Jack Greco Q&A On Marketplace Buyer & Seller Overlap

Hey Miles, do you want to jump on? Saw you raise your hand there. One thing that you mentioned is you love it when buyers can become sellers or sellers can become buyers. It can work either way. So my question is, what are the big challenges that you found when trying to convert a seller to a buyer? Yeah, what were the big challenges? How do you think about overcoming those? Did you kind of have to resell them? And how does that process kind of play out?

You have to naturally, if there is high involvement on the system and the person you're working with is not a complete nincompoop, they're going to be the one saying, can I? Hey, I can buy on this system. What do you think about letting me sell? Like buyers always want to be able to sell, right? You know, like they just do, right? The demand wants to turn into the supply because guess what? When a buyer goes to a seller, they're like, now I can get rid of the stuff that I bought from you that I don't need. And look, it depends on the market, right? Like I've been doing a lot of research into the scrap metal space, right? And the people, and those are very specific buyers and sellers. You would have to create an entirely different market for the buyers to become sellers because now you're in a completely different segment of the, you know, of the chain of kind of how this material moves. In ACV, it was like, well, you buy cards, like people was just like, I want a car. Or I sit on the board of an amazing company, TCGPlayer, that was in the collectible trading card space. Chetty is the founder, is one of my best friends. He's a great guy. You know, for them it was like, think about it, I bought Miles, I bought cards from you, and now I want to be able to sell 'em because I don't want 'em anymore. I want something else and I need to create value. So I ultimately think when you get to the world where There are certain places where buyers and sellers can be both, and that's just where people bring product to the system to liquidate it. And then there's places where the product is actually marching down. You know, I need to buy wheat because I am a baker and I need to make bread.

All right?

If I'm a baker selling wheat, there's something wrong, right? Because I'm not in the business of selling wheat. I'm in the business of selling bread. So it is tough. I let it be driven. You know, like Amanda who was just on, like she does, you know, she has a marketplace for like expiring drugs. So you would go to somebody and be like, look at the amount you were able to generate off this. Do you think that, you know, you would want to buy in the system also? And again, it all depends what people want, right? Like there are people who are happy to sell things that will never buy anything used or old or expired, right? Like whatever it is that implies the discount or the need for liquidity, they don't have that need. And I think it ultimately comes down to understanding drivers and to be able to point to the people that can be both. Look, I'm not saying go to a seller and make them a buyer because that might be a much harder sale than just finding a random other company and making them a buyer. But be cognizant, aware, and through those relationships, you'll see who it's important. I guess I'm saying don't overlook those circumstances. And when I'm buyer and seller, there's no reason why I don't want other people on the system because I need to interact with both. I become this, you know, pan-interested individual who's trying to bring both buyers and sellers on the system because I need to interact with both of them.