WEBVTT 00:00.031 --> 00:01.793 [SPEAKER_00]: I think that's the wrong discipline. 00:01.953 --> 00:05.217 [SPEAKER_00]: My magic model was hiring people that were better than me. 00:05.437 --> 00:08.641 [SPEAKER_00]: Entrepreneurship is a high risk activity. 00:08.882 --> 00:11.084 [SPEAKER_00]: I have always struggled with goal setting. 00:11.204 --> 00:12.386 [SPEAKER_00]: Don't set any goals. 00:12.506 --> 00:14.608 [SPEAKER_00]: Don't try and become too big. 00:14.628 --> 00:18.233 [SPEAKER_00]: Keep it small, prove it out and then go big. 00:18.373 --> 00:20.976 [SPEAKER_00]: Copy what others are doing because it's working. 00:20.956 --> 00:26.971 [SPEAKER_01]: we need to be very protective of our mental energy attention focus. 00:26.991 --> 00:34.189 [SPEAKER_00]: Because I either spend more quality time with the kids or they can put in five or six hours of extra work a week and earn more money. 00:42.235 --> 00:48.538 [SPEAKER_01]: Sir Richard Harpin, you, um, I have so many things that I want to talk to you about. 00:48.578 --> 00:53.376 [SPEAKER_01]: I'm so excited for this conversation and I just, uh, I appreciate making the time, my friend. 00:53.660 --> 00:55.943 [SPEAKER_00]: I do just call me Richard Ryan. 00:56.384 --> 01:02.051 [SPEAKER_00]: I did think that my night's hood would help me get a better seat in a London restaurant. 01:02.332 --> 01:06.217 [SPEAKER_00]: But then I somebody told me that they make a surcharge. 01:09.681 --> 01:13.847 [SPEAKER_01]: Like any true good deed, it comes with a price. 01:13.927 --> 01:19.094 [SPEAKER_01]: You get the sur, but now you've got to pay more for your next newspaper and pint. 01:19.114 --> 01:20.055 [SPEAKER_00]: Absolutely. 01:20.997 --> 01:38.466 [SPEAKER_01]: Well, I want to get into something that I saw actually on your Instagram channel that fascinated me and it was just a snippet, but the topic, just I'm really interested in hearing the more expanded version of this idea, which was the idea of 01:38.446 --> 01:40.568 [SPEAKER_01]: big bets versus small bets. 01:40.588 --> 01:54.984 [SPEAKER_01]: And if anyone listens to business podcast, entrepreneurial stuff, you know, Peter, a demon danis who is phenomenal has the moon shots podcast, everything's about big bets burn the boats. 01:55.004 --> 01:58.948 [SPEAKER_01]: And you had some really interesting takes on on small bets. 01:59.048 --> 02:02.132 [SPEAKER_01]: And the value that small bets make and how they play a role. 02:02.172 --> 02:08.098 [SPEAKER_01]: And I'd love to start our conversation 02:08.180 --> 02:12.987 [SPEAKER_00]: Yeah, I'm a big believer that you need to prove things out small. 02:14.629 --> 02:37.663 [SPEAKER_00]: And I learned that the hard way because a great example was my original plumbing emergency business called A1 Fast Fix started it with my life savings, my business partners life savings 50,000 02:38.082 --> 02:46.917 [SPEAKER_00]: We then managed to get half a million pound investment from a UK water company and I thought right, I'm going to grow the business even bigger. 02:46.957 --> 02:58.356 [SPEAKER_00]: It will get to economies as scale and of course it didn't because it was the wrong business model the business got bigger and the losses went from 10,000 a month to 50,000 a month. 02:58.917 --> 03:00.900 [SPEAKER_00]: So my learning was, 03:01.218 --> 03:10.848 [SPEAKER_00]: stay small bootstrap your business, test, learn, copy, pivot and make sure you get the right business model. 03:11.369 --> 03:25.664 [SPEAKER_00]: When you have then press the Accelerate button and that might mean going and getting investment to really scale the business but don't do that until you've absolutely categorically proved your model. 03:26.185 --> 03:29.048 [SPEAKER_01]: So why then do you think there is so much 03:29.028 --> 03:33.138 [SPEAKER_01]: moon shots, swing for the fences, pornography out there. 03:33.158 --> 03:36.626 [SPEAKER_01]: Is that just clickbait to sell stuff in behind the scenes? 03:36.666 --> 03:44.404 [SPEAKER_01]: All these entrepreneurs are kind of thinking the way you are or is this just a philosophical difference that people have in business? 03:44.384 --> 04:03.812 [SPEAKER_00]: I think it's a message from some people that says, oh, you've got to go big at all costs, venture capital in some periods have said, well, we'll give you loads of money to test and prove your business, but just go big and throw loads and money out it, and eventually it will work. 04:04.553 --> 04:07.917 [SPEAKER_00]: And I think that's the wrong discipline. 04:08.318 --> 04:13.345 [SPEAKER_00]: Keep it small, prove it out, and then go big. 04:13.325 --> 04:22.296 [SPEAKER_00]: Jim Collins in his book, Good to Great, would call it firing bullets, and then when he hit the target, then fire the cannonball. 04:22.696 --> 04:27.963 [SPEAKER_00]: If you fire the cannonball at the beginning, you run the risk of busting your business. 04:28.283 --> 04:40.378 [SPEAKER_01]: Yeah, I was listening to kind of start a boring into podcast the other day and a very successful investor was on and I don't think he meant anything negative about this, 04:40.358 --> 04:46.670 [SPEAKER_01]: He said, you know, I, I want to see two or three failures, you know, before I invest. 04:46.690 --> 04:57.169 [SPEAKER_01]: Like I want to know, they've, they've run into a wall before and, and I, and I, at a, in a broad stroke, I can kind of understand what he's saying, but at the same time, 04:57.757 --> 05:01.564 [SPEAKER_01]: as the actual operator, like that is devastating. 05:01.584 --> 05:20.779 [SPEAKER_01]: And it is oftentimes you don't survive the first major miss, especially if you're doing it kind of counter to what you're suggesting, which is, you fire a cannon ball and you miss, that bounces back with almost just as much negative impact on you, your emotions, your relationship, your bank account, all this kind of stuff. 05:20.799 --> 05:21.300 [SPEAKER_01]: So, 05:21.280 --> 05:25.886 [SPEAKER_01]: I guess what I'm trying to get at is, is like, I'm trying to break this up because I'm like, I'm in your camp. 05:25.966 --> 05:27.107 [SPEAKER_01]: Like, I'm more in your camp. 05:27.127 --> 05:35.338 [SPEAKER_01]: This is what really fascinating to me is you're one of the few people that I've heard who's at the level of success that you're at preaching this type of philosophy. 05:35.358 --> 05:41.005 [SPEAKER_01]: And I'm trying to kind of wrap my head around why so this is so pervasive. 05:41.065 --> 05:44.990 [SPEAKER_01]: This constant, it may be, it's more of a, and I could be wrong. 05:45.010 --> 05:45.711 [SPEAKER_01]: You're pushing me. 05:45.731 --> 05:48.655 [SPEAKER_01]: Maybe it's more of just an American 05:48.635 --> 06:05.181 [SPEAKER_01]: Cowboy, you know, shoot the big gun first, always kind of philosophy or is this just like talking point fodder and because the businesses that I've seen be successful in the entrepreneurs, I've seen consistently be successful have more of the philosophy that you are preaching. 06:05.502 --> 06:13.174 [SPEAKER_00]: Yeah, and I think that entrepreneurship is a high risk activity. 06:13.340 --> 06:23.072 [SPEAKER_00]: I don't know the numbers in the US where quite often Americans would say that failure is a stepping stone on the way to success. 06:23.773 --> 06:25.735 [SPEAKER_00]: It's frowned on here in the UK. 06:26.136 --> 06:28.399 [SPEAKER_00]: Therefore, I think you get more caution. 06:29.300 --> 06:43.077 [SPEAKER_00]: And there's two bits of advice that I would give to people that want to be on sprinters. 06:43.057 --> 06:47.744 [SPEAKER_00]: If a business is already working, then that means it does work. 06:48.044 --> 06:49.626 [SPEAKER_00]: Copy their model and improve it. 06:50.147 --> 06:54.233 [SPEAKER_00]: I did exactly that with home serve in the UK. 06:54.333 --> 06:55.695 [SPEAKER_00]: Copy somebody else's model. 06:56.016 --> 06:58.379 [SPEAKER_00]: I'd improved it and that was the magic model. 06:58.720 --> 07:00.202 [SPEAKER_00]: Triple A for the home. 07:01.644 --> 07:03.867 [SPEAKER_00]: And then secondly, 07:04.437 --> 07:07.221 [SPEAKER_00]: Don't be afraid to go on via business. 07:07.541 --> 07:10.124 [SPEAKER_00]: There are lots of retirement sales out there. 07:11.226 --> 07:16.312 [SPEAKER_00]: And those are existing businesses that are making profitability. 07:16.332 --> 07:23.962 [SPEAKER_00]: And the big objection might be, well, I'm got a lot of money to go and buy a business where would I raise the money? 07:24.002 --> 07:28.268 [SPEAKER_00]: And the answer is, Vendor Finance. 07:28.248 --> 07:52.905 [SPEAKER_00]: somebody that's selling the business, particularly if it's a retirement sale, if they really like the person that's buying the business and think they're capable will say put down the small amount of your own money, maybe a bit of bank debt because a bank will lend against a profitable business and then the seller of the business will agree to repayment over maybe a three year period. 07:52.885 --> 08:03.359 [SPEAKER_00]: So that's another smart way for people to get into business is to want to do it by acquiring somebody else's already profitable existing operation. 08:03.720 --> 08:08.366 [SPEAKER_01]: Yeah, I love the recommendation of buying and already operating business. 08:08.746 --> 08:13.813 [SPEAKER_01]: I don't know if you're familiar with Cody Sanchez's work, but she's been popularizing this idea. 08:13.793 --> 08:14.615 [SPEAKER_01]: as well. 08:14.695 --> 08:23.152 [SPEAKER_01]: She calls it buying boring businesses so she advocates for buying plumbing shops and HVCs and, you know, pressure washing businesses and stuff like that. 08:23.172 --> 08:28.022 [SPEAKER_01]: And what I like about it is I think for too long. 08:30.365 --> 08:33.248 [SPEAKER_01]: There was almost like an ego trip around. 08:33.368 --> 08:38.033 [SPEAKER_01]: It had to be like this, and nothing against Peter Teele because I'm a fan of him in the way he thinks. 08:38.053 --> 08:42.818 [SPEAKER_01]: But he kind of has this, you know, be a category of one type mentality. 08:42.858 --> 08:52.047 [SPEAKER_01]: If you can't, you know, which I think I get what he's going for, but I also think it shuts a lot of people down who are sitting at home going, I really would like to run my own business. 08:52.087 --> 08:53.589 [SPEAKER_01]: I feel like I have the chops to do it. 08:53.869 --> 08:55.731 [SPEAKER_01]: But I don't have some idea. 08:55.711 --> 09:15.194 [SPEAKER_01]: It's a category of one, and I think it shuts them down where what you've just presented our ideas of, hey, maybe you see something working in a use of AAA cars, but now we can move that and say, okay, we can take this idea and maybe apply it to home service and we can apply it to, insert other business. 09:15.214 --> 09:15.795 [SPEAKER_01]: But, 09:15.775 --> 09:24.171 [SPEAKER_01]: If I'm, but I want to go into the buying a business, so, um, and I know you also have a venture fund, so you're very familiar with this entire game, uh, bought businesses, et cetera. 09:24.191 --> 09:31.865 [SPEAKER_01]: So, if I'm, if I'm listening to this, and I'm saying, you know what, I, I've always wanted to go off of my own, and, and, but I've never had that idea. 09:31.885 --> 09:36.254 [SPEAKER_01]: That's been maybe a big blocker, as I just didn't feel like I had that original idea to start. 09:36.634 --> 09:38.037 [SPEAKER_01]: But geez, I, 09:38.017 --> 09:40.902 [SPEAKER_01]: Man, I, I, I, I loved to own a plumbing business. 09:40.922 --> 09:41.903 [SPEAKER_01]: My dad was a plumber. 09:41.963 --> 09:43.025 [SPEAKER_01]: I used to help him. 09:43.145 --> 09:49.355 [SPEAKER_01]: And it's, and I get that, like, in this AI world, these types of physical human businesses are going to be have real traction. 09:49.415 --> 09:52.700 [SPEAKER_01]: How do you start to go about that process? 09:52.720 --> 09:54.904 [SPEAKER_01]: How do you evaluate your opportunities? 09:55.224 --> 10:00.312 [SPEAKER_01]: How do you think about purchasing an already existing business if you've never done it before? 10:00.410 --> 10:02.836 [SPEAKER_00]: Yeah, I would take a listing. 10:03.217 --> 10:09.674 [SPEAKER_00]: So maybe go to Entrepreneur Magazine and look at the listings of every franchise business. 10:10.557 --> 10:14.487 [SPEAKER_00]: I have a big believer of van-based service businesses. 10:15.378 --> 10:21.968 [SPEAKER_00]: Particularly those are businesses that are going out and doing something in a home or in a business environment. 10:22.709 --> 10:29.339 [SPEAKER_00]: And those are most likely the businesses that can be made more efficient through the use of AI. 10:29.379 --> 10:35.108 [SPEAKER_00]: That are scheduling, that are routing of the vehicles. 10:35.088 --> 10:47.383 [SPEAKER_00]: But unlikely that a skill technician going out to the home or the office is going to be taken away through one through AI. 10:48.484 --> 10:54.031 [SPEAKER_00]: And certainly in the UK, we've got a real shortage of skilled tradespeople. 10:55.413 --> 10:57.315 [SPEAKER_00]: What you would call pros? 10:58.223 --> 11:18.763 [SPEAKER_00]: And so I see AI shutting down call centres and releasing a lot of people's lives that have been doing boring tedious answering of customer calls that a voice block can very easily do more efficiently and cheaper and 11:18.743 --> 11:28.773 [SPEAKER_00]: releasing those great human lives to go and work in people's homes and offices and do worthwhile things that are offering great customer service. 11:29.254 --> 11:44.970 [SPEAKER_01]: I actually just signed my very first traditional book publishing deal two weeks ago and it's around this concept that I call easy mode which is essentially that thing that you do that looks like cheating to everyone else. 11:44.950 --> 11:45.170 [SPEAKER_01]: Right? 11:45.190 --> 11:49.096 [SPEAKER_01]: What is that thing for you and then how do we build your life around that idea? 11:49.116 --> 12:07.443 [SPEAKER_01]: Not, you know, how do we use AI outsourcing or automation, et cetera, or just simply removing something from your life to get you more into the thing that is your easy mode and out of these transactional zero-value tasks that, you know, we're part of the job and took us away from that thing, which could be to a synerent, right? 12:07.463 --> 12:14.113 [SPEAKER_01]: You might just love being under a sync under, you know, in the basement, fixing pipes, you know, 12:14.093 --> 12:21.752 [SPEAKER_01]: But if half your time is scheduling and follow-ups and, you know, AR and, or, you know, accounts receive a book, etc. 12:22.113 --> 12:25.000 [SPEAKER_01]: Like those things are taking you out of what's your easy mode. 12:25.020 --> 12:30.313 [SPEAKER_01]: So again, where are some of the, the easy wins in that place, you know, having built, 12:30.293 --> 12:49.873 [SPEAKER_01]: You know, home service and being a big part of this service based thing, like when you're looking at this and examining, you know, and there's a lot of, I'll tell you, there's a lot of SMB owners, a lot of service owners that listen to the show, like where some of the places that you're seeing some easy wins for these guys and gals that they can start to implement in their business and get some other time back. 12:50.173 --> 13:00.283 [SPEAKER_00]: Yeah, I would say it's all around AI applications that would do the quotations. 13:01.192 --> 13:11.005 [SPEAKER_00]: that would do the invoicing and chasing those invoices and the payments would be doing a routing and a scheduling of work. 13:13.589 --> 13:27.688 [SPEAKER_00]: I think that's gonna make a tremendous effects on the efficiency of a business so that the major cost will be the cost of the technician going out to the customer home. 13:28.411 --> 13:41.852 [SPEAKER_00]: And we all want to be able to get somebody out to do all of these repairs to assemble our flat-pack furniture rather than trying to do it ourselves. 13:42.834 --> 13:51.347 [SPEAKER_00]: So releasing more people to get them into doing services to the home is going to um, is going to really help. 13:52.128 --> 13:54.452 [SPEAKER_01]: Where do you fall on AI with? 13:54.905 --> 14:12.137 [SPEAKER_01]: This is, I get this question quite a bit is, is should I be learning quad code or codex or cursor and building these applications myself or should I be looking at some of these off the rack AI tools like in today's terms right I think in the future. 14:12.472 --> 14:17.140 [SPEAKER_01]: I don't know where the future's going to go, but, but I think in today's terms, I'm kind of caught. 14:17.261 --> 14:25.135 [SPEAKER_01]: I tend to be a little nerdy here, so I love, like, I tore my entire site apart and rebuilt it from scratch using Claude Code, right? 14:25.175 --> 14:29.363 [SPEAKER_01]: So we're placed WordPress, we're placed all this stuff and built it to myself, but I'm nerdy. 14:29.383 --> 14:31.206 [SPEAKER_01]: Like, that's a Friday night for me. 14:31.186 --> 14:43.870 [SPEAKER_01]: I don't know that many people are going to want to do that, so when you're looking at return on time, where do you think a service professional, you know, in particular, where should they be spending their time? 14:43.890 --> 14:50.663 [SPEAKER_01]: So they should be looking for off the rack stuff, or should they really digging in and trying to understand what a cloud code could do from them or build from them from scratch. 14:50.710 --> 14:54.137 [SPEAKER_00]: Yeah, I would recommend second move advantage. 14:54.778 --> 15:07.825 [SPEAKER_00]: So look for AI applications that other business owners are using, where it's a proven case, and it's working, it's a fish, and it's low cost. 15:07.805 --> 15:13.157 [SPEAKER_00]: Don't be bleeding, agent, take AI applications or try and develop your own versions. 15:13.597 --> 15:18.749 [SPEAKER_00]: Copy what others are doing because it's working and it's having a bigger facts. 15:19.490 --> 15:26.826 [SPEAKER_00]: Jump on the bandwagon, but only where you can see that a similar business is getting a bigger efficiency gain. 15:27.228 --> 15:28.009 [SPEAKER_01]: Yeah, I like that. 15:28.029 --> 15:38.643 [SPEAKER_01]: So like if you're a super ainer, or maybe even a white collar, more knowledge worker base, maybe it makes sense to get your hands into Claude code and figure out how you can move some data around. 15:38.703 --> 15:49.236 [SPEAKER_01]: But if you're out there, like I said, twist and pipes or press your washing stuff or whatever you're doing, there's just that return on time is not worth digging in and trying to build it yourself. 15:50.431 --> 15:55.496 [SPEAKER_00]: No, I'm invested in a business called Checker Trade in the UK. 15:56.357 --> 16:19.122 [SPEAKER_00]: We have over 50,000 pros on the market place, and we've developed software that is called Trade More, and it's available for all of our pros, and it is literally AI as an app that helps 16:19.102 --> 16:32.512 [SPEAKER_00]: so they can free up some of their administration time and they can either spend more quality time with their kids or they can put in five or six hours of extra work a week and earn more money. 16:32.813 --> 16:33.154 [SPEAKER_01]: Yeah. 16:34.657 --> 16:35.238 [SPEAKER_01]: I love that. 16:35.479 --> 16:36.000 [SPEAKER_01]: I love that. 16:36.080 --> 16:36.942 [SPEAKER_01]: I think. 16:37.428 --> 16:51.825 [SPEAKER_01]: I think it's very smart advice guys for those you listening at home that where I think we're all going to be pushed and it's going to be kind of shiny objects syndrome for a while with a certainly even being like the first inning of shiny objects syndrome, but. 16:52.143 --> 17:17.509 [SPEAKER_01]: I think more than ever and, you know, correct me from wrong here, we need to be very protective of our mental energy attention focus because AI in particular seems to, I mean, you can go down some rabbit holes and not come up for days and that's a lot of lost time if you're not kind of protecting your work hours and protecting your focus. 17:18.147 --> 17:18.748 [SPEAKER_01]: Yeah. 17:18.768 --> 17:19.610 [SPEAKER_01]: So, okay. 17:20.271 --> 17:22.595 [SPEAKER_01]: You wrote the book, nine steps to a billion. 17:23.476 --> 17:30.208 [SPEAKER_01]: Um, my first question was, is a billion, like, should we be shooting for a billion? 17:30.789 --> 17:35.717 [SPEAKER_01]: Is like, what's like, I guess it may take this question however you were, however you want. 17:37.081 --> 17:39.005 [SPEAKER_01]: When I sit down and I'm looking to grow. 17:39.025 --> 17:50.390 [SPEAKER_01]: Let's say I have a business, but I want to grow them and vicious maybe I'm early thirties and I want, you know, I know I got 30, 40 years of good business in front of me and I want to grow something substantial build a legacy. 17:51.031 --> 17:53.436 [SPEAKER_01]: How do I pick the target? 17:53.416 --> 17:55.920 [SPEAKER_01]: Do I go $1 billion in revenue? 17:55.940 --> 17:57.121 [SPEAKER_01]: Do I go $10 million? 17:57.142 --> 18:03.751 [SPEAKER_01]: Do I go just, hey, let's just not have a goal focus on systems like, how do we pick that initial target? 18:03.791 --> 18:13.686 [SPEAKER_01]: Cause, and I'm asking this almost very selfishly, I have always struggled with goal setting because in a good blast piece of context, and then I'll let you answer. 18:13.666 --> 18:21.477 [SPEAKER_01]: I've always just in my head had, I'm going to work as hard as I can no matter what, whether my goal is a billion or 10 billion or 10 bucks. 18:21.958 --> 18:25.323 [SPEAKER_01]: I'm going to work as hard as I possibly can, so I struggle with where to set that goal. 18:25.343 --> 18:27.826 [SPEAKER_01]: So where do you start with goal setting? 18:28.147 --> 18:34.095 [SPEAKER_01]: And if goal setting isn't even relevant to getting there, then I'd love to add that discussion too. 18:34.636 --> 18:43.268 [SPEAKER_00]: Yeah, I didn't start out saying, I want to build a business worth a billion dollars or a billion 18:43.788 --> 18:48.220 [SPEAKER_00]: It was really just, I want to run a successful business. 18:48.320 --> 18:57.966 [SPEAKER_00]: I'm not quite sure what it will be, tripled it, stumbled into the AAA idea and that works. 18:58.452 --> 19:16.939 [SPEAKER_00]: Once I was running the business, then we did start having five-year plans, so we did set some goals and if you shoot for the stars and you only get to the mood, then that's great. 19:17.620 --> 19:26.974 [SPEAKER_00]: So I am a believer that at some point in the evolution of the business that you should 19:26.954 --> 19:30.260 [SPEAKER_00]: And if you don't, then you won't get there. 19:30.861 --> 19:36.832 [SPEAKER_00]: So my recommendation would be the long-to-prinous should set some objectives. 19:38.375 --> 19:45.148 [SPEAKER_00]: But when there's said the objectives, then it's about also saying, what's our purpose? 19:45.550 --> 19:48.355 [SPEAKER_00]: How are we going to be different from our competitors? 19:48.917 --> 19:51.642 [SPEAKER_00]: What's our economic engine and how are we going to make money? 19:51.662 --> 20:05.128 [SPEAKER_00]: And if we focus on running the business and making our customers really happy and growing the business, then the dollars will be the buy products of that. 20:06.121 --> 20:15.825 [SPEAKER_00]: So I do believe in objectives, but it shouldn't just be about saying I'm focused on these big goals and getting rich quick. 20:16.426 --> 20:23.303 [SPEAKER_01]: If you could go back to your younger self before that first iteration of the business that didn't work. 20:23.283 --> 20:49.408 [SPEAKER_01]: was there a moment in there that in hindsight, obviously you did the best you could in that moment, but in hindsight, maybe there was something that you could go back and tell your younger self, hey, there was a moment here that you missed or there was a stat or an inflection or something that had to do in the economy that you could have avoided the first business model not working or is that just part of the process that you had to go through to get there? 20:49.540 --> 21:19.176 [SPEAKER_00]: I think it's going through a process to find a model at works, and what I would tell my younger self today would be, don't set any goals, don't try and become too big, just focus on finding the right model, don't worry about scaling in size, you're in the founder phase, and you just need to get a model at works. 21:21.130 --> 21:40.651 [SPEAKER_00]: and it's in the professionalizing phase that you then say right, we should set some goals, we should develop a three year plan, we should know where we're heading, we need to know whether we need to go out and get an investor in order to fund that growth or not. 21:41.331 --> 21:46.817 [SPEAKER_00]: We need to start bringing in the experience team to help run the business. 21:46.797 --> 21:51.931 [SPEAKER_01]: How do you know when to make the transition from founder fees to professionalizing fees? 21:52.232 --> 22:02.680 [SPEAKER_00]: When you've proved your model that you're then getting some growth and you're then saying, so where are we going to take this business now? 22:03.082 --> 22:16.108 [SPEAKER_00]: And at some point within that professionalizing stage, it would be saying, I wonder whether there's not opportunity to take this business into a foreign country. 22:17.050 --> 22:21.900 [SPEAKER_00]: Many American businesses, it's such a big country there. 22:21.880 --> 22:38.978 [SPEAKER_00]: Americans never need to expand outside of America, whereas in a small country like the UK being able to globalise a business model is really, really important. 22:39.430 --> 23:05.843 [SPEAKER_01]: Yeah, I was working with a company a couple weeks ago that is I was thinking about entering the US market and there are UK company and what was interesting to me and you know, I don't have as much international experience both of my business careers been inside the States for the most part a little bit can it as well, but what was really interesting was listening to them to describe the process of. 23:05.823 --> 23:23.300 [SPEAKER_01]: uh, you know, in their words kind of conquering the EU, you know, I mean, so they did expand it out of the UK and, you know, hit, hit Spain, I think first and then France and then now they, they're kind of tort, uh, top three leader in their category in most of, of, of the EU. 23:23.820 --> 23:33.990 [SPEAKER_01]: And then listening to that and then the expansion 23:35.152 --> 24:01.475 [SPEAKER_01]: And I'm interested in your take on this because their take was that dealing with the 50 states, the fact that it's 50 regulated bodies inside of, federally regulated body was fairly unique and a challenge, not maybe necessarily harder or worse, just fairly unique to their expansion into some of the other countries within Western Europe. 24:01.495 --> 24:05.158 [SPEAKER_01]: Is that true? 24:05.138 --> 24:12.398 [SPEAKER_01]: I'm very interested having coming from the United States looking out what it looks like trying to come and bring a business in. 24:12.563 --> 24:28.062 [SPEAKER_00]: Yeah, I, um, uh, my dream as a aspiring entrepreneur in my teens was to go to that big country called America and copy a business idea and bring it back to Little UK. 24:29.323 --> 24:39.195 [SPEAKER_00]: And so when I went 24:39.462 --> 24:45.951 [SPEAKER_00]: And utility branded home assistance cover, triple aid for the home didn't exist. 24:46.973 --> 24:50.498 [SPEAKER_00]: I thought, wow, fantastic opportunity. 24:51.159 --> 24:54.323 [SPEAKER_00]: It's the, we speak the same language. 24:54.964 --> 25:02.235 [SPEAKER_00]: It's going to be really straightforward to take the business model and put it across every state in America. 25:03.016 --> 25:04.077 [SPEAKER_00]: And of course it wasn't. 25:04.998 --> 25:08.203 [SPEAKER_00]: Many British entrepreneurs fail in America. 25:08.572 --> 25:11.456 [SPEAKER_00]: and I was there for six years. 25:12.057 --> 25:18.247 [SPEAKER_00]: I sent a really good guy that worked for me and run the UK, sent him to America in 2003. 25:20.170 --> 25:23.915 [SPEAKER_00]: Six years later, and the business was still really small. 25:24.436 --> 25:28.302 [SPEAKER_00]: We were making less than ten million dollars on your profit. 25:29.345 --> 25:35.036 [SPEAKER_00]: And I'm a great believer in the power of mentors. 25:35.437 --> 25:43.633 [SPEAKER_00]: There was a guy that came across that was Americanized, but he was a Brit who founded capital 1 in the US. 25:45.877 --> 25:47.060 [SPEAKER_00]: Guy called Nigel Morris. 25:47.260 --> 25:48.703 [SPEAKER_00]: He was a co-founder. 25:49.223 --> 25:51.988 [SPEAKER_00]: and I thought he can help me to crack America. 25:52.930 --> 25:55.155 [SPEAKER_00]: So I emailed him, no response. 25:55.756 --> 26:02.590 [SPEAKER_00]: I sent a direct mail letter, then a DHL, Urgent Important, still no response. 26:03.792 --> 26:11.367 [SPEAKER_00]: And one evening, 11 o'clock UK time, 6pm, East Coast, Washington, DC, which is where he lived. 26:11.347 --> 26:20.887 [SPEAKER_00]: I didn't have a cell number, but I did have his landline office number, and I called it, and lo and behold, he answered the third himself. 26:21.788 --> 26:28.883 [SPEAKER_00]: I said, you don't know me, I'm a struggling British entrepreneur, trying to make it big in America, and I just need an hour of your time. 26:29.723 --> 26:40.714 [SPEAKER_00]: And he said, oh, I do remember your letters near emails and I'm sorry I didn't respond persistence pays next time you're over in America, I'll give you an hour of my time. 26:40.734 --> 26:46.379 [SPEAKER_00]: I said it just so happens Nigel, I'm in Washington DC tomorrow afternoon and of course I wasn't. 26:46.760 --> 26:51.925 [SPEAKER_00]: I got on the first flight out of London and I was in his office 2 p.m. the following afternoon. 26:52.826 --> 26:54.988 [SPEAKER_00]: And he gave me 2 hours of his time. 26:55.711 --> 27:00.159 [SPEAKER_00]: And he said, where are you based over here? 27:00.419 --> 27:01.602 [SPEAKER_00]: So they all were in Miami. 27:02.523 --> 27:04.447 [SPEAKER_00]: He said, absolutely not, shook his head. 27:04.787 --> 27:17.470 [SPEAKER_00]: If you wanna be a serious American business, hiring serious American business people, you need to be based between Boston, New York, Washington, DC, five hour time difference for the UK. 27:17.931 --> 27:19.153 [SPEAKER_00]: And he was right. 27:19.133 --> 27:26.283 [SPEAKER_00]: all the people that we hide into Miami in homes certainly early days, either wanted to go to beach at 4pm or smoke dope. 27:26.884 --> 27:29.788 [SPEAKER_00]: That is not how you build a serious American business. 27:30.949 --> 27:35.375 [SPEAKER_00]: His second question was, who have you got running your U.S. business out here then? 27:35.956 --> 27:40.382 [SPEAKER_00]: So, our fantastic guy I have sent him out six years ago, he's a Brit. 27:41.560 --> 27:44.225 [SPEAKER_00]: shook his head, absolutely not. 27:44.245 --> 27:51.038 [SPEAKER_00]: Americans buy from Americans, you need an American chief exact, otherwise you won't be taken seriously. 27:51.739 --> 28:02.860 [SPEAKER_00]: And we were struggling to sign up all the bigger American utility companies where we wanted to use their brand name and their customer base to sell our AAA cover. 28:03.987 --> 28:06.510 [SPEAKER_00]: So, I brought my Brit home. 28:06.550 --> 28:08.112 [SPEAKER_00]: We left Miami. 28:08.432 --> 28:11.797 [SPEAKER_00]: We moved to Norwalk, Connecticut, an hour north of New York. 28:12.417 --> 28:14.420 [SPEAKER_00]: I had a guy called Tom Ruson in 2010. 28:14.440 --> 28:25.253 [SPEAKER_00]: 16 years later, Tom is still with home serve as the chief executive in North America and the business paid $300 million of EBITDA last year. 28:27.055 --> 28:28.317 [SPEAKER_01]: That's an incredible story. 28:28.337 --> 28:33.086 [SPEAKER_01]: I mean, I love the idea of call, you're me 11 o'clock, your time calling him on the phone. 28:33.106 --> 28:40.579 [SPEAKER_01]: I mean, that's brilliant, because last one in the office, the receptionist or whoever's his gatekeepers, probably are to go on home for the night. 28:40.599 --> 28:42.162 [SPEAKER_01]: That's absolutely brilliant. 28:42.142 --> 28:47.190 [SPEAKER_00]: So, the learning is I call it step number six, go global with locals. 28:47.650 --> 29:03.694 [SPEAKER_00]: If you want to build a big business and a foreign country, have people on the ground, establish a presence, doesn't need to be all the team, you've got a higher 29:03.674 --> 29:26.070 [SPEAKER_00]: don't change your business model by more than 15 percent because if one day you're in 20 different countries around the world and if you imagine that every country was 25 percent different in the way that you'd change your model recipe for complexity and disaster so change the bare minimum 29:27.248 --> 29:33.921 [SPEAKER_00]: One of the guys that I really admire, built Dahlrom, which in the US is called Safe Light. 29:36.066 --> 29:46.827 [SPEAKER_00]: And he turned the business from worth 200 million euros to 24 billion euros in only 23 years. 29:47.245 --> 29:50.933 [SPEAKER_00]: and the model was identical in every single country. 29:51.374 --> 29:56.305 [SPEAKER_00]: They went in the acquired businesses, and that was safe flight in the U.S. 29:57.408 --> 30:03.060 [SPEAKER_00]: They ran as called Autoglass in the UK, car glass in Europe. 30:03.766 --> 30:05.791 [SPEAKER_00]: But the operating model was the same. 30:06.272 --> 30:08.477 [SPEAKER_00]: The only difference was the brand name. 30:09.600 --> 30:11.565 [SPEAKER_00]: Everything else was the same. 30:12.748 --> 30:15.013 [SPEAKER_00]: So keep it really simple. 30:15.635 --> 30:19.885 [SPEAKER_00]: Keep it as far as you can the same in every country. 30:19.865 --> 30:25.356 [SPEAKER_01]: I think that's fantastic advice and I think it completely applies to the states as well. 30:25.457 --> 30:28.282 [SPEAKER_01]: So my home industry is the property tragedy insurance industry. 30:29.044 --> 30:36.760 [SPEAKER_01]: I exited in 2024 from a commercial insurance agency that I found it and sold and 30:36.740 --> 30:37.702 [SPEAKER_01]: It's very similar. 30:37.722 --> 30:46.557 [SPEAKER_01]: A lot of, uh, I'll use insurance as a microcosm, but being that every state operates differently has different regulations, different rules. 30:47.018 --> 30:56.855 [SPEAKER_01]: I mean, really Montana to Connecticut, to Texas, it's, in some cases, insurance is only in name as it's similar in the way that some of these policies operate. 30:57.596 --> 31:00.621 [SPEAKER_01]: And, um, you know, when, when the 31:00.601 --> 31:05.727 [SPEAKER_01]: budding insurance entrepreneurs in particular will come to me and ask me about the, you know, it's funny. 31:05.907 --> 31:13.376 [SPEAKER_01]: I had never framed it the way you have, which I love that around the 15% and I don't know what that would be for insurance. 31:13.396 --> 31:19.863 [SPEAKER_01]: But you know, that's one of the things that I tell them is do not run into states that force you to do things too much differently too fast. 31:19.924 --> 31:22.086 [SPEAKER_01]: So depending on what 31:22.066 --> 31:35.603 [SPEAKER_01]: You know, that kind of dictates which states you can go to first because what's funny is like in this is all contextual and probably I don't even know it's probably an interesting but like if you come from New York right. 31:35.870 --> 31:40.657 [SPEAKER_01]: California, Chicago, and obviously I'm just naming liberal states, so it's probably why. 31:41.198 --> 31:47.687 [SPEAKER_01]: Connecticut, like they're very similar in the way that they operate and your operations will be able to translate. 31:48.668 --> 31:55.418 [SPEAKER_01]: If you're in New York and you think you're going to operate the same way in Florida, you are in, you know, you are sadly mistaken. 31:55.438 --> 32:00.645 [SPEAKER_01]: I mean, it's almost a completely different 32:01.857 --> 32:09.209 [SPEAKER_01]: These are the types of details that I think separate the entrepreneurs that seemingly make it and those that don't. 32:10.170 --> 32:24.152 [SPEAKER_01]: And I guess my question for you there is, how much of this do we need to have our hand, our head out in the future thinking about brainstorming around, researching, et cetera, versus 32:24.132 --> 32:30.739 [SPEAKER_01]: just situational awareness in the moment and seeing kind of playing the game on the field as it comes to us. 32:30.960 --> 32:33.102 [SPEAKER_01]: If that question makes sense. 32:33.122 --> 32:39.689 [SPEAKER_00]: Yeah, it's really important to spend quality time on the strategic planning of the business. 32:40.430 --> 32:43.954 [SPEAKER_00]: That's in the four quadrant time management model. 32:44.315 --> 32:49.060 [SPEAKER_00]: That's the box which is imported but not urgent. 32:49.900 --> 33:05.582 [SPEAKER_00]: and it is about working out what the growth plan is, researching it properly, thinking about the options, and then making the decision on where you're going to go and in what timeframe. 33:06.663 --> 33:13.933 [SPEAKER_00]: Many British entrepreneurs decide, oh, right, I'm going to go for global growth. 33:14.183 --> 33:18.312 [SPEAKER_00]: and they started expanding in several new countries all at the same time. 33:19.294 --> 33:24.024 [SPEAKER_00]: They might do that while there's still a lot of growth to come in the UK. 33:24.886 --> 33:29.796 [SPEAKER_00]: They might do that before they put somebody in charge of the UK. 33:30.485 --> 33:40.544 [SPEAKER_00]: And if you've got the same team that are trying to run the home country and work on international expansion, there's a big opportunity cost. 33:41.005 --> 33:51.565 [SPEAKER_00]: The UK growth engine could slow down, because everybody in the business wants to work on the shiny new stuff which is international. 33:52.135 --> 33:55.799 [SPEAKER_00]: And then entrepreneurs are naturally foxes. 33:56.200 --> 33:57.481 [SPEAKER_00]: They want to go quickly. 33:57.522 --> 34:00.705 [SPEAKER_00]: They want to go into lots of countries all at the same time. 34:01.586 --> 34:02.347 [SPEAKER_00]: And they mustn't. 34:03.168 --> 34:07.093 [SPEAKER_00]: They need to get a focus plan to one country at a time. 34:07.874 --> 34:09.256 [SPEAKER_00]: Plan it out correctly. 34:09.656 --> 34:11.098 [SPEAKER_00]: Get the right resources. 34:11.639 --> 34:13.401 [SPEAKER_00]: Higher locals in the country. 34:14.001 --> 34:16.945 [SPEAKER_00]: Many businesses in the UK go bust. 34:16.925 --> 34:20.631 [SPEAKER_00]: by doing international expansion because they go they're wrong. 34:20.992 --> 34:29.085 [SPEAKER_01]: I would like to pivot for a second and I'd like to learn a little bit more about the economy and the UK versus the US. 34:29.105 --> 34:30.407 [SPEAKER_01]: And I'll be very frank. 34:30.567 --> 34:37.819 [SPEAKER_01]: My understanding of the UK economy mostly comes from trigonometry and consenting and Francis is a huge fan of their show. 34:37.799 --> 34:49.810 [SPEAKER_01]: And I know, you know, I think the entire world is dealing with, you know, different economic issues and, you know, the major debate here in the States is, you know, where's inflation? 34:49.830 --> 35:04.042 [SPEAKER_01]: I mean, we've completely lost the ability to track inflation because we've been rigging it for so many years and then you have numbers like true inflation, which seemingly are showing almost no inflation yet if you go to the grocery store and spend more than five minutes there, you know that inflation is real. 35:04.342 --> 35:07.485 [SPEAKER_01]: So, I mean, there's all these issues hitting 35:07.465 --> 35:19.367 [SPEAKER_01]: What is the UK in particular facing that you think are true headwinds versus maybe what we're just kind of hearing and media like what are there entrepreneurs in UK really dealing with boots on the ground? 35:19.767 --> 35:21.751 [SPEAKER_00]: Yeah it's really tough here right now. 35:23.434 --> 35:24.476 [SPEAKER_00]: Costs are going up. 35:25.618 --> 35:28.984 [SPEAKER_00]: Energy prices are at a high. 35:29.555 --> 35:32.259 [SPEAKER_00]: lots of other cost inflation. 35:33.962 --> 35:43.456 [SPEAKER_00]: The government put a tax on employers nationally insurance, which was a tax on hiring people and retaining people. 35:44.617 --> 35:48.323 [SPEAKER_00]: And that is that's really difficult. 35:48.623 --> 35:58.974 [SPEAKER_00]: I think there's no problems in businesses paying taxes when they make a profit, but there shouldn't be taxes on hiring and employing people. 35:59.315 --> 36:15.492 [SPEAKER_00]: So that's made it really difficult in the UK, but I am a great believer that entrepreneurs are optimists, the very best entrepreneurs take any problem and turn it into a bigger opportunity. 36:15.623 --> 36:24.938 [SPEAKER_00]: And if you can run a business and you can grow it in a tough time, then when the times get better the business is really going to take off. 36:26.000 --> 36:32.130 [SPEAKER_00]: So I would say there's no better time than to set up a business in the UK right now. 36:32.170 --> 36:38.340 [SPEAKER_00]: The UK is still a really good place from which to run a global business. 36:38.860 --> 36:48.593 [SPEAKER_00]: But actually, many UK businesses that are operated internationally, they're doing better in the other countries than they are in the home country. 36:49.013 --> 37:07.517 [SPEAKER_01]: The idea of taxing, hiring and retaining people seems like the opposite incentive. 37:07.885 --> 37:10.428 [SPEAKER_01]: conservative here in the states, whatever that means. 37:10.828 --> 37:20.880 [SPEAKER_01]: And one of the things that we talk a lot about in the show when I talk with my guests about is this idea of operating in reality, right? 37:20.960 --> 37:29.991 [SPEAKER_01]: I think far too often, and this is why I kind of doubled into some of those questions around big bets versus small bets and kind of some of that stuff is that I feel like we're given these narratives. 37:30.051 --> 37:30.872 [SPEAKER_01]: And 37:31.763 --> 37:55.138 [SPEAKER_01]: biased trying to get clicks playing to my audience and that it's very hard particularly for entrepreneurs and just ambitious people are trying to carve out good lives even if it's not to be some mega successful entrepreneur but they want to be successful enough to take care of their family and their kids and you know have some protection and kind of live a good life right it's very hard to parse. 37:55.912 --> 38:02.256 [SPEAKER_01]: like reality, like what's actually produces real results from all the noise that we get. 38:02.558 --> 38:05.027 [SPEAKER_01]: Like, how do you recommend, like, maybe, 38:05.682 --> 38:07.184 [SPEAKER_01]: You've gone through it, right? 38:07.224 --> 38:08.807 [SPEAKER_01]: But you're still ingesting. 38:08.847 --> 38:12.773 [SPEAKER_01]: I'm assuming a lot of different content and reading stories and keeping up on the world. 38:12.793 --> 38:16.299 [SPEAKER_01]: Like, how do you carve out reality? 38:16.379 --> 38:20.786 [SPEAKER_01]: Like, what's a useful data point for me and growing my business or investing, et cetera? 38:21.166 --> 38:25.754 [SPEAKER_01]: Versus just the constant noise that we're bombarded with from all these different angles? 38:26.034 --> 38:28.618 [SPEAKER_00]: Businesses need to be aware of that noise. 38:29.527 --> 38:34.794 [SPEAKER_00]: And entrepreneurs can't just bury the head in the sand and say, well, costs are rising. 38:35.155 --> 38:36.416 [SPEAKER_00]: We're going to absorb them. 38:37.117 --> 38:42.004 [SPEAKER_00]: Really important that they look at how they take costs out the business. 38:42.084 --> 38:52.598 [SPEAKER_00]: So AI is a great tool to be able to battle down some of those rising costs and reduce some headcount that isn't required. 38:53.557 --> 38:56.181 [SPEAKER_00]: And that's really, really important. 38:56.522 --> 39:10.283 [SPEAKER_00]: But equally, I think you've also got to rise above the noise and say, I've got to focus on my growth and despite all that noise, I'm going to follow the nine steps. 39:10.263 --> 39:35.950 [SPEAKER_00]: scale up my business, and I am determined to turn it into a business that is worse, be $100,000,000, or a $1,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 39:36.807 --> 39:41.434 [SPEAKER_01]: see seaweed executive at a business with just over 300 people. 39:42.395 --> 39:52.189 [SPEAKER_01]: And, you know, good guys, solid guy, probably a, you know, I don't mean, you know, not to bring politics too much in it, but probably just the center of the road type of guy, you know what I mean? 39:52.209 --> 39:56.655 [SPEAKER_01]: Like, didn't really, wasn't very vocal on either side, just kind of lived his life. 39:57.226 --> 40:20.112 [SPEAKER_01]: And you know, he was part of a lot of meetings and we talked a lot about it during especially during like the kind of major woke push of the 2020, 2022 of and I'm sure there'll be another swing and there's right wing versions of this so to take that out, but his particular case was all this stuff like around you can't say this and you know, we need to, you know, all these different things that 40:20.429 --> 40:25.839 [SPEAKER_01]: And this was the conversation they were having, you know, and again, for the audience, I'm not a political statement. 40:25.859 --> 40:27.783 [SPEAKER_01]: This is just the situation that he dealt with. 40:27.803 --> 40:29.766 [SPEAKER_01]: Was they were looking at some of these things. 40:30.468 --> 40:35.978 [SPEAKER_01]: And I think more or less they're going, yeah, we want people to be included. 40:36.018 --> 40:40.105 [SPEAKER_01]: And yes, we want to be friendly to everybody, which I think everyone actually really wants. 40:40.145 --> 40:41.187 [SPEAKER_01]: I know, I certainly do. 40:42.009 --> 40:42.690 [SPEAKER_01]: But, 40:43.092 --> 41:08.796 [SPEAKER_01]: what is being pushed on us doesn't actually seem to align with where we're trying to go and then they made some decisions to play Kate different groups and you know as you get bigger that pressure gets much more when it's 10 people right you can kind of lay the hammer down and go no we're not doing that but as you start to get larger you get a board of it and you get a board that you have to answer to and you have a responsibility to you have investors you have a fiduciary responsibility to and you're getting downward pressure. 41:08.776 --> 41:11.620 [SPEAKER_01]: you know, and let's say you're trying to get to a billion, right? 41:11.640 --> 41:13.523 [SPEAKER_01]: I guess this is where we're in that nexus point. 41:15.325 --> 41:17.008 [SPEAKER_01]: How do you keep your head clear? 41:17.148 --> 41:18.890 [SPEAKER_01]: How do you navigate those things? 41:18.951 --> 41:21.434 [SPEAKER_01]: Like, did you have to ever deal with that? 41:21.494 --> 41:29.045 [SPEAKER_01]: Where you felt like there was pressure coming in some capacity that wasn't related to your business that didn't feel like it actually helped your business? 41:29.446 --> 41:30.587 [SPEAKER_01]: How do you navigate these things? 41:30.687 --> 41:31.749 [SPEAKER_01]: Is this a major problem? 41:31.769 --> 41:33.231 [SPEAKER_01]: I think for a lot of people today. 41:33.262 --> 41:41.415 [SPEAKER_00]: I listed I peowed home serve on the UK stock market in 2004 and 41:42.391 --> 41:58.145 [SPEAKER_00]: was a public company chief exact for 18 years and I noticed it became harder and harder to run a public company with more and more red tape, more and more committees, more and more governance. 41:58.986 --> 42:12.398 [SPEAKER_00]: And as a public company chief exact, you could be focusing on all of their governance and you 42:12.378 --> 42:25.324 [SPEAKER_00]: I hadn't put enough time into going and listening to customer calls in the call centre or a retailer going out and spending time talking to customers in their stores. 42:25.996 --> 42:42.607 [SPEAKER_00]: So you need a real discipline to say, go to make sure you do comply with all of those committees and all of the red tape and make sure that you've freed up enough time to spend on growing the business. 42:43.508 --> 42:47.015 [SPEAKER_00]: Higher some people that can look after the government stuff. 42:47.476 --> 42:49.860 [SPEAKER_00]: I think it did mean that 42:50.802 --> 43:09.230 [SPEAKER_00]: when Brookfield came along the big Canadian private equity house with over a trillion dollars under management and made us an offer of 4.1 billion pounds to acquire home serve and we were a top 100 listed company in the UK. 43:10.612 --> 43:14.177 [SPEAKER_00]: We thought that's an offer that's too good to refuse. 43:14.157 --> 43:36.081 [SPEAKER_00]: and the next stage of our life as a company will be an a private environment where there are different pressures but able to get on and run and grow the business without the such a level of short-termism and focused on the near-term results. 43:36.061 --> 43:42.409 [SPEAKER_01]: Yeah, you know, it's really, I do listen to the all-in podcast of you heard of that show, um, yeah. 43:42.429 --> 43:54.445 [SPEAKER_01]: So, um, Jamoth was talking the other day on that show and I thought it was really interesting, um, and he actually made reference to this that in previous years of the show, I think it's like their fourth or fifth year, they had talked about where did all the public companies go, right? 43:54.465 --> 43:58.270 [SPEAKER_01]: Like at least on the US exchange or used to be 8,000, not only 4,000, okay? 43:58.711 --> 43:59.672 [SPEAKER_01]: And then, 43:59.652 --> 44:04.839 [SPEAKER_01]: He said, what's happened, and he said, I'm actually not talking about that anymore. 44:05.279 --> 44:13.189 [SPEAKER_01]: It was I, I'm actually starting to think that these large private companies, it's actually a way better way of running a business. 44:13.209 --> 44:19.517 [SPEAKER_01]: Like if you don't need that public capital, like make that a last resort because you, you, you 44:19.666 --> 44:42.135 [SPEAKER_01]: you now have the ability to kind of side step all of this regulatory compliance committee responsibility kind of stuff and now you're just your customers, your employees and your investors and that's who you're responsible for and it's much easier to manage and do you see this move almost back to more private businesses away from IPOs? 44:42.455 --> 44:48.323 [SPEAKER_01]: You see that as a future trend 44:48.455 --> 44:52.023 [SPEAKER_00]: The London stock market is underperforming. 44:52.464 --> 45:01.604 [SPEAKER_00]: The junior market, which is called aim, the alternative investment market has got less than 700 companies listed. 45:02.166 --> 45:05.974 [SPEAKER_00]: It's fallen significantly over the last 20 years. 45:05.954 --> 45:13.466 [SPEAKER_00]: and yet many entrepreneurs in the UK dream of listing their business on the UK stock market. 45:13.847 --> 45:22.461 [SPEAKER_00]: So I do think that it's really important that we find a way that more companies can join the public markets. 45:22.441 --> 45:40.854 [SPEAKER_00]: I think there is an attraction, great for small investors to be able to be able to invest in those public companies, take the ones that are the best and they're getting a good return on their money. 45:41.354 --> 45:43.378 [SPEAKER_00]: I also think that I'm with you. 45:44.620 --> 45:47.385 [SPEAKER_01]: I believe in private companies for sure, but 45:48.192 --> 46:11.689 [SPEAKER_01]: I think philosophically, I would love to see more companies able to IPO for the reason, the latter reason that you just suggested, which is a personal anecdote is I invested in a company that actually on a Toronto Stock Exchange, a Canadian company that is moving into the US that does licensed psilocybin therapy for veterans specifically. 46:11.750 --> 46:13.913 [SPEAKER_01]: So PTSD, very, 46:13.893 --> 46:17.262 [SPEAKER_01]: you know, very targeted clinical, you know, this isn't recreational at all. 46:17.282 --> 46:23.678 [SPEAKER_01]: This is targeted therapy, but I mean, this is like 80 plus percent response rates. 46:23.798 --> 46:31.277 [SPEAKER_01]: I mean, these are changing, you know, particularly men seem to respond to this a little more than women, but women just as much if they had the PTSD. 46:31.257 --> 46:47.678 [SPEAKER_01]: But, I mean, changing lives, I mean, drastically reducing suicide rates, drastically reducing, you know, things like domestic abuse and domestic assaults in the homes because these guys aren't coming home, like just filled with rage from these situations they've been put in. 46:48.339 --> 46:59.813 [SPEAKER_01]: And here I am, random guy from New York, I get to put some money into this company and help support them and look, does my, you know, 10 grand or whatever I put into it, does that change? 46:59.793 --> 47:16.637 [SPEAKER_01]: You know, I think there's something to that and and I think not just financially, which I think is obviously the primary reason, but there's also like a cultural component to be able to support and participate and follow along with the companies that you believe in and I think it ultimately is good for our society to be able to do that. 47:16.685 --> 47:33.057 [SPEAKER_00]: Yeah, they historically, the big news in the UK stock market was around government owned companies like British telecom, British gas being privatized and a big opportunity for 47:33.037 --> 47:41.850 [SPEAKER_00]: members of the public to be able to what invest in those big institutional companies and that worked really, really well. 47:42.130 --> 47:49.261 [SPEAKER_00]: So we've got to find a way as a country to get back to that great stock market success. 47:50.302 --> 47:50.583 [SPEAKER_01]: Yeah. 47:52.105 --> 47:54.448 [SPEAKER_01]: Richard, I could talk to you about business all day. 47:54.829 --> 47:59.736 [SPEAKER_01]: I want to close with this question you can take it with everywhere you want. 48:00.155 --> 48:03.780 [SPEAKER_01]: You know, obviously, I'm working on this book project, but it's bigger than that. 48:04.241 --> 48:07.846 [SPEAKER_01]: I'm very interested in, like, what would you consider your easy mode? 48:08.347 --> 48:17.600 [SPEAKER_01]: What is the thing that when you show up to me it might look like magic or cheating, but to you, you know, not that it's easy for you, right? 48:17.700 --> 48:22.827 [SPEAKER_01]: But that, man, you could do it all day, it adds energy to your life, your passion and about it. 48:22.847 --> 48:24.289 [SPEAKER_01]: What is that thing for you? 48:25.012 --> 48:32.625 [SPEAKER_00]: Studies my step number five in my book which is hiring my replacement. 48:33.027 --> 48:47.150 [SPEAKER_00]: And that's a really tough thing for our sons' printers, but I worked out after eight years of running homeserv the I was a rubbish chief exec that I got lots of ideas that I got visioned. 48:47.190 --> 48:55.242 [SPEAKER_00]: My team said, I challenged them and inspired them and together we delivered more than we ever dreamt of. 48:55.923 --> 49:00.030 [SPEAKER_00]: But my magic model was hiring people that were better than me. 49:00.010 --> 49:13.123 [SPEAKER_00]: And effectively, I hired a guy that became the MD of home serve U.K., and that then meant I could work on the business rather than in the business. 49:13.863 --> 49:29.258 [SPEAKER_00]: When that works, and he run the U.K. better than I had, I then thought right, as we grow into other countries, and I can step up in home serve rather than step out, I'm going 49:29.238 --> 49:34.427 [SPEAKER_00]: and then went and hired great chief execs in each of those nine other countries. 49:35.569 --> 49:44.665 [SPEAKER_00]: And that was my super power was hiring people that were proven chief execs that run the businesses better than me. 49:44.645 --> 49:49.332 [SPEAKER_00]: So I could just focus only the vision and the model and the growth. 49:49.692 --> 49:58.665 [SPEAKER_01]: So Richard Harbin, my friends, we're going to have the book linked up in the show notes, whether you're watching on YouTube, listening on Spotify or Apple, wherever you listen guys scroll down, you'll have links to the book. 49:58.725 --> 50:05.134 [SPEAKER_01]: But besides that, where's the best place for the audience to get deeper into your world and follow along with you and what you do? 50:05.249 --> 50:13.846 [SPEAKER_00]: Yeah, so first of all, the book is going to be published how to make a billion in nine steps in the US next year. 50:13.886 --> 50:24.186 [SPEAKER_00]: So not too early to go online to bonds and noble and to what pre-order a copy of that book. 50:24.166 --> 50:37.428 [SPEAKER_00]: and then we've got lots of valuable materials that sit on a business that I own which is inspiring UK entrepreneurs to scale up the businesses. 50:38.009 --> 50:40.953 [SPEAKER_00]: It's called businessleader.co.uk. 50:41.534 --> 50:43.778 [SPEAKER_00]: So lots of resources there. 50:43.758 --> 51:08.736 [SPEAKER_00]: We will, in due course, be doing webinars that can be run remotely for any Americans that are interested in scaling their businesses then would love to help and one day in the future, we will be launching business leader, which is our nine steps growth program with peer groups, with master classes in America. 51:08.716 --> 51:09.279 [SPEAKER_01]: I love it. 51:09.681 --> 51:10.485 [SPEAKER_01]: Thank you so much, sir. 51:10.525 --> 51:11.269 [SPEAKER_01]: I appreciate you. 51:11.289 --> 51:12.274 [SPEAKER_01]: I appreciate the work you do. 51:12.294 --> 51:13.681 [SPEAKER_01]: This has been phenomenal conversation. 51:13.721 --> 51:14.083 [SPEAKER_01]: Thank you. 51:15.109 --> 51:15.772 [SPEAKER_00]: Thank you, Ryan. 51:16.094 --> 51:17.099 [SPEAKER_00]: I love the conversation. 51:17.159 --> 51:19.350 [SPEAKER_00]: Thanks for inviting me.