting to you. And the playbook is exactly the same.

Now, let me. Let me ask you something. At the beginning, there is an initial dive into the red. Have you ever had the experience in which you make the inventory order? You have your previous. You said your advertising budget was like $60,000. Have you ever had that inventory order? You spend the $60,000 and you're still not profitable. Have you ever had that happen?

Yes. And like, for instance, I believe in failing fast. It's not just me. It's how Silicon Valley was built. And I actually Had a checkpoint. It was on day 17 after the launch where I made the go no go on the reorder. So in other words, you launch and you go, oh, man, this thing's gonna be hot. And at about 17 days in of your launch, right, you're getting reviews, you're spending, you're like, I'm getting data, I'm getting feedback. Oh, my gosh, there's been price degradation. Oh, my gosh, there's the. You know, a big player got into the game. But about 17 to 21 days, you had to make the call where you go up. Do I do a reorder or do I just kind of lick my wounds and hope the liquidate break even? So, but what had happened is if you didn't make the commitment on the reorder, you were typically out of stock. It was counterproductive. So, like, if you waited too long, then you're like, oh, this is a great product. Great. I'm going to celebrate by being out of stock for 45 days after the launch. So all I did is I'm like, if I get. If I never fail, If I'm right 100% of the time, then there's no reason not to get the second reorder before I even really launch the first one. At least get that going with changes. So all I did was compress that because I started getting a track record of winning every time, or at least I could sell out of the second batch at break even. It would just delay the cycle. So I just cut that period out where I'm like, hey, can I commit to the second reorder? Let me wait three weeks to find out. I just said, you know, I think I got a good system. It seems to be working.

You know, I hate people to say win every time.

Sure.

I lose, we lose. I can handle the 1 in 100 anomaly.

I could say we both had failed products. Every successful Amazon seller, you probably haven't tried enough or taken enough risks. If you haven't had.

Yes.

If you haven't had successful product launches.

Or you just haven't committed to winning, that's it.

That's the answer right there.

You know what?

Damn, this guy's good. Because what happened, Ryan, is I committed to winning, and I skipped a step where I considered failing.

That's. It.

Makes sense to me.

Makes sense to me. I have noticed that life just gets easy when you commit.

Like, it gets really easy when you just commit to it.

It really does.

It's like all of the mental tension.

Before committing, that's almost the work. It's like identifying what you're willing to commit to.

There's a lot of people unwilling to commit because of fear, right? Sure. If I commit and I don't make it, I'm not enough, I'm not, I'm a failure and blah, blah, blah. And you're not willing to, you're not willing to publicly or even to yourself commit because you're afraid of what, what if, what if I. What if I don't? And that is your head trash. Right. Or your survival brain, you know, type.

Thinking, I'm gonna go one step further. I think people are afraid of winning.

So before you go there, Terry Liron, I feel like a year or so ago you had this transition.

Yep. Yes.

And I want to know what happened for you.

I've been, well, I think kind of similar to you. In the last year I focused a lot more on myself, on.

You know, focusing on my own personal development and growth.

What were you focused on before?

I was focused on the hustle, you know, the hustle of success and just making it and making a business work in the external stuff but not focus on the internal stuff. I started Keto in the summer of 2018, lost 30 pounds and started getting fit, not just physically, but mentally and really putting a focus on my mindset. And.

That actually ended up fueling the business side. Right. I've grown my business because I've grown personally. So I've gone to multiple Tony Robbins events. We went to a six day event called Date with Destiny where you're literally working on yourself from 10, 11 in the morning till 2 o' clock at night, six days straight, very intense. And you know, people see if you followed my stories or anything there, you'll see people jumping up and down and whatever. And that is just anchoring everything into your physiology. It's not just a party and you cry and you laugh and you know, you're working on yourself and on your values and what you really want. And I shifted some of my values from what, you know, what I thought I wanted to what I really wanted. But I've just taken time to really work on myself a lot in the last year and that's evolved into the business, you know, the biggest business breakthroughs. I wouldn't be sitting here now if it wasn't for that.

That's true, that's true. I feel like there was, I don't know, something that shifted in your mindset to be more long term, to be less fear based, to come from more of a place of Certainty and confidence. And it seems like that just gave you clarity and focus to have progress forward. So was there a moment or an insight that you received that allowed that shift to happen?

I don't know that it was one particular moment, you know, but.

A lot of reading, a lot of giving myself permission, I shifted also to probably maybe over a year ago, but to really post a lot of my thoughts, everything just publicly on my Facebook wall, Instagram and whatever. And just to be authentically me without worrying about what somebody else thought or cared about, a post or a message and just being who I really am, who I want to be in this world and that making, you know, and you know, for me, people have asked me along the way, like, hey, if you're such a successful seller, why do you need to go out and make money off sellers or have an agency or whatever? And because I get more joy out of making an impact and other people than out of somebody I don't know buying a product on Amazon.

Yeah.

Personally. And so that's what drives me. What drives me is. What drives me is the impact I get to see or when somebody sends me. You know, I just did your 1%. And I've gotten some nice emails.

Right.

From people who saw that, like, hey, awesome, love it makes a difference.

You're just showing me this before this?

Yes. Yeah, I was showing Terry the emails and like, that makes me fucking happy.

To see this podcast goes live, my friend.

Now he's gotta.

We're gonna, we're gonna get more people, you know, watching. But I'm, I'm, and I'm, I'm proud that in this space since I started selling 2014, but over the last couple of years that I have a good reputation, that I don't feel like I've scanned anyone or ripped people off or fake guru, all this stuff. People who are short term. One thing that this year I've listened to a lot is naval. Right. You want to play long term games with long term people.

That I think is the magic elixir. So here's the funny thing. Like you are following an eating plan and a fitness plan that works for you over the long term.

Yes.

And other people are seeing you going, how did you do that so fast? And you're saying by following a long term plan.

Yes.

You are now building real businesses with a real strategy rather than pursuing the short term results. And other people are looking at you going, how did you do that so fast? And you're saying by building something long term. And Terry is sitting here saying, I can turn $250,000 into $2.5 million. People say, how do you do that so fast? How do you do that in 18 months? And Terry says, by following a long term plan. And there seems to be something that changed for you in the last year where just from the outside, I've observed it and I've told you this privately, this is anything that you don't know, but there seems to be this change in focusing on the long term and the result is you're getting faster results. And it's such a weird paradox where people say that they want the fast result, so they do the short term thing, but as a result they never get any results. Because what creates the short term result is when you hit that spike where all of the long term things compound and you start to get the hockey stick that move upward. And most people aren't willing to have this short term effort in order to prove that you're worthy of the spike.

Ryan, I decided a few things this past year. One, I want to look in the mirror every day, being proud of the person that I see in the mirror. I want to lead a. I want to. I want to have the role model live the role model example. And the way you do that is not by doing anything freaking great, just doing the same habits daily over and over again. And it's simple, but it's not easy, not easy to do because this is the time of year, right now, in January, that the gyms start to see a decline in the amount of people coming in. Right. This is the time of year where people, when they make resolutions, did they really resolve? Did they really decide, commit? No, they just had a resolution. I want to lose some weight. I want to go to the gym. But they didn't actually decide. And yeah, 2019 for me was a year of deciding and committing. And the way to do that is through your daily habits.

I just want to hop in for two seconds.

Yes.

So people think that I just came in with money and waved it around and all of a sudden I spent two years in anonymity. There's a reason you haven't heard of me. And while I've been being very successful on E. Commerce, I didn't have anything to say because I didn't have anything that I had proven. So I have been in every mastermind. I mean, down at the minute level, just building, building, building. This is, this is my superpower. It's, especially with entrepreneurs, all the gains are at the end. But you don't realize you make investments along the way that give you leveraged returns at the end, if you understand this is as an entrepreneur, you'll win. And you know it was Abraham Lincoln who said, the way I cut wood is I sharpen the axe for an hour and 45 minutes and then I chop wood for 15. Now he gets the same amount of wood with a much less effort because he's not just chopping away with a rusty axe, he's getting that axe ready. So I can sit here today and say, I'm just telling you the end result of the two years you didn't see me and I'd like to save you some time, that's all.

Terry, I would actually like to give you the last word because.

I feel.

Like you're in a place now where you have the success. You don't need to be doing any of this. You are interested in this sector. You have more life experience and more business experience than either Liron or myself. And so you're coming at this from a different perspective. You don't want or need anything. You've driven the Bentleys, you've had the cars, you've had the money, you've done it all. So you're in a place where you're really freed up to just come from a place of contribution, which is beautiful. You have a unique perspective on the marketplace and you are active in E commerce.

What do you wish entrepreneurs in 2020 knew or could see that? You see that most people are missing.

I'll talk about the market for 10 seconds. And to say if you think that we're at the end of the opportunity with Amazon, you're simply not paying attention. Now what is happening is we had this spectrum of sellers and there's always the commodity guys and the Chinese and the low end guys. Then you hear about the high guys, the guys doing eight figures, even some nine figure guys, the middle is being wiped out. Now the guy who, the guy who's doing 2, 3, 400,000 got a product or two doing it. That guy really can't compete anymore because he's in the space where he can be commoditized out. And also more people like me. There's more I tell you, cause I talk to my friends all the time more like people like me. You're seeing it with Therios and these big private equity firms and these acquisitions, real bigger businesses coming to the space now that's always a trailing indicator of success. All that happened is these third party sellers kind of broke the market, proved the model and then let them lose all the money and then the bigger guys will come in the systems and scrape up all of the cash. Thanks, guys, for proving the model for us. So that's where that's at. So if you think that, hey, you know, gosh, this is a tough place. It's getting tougher. It's a mindset thing. It's not true. The pie is getting bigger daily. I want this. I want Amazon to get so hard that only the real business people win. Just be one of those. Commit to that. That you just made the most beautiful.

Segue to promote a great book that I recently wrote.

Oh, well, then I'm done. I'll let you have the last word.

Which is about building a real business and using the platform of Amazon today. So I agree that if you think the good days are older, you're just spoiled and aren't building a real business like, this is still the best time ever. Okay, Terry, continue on.

I have three last things, and I'm going to be. I'm going to cut it off right there because I want the impact of this, these last three statements. So the tagline for our company is success through gratitude.

You spelled through wrong.

We did it on purpose. Too many letters.

I'm good at, like, two things.

You know what? How many people out there would have known that unless you told them?

So that's one thing. Second of all, realize that progress equals happiness. It's not. Did you get 0.1% better today if you did, did you learn something new? Did you move it forward, celebrate the progress? Because I promise you that reaching the goal, it doesn't feel as good as enjoying the journey and making small steps.

Everyone who has made it to the top has said that, that there is this mission. Understanding that you have to be unhappy until you reach the mountaintop, and then you can be happy. That's how most people set up their goals. But everyone I know who has reached the top has said, man, all of the fun was in the climb. All the fun was in the journey.

Watch old VH1. All the rock stars that give their documentaries and they were like, I remember it was me and the roadies and we had an old VW bus and I slept on the top and we ate pizza every day for six months. And it was amazing.

It was the best.

Talk about when they played Wembley.

Yeah.

So.

So understand that. And then my last thing, and I'm, this would be my last thing. Success without fulfillment is the ultimate failure.

Ryan, I'll add one thing if it's okay, and you can edit this Out. But I want to give my email for anybody that might be interested in this beta Partner circle.

Go for it.

Which will be buying one of my, one of my brands. It's a six figure purchase, not a seven figure, but six figure purchase. We keep 20%, we help you blow it up and sell it again in 12 months. This will be beta to what we want to do with other, other sellers. So it's lironmarketer.com that's the name of the company and just put in like partner circle on the subject so I.

Know what it's about and I'm really looking forward to collaborating with the two of you on incubating some brands, helping some brands, and if nothing else, just spreading a message of the fact that this is a game and if it isn't fun, you already failed.

Yes.

Because at the end of the day, every single one of us is in this because we want a better life. We want fulfillment, we want contribution, we want happiness. And so many people are unaware of that right now and they think that it is about running away from something rather than creating something. And one of the things that I think has allowed Liron, you and I to jive a lot more in the last year than we did in the past was you and I have both had that realization ourselves. And so as a result, I think we're able to come together in a way that we couldn't a few years ago. I think you and I have been successful enough up to this point to where our ego is less at play than it was a few years ago. When you're kind of unsure of yourself, ego plays a role because you need that validation. You need the affirmation. You and I have had that game and now we kind of realize that that's all facade anyway. And so it's really fun to be able to co create and collaborate with you guys just because it feels good to do so.

Yes. So much fun.

I look forward to it. Ryan, thank you for having us on.

I'll see you in a few weeks. Thanks for hanging out with us inside the 1%. And we look forward to sharing more with you guys over the next year.

Okay, take care.

All right, thanks guys. And if you watch this and enjoyed this, please put some hashtags in the comments for Leron and Terry. This was hot.

Super hot.

Like you don't make if this last hour doesn't make you a million dollars. You were just deafblind and mute.

You didn't pay attention.

Here's the other thing we talked about the Fact that all of this really comes together when you co create with other people, when opportunities come, when you partner with other people. You're in a group right now.

Got it.

Like you're in a group of over a thousand people who have capital, who have ideas, who have momentum, who have partnerships with influencers, who have email lists, who have ideas, who have excitement, who have, who have time. Like, you're part of a network and a community that is excited about this stuff and you're sitting in the greatest wealth transfer in history.

It's like if you're a Christian, you're sitting there praying for hallelujah and God is like, I gave you the 1%. Like I put you, I gave you Leron, Terry and Ryan. What else did you want? Like you're sitting in a community with a bunch of influencers and you're sitting in front of a community that wants to fly your next idea and you're sitting like, God is so frustrated with you.

See that, that's. That should be a pastor mic drop right there. God is.

I'm seeing the other thing you were great at.

All right, dude, take care.

We'll see you soon.

Thank you.

Guys.

Girls, if I've ever done anything that was meaningful for you or your life or your, your business, I'm asking you to go over to Amazon.com, search my name and place a pre order for my first book, 12 months to 1 million. It's due out May 5th. And it's the thing that I'm most proud of that I have ever put together. Half because the content's amazing. It's going to help you create a business that has a shot at hitting seven figures in your first year, maybe sooner and second, because people like you are in it. Podcast listeners, our students, our community members, guys and girls we met at our events are in the book as case studies teaching stuff that they've learned along the way. So this is written by myself, but it's really written by the community. So it would mean the world if you went over to Amazon, search for my name and place a Pre order for 12 months to a million.

I'm so proud of you it and.

I can't wait to bring it to you.