The Exchange for Entrepreneurs™ Podcast

JB & BEAR with Larry Zeifman on BUILDING A GLOBAL BUSINESS FROM HOME | AFTER MARKET EP 11

December 10, 2020 CSE - Canadian Securities Exchange Episode 159
The Exchange for Entrepreneurs™ Podcast
JB & BEAR with Larry Zeifman on BUILDING A GLOBAL BUSINESS FROM HOME | AFTER MARKET EP 11
Show Notes Transcript

JB & Bear return with the 11th episode of AFTER MARKET by welcoming Larry Zeifman, former Managing Partner, and now member of the management committee at Zeifmans. In this chat we reminisce on global travels, navigating new business sectors, and exchange thoughts on professional sports in a "post-bubble" world.  

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Speaker 1:

Hey, it's James here welcoming you to this presentation of the hashtag finance podcast. This is just a friendly reminder that if you'd like video, all of our CEO and expert interviews are featured on CCTV on YouTube, that CSC space TV on YouTube. And finally, this is just a friendly reminder that the views information or opinions expressed during this show are solely those of the individuals involved and not necessarily representative of those at the CSC or its employees. So happy listening and now enjoy the show. All right, well, welcome back it's Thursday night and I'm with none other than

Speaker 2:

Barrington. Just one word today,

Speaker 1:

Going by one word. Uh, we're joined by another fabulous guest on aftermarket as it's trend on the show now, but we'll get to it right after that

Speaker 3:

Name.

Speaker 1:

We're pleased to be joined by none other than Larry Siteman of the firm.[inaudible] Larry. Welcome to the show. Thanks. Thanks.

Speaker 4:

Thanks Barrington. Nice to be with you guys.

Speaker 2:

Um, I saw, I was thinking Larry and, uh, I have seen you more outside of Canada and I have in Canada,

Speaker 1:

I to check where you lived, I thought you were in Los Angeles.

Speaker 2:

Yeah, the last time, the last time I think we, we hung out the weather was a lot warmer.

Speaker 4:

Yeah. We were in Jamaica or drinks were a lot smoother. We were in Jamaica in January.

Speaker 2:

Yes. And it was terrible. It was terrible. It was awful. I don't recommend it.

Speaker 4:

Well, we have to admit, we were in Kingston. We weren't on the other part of the Island, so there are better parts of Jamaica. Right. But, uh, I w I had a good time. Um, we were there for a Jamaica stock exchange conference, right? Uh, yeah, I was speaking about, uh, I was speaking there on, um, Jamaican cannabis companies going public in Canada on the CSE. Right. It's the se and the JSC.

Speaker 2:

Yes. Uh, there was actually a, a trio of head of married men, uh, from the Canadian securities exchange, uh, siphons and quest trade. So,

Speaker 4:

Right. And it was actually our, um, our second trip with the, with the CSE down there, I've been down there with Rob and quest raid and Michael Bluestone a couple of months before that

Speaker 2:

There was a member of our board.

Speaker 4:

That's right. Congratulations to Michael on that. I flipped him a congrats on that the other day.

Speaker 1:

Awesome. He was so proud of it. He actually posted it on LinkedIn. So thank you, Michael.

Speaker 4:

I think that's why he took it social credibility. Larry,

Speaker 1:

Shall we preface that you are a, um,

Speaker 4:

Who are you? So, and

Speaker 1:

I don't want to not do justice by sort of saying, Oh, you're an auditor or accountant. It doesn't do you justice?

Speaker 4:

No problem. I have to think about it sometimes myself, but these days I'm spending more and more of my time in the audit space and, and lots of it in stuff that I, a few years ago wasn't doing at all, um, psychedelics, uh, cannabis stuff like that. I might traditionally my practice. My, the end of my PR my end of the practice was mostly financial services, some healthcare and stuff like that, and consulting to clients. But lately it's been more and more audit. And, and I did spend almost 25 years as managing partner of the firm, but I don't do that anymore. I'm just, I just sit on our management committee.

Speaker 1:

Right. So, so you get to do all the fun stuff and not deal with all the BS.

Speaker 4:

Yeah. W uh, try auditing in the middle of the pandemic. It's not always fun.

Speaker 1:

Yeah. Yeah. I guess I guess there's challenges. Um, so yeah, one thing we wanted to talk about tonight was, um, obviously some of the shared travel experiences. Um, I just think it's, you know, we can look back at our past lives and think about all the wonderful places we went to and how business used to be done. And, uh, maybe try to project out what the heck is going to happen next. But you mentioned Jamaica, and I know you've been to Israel quite a bit, and I've been there a few times. Um, what are you going to miss? What are you gonna miss about being able to go to these places and do business? What's what's what's what are you going to have a hard time living without the other eight months into this?

Speaker 4:

I think that the business we can do anywhere we are, I mean, I've been sitting, I've spent most of the last six months sitting in my cottage, looking out on the water. And I got to admit, I, it was fun. I was working six days a week. I don't work Saturday. So it was working six days a week, basically. Right through. And because it's been just so busy and, and, you know, I think that, that, that, and continue. I mean, I think that we'll see a lot less business travel. What I'm really missing is like, I can't go see my grandchildren in Israel. So that, that hurts. Um, normally you would normally be there, right? Yeah, yeah, yeah, yeah. Or, you know, we usually go two, three times a year. We have a home there and we, you know, we, we go back and forth a little bit. And, um, yeah, so we were there actually, just before I was in Jamaica, we were in Israel for three, four weeks. Um, it's a brutal flights. What I'm missing. Yeah. Air Canada.

Speaker 1:

I mean, if it, it depends where you sit on the plane, but yeah. If you're four 15 or whatever on a, in the afternoon gets you there at about nine or 10 o'clock in the morning. Yeah. And then you got to get through that. Yeah.

Speaker 4:

I think a pill, I go to sleep, wake up. I'm almost there. So

Speaker 1:

Yeah, that's the way back. That can be

Speaker 4:

The longest day of the year. Right.

Speaker 1:

Or when I lived in Vancouver, I once did the Vancouver to Frankfurt, then Frankfurt to Tel Aviv, which is the riddle, because you don't really sleep on the flight to Frankfurt. And then you have to basically drug yourself after about a three hour layover Frankfurt to catch four hours on that, you know, Frankfort to Tel Aviv. It's right.

Speaker 4:

At least our Canada put a nice lounge air Canada lounge in, um, in the Frankfurt airport. So that's not bad, but, you know, I go to sleep where it doesn't matter what time I'm taking off. So I just take a pill. Yeah. Better, better life through chemicals. Right. James that's. Right. Yeah. Well, we'll talk about that. So,

Speaker 2:

Um, I just want to, I want to jump in, I want to find out, uh, more about Israel because I have never been, uh, what's what's the climate like, business-wise like, how are you, how are you conducting business with, with your counterparts in Israel?

Speaker 4:

So, um, you know, I've been doing business with Israeli companies and Canadian companies. And, uh, can you companies doing business in Israel for, for years? I mean, we've been going back and forth for years. I almost bought 20 years ago. We actually even spent a year there, had our kids in school at the time there. And, uh, I spent a year there in Jerusalem. So, um, the, the client, the business climate in Israel is incredible. Um, and Israel is, is way ahead of the pack on, um, uh, in these times. I mean, right now COVID has hit big time in Israel. The second wave in Israel is much worse than the first, but there are so many companies, um, diving into, uh, come up with solutions, um, on the scientific side, the tech side, you know, the startup nation. It's unbelievable. We really have to get some Israeli companies onto the CSE.

Speaker 1:

We have a few, actually we have a few, we have, um, we have two or three, uh, and a few more that are tangentially

Speaker 2:

Almost almost a year ago. 13 months ago, we listed three, uh, in September, it was, uh, I

Speaker 1:

Am cannabis. Um,

Speaker 4:

And, uh, help me out here, variants. Yeah. Yeah. We had the one that had

Speaker 1:

Koski involved and then they they've moved on, but yeah, there's, there's, there's a few. And, uh, yeah, the innovation is phenomenal. I mean, a people are smart because they're all educated be they work really hard because they are working six days a week, six days a week. And they are working literally from about eight o'clock till 10 o'clock at night. I mean, that was my experience. Every time I'd been over there, it was just working.

Speaker 4:

Yes. Completely. It's really changed and transformed in the last 34 to 30 years. I mean, to a point where the country's become so entrepreneurial, um, it wasn't, uh, it wasn't always like that. And, um, yeah, the numbers are, the numbers are staggering,

Speaker 1:

The size of the country, for sure. Yeah. And all the other geopolitical stuff surrounding it. And the fact that it's, um, you know, you mentioned Jerusalem in between that and Tel Aviv. There isn't much else going on industrially. I mean, it's pretty, pretty small country and there's mainly, uh, you know, smaller towns and stuff, but it's all happening basically in those two centers and, and you go there and yes, Televiv is definitely changing rapidly. I mean, it's industrializing, it's getting modern. There's a lot of the housing and stuff is, is decades old, but, um, you go to Jerusalem and it's, it's, um, you know, it's older than you think that's really old, you know what I mean? Like, it feels old, it feels very historic. Yeah. And new things are like 1500 years old. Yeah.

Speaker 4:

You know, they'll find something, Oh, that's, you know, 2000 years, you know, what's, Canada's history, right. A few hundred years, you know, that's nothing.

Speaker 1:

No, there's not much to it, but yeah. It's phenomenal. So yeah, whenever, whenever we can all go back, I look forward to going back and visiting. And, uh, so you've been over a couple of times. Uh, I've been over three or four times in my life, uh, three times professionally. And, uh, yeah, every time I got as, as, as viewers of the program may know from other things, uh, I did get pretty sick last time I went over there. So I'm not in a rush to go. Uh, I, yeah. I had some food at a very terrific food's amazing. Yeah. I've never had a bad meal except the one meal I had it through the morning coming pretty sick.

Speaker 2:

Uh, Larry, what's your, what's your favorite dish?

Speaker 4:

Oh, I'm a shwarma guy. Oh yes. Yes.

Speaker 1:

We've talked about Hakko Sam on the show actually goes, Sam is the best don't air don't air. No, sorry. It's a shwarma in Tel Aviv. Go back. I'll post the episode. They, they, they, they, they, they created their own like book, like that was like a, um, a a hundred page, you know, full color page hardcover, you know, 30 a dollar, you know, um, I don't know, like tribute to like chickpeas and shawarma. So it was, I almost bought it. It was amazing. I would have gotten that.

Speaker 4:

It's a good read though. Barrington, how come you haven't gotten over there yet?

Speaker 2:

Uh, that's something you gotta talk to senior management about. That's a great question. I'm really glad you brought that up. It's not a sore point at all.

Speaker 1:

Just talking about Jamaica. You've been to Columbia. Um, you know, again, we're reminiscing here, but you've been a few, you've been all over the U S Miami. They know Barrington in Miami. So you're basically got a street named after. It's not Israel.

Speaker 2:

I'm gonna say, uh, no, no, I'm not. I'm not complaining, but I will, uh, I will find my way there. I wanted to, I wanted to sort of shift to the, to the business side. What are some of the, what are some of the things that you're seeing? Some of the companies, either as companies, industries, sectors, either from Israel or elsewhere, elsewhere in the world, because this, this is our world. We we're not traveling anymore. Uh what's uh, what's hot at[inaudible]

Speaker 4:

Mushrooms, suicide. It's not, it's not, I mean, w when was the last time, you know, you keep hearing from clients that their, that their, um, their books are over subscribed by a hundred percent, 150%.

Speaker 2:

Uh, I remember a particular industry not too long ago where I was hearing that.

Speaker 4:

Yeah. But that Peter, that Peter died fairly quickly. Right. So, um, yeah, so this, that, but that's what that's, what's hot right now, I think. Um,

Speaker 2:

And what, what, what particular part of that sector is it manufacturing? Is it growing and cultivation? It's really still on the developed research.

Speaker 4:

Yeah. It's still in development side. Um, you know, the guys who were just, you know, coming about to list with you guys, because you seem to have, you know, um, and I guess it's a good thing that you didn't change the name of the CSC. Um, so because now you can really still be Canadian and cover other things in cannabis, so

Speaker 2:

That will never get old, that will never get old. What do you say when people refer to you as that? You're just like, we're not, there are other sectors, but

Speaker 4:

I th I think you say, you know, you're always eager to jump into new areas and you're ready to do stuff that other people aren't necessarily ready to do. And that's, you know what I say about, about, you know, my involvement in the cannabis space, I say, uh, I'm not a user, I'm a capitalist, so how could I not get into it? And you guys are the ultimate capitalists. So just make sense.

Speaker 2:

We're, we're just, uh, we're just a mirror. We just reflect what the investing public wants. That's, that's what we do. And, uh,

Speaker 4:

You're helping companies raise money,

Speaker 2:

Access to capital,

Speaker 4:

Right. In order to drive the, the Canadian, uh, economic, uh, engine.

Speaker 2:

Well, you'll have to excuse me for one second. Larry, I'm going to take a drink of water from a particular glass that I received.

Speaker 4:

I see Kelly sent over some of our, some of our swag. I have to check out

Speaker 2:

Cool and refresh, you know what, my socks, because I'm in my basement at are very warm, are close at hand

Speaker 4:

Because I saw the, I was watching the show a couple of few weeks ago. And I said to Kelly, Hey, there's a, they're using swag from some other firms. They get some of our swag.

Speaker 2:

No, it was, uh, it was, it was, uh, it was well received and very well used. Although my, I have a second pair of socks that, uh, somehow I think we lost gene, but it doesn't matter. Cause we keep rolling

Speaker 4:

Of like, COVID right.

Speaker 2:

Yeah, no, we, uh, this not the first time we just keep, we just keep the cameras. Yeah.

Speaker 4:

Uh, I, I got a kick out. I was watching a show yesterday where they had Ben Shapiro as the guest and Ben, but Ben was speaking from his house and the internet connection was terrible. We couldn't get over the fact that nobody could get over the fact that Ben Shapiro's internet connects. It was terrible.

Speaker 2:

You know what, nothing, nothing, nothing has surprised me. I love, you know, at the end of the year in 2020, or they're out of this year of 2020, they'll do the year in review. And the year recap, I I'm a sucker for all the people walking by doing stuff. When they think the camera's off people entering

Speaker 4:

Some of it, some of it's brutal way. Right. The woman, the woman who went to the washroom

Speaker 2:

And you're just thinking, what if that was me? What would I, I don't know what I would do. I don't know what I would do. Um, yeah. That's why you just make sure always how's my camera. What's it doing? Is everything off or just don't get, don't do stuff.

Speaker 4:

I make a point that I really never use the camera on my phone. I just use my laptop. That's actually really smart, but my laptop doesn't leave my desk these days.

Speaker 2:

Yeah, no, that's a, that's a pro tip. That is a pro tip. What other tips does Larry have? Just, just being a man about the world.

Speaker 4:

So I I've been spending a lot of time in the hockey space. These days. I sit on the board, the Ottawa senators, I chair the audit committee. These are strange times in sports. Okay. Right. I mean, I dunno if you guys follow, I thought the playoffs were great. I mean, we weren't in it. We're still in rebuild, but we had a good draft last week, but, um, we're uh, but you know, these are strange times. I mean, nobody knows nobody has a clue as to when there are people going to be when we're going to have people back in the stadium. And, um, it's, it's a guess,

Speaker 2:

Larry. I hated, I hated absolutely detested summer hockey, first puck drop. And I was like, I can't believe, and then they dropped it and I went, I'm in, I'm in and I'm going to watch it. I loved it. It worked and kudos. And we, we saw this on another show. And so sorry for our listeners about repeating things, but the NHL, they got it, they got it. Right. They did it like hundreds of thousands of tests and not one positive

Speaker 4:

Baseball, baseball barely made it through a weekend without having to shut down. Right. And it was, yeah, they really, yeah. Football the one that's in trouble. Right. But they, yeah, no, they really did a good job. It all worked out and the hockey was great. And you know, for me, I loved it because summer's a little bit of a slower time than, uh, you know, usually hockey season is right in the middle of busy season. Right. Um,

Speaker 2:

Uh, my son, uh, my son plays a pretty high level and there were a couple summers he played for, you know, coach DJ. And every time we'd see them on the veggies, like, Hey DJ, like it's. Yeah, it was good. And my, uh, my brother-in-law's from Ottawa. So we, we hear about the sentence sends nation.

Speaker 4:

Good. I hope he's a hoop. He's buying tickets when, when we can.

Speaker 2:

Yeah. Oh yeah. Oh yeah, no, they, they support their, their Senator through through. Um,

Speaker 4:

And you said you were, you were saying before the show that your sons just got drafted by the winds, by the Windsor Spitfires. So that's, that's cool.

Speaker 2:

So we're not sure. We're not sure when that's going to happen because everything trickles down. Uh, but we just, you know, the main thing is that all the kids, players, coaches, everybody just stays safe and it's at the end of the day, it's, it is still just a game and you can't, you can't replace your health. So, uh, when you can, when you have that perspective, it really, really helps. But, and, and everyone's going through it. It's not just, that's not singling out a region or, or an area or a particular age group. Everyone's going through it. Everyone gets affected. Um, and we'll get over it. We'll get over it and we'll move on. So that's,

Speaker 4:

That's right. We're all in Sabre everywhere around the world and everywhere. I mean, we have to protect the, the older people around there. They're the ones who are most at risk. But, you know, I th I think that for many, many of us are really lucky. We, we can work from our homes and, you know, life goes on or our cottages or whatever. And life goes on. I basically have, I've been to my office twice. I think since, um, since the daily NHL shutdown, I never go in, I have people there that do because they, they want it. But not for me. My, my staff, we're all working from home. That's the same, exactly. The same attitude. You know, we have to keep everybody healthy. That's first and foremost, we can't service our clients. If our people are sick and we wouldn't be servicing our I'm looking after our staff, if we let them, let them get sick, now we're going to get into audit season and we're going to have to get some inventory counts done and stuff like that. So that'll be challenged

Speaker 2:

Some, yeah. Some people think that for, for whatever reason on January 1st, 20, 21 things are going to change. Like everyone is looking forward to 20, 21, like, okay, this is

Speaker 4:

What's going to change. We're not going to have, I don't think we're going to have a vaccine. That's at least not up

Speaker 1:

Here. I don't think. Um, and yeah. And how, how how's that going to get rolled up? You know, I don't know. It's going to be one, just wait, like, look, look at, what's going to happen with flu shots this season already. It's getting, I mean, I got my first day PSA, go get your flu shot. Um, but you know, uh, and I'm not a doctor, so, you know, but the, uh, the point being is, you're going to have to, at some point, there'll be lined up. So we demand it all stripped supply and that's for the flu shot, you know, COVID would be 10 X that demand

Speaker 2:

I called, I called our local shoppers there said, Hey. And it was like 15 minutes before closed. Like I was hoping to sneak in there, like, yeah, no, man, we ran out, will we? We will let you know when we're we might get some, so, yeah. Alright. Well,

Speaker 1:

Yeah, it's COVID and trading cards, sorry, shots and trading cards that are becoming these scarce commodities. All of a sudden. Yeah. Cause I've been collecting, uh, like apparently all the people who were either baking bread, um, with, you know, homegrown yeast or whatever, during COVID and collecting hockey cards and basketball cards has been this insane, um, inflationary market and, and collecting premium cards and, and basketball. Uh, Larry, I don't know if you followed this, but, um, you know, as someone who's involved with the professional sports team, I hope, uh, the people at upper deck are kicking me back some for licensing fees because we certainly use it these days. Let's for sure. But, uh, I hadn't even heard about that. So that's interesting. No. What about the CFL? If you got to align on that, but you know, I've been an NFL fan for a long time, so I know people aren't going to like me for saying that, but, uh, you know, I'd love to see some team in Toronto.

Speaker 2:

You won't, you won't, you won't ever see an NFL team.

Speaker 1:

Well, we've got a serious problem.

Speaker 2:

No, well, I'm, you know, I have, I talk to people a lot smarter than me who will say there's a few us cities, uh, on their worst days, we'll smash Toronto, just the NFL, won't it, it won't, it can't, it can't, it can't overlook and leapfrog over three, four, five us cities that would crush Toronto as far as being able to have an NFL team.

Speaker 1:

But the idea that Buffalo team and Toronto camp, I mean, although there, I guess they're pulling, it was Buffalo is not awful. It's Western New York. It's people who don't want to go into the metropolitan. And obviously people from surrounding areas, even Southern Ontario, Niagara, Toronto, and the reason I think it's got a more diehard following and don't laugh at me is because the experience of going to that game, isn't the game. It's, it's getting your car and parking and someone's life. Every now

Speaker 4:

Every year. It's a lot of fun. It's really great

Speaker 1:

Was one of the things it's like

Speaker 4:

October, November, when it's cold as hell, and you're sitting in a Buffalo game,

Speaker 2:

The beer flop and fights are breaking out.

Speaker 1:

It's is not a great facility. I mean, it could reel on our facilities in Toronto, but it's in the middle of orchard park. It's a big field. There's nothing going on there. And, um, you know, I've been there a few times, but one time the power went out and they just ran the game without a digital clock. Another time it flooded. Nobody knows it.

Speaker 2:

No,

Speaker 4:

I've been there when I was a few minutes late and people are walking, um, walking around the stadium, trying to figure out why they came because they were, they were so hammered already after tailgating.

Speaker 2:

Oh no, no. It's a, it's an experience. And trust me, I'm, I'd love it. NFL team and Toronto, I for sure. But it's not going to happen.

Speaker 1:

No, when they tried it here, it was a disaster. And it's because the stadium stinks for football. The sight lines are awful when they are playing at the center,

Speaker 4:

It's short, but a few thousand seats, right? Like when they built, when they built Rogers center, it's short, like just a few thousand seats from qualifying as an NFL stadium, which, you know, you gotta wonder like, you know, who they fire for that, you know, that that's same,

Speaker 2:

Just a little foresight, that's all.

Speaker 1:

And the thing that you could, you could, you can hammer on it for the, the, the lack of, um, space for, you know, a tailgate. But I mean, go to Seattle that, that they just kind of make it up around the stadium and it's not as good as Buffalo. It's not even close. Um, but you know, they make it work. They have the best fans in the league. I hate to admit it as a 49ers, but it's a, you know, every, every city has to have its own special thing. I just don't know how Toronto would pull it off. So again, happy to have the Argonauts for as long as that Lee can run and then figure it out,

Speaker 2:

But really not.

Speaker 1:

No, no, it's, it's, it's, the athletes are just at a different level in the NFL. That's just what it is. Um, wow. We've covered a lot of ground. So Larry, how can, how can people keep in touch with your firm, keeping in touch with what you guys are up to and, uh, you know, just, just follow along. What's, what's, what's your best advice?

Speaker 4:

And LinkedIn is the social media for business. There's no question I'm on Facebook, but I just do my personal and political stuff on Facebook. Uh, I hate, I hate Twitter, you know, but LinkedIn I find is, is the one for business. Um, yep, yep. And our website it's, Lifeman that CA um, and, uh, yeah, looking forward to continue to work with the CSC. I like working with you guys. Uh, um, and, and I hear from everybody that you're such a breath of fresh air, um, uh, you know, a stock exchange that has creative answers and solutions, and isn't, isn't looking to make people miserable, but it's really trying to help move capital along. So thanks guys. Appreciate it. No, no, you're welcome. We don't want to be a barrier to getting to the market. We want to help. That's right. And remember, just in case this doesn't make it earlier in the cut glass. Quick shout out to Kelly Bird. Sounds great. Yeah, Kelly. You're great. Thank you. Thanks guys. Thanks Larry. Yeah, no, we as well at Barrington. Any final comments? No, cause I'm busy drinking this cool refreshing water. Beautiful. Okay. Well this was aftermarket. And if you like this show hit the like button. If you want to follow us, just hit subscribe. We put out episodes of this every week. Uh, tons of great content, like a newly listed on CCTV. So if you'd like to follow a new stocks and, uh, hear from the CEOs of these companies that are bringing new issues to market, this is the channel. This is where you need to be. Uh, this is James Black, um, with Barrington Miller, we were joined by Larry[inaudible] and wish you good night.

Speaker 5:

Hey, it's James here reminding you that if you just enjoyed this episode of hashtag finance, there's a lot more, make sure to subscribe to this show available on Apple podcasts, Spotify, Google, SoundCloud, Stitcher, and now I heart radio host. So if you like video, please join us on CCTV on YouTube, or you'll find more exclusive series content like mining over Canada and the aftermarket show that CCTV on YouTube. Thank you for listening.