S1E4: Premier Trust Advisors
In this episode of The Konsole Podcast, we interview a wealth strategist who is passionate about helping people understand and improve their financial lives. We talk through the transition from full-time financial executive to an entrepreneur/business owner who wants to help a difference in people’s financial lives.
Music Credits: Don’t Stop by YFLY
Work With Tom: https://premiertrustadvisors.com/
About Bryan Uribe: https://bryanuribe.com
About Daniel Guiney: https://www.linkedin.com/in/danielguiney/
Bryan Uribe: So, hey guys, Bryan Uribe here.
Daniel Guiney: And Daniel Guiney and we’re here with another edition of Konsole consultant.
Bryan Uribe: And today we have with us
Tom Suvansri: Tom Suvansri, Premier Trust Advisors.
Bryan Uribe: Awesome. So, Tom Suvansri, tell us a little bit about what you do.
Tom Suvansri: Yes. I started up about a year and a half ago, a wealth strategy firm. A lot of this stuff was born out of – a lot of my blood, sweat, and tears learning myself. And I found this sort of passion to help my clients mostly primarily families, small business owners, take a look at their financial lives and improve it significantly. With less risk, costs and taxes and remove a lot of waste and loss out of their lives. So, I’ve gotten a lot of passion out of it, and it’s something that’s burning deep inside me.
Bryan Uribe: Beautiful. So, that kind of hit on the wire, right?
Daniel Guiney: Yes.
Bryan Uribe: Maybe, you got to clarify that a little bit.
Daniel Guiney: Yes. You want to dive in just a little bit more. We like to really ask people to explain their why. So, we know, financial advisory is what you do. But, can you tell us a little bit more about why? I’m sure it’s not something you fell into by mistake?
Tom Suvansri: Yes. Now, I mean, I thought about that, too, because I always was attracted to finance and money. And I always wondered why? Right? And a lot of it stemmed from a lot of my childhood days. I actually spent a lot of time in my childhood in Atlantic City and my parents were a bunch of gamblers…
Daniel Guiney: Okay.
Bryan Uribe: Yes.
Tom Suvansri: And I got a lot of experience out of that, and I saw what that meant and what money was doing. And as I got older, I recognize what gambling meant, and how money could be just sort of poof minutes and it’s gone. And it’s the value is basically lost. And so it stayed with me over the years. I think money is valuable and but it’s only valuable when you use it for good things and things are important in your life. And it just for me as I grew and had a family I want to do for my own family. And I saw what it could do for me and my family. And I said, “Why couldn’t I do that and help others also experienced that their own worlds in their lives?”
Daniel Guiney: That’s powerful.
Bryan Uribe: That’s super powerful, yes. You know, I heard this really interesting quote, I don’t know how you guys going to feel about it. But it was _
Daniel Guiney: You are always starting strong.
Bryan Uribe: Yes, I always starting strong, But I’ll get into it. It was from Grant Cardone. And what he was saying is, “Money is not yours, you don’t own money. Money is a tool that’s all it is. And the more money you make is because that money is someday going to be spent on something.” So, I’m going to give you 50 bucks and you got to breaks down. Now, that 20 bucks, you got to get the damn, right. And then Daniel Guiney has that 20 bucks and his car breaks down, he’s going to come to me and it’s going to come back to me. And the cycle just continues. So, I think that’s such a really interesting concept, especially when you are talking about things like gambling. Because, we are really in an interesting state right now within the country where everybody’s like, “Taxes and this and like Hyper rich.”
Tom Suvansri: Yes.
Bryan Uribe: I feel like there’s this gross misunderstanding of money. So, people look at the stock market as if it’s gambling. Could you just kind of talk a little bit more about, like, what the stock market really can generate for some people because I feel a lot of people just don’t understand that.
Tom Suvansri: Yes. You know, and it’s interesting because especially as a father now with two young kids, you know, I didn’t grow up with any financial education and a lot of people don’t right from all across. Whatever your – obviously, if you have wealth, maybe you see it, but you still might even get the education. So but most people when they get an education, it’s only about the stock market right? And to me, it’s just a small microcosm of what investing could be.
Bryan Uribe: Absolutely.
Tom Suvansri: And so I grew up with the stock market and I experienced with it 2001, 2008 and watch it and roller coaster nightmare happens, right, and my financial life. And I said I have zero control, at least for what I’m doing right. I found the typical vice. And so it can be a good place to store for growing wealth.
Bryan Uribe: Okay?
Tom Suvansri: However, it’s also a recognition over my lifetime and learning that there are other places like starting businesses, real estate, other ways to invest. But most importantly, invest in something you know, and understand. So, don’t like the stock market, then to me, it is equated to gambling because you’re just throwing money and hoping hope is not a strategy in my mind.
Bryan Uribe: I love that and you know…
Daniel Guiney: Hope is not a strategy,
Bryan Uribe: Yes. Like just being a millennial, right like, Daniel Guiney and I speak a lot about money, wealth generation, well, creation, and we talk about a lot of things you talk about where it’s like building businesses, how do you build actual equity, or how do you build businesses that generate royalties, where you just kind of sitting back and now it’s just intellectual property…
Tom Suvansri: Right.
Bryan Uribe: So, I think that’s so interesting because I had recently had a conversation with one of my close friends. He’s actually in politics. And he’s like, “Well, I can never be Warren Buffett.” I am like, “That’s really interesting because Warren Buffett prides himself on having access to the same information as everyone else.” So, I think it’s such an interesting point in society that we’re in where it’s like, “I am not him.” It’s like “Bro well, he wasn’t rich when he started.”
Tom Suvansri: Right.
Daniel Guiney: When did you make that decision about yourself? And did you decide that you’re not someone who’s a billionaire or wealthy or financially secure? Like when did you make that decision by yourself and but limiting beliefs do you have in place right now that are preventing you from taking the actions you need to get yourself into that position?
Bryan Uribe: Absolutely. I think that’s really powerful. We would definitely like to talk through it. So again, Daniel Guiney, and I know about this a little bit, but just to educate our audience, let’s talk about wealth creation, right. And then we’ll jump in with some points and other things that we’re really interested in. But just like on a holistic level. Like, what is wealth because people think of riches, right, I’m rich, okay, we have a million dollars and you get sued and now that’s out the window right. So, I definitely would like to kind of talk through some of those concepts.
Tom Suvansri: You know, and it’s funny my evolution to this because I used to think about just accumulating money.
Daniel Guiney: Okay?
Tom Suvansri: Right. And that’s what success is, that’s what I put my money into, you know, 401K or whatever it is. And hopefully, it gets to some magical number that eventually I’ll use right. And that was the epitome of what success and wealth are supposed to be. And that’s how I lived and I’ve gotten older, I’ve gotten a little bit different perspectives and things in my life in terms of importance and when I think wealth now and these things will resonate with me is that I have more control what’s happening in my life right that’s wealthy to me, right? Because we have one, priorities things like, what’s the only limited resource we have is our time right and I’m more cognizant of that now. So, if I have more of that to do what I want to do, whether it be something for my business or work or my kids that that’s wealthy to me. And having an ability to choose that and have money do the things for me to be able to use it the way I want to, for things that matter to me not what society tells me I’m supposed to use it for right, the fancy BMW and all that stuff. Like, if you want to get it, but at least I get to choose and that’s what’s healthy for me. I can choose not to do that. If I don’t want to put the things that matter. That’s what wealth to me is.
Daniel Guiney: That was a powerful answer though. Like its totally like, awesome, especially in like the social media society we’re in where everybody’s just felt like instant gratification. I want to show my flashiest stuff. Here’s a picture of me with this BMW like you said that they probably lease, that they don’t own, I’m like “Oh, here’s my new Gucci outfit and yada, yada.” But that’s not wealth, yes. That’s just like a false image.
Bryan Uribe: Yes. You know, like, the conversations had so frequently where it’s like, “I make six figures.” “Okay, cool. How much you own in debt”
Tom Suvansri: Right.
Bryan Uribe: I am like, “Good job, bro.” like you have a hundred thousand dollars. in the bank, okay 2% interest may be right? like all these concepts and conversations where it’s like you’re making all this money and you’re going out and buying a pair of $740 sneakers, they look like dad shoes that nobody would wear five years ago right like actually.
Daniel Guiney: And nobody will wear in five years like the trend is even gone.
Bryan Uribe: So, it’s something really, interesting. I would definitely like to get your thoughts on this and we speak about a lot Daniel Guiney. What are your thought or have you ever heard of the concept of scalability of time?
Tom Suvansri: No, I haven’t.
Bryan Uribe: So, I think that’s really powerful what you said about wealth, and that wasn’t the answer I was expecting. But it was really gratifying because it’s like, I don’t necessarily think about it that way. But that is a luxury, being able to say I’m not going to do that and having that freedom. So, some of the things we obsess over are, how can you multiply your efforts without having to do more and building systems to say I’m still going to reach the same amount of people. I’m still going to be as productive. But I’m not working a 40, 80 hours a week. it’s more ten to 20 hours. And you know, you focus on your high payoff activities. So, you could like it. I’m only doing the high payoff activities and now I could go be with my partner, my children whatever or is traveling.
Tom Suvansri: Now, it fascinating because you know, we always think about what your strengths are right in certain things. And there are certain things I know, as I’ve gotten older, I know that I’m not good at right, and there are certain things that I just pride myself in. I think over the years I’ve always been let me say, I’m a hard worker.
Daniel Guiney: Okay.
Tom Suvansri: Right? I work hard. That doesn’t mean I’m working smartest, but I’m working hard right. How can I impact more by actually thinking differently about it, not just working? And as I built it, started this business and started thinking to go through what I’m going through, I’m starting to go through that evolution right. Because there’s only so much time. And so many people I can talk to individually or help. But then there’s a limit to that. So, how do I remove myself to some degree so that I could potentially help more?
Daniel Guiney: I see.
Tom Suvansri: And I started to think about that a little bit more. I talked about that with my clients all the time, around their wealth, right? If you’re putting money into an account, and it’s just doing one job, it’s not efficient enough right. It’s only doing one thing for you, and you hope it better does a good job. But how do you use your assets, your money to actually produce other assets that are going to be working for you in multiple ways, right, and help you in more than just making money? And so I think of that, for my business to think about how I do that.
Bryan Uribe: I think what’s really interesting is going to be relevant and want to make sure I open it up to the other age demographics, right? Because as it 27 going on 28-year-old male maybe some of our viewers and listeners maybe the same age or 30, 40. They are not retiring, may not have the financial stability that some of your clients may. I think it’s really interesting to think through, like those exact things, right, and understanding that, like, for me, the most empowering thing I’ve ever done was to build a business because it forced me to say, “Okay, bro, you’re not good at this. Now, you need to step away from this and go get somebody that’s better at that than you are. And this is your core competency, and exploit that as much as you can.” I think that’s really, powerful. And sometimes we get into the habit of like, I was a hard worker. Like when I started my first sales job 80 hours a week, I was also putting in 20 other hours on getting my masters for like a year and a half. And then once I’m finished, it’s like, all right, what do I do with the other hours? Like I felt like a fish out of water, so I think it’s something very prevalent in society. We’re going back to what Daniel Guiney said is “Everybody’s living their best life.” But you’re not seeing what the bank account saying their net worth is saying. So, you have the thousand dollar shoes, on the contrary, you got $50,000 in credit card debt and you still got your student loans. Right?
Daniel Guiney: Right. Who’s really winning right that’s type thing. And it’s also about not just what you make, make a million dollars a year. It’s about what you keep. And how you put what you keep to work.
Tom Suvansri: Now that’s a that’s a huge thing that I talked to a lot of my clients about because they get all so it’s crazy about the numbers. Like “What returns do I get?” And I said, “Listen, if that return of 12% cost you 6%, 7% to get what did you really get out of it? right? and take all the risks. And this is what we talked about the market like sometimes when you look down below, you see what you get that’s what matters. I liked it that’s in your hands, right? If you can say, “You know what? I can move taxes, I can move, all costs, fees, all these things out of there.” You know what, they’re actually not that much different right and you had to take less risk, less effort and you know, taking a different perspective and sitting down and seeing the truth of it. I deal with truths. I like actual numbers. I’m a numbers guy. But in the math, I need something to prove it to me, not just speculation and guesswork around what’s going to happen. So, it’s important.
Bryan Uribe: I really like how you preface this conversation where it wasn’t just stocks, it’s also building businesses taking ownership of businesses, but also real estate, right? Because like my cousin, he was injured in the army.
Tom Suvansri: Okay.
Bryan Uribe: He’s now disabled. And they gave him a big check. And he’s like, he set for life right there like they have to pay him he gets a monthly income from the army. And he’s like, “Yes, I was going to put all my money into the stock market.” I’m like, “Okay, great. Why?” And we’re having these questions. And I’m like, well, let’s, like talk through this together. Okay, so you get your 12% rate of return on your 5% or 8$ rate of return and that’s great okay, cool.
Daniel Guiney: You get 12% in the market you are doing something.
Bryan Uribe: You are getting 12 points or even eight points that you’re doing really good in the market. But you get that. What’s going to happen when you need that money, bro? 40% off the top just shave it off. And when he thought about it, he’s like, so when I actually like calculated the true return. He was like, “Shit, I didn’t even think about it that way.”
Bryan Uribe: And it’s a mix, right. The diversification of your portfolio.
Tom Suvansri: And to the point, it’s back to like where the service whatever that I’m certain really understand. Like go to places just like Buffett he knows what he knows and he just doubles triples quadruple down on it, right? Because he’s like “I’m not playing with this crypto, I’m not going out of my world of expertise and skill and passion, because I’m going to probably fail. It’s going to not work for me so I’m staying where I am.” So, I take that to heart because I get thrown all these alternate investments that are out there and they look great on paper. There’s a little lot of interesting things out there, as you mentioned like you can invest in but some of its really risky because it’s not – this is the thing. I’ve learned this, like, it’s not the investment that’s risky, it’s the investor. If you don’t know what the hell you’re doing, you’re risky I don’t care if houses, it’s the market or whatever it is, you don’t know what you’re doing, you’re a massive risk.
Bryan Uribe: I love that.
Daniel Guiney: That’s right.
Bryan Uribe: I have never heard that I love that.
Tom Suvansri: Because that’s why – if you know everything about this market, I don’t care what it is blueberries, raising blueberries, I don’t care what it is, you’re going to be way better than anyone else. And so I think about that not take a very careful look at what I’m investing in. I completely understand the people I’m in so that I have full confidence that I know how this is works, and I have more control over it.
Bryan Uribe: You know, whenever we talk to prospective clients, that’s what we leave with. It’s like, so we could help you and we feel pretty confident that we could help you. We won’t commit to working with you until we basically interview. And it’s a discovery call, and I related to interrogation. We’re asking everything about your business, no matter what because the moment that you expect me to know about fitness, I don’t go to the gym. Like I go to boxing classes. And that’s it. I don’t know your industry. So, if you can fill in the blanks.
Daniel Guiney: Right. Do you have a similar process you use with your clients when your onboarding? Like the screening process? Because I imagine you can’t work with everybody that wants to work with you.
Tom Suvansri: Yes. And that’s, been an evolving thing. Actually, that’s one of my talk about some challenges trying to do that because a lot of it is I’m trying, you know, you always talk about this ideal client, as I’m getting into the business, I’m still in and within the last year, year and a half, so I’m still working full time on the side if you want to call it that.
Daniel Guiney: Sure.
Tom Suvansri: So, you know, the times I’m learning I said, I’m just going to – because my desire is to help as many people as I can. I’ll talk to people that probably are not my ideal client, people that fit perfectly with. And so I’ve started to realize I got to do that because I’m actually probably wasting a lot of time on both sides.
Daniel Guiney: Absolutely. Yes, spinning wheels.
Tom Suvansri: Spinning wheel. So, I started getting into a closer vision of who that is and the types of people who I want to interact with. And I’m getting that out in the first meeting right. Can I tell you that they’re open-minded? Are they coachable right? Are they listening? Or they just like everything I say they just say the opposite. I said, “This is not going to work, right?” Because I’m more than willing to listen to people. I’m not telling you I’m the only thing but I need some sort of a sign right? Because and this is going to be a bad engagement for a long period and I’m starting to see that or people just don’t fill out like. The first thing I do, I ask them to fill out information for me.
Daniel Guiney: Okay.
Tom Suvansri: Right. Listen, it’s their financial life I’m collecting because as someone who’s going to advise you on it, are you going to give the doctor half of your information about your medical history. If you want them to help you? So, I need your financial life if I’m going to figure out how to help you do what you want to do if they can’t even complete that on time, and completely, that’s a bad sign.
Daniel Guiney: You need the good, the bad and the ugly.
Bryan Uribe: You got to know what you are getting into.
Tom Suvansri: Right, are you going to fulfill what you need to do on your end and stay committed? Because what I truly believe, “Oh, I take responsibility for my stuff. You got to take it to your side. If you won’t take responsibility, then this is not going to work.” Right. And just like how you do with your clients to. Like they got to do their half the work right.
Bryan Uribe: You know, I think that’s so powerful. Because, and we just had a previous interview and the person we interviewed, you know, like, society has a predetermined notion on salespeople.
Tom Suvansri: Yes.
Bryan Uribe: And it’s okay. It’s totally fair. But not everybody’s just trying to sell everybody. And if it’s not the right fit, like at the end of the day, if you’re in business and you’re starting a business, you want to succeed. So, what I like to say is you’re here to win. So, nobody wants to take a client to go through three months. And you got your fees, but it was an aggravating experience. Where it’s like, “Dude, you said you weren’t going to spend money. You were supposed to save $10,000 and you went to Turk’s and Caicos and you didn’t need to. You could have gone to like Virginia Beach.” It’s not the same right. I think that’s really interesting. What are some of the things that you’re doing to kind of streamline that process? right, you know, like, get a little bit more into like, we call it the qualification. So, are you qualifying some of these people outside of the forum?
Tom Suvansri: You know, because a lot of now as I’m starting to finally get some clients, and obviously, they’re referring them to me, right? I sit down and really talk about them, right and their perspective on what they see in their friend or family member, wherever they’re referring me. I’m not just going to take anybody, right? And so a lot of it is just to get a better sense of where their history, where they come from. Like, what was their family background growing up like about finance? How they live,
Daniel Guiney: That is interesting.
Tom Suvansri: Right because obviously, we know it is like, what’s the biggest influence like growing up with your family, right? Those are things I remember good, bad or indifferent right? To me, they’re usually one extreme or the other. Like my parents made a lot of money couldn’t save a dime of it right. And I learned that very quickly that I can’t live like that. And, but I know people were just bred a certain way. And, you know, they don’t want to take any risk whatsoever. It’s because their parents told them, they went through the depression, they had to save every dollar because I need it. I don’t know when the next dollars come in. So, it’s those sorts things understand, kind of how they view it. And if there’s someone who’s maybe at least open-minded to learning a new idea, right? Do they’d like to learn? They’re always questioning things like that right. And so just those are sort of some of the ways. It’s not refined to this day. But I think it’s one that I continue to push away because I know the time I’ve wasted on a lot of cases, where it’s just not the right fit. And I did I tried to push it.
Daniel Guiney: Do you have any automation in this process at all yet? It sounds like encouragement from it sounds like you know, you get a referral, which it could be a hot it could be cold. And then you have just set aside time first schedule with them, connect, then conduct these introductory questions. And then at that point, you can start making a decision if they might be good to begin your qualification process, right is that kind of how it works.
Tom Suvansri: Yes. Sort of like that. Right now I’m going to sort of that proverbial one-man show and a lot of it you know, certainly have some tools and, and financial model that I actually use with all my clients that they all get into and we can look online, see their financial life on one page, right and view it. But I’m still initiating engagements front, getting following up with them and if we move along there. I’m doing some of the back office stuff that I know I need to sort of remove myself from. So, it’s not automation by any stretch.
Bryan Uribe: So, it sounds like you understand that there’s some pain. But it’s kind of like growing pains?
Tom Suvansri: Yes.
Bryan Uribe: Like you got to deal with it until it gets to a point where you can just say, “Hey, this isn’t.”
Tom Suvansri: I’ve been starting to look at it already in terms of the parts that one I stink at, or two I dislike or both, right? And you’re not a good use of my time in terms of.
Daniel Guiney: Like you got a financial mind like that’s where you bring the heavy hitter value. Right? The big-ticket number is that helping people really elevate their financial picture. So, everything else besides that, you would ideally want to figure out a way to outsource all of it.
Bryan Uribe: Yes. Get all that off your plate.
Tom Suvansri: I think you’re spot on. And that’s the area where is my head starting to migrate to back to that original point, like how do I help more people? Right, because I’m not helping enough and I’m busy filling out paperwork. Not that is a bad thing. And hopefully, I can get someone to job but it’s just not my cup of tea.
Daniel Guiney: Now, are there – I’m sorry, I don’t mean to cut you off. But quick on that same point. Do you think if you sat down and said like, “Okay, I’m going to take like five hours right now, you know, one hours to settle in three hours to work on it and another hour to think on it,” would you be able to separate out that initial process, so you can separate it from taking out all the financial information so and just qualify something that it could be a self-filling form that people could populate that would give you enough information to decide if there would be an interesting client to pursue?
Tom Suvansri: That’s an interesting thought. Yes. And I think some of the things that I provide now as the model that allows them to put their information and gives me the first glimpse of it, but it doesn’t tell me so much about who they really are right? If they somebody that I actually want to talk about because my hope is where I’m working with. I’m hoping I’m working toward I’m dead or they’re dead right? That is a lifelong commitment I’m hoping to make. It is a big thing. And so, I think there needs to be a little more thought on maybe. I don’t know what his personality, so how they think upfront to better engage in their match.
Bryan Uribe: I think that is really interesting, I think that there definitely really interesting opportunities that would be innovative. I mean, like personality tests exist, right?
Tom Suvansri: Yes.
Bryan Uribe: So, that’s definitely something that would maybe a value to just kind of integrate into that workflow that process, right? Because it is onboarding right? And it kind of like I was talking to somebody yesterday. He’s like, “Do you give your clients a free hour?” I say, “Yes. That’s the discovery call. It’s an hour to an hour and a half. And I’m basically trying to understand if I should even work with you.” And for what we do, it’s a little bit more complicated because we have to get really into the nitty-gritty of the business. It’s not just the financial picture because there are so many moving parts to an organization, that can have an impact. And there’s a number of different personalities that work within the right. I think that would still be really interesting to see how you could maybe qualify that preemptive, like, “This makes a ton of sense.”
Tom Suvansri: Right. And even just how people make decisions. You know, just like some people need thousands of reams of data because that’s just the way they solve a problem, right. make decisions. And other ones like I see some conceptual, right “Give me the concept of strategy here, I’ll let you run with the number. I want you to tell him what time it is not how the clocks made.”
Daniel Guiney: Right analogy.
Tom Suvansri: Just give me the time. And so.
Daniel Guiney: And both the clients would pay you the same amount.
Tom Suvansri: Right. And some would enjoy more than others.
Daniel Guiney: Absolutely.
Tom Suvansri: Because that’s who I am. I love numbers. I love that. I love analytics and getting all crazy. And I’ll take some feedback like maybe they’re the different way I’m okay with that. But some of them are not like that, or they get too far, there’s a balance,
Bryan Uribe: Yes.
Daniel Guiney: And tell me if you’ve experienced this okay. Some people get. I guess the burden is I don’t want to use word nervous that’s what I’m trying to avoid right? But like, taken aback by giving clients homework, right. So, I would challenge you to think of ways to make clients ask for your services, right? Because it’s like, you’re the one bringing the value to the table. They’re elevating themselves by working with you. And that’s the thing. Like, they’re interviewing you just as much as you’re interviewing them. And if you give someone homework, sometimes it helps them sell themselves on why they need your services.
Bryan Uribe: You know I think that’s really interesting. And it’s a lot of what we kind of speak about, where’s that paradigm shift? right? As soon as you tell somebody that they may not be a good fit. Change it. Now you get the best one. You get the best version of them. And when I tell the client that you’re the best version of them. They’ve been 100% transparent with me. And I’m not trying to sell you like I could go do other things I have other businesses to focus on. So, it’s really interesting kind of how that paradigm shifts when it’s like, “I’m just trying to see if it makes sense, I don’t want to waste your time, but I’m also really busy.” You’re adding value to yourself without being a narcissistic prick. Like, there are people that are like that right that you’re super and “I’m the best.” And “No, dude, like, I’m great. And I’m good. And I’m never going to devalue myself. But I also have to make sure I’m giving you the best me.”
Tom Suvansri: True.
Bryan Uribe: So, I think that’s really interesting. What I did want to ask, do you find that enough people know about financial advisors?
Tom Suvansri: I think.
Bryan Uribe: Or a wealth manager.
Tom Suvansri: Yes. I mean that’s exactly it. I think most people already have their preconceived notion of what that is, what I do, right? Without even talking to me, right. And actually, the things I do and the things that I share and educate my clients on are completely atypical to what most people look at or see?
Daniel Guiney: Absolutely.
Tom Suvansri: So, they say, “Oh, you’re another advisor?” I say, “Well, I don’t really advise on stocks and mutual funds. I don’t want to play in that space. if you like that, that’s fine. And I can work around that and work with it. I can actually make it better. But it’s not my focus, but that’s what everyone equates to.” So, I think most people have a negative connotation of it, or it’s only for wealthy people. And I don’t discriminate that way.
Bryan Uribe: So, my question for you is, and I guess my challenge for you is, how can you educate? Because what happens is this, so my entire career, I’ve been a salesperson, it’s not a long career. I’m young, but I’ve met a lot of my sales colleagues that make a ton of money, right. Like we’re talking 300K. And it’s a freaking sales guy selling a product that you wouldn’t think would make that all the way up to some people that I’ve known make millions of dollars a year, so it’s insane. And I think the guy that’s had a million, he knows more about you guys. But the guy that said that 300k range where he may be sitting on half a million or so, or whatever it may be, doesn’t have the access to that information or hasn’t been educated or exposed. I kind of challenge you to think through how could you bring that, have you thought through this?
Tom Suvansri: You know, I think a lot of it I reflect on – and I take it from my life in corporate America.
Daniel Guiney: Okay. Which you have extensive experiences,
Tom Suvansri: Expensive experiences and you see the same thing over and over again. A vendor comes in. What’s the first thing they talk about?
Bryan Uribe: The company.
Tom Suvansri: The company. Their solutions, what they can do for you. What they forget to talk about, I’m on the other end of that thing right.
Bryan Uribe: Absolutely.
Tom Suvansri: “And I’m the cusTom Suvansrier. I’m the client and I got needs. I got things I want, right think about me for a moment, not all the crazy accolades you’ve gotten, I don’t give a shit. What I care about is how you’re going to help me do what I need to do, improve what I want to do, whatever it is.” And the lens I take now I’m trying to think that way, right? Of the people I’m trying to – because I sincerely want to help them right. And I’m trying to figure out how best to do that right and help them help themselves. Because frankly.
Daniel Guiney: That’s it right there.
Tom Suvansri: That’s it. It’s your money, not mine. I tell them all the time. “This is your money. You got to care more about than I do. If I care more than you do, you got a problem.” Right? Because it’s not my money I can give you all the advice in the world. So, it back to your responsibility. I wholeheartedly that responsibility part because that’s deep-rooted in me, responsibility. Responsibility for myself, my family, take care of myself. I don’t need the government to take care of me. right. They do good things, but I don’t need them to take care of me right? That’s not even my window, right? You know, my mother, that’s the only thing she has because she didn’t take care of herself.
Bryan Uribe: Yes, absolutely.
Tom Suvansri: Right.
Bryan Uribe: I love it.
Daniel Guiney: That’s like a personal connection that like people understand like, that’s why you do what you’re doing like you see the bigger picture. It’s not just about the money. It’s about the lifestyle like that’s going back to what you’re talking about wealth initially right wealth isn’t money. Wealth is a lifestyle. Wealth is time.
Bryan Uribe: You know, I think it’s really powerful too and it’s like, this is the content millennials need. This is what 30, 40, 50 years olds need. So, what I do with my software company is personal finance. A lot of what we’re doing to kind of get people to pay attention is kind of like waving the flag like you guys are fucking up.
Bryan Uribe: Like you are doing something really bad, right? Like when you see statistics, less than 40% of Americans have $400 in emergency savings. And I think there’s like 40% to 60% or something like that. It’s between 50% to 60% have less than a thousand dollars, in savings for an emergency expense. Like, people, are retired people are expected our generation is expected to retire a large percentage of them into their sevenths if they retire. Right, like a lot of this information isn’t really accessible. And I find it to be so interesting because we are the most connected generation ever. We have access to the most information. The one that only supersedes this is Gen Z, right? They’re the only ones that supersede millennials right? And it’s because they’re kind of coming in afterward. So they’re going to get the benefits of AI for research and information. So, I think it’s so interesting, but it’s a conversation that’s not being had. And I also wanted to kind of double back. I think what you were saying about the salesperson, we speak about this all the time too. We spoke about this with Lauren. We did an episode with this girl Lauren phenomenal, super smart. And I kind of went on a small rant. I don’t know how long it was, but I wanted a small rant about how most people suck. And how…
Daniel Guiney: It could be a long rant if you want to go there.
Bryan Uribe: If you want to go there we could make an hour our this. We won’t though. But a lot of corporate marketing sucks too. And it’s because they do the opposite of what you were saying where it’s you are finding the empathy, you are trying to understand the cusTom Suvansrier and you are trying to communicate what is important to the cusTom Suvansrier. “I don’t give a shit that you’ve won 20 awards from some random organization I’ve never heard of.
Tom Suvansri: Right.
Daniel Guiney: You could own the organization giving yourself the award. People do that. I have even seen that
Bryan Uribe: The wireless carriers pay, to get like the top ranking.
Daniel Guiney: And they just buy like… I don’t get it. Yes.
Bryan Uribe: [laughs]
Tom Suvansri: Could I do that?
Bryan Uribe: Pretty sure you could.
Tom Suvansri: Yes.
Daniel Guiney: We would make the Konsole award.
Bryan Uribe: [laughs]
Tom Suvansri: You know, it’s funny to think about too, because like as someone who’s a father and to my kids, and they’re very consumed with themselves or now they’re worried about people. opinions of others of them and stuff like that. And when I think about it a lot of ways I said, ” You know what? Most people don’t care about that because they care about themselves. They are not really caring about you, right? You may think they think about you, but they really don’t that much right? Focus on you, yourself, and are you comfortable what you’re doing and that’s all that matters.” Right? And I talked about that same with the finances with my clients. Like, “I don’t care what you think society tells you you’re supposed to be doing here. See down in deep in your soul, what’s good for you because that’s all that matters. You know, my advice might be perfect for you, but it might not. If this doesn’t matter to you right. Protect your family, like, if you die Tom Suvansriorrow, would you want them to do? what do you want their life to look like? If you die Tom Suvansriorrow, your kids?”
Bryan Uribe: And they need to be talking about consequences?
Tom Suvansri: Yes. Like what does it you’ve shaped that you can decide if it doesn’t matter that’s fine. But if it does, we got to do something about it right and have them decide what matters.
Daniel Guiney: One big thing from the enterprise risk management approach that’s what I do full time. right? I got the property-casualty firm. You know, from risk management and timing exactly what you say. It people become resentful if you start telling them what would happen to you right. So, I find, like, try this out let me know just think of taking a step back from the story approach is talking about like, okay, well, in this situation is similar to what are some of the consequences could occur right. So, if we have a family with the breadwinner pouring in $250,000, the wife stay at home, and they don’t have financial planning in place. What would be the consequence of a debilitating injury to that breadwinner? How would that play out and then allow them to play it out themselves and they start to sit back and going, you know, they’re going to connect the dots?
Tom Suvansri: Yes.
Bryan Uribe: I think that’s really powerful in sales. They always say, “Don’t tell the cusTom Suvansrier to let the cusTom Suvansrier tell you.” So, something really powerful is becoming really good with the probing questions, never asked the do question right? Because do or did is “Did you do this yes or no?” Versus like, “What would happen if x, y, z occurred?” Interesting, and then you may get somebody that will think back and like, “Hmm.” And then they may take some time and then they’ll respond with the truth.
Tom Suvansri: Yes.
Bryan Uribe; But for another thing I also have to mention too, specifically with what you’re doing and taking into consideration the sensitivity behind some of the questions or topics or outcomes of not having services like yours. Like, it takes three, layers of questioning to get down to the true meaning behind somebody. Right, so you ask the same question in three different methods and it’s the same question or may just be an add on to like, have them clarify and once you have the third one, it’s kind of windy like vomit it out. And it’s the whole like ego superego. It kind of concept…
Tom Suvansri: Yes, I just saw the sudden that I saw the thing – who was it? Who was it? It was, maybe Tim [inaudible 37:20] I mean, he’s at the seven why’s.
Daniel Guiney: Okay.
Tom Suvansri: Like you ask yourself, like, “Why are you doing this?” “Well, you get the surface, surface, surface.” Now it’s getting into the subconscious world, now you say this is why it really matters. But most of you are not probably, including myself, like not thinking that deep that often, right, because you are kind of just are doing, you get into habits.
Bryan Uribe: I think so the best way to approach that in your scenario, specifically, is to keep that empathy in mind. Like in keeping in mind that I want this person to have this specific kind of outcome. But I only want that to happen for them if that’s what they want. And have that be your driving force in asking these questions. So, we were pitching a company for a web design project. And show me the quote, you show me your proposal a guy and it was like four lines on the proposal. And I’m like, “So what are they going to do? What are they going to make a website? Okay, what’s going to be on the website?”
Daniel Guiney: Why are you making a website?
Bryan Uribe: Yes. I am asking all these questions. And, you know, there was a little bit of resistance at first and it wasn’t massive, because I set the conversation appropriately. But I kind of got this, like, they didn’t think through marketing because they don’t sell stuff, they are nonprofit. It is like, well, you got to raise money, right? I mean, donors, right. So, like, you know, and once we got into the questions, they were like, “I never thought about it this way.” I’m like, “Yes. This isn’t a lot of work, guys. The moment I say yes to you and put this in front of you, we’re going to work and our team is going to work on getting this ready for you. We’re going to deliver it to you. And we’re going to miss 20% of what you actually wanted because we never ask you those questions. So the correct expectations weren’t set.” So, for me is like I just don’t want to look like a dickhead.
Daniel Guiney: Right. Just a little bit more about some of the specific challenges you’re seeing right now, like a couple of things that, you know, your business better than anybody else. So you also know, what are the major blocks that are hitting you? and maybe there’s like time-related, maybe there’s sales-related, maybe it’s things you just haven’t had to deal with before we should be able to talk on a couple of those points.
Tom Suvansri: You know, because I’m making the transition. I mean, I’ve lived most of my life in corporate America.
Daniel Guiney: Sure.
Tom Suvansri: Right so, you know, I recognize the sort of mindset change that needs to be occurring and is occurring, right to think like an entrepreneur or a business owner or someone who’s out there and more independent. It’s very different – to me, the mindset to me has been a really big sort of focus for me. Because, you know, just like anything like you’re in corporate America there’s a lot of risk aversion.
Bryan Uribe: 100%
Daniel Guiney: You can say that again.
Tom Suvansri: Right? And so, everything stays in the same train track. And maybe get a little bit of change here and there. But “No, that’s too risky to me too, let’s just stay here no one would be bothered.” And, you know, in this world now I’m living and I said, “I can’t think that way, because that’s what everyone else is doing.” And so the mindset to me has been a challenge to kind of just get myself going and don’t take these little failures and people, personal things that they don’t want to work with you, whatever, I don’t have that so much in the corporate world, right? Everyone works together and they’re all happy, not happy always.
Daniel Guiney: They are smiling…
Tom Suvansri: Yes. They’re not taking it. So, I’m not getting a lot of rejection, if you will hear your world like, you got to roll with that and recognize as part of the process and learn from it. So, that’s been a big challenge, like just building up the mindset around that, I never really learned it. I never really thought about it too much.
Daniel Guiney: Absolutely.
Tom Suvansri: I guess the other one is time to is just really to before the need to make sure you’re focusing in the most I guess profitable most sort of impactful portions of your business.
Bryan Uribe: Yes.
Daniel Guiney: Absolutely.
Tom Suvansri: Right and that’s another thing has been more a lot of time recently because I am doing everything and I know it’s not sustainable right for myself personally, and not for helping more people.
Daniel Guiney: Okay.
Tom Suvansri: Those are probably two big ones.
Daniel Guiney: And how about, like branding? Have you found any challenges with branding? like you’re mentioning? or you’re seeing major differences coming out of corporate America, but now being in this individual space right differentiating yourself. What are your thoughts on that?
Tom Suvansri: Yes. That is one I’m probably still lacking into I think there is a recognition of that and you know, because I always asked myself, “Well, why the hell would this person want to work with me?” Right? Because that’s that shows you the difference. Like, “Why would they want to trust me? Why would they you know? They’ve got all these advisors these fancy you know, Morgan Stanley, whatever it is you want to use like their names plastered all replace…”
Bryan Uribe: At the boutiques.
Tom Suvansri: Right? Anywhere right you know, you got Fidelity. You know, “Why would they want to work with Tom Suvansri?” So, I struggle with that a lot of ways because, you know, certainly subconscious I’m getting into this. Like I know my content. I know tons, right? But I’m still.
Daniel Guiney: [inaudible 42:26].
Tom Suvansri: But get out there and sort of – it’s taking courage every day to get out there to do that.
Daniel Guiney: Absolutely. .And Building that story about yourself like the big thing with clients, especially in this age room right now with the digital media and the websites, is when you go to a page, right when you see it, if it says, “Oh yes, we help everybody. We have solutions for everyone.” A client or a custom is going to see that and say, “Well, that’s cool, but that’s not me.” Right? “That’s everyone, I’m not everyone. I’m special. I have my needs on my story needed for this kind of service.”
Tom Suvansri: Right.
Daniel Guiney: And so one thing I would really challenge you to do as well, is focused on exactly this question, you know. “Why would they work with you? Why would I work with Tom Suvansri?” And Flip it though. So, instead of just saying, okay, well, obviously the expertise but specifically, what personal experiences you have. So, when you’re saying identifying that client, that was one of the first things you’re touching on. Maybe it’s, you know, an affluent family, who raised themselves up from a position of not wealth into wealth and then is now looking to position themselves for long term success. What age demographic? You know, what ethnic background, all that kind of stuff tying those into your own personal story can really make it so when someone comes to your page, and they are their social media, your website or what have you, and they’re reading about it. They’re like, “Damn, this is me, isn’t it Tom Suvansri services, that’s why I go with him instead of Merrill Lynch, instead of Wells Fargo or whichever of these big companies. you want to call it too.
Tom Suvansri: [laughs]
Daniel Guiney: That kind of stuff.
Bryan Uribe: But no ads right here.
Daniel Guiney: There’s a very distinct reason I think people will look at Tom Suvansri you know because you speak their language, you know, their story from an empathic level, not just a financial level.
Tom Suvansri: Well, I’ve had a lot of you know, folks who could there are some, just like everyone has stories growing up and we’ve talked about link city but there’s obviously a lot deeper seeded stories in there to about some mismanagement and things that you know, come about and people always encouraging to share that story right? Because it is who I am, it shaped who I am for good or bad right. And it is one of those things I haven’t infused completely yet into everything that I’m doing completely.
Bryan Uribe: I think it says a lot about you, that you have the self-awareness to actually question why somebody would work with you right. It’s something that a lot of people overlook. And they think, “Well, why wouldn’t they?” Shit, that was the same question you just reversed it. I can’t answer that for you. You got to tell me why people want to work with you. And, I definitely would invite you to really explore that on a very deep level because if you don’t have a strong enough cusTom Suvansrier facing why your personal why doesn’t matter, it’s never going to resonate. And it may resonate, but it won’t be as effective. And you’ll kind of be on this hamster wheel and maybe you get a nibble, maybe it becomes – it’s very intensive. And we spoke about that a lot with the same girl we spoke about earlier. Lauren where like, yes, “Why are you doing this and having that story and truly understanding it and then putting it on paper?” Because now it’s real, it’s on paper, this is physically done, or it can be on a computer, whatever it is, but keep those thoughts. And then write it down and memorize it. This is what I said to people when I talked to them. This is why I’m doing this. And this is why it makes sense.
And you know, I had a situation yesterday where a guy was like, “Why should you join this group?” I’m like, “What the fuck do you want to hear bro?” Like, seriously.
Daniel Guiney: What kind of question is that?
Bryan Uribe: Yes. Like fuck. It is very simple. “I’m here to get paid and You guys are here to get paid. So, we share referrals.” And you know, is it sometimes you get those kinds of questions that don’t necessarily make sense, you have to challenge the person. But then in another situation, it’s like, “Well, why should I work with you, Tom Suvansri?” Like, “Tell me a little bit about yourself and what’s the impact?” Being able to just spit that out and be consistent, and precise. And be able to tell everybody that – because that is what everybody that’s what everybody needs to know. And, you know, marketing and branding take a lot. They take a lot in hand in hand, right. And it kind of what I was saying earlier, a lot of corporate marketing sucks. And corporate marketing inevitably ends up affecting the salespeople because if the marketing is bad, and the salespeople don’t know what they’re doing.
Daniel Guiney: [inaudible 46:58]
Bryan Uribe: Yes. You just have a mess and it’s just brewing in itself right. So, having that consistent branding and kind of what Daniel Guiney is talking about. I always tell companies you need to be consistent across every channel. You can’t speak on this platform a specific way and then on this platform 180° different, right? Because now you just start to alienate people.
Tom Suvansri: Yes.
Bryan Uribe: And the other thing with why is, we have an overflow of information we have access to too much information. There has never been this much connectivity. So, you are fighting through the noise, and there’s a lot of noise. It’s either talking to Tom Suvansri about personal finance or liking pictures of models on Instagram.
Daniel Guiney: Right, those cat means carries a lot of weighing.
Bryan Uribe: Yes
Daniel Guiney: People just do that all day right. And I could absolutely sympathize where you’re coming from a financial services background. Right, like insurance and finance, and not really sexy hot topics and you want to you know, become a financial advisor like, you know.
Bryan Uribe: “Let me guess some new property and cash on the insurance.
Daniel Guiney: You know what I’m saying. It’s not on top of mind for them until something happens,
Tom Suvansri: Right.
Daniel Guiney: And especially, in yourself, you know what I mean? In your industry when people work with you when things are going well. They expect it like ” Yes, obviously Tom Suvansri’s making me money, he’s helping me do this x, y, z.” But as soon as something bad happens right? And it could just be a market correction. like nothing to do with you. They’re coming to you like, “Tom Suvansri what happened, man? I trust you my money.” And so I think getting that out of the way at the beginning of your story like the story, you’re talking about your brand positioning so that way it’s not just for them and they identify that it’s for them specifically. But that it’s a cyclical process, right and having them understand that it’s going to be a long term thing like you were saying. You want this to be a lifetime relationship you want someone to come to bring the money, and then you’re going to be their advisor right and they’re doing it themselves. They’re doing this with their money. You’re additionally saying you know that it needs to be more important to them than to you. They can’t just give you the money and be like, “All right, let me know.”
Bryan Uribe: All right, we’ll have fun bro.
Daniel Guiney: Exactly. It needs to tie into their life story as well and giving them an avenue to do that and elevate themselves, that’s why they work with Tom Suvansri.
Bryan Uribe: Yes.
Tom Suvansri: That’s great. I love that advice. And I think of a lot of it helps to sort of separate the people who I shouldn’t be working with right?
Bryan Uribe: Yes.
Daniel Guiney: It’s taken away from…
Tom Suvansri: Right, clear, this is not the person I want, right and people that are meant for me, then they’ll come, if I’m clear about it. That makes perfect sense.
Bryan Uribe: So I definitely like to talk to you, some of like, the time constraints or just experience with time and process and operations, and I know, you mentioned that there are aspects where it’s like, this is not a high payoff activity. Have you ever like sat down and quantified what your time is worth?
Tom Suvansri: No, I haven’t. You know, I think that this way, right. I have thought more recently about who my ideal client is and what that could look like a normal case in terms of if it works out this is what I would earn.
Daniel Guiney: Power step.
Tom Suvansri: Right so, I would say in general, I got a sense of it. So, your back end is it what would it take if I’m probably not working as efficiently now as I could. But you know, so I have a sense of what that looks like right? And for a lot of folks I deal, that could be a big number. But then in the middle there as I’m dealing with things like $10 an hour job. I’m doing.
Bryan Uribe: Have you put a value on it?
Tom Suvansri: Yes.
Bryan Uribe: I think that’s really interesting. And that’s the most powerful thing when it comes to operations. A lot of people don’t really quantify those things, right? Like, my first job out of college in that capacity, it’s like, “Well, if I can increase the speed of this component by X amount of percent, this directly correlates to X amount of dollars or this directly correlates to the equivalent of you adding two more bodies without having to add anybody. What does that do for your bottom line and profitability.” Right, so having that quantification behind it, right. Like, I’m really obsessed with this and it’s one of my favorite books is “80/20 Sales and Marketing” by Perry Marshall. Phenomenal..
Daniel Guiney: I think he should call us, Perry.
Bryan Uribe: Yes, Perry pleased give me a call man just talk to me. like I don’t even want else, I just want to like, talk to you. But like, it’s really brilliant because he communicates and in the book, I know you never really thought about what the hell. And he says, “Me washing my dishes is a $5 an hour task. Me taking out my trash is a $5 an hour task. It’s not to say that when my wife tells me to take the trash out, I don’t take it out. Because then that becomes a fight instead of just doing something simple.” And you know, he says that he doesn’t really like it’s not 109% consistent across his life because there are some things he likes doing right? Like cooking. “Okay, that may be a $20 an hour task right. But you may like cooking, so you go out and you cook.” Versus a seminar or prospecting for a specific kind of client or negotiating a specific kind of deal depending on what level of the game we’re playing. It could be $100,000, it could be $1000, it could be a couple of million dollars. So there is a really big range.
So, I always try to get people to kind of think through that a little bit because it’s like “This is it. All this other dumb shit, I’m not doing any of it.” Like I have an autoresponder on my email. I just set it up last week. And for everybody that emails me, it says the same message. “Dear esteemed colleagues…” I’m just being nice to everybody right. “Due to project deadlines or upcoming project deadlines. I’m only checking my email twice a week. And if it’s urgent, please call my cell phone. If it’s not, I look forward to getting back to you by the end of the week. So if we’ve emailed before, then it’s urgent give me a call. If it’s not urgent, well, bro, you got to wait.”
Tom Suvansri: But this is the expectations.
Daniel Guiney: And that’s huge in our society right now is that people want everything right now right? They send you an email, I know personally working with people in the corporate sphere, right? they’re like, “Oh my God, when I get an email, I have to respond within 10 minutes, 15 minutes, I want to make sure that I get the turnaround time.” Like, “Well, bro, you don’t.” Like, “What’s going to happen?”
Bryan Uribe: Like nothing.
Daniel Guiney: Like “Nothing’s going to happen. If it was that urgent, it wouldn’t be based on an email they’d be calling you right? You’ll know?” So it’s like if you’re in the middle of a task, and that just playing off what Bryan Uribe was saying, or you’re in the middle of something that’s a $5000 an hour task. If you have to stop and answer an email right now for something nominal, it’s not only the time you wasted doing that, but it’s time refocusing yourself on losses getting back in the groove and diving in what you’re doing. So, creating systems to remove that from your life is powerful.
Tom Suvansri: Realistically, 80% to 90% of the emails you get are not value ad, they are honestly not. I go to my personal and I just press “Delete.” Like I just like I’m looking at it like okay, this is from this person is from person okay, I’m just deleting, it’s a lot of email blast and it’s like, dude, like some of the email blast I’ve read. So, like markets task, I read that. I really enjoy that it gives me updates on the market, but I get one from HARO all the time and I don’t have time for this right now. I’m going to get three in the day anyway, so I could catch you in the evening right. So, it.
Daniel Guiney: Are you familiar with what HARO is?
Tom Suvansri: No.
Daniel Guiney: It’s cool. So HARO is a service called “Help A Reporter Out.” And you can sign up for it. And basically what it is, is reporters send out like RFPs basically every day three times a day, morning, afternoon and evening, looking for experts to comment on certain fields. So, there’s like six different categories and from one financials and you’ll get a blast from an email saying, “Hey, these are eight reporters that are looking at trying to write these kinds of stories. If you’re an expert on personal finance, that knows about retirement planning or something like that, reach out to us we need you for a call and then they’ll speak with you.” You give them a little information they put you in the article. It’s a cool service and goes check it out. You could be getting like awareness or something.
Bryan Uribe: So, that’s also a really great way of adding prestige to your name, like the New York Times, posted on HARO. So, you may be the subject matter expert that the New York times uses a name never spoken to you, but they’re going to list us if they did because they’ll put a picture and put a link to your website, everything, a little bio and everything yes, so it’s really powerful. So, for me, I’ve got three articles posted on HARO or something like that. And it was good, right nothing, it wasn’t world-changing. But it was powerful to say like, “Hey, guys…” I put it on my network, “Oh, yes. So, there’s an article about you? Good job.” You know. Like you get proud of it.
Daniel Guiney: It building weight to like backlinking and all that for the SEO process. It’s powerful. So that stuff carries a lot of weight over the long term.
Bryan Uribe: Yes. Absolutely.
Tom Suvansri: Actually, I like that stuff for those reasons, too. But above and beyond that, too, sometimes I have to helps me think about things to that sort of this dialogue helps me rethink things too as we’re going through it. And make sure that my head straight on that topic, right or right now I say it is actually, you know, comes out coherent. So, it’s kind of cool to be able to do that and it’s almost like another exercise.
Daniel Guiney: You have to do that.
Bryan Uribe: Yes. I would say and Daniel Guiney knows I feel about this be as brutal with your time as possible. It is the only finite luxury that we have. So, only finite resources that we have, like everything else is just going to continue to go. Like the earth is going to produce more diamonds. And like more fossils are going to be made eventually and more oil is going to be made and more patrolling and more hydro. Everything else is going to continue to go on. Your time is finite. I am so strict with my time it’s crazy. I say no to so much but I say yes to a lot of things like there’s no shortage of experiences that I’ve had. It’s also understanding that but it’s also having that control over the timers. “I’m definitely not doing that.” We had a phone call yesterday. I’m like, “Guys, I’m not really open to – I don’t like pushing meetings. We said for this day, this was a time if we’re not going to talk, let’s keep the ball rolling,” We got on a phone call for half an hour, five minutes of it was of real value add. The other 25 minutes was just kind of catching up with each other. It’s like “All right, guys, listen, we could have done this over freaking email.” Right?
Tom Suvansri: That’s huge. I mean, I think of it too, as you’re saying that and, you know, can be regimented with time. I think sometimes we let it go. Sometimes and I’m like, “Damn, where the hell that time just go.”
Daniel Guiney: In entrepreneurialism you know, it’s how many of you sympathize with this statement You know, it can be isolating you know, when you’re going to be an entrepreneur, and you’re a one-man shop or one-woman shop or one-person shop as you’re getting started. It’s just you, you’re the only one having these thoughts. you are the only one doing the work that you’re getting pulled from so many different angles and it’s very isolating especially when you’re in the office, working trying to grind stuff out up late up early. It’s really hard sometimes you get lost in your thoughts. So, that’s why it’s really important to have like bringing consultants bringing people that you can talk to you as advisors and make sure your thoughts are aligned. Because otherwise, you can end up a rabbit hole that is just nonsense, it doesn’t need to be there because you are the expert that’s why you’re the entrepreneur right? It’s not a lifestyle it’s easy people don’t pick being an entrepreneur because it is easy. If it was easy everybody would be an entrepreneur, right? You picked to be an entrepreneur for things like you were saying, you know, you want to help families and individuals have fulfilling wealthy lives, that’s why you’re doing it. You’re doing it for them not for you know the money. If you want to get a check. It’s so easy to get a check you go work in some Gary Vee talks all the time. “If you want to get a good job, show up, do your work and they’re going to pay you to keep doing it.” Right? You can do it, you can get in just about any organization do that it’s not hard. It’s hard to be an entrepreneur because you’re trying to give value. It’s more than money.
Tom Suvansri: That analysis is dead on. And I’ve always worked in an environment where it’s collaboration teams, there’s little to no things you do by yourself because it is a different world.
Bryan Uribe: I think it’s really important to highlight that’s not going to change,
Bryan Uribe: It doesn’t. Like I have a co-founder he’s my COO, he’s my right hand, man. He is phenomenal, really good. He keeps me on the ball. He keeps me accountable for what I got to do. Phenomenal, I am the one putting the money up, though. So, although I can talk to him, he doesn’t truly understand what I’m going through because he’s never been through it. And even as you get employees, you get some people that will be really invested. It’s not the same, no.
Daniel Guiney: Nor should you expect them to be the same right? That’s another big thing that people – you know, people are hiring employees and expect them to work as hard as you’re going to work. Why would they ever do that? This isn’t their brainchild. They don’t have that seemed like they made mine to the why. But it’s not the same, then I’m never going to do it. So, you shouldn’t expect them to, you know, expect them to do what you’re paying for. And that’s all you can expect of them you’re paying them for that amount of time they’re allocating to this. But yes, it really is…
Daniel Guiney: They’re not waking in the middle of the night, spitting out algorithms or something. They thinking about it.
Daniel Guiney: And if I do, give them some equity. Give them some…
Bryan Uribe: You give some point. Yes, they are dialed in.
Daniel Guiney: Give them a couple of points.
Bryan Uribe: I definitely want to kind of circle back you said this earlier, and just want to have an open conversation around there’s our open dialogue on this, about the shift between being corporate and having a job that consistency. We both went through this last year right. So, we both had, like the experience of transition last year. Well, two years ago? 2017, I did 2018.
Tom Suvansri: Okay.
Bryan Uribe: And you’re 2018 as well.
Daniel Guiney: Yes.
Bryan Uribe: So, I think it’s really interesting to kind of talk through that shift like what was it like at first and definitely will also want to touch on accountability as well.
Tom Suvansri: Yes. I think initially it was very uncomfortable because, you know, I’ve done some investing on the side and doing other things, but never put myself out there.
Daniel Guiney: Absolutely.
Tom Suvansri: Right. So, I can do real estate investment and [inaudible 01:0139] really. But now I’m going on trying to talk to people and some people I’ve made known for years in the same environment that I’m in. Like in corporate America, right? People, that know me and said, “What are you doing? Like why are you doing this?” And so there was a massive discomfort and an also initial sort of guilt, but sort of conflict that, “Hey, I’m spending time here while I’m still working here.” Right? That type of thing. And, you know, that took a little getting over. And I had some initial conflicts with some people because they thought “You shouldn’t be doing that. you should be corporate. This is your life…”