{"version":"1.0.0","segments":[{"speaker":"Jonathan Green","startTime":1.8,"endTime":5.07,"body":"Can AI solve the"},{"speaker":"Jonathan Green","startTime":1.8,"endTime":5.07,"body":"silver tsunami with today's amazing"},{"speaker":"Jonathan Green","startTime":5.07,"endTime":6.99,"body":"special guest, Jonathan Cheung."},{"speaker":"Jonathan Green","startTime":7.78,"endTime":11.41,"body":"Welcome to the Artificial Intelligence"},{"speaker":"Jonathan Green","startTime":7.78,"endTime":11.41,"body":"Podcast, where we make AI simple,"},{"speaker":"Jonathan Green","startTime":11.47,"endTime":14.68,"body":"practical, and accessible for"},{"speaker":"Jonathan Green","startTime":11.47,"endTime":14.68,"body":"small business owners and leaders."},{"speaker":"Jonathan Green","startTime":14.74,"endTime":17.74,"body":"Forget the complicated Tech"},{"speaker":"Jonathan Green","startTime":14.74,"endTime":17.74,"body":"talk or expensive consultants."},{"speaker":"Jonathan Green","startTime":17.83,"endTime":20.83,"body":"This is where you'll learn how to"},{"speaker":"Jonathan Green","startTime":17.83,"endTime":20.83,"body":"implement AI strategies that are"},{"speaker":"Jonathan Green","startTime":20.86,"endTime":24.22,"body":"easy to understand and can make"},{"speaker":"Jonathan Green","startTime":20.86,"endTime":24.22,"body":"a big impact for your business."},{"speaker":"Jonathan Green","startTime":24.28,"endTime":27.31,"body":"The Artificial Intelligence Podcast"},{"speaker":"Jonathan Green","startTime":24.28,"endTime":27.31,"body":"is brought to you by fraction aio."},{"speaker":"Jonathan Green","startTime":27.385,"endTime":30.925,"body":"The trusted partner for AI Digital"},{"speaker":"Jonathan Green","startTime":27.385,"endTime":30.925,"body":"Transformation at fraction A IO, we"},{"speaker":"Jonathan Green","startTime":30.925,"endTime":34.555,"body":"help small and medium sized businesses"},{"speaker":"Jonathan Green","startTime":30.925,"endTime":34.555,"body":"boost revenue by eliminating time"},{"speaker":"Jonathan Green","startTime":34.555,"endTime":37.735,"body":"wasting non-revenue generating"},{"speaker":"Jonathan Green","startTime":34.555,"endTime":37.735,"body":"tasks that frustrate your team."},{"speaker":"Jonathan Green","startTime":37.795,"endTime":40.974,"body":"With our custom AI bots, tools"},{"speaker":"Jonathan Green","startTime":37.795,"endTime":40.974,"body":"and automations, we make it"},{"speaker":"Jonathan Green","startTime":41.004,"endTime":44.334,"body":"easy to shift your team's focus"},{"speaker":"Jonathan Green","startTime":41.004,"endTime":44.334,"body":"to the tasks that matter most."},{"speaker":"Jonathan Green","startTime":44.334,"endTime":47.875,"body":"Driving growth and results,"},{"speaker":"Jonathan Green","startTime":44.334,"endTime":47.875,"body":"we guide you through a smooth."},{"speaker":"Jonathan Green","startTime":48.18,"endTime":52.17,"body":"Seamless transition to ai ensuring you"},{"speaker":"Jonathan Green","startTime":48.18,"endTime":52.17,"body":"avoid costly mistakes and invest in"},{"speaker":"Jonathan Green","startTime":52.17,"endTime":54.24,"body":"the tools that truly deliver value."},{"speaker":"Jonathan Green","startTime":54.24,"endTime":55.41,"body":"Don't get left behind."},{"speaker":"Jonathan Green","startTime":55.41,"endTime":58.83,"body":"Let fraction aio o help you stay"},{"speaker":"Jonathan Green","startTime":55.41,"endTime":58.83,"body":"ahead in today's AI driven world."},{"speaker":"Jonathan Green","startTime":59.04,"endTime":59.67,"body":"Learn more."},{"speaker":"Jonathan Green","startTime":59.85,"endTime":60.51,"body":"Get started."},{"speaker":"Jonathan Green","startTime":60.51,"endTime":63.12,"body":"Fraction aio.com."},{"speaker":"Jonathan Green","startTime":65.184,"endTime":67.704,"body":"Now, Jonathan, I'm so excited to"},{"speaker":"Jonathan Green","startTime":65.184,"endTime":67.704,"body":"have you here because you first"},{"speaker":"Jonathan Green","startTime":67.704,"endTime":70.944,"body":"introduced me to this topic, and"},{"speaker":"Jonathan Green","startTime":67.704,"endTime":70.944,"body":"it's something I'm very aware of."},{"speaker":"Jonathan Green","startTime":70.944,"endTime":75.414,"body":"We have a lot of people who"},{"speaker":"Jonathan Green","startTime":70.944,"endTime":75.414,"body":"have family businesses and we"},{"speaker":"Jonathan Green","startTime":75.414,"endTime":76.584,"body":"don't want whatever we wanna do."},{"speaker":"Jonathan Green","startTime":76.584,"endTime":77.844,"body":"It's never what our parents did."},{"speaker":"Jonathan Green","startTime":77.844,"endTime":80.244,"body":"And so there's a lot of"},{"speaker":"Jonathan Green","startTime":77.844,"endTime":80.244,"body":"these businesses that are."},{"speaker":"Jonathan Green","startTime":81.249,"endTime":84.189,"body":"Free internet or pre-technology,"},{"speaker":"Jonathan Green","startTime":81.249,"endTime":84.189,"body":"and there's all these opportunities"},{"speaker":"Jonathan Green","startTime":84.189,"endTime":86.069,"body":"there, but a lot of people"},{"speaker":"Jonathan Green","startTime":84.189,"endTime":86.069,"body":"just think nobody wants it."},{"speaker":"Jonathan Green","startTime":86.069,"endTime":87.029,"body":"I'll just shut it down."},{"speaker":"Jonathan Green","startTime":87.629,"endTime":91.379,"body":"And there's all of these businesses that"},{"speaker":"Jonathan Green","startTime":87.629,"endTime":91.379,"body":"are critical to American infrastructure."},{"speaker":"Jonathan Green","startTime":91.379,"endTime":94.529,"body":"We don't think about because"},{"speaker":"Jonathan Green","startTime":91.379,"endTime":94.529,"body":"tech companies are so exciting."},{"speaker":"Jonathan Green","startTime":94.529,"endTime":96.059,"body":"It's exciting to talk about ai, but."},{"speaker":"Jonathan Green","startTime":96.674,"endTime":102.614,"body":"I spend a lot more time eating food and"},{"speaker":"Jonathan Green","startTime":96.674,"endTime":102.614,"body":"washing my clothes and doing these things"},{"speaker":"Jonathan Green","startTime":102.614,"endTime":106.724,"body":"that are part of regular life than I do"},{"speaker":"Jonathan Green","startTime":102.614,"endTime":106.724,"body":"using ai, which is more of, at this point,"},{"speaker":"Jonathan Green","startTime":107.114,"endTime":110.504,"body":"it's exciting and it's fun, but it's"},{"speaker":"Jonathan Green","startTime":107.114,"endTime":110.504,"body":"not a necessity like food and shelters."},{"speaker":"Jonathan Green","startTime":110.834,"endTime":115.214,"body":"So what is happening right now with"},{"speaker":"Jonathan Green","startTime":110.834,"endTime":115.214,"body":"this wave of baby boomers and older"},{"speaker":"Jonathan Green","startTime":115.214,"endTime":119.594,"body":"generation who are in the final 10 to"},{"speaker":"Jonathan Green","startTime":115.214,"endTime":119.594,"body":"20 years of running their business and."},{"speaker":"Jonathan Green","startTime":120.044,"endTime":123.734,"body":"Not sure how to transition out, what"},{"speaker":"Jonathan Green","startTime":120.044,"endTime":123.734,"body":"is the opportunity there for these"},{"speaker":"Jonathan Green","startTime":123.734,"endTime":127.214,"body":"businesses to become more automated and"},{"speaker":"Jonathan Green","startTime":123.734,"endTime":127.214,"body":"to survive into the next generation?"},{"speaker":"Jonathan Cheung","startTime":129.284,"endTime":129.614,"body":"Absolutely."},{"speaker":"Jonathan Cheung","startTime":129.614,"endTime":131.804,"body":"Jonathan, first of all,"},{"speaker":"Jonathan Cheung","startTime":129.614,"endTime":131.804,"body":"thanks for having me here."},{"speaker":"Jonathan Cheung","startTime":131.864,"endTime":132.554,"body":"Super excited."},{"speaker":"Jonathan Cheung","startTime":132.604,"endTime":135.764,"body":"Jonathan Cheung from transworld"},{"speaker":"Jonathan Cheung","startTime":132.604,"endTime":135.764,"body":"Business Advisors with the world's"},{"speaker":"Jonathan Cheung","startTime":135.764,"endTime":137.324,"body":"largest business brokerage firm."},{"speaker":"Jonathan Cheung","startTime":137.484,"endTime":141.644,"body":"We're in over 20 countries"},{"speaker":"Jonathan Cheung","startTime":137.484,"endTime":141.644,"body":"helping business owners exit their"},{"speaker":"Jonathan Cheung","startTime":141.644,"endTime":143.449,"body":"business, looking for, buyers that."},{"speaker":"Jonathan Cheung","startTime":144.214,"endTime":147.814,"body":"Take care of their legacy, take care"},{"speaker":"Jonathan Cheung","startTime":144.214,"endTime":147.814,"body":"of their customers, their employees."},{"speaker":"Jonathan Cheung","startTime":148.274,"endTime":151.424,"body":"The topic of silver tsunami definitely"},{"speaker":"Jonathan Cheung","startTime":148.274,"endTime":151.424,"body":"is a very interesting one, right?"},{"speaker":"Jonathan Cheung","startTime":151.424,"endTime":153.974,"body":"I think it's a historical moment, right?"},{"speaker":"Jonathan Cheung","startTime":153.974,"endTime":158.584,"body":"Where trillions of dollars"},{"speaker":"Jonathan Cheung","startTime":153.974,"endTime":158.584,"body":"right, are expected to transfer"},{"speaker":"Jonathan Cheung","startTime":158.584,"endTime":160.114,"body":"over the next two decades."},{"speaker":"Jonathan Cheung","startTime":160.604,"endTime":163.854,"body":"It's really the largest wealth"},{"speaker":"Jonathan Cheung","startTime":160.604,"endTime":163.854,"body":"transfer in history, right?"},{"speaker":"Jonathan Cheung","startTime":163.854,"endTime":168.034,"body":"Anywhere from business assets"},{"speaker":"Jonathan Cheung","startTime":163.854,"endTime":168.034,"body":"to home equity as well too."},{"speaker":"Jonathan Cheung","startTime":168.799,"endTime":170.599,"body":"So I think there's a"},{"speaker":"Jonathan Cheung","startTime":168.799,"endTime":170.599,"body":"few things here, right?"},{"speaker":"Jonathan Cheung","startTime":170.599,"endTime":177.299,"body":"So one is how do we help business owners"},{"speaker":"Jonathan Cheung","startTime":170.599,"endTime":177.299,"body":"get ready to make that transition, right?"},{"speaker":"Jonathan Cheung","startTime":177.329,"endTime":178.799,"body":"A lot of it is qualitative."},{"speaker":"Jonathan Cheung","startTime":179.159,"endTime":181.019,"body":"Some of it is quantitative, right?"},{"speaker":"Jonathan Cheung","startTime":181.019,"endTime":184.049,"body":"Including improving obviously"},{"speaker":"Jonathan Cheung","startTime":181.019,"endTime":184.049,"body":"their financials and whatnot."},{"speaker":"Jonathan Cheung","startTime":184.559,"endTime":190.694,"body":"I think where AI can play a huge"},{"speaker":"Jonathan Cheung","startTime":184.559,"endTime":190.694,"body":"component of this is helping, number"},{"speaker":"Jonathan Cheung","startTime":190.694,"endTime":193.124,"body":"one, I mean with reducing costs, right?"},{"speaker":"Jonathan Cheung","startTime":193.124,"endTime":199.524,"body":"Having, cost reduction potential, having,"},{"speaker":"Jonathan Cheung","startTime":193.124,"endTime":199.524,"body":"revenue generating potential as well too."},{"speaker":"Jonathan Cheung","startTime":200.014,"endTime":204.614,"body":"I think the other aspect is predictability"},{"speaker":"Jonathan Cheung","startTime":200.014,"endTime":204.614,"body":"of quote unquote, labor, right?"},{"speaker":"Jonathan Cheung","startTime":204.944,"endTime":208.154,"body":"If we think about AI as"},{"speaker":"Jonathan Cheung","startTime":204.944,"endTime":208.154,"body":"a source of labor, right?"},{"speaker":"Jonathan Cheung","startTime":208.204,"endTime":212.774,"body":"We've in the US have outsourced,"},{"speaker":"Jonathan Cheung","startTime":208.204,"endTime":212.774,"body":"to cheaper kind of countries"},{"speaker":"Jonathan Cheung","startTime":212.774,"endTime":214.634,"body":"from a labor perspective, right?"},{"speaker":"Jonathan Cheung","startTime":214.974,"endTime":218.594,"body":"I think some businesses are thinking"},{"speaker":"Jonathan Cheung","startTime":214.974,"endTime":218.594,"body":"about AI as an alternative, source of"},{"speaker":"Jonathan Cheung","startTime":218.594,"endTime":221.534,"body":"labor that works for you 24 7, right?"},{"speaker":"Jonathan Cheung","startTime":222.024,"endTime":226.279,"body":"And able to have more predictable"},{"speaker":"Jonathan Cheung","startTime":222.024,"endTime":226.279,"body":"outcomes, you obviously can train"},{"speaker":"Jonathan Cheung","startTime":226.279,"endTime":227.989,"body":"it to be smarter and whatnot too."},{"speaker":"Jonathan Cheung","startTime":228.389,"endTime":229.319,"body":"So there's that piece."},{"speaker":"Jonathan Cheung","startTime":229.319,"endTime":235.379,"body":"And then I think just even from a"},{"speaker":"Jonathan Cheung","startTime":229.319,"endTime":235.379,"body":"onboarding kind of wealth of being able"},{"speaker":"Jonathan Cheung","startTime":235.379,"endTime":239.129,"body":"to document the wealth of knowledge"},{"speaker":"Jonathan Cheung","startTime":235.379,"endTime":239.129,"body":"within these companies, right?"},{"speaker":"Jonathan Cheung","startTime":239.129,"endTime":243.509,"body":"Especially at the smaller SMB small,"},{"speaker":"Jonathan Cheung","startTime":239.129,"endTime":243.509,"body":"medium sized business perspective, right?"},{"speaker":"Jonathan Cheung","startTime":243.809,"endTime":248.359,"body":"That has been more of an asset"},{"speaker":"Jonathan Cheung","startTime":243.809,"endTime":248.359,"body":"for larger businesses, right?"},{"speaker":"Jonathan Cheung","startTime":248.359,"endTime":254.149,"body":"Being able to invest in the documentation"},{"speaker":"Jonathan Cheung","startTime":248.359,"endTime":254.149,"body":"processes, where having laid out and"},{"speaker":"Jonathan Cheung","startTime":254.149,"endTime":256.619,"body":"redundancy in functions and whatnot."},{"speaker":"Jonathan Cheung","startTime":256.619,"endTime":261.809,"body":"I think AI enables now SMBs to"},{"speaker":"Jonathan Cheung","startTime":256.619,"endTime":261.809,"body":"have that storage of, I think"},{"speaker":"Jonathan Cheung","startTime":261.929,"endTime":263.309,"body":"honestly it becomes an asset, right?"},{"speaker":"Jonathan Cheung","startTime":263.309,"endTime":265.449,"body":"Which makes the business"},{"speaker":"Jonathan Cheung","startTime":263.309,"endTime":265.449,"body":"more valuable as well."},{"speaker":"Jonathan Green","startTime":268.029,"endTime":272.319,"body":"I think one challenges"},{"speaker":"Jonathan Green","startTime":268.029,"endTime":272.319,"body":"of a business you've yourself for"},{"speaker":"Jonathan Green","startTime":272.319,"endTime":274.959,"body":"so long is that you've probably"},{"speaker":"Jonathan Green","startTime":272.319,"endTime":274.959,"body":"never written down your process."},{"speaker":"Jonathan Green","startTime":274.959,"endTime":276.939,"body":"You've just always done"},{"speaker":"Jonathan Green","startTime":274.959,"endTime":276.939,"body":"it the way you do it."},{"speaker":"Jonathan Green","startTime":277.389,"endTime":277.899,"body":"And."},{"speaker":"Jonathan Green","startTime":278.919,"endTime":282.219,"body":"Having seen the difference between"},{"speaker":"Jonathan Green","startTime":278.919,"endTime":282.219,"body":"a startup business and a franchise,"},{"speaker":"Jonathan Green","startTime":282.219,"endTime":284.979,"body":"the beauty of a franchise is that you"},{"speaker":"Jonathan Green","startTime":282.219,"endTime":284.979,"body":"have all the processes written down."},{"speaker":"Jonathan Green","startTime":284.979,"endTime":286.149,"body":"It has an instruction manual."},{"speaker":"Jonathan Green","startTime":286.809,"endTime":289.329,"body":"Every business, someone started"},{"speaker":"Jonathan Green","startTime":286.809,"endTime":289.329,"body":"themselves, there's no instruction"},{"speaker":"Jonathan Green","startTime":289.329,"endTime":292.959,"body":"manual, and that means there's"},{"speaker":"Jonathan Green","startTime":289.329,"endTime":292.959,"body":"hundreds of different ways they"},{"speaker":"Jonathan Green","startTime":292.959,"endTime":294.819,"body":"could have every process and."},{"speaker":"Jonathan Green","startTime":295.464,"endTime":298.374,"body":"This is why a lot of these smaller"},{"speaker":"Jonathan Green","startTime":295.464,"endTime":298.374,"body":"businesses have trouble with"},{"speaker":"Jonathan Green","startTime":298.374,"endTime":301.134,"body":"their first hires because they"},{"speaker":"Jonathan Green","startTime":298.374,"endTime":301.134,"body":"haven't documented the process."},{"speaker":"Jonathan Green","startTime":301.134,"endTime":302.484,"body":"They're like, figure it out."},{"speaker":"Jonathan Green","startTime":302.514,"endTime":303.714,"body":"How do I use the cash register?"},{"speaker":"Jonathan Green","startTime":303.764,"endTime":304.484,"body":"How do you do this?"},{"speaker":"Jonathan Green","startTime":304.484,"endTime":306.164,"body":"What happens if someone asks for a refund?"},{"speaker":"Jonathan Green","startTime":306.164,"endTime":308.624,"body":"What happens if I close the cash"},{"speaker":"Jonathan Green","startTime":306.164,"endTime":308.624,"body":"register and I didn't count the money?"},{"speaker":"Jonathan Green","startTime":308.624,"endTime":312.614,"body":"Like all these small issues"},{"speaker":"Jonathan Green","startTime":308.624,"endTime":312.614,"body":"that you've solved and it's in"},{"speaker":"Jonathan Green","startTime":312.614,"endTime":314.084,"body":"here, I'm guilty of this too."},{"speaker":"Jonathan Green","startTime":314.084,"endTime":317.174,"body":"As I've started growing my business"},{"speaker":"Jonathan Green","startTime":314.084,"endTime":317.174,"body":"and hiring employees, I realized"},{"speaker":"Jonathan Green","startTime":317.174,"endTime":321.284,"body":"that having SOPs and recording every"},{"speaker":"Jonathan Green","startTime":317.174,"endTime":321.284,"body":"process is so important because"},{"speaker":"Jonathan Green","startTime":321.284,"endTime":325.244,"body":"it's really hard to explain it."},{"speaker":"Jonathan Green","startTime":325.574,"endTime":328.514,"body":"When you're not actually doing it,"},{"speaker":"Jonathan Green","startTime":325.574,"endTime":328.514,"body":"'cause you might miss one little step."},{"speaker":"Jonathan Green","startTime":328.844,"endTime":332.234,"body":"And it's very challenging because"},{"speaker":"Jonathan Green","startTime":328.844,"endTime":332.234,"body":"especially if you're a small business"},{"speaker":"Jonathan Green","startTime":332.234,"endTime":334.634,"body":"owner and you're very busy, I don't"},{"speaker":"Jonathan Green","startTime":332.234,"endTime":334.634,"body":"have time to write down on process."},{"speaker":"Jonathan Green","startTime":334.634,"endTime":339.464,"body":"I'm busy doing it so that AI can watch"},{"speaker":"Jonathan Green","startTime":334.634,"endTime":339.464,"body":"you and create that documentation and"},{"speaker":"Jonathan Green","startTime":339.464,"endTime":342.824,"body":"kind of fill in that gap where it can"},{"speaker":"Jonathan Green","startTime":339.464,"endTime":342.824,"body":"just watch you and see what you're doing."},{"speaker":"Jonathan Green","startTime":343.094,"endTime":346.304,"body":"There's such a difference for me between"},{"speaker":"Jonathan Green","startTime":343.094,"endTime":346.304,"body":"watching a video of someone doing"},{"speaker":"Jonathan Green","startTime":346.304,"endTime":347.954,"body":"something and seeing the SOP they wrote."},{"speaker":"Jonathan Green","startTime":348.494,"endTime":351.434,"body":"There's almost 99% of the time"},{"speaker":"Jonathan Green","startTime":348.494,"endTime":351.434,"body":"there's something in the video"},{"speaker":"Jonathan Green","startTime":351.434,"endTime":352.634,"body":"that the SOP doesn't cover."},{"speaker":"Jonathan Green","startTime":352.634,"endTime":355.814,"body":"Like the step I get stuck on is not"},{"speaker":"Jonathan Green","startTime":352.634,"endTime":355.814,"body":"the step everyone else gets stuck on."},{"speaker":"Jonathan Green","startTime":355.814,"endTime":360.284,"body":"So I really think this is a powerful"},{"speaker":"Jonathan Green","startTime":355.814,"endTime":360.284,"body":"use case where you can now document your"},{"speaker":"Jonathan Green","startTime":360.284,"endTime":361.754,"body":"process without giving up your time."},{"speaker":"Jonathan Green","startTime":361.754,"endTime":365.834,"body":"Like you're just can watch you and"},{"speaker":"Jonathan Green","startTime":361.754,"endTime":365.834,"body":"start to learn from the, I think"},{"speaker":"Jonathan Green","startTime":365.834,"endTime":367.904,"body":"a lot of people have no sense of."},{"speaker":"Jonathan Green","startTime":368.474,"endTime":369.854,"body":"What their business is worth."},{"speaker":"Jonathan Green","startTime":370.034,"endTime":373.964,"body":"My experience is people either massively"},{"speaker":"Jonathan Green","startTime":370.034,"endTime":373.964,"body":"inflate or massively undervalue,"},{"speaker":"Jonathan Green","startTime":374.234,"endTime":376.634,"body":"they'll shut down a thriving business"},{"speaker":"Jonathan Green","startTime":374.234,"endTime":376.634,"body":"and they'll go, nobody wants it."},{"speaker":"Jonathan Green","startTime":376.634,"endTime":379.094,"body":"My kids don't want it, and I"},{"speaker":"Jonathan Green","startTime":376.634,"endTime":379.094,"body":"don't wanna run it anymore."},{"speaker":"Jonathan Green","startTime":379.184,"endTime":383.144,"body":"Or they'll think their business is worth"},{"speaker":"Jonathan Green","startTime":379.184,"endTime":383.144,"body":"10, 50 or a hundred times more than it is."},{"speaker":"Jonathan Green","startTime":383.144,"endTime":386.084,"body":"Like I'm always fascinated when"},{"speaker":"Jonathan Green","startTime":383.144,"endTime":386.084,"body":"people give a valuation and you"},{"speaker":"Jonathan Green","startTime":386.084,"endTime":387.044,"body":"say where'd you get the valuation?"},{"speaker":"Jonathan Green","startTime":387.044,"endTime":388.334,"body":"They go, oh, that's just"},{"speaker":"Jonathan Green","startTime":387.044,"endTime":388.334,"body":"what I feel like it's worth."},{"speaker":"Jonathan Green","startTime":389.084,"endTime":390.404,"body":"And there's no math behind it."},{"speaker":"Jonathan Green","startTime":391.274,"endTime":395.624,"body":"What is the process for deciding how much"},{"speaker":"Jonathan Green","startTime":391.274,"endTime":395.624,"body":"your company's worth, or if it's worth."},{"speaker":"Jonathan Green","startTime":396.059,"endTime":397.859,"body":"If people would be even"},{"speaker":"Jonathan Green","startTime":396.059,"endTime":397.859,"body":"interested in buying it."},{"speaker":"Jonathan Green","startTime":397.859,"endTime":400.259,"body":"Like how can someone who owns a"},{"speaker":"Jonathan Green","startTime":397.859,"endTime":400.259,"body":"business have a sense of that?"},{"speaker":"Jonathan Cheung","startTime":400.619,"endTime":401.639,"body":"Yeah, absolutely."},{"speaker":"Jonathan Cheung","startTime":402.219,"endTime":404.499,"body":"And exactly what you mentioned, Jonathan."},{"speaker":"Jonathan Cheung","startTime":404.499,"endTime":409.359,"body":"It's, my, my kind of personal story, why"},{"speaker":"Jonathan Cheung","startTime":404.499,"endTime":409.359,"body":"I joined the business brokerage space"},{"speaker":"Jonathan Cheung","startTime":409.479,"endTime":411.519,"body":"is really because of my family, right?"},{"speaker":"Jonathan Cheung","startTime":411.519,"endTime":415.629,"body":"We were small business owners in the"},{"speaker":"Jonathan Cheung","startTime":411.519,"endTime":415.629,"body":"little island of Guam or US territory."},{"speaker":"Jonathan Cheung","startTime":415.629,"endTime":420.749,"body":"And we had a few not super large,"},{"speaker":"Jonathan Cheung","startTime":415.629,"endTime":420.749,"body":"but I think small businesses"},{"speaker":"Jonathan Cheung","startTime":420.749,"endTime":421.769,"body":"with brand recognition."},{"speaker":"Jonathan Cheung","startTime":421.769,"endTime":423.269,"body":"Guam's such a small island, right?"},{"speaker":"Jonathan Cheung","startTime":423.269,"endTime":425.579,"body":"We're about 150,000 population."},{"speaker":"Jonathan Cheung","startTime":426.134,"endTime":427.064,"body":"When we closed, right?"},{"speaker":"Jonathan Cheung","startTime":427.064,"endTime":430.664,"body":"And even at a young age, I was like,"},{"speaker":"Jonathan Cheung","startTime":427.064,"endTime":430.664,"body":"huh, there should be some value, right?"},{"speaker":"Jonathan Cheung","startTime":430.714,"endTime":432.334,"body":"There's, it was profitable, right?"},{"speaker":"Jonathan Cheung","startTime":432.604,"endTime":433.984,"body":"There's some brand recognition."},{"speaker":"Jonathan Cheung","startTime":433.984,"endTime":436.674,"body":"And that's definitely, our"},{"speaker":"Jonathan Cheung","startTime":433.984,"endTime":436.674,"body":"why at transworld, right?"},{"speaker":"Jonathan Cheung","startTime":436.674,"endTime":441.224,"body":"Helping business owners really"},{"speaker":"Jonathan Cheung","startTime":436.674,"endTime":441.224,"body":"be able to capture the value"},{"speaker":"Jonathan Cheung","startTime":441.314,"endTime":442.394,"body":"that they've created, right?"},{"speaker":"Jonathan Cheung","startTime":442.444,"endTime":445.914,"body":"With that said there's different"},{"speaker":"Jonathan Cheung","startTime":442.444,"endTime":445.914,"body":"valuation methods, right?"},{"speaker":"Jonathan Cheung","startTime":445.914,"endTime":448.984,"body":"I'll start with the more, I"},{"speaker":"Jonathan Cheung","startTime":445.914,"endTime":448.984,"body":"guess like technical, what"},{"speaker":"Jonathan Cheung","startTime":448.984,"endTime":450.394,"body":"are the different ways, right?"},{"speaker":"Jonathan Cheung","startTime":450.644,"endTime":454.124,"body":"And just for background, I actually"},{"speaker":"Jonathan Cheung","startTime":450.644,"endTime":454.124,"body":"started my career at KPMG doing business"},{"speaker":"Jonathan Cheung","startTime":454.124,"endTime":456.104,"body":"and intangible asset valuation, right?"},{"speaker":"Jonathan Cheung","startTime":456.104,"endTime":459.404,"body":"So obviously working in big four, it's"},{"speaker":"Jonathan Cheung","startTime":456.104,"endTime":459.404,"body":"generally called the larger businesses,"},{"speaker":"Jonathan Cheung","startTime":459.854,"endTime":463.724,"body":"but the methods does translate to"},{"speaker":"Jonathan Cheung","startTime":459.854,"endTime":463.724,"body":"smaller SMBs as well too, right?"},{"speaker":"Jonathan Cheung","startTime":463.774,"endTime":467.139,"body":"Jonathan the main three approaches"},{"speaker":"Jonathan Cheung","startTime":463.774,"endTime":467.139,"body":"are the income approach."},{"speaker":"Jonathan Cheung","startTime":467.849,"endTime":470.189,"body":"The market approach and"},{"speaker":"Jonathan Cheung","startTime":467.849,"endTime":470.189,"body":"the asset approach, right?"},{"speaker":"Jonathan Cheung","startTime":470.189,"endTime":475.289,"body":"So in terms of the income approach, that's"},{"speaker":"Jonathan Cheung","startTime":470.189,"endTime":475.289,"body":"really generally speaking for kinda larger"},{"speaker":"Jonathan Cheung","startTime":475.289,"endTime":478.239,"body":"businesses or they're growing fast, right?"},{"speaker":"Jonathan Cheung","startTime":478.289,"endTime":482.639,"body":"Hey, let's look at their projections"},{"speaker":"Jonathan Cheung","startTime":478.289,"endTime":482.639,"body":"over the next 5, 10, 15 years,"},{"speaker":"Jonathan Cheung","startTime":482.639,"endTime":484.379,"body":"depending on how fast they're growing."},{"speaker":"Jonathan Cheung","startTime":484.929,"endTime":490.319,"body":"Leverage different ways to calculate"},{"speaker":"Jonathan Cheung","startTime":484.929,"endTime":490.319,"body":"how risky those projections are, right?"},{"speaker":"Jonathan Cheung","startTime":490.319,"endTime":492.269,"body":"To discount that back to the present now."},{"speaker":"Jonathan Cheung","startTime":492.849,"endTime":495.054,"body":"Facebook was one of my"},{"speaker":"Jonathan Cheung","startTime":492.849,"endTime":495.054,"body":"favorite clients at KPMG."},{"speaker":"Jonathan Cheung","startTime":495.054,"endTime":497.814,"body":"And at that point they were,"},{"speaker":"Jonathan Cheung","startTime":495.054,"endTime":497.814,"body":"private growing super fast."},{"speaker":"Jonathan Cheung","startTime":497.814,"endTime":502.949,"body":"So for high growth client like that,"},{"speaker":"Jonathan Cheung","startTime":497.814,"endTime":502.949,"body":"we did look out 15 years out to be able"},{"speaker":"Jonathan Cheung","startTime":502.949,"endTime":504.379,"body":"to make that projection make sense."},{"speaker":"Jonathan Cheung","startTime":505.129,"endTime":507.169,"body":"For smaller business, right?"},{"speaker":"Jonathan Cheung","startTime":507.199,"endTime":511.659,"body":"Maybe it's pretty stable, but it has"},{"speaker":"Jonathan Cheung","startTime":507.199,"endTime":511.659,"body":"recently signed a contract for the"},{"speaker":"Jonathan Cheung","startTime":511.659,"endTime":516.989,"body":"next, two, three years and expects a"},{"speaker":"Jonathan Cheung","startTime":511.659,"endTime":516.989,"body":"larger boost in revenue and profit."},{"speaker":"Jonathan Cheung","startTime":517.319,"endTime":520.739,"body":"We'll also want to factor that"},{"speaker":"Jonathan Cheung","startTime":517.319,"endTime":520.739,"body":"into the current value, right?"},{"speaker":"Jonathan Cheung","startTime":520.739,"endTime":524.459,"body":"So income approach, more of a cash"},{"speaker":"Jonathan Cheung","startTime":520.739,"endTime":524.459,"body":"flow kind of projection approach."},{"speaker":"Jonathan Cheung","startTime":525.239,"endTime":527.039,"body":"The second is the market approach, right?"},{"speaker":"Jonathan Cheung","startTime":527.039,"endTime":531.269,"body":"Which is looking at essentially"},{"speaker":"Jonathan Cheung","startTime":527.039,"endTime":531.269,"body":"past transaction data, right?"},{"speaker":"Jonathan Cheung","startTime":531.319,"endTime":534.649,"body":"The two sources of multiples"},{"speaker":"Jonathan Cheung","startTime":531.319,"endTime":534.649,"body":"was what we call it, right?"},{"speaker":"Jonathan Cheung","startTime":534.649,"endTime":537.619,"body":"So let's, we also look at"},{"speaker":"Jonathan Cheung","startTime":534.649,"endTime":537.619,"body":"publicly traded companies."},{"speaker":"Jonathan Cheung","startTime":538.099,"endTime":541.579,"body":"So with that example, right when we"},{"speaker":"Jonathan Cheung","startTime":538.099,"endTime":541.579,"body":"value Facebook, we would look at,"},{"speaker":"Jonathan Cheung","startTime":541.819,"endTime":547.229,"body":"hey, what is Google being valued at"},{"speaker":"Jonathan Cheung","startTime":541.819,"endTime":547.229,"body":"at a stage of a similar hydro, right?"},{"speaker":"Jonathan Cheung","startTime":547.229,"endTime":550.109,"body":"And obviously other companies like"},{"speaker":"Jonathan Cheung","startTime":547.229,"endTime":550.109,"body":"Amazon and whatnot as well too."},{"speaker":"Jonathan Cheung","startTime":550.604,"endTime":554.174,"body":"What is their price to their EBITDA ratio?"},{"speaker":"Jonathan Cheung","startTime":554.174,"endTime":557.924,"body":"Earnings before interest, tax"},{"speaker":"Jonathan Cheung","startTime":554.174,"endTime":557.924,"body":"depreciation, amortization, right?"},{"speaker":"Jonathan Cheung","startTime":558.174,"endTime":560.934,"body":"For some industries it's, we"},{"speaker":"Jonathan Cheung","startTime":558.174,"endTime":560.934,"body":"will look at also enterprise"},{"speaker":"Jonathan Cheung","startTime":560.934,"endTime":562.434,"body":"value divided by revenue, right?"},{"speaker":"Jonathan Cheung","startTime":562.434,"endTime":564.954,"body":"But for most businesses"},{"speaker":"Jonathan Cheung","startTime":562.434,"endTime":564.954,"body":"it's cashflow, right?"},{"speaker":"Jonathan Cheung","startTime":564.954,"endTime":566.244,"body":"So what is that cashflow?"},{"speaker":"Jonathan Cheung","startTime":566.244,"endTime":566.784,"body":"Multiple."},{"speaker":"Jonathan Cheung","startTime":567.294,"endTime":569.334,"body":"The other source of transaction data."},{"speaker":"Jonathan Cheung","startTime":569.859,"endTime":572.829,"body":"Especially for SMDs is just"},{"speaker":"Jonathan Cheung","startTime":569.859,"endTime":572.829,"body":"past transactions, right?"},{"speaker":"Jonathan Cheung","startTime":572.829,"endTime":576.509,"body":"So what has closed, for those"},{"speaker":"Jonathan Cheung","startTime":572.829,"endTime":576.509,"body":"similar industries, right?"},{"speaker":"Jonathan Cheung","startTime":576.509,"endTime":577.319,"body":"And what are they trading?"},{"speaker":"Jonathan Cheung","startTime":577.439,"endTime":578.879,"body":"There's it's interesting right there."},{"speaker":"Jonathan Cheung","startTime":578.879,"endTime":582.924,"body":"There's a few dynamics that come"},{"speaker":"Jonathan Cheung","startTime":578.879,"endTime":582.924,"body":"in play for, how do for kind of"},{"speaker":"Jonathan Cheung","startTime":582.924,"endTime":584.514,"body":"the larger scale businesses, right?"},{"speaker":"Jonathan Cheung","startTime":584.694,"endTime":588.334,"body":"We see multiples that are very"},{"speaker":"Jonathan Cheung","startTime":584.694,"endTime":588.334,"body":"high, especially in tech, but for"},{"speaker":"Jonathan Cheung","startTime":588.334,"endTime":589.954,"body":"more traditional industries, right?"},{"speaker":"Jonathan Cheung","startTime":589.954,"endTime":593.414,"body":"Especially the industries we play in"},{"speaker":"Jonathan Cheung","startTime":589.954,"endTime":593.414,"body":"as a business brokerage firm, right?"},{"speaker":"Jonathan Cheung","startTime":593.414,"endTime":594.644,"body":"Manufacturing, right?"},{"speaker":"Jonathan Cheung","startTime":594.644,"endTime":597.104,"body":"Service businesses f and b right?"},{"speaker":"Jonathan Cheung","startTime":597.104,"endTime":598.874,"body":"Kinda more traditional industries."},{"speaker":"Jonathan Cheung","startTime":599.279,"endTime":603.749,"body":"How much the banks are"},{"speaker":"Jonathan Cheung","startTime":599.279,"endTime":603.749,"body":"able to fund an SBA loan."},{"speaker":"Jonathan Cheung","startTime":603.779,"endTime":606.999,"body":"Also, honestly, factors in"},{"speaker":"Jonathan Cheung","startTime":603.779,"endTime":606.999,"body":"the market pricing, right?"},{"speaker":"Jonathan Cheung","startTime":606.999,"endTime":609.499,"body":"So there's a lot of, I"},{"speaker":"Jonathan Cheung","startTime":606.999,"endTime":609.499,"body":"guess science to it, right?"},{"speaker":"Jonathan Cheung","startTime":609.499,"endTime":612.659,"body":"There's definitely art but there's"},{"speaker":"Jonathan Cheung","startTime":609.499,"endTime":612.659,"body":"some science in what multiple we"},{"speaker":"Jonathan Cheung","startTime":612.659,"endTime":614.669,"body":"end up applying to that business."},{"speaker":"Jonathan Cheung","startTime":614.669,"endTime":615.959,"body":"So that's the market approach."},{"speaker":"Jonathan Cheung","startTime":616.469,"endTime":619.199,"body":"The third approach is what we"},{"speaker":"Jonathan Cheung","startTime":616.469,"endTime":619.199,"body":"call the asset approach, Jonathan."},{"speaker":"Jonathan Cheung","startTime":619.934,"endTime":624.704,"body":"Generally speaking, if a business"},{"speaker":"Jonathan Cheung","startTime":619.934,"endTime":624.704,"body":"is profitable, the income or the"},{"speaker":"Jonathan Cheung","startTime":624.704,"endTime":628.664,"body":"marketer approach will yield a"},{"speaker":"Jonathan Cheung","startTime":624.704,"endTime":628.664,"body":"higher valuation range, right?"},{"speaker":"Jonathan Cheung","startTime":628.844,"endTime":633.074,"body":"It's really, hey, you are a,"},{"speaker":"Jonathan Cheung","startTime":628.844,"endTime":633.074,"body":"a factory or you are, some"},{"speaker":"Jonathan Cheung","startTime":633.074,"endTime":635.504,"body":"equipment heavy business, right?"},{"speaker":"Jonathan Cheung","startTime":635.864,"endTime":636.614,"body":"You're a restaurant."},{"speaker":"Jonathan Cheung","startTime":637.509,"endTime":640.599,"body":"You're cash flow neutral or"},{"speaker":"Jonathan Cheung","startTime":637.509,"endTime":640.599,"body":"maybe you're in the red, right?"},{"speaker":"Jonathan Cheung","startTime":640.909,"endTime":642.169,"body":"But there's still value to it, right?"},{"speaker":"Jonathan Cheung","startTime":642.169,"endTime":647.599,"body":"Someone can buy that business, take"},{"speaker":"Jonathan Cheung","startTime":642.169,"endTime":647.599,"body":"the app the equipment and be able to"},{"speaker":"Jonathan Cheung","startTime":647.869,"endTime":649.759,"body":"monetize, change the brand, right?"},{"speaker":"Jonathan Cheung","startTime":649.759,"endTime":650.489,"body":"And do your own thing."},{"speaker":"Jonathan Cheung","startTime":650.959,"endTime":653.079,"body":"So that, that's more"},{"speaker":"Jonathan Cheung","startTime":650.959,"endTime":653.079,"body":"tangible assets, right?"},{"speaker":"Jonathan Cheung","startTime":653.339,"endTime":655.559,"body":"There's businesses with"},{"speaker":"Jonathan Cheung","startTime":653.339,"endTime":655.559,"body":"intangible assets, right?"},{"speaker":"Jonathan Cheung","startTime":655.559,"endTime":658.439,"body":"Patents, trademarks,"},{"speaker":"Jonathan Cheung","startTime":655.559,"endTime":658.439,"body":"customer lists, right?"},{"speaker":"Jonathan Cheung","startTime":658.709,"endTime":661.889,"body":"All different animal in terms of"},{"speaker":"Jonathan Cheung","startTime":658.709,"endTime":661.889,"body":"how to value intangible asset, but"},{"speaker":"Jonathan Cheung","startTime":662.249,"endTime":664.259,"body":"the fundamentals the same, right?"},{"speaker":"Jonathan Cheung","startTime":664.259,"endTime":668.969,"body":"So if I buy these assets, whether it's"},{"speaker":"Jonathan Cheung","startTime":664.259,"endTime":668.969,"body":"tangible or intangible, what is the"},{"speaker":"Jonathan Cheung","startTime":668.969,"endTime":671.069,"body":"projected cash flow I can earn from that?"},{"speaker":"Jonathan Cheung","startTime":671.449,"endTime":673.369,"body":"Some of, so that's one piece to it."},{"speaker":"Jonathan Cheung","startTime":674.029,"endTime":677.549,"body":"Other cost or the other kind of way"},{"speaker":"Jonathan Cheung","startTime":674.029,"endTime":677.549,"body":"to think about asset approach is"},{"speaker":"Jonathan Cheung","startTime":677.969,"endTime":679.589,"body":"what is the cost to replace that?"},{"speaker":"Jonathan Cheung","startTime":680.009,"endTime":684.199,"body":"So if I were to buy a"},{"speaker":"Jonathan Cheung","startTime":680.009,"endTime":684.199,"body":"secondhand, CNC machine, right?"},{"speaker":"Jonathan Cheung","startTime":684.199,"endTime":687.649,"body":"How much would that cost on the market"},{"speaker":"Jonathan Cheung","startTime":684.199,"endTime":687.649,"body":"today to factor in that revolution?"},{"speaker":"Jonathan Green","startTime":691.399,"endTime":695.749,"body":"So I live on a tropical"},{"speaker":"Jonathan Green","startTime":691.399,"endTime":695.749,"body":"island too, and I remember a business was,"},{"speaker":"Jonathan Green","startTime":695.779,"endTime":699.979,"body":"they were going outta business and they"},{"speaker":"Jonathan Green","startTime":695.779,"endTime":699.979,"body":"said they wanted a seven figure valuation"},{"speaker":"Jonathan Green","startTime":699.979,"endTime":703.009,"body":"and we're on a tropical island, and it"},{"speaker":"Jonathan Green","startTime":699.979,"endTime":703.009,"body":"was a bar that's next to a gas station."},{"speaker":"Jonathan Green","startTime":703.009,"endTime":703.819,"body":"It wasn't even on the beach."},{"speaker":"Jonathan Green","startTime":703.819,"endTime":704.239,"body":"I was like, what?"},{"speaker":"Jonathan Green","startTime":704.959,"endTime":707.389,"body":"And I remember they"},{"speaker":"Jonathan Green","startTime":704.959,"endTime":707.389,"body":"said, you get our brand."},{"speaker":"Jonathan Green","startTime":707.389,"endTime":707.639,"body":"And I was like."},{"speaker":"Jonathan Green","startTime":709.114,"endTime":710.794,"body":"Why do you think your"},{"speaker":"Jonathan Green","startTime":709.114,"endTime":710.794,"body":"brand is worth so much?"},{"speaker":"Jonathan Green","startTime":710.794,"endTime":711.844,"body":"You have a terrible location."},{"speaker":"Jonathan Green","startTime":711.844,"endTime":714.934,"body":"And I said to my wife, I said, I"},{"speaker":"Jonathan Green","startTime":711.844,"endTime":714.934,"body":"bet they're gonna be selling off"},{"speaker":"Jonathan Green","startTime":714.934,"endTime":716.224,"body":"the assets within a few months."},{"speaker":"Jonathan Green","startTime":716.224,"endTime":719.644,"body":"And they were like selling off the"},{"speaker":"Jonathan Green","startTime":716.224,"endTime":719.644,"body":"chairs and all the pieces, right?"},{"speaker":"Jonathan Green","startTime":719.644,"endTime":721.954,"body":"Because they massively overvalued."},{"speaker":"Jonathan Green","startTime":722.759,"endTime":725.279,"body":"Certain assets I think brand is"},{"speaker":"Jonathan Green","startTime":722.759,"endTime":725.279,"body":"one of the most common things."},{"speaker":"Jonathan Green","startTime":725.279,"endTime":728.579,"body":"People overvalue, they think they"},{"speaker":"Jonathan Green","startTime":725.279,"endTime":728.579,"body":"have a brand when they don't like"},{"speaker":"Jonathan Green","startTime":728.579,"endTime":729.899,"body":"Coca-Cola, McDonald's, they have a brand."},{"speaker":"Jonathan Green","startTime":729.899,"endTime":730.679,"body":"Everyone knows who they are."},{"speaker":"Jonathan Green","startTime":731.069,"endTime":734.099,"body":"You have to be, I feel like much"},{"speaker":"Jonathan Green","startTime":731.069,"endTime":734.099,"body":"larger than people think to have a"},{"speaker":"Jonathan Green","startTime":734.099,"endTime":735.839,"body":"brand and have brand recognition."},{"speaker":"Jonathan Green","startTime":736.319,"endTime":742.139,"body":"What are some of the other assets that"},{"speaker":"Jonathan Green","startTime":736.319,"endTime":742.139,"body":"people massively overvalue besides like"},{"speaker":"Jonathan Green","startTime":742.139,"endTime":746.099,"body":"their brand or their name that they think"},{"speaker":"Jonathan Green","startTime":742.139,"endTime":746.099,"body":"increases evaluation but actually doesn't?"},{"speaker":"Jonathan Cheung","startTime":746.229,"endTime":748.199,"body":"Yeah,"},{"speaker":"Jonathan Cheung","startTime":746.229,"endTime":748.199,"body":"that's a great point."},{"speaker":"Jonathan Cheung","startTime":749.359,"endTime":752.179,"body":"Patents, honestly is one key thing, right?"},{"speaker":"Jonathan Cheung","startTime":752.359,"endTime":758.069,"body":"It, it's the unfortunate truth where,"},{"speaker":"Jonathan Cheung","startTime":752.359,"endTime":758.069,"body":"patents generally are a great way to"},{"speaker":"Jonathan Cheung","startTime":758.069,"endTime":760.469,"body":"protect your revenue or cash flow, right?"},{"speaker":"Jonathan Cheung","startTime":760.469,"endTime":765.619,"body":"And we've seen so many startups"},{"speaker":"Jonathan Cheung","startTime":760.469,"endTime":765.619,"body":"then some of them are not really"},{"speaker":"Jonathan Cheung","startTime":765.619,"endTime":766.789,"body":"a quote unquote startup, right?"},{"speaker":"Jonathan Cheung","startTime":766.789,"endTime":768.529,"body":"They've been in business"},{"speaker":"Jonathan Cheung","startTime":766.789,"endTime":768.529,"body":"for decades, right?"},{"speaker":"Jonathan Cheung","startTime":768.529,"endTime":770.029,"body":"Smaller tech companies, right?"},{"speaker":"Jonathan Cheung","startTime":770.489,"endTime":774.539,"body":"Where they invest so"},{"speaker":"Jonathan Cheung","startTime":770.489,"endTime":774.539,"body":"significantly in protecting the"},{"speaker":"Jonathan Cheung","startTime":774.539,"endTime":776.279,"body":"panels that they have, right?"},{"speaker":"Jonathan Cheung","startTime":776.649,"endTime":779.999,"body":"But when it comes down to it,"},{"speaker":"Jonathan Cheung","startTime":776.649,"endTime":779.999,"body":"look if your revenue and your"},{"speaker":"Jonathan Cheung","startTime":779.999,"endTime":782.219,"body":"cashflow, it is what it is, right?"},{"speaker":"Jonathan Cheung","startTime":782.219,"endTime":787.229,"body":"And that really factors in most of what"},{"speaker":"Jonathan Cheung","startTime":782.219,"endTime":787.229,"body":"would give you your market rate, right?"},{"speaker":"Jonathan Cheung","startTime":787.709,"endTime":789.329,"body":"And patents help defend it, right?"},{"speaker":"Jonathan Cheung","startTime":789.329,"endTime":792.389,"body":"So we may be able to apply"},{"speaker":"Jonathan Cheung","startTime":789.329,"endTime":792.389,"body":"a higher multiple, right?"},{"speaker":"Jonathan Cheung","startTime":792.389,"endTime":796.259,"body":"To get you a significant, a meaningful,"},{"speaker":"Jonathan Cheung","startTime":792.389,"endTime":796.259,"body":"or a, some sort of higher valuation."},{"speaker":"Jonathan Cheung","startTime":796.259,"endTime":799.499,"body":"But it's not gonna be like, Hey"},{"speaker":"Jonathan Cheung","startTime":796.259,"endTime":799.499,"body":"your fundamentals suggest that"},{"speaker":"Jonathan Cheung","startTime":799.499,"endTime":800.494,"body":"your business is worth 2 million."},{"speaker":"Jonathan Cheung","startTime":801.254,"endTime":802.104,"body":"Hey, I have patents."},{"speaker":"Jonathan Cheung","startTime":802.124,"endTime":804.194,"body":"It doesn't make your"},{"speaker":"Jonathan Cheung","startTime":802.124,"endTime":804.194,"body":"business a 10 million, right?"},{"speaker":"Jonathan Cheung","startTime":804.434,"endTime":804.824,"body":"Maybe."},{"speaker":"Jonathan Cheung","startTime":804.824,"endTime":806.594,"body":"We'll we can argue for 2.5, right?"},{"speaker":"Jonathan Cheung","startTime":806.594,"endTime":808.644,"body":"Some sort of slightly a premium, right?"},{"speaker":"Jonathan Cheung","startTime":808.674,"endTime":810.354,"body":"So I think that's one thing."},{"speaker":"Jonathan Cheung","startTime":810.474,"endTime":813.794,"body":"And for, and I'm in"},{"speaker":"Jonathan Cheung","startTime":810.474,"endTime":813.794,"body":"Southern California now."},{"speaker":"Jonathan Cheung","startTime":813.794,"endTime":815.444,"body":"I spend most of my career"},{"speaker":"Jonathan Cheung","startTime":813.794,"endTime":815.444,"body":"in the Bay Area, right?"},{"speaker":"Jonathan Cheung","startTime":815.534,"endTime":817.214,"body":"So you definitely see a lot of startups."},{"speaker":"Jonathan Cheung","startTime":817.454,"endTime":821.759,"body":"I use a lot of their funding"},{"speaker":"Jonathan Cheung","startTime":817.454,"endTime":821.759,"body":"or their initial revenue on"},{"speaker":"Jonathan Cheung","startTime":821.849,"endTime":823.469,"body":"reinvesting more patents, right?"},{"speaker":"Jonathan Cheung","startTime":823.949,"endTime":828.024,"body":"But the truth is, look if a larger"},{"speaker":"Jonathan Cheung","startTime":823.949,"endTime":828.024,"body":"player and especially in software, right?"},{"speaker":"Jonathan Cheung","startTime":828.024,"endTime":832.504,"body":"Software is so hard to prove that you're"},{"speaker":"Jonathan Cheung","startTime":828.024,"endTime":832.504,"body":"infringing on someone's, patent, right?"},{"speaker":"Jonathan Cheung","startTime":832.554,"endTime":835.584,"body":"Of all are as the smaller company, right?"},{"speaker":"Jonathan Cheung","startTime":835.584,"endTime":841.404,"body":"Are you actually able to see, hey"},{"speaker":"Jonathan Cheung","startTime":835.584,"endTime":841.404,"body":"what is an Adobe or a Cisco, right?"},{"speaker":"Jonathan Cheung","startTime":841.404,"endTime":843.594,"body":"Where an Apple is using"},{"speaker":"Jonathan Cheung","startTime":841.404,"endTime":843.594,"body":"your product, right?"},{"speaker":"Jonathan Cheung","startTime":843.594,"endTime":846.994,"body":"So you have to be the end"},{"speaker":"Jonathan Cheung","startTime":843.594,"endTime":846.994,"body":"user first to and enterprise"},{"speaker":"Jonathan Cheung","startTime":846.994,"endTime":848.194,"body":"software is even harder, right?"},{"speaker":"Jonathan Cheung","startTime":848.354,"endTime":850.574,"body":"There's so many kind of"},{"speaker":"Jonathan Cheung","startTime":848.354,"endTime":850.574,"body":"players out there, right?"},{"speaker":"Jonathan Cheung","startTime":850.664,"endTime":852.944,"body":"Salesforce, it's in so many"},{"speaker":"Jonathan Cheung","startTime":850.664,"endTime":852.944,"body":"different industries too."},{"speaker":"Jonathan Cheung","startTime":852.944,"endTime":857.234,"body":"So to be able to, find that there"},{"speaker":"Jonathan Cheung","startTime":852.944,"endTime":857.234,"body":"could be some infringement is a thing."},{"speaker":"Jonathan Cheung","startTime":857.834,"endTime":859.354,"body":"Proving It is another, right?"},{"speaker":"Jonathan Cheung","startTime":859.604,"endTime":863.474,"body":"How do you actually prove, like"},{"speaker":"Jonathan Cheung","startTime":859.604,"endTime":863.474,"body":"this way is the only way to get"},{"speaker":"Jonathan Cheung","startTime":863.474,"endTime":865.484,"body":"this function to be done, right?"},{"speaker":"Jonathan Cheung","startTime":865.874,"endTime":869.859,"body":"And then the last piece is even if"},{"speaker":"Jonathan Cheung","startTime":865.874,"endTime":869.859,"body":"have a good case for it, are you"},{"speaker":"Jonathan Cheung","startTime":869.859,"endTime":871.474,"body":"actually gonna win a legal battle?"},{"speaker":"Jonathan Cheung","startTime":871.834,"endTime":876.214,"body":"So that, that's where I think, patents"},{"speaker":"Jonathan Cheung","startTime":871.834,"endTime":876.214,"body":"are great, especially if you're actually"},{"speaker":"Jonathan Cheung","startTime":876.214,"endTime":878.254,"body":"making decent sized revenue, right?"},{"speaker":"Jonathan Cheung","startTime":878.544,"endTime":882.174,"body":"We could, we can have some play there in"},{"speaker":"Jonathan Cheung","startTime":878.544,"endTime":882.174,"body":"terms of, arguing for higher valuation,"},{"speaker":"Jonathan Cheung","startTime":882.174,"endTime":886.044,"body":"looking for strategic buyers and whatnot"},{"speaker":"Jonathan Cheung","startTime":882.174,"endTime":886.044,"body":"to get you a pretty premium price."},{"speaker":"Jonathan Cheung","startTime":886.374,"endTime":890.764,"body":"But if you're not that profitable"},{"speaker":"Jonathan Cheung","startTime":886.374,"endTime":890.764,"body":"you know having two or three"},{"speaker":"Jonathan Cheung","startTime":890.784,"endTime":892.284,"body":"patents is not been right."},{"speaker":"Jonathan Cheung","startTime":892.374,"endTime":897.164,"body":"And as Jonathan, honestly, if you're"},{"speaker":"Jonathan Cheung","startTime":892.374,"endTime":897.164,"body":"really getting to a larger addressable"},{"speaker":"Jonathan Cheung","startTime":897.164,"endTime":899.324,"body":"market, you need dozens of patents."},{"speaker":"Jonathan Cheung","startTime":899.534,"endTime":902.264,"body":"You need a patent in every"},{"speaker":"Jonathan Cheung","startTime":899.534,"endTime":902.264,"body":"potential way, right?"},{"speaker":"Jonathan Cheung","startTime":902.264,"endTime":903.494,"body":"To be able to defend that."},{"speaker":"Jonathan Green","startTime":903.544,"endTime":906.694,"body":"Yeah, I've been watching"},{"speaker":"Jonathan Green","startTime":903.544,"endTime":906.694,"body":"this big lawsuit out of Japan now"},{"speaker":"Jonathan Green","startTime":906.844,"endTime":910.534,"body":"where Pokemon is trying to sue another"},{"speaker":"Jonathan Green","startTime":906.844,"endTime":910.534,"body":"video game because they say, oh, you"},{"speaker":"Jonathan Green","startTime":910.534,"endTime":912.724,"body":"can't have animals that fight for you."},{"speaker":"Jonathan Green","startTime":912.724,"endTime":913.414,"body":"We own that."},{"speaker":"Jonathan Green","startTime":913.414,"endTime":917.284,"body":"And they just lost the lawsuit in"},{"speaker":"Jonathan Green","startTime":913.414,"endTime":917.284,"body":"Japan, they lost the first patent"},{"speaker":"Jonathan Green","startTime":917.284,"endTime":920.764,"body":"thing because they weren't the first"},{"speaker":"Jonathan Green","startTime":917.284,"endTime":920.764,"body":"game that ever, they didn't invent"},{"speaker":"Jonathan Green","startTime":920.764,"endTime":922.234,"body":"that It already existed before them."},{"speaker":"Jonathan Green","startTime":922.234,"endTime":924.309,"body":"And then in America, they just said."},{"speaker":"Jonathan Green","startTime":925.189,"endTime":927.649,"body":"Hey, let's review all of"},{"speaker":"Jonathan Green","startTime":925.189,"endTime":927.649,"body":"Nintendos and Pokemon's patents."},{"speaker":"Jonathan Green","startTime":927.889,"endTime":931.039,"body":"So now they might actually, they"},{"speaker":"Jonathan Green","startTime":927.889,"endTime":931.039,"body":"might backfire to where they thought"},{"speaker":"Jonathan Green","startTime":931.039,"endTime":933.559,"body":"it was their defense and now we"},{"speaker":"Jonathan Green","startTime":931.039,"endTime":933.559,"body":"might just take your patents away."},{"speaker":"Jonathan Green","startTime":933.949,"endTime":938.929,"body":"And they're looking at all of their"},{"speaker":"Jonathan Green","startTime":933.949,"endTime":938.929,"body":"patents and I think we forget, lawsuits"},{"speaker":"Jonathan Green","startTime":938.989,"endTime":940.819,"body":"take a long time, cost a lot of money."},{"speaker":"Jonathan Green","startTime":940.849,"endTime":944.059,"body":"And there are big turnoff for investors."},{"speaker":"Jonathan Green","startTime":944.239,"endTime":947.149,"body":"Like when someone says, oh,"},{"speaker":"Jonathan Green","startTime":944.239,"endTime":947.149,"body":"we're suing a bunch of people."},{"speaker":"Jonathan Green","startTime":947.209,"endTime":949.069,"body":"Most people don't wanna"},{"speaker":"Jonathan Green","startTime":947.209,"endTime":949.069,"body":"be part of a lawsuit."},{"speaker":"Jonathan Green","startTime":949.459,"endTime":954.199,"body":"Like it's not something that's exciting"},{"speaker":"Jonathan Green","startTime":949.459,"endTime":954.199,"body":"because all you have to do is have"},{"speaker":"Jonathan Green","startTime":954.199,"endTime":958.669,"body":"an unlucky jury or something can go"},{"speaker":"Jonathan Green","startTime":954.199,"endTime":958.669,"body":"wrong, and suddenly they're talking"},{"speaker":"Jonathan Green","startTime":958.669,"endTime":961.069,"body":"about piercing the veil and going"},{"speaker":"Jonathan Green","startTime":958.669,"endTime":961.069,"body":"after the investors, and it's I don't"},{"speaker":"Jonathan Green","startTime":961.069,"endTime":962.689,"body":"want to, I don't like that talk."},{"speaker":"Jonathan Green","startTime":962.689,"endTime":963.769,"body":"Like I don't want to hear that."},{"speaker":"Jonathan Green","startTime":963.819,"endTime":967.719,"body":"I think that's really good to bring"},{"speaker":"Jonathan Green","startTime":963.819,"endTime":967.719,"body":"up because I think people think"},{"speaker":"Jonathan Green","startTime":967.959,"endTime":969.669,"body":"a patent is like this magic card."},{"speaker":"Jonathan Green","startTime":969.669,"endTime":971.409,"body":"That means no one can touch me."},{"speaker":"Jonathan Green","startTime":971.409,"endTime":974.889,"body":"But I've worked with people who've"},{"speaker":"Jonathan Green","startTime":971.409,"endTime":974.889,"body":"been through like decades of patent"},{"speaker":"Jonathan Green","startTime":974.889,"endTime":978.429,"body":"infringement, lawsuits, and it can"},{"speaker":"Jonathan Green","startTime":974.889,"endTime":978.429,"body":"take, and if you're lucky, you recover"},{"speaker":"Jonathan Green","startTime":978.429,"endTime":981.669,"body":"some of it after all of your fees and"},{"speaker":"Jonathan Green","startTime":978.429,"endTime":981.669,"body":"costs and the stress and there's, and"},{"speaker":"Jonathan Green","startTime":981.669,"endTime":985.449,"body":"you can't, it's very hard to run your"},{"speaker":"Jonathan Green","startTime":981.669,"endTime":985.449,"body":"business and be part of a major lawsuit,"},{"speaker":"Jonathan Green","startTime":985.449,"endTime":986.679,"body":"especially if you're a smaller company."},{"speaker":"Jonathan Green","startTime":986.829,"endTime":991.914,"body":"I think that's really interesting because"},{"speaker":"Jonathan Green","startTime":986.829,"endTime":991.914,"body":"a lot of companies this other thing I see"},{"speaker":"Jonathan Green","startTime":991.914,"endTime":996.894,"body":"is where people don't have a really strong"},{"speaker":"Jonathan Green","startTime":991.914,"endTime":996.894,"body":"definition of who their customer base is."},{"speaker":"Jonathan Green","startTime":996.894,"endTime":1000.364,"body":"And so they'll say things like if 10%"},{"speaker":"Jonathan Green","startTime":996.894,"endTime":1000.364,"body":"of everyone in China buys my product,"},{"speaker":"Jonathan Green","startTime":1000.604,"endTime":1002.664,"body":"and it's yeah, that, that's any product."},{"speaker":"Jonathan Green","startTime":1002.664,"endTime":1006.174,"body":"Like they think that the market"},{"speaker":"Jonathan Green","startTime":1002.664,"endTime":1006.174,"body":"valuation when you're looking at"},{"speaker":"Jonathan Green","startTime":1006.174,"endTime":1008.969,"body":"addressable market is everyone and."},{"speaker":"Jonathan Green","startTime":1009.674,"endTime":1012.074,"body":"I see this happen in other areas."},{"speaker":"Jonathan Green","startTime":1012.074,"endTime":1014.954,"body":"It's very common in social media"},{"speaker":"Jonathan Green","startTime":1012.074,"endTime":1014.954,"body":"where people use terms like reach"},{"speaker":"Jonathan Green","startTime":1015.224,"endTime":1016.304,"body":"and I'm like, what does reach mean?"},{"speaker":"Jonathan Green","startTime":1016.304,"endTime":1018.104,"body":"Like how many people could"},{"speaker":"Jonathan Green","startTime":1016.304,"endTime":1018.104,"body":"have seen your posts?"},{"speaker":"Jonathan Green","startTime":1018.104,"endTime":1018.584,"body":"I'm like, what?"},{"speaker":"Jonathan Green","startTime":1019.004,"endTime":1022.694,"body":"But how many people did See, it seems"},{"speaker":"Jonathan Green","startTime":1019.004,"endTime":1022.694,"body":"way more important, and I see this"},{"speaker":"Jonathan Green","startTime":1022.694,"endTime":1026.294,"body":"with a lot of startups where they're"},{"speaker":"Jonathan Green","startTime":1022.694,"endTime":1026.294,"body":"trying to make it seem like they"},{"speaker":"Jonathan Green","startTime":1026.294,"endTime":1029.624,"body":"have more users than they have and"},{"speaker":"Jonathan Green","startTime":1026.294,"endTime":1029.624,"body":"they'll say, oh, we have users, or,"},{"speaker":"Jonathan Green","startTime":1030.044,"endTime":1033.954,"body":"certain companies, do monthly active"},{"speaker":"Jonathan Green","startTime":1030.044,"endTime":1033.954,"body":"users instead of daily active users."},{"speaker":"Jonathan Green","startTime":1033.954,"endTime":1035.004,"body":"And then like I know, right?"},{"speaker":"Jonathan Green","startTime":1035.064,"endTime":1037.344,"body":"As soon as they say that, you know"},{"speaker":"Jonathan Green","startTime":1035.064,"endTime":1037.344,"body":"they're doing something that's right."},{"speaker":"Jonathan Green","startTime":1037.344,"endTime":1039.354,"body":"It's oh, you're counting a"},{"speaker":"Jonathan Green","startTime":1037.344,"endTime":1039.354,"body":"different number than everyone else."},{"speaker":"Jonathan Green","startTime":1039.354,"endTime":1041.004,"body":"Or you're doing non-standard accounting."},{"speaker":"Jonathan Green","startTime":1041.104,"endTime":1044.134,"body":"When you're looking at a company"},{"speaker":"Jonathan Green","startTime":1041.104,"endTime":1044.134,"body":"and evaluation, what are some of"},{"speaker":"Jonathan Green","startTime":1044.134,"endTime":1048.424,"body":"the practices that make you want,"},{"speaker":"Jonathan Green","startTime":1044.134,"endTime":1048.424,"body":"you go, I don't wanna be a part"},{"speaker":"Jonathan Green","startTime":1048.424,"endTime":1049.834,"body":"of this, or This makes me nervous."},{"speaker":"Jonathan Green","startTime":1049.834,"endTime":1054.184,"body":"If it's strange accounting, or if"},{"speaker":"Jonathan Green","startTime":1049.834,"endTime":1054.184,"body":"it's how they count their users."},{"speaker":"Jonathan Green","startTime":1054.184,"endTime":1057.304,"body":"What are some of the other things"},{"speaker":"Jonathan Green","startTime":1054.184,"endTime":1057.304,"body":"that you've seen companies do that"},{"speaker":"Jonathan Green","startTime":1057.304,"endTime":1059.704,"body":"make it much harder for them to sell?"},{"speaker":"Jonathan Cheung","startTime":1059.704,"endTime":1061.049,"body":"Yeah, absolutely."},{"speaker":"Jonathan Cheung","startTime":1062.239,"endTime":1066.049,"body":"I'll definitely talk about some kind"},{"speaker":"Jonathan Cheung","startTime":1062.239,"endTime":1066.049,"body":"of what we call red flags, right?"},{"speaker":"Jonathan Cheung","startTime":1066.049,"endTime":1067.309,"body":"Or risk factors, right?"},{"speaker":"Jonathan Cheung","startTime":1067.309,"endTime":1070.739,"body":"And when you think about the valuation"},{"speaker":"Jonathan Cheung","startTime":1067.309,"endTime":1070.739,"body":"of business, it's really the lower"},{"speaker":"Jonathan Cheung","startTime":1070.739,"endTime":1073.079,"body":"the risk, the higher the value, right?"},{"speaker":"Jonathan Cheung","startTime":1073.079,"endTime":1076.559,"body":"So I would say these are, I'll"},{"speaker":"Jonathan Cheung","startTime":1073.079,"endTime":1076.559,"body":"just call it risk factors, right?"},{"speaker":"Jonathan Cheung","startTime":1076.629,"endTime":1078.609,"body":"I. Solvable problems."},{"speaker":"Jonathan Cheung","startTime":1078.679,"endTime":1082.249,"body":"And we actually have a, another practice"},{"speaker":"Jonathan Cheung","startTime":1078.679,"endTime":1082.249,"body":"called Exit Factor that helps business"},{"speaker":"Jonathan Cheung","startTime":1082.249,"endTime":1083.749,"body":"owners get ready to solve, right?"},{"speaker":"Jonathan Cheung","startTime":1083.749,"endTime":1086.749,"body":"And we work with a lot of partners"},{"speaker":"Jonathan Cheung","startTime":1083.749,"endTime":1086.749,"body":"that, for example, one Risks."},{"speaker":"Jonathan Cheung","startTime":1086.749,"endTime":1090.099,"body":"And in the head, Jonathan, which it's,"},{"speaker":"Jonathan Cheung","startTime":1086.749,"endTime":1090.099,"body":"books that could be cleaner, right?"},{"speaker":"Jonathan Cheung","startTime":1090.339,"endTime":1092.559,"body":"And especially for the smaller"},{"speaker":"Jonathan Cheung","startTime":1090.339,"endTime":1092.559,"body":"size businesses, right?"},{"speaker":"Jonathan Cheung","startTime":1092.559,"endTime":1095.399,"body":"Family ran, some of it"},{"speaker":"Jonathan Cheung","startTime":1092.559,"endTime":1095.399,"body":"is cash income, right?"},{"speaker":"Jonathan Cheung","startTime":1096.179,"endTime":1100.109,"body":"How do we let a third party believe"},{"speaker":"Jonathan Cheung","startTime":1096.179,"endTime":1100.109,"body":"in the numbers that are presented?"},{"speaker":"Jonathan Cheung","startTime":1100.329,"endTime":1104.259,"body":"So there's times we do work with"},{"speaker":"Jonathan Cheung","startTime":1100.329,"endTime":1104.259,"body":"book bookkeeping companies that"},{"speaker":"Jonathan Cheung","startTime":1104.259,"endTime":1105.879,"body":"specialize in cleaning up books."},{"speaker":"Jonathan Cheung","startTime":1106.289,"endTime":1109.349,"body":"For larger deals it could be a"},{"speaker":"Jonathan Cheung","startTime":1106.289,"endTime":1109.349,"body":"quality of earning report, right?"},{"speaker":"Jonathan Cheung","startTime":1109.559,"endTime":1113.069,"body":"Or third party to come in,"},{"speaker":"Jonathan Cheung","startTime":1109.559,"endTime":1113.069,"body":"usually x big four CPAs, right?"},{"speaker":"Jonathan Cheung","startTime":1113.069,"endTime":1113.964,"body":"To come in and really."},{"speaker":"Jonathan Cheung","startTime":1114.554,"endTime":1118.064,"body":"Have a third party stamp on, on what's"},{"speaker":"Jonathan Cheung","startTime":1114.554,"endTime":1118.064,"body":"presented from a numbers perspective."},{"speaker":"Jonathan Cheung","startTime":1118.214,"endTime":1123.924,"body":"But I think the, the other big thing"},{"speaker":"Jonathan Cheung","startTime":1118.214,"endTime":1123.924,"body":"is if the owner is the business, right?"},{"speaker":"Jonathan Cheung","startTime":1123.954,"endTime":1128.274,"body":"I think a good test is, hey, business"},{"speaker":"Jonathan Cheung","startTime":1123.954,"endTime":1128.274,"body":"owner, can you go on vacation for"},{"speaker":"Jonathan Cheung","startTime":1128.274,"endTime":1132.314,"body":"three weeks and the business is not"},{"speaker":"Jonathan Cheung","startTime":1128.274,"endTime":1132.314,"body":"gonna, it's still gonna run, right?"},{"speaker":"Jonathan Cheung","startTime":1132.364,"endTime":1133.774,"body":"I think that's a key test, right?"},{"speaker":"Jonathan Cheung","startTime":1133.804,"endTime":1137.984,"body":"A lot of times, surprisingly, even"},{"speaker":"Jonathan Cheung","startTime":1133.804,"endTime":1137.984,"body":"for more sizable businesses with,"},{"speaker":"Jonathan Cheung","startTime":1138.294,"endTime":1141.824,"body":"meaningful amount of revenue and"},{"speaker":"Jonathan Cheung","startTime":1138.294,"endTime":1141.824,"body":"employees, the business the owner"},{"speaker":"Jonathan Cheung","startTime":1141.824,"endTime":1144.524,"body":"is still honestly too active, right?"},{"speaker":"Jonathan Cheung","startTime":1144.524,"endTime":1147.464,"body":"So that's one of our suggestions"},{"speaker":"Jonathan Cheung","startTime":1144.524,"endTime":1147.464,"body":"from the exit plan side, right?"},{"speaker":"Jonathan Cheung","startTime":1147.469,"endTime":1147.739,"body":"Okay."},{"speaker":"Jonathan Cheung","startTime":1148.364,"endTime":1151.064,"body":"You need to have a little"},{"speaker":"Jonathan Cheung","startTime":1148.364,"endTime":1151.064,"body":"bit more redundancy."},{"speaker":"Jonathan Cheung","startTime":1151.064,"endTime":1154.724,"body":"You need to offload, you need to have,"},{"speaker":"Jonathan Cheung","startTime":1151.064,"endTime":1154.724,"body":"going back to the first topic we talked"},{"speaker":"Jonathan Cheung","startTime":1154.724,"endTime":1158.054,"body":"about, having documented processes, right?"},{"speaker":"Jonathan Cheung","startTime":1158.054,"endTime":1160.009,"body":"So that other people can recover, right?"},{"speaker":"Jonathan Cheung","startTime":1160.054,"endTime":1161.014,"body":"When you're on vacation."},{"speaker":"Jonathan Cheung","startTime":1161.644,"endTime":1164.674,"body":"Other aspects are high"},{"speaker":"Jonathan Cheung","startTime":1161.644,"endTime":1164.674,"body":"customer concentration, right?"},{"speaker":"Jonathan Cheung","startTime":1165.959,"endTime":1168.424,"body":"If you have, 20 clients."},{"speaker":"Jonathan Cheung","startTime":1169.264,"endTime":1173.644,"body":"Your top client is 90% of your"},{"speaker":"Jonathan Cheung","startTime":1169.264,"endTime":1173.644,"body":"revenue giving streams here."},{"speaker":"Jonathan Cheung","startTime":1173.694,"endTime":1175.434,"body":"But that's a huge risk factor, right?"},{"speaker":"Jonathan Cheung","startTime":1175.954,"endTime":1177.454,"body":"Supplier risk, right?"},{"speaker":"Jonathan Cheung","startTime":1177.454,"endTime":1180.994,"body":"If, one of your suppliers bought"},{"speaker":"Jonathan Cheung","startTime":1177.454,"endTime":1180.994,"body":"a business tomorrow, right?"},{"speaker":"Jonathan Cheung","startTime":1181.054,"endTime":1183.484,"body":"You can't be able to"},{"speaker":"Jonathan Cheung","startTime":1181.054,"endTime":1183.484,"body":"provide inventory, right?"},{"speaker":"Jonathan Cheung","startTime":1183.484,"endTime":1185.344,"body":"Those are some of the kind of basic ones."},{"speaker":"Jonathan Cheung","startTime":1185.884,"endTime":1191.569,"body":"I would say where we come in as brokers"},{"speaker":"Jonathan Cheung","startTime":1185.884,"endTime":1191.569,"body":"and exit consultants is try to no one,"},{"speaker":"Jonathan Cheung","startTime":1191.569,"endTime":1196.019,"body":"actually help the client take steps"},{"speaker":"Jonathan Cheung","startTime":1191.569,"endTime":1196.019,"body":"to mitigate those risks or really"},{"speaker":"Jonathan Cheung","startTime":1196.019,"endTime":1198.119,"body":"evaluate if it really is a risk, right?"},{"speaker":"Jonathan Cheung","startTime":1198.119,"endTime":1201.229,"body":"We represent quite a few"},{"speaker":"Jonathan Cheung","startTime":1198.119,"endTime":1201.229,"body":"CN CM team stocks, right?"},{"speaker":"Jonathan Cheung","startTime":1201.229,"endTime":1204.119,"body":"And a lot of them"},{"speaker":"Jonathan Cheung","startTime":1201.229,"endTime":1204.119,"body":"meaningful revenue, right?"},{"speaker":"Jonathan Cheung","startTime":1204.119,"endTime":1207.449,"body":"Anywhere from, call it two"},{"speaker":"Jonathan Cheung","startTime":1204.119,"endTime":1207.449,"body":"to $20 million revenue."},{"speaker":"Jonathan Cheung","startTime":1208.059,"endTime":1210.159,"body":"But sometimes they only have"},{"speaker":"Jonathan Cheung","startTime":1208.059,"endTime":1210.159,"body":"a handful of clients, right?"},{"speaker":"Jonathan Cheung","startTime":1210.159,"endTime":1213.294,"body":"Because their client"},{"speaker":"Jonathan Cheung","startTime":1210.159,"endTime":1213.294,"body":"could be boeing, right?"},{"speaker":"Jonathan Cheung","startTime":1213.444,"endTime":1217.884,"body":"And but hey, is it really that"},{"speaker":"Jonathan Cheung","startTime":1213.444,"endTime":1217.884,"body":"big of a risk if Boeing has bought"},{"speaker":"Jonathan Cheung","startTime":1217.884,"endTime":1219.144,"body":"from them for 20 years straight?"},{"speaker":"Jonathan Cheung","startTime":1219.714,"endTime":1222.829,"body":"So then we think about other"},{"speaker":"Jonathan Cheung","startTime":1219.714,"endTime":1222.829,"body":"ways to evaluate it, how"},{"speaker":"Jonathan Cheung","startTime":1222.829,"endTime":1224.749,"body":"really big the risk is, right?"},{"speaker":"Jonathan Cheung","startTime":1224.749,"endTime":1229.159,"body":"So how many different products"},{"speaker":"Jonathan Cheung","startTime":1224.749,"endTime":1229.159,"body":"is Boeing buying from?"},{"speaker":"Jonathan Cheung","startTime":1230.329,"endTime":1232.549,"body":"Okay, they're buying 50 products, right?"},{"speaker":"Jonathan Cheung","startTime":1232.669,"endTime":1235.909,"body":"So within the 50 products, how"},{"speaker":"Jonathan Cheung","startTime":1232.669,"endTime":1235.909,"body":"many years have they bought, right?"},{"speaker":"Jonathan Cheung","startTime":1235.909,"endTime":1238.149,"body":"What's the volume,"},{"speaker":"Jonathan Cheung","startTime":1235.909,"endTime":1238.149,"body":"what's the change right?"},{"speaker":"Jonathan Cheung","startTime":1238.149,"endTime":1239.674,"body":"In emergency patterns, right?"},{"speaker":"Jonathan Cheung","startTime":1239.714,"endTime":1243.744,"body":"But yeah, all in all, I think, the and"},{"speaker":"Jonathan Cheung","startTime":1239.714,"endTime":1243.744,"body":"this is where, talking back to ai, right?"},{"speaker":"Jonathan Cheung","startTime":1243.744,"endTime":1245.604,"body":"I think with some of these risks, right?"},{"speaker":"Jonathan Cheung","startTime":1245.634,"endTime":1247.224,"body":"AI can help a lot, right?"},{"speaker":"Jonathan Cheung","startTime":1247.224,"endTime":1249.754,"body":"Where what would the owner respond?"},{"speaker":"Jonathan Cheung","startTime":1250.669,"endTime":1253.999,"body":"Having AI be able to respond to"},{"speaker":"Jonathan Cheung","startTime":1250.669,"endTime":1253.999,"body":"their employees the way that kind"},{"speaker":"Jonathan Cheung","startTime":1253.999,"endTime":1258.569,"body":"of, the knowledge documentation"},{"speaker":"Jonathan Cheung","startTime":1253.999,"endTime":1258.569,"body":"inventory control, things like that."},{"speaker":"Jonathan Cheung","startTime":1258.569,"endTime":1262.559,"body":"I feel like all of that just helps with"},{"speaker":"Jonathan Cheung","startTime":1258.569,"endTime":1262.559,"body":"mitigating some of the risk factors."},{"speaker":"Jonathan Green","startTime":1266.909,"endTime":1269.879,"body":"My experience"},{"speaker":"Jonathan Green","startTime":1266.909,"endTime":1269.879,"body":"has been that a lot of people"},{"speaker":"Jonathan Green","startTime":1269.879,"endTime":1271.109,"body":"just look at the upside."},{"speaker":"Jonathan Green","startTime":1271.109,"endTime":1273.059,"body":"So when they're thinking about"},{"speaker":"Jonathan Green","startTime":1271.109,"endTime":1273.059,"body":"what my business is worth, they"},{"speaker":"Jonathan Green","startTime":1273.059,"endTime":1278.069,"body":"just look at the possibility and"},{"speaker":"Jonathan Green","startTime":1273.059,"endTime":1278.069,"body":"it's always, oh, this is a client."},{"speaker":"Jonathan Green","startTime":1278.249,"endTime":1280.349,"body":"Oh, have you talked like, and"},{"speaker":"Jonathan Green","startTime":1278.249,"endTime":1280.349,"body":"I've seen this before where I'm"},{"speaker":"Jonathan Green","startTime":1280.349,"endTime":1281.579,"body":"like, oh, have you talked to them?"},{"speaker":"Jonathan Green","startTime":1281.754,"endTime":1283.949,"body":"And they go, oh yeah, we're"},{"speaker":"Jonathan Green","startTime":1281.754,"endTime":1283.949,"body":"about to close the deal."},{"speaker":"Jonathan Green","startTime":1284.539,"endTime":1286.609,"body":"Nowadays because we"},{"speaker":"Jonathan Green","startTime":1284.539,"endTime":1286.609,"body":"record every phone call."},{"speaker":"Jonathan Green","startTime":1286.609,"endTime":1288.109,"body":"I go, great, let me see the transcript."},{"speaker":"Jonathan Green","startTime":1288.409,"endTime":1290.689,"body":"And I look at the transcript, I'm"},{"speaker":"Jonathan Green","startTime":1288.409,"endTime":1290.689,"body":"like, this person's not interested."},{"speaker":"Jonathan Green","startTime":1290.779,"endTime":1294.679,"body":"And it reminds me of like when I was"},{"speaker":"Jonathan Green","startTime":1290.779,"endTime":1294.679,"body":"in high school and how I would assess a"},{"speaker":"Jonathan Green","startTime":1294.679,"endTime":1297.739,"body":"conversation with a lady versus anyone"},{"speaker":"Jonathan Green","startTime":1294.679,"endTime":1297.739,"body":"else going, oh, she does not like him."},{"speaker":"Jonathan Green","startTime":1297.739,"endTime":1298.339,"body":"It's going bad."},{"speaker":"Jonathan Green","startTime":1298.339,"endTime":1299.239,"body":"And I'm like, I think it went great."},{"speaker":"Jonathan Green","startTime":1299.239,"endTime":1300.289,"body":"And no, it went barely bad."},{"speaker":"Jonathan Green","startTime":1300.949,"endTime":1304.099,"body":"You can't self-assess because you"},{"speaker":"Jonathan Green","startTime":1300.949,"endTime":1304.099,"body":"have these rose colored glasses."},{"speaker":"Jonathan Green","startTime":1304.579,"endTime":1308.929,"body":"And I love that you brought up risk,"},{"speaker":"Jonathan Green","startTime":1304.579,"endTime":1308.929,"body":"because I often have to explain to"},{"speaker":"Jonathan Green","startTime":1308.929,"endTime":1311.569,"body":"people that risk management is a"},{"speaker":"Jonathan Green","startTime":1308.929,"endTime":1311.569,"body":"huge part of how I run my business."},{"speaker":"Jonathan Green","startTime":1311.569,"endTime":1314.274,"body":"That every time there's a"},{"speaker":"Jonathan Green","startTime":1311.569,"endTime":1314.274,"body":"project I look at am I gonna"},{"speaker":"Jonathan Green","startTime":1314.274,"endTime":1316.194,"body":"get paid upfront or long term?"},{"speaker":"Jonathan Green","startTime":1316.194,"endTime":1319.314,"body":"If it's something I'm getting paid on"},{"speaker":"Jonathan Green","startTime":1316.194,"endTime":1319.314,"body":"the backend, that's high risk because."},{"speaker":"Jonathan Green","startTime":1320.084,"endTime":1322.724,"body":"The other person could drop"},{"speaker":"Jonathan Green","startTime":1320.084,"endTime":1322.724,"body":"out or something could happen."},{"speaker":"Jonathan Green","startTime":1322.724,"endTime":1325.694,"body":"So the more of that, I'm"},{"speaker":"Jonathan Green","startTime":1322.724,"endTime":1325.694,"body":"always managing that and or a"},{"speaker":"Jonathan Green","startTime":1325.694,"endTime":1327.164,"body":"slow money versus fast money."},{"speaker":"Jonathan Green","startTime":1327.164,"endTime":1330.704,"body":"And I see this in real estate where"},{"speaker":"Jonathan Green","startTime":1327.164,"endTime":1330.704,"body":"most people that get destroyed in"},{"speaker":"Jonathan Green","startTime":1330.704,"endTime":1333.494,"body":"real estate, they didn't look at the"},{"speaker":"Jonathan Green","startTime":1330.704,"endTime":1333.494,"body":"downside and they go after a deal,"},{"speaker":"Jonathan Green","startTime":1333.494,"endTime":1337.569,"body":"they get emotionally invested and"},{"speaker":"Jonathan Green","startTime":1333.494,"endTime":1337.569,"body":"it's if it goes bad, it's devastating."},{"speaker":"Jonathan Green","startTime":1337.569,"endTime":1340.539,"body":"And like the people that succeed"},{"speaker":"Jonathan Green","startTime":1337.569,"endTime":1340.539,"body":"are the people who manage that."},{"speaker":"Jonathan Green","startTime":1340.899,"endTime":1344.049,"body":"They look at the downside first"},{"speaker":"Jonathan Green","startTime":1340.899,"endTime":1344.049,"body":"and go, I don't care if this"},{"speaker":"Jonathan Green","startTime":1344.049,"endTime":1344.889,"body":"deal could change my life."},{"speaker":"Jonathan Green","startTime":1344.889,"endTime":1345.849,"body":"It could also ruin it."},{"speaker":"Jonathan Green","startTime":1345.849,"endTime":1351.129,"body":"I don't wanna play like this dangerous"},{"speaker":"Jonathan Green","startTime":1345.849,"endTime":1351.129,"body":"game all in every time I do a deal."},{"speaker":"Jonathan Green","startTime":1351.429,"endTime":1355.219,"body":"A lot of business owners, there's, they"},{"speaker":"Jonathan Green","startTime":1351.429,"endTime":1355.219,"body":"look at all the good things and they"},{"speaker":"Jonathan Green","startTime":1355.219,"endTime":1357.789,"body":"don't look at the risk and they don't"},{"speaker":"Jonathan Green","startTime":1355.219,"endTime":1357.789,"body":"think about one of the things that"},{"speaker":"Jonathan Green","startTime":1357.789,"endTime":1361.669,"body":"really interested me, and I talked to"},{"speaker":"Jonathan Green","startTime":1357.789,"endTime":1361.669,"body":"someone who helps to sell podcasts."},{"speaker":"Jonathan Green","startTime":1361.669,"endTime":1365.119,"body":"I was like how could you"},{"speaker":"Jonathan Green","startTime":1361.669,"endTime":1365.119,"body":"possibly sell my podcast?"},{"speaker":"Jonathan Green","startTime":1365.119,"endTime":1366.379,"body":"And he is, and they explained it to me."},{"speaker":"Jonathan Green","startTime":1366.379,"endTime":1367.039,"body":"It was very fascinating."},{"speaker":"Jonathan Green","startTime":1367.039,"endTime":1370.939,"body":"He goes, what you do is you bring in a"},{"speaker":"Jonathan Green","startTime":1367.039,"endTime":1370.939,"body":"cohost slowly and then you start taking"},{"speaker":"Jonathan Green","startTime":1370.939,"endTime":1372.919,"body":"sick days and slowly transitioning out."},{"speaker":"Jonathan Green","startTime":1372.919,"endTime":1375.739,"body":"He's it takes one to two"},{"speaker":"Jonathan Green","startTime":1372.919,"endTime":1375.739,"body":"years to change hosts."},{"speaker":"Jonathan Green","startTime":1376.069,"endTime":1379.479,"body":"And my kids watch this show"},{"speaker":"Jonathan Green","startTime":1376.069,"endTime":1379.479,"body":"blippy, and there's two blippies."},{"speaker":"Jonathan Green","startTime":1379.969,"endTime":1383.089,"body":"There's the original guy, and I"},{"speaker":"Jonathan Green","startTime":1379.969,"endTime":1383.089,"body":"think he got paid like $500 million."},{"speaker":"Jonathan Green","startTime":1383.089,"endTime":1384.049,"body":"I'm like, he's not doing it anymore."},{"speaker":"Jonathan Green","startTime":1384.109,"endTime":1384.319,"body":"Wow."},{"speaker":"Jonathan Green","startTime":1384.499,"endTime":1384.859,"body":"You know what I mean?"},{"speaker":"Jonathan Green","startTime":1384.859,"endTime":1388.069,"body":"That's, I'm, that's, I'm doing"},{"speaker":"Jonathan Green","startTime":1384.859,"endTime":1388.069,"body":"something else, but the new"},{"speaker":"Jonathan Green","startTime":1388.069,"endTime":1390.049,"body":"guy is not the same height."},{"speaker":"Jonathan Green","startTime":1390.139,"endTime":1393.129,"body":"And I can, I always I was watching,"},{"speaker":"Jonathan Green","startTime":1390.139,"endTime":1393.129,"body":"I go, that's not the same guy,"},{"speaker":"Jonathan Green","startTime":1393.369,"endTime":1394.749,"body":"but my kids can't really tell."},{"speaker":"Jonathan Green","startTime":1394.749,"endTime":1397.179,"body":"But I watched how they, but"},{"speaker":"Jonathan Green","startTime":1394.749,"endTime":1397.179,"body":"what they do is they don't,"},{"speaker":"Jonathan Green","startTime":1397.239,"endTime":1399.129,"body":"they mix old and new episodes."},{"speaker":"Jonathan Green","startTime":1399.489,"endTime":1404.119,"body":"So there is a way to transition out,"},{"speaker":"Jonathan Green","startTime":1399.489,"endTime":1404.119,"body":"but you have to if you don't start"},{"speaker":"Jonathan Green","startTime":1404.119,"endTime":1406.689,"body":"doing it before the sale, that's"},{"speaker":"Jonathan Green","startTime":1404.119,"endTime":1406.689,"body":"when you end up like you have to"},{"speaker":"Jonathan Green","startTime":1406.689,"endTime":1408.279,"body":"stay for two years or three years."},{"speaker":"Jonathan Green","startTime":1408.824,"endTime":1410.054,"body":"As we transition you out."},{"speaker":"Jonathan Green","startTime":1410.054,"endTime":1414.134,"body":"So if you don't have this plan and"},{"speaker":"Jonathan Green","startTime":1410.054,"endTime":1414.134,"body":"start thinking about how can I not"},{"speaker":"Jonathan Green","startTime":1414.134,"endTime":1415.514,"body":"become the center of my business?"},{"speaker":"Jonathan Green","startTime":1416.384,"endTime":1421.184,"body":"And it's very hard for people to sell this"},{"speaker":"Jonathan Green","startTime":1416.384,"endTime":1421.184,"body":"because we get, when we start thinking"},{"speaker":"Jonathan Green","startTime":1421.184,"endTime":1424.394,"body":"about our business, we ima we start"},{"speaker":"Jonathan Green","startTime":1421.184,"endTime":1424.394,"body":"spending the money before we've made it"},{"speaker":"Jonathan Green","startTime":1425.174,"endTime":1426.524,"body":"and it starts putting people in place."},{"speaker":"Jonathan Green","startTime":1426.524,"endTime":1430.904,"body":"So I really like talking about risk"},{"speaker":"Jonathan Green","startTime":1426.524,"endTime":1430.904,"body":"'cause I think it's so important."},{"speaker":"Jonathan Green","startTime":1431.564,"endTime":1437.919,"body":"How much we talked, you talked about how"},{"speaker":"Jonathan Green","startTime":1431.564,"endTime":1437.919,"body":"like AI as labor provides a consistency."},{"speaker":"Jonathan Green","startTime":1437.919,"endTime":1440.169,"body":"It's not gonna go on strike,"},{"speaker":"Jonathan Green","startTime":1437.919,"endTime":1440.169,"body":"it's not gonna get sick,"},{"speaker":"Jonathan Green","startTime":1440.169,"endTime":1441.549,"body":"it's not gonna take days off."},{"speaker":"Jonathan Green","startTime":1441.819,"endTime":1447.429,"body":"How much can a company increase their"},{"speaker":"Jonathan Green","startTime":1441.819,"endTime":1447.429,"body":"valuation if they are very automated?"},{"speaker":"Jonathan Green","startTime":1447.549,"endTime":1450.669,"body":"I've worked with clients that"},{"speaker":"Jonathan Green","startTime":1447.549,"endTime":1450.669,"body":"some of their technology is"},{"speaker":"Jonathan Green","startTime":1450.669,"endTime":1452.709,"body":"1990s, like their bookkeeping is."},{"speaker":"Jonathan Green","startTime":1453.639,"endTime":1454.689,"body":"Basic spreadsheet."},{"speaker":"Jonathan Green","startTime":1454.689,"endTime":1456.549,"body":"I know you've talked about people"},{"speaker":"Jonathan Green","startTime":1454.689,"endTime":1456.549,"body":"that do pen and paper, like"},{"speaker":"Jonathan Green","startTime":1456.549,"endTime":1460.749,"body":"there's these little things that"},{"speaker":"Jonathan Green","startTime":1456.549,"endTime":1460.749,"body":"can make a huge difference, right?"},{"speaker":"Jonathan Green","startTime":1460.999,"endTime":1461.749,"body":"To automation."},{"speaker":"Jonathan Green","startTime":1461.749,"endTime":1464.449,"body":"How much of these things, how"},{"speaker":"Jonathan Green","startTime":1461.749,"endTime":1464.449,"body":"much can it affect the valuation?"},{"speaker":"Jonathan Green","startTime":1464.449,"endTime":1467.479,"body":"If you have two companies that are exactly"},{"speaker":"Jonathan Green","startTime":1464.449,"endTime":1467.479,"body":"the same, one is pen and paper, and"},{"speaker":"Jonathan Green","startTime":1467.479,"endTime":1470.689,"body":"one is like cutting edge everything is"},{"speaker":"Jonathan Green","startTime":1467.479,"endTime":1470.689,"body":"automated, there's records of everything,"},{"speaker":"Jonathan Green","startTime":1471.019,"endTime":1472.549,"body":"there's perfect inventory management."},{"speaker":"Jonathan Green","startTime":1472.609,"endTime":1474.319,"body":"How much of a difference does that make?"},{"speaker":"Jonathan Cheung","startTime":1474.324,"endTime":1474.594,"body":"Yeah."},{"speaker":"Jonathan Cheung","startTime":1474.859,"endTime":1475.489,"body":"Yeah, absolutely."},{"speaker":"Jonathan Cheung","startTime":1475.539,"endTime":1480.499,"body":"I think, if I had to give a rough"},{"speaker":"Jonathan Cheung","startTime":1475.539,"endTime":1480.499,"body":"estimate of what the premium is, I"},{"speaker":"Jonathan Cheung","startTime":1480.499,"endTime":1483.019,"body":"would say maybe between 10 to 20%."},{"speaker":"Jonathan Cheung","startTime":1483.089,"endTime":1486.239,"body":"But with that said, I think the"},{"speaker":"Jonathan Cheung","startTime":1483.089,"endTime":1486.239,"body":"way we think about it is really"},{"speaker":"Jonathan Cheung","startTime":1486.239,"endTime":1488.429,"body":"still to the fundamentals, right?"},{"speaker":"Jonathan Cheung","startTime":1488.429,"endTime":1491.969,"body":"So what is the cash flow, right?"},{"speaker":"Jonathan Cheung","startTime":1491.969,"endTime":1497.494,"body":"So if presumably we could"},{"speaker":"Jonathan Cheung","startTime":1491.969,"endTime":1497.494,"body":"actually compare before the AI"},{"speaker":"Jonathan Cheung","startTime":1497.494,"endTime":1499.024,"body":"kind of implementation, right?"},{"speaker":"Jonathan Cheung","startTime":1499.024,"endTime":1502.924,"body":"What did cost look like,"},{"speaker":"Jonathan Cheung","startTime":1499.024,"endTime":1502.924,"body":"hopefully margins improved, right?"},{"speaker":"Jonathan Cheung","startTime":1503.384,"endTime":1505.874,"body":"So I think we could have"},{"speaker":"Jonathan Cheung","startTime":1503.384,"endTime":1505.874,"body":"those comparisons, right?"},{"speaker":"Jonathan Cheung","startTime":1506.804,"endTime":1514.604,"body":"Once we get the cash flow pretty much at"},{"speaker":"Jonathan Cheung","startTime":1506.804,"endTime":1514.604,"body":"steady state or the other hope is an AI"},{"speaker":"Jonathan Cheung","startTime":1514.604,"endTime":1519.254,"body":"enabled business may have higher growth"},{"speaker":"Jonathan Cheung","startTime":1514.604,"endTime":1519.254,"body":"rates than compared to before, right?"},{"speaker":"Jonathan Cheung","startTime":1519.254,"endTime":1524.424,"body":"So all that still factors in the kind of"},{"speaker":"Jonathan Cheung","startTime":1519.254,"endTime":1524.424,"body":"traditional valuation method I mentioned,"},{"speaker":"Jonathan Cheung","startTime":1524.514,"endTime":1526.164,"body":"income approach, market approach, right?"},{"speaker":"Jonathan Cheung","startTime":1526.164,"endTime":1529.594,"body":"So it's really what did it look"},{"speaker":"Jonathan Cheung","startTime":1526.164,"endTime":1529.594,"body":"like, after implementation."},{"speaker":"Jonathan Cheung","startTime":1529.714,"endTime":1537.049,"body":"I think the other lever we can pull to"},{"speaker":"Jonathan Cheung","startTime":1529.714,"endTime":1537.049,"body":"defend the higher valuation is where hey,"},{"speaker":"Jonathan Cheung","startTime":1537.099,"endTime":1543.639,"body":"with the AI enabled kind of business,"},{"speaker":"Jonathan Cheung","startTime":1537.099,"endTime":1543.639,"body":"there's less risk of turnover, right?"},{"speaker":"Jonathan Cheung","startTime":1543.639,"endTime":1547.089,"body":"There's less risk of trying"},{"speaker":"Jonathan Cheung","startTime":1543.639,"endTime":1547.089,"body":"stuff we talked about, right?"},{"speaker":"Jonathan Cheung","startTime":1547.089,"endTime":1550.974,"body":"And so can we defend a higher multiple."},{"speaker":"Jonathan Cheung","startTime":1551.134,"endTime":1554.314,"body":"If we're using the market approach,"},{"speaker":"Jonathan Cheung","startTime":1551.134,"endTime":1554.314,"body":"can we defend a higher multiple?"},{"speaker":"Jonathan Cheung","startTime":1554.764,"endTime":1558.424,"body":"If we're using the income approach,"},{"speaker":"Jonathan Cheung","startTime":1554.764,"endTime":1558.424,"body":"can we defend a lower discount rate"},{"speaker":"Jonathan Cheung","startTime":1558.484,"endTime":1560.584,"body":"because it is less risky, right?"},{"speaker":"Jonathan Cheung","startTime":1560.674,"endTime":1565.114,"body":"So those are the levers we pull"},{"speaker":"Jonathan Cheung","startTime":1560.674,"endTime":1565.114,"body":"to have a higher valuation."},{"speaker":"Jonathan Cheung","startTime":1565.114,"endTime":1567.734,"body":"And obviously, depending"},{"speaker":"Jonathan Cheung","startTime":1565.114,"endTime":1567.734,"body":"on the industry, right?"},{"speaker":"Jonathan Cheung","startTime":1567.794,"endTime":1572.474,"body":"Like how I guess like how much more"},{"speaker":"Jonathan Cheung","startTime":1567.794,"endTime":1572.474,"body":"value can we extract with an a AI"},{"speaker":"Jonathan Cheung","startTime":1572.474,"endTime":1574.784,"body":"enabled kind of process, right?"},{"speaker":"Jonathan Cheung","startTime":1574.944,"endTime":1576.679,"body":"Also varies quite a bit based on industry."},{"speaker":"Jonathan Green","startTime":1581.169,"endTime":1584.829,"body":"So for people who are,"},{"speaker":"Jonathan Green","startTime":1581.169,"endTime":1584.829,"body":"oh my God, I know what my company's"},{"speaker":"Jonathan Green","startTime":1584.829,"endTime":1588.429,"body":"worth and how can I kind of valuation,"},{"speaker":"Jonathan Green","startTime":1584.829,"endTime":1588.429,"body":"I know that's a lot of what you"},{"speaker":"Jonathan Green","startTime":1588.429,"endTime":1590.309,"body":"help people do is to be objective."},{"speaker":"Jonathan Green","startTime":1590.354,"endTime":1590.674,"body":"'cause it's."},{"speaker":"Jonathan Green","startTime":1591.859,"endTime":1594.379,"body":"Just it's so much easier for me to"},{"speaker":"Jonathan Green","startTime":1591.859,"endTime":1594.379,"body":"look at someone else's business,"},{"speaker":"Jonathan Green","startTime":1594.379,"endTime":1595.549,"body":"someone else's relationship."},{"speaker":"Jonathan Green","startTime":1595.549,"endTime":1598.129,"body":"Like it's so hard to look at my"},{"speaker":"Jonathan Green","startTime":1595.549,"endTime":1598.129,"body":"own 'cause I'm on the inside of it."},{"speaker":"Jonathan Green","startTime":1598.909,"endTime":1602.059,"body":"What is a little bit of your process and"},{"speaker":"Jonathan Green","startTime":1598.909,"endTime":1602.059,"body":"where people find what you're doing and"},{"speaker":"Jonathan Green","startTime":1602.059,"endTime":1604.939,"body":"maybe reach out to you online and say,"},{"speaker":"Jonathan Green","startTime":1602.059,"endTime":1604.939,"body":"Hey, we're not sure what our business"},{"speaker":"Jonathan Green","startTime":1604.939,"endTime":1606.079,"body":"is worth, here's what we're doing."},{"speaker":"Jonathan Cheung","startTime":1607.429,"endTime":1608.329,"body":"Yeah, absolutely John."},{"speaker":"Jonathan Cheung","startTime":1608.329,"endTime":1612.409,"body":"For all your listeners right, what"},{"speaker":"Jonathan Cheung","startTime":1608.329,"endTime":1612.409,"body":"we're happy to provide a complimentary"},{"speaker":"Jonathan Cheung","startTime":1612.629,"endTime":1613.979,"body":"business valuation, right?"},{"speaker":"Jonathan Cheung","startTime":1614.029,"endTime":1617.639,"body":"Taking our, what we see in the"},{"speaker":"Jonathan Cheung","startTime":1614.029,"endTime":1617.639,"body":"market today for their particular"},{"speaker":"Jonathan Cheung","startTime":1617.639,"endTime":1619.979,"body":"industry, their revenue range, right?"},{"speaker":"Jonathan Cheung","startTime":1620.339,"endTime":1624.569,"body":"We have over 650 buyers in our"},{"speaker":"Jonathan Cheung","startTime":1620.339,"endTime":1624.569,"body":"internal trades with database, right?"},{"speaker":"Jonathan Cheung","startTime":1624.569,"endTime":1629.394,"body":"So what we think the ranges that we could"},{"speaker":"Jonathan Cheung","startTime":1624.569,"endTime":1629.394,"body":"generate good buyer interest, right?"},{"speaker":"Jonathan Cheung","startTime":1629.434,"endTime":1630.274,"body":"Happy to offer that."},{"speaker":"Jonathan Cheung","startTime":1630.274,"endTime":1637.894,"body":"My, my email is j"},{"speaker":"Jonathan Cheung","startTime":1630.274,"endTime":1637.894,"body":"Cheung@tworld.com, J-C-H-E-U-N-G."},{"speaker":"Jonathan Cheung","startTime":1638.464,"endTime":1642.874,"body":"At T-W-O-R-L d.com."},{"speaker":"Jonathan Cheung","startTime":1643.304,"endTime":1647.579,"body":"My cell phone is six two six eight"},{"speaker":"Jonathan Cheung","startTime":1643.304,"endTime":1647.579,"body":"six four three three six nine six"},{"speaker":"Jonathan Cheung","startTime":1647.579,"endTime":1651.824,"body":"two six, eight six four three three"},{"speaker":"Jonathan Cheung","startTime":1647.579,"endTime":1651.824,"body":"six nine on WhatsApp as well too."},{"speaker":"Jonathan Cheung","startTime":1651.824,"endTime":1653.234,"body":"So definitely happy to chat."},{"speaker":"Jonathan Cheung","startTime":1653.234,"endTime":1657.944,"body":"And we handle honestly a huge variety"},{"speaker":"Jonathan Cheung","startTime":1653.234,"endTime":1657.944,"body":"of deal size as well too, right?"},{"speaker":"Jonathan Cheung","startTime":1657.944,"endTime":1662.554,"body":"Anywhere from, a small restaurant,"},{"speaker":"Jonathan Cheung","startTime":1657.944,"endTime":1662.554,"body":"franchise resell, right?"},{"speaker":"Jonathan Cheung","startTime":1663.074,"endTime":1667.034,"body":"All the way up to over a hundred million"},{"speaker":"Jonathan Cheung","startTime":1663.074,"endTime":1667.034,"body":"dollars in purchase price, right?"},{"speaker":"Jonathan Cheung","startTime":1667.034,"endTime":1668.184,"body":"So very right."},{"speaker":"Jonathan Cheung","startTime":1668.374,"endTime":1669.484,"body":"Wide range, right?"},{"speaker":"Jonathan Cheung","startTime":1669.484,"endTime":1671.384,"body":"And industry agnostic, right?"},{"speaker":"Jonathan Cheung","startTime":1671.384,"endTime":1674.344,"body":"I think that the only deal my"},{"speaker":"Jonathan Cheung","startTime":1671.384,"endTime":1674.344,"body":"office personally passed on"},{"speaker":"Jonathan Cheung","startTime":1674.344,"endTime":1675.724,"body":"was a commercial bank, right?"},{"speaker":"Jonathan Cheung","startTime":1675.724,"endTime":1679.094,"body":"So I. We passed it to one of our"},{"speaker":"Jonathan Cheung","startTime":1675.724,"endTime":1679.094,"body":"financial service, investment"},{"speaker":"Jonathan Cheung","startTime":1679.094,"endTime":1680.724,"body":"banking referral partners, right?"},{"speaker":"Jonathan Cheung","startTime":1680.784,"endTime":1682.494,"body":"'cause they have the"},{"speaker":"Jonathan Cheung","startTime":1680.784,"endTime":1682.494,"body":"right fin or licenses."},{"speaker":"Jonathan Cheung","startTime":1682.914,"endTime":1686.484,"body":"But definitely we have industry"},{"speaker":"Jonathan Cheung","startTime":1682.914,"endTime":1686.484,"body":"domain expertise across our"},{"speaker":"Jonathan Cheung","startTime":1686.484,"endTime":1688.664,"body":"thousands of brokers globally, right?"},{"speaker":"Jonathan Cheung","startTime":1688.714,"endTime":1689.344,"body":"Definitely happy to help."},{"speaker":"Jonathan Green","startTime":1692.884,"endTime":1693.664,"body":"That's amazing."},{"speaker":"Jonathan Green","startTime":1693.664,"endTime":1695.794,"body":"I'll make sure to put all the"},{"speaker":"Jonathan Green","startTime":1693.664,"endTime":1695.794,"body":"information in the show notes"},{"speaker":"Jonathan Green","startTime":1695.794,"endTime":1696.964,"body":"and below the video on LinkedIn."},{"speaker":"Jonathan Green","startTime":1696.994,"endTime":1700.924,"body":"Thank you so much for being here today,"},{"speaker":"Jonathan Green","startTime":1696.994,"endTime":1700.924,"body":"Jonathan, for an amazing episode of"},{"speaker":"Jonathan Green","startTime":1700.924,"endTime":1702.634,"body":"the Artificial Intelligence Podcast."},{"speaker":"Jonathan Cheung","startTime":1703.574,"endTime":1704.054,"body":"Awesome."},{"speaker":"Jonathan Cheung","startTime":1704.054,"endTime":1704.864,"body":"Thank you, Jonathan."},{"speaker":"Jonathan Cheung","startTime":1704.954,"endTime":1705.464,"body":"Thanks everyone."},{"speaker":"Jonathan Green","startTime":1708.174,"endTime":1710.124,"body":"Thank you for"},{"speaker":"Jonathan Green","startTime":1708.174,"endTime":1710.124,"body":"listening to this week's episode of"},{"speaker":"Jonathan Green","startTime":1710.124,"endTime":1711.894,"body":"the Artificial Intelligence Podcast."},{"speaker":"Jonathan Green","startTime":1711.894,"endTime":1714.924,"body":"Make sure to subscribe so you"},{"speaker":"Jonathan Green","startTime":1711.894,"endTime":1714.924,"body":"never miss another episode."},{"speaker":"Jonathan Green","startTime":1714.954,"endTime":1717.864,"body":"We'll be back next Monday with"},{"speaker":"Jonathan Green","startTime":1714.954,"endTime":1717.864,"body":"more tips and strategies on how to"},{"speaker":"Jonathan Green","startTime":1717.864,"endTime":1720.894,"body":"leverage AI to grow your business"},{"speaker":"Jonathan Green","startTime":1717.864,"endTime":1720.894,"body":"and achieve better results."},{"speaker":"Jonathan Green","startTime":1720.984,"endTime":1724.074,"body":"In the meantime, if you're curious"},{"speaker":"Jonathan Green","startTime":1720.984,"endTime":1724.074,"body":"about how AI can boost your"},{"speaker":"Jonathan Green","startTime":1724.074,"endTime":1727.409,"body":"business' revenue, head over to"},{"speaker":"Jonathan Green","startTime":1724.074,"endTime":1727.409,"body":"artificial intelligence pod.com."},{"speaker":"Jonathan Green","startTime":1727.989,"endTime":1732.039,"body":"Slash calculator, use our AI revenue"},{"speaker":"Jonathan Green","startTime":1727.989,"endTime":1732.039,"body":"calculator to discover the potential"},{"speaker":"Jonathan Green","startTime":1732.039,"endTime":1734.499,"body":"impact AI can have on your bottom line."},{"speaker":"Jonathan Green","startTime":1734.499,"endTime":1737.199,"body":"It's quick, easy, and"},{"speaker":"Jonathan Green","startTime":1734.499,"endTime":1737.199,"body":"might just change the way."},{"speaker":"Jonathan Green","startTime":1737.439,"endTime":1739.389,"body":"Think about your business"},{"speaker":"Jonathan Green","startTime":1737.439,"endTime":1739.389,"body":"while you're there."},{"speaker":"Jonathan Green","startTime":1739.509,"endTime":1740.949,"body":"Catch up on past episodes."},{"speaker":"Jonathan Green","startTime":1740.949,"endTime":1743.349,"body":"Leave a review and check out our socials."}]}