Tyler Jefcoat 4:55
I think Rolando, what was amazing. There’s Supernova A year and a half half ago of all these billions of dollars of cash flooding, the aggregator calling aggregators is called a roll up, right? You take a bunch of businesses that are similar, you raise venture capital, and then you try to bundle those businesses into a package. The thought being that at scale will be better, right? Rolando is okay at running his business. But if we’re the ones that owned 15, Rolando is we’re going to be able to be better at managing our suppliers better at managing our advertising this than the other. And so Rolando would happen is that those guys made really ambitious promises to a bunch of rich guys on Wall Street. And then the market got bad, right. And so all of a sudden, we’re in an ecosystem where it hasn’t been quite as rosy as these projections. The result has been lots of layoffs, some founding executives getting fired. And I think the two core promises that these aggregators were making that kind of haven’t panned out yet, at least not yet are one, guys, we’re smart, we’re Wall Street, guys, we’re gonna be able to come in and deploy capital towards marketing better than Rolando. Rolando is okay. He’s a smart guy, but he’s not a genius. We’re geniuses. And so we’re gonna come in and we’re gonna buy Rolando, we’re gonna do a better. That was the first thesis and I would be resigning. If we like Gong sound and be like, a resounding gong didn’t happen. The the advertising performance over the first year or so has been abysmal relative to what the brand owners were already doing. And then the second thesis the second promise that they made was, we’re so good with money, Rolando, we’re going to be able to deploy, buy this inventory, we’re gonna get it cheaper, we’re gonna get it faster. We’re going to be mo better at managing our working capital than Rolando in the normal guy is, and again, resounding gong hasn’t been effective, so far deploying that cash. And so these guys are coming to run, Barney, they’re feeling some stress, they’re feeling some pinch. And if you and I are feeling cashflow, stress for our little one or $10 million brands, these guys are feeling stressed on the billion dollar level with hundreds of millions of dollars of outstanding obligations, and so they’re not dead. But it’s been a tough year for him. Let’s put it that way.
Rolando Rosas 7:07
Man, I’ve also talked to other Amazon sellers. And before a while, it seemed like the party was getting really hot bolts of what you could get for exiting a business. We’re jumping up from one to two to three to five, even seven 8x for an Amazon business. And I’ve heard a few outlier cases that got up as high as 10. But that’s come way down in the in the sense that really after the beginning of the year, no.
Tyler Jefcoat 7:31
No doubt. In fact, we were I was in the CFO space for two brands that sold north of 8x Multiple at the beginning of 2021. And those guys sold at a great time. They’re extremely happy they’re extremely wealthy, both eight figure deals like really nice deals. And we are really seeing more of a sobering of that multiple market probably back down to three acts kind of in some ways what you would have expected in 2019 is coming back down and what it really mean so it’s funny as a brand owner you know those of us who are dialed in Amazon or maybe your Brandon are listening to this. You got to be aware of what’s happening in the macro. Like you can’t control it. Economies weird supply chains. Weird advertising is weird capitals weird. inflation’s weird. You gotta be aware of that stuff. But what we want to focus on is what we can control and I think I just am so bullish on Amazon and in the market right now because I think the opportunity to do what happened in 2008, which is the greatest wealth transfer in history happens when the market gets weird. When it gets yucky swampy, all of a sudden, the opportunity for investors to come in and build the right companies at the right moment is there and I think that’s where we are right now.
Rolando Rosas 8:40
Man swampy Dave swamp, who wants to be in the swamp?
Dave Kelly 8:45
I feel like we’re in the swamp sometimes, especially this time of year, but I’ve never experienced I never experienced Georgia this time of year, that’s for sure.
Tyler Jefcoat 8:53
As a University of Georgia fan, by the way, like we just did avoid the Florida swamp. As long as we’re out of that swamp, we’re fine. But yeah, it’s
Rolando Rosas 9:00
I gotta tell you, Tyler, the reason why I wanted to also have you here is that you have such a wealth of knowledge and insight on obviously that space with the IRS, but also, you’re dialed into what’s working on Amazon for those sellers that are killing it, as well as what’s not working for a lot of Amazon sellers in in the Amazon marketplace. There’s so many misconceptions from from the day that we started selling actually, before we were on Amazon, maybe almost 10 years ago when we started getting into the Amazon world and we’ve been around for 20 years but into the Amazon world today. There’s still misconceptions about what works what doesn’t work and you want to have your your big profit profits is what is king, not so much sales because you could sell a lot of dough, a lot of products, a lot of widgets on Amazon and barely be profitable, which is no good and that leads to problems. Can you talk about what you’re seeing is working for Amazon sellers in terms from a profitability perspective, what are you seeing that’s working?
Tyler Jefcoat 10:06
I think it’s such a good discussion because I think what isn’t working anymore is ignoring profit, right? If you think about anybody who got an Amazon maybe seven or eight years ago, Rolando and Dave, the blue ocean was so blue that you didn’t have to be great at executing in order to make money. You could just make money, you just put things online and you sell it. And as the market matures, and maybe we have some recessionary headwinds that we’re going through right now, as a country and as a world. It just means that the good guys have to actually be good. If I’m going to be successful. My business, I can’t ignore my numbers, I’m going to have to understand the answer to the question to your point. How often do you and I go to conferences and Dave, you probably go to these two, where everyone wants to talk about their sales. Let me tell you how many dollars I sold. No one wants to talk about the profit because that’s awkward that that may
Rolando Rosas 10:52
be seven, figure eight figure deal nine figure sellers, you hear that in those numbers thrown around a lot?
Tyler Jefcoat 10:58
Yes. And then you’re like, what? Did you make any money? No, I put it back in the business. If so, as things get a little tighter. We have to then for sure know the answer to the question. Did I make money last month? How was we’re recording this in July? How was June relative to last year’s June? Am I happier the most genius accounting professor was the guy who could distill the most complex things until smiley face frowny face was June a smiley face or a frowny face. And that’s not about sales, it’s about profitability. Because profit is the price of admission to weather weird market if I have money if I have cash in the account, and if I’m able to make a profit when I’m selling products, I can weather some storms and probably even out compete my competitors and gain some additional real estate. If I’m flimsy. If I don’t have any money on my balance sheet. If my margins are so thin that any disruption in my container cost or my advertising costs are gonna sink me, then guess what a recession is where I might end up putting a nail in my own coffin accidentally. And so I think it’s never been a better time to know where your money is to make sure you have decent accounting to make sure you’re I would just say this Rolando, just a quick nugget here. If I could give everyone that listens to this one gift, it would be spend 30 minutes a week looking at your numbers. I’m not saying make this your full time job. We’re all we’re visionaries, we’re CEOs, we don’t want to, we don’t want to be accountants. Give me 30 minutes of your life each week to review your finances and make sure that you know where your money’s going. And it will pay major dividends in any market but especially in a weird one.
Rolando Rosas 12:28
Unbelievable. It’s Dave, you want to jump in here with the conversation with Tyler?
Dave Kelly 12:32
I find it interesting when you see sellers that are competing against other sellers for the exact same products, and how some of these sellers, they’re just trying to win based on price. They haven’t invested in great imagery, great content video, it’s just this is the product. And this is the lowest price that they go and we sometimes will laugh sellers. Don’t laugh, but it’s encouraging to us that we can sell a similar product for maybe 20% more, because we’re either bundling it with something or we’ve created a listing that’s communicating to the customer, that they are receiving authentic gear and what’s included in the box and that there’s no surprises. But we do find it interesting when there’s folks that we compete against but they’re not making the profits, you guys are leaving money on the table. And I can see what maybe they’re just interested in just the sale and they’re not spending enough time looking at the profit of the margins.
Tyler Jefcoat 13:32
It’s you’re exactly right, Dave. And another thing you mentioned there there was I don’t want people to miss this is, I think when things are really like frothy and the market is really hot. As Rolando was saying, the party’s getting hot man, the music’s on everyone’s happy everyone’s making money. We can forget to obsess over our customers, we can almost get lulled into the comfort zone of people just buy my stuff because I put it online. But I think to your point, the brands that have been able to when you use a term like differentiation, what you really mean is I just solve my customers problem better than my competitors do. And if I solve the problem better than my competitors do, they will pay a premium, they will pay additional, because I’m going to lower their anxiety like if I’m going online like versus the kind of products you get. So if I’m going to buy a phone, like I want to buy, the one that I know is going to solve my problem I’m going to buy the phone that I know is going to do exactly, I want to buy the phone that has the education that makes sure I’m successful implementing it. And if I gotta pay 30 bucks more to get that phone, I’m going to pay it because I don’t want to buy it twice because it’s a real waste of my time to buy it twice. And so I think this is a great time to make sure that we remember the like basics of marketing, which is this. People don’t buy what you sell, they buy outcomes. What they want is a ability to make a phone call or peace of mind or security or happiness, whatever it is. People are not buying your blue widget they’re buying the happiness that blue widget creates and making sure that we’re communicating the value of our products and services for a company like mine does services to our customers is key Got a call right now. And I do think it’s still a great opportunity to make a lot of money in the market.
Dave Kelly 15:04
So now how important is it to the buyer for? How important is it to the buyer? For them knowing that they’re buying it from a seller that sells a lot of different things? Or that seller is a specialist in that solution that they’re looking to accomplish? Do they put any weight into that? Do you think?
Tyler Jefcoat 15:25
The good question which they, this is I’m intrigued, it’s off the cuff. I’d actually love to get your thoughts on today. But my intuition is that if you’re especially if you’re buying something on Amazon, you probably don’t spend a ton of time focusing on whether the seller account is specialized or not. But indirectly, I think it has a huge impact. Because I think the listing that a company like Global Teck, for instance, can make that deeply understands the needs of that customer is going to be so many light years better than the listing from the guy that sells toys and lawn and garden in consumables and supplements. And this is just one other category amongst 5000 categories that we sell in that person, that company is not going to make a listing that meets all of my needs as a buyer, the way that somebody that I don’t know if you’ve ever had a conversation with somebody who like they like read your mail lately, they get your problem intently, they know that like inside and out. And I’m going to be much more inclined to buy from that particular seller. And it happens that way. By the way in accounting, like if somebody is assessing accounting services, and they just talked to five other CPAs, but my firm’s the one that understands ecommerce, I’m going to understand what tacos is I’m gonna understand what like an inventory Reconciliation Report is, and there are other CPAs are gonna be like, what is that? And so, my competitive advantage, my expertise in the space in the same way that I think ecommerce brands can be.
Rolando Rosas 16:43
One of the things that you just said, I just want to circle back on was happiness and outcomes we had on a guest Tim Ash. Tim, if you’re watching, I love the stuff that you do. And he talks a lot about marketing. And he talks a lot he’s got a new book out is the Primal Brain. Hope I got that right. Dave, was it the Primal Brain unleash the focus, thank you that the outcomes and happiness rather than the features is what people evolutionary motion the feeling that more primal parts of our brain are still operating are in effect, and trying to appeal the logic will not work nearly as well as the outcomes happiness, how you feel about the product, what can it do for you to solve a problem from an Amazon perspective, if we’re going to do together with pro tip here for a pro tip, awesome. And we just had this guy, Aaron G, we just did another podcast today earlier today we were talking about, that’s the voice behind that sounds like Morgan, I love that guy. He does some cool stuff. So the primal brain works in a very different way. And it’s still there, it hasn’t gone away. And the outcomes is what really produces things in a much more effective way. So if we’re on Amazon, and we’re trying to market to our target audience, focusing on those items, is exactly what we want to be doing. More so than let’s say, this is the cheapest price. And this weighs so much. And this has the clearest speakers in the marketplace, or the best noise cancelling, that’s only going to that’s not going to be nearly as effective as what you said, which is exactly what Tim said, which is those outcomes.
Tyler Jefcoat 18:23
Let me just take even a step further. I think we’re cheating our customers, if we try to sell them, just our features, instead of trying to communicate the actual emotional value that they glean from the product, because I think we’re short circuiting their experience, like they actually want you to view yourself higher, they want you to have more self esteem and your products than you do. Your tendency is to say I know how much I paid my Chinese supplier for this. And I know that it only has the green button. But this other product over here has the green and red button, you’re missing it like the key is this level of result, this outcome, this security, happiness, love, acceptance, self actualization, whatever it is, I can give you that I can solve your problem. And I can make it as easy for you as possible with this particular product or service that I offer. We’re actually cheating them if we don’t give them that experience. That’s what they want to pay for. They would love to pay more for that probably now there are some customers out there that are only ever going to buy based on price. And that’s okay. And if that’s if you want to have a race to the bottom, this is something Dave was mentioning earlier. But if you want to race to the bottom in terms of your pricing, okay, get ready to compete with Walmart, right in terms of your margins. But if you want to have a differentiated offering, there are customers out there that prefer to buy quality over price. And my advice as a CFO would be to focus on those kinds of problems to solve and not the commoditizable. No brand, no additional value, no high margin products.
Rolando Rosas 19:46
I agree with and something for us just to toot our horn for just two seconds here is that we’ve never really been focused on being the cheapest. And I believe in like you said, Walmart, the Walmart philosophy because you know, they’re big, they’re ubiquitous. They have a humongous supply chain, we don’t have those that advantage of being the cheapest, it really is a quick and fast way to being unprofitable. But and that doesn’t provide any peace of mind. And you said peace of mind. One of the things that I think all Amazon sellers that have been on the platform for a while, you get anxious about what happens on a daily basis. And I’d like to jump into that with you, Tyler, because the one thing that you hear even from very successful Amazon sellers that they’re all worried about is Amazon canceling them, suspending them listings going off all the rest hijackers, there’s a lot of anxiety that comes with being on Amazon. And one of the things that I’ve seen a lot lately, and basically since the pandemic started was that Amazon can be passive income, or Amazon is a way to make a lot of money, just simply use helium 10, find out the top 10 products, the top competitor makes product sells for $100,000 a month. So therefore, if you go source that product real cheaply, you can easily make 4000 $400,000 a month. That’s not in said but it’s implicit in a lot of these clips that I’ve seen on social media that’s become more common lately, that it’s passive income, that you can easily be on page one for a particular product and rank and sell at that level as the number one seller in that category. And I almost find that offensive because I know how much work goes into being on page one, I know how much work, it goes into being in the top five, on a ranking at the top of page one or being number one in the category. And I think a lot of people, large companies, as well as medium and small, really don’t understand the amount of work. And that is totally not passive. And the not an accident. If you are the one or two or three in your category. It is not by accident. There’s no flukes. And it’s an uneven playing field. And you have a lot of insights to that. And I want you to share a little bit of that anxiety that goes around some of that and some in dispelling some of those myths.
Tyler Jefcoat 22:11
There’s a reason that you’ve been in business for 20 years Rolando and probably a lot of the guys who buy the $1,000 course guarantee $400,000 sales, you can’t go wrong. There’s a reason that those guys largely haven’t been in business for 20 years. And I think the problem with that model is that whatever wave you’re jumping on is already passing by the time you buy someone’s easy hack course, right? Easy knock step 123 can’t lose. And that’s not to say that we shouldn’t start trying new things. I think I love the idea of entrepreneurs trying new businesses. But my opinion is that execution is the only sustainable competitive advantage actually constantly obsessing over getting better constantly learning our craft, sharpening the axe trying new things. And that is in stark contrast with I can just take someone else’s playbook that somehow worked for them and rinse repeat and it’s going to work if it was a guarantee and rinse repeat it works, then they wouldn’t be selling a tea for 1000 bucks, they would be raising all of their mom and dad’s and cousins money and they would be a billionaire because they would just rinse repeat it themselves, right? So the fact that there is playbooks that help you get started is not a bad thing. And I think what the other part of your question that Rolando was, like, there is anxiety related to having an Amazon dominant business because you’re like, wow, is Amazon gonna shut me down? Am I going to be this is happening a lot in the last two years where a word that wasn’t considered hazmat, and was all of a sudden considered hazmat. Now my listing has been. And
Rolando Rosas 23:44
I’m getting chills just talking about the word hazmat. I’m getting chills.
Tyler Jefcoat 23:49
I didn’t realize Yeah, so actually, you should have warned you that was going to create some PTSD for those of our listeners who have products that lithium batteries are ready to go.
Rolando Rosas 23:58
PTSD is the right word. That’s exactly right.
Tyler Jefcoat 24:02
Because of that PTSD, people who have lost hundreds of 1000s of dollars of income, maybe because of that kind of a listing crash, my advice to them is just make sure that you have a coordinated, coherent strategy. Here’s what I mean by this. The aggregators kind of circle back to those guys. They created a blip in the market a year and a half ago that told you this story. In order to get maximum multiple when you sell your business have three skews on one channel selling with as little complexity as possible. That was like the leaner, the meaner the business model, the better. But if I’m not going to sell in the next six months, and in fact, with the current market, I don’t think I would for most brands out there. The better strategy is probably
Rolando Rosas 24:40
let me just let’s circle back on that. Okay. Pause. You are saying if you’re an Amazon business right now, or you’re primarily on Amazon, because this is deserves an exclamation point. It may not be the good time for an exit right now. The conditions are not favorable for that at all. I don’t want to gloss over that, because that’s a really important thing for a lot of folks that you hear that you’ve had conversations with. I’m so exhausted, Tyler, I can’t go, I can’t do one more day I gotta get out. There could be some real downside to selling right now.
Tyler Jefcoat 25:13
No doubt about it. And just to put another finer point on that, as an investor. And by the way, because I own my company, I am an investor in that company, I need to understand what my objective is for this investment. And it might even be just a number, what do I need for my family? If I was going to sell the business, I wouldn’t know what my objective is what my goal. And then if the market ever gets frothy again, like it was last year, and I get that number, bam, guilt free, I’m going to sell the business, I’m going to get out my intuition. And what I’ve seen with my clients, Rolando and Dave, that is not right now in the middle of 2020, the capital markets are gooey, there’s been a collective puckering, if you can imagine in these like venture capital spaces trying to acquire the businesses. And I don’t think that means ecommerce, Amazon is dead. I think it’s far from that. I just think that we’re probably 18 months from another crucial, favorable moment to sell the business, which gives you and me an opportunity to say, Okay, I’m going to grind for 18 months, and I’m going to get that number that I really want to get for my business. What are the most important improvements, most important changes, most important metrics I need to track I need to get really focused, because I think there’s going to be another wave that goes up. Right now the tides out, I don’t want to go to market where the tides out my boats gonna hit the bottom, the tide is going to come back in well, when can I be ready to get maximum value when it does?
Rolando Rosas 25:18
Absolutely. And what are those met? What are those things? All right, all right, we, and I’m just going to make up a number. If there’s an Amazon seller out there, a lot of them according to mark to market pulse that tracks a lot of this stuff. The vast majority 99% sell less than a million dollars, I think it’s 2%, less so 98% of sellers that are on the platform, sell less than a million dollars of product a year. So we’re talking to 98%. If you’re above the $1 million mark annually on Amazon, you’re in that 2%. So if you’re one of those folks that are in one of those categories, and you’re thinking about pulling the trigger down the line, what is it that you need to do? What are the top three things? Let me ask you ask you, what are the top three things you need to do as a business in order to get top dollar because you again, you talk to the aggregators, you know, what they’re paying for what they’re looking for, or some other business interests that that may not an aggregator, but somebody that says, Yeah, I want that business, because you’re getting good cash or whatever. What should you be doing to get top dollar out of your Amazon business?
Tyler Jefcoat 27:43
I immediately thought of three things in my head. So you didn’t even prepare me for this question. But this is so mind first, the accounting nerd point, and then the kind of productivity points. So the first one is, I’ve got to have good bookkeeping, I need to, if I’m ever gonna go to market and it might be in a year, I need to make sure that I can paint a clearer picture to my future buyer, that lowers as much anxiety as possible to put the illustration Imagine you go to a car lot to buy a car, and the shrubs haven’t been cut, and a guy looks greasy, and there’s like garbage in the parking lot. The likelihood of you pulling the trigger on a $30,000 purchase of a car is next to zero. Well, that’s the same way it is with a business and investor needs to be able to take that first glance at your financials. And they don’t have to be perfect because no one’s perfect, but they need to be good enough to lower that anxiety and build trust. That’s the first thing. Get your books and
Rolando Rosas 28:34
Let’s say a managing QuickBooks, let’s take that first point, do QuickBooks, or I have a VA that’s doing QuickBooks. Is that good enough? Is there a certain standard that needs to be met you talking about investors coming in and buying? What is their particular standard that they’re looking for that on that first point of yours that makes some businesses stand out and others like, I don’t know, I can’t trust those numbers.
Tyler Jefcoat 28:54
So it’s so funny like for that 98%, that are 7 million. By the way, we brought on a customer doing a million dollars a month in revenue three years ago, that was using a spreadsheet and a napkin to do their accounting. So the unacceptable model is to opt out, I’ve got to have accounting, QuickBooks Online, or Xero. If that’s your preferred software, those are both really good tools. And I think 98% of the sellers out there should be using one of those tools you’re going to give, you’re going to give somebody 50 bucks a month to have that software, you’re going to build your accounting in terms of what the standard is not to get to accounting jargon this year. But accrual accounting just means okay, all right, geek out moment. Here we go. So here comes a pro tip. If we’re going to do accrual accounting, that means that if I sold a unit in June, I’m going to book that sale in June. And I’m going to book that cost of goods sold in June, instead of just booking the sale when Amazon gives me money every 14 days, and instead of just booking the cost of goods sold when I sent the wire to China seven months ago. And so there’s a little bit more work that goes into having your VA or your accounting firm or whoever It is aligning those expenses up on an accrual basis. If your intention is to ever get through due diligence, you don’t have a choice, you’ve got to do it right, it’s got to be accrual. And if you stink at accounting, you need to hire someone to do it for you. Because it’s important. By the way, even if you don’t sell, can you imagine driving a car with mud on the windshield? It’s ludicrous to think about it when you’re driving. But we got to know for sure whether we made money last month, and the only way to know that is to actually have accounting, That is stated in a true accrual fashion. So I don’t know if you have any other questions about the accounting, but that’s point number one is you gotta have accounting.
Rolando Rosas 30:30
The point number one, then you’re going to point two
Tyler Jefcoat 30:33
out the three things just to catch up the three things that drive value, enterprise value for an e-commerce brand, number one have decent accounting. Number two, it’s all about margin. It’s kind of like in real estate, its location, not like the e-commerce, it’s margin margin margin is my product generating profit. And the term I use is pag. Post advertising gross profit, pag post advertising gross profit. In other words, after my cost of goods sold after my Amazon fees, after my advertising PC spin, after my refunds, right, what do I got left? What am I actually generating. And just to give you a rule of thumb, if that number is less than 20%, I either need to have a ton of volume, or I’ve got mortgages that are probably too low. If that number is north of 30%.
Rolando Rosas 31:21
Say that again, say that again, say that again? That sounds like a magic number. It’s the first time I’ve heard that magic number. You said 20%. After you’ve paid, you’ve got this term Pag. After you’ve paid all the goods, adds everything else you’re saying 20% is right around the magic number, where investors like
Tyler Jefcoat 31:42
I would say, yes, I would say 20% is the health number, I would say if you can be north of 25, or even better, 30%. That’s where these investors are paying these premium multiples. Because I really have a differentiated product. By the way, at the end of the day, your margin is really another way of saying how much do my customers value, my solution are they willing to pay a little bit of a premium for the what I’m having to pay to secure the product. And if I can, the kind of Holy Grail, if you will, is to have 30% or more margins, not every business model is going to support that like for instance, if you’re more of a wholesale business, and you can do some volume, but get closer to 20% pagg, you might be cooking with gas, you might be in great shape. If you’re a private label brand, and you are under 20%, you may be in trouble. And here’s the difference Rolando is that if I’m a private label brand, I normally have to have my money tied up for six or eight months in inventory. Whereas a lot of times, if I’m a wholesaler, I might get to turn that cash 10 times a year. And so if I can turn that cash 10 times a year, I can afford to have slightly lower margins. If I’ve got to sit on inventory for nine months, I’m gonna have to have higher margins, if that makes sense to make up the difference.
Rolando Rosas 32:50
And so what you’re saying, I’m going to rephrase what you’re saying, because I think it’s important to a lot of those smaller folks, even folks that are starting out, there is a viable option for making money. If you are a wholesaler on Amazon, you just got to know the right products in order to do that. And if you’re a private label, er, it’s about making as much margin as possible and very high margins, simply because you’re going to tie up a lot of cash in inventory.
Tyler Jefcoat 33:15
Nailed it. And I think that maybe the punctuation there is regardless of whether I’m a reseller or a brand owner, I can’t afford to ignore either side of what Rolando just said, I’ve got to understand my profit margin. And I have to understand how good I am at getting that cash turn, how many times a year do I turn my inventory. And if I choose to ignore either either vector either part of that equation, I’m in trouble. I’ll give you an example of this. If I have a client that maybe has outrageously high 40% profit margins, but if he’s sitting on three years of inventory, that still is not a good brand, that is still a really bad investment, because it’s going to take me three years to get paid. 40% divided by three is less than 15%. All of a sudden, those annual margins are yucky, right, the flip side of that, let’s say I have a customer, the brand that makes only 15% profit margin that’s relatively low. But he turns his inventory 10 times a year. Now all of a sudden my annual returns on that precious dollar that I’ve invested in the business are actually 15% times 10 Whoa, that’s way better. And so just remember that you’re again to take my genius Professor your level of smiley face your level of happiness is going to be the intersection of my profit margin and how quickly I can turn that cash and that inventory. And if I’m worse on one vector, I’ve got to be better than the other vector or vice versa.
Rolando Rosas 34:42
Awesome. And you were gonna jump in to talk about the third thing. One was
Tyler Jefcoat 34:48
sorry, three nuggets. What are the the best investors paying a premium to acquire? Gotta have good accounting that tells the clients don’t have your your personal mortgage coming or they’ll have clean separate business financials. Number two To make sure you’re focusing on margin and getting the most out of the dollars you invest in your business. And then number three is just brand like at the end of the day, if I am going to invest in understanding my customer, and by the way, Rolando, this doesn’t necessarily mean I don’t sell other people’s brands. What this means is that I invest obsessively in understanding my customer, developing long term relationships with her in having the ability to sell a specific product into a niche. This is today’s point earlier, this is why you might want to focus on one category. This is why you may want to focus on one buyer avatar, because I want to build a brand I want to build a universe around what she wants, what she looks like, what her concerns are, what her outcomes are that she wants. And if I can package that brand, where there’s a big difference between a completely commoditized mug and a yeti mug, I probably pay 10 times as much for my clever Yeti mug here than I could for any other mug. But it’s because this brand was created to address my needs as a consumer. And so get the accounting right focus, focus, focus on margin, and then make sure that you’re doing strategic efforts to have a coordinated brand and brand that matters. Even if you’re 100%. Amazon, you can still have a brand that matters to that customer set. And I think those are the three nuggets I would say.
Rolando Rosas 36:24
Dave, do you want to jump in?
Dave Kelly 36:28
I guess my question would be if you’re working if you’re working with a seller, and you’ve identified that their margins are just way too low. And perhaps they are also selling. They’re not focused on one, one niche market. How do you how do you help sellers raise margins, if they are struggling with adding value?
Tyler Jefcoat 36:52
I think if I were to look at someone’s catalogue, and I noticed that their margins overall were too low. The first question is, okay, let’s try to figure out what’s going on here is kind of need to run an MRI. Now we know you’re not feeling good. Let’s get in the weeds. And the way I would define an MRI is to say, on a SKU by SKU, or asin by asin level, which of my products are performing in a way that makes me happy in which my products are performing in a way that makes me sad. And once I identify the bad guys, the guys that are not performing, I have to ask one more question. Say why all right now SKU ABC, the blue one here that I’m holding, isn’t performing. Why isn’t it Oh, when I looked at Helium 10 or cell x, or whatever I’m using, I realized that my tacos my advertising on this blue one is 50%. Okay, now I know Dave that my strategy needs to be to correct my advertising for this blue. And in order to improve margins. Let’s say that I looked at the next SKU in the list and it wasn’t advertising it was that my my FBA fees are really high, I may look at we boxing, reorienting the way I’m pricing. So the thing you do about it depends on what the actual problem is, the problem tends to be either too much advertising, just literally I can’t price it high enough, like I don’t have enough space between what I’m charging my customer and what I bought the product for. And then this and then the third issue that I would say is probably the most common is just having way too much inventory. So it’s this could be a good product, but I’m only selling two a day. And so therefore, the 1000 of them that I’m sitting on it to a day is two and a half years of inventory. And so I think there’s three common issues. And they’re very different strategies depending on which which problem.
Dave Kelly 38:27
You bring up something interesting in respect to inventory. So we find that a lot of our competitors, their pricing on some of the items that we sell, is below are very close to cost. So we look at him, like how can they do that. And then we learned that if someone wanted to buy five of those, they don’t have five of them to sell, they only have two of them to sell. So they’re very low margin, and they don’t really have a lot of inventory to sell. So we just looked at these folks were like, we’re not really concerned with you, we’ll continue with value add higher dollar, but we can still support someone that wants a dozen of that particular SKU might be.
Tyler Jefcoat 39:09
It’s so good. It’s I think I like it because we see this a lot. Also Dave where you realize that a competitor is winning? And you’re like, why is this guy winning? And you’re in because you know your numbers. And I know you guys do because you understand the economics of your products. You can not overreact and just go drop your price by 10% to maintain those sales. You can say wait a second. This guy is making dumb choices here. And I don’t know if it’s because he’s liquidating bad inventory and he’s getting out of my space, or whether he just doesn’t have any and he’s trying to juice it either way, I’m gonna choose to not react because this doesn’t fit into my strategic plan. But since I know my numbers, I can make that choice instead of just reacting to whatever. Because guess what, guys, somebody sometimes it’s from China like somebody is going to put a listing up and try to undercut you on price. And our job is brand owners is to try to generate more value for our customers. Instead of focus Single just lowering pricing to meet the the current market.
Rolando Rosas 40:03
Yeah, makes sense. And let me ask you about some because you talk, again, numbers, something that is I would love to get your perspective on. So depending on who you’re listening to Amazon in terms of website traffic is down between 40 to 50%. This year, ads are up 20 to 30-35, depending on what category you’re advertising on. What are you seeing other businesses going through this year, this first half of the year as we record this in July, given that backdrop of traffic being down, up to 50%? Ads going up? 30 40% as well, depending on the category, are you seeing that sellers? are still having success? Given that backdrop? Or are you seeing across the board haircut for everybody?
Tyler Jefcoat 40:54
Yeah, by the way, I hope you guys caught those stats, it literally a session counselor just down in some of these categories. It’s not. So the caution, I think you This is implicit in what you said, a lot of I just want to say it explicitly, it may not make sense to pay 30% More in advertising, just to try to buy those fewer eyeballs that are sitting on Amazon right now we may have to in some categories, except the short term haircut. Because losing money to sell a unit this is the definition of insanity, when it comes to e commerce is to spend double my budget on advertising to acquire a customer so that I lose money when I sell the unit only to stock out and pay triple that container cost to rush order something from China over into the states here. That’s the definition of insanity. And so I think to your direct question, two thirds of our clients are down, I don’t know that we have too many actually have some that are down more than 50%. I would say most of our clients are probably down more in the neighborhood of 20% ish kind of year over 2021. And we do have some that are still doing really well. And we have and I would say this is doing really well in a kind of headwind kind of market might be doing a little bit less sales, but still making money. I had a CFO call with a friend of mine, an eight figure seller this morning, where he’s going to be almost exactly flat in terms of the first six months of the year. So last year, this year, almost exactly the same amount of sales, and we’re high five.
Rolando Rosas 42:17
And would you say that’s a win? Would you say that’s a win for that customer or client of yours given that traffic is down by half ad costs are up. So if the theoretically the pie would be shrinking, too, but you’re keeping your portion of the pie in theory, you have more of the pie now than he did last year.
Tyler Jefcoat 42:40
And he did experienced some like margin shrink. It’s a you got maybe he was making 22 points. Now he’s making 21 or 20 points in terms of that pag number. But you’re exactly right. If you and I could wave a magic wand in a bad economy, keep our sales relatively steady, but still make money not have to lose money to get those sales. I think we’re going to consider that a major success. And its major validation that our system is working pretty well.
Rolando Rosas 43:03
You know what Dave you know what I say to that? I feel better right now by what you just said, Tyler, I don’t want to give anything away. But music to my ears with what you just said, because I know what our numbers look like this year. And I feel really good now based on what you said. Because it means we’re taking market share. And I think Tyler, the customer is still out there looking for value. Obviously they people in an economy where things slow down. People want the they want to stretch the dollar. But you also have customers business enterprises that understand value, meaning not just the lowest price, but what are you bringing to the table? How are you solving that problem? And if you’re finding a way to answer that question, online, you’re gonna have customers respond to that. Even the ones who may be looking at the lowest dollar on everything.
Tyler Jefcoat 44:04
Couldn’t agree more. Yeah, I think this is a great opportunity for the high execution brands to do really well.
Rolando Rosas 44:14
Love it, I love it feel better. I can almost go to bed. Not feeling anxious right now based on what you told me. Because Amazon
Dave Kelly 44:23
buyers, I don’t think it’s just a phenomenon where I am in the Northeast. It’s like post pandemic. Everyone is doing a shoddy it’s just half assed work coming from so many different things in my consumer world. Okay, from at the grocery store, a restaurant wherever it is. I’m missing the value. And I’m still paying a premium but I’m missing the value. And I think today more than ever, if if there’s a good seller that can bring value that the buyer is here to take my money I’m more than happy to give it to you because I trust you, you’re leaving my anxiety I can sleep at night, you know what you’re talking about. This is who I want to do business with. And I’m, I find, I would think that today, especially, that, you want to find the people that can bring you that value. And a lot of it is just drying up in other sectors.
Tyler Jefcoat 45:19
I think bad markets weed out bad players. And so I just maybe just a encouragement, guys, this is the time to really build wealth, this is a time to really build and invest in our companies. And to your point, Dave, if the competitors selling the product for $1, I want to sell it for $2. But I want to generate $3 of value for my customer. And so how can I do that? In a weird market? We have to get in a room with a whiteboard, our team and say, We have no choice right now the markets weird and we’re going to win, we’re going to win. What value can we generate that makes her so delighted that paying $2 instead of $1 is a no brainer. It’s an absolute no brainer for her. And I think the brands that are able to continue executing on that are going to come out of whatever market we’re in looking pretty rosy.
Rolando Rosas 46:05
Yeah, I agree. Yeah. And I think from an execution perspective for those Amazon sellers, if you’re on Amazon, I have talked to a lot of Amazon sellers lately. The playbook from last year. The playbook from the year before is not the playbook to us in 2022, as we record this, because I was Amazon is not static. And I was trying to come up with analogy the other day as people as well, how do you how are you guys experiencing success. Amazon is like a in like a human in that. It when it’s born, it’s at a certain stage at year number two, it’s at a different stage. And the shoes that it used when it was a brand new three month old baby, if you put shoes on the baby is not going to be the same size as a five year old or a 10 year old or teenager or an adult, Amazon moves and grows and changes at a rapid pace. So that playbook from a year or two ago, it’s not going to work as well, you can’t do the same tactics that like for example, you use to be able to say, Hey, Tyler, you bought my, you bought our headphones, I’m sending you this little insert. And then that insert says, Hey, Tyler, give us a nice, beautiful five star review. And I’m gonna send you a coupon for 20 bucks on the next, Amazon, we’ll get you thrown off the platform right now, in 2022, for doing that, you can’t use that anymore. And that was the go to for many sellers, when Amazon said that for a lot of sellers, because they couldn’t do that. And they got tons of reviews that way. You can’t do that this year, you can’t do that going forward anymore
Tyler Jefcoat 47:44
So that same mantra carries through everything if we’re asleep at the wheel with our PPC and we’ve just been trusting some kind of automated tool without keeping an eye on it. If we’re, if we haven’t been placing investments in our supplier relationships, and we’re just not we’re going to try to ask them for something like better terms, but we haven’t even talked to him in a year. Like Now’s not the time to be asleep at the wheel. And I think I think that’s maybe the takeaway here is, hey, when we talk about executing through a recession, or whatever we’re going to be getting into in the next couple of months, it’s all about mind your business, I gotta know my numbers, I gotta invest time and nurturing relationships that matter. I’ve got to hold my vendors accountable, I’ve got to hold my team accountable, gotta hold myself accountable. And I think failing to do that what ends up happening to your point Rolando, and actually we even talked about this hazmat thing earlier, Amazon can pull the rug out from under you because it turns out that your PTSD PTS when he Morgan Freeman, again, saying PTSD alert, you want to make sure that your business is getting better, so that if things get weird, you’re fine. And by the way, if it’s easy, everyone’s gonna copy you. The thing that’s hard is kind of like choose your hard, choose your suck, so to speak, and push through it and I think everyone’s gonna be just fine.
Rolando Rosas 48:52
If it was easy, there would be many more sellers that are in that the million dollar club and above would be higher. It’d be like 40%, but it’s not. That’s the amazing thing about Amazon being on Amazon today is that although there are more tools, like you said Helium 10 and Jungle Scout and Chad Rubin has come up with a new company prophecy prophecy. Shout out to Chad Rubin. These tools can make you sharper, can make your organization much better. But it’s no sleep in the park. You can not win on Amazon. By just looking at as a passive or mastering. That’s the word I was looking for. You really have to be able to master multiple things. I think Amazon is also like playing a combination of chess and monopoly. You got to own the board. You got to be able to have multiple pieces on the board. You got to be strategic, but there is no other marketplace that works like Amazon. Google does not work the same way and PPC on Google cannot 100% Translate Amazon, I have to tell you that flat out No, and Etsy and eBay and even Shopify, there are no competitors on Shopify vying for your attention, right? That page is all yours. You own all of that real estate. Not so on Amazon. You’re the eyeballs are competing. For Indus everywhere you scroll on that page, like go here, go there, this one’s higher than you might want to consider this one. It’s a totally different playbook that’s required to succeed. And it’s not a passive playbook, like on a Shopify website, I would consider that a lot more, a lot less stress than on an Amazon page where Amazon’s got your attention wherever you look left, right and center for a promo.
Tyler Jefcoat 50:53
Yeah, I think for 90 plus percent of the brands out there that sell on Amazon, it will take them five times as much ad spend to acquire a single customer in Shopify than it does on Amazon. And this is for two really important reasons. One is Amazon. Even though we’re talking about maybe being a little bit down this year, Amazon still owns way more buyer intent, the customers that go to Amazon are way down the funnel, they’re ready to pull the trigger, baby, they’re just looking for a solution or they’re going to buy you don’t have to sort them, you don’t have to retarget them, you don’t have to find them on Facebook or Google. And so just know that some products that are highly differentiated, that are more lifestyle, like for instance, if I was selling sleeping bags, I might have more success on Shopify than if I’m selling glass jars, right? If I’m selling something that I can make money, but it’s a little bit more of a commodity, I need to be very careful not to have a Shopify site, because I’m gonna burn a lot of ad dollars. If I have a very differentiated brand, and I’m willing to spend the problem, probably six figure budget needed to really build a successful Shopify business. Yes, I can generate more value for my company if I can succeed. But guys, let’s be real. If I go to sell my company in two years, and I let’s just say I’m a million dollar seller, I’m one of these 2% and $948,000 of that million dollars is Amazon. And then I’ve sold a $52,000 pain in the butt to the investor that is my side hustle Shopify site, just know that you are not going to get any additional cash for that business. Because that is not a viable second channel.
Rolando Rosas 52:25
Whoa. Anyway, really? No, you don’t. Because I want to ask you about that. Because heard Kevin King, somebody asked him something related, not too long ago. And Kevin King is one of the more Premier, he’s one of the more known more well known guys out in the Amazon space. Somebody asked him should I put my eggs in going after the Amazon customer spend my time trying to extract everybody’s trying to extract that customer data from Amazon, move it to their email list, because in theory, like you said, maybe I can get folks buying on my Shopify site instead of Amazon. So I don’t have to spend that money. But you’re seeing, essentially what Kevin King has said, which is, I want to let Amazon have that data, let Amazon have the customer, I have enough on my plate to work on. And let Amazon do that marketing to bring more Prime customers bring that traffic in. Because at the end of the day, if you are an Amazon customer, and I put myself in that situation, I rarely now go to a particular website to go buy unless I can’t find it on Amazon. Unless there’s a specific purpose on why I’m going off of Amazon to go buy a product. I generally want to buy it on Amazon because it comes in next day or within two business days. I don’t have to worry about it just comes in. It’s there. It’s on my phone or whatever end of story.
Tyler Jefcoat 53:50
And I think just to take Kevin’s point a step further because I agree with him. I actually talked to him about this a couple months ago. So let’s talk about our coffee mug example again. Oh, closer I am to a commoditized coffee mug that doesn’t really have an affinity with a specific customer group. The harder it’s going to be to create excitement outside of a marketplace like Amazon. The closer My brand is to something like Yeti here where this is a very lifestyle brand. They sell $300 coolers for crying out loud and get a Coleman cooler for 28 bucks you go buy a $300 Yeti cooler. This is very much a status, Porsche BMW, kind of brand experience and as a result, people who are loyal to a brand like Yeti
Dave Kelly 54:32
people put stickers on their car. Yeti stickers, like it’s a cooler they put Yeti stickers all over their cars. Like it’s a cooler I know it’s great and kudos to them a true lifestyle brand the $300 cooler.
Tyler Jefcoat 54:47
But Dave to your point. Account stickers on the back of their car right now. I wish I wish they did. I don’t
Rolando Rosas 54:56
send me mine in the mail.
Tyler Jefcoat 54:59
Let’s go Make sure it’s the right bumper sticker like Joe click. So it’s a great way to think about, like, if you’re closer to Harley Davidson, a Yeti, where people are going to Apple, where you’re gonna put the sticker on purpose on your computer just to have it at the coffee shop, then acquiring a customer, I actually have a guy who has a patented really cool shaker that he made. He is crushing it on Shopify, but it’s because his brand is so differentiated, that he has these 20,000 raving fans that love his brand, they would go out of their way to buy his brand, even though it’s twice as expensive. If you’re not that, and just be honest to yourself, if I am not going to cultivate that kind of brand relationship with my customer, like Harley Davidson or Yeti, I may come out better. And in fact, I would say 80 plus percent of the time, I’m going to come up better if I stick with the marketplace. Because Amazon has already done the work of acquiring that customer with buyer intent. They’ve already got the credit card, they’ve already got the logistics. All I have to do is communicate, hey, my version of the product solves your problem. Enough said click the button and we’ll send it to you. And I think simplifying for almost every other brand is the right strategy. All right.
Rolando Rosas 56:04
That’s money. That’s money. That’s the consulting advice you just gave. Because I received that. I know that we Dave knows he’s in on all the staff meetings that we have. And there’s every week we talk about strategy tactics, what’s up? What’s down? And I really appreciate what you just said, because although you weren’t directing that at us, there’s some things that we can talk about internally here around that. Because if Amazon, in this case, no F. Amazon is pouring money into even advertising on Google. They’re one of the largest advertisers on Google right now. So if you’re doing PPC on Amazon, there’s a very high likelihood or your product is four stars and above, there’s a high likelihood that product shows up on Google because Amazon is sending the ads over to Google to bring traffic in. And so why not have we’ve we stumbled across a couple of products that were that’s the case, I found several products were on Google. And we weren’t necessarily going that route, the DSP route or something like that, in order to get those eyeballs but Amazon’s taking it upon themselves to bring external traffic. And people are going to respond to that much more than let’s say going into a Shopify store of something they haven’t heard of before. I see you’re wearing a t shirt from NASA. I don’t know if you watch or have seen the apple plus, for all mankind series. I’ve been watching it binging it lately. And I’m fascinated glued to my TV watching for all mankind. So I don’t know if you’ve been watching it. And so that
Tyler Jefcoat 57:34
was the new the new photos that came out from the new satellite imaging technology. And I will say this I haven’t even seen Yep. Ted last so yet and I know that getting on Apple TV is going to be my ticket to being able to watch that show and the one that you’re mentioning there so you may have just pushed me over the edge.
Rolando Rosas 57:53
Hey, you so funny. I wish we had Aaron to come on and do some impressions. Because he could do them well attend last so you love it. You love it. If you like sports and all that stuff. And a little bit of rom com thrown in there. You’d like to address
Tyler Jefcoat 58:09
I need the sports I need my wife to be engaged in it. So the rom coms is perfect.
Rolando Rosas 58:17
Hey, hey, Tyler, I want to ask you a couple of rapid fire questions. Since you got a few more minutes left with us. This is a simple thumbs up or thumbs down and there’s no right or wrong answer. It’s your answer. All right. So you could say thumbs up and thumbs down. So I’m gonna give you one word and you tell me thumbs up or thumbs down on these things. Okay. All right. Podcasting, thumbs up cold calling.
Tyler Jefcoat 58:42
I would say thumbs down. I love sales cold calling stinks trade shows. I wish I had the like gladiator thumbs sideways trade shows depends on the trade show generally like trade shows.
Rolando Rosas 58:52
I was gonna kind of sell right LinkedIn,
Tyler Jefcoat 58:55
you know what of the social platforms. I like LinkedIn. I’m gonna go thumbs up Instagram. It could be good. I’ve thankfully not I’m not on Instagram because I am an obsessive personality. And if I get into anything, I’ll destroy my life with it. So Instagram is currently important. Only good
Rolando Rosas 59:14
all right, TikTok.
Tyler Jefcoat 59:16
Me I gotta tell you Rolando you got me excited about tick tock here the last time we spoke and I’m still not on. Yeah, I am bullish on TikTok right now.
Rolando Rosas 59:26
bullish. Okay. Good. Bullish is good. Facebook.
Tyler Jefcoat 59:30
If I’m looking to stalk my mother in law, Facebook is the right place to go. No, seriously, I don’t spend a lot of time on Facebook either. Do you think from a marketing standpoint, it’s still a pretty powerful channel kind of like LinkedIn or Google. So I think it’s a necessary part of the playbook. But let me just say this, like if I could give somebody the gift of not spending more than an hour a day on social media period, if I could give somebody that gift I would because I think that’s it’s good to like live life present and have relationships and do things.
Rolando Rosas 59:56
No, no doubt. This is one isn’t a thumbs up or Thumbs down. But it’s a question. Again, no wrong one here. What’s your favorite app on your phone right now?
Tyler Jefcoat 1:00:06
I was not even close. This is not even close. chess.com is my favorite app on my phone right now. And I was at a family thing about a year ago where I saw my brother in law playing chess. And I was like, what? I’ve never played chess like this cool and downloaded the chest.com app, and I like it a lot. It’s fun. So killing time. I’m like, Hey, I’m above social media, Rolando. I’m not on Instagram. But then you’re like, Okay, you’re beyond 22 hours. of.com. Tyler, I would be like, next question. Rolando. Let’s go to the next question. Yeah.
Rolando Rosas 1:00:39
You’re the first one to bring that app up, boy just said I was just talking to another guest. We’re talking about something else. And if I could game and beat gamer, I would, when I was a little boy, I thought they could do gaming, but we didn’t have like today, you could make money on gaming. So maybe that’s my second chapter, we’ll get to this, we’ll do something. So where maybe a big ol investor comes in and steps in and throws a bunch of cash our way. And then I can go be a gamer.
Tyler Jefcoat 1:01:06
But Twitch stations will then post it to YouTube afterwards, these guys are making. This guy’s making like 30 grand a month. In some cases, even more than that. But it’s unbelievable. I’ve never been good enough. I was pretty good at Madden back in the day, every day, but I was never good enough for video games that make a living, I don’t think. But I’m also very driven. And I can get very obsessed. So maybe if we got into it, we would find a game it’d be like, you know, we’re about to be the best in the world of this and time to crush it.
Rolando Rosas 1:01:34
So I was I was gonna say, you’ve dropped so much knowledge today, so much wisdom that in so many nuggets, if folks want to get in touch with you and say, You know what, Tyler, once you get once you talk to me, there’s some things I want to straighten out or want to get some additional info where should people reach out and find you.
Tyler Jefcoat 1:01:53
So I’ll give you a give you two places. So selleraccountant.com You may not have the bumper sticker on your car, but you can at least find the website. Selleraccountant.com Learn more about bookkeeping, learn more about CFO services. And then the second one is Rolando, you’ve inspired me and we have a fledgling podcast about investing in E commerce called Return on Podcasts. If you’re looking for an opportunity to learn about how economics work and EComm Return on Podcasts are only rules. We don’t sell seller accounts if you don’t want to. If you don’t want to hear about bookkeeping, but want to hear about strategy, the podcast is a good way to go.
Rolando Rosas 1:02:23
Okay, there you have it. Cool. Check it out. And no, definitely check it out. Tyler is the man when it comes to these things. He’s got stuff that he hasn’t even shared with us that I know that in talking to him, are eye opening. So if you’re looking to become more profitable as a business or want any valuation, like you talked about, is it the right time to sell there are some things that Tyler can bring to the table that you have not thought of. So check Tyler out that Seller Accountant or on his podcast. Anything else you want to leave us with today, Tyler any parting words, anything that’s on your chest that’s burning, you want to get out there and put out there on on LinkedIn for our audience.
Tyler Jefcoat 1:03:06
I just want to say I’m grateful to be on the show here guys and do the little things. Now. This is the question I’ll leave you with. What is Tyler, think about yourself? What am I going to wish six months from now that I was focusing on doing today in terms of my habits. And so for me, it’s what’s Tyler at the beginning of 2023 going to hope that Tyler today in July would do to make life better. And I just want to encourage you do that thing. Don’t wait. Fix that relationship. Do that exercise, go see that doctor, get that sleep, whatever it is that you need to don’t wait because life is precious.
Rolando Rosas 1:03:38
Amen. There we go. That is awesome. So Tyler, I want to thank you for being such a great sport. And before you go, just stick around for a minute or two, so that we just button up a few things. But I want to thank you today. I want to thank today’s sponsor circuitloops.com for being wonderful. Go there. Check those out. If you need business, internet quotes, time is ticking. Go ahead, go out. We’re also on Amazon, which if you’re looking for anything headphones or headsets and speakerphones and webcams and go out, we’re at Global Teck Worldwide. So amazon.com/globalteckworldwide, all one word and tech spelled with a K. So go check us out. We’re there. You have other business needs when it comes to these devices. We’re here to help you out and help you on your journey. So you get the right devices for your office and your employees want to thank you today I want to take our I want to thank our special guests Tyler for being on today. Dave is always holding it down with me. So thank you for joining us today. And if you want more of this, go check us out on YouTube at What The Teck? is spelled T E C K What The Teck? and you’ll find our channel where we got a bunch of information and previous guests that we’ve talked to about technology and the office space. Thank you very much for joining today. And we’ll see you the next time.
Outro 1:04:59
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